Why One Congressman Voted Against the Bailout

Rep. Maurice Hinchey (D-NY) made several important points in his explanation of why he voted “no” on the bailout:

* The bill would have given $700 billion to the same administration that got us into this mess in the first place;

* Even Bernanke says that only $150 billion or so will be needed over the next 6 months or so, so why not let a new administration formulate a longer-term plan?

* There are other pressing needs in this country that should come before bailing out “Wall Street powerbrokers who got greedy and took advantage of the system.”

Read his full statement here.

Published by

Chris Sturr

Chris Sturr is co-editor of Dollars & Sense magazine.

One thought on “Why One Congressman Voted Against the Bailout”

  1. I’ve been thinking about this a lot (as we all have) and it just occurred to me tonight… I’m be more than happy to agree with the “rescue” plan if Congress will do two things…1. Hold themselves accountable (by name… not House or Senate but by individual names) if this thing doesn’t work. I want to know who screwed up!2. Agree to some punishment if their plan doesn’t do what they are promising it will do. Punishment and an agreement that they will resign their post… Immediately!I want to see some accountability before I will agree to this approach.

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