Chicago Sun-Times
The scoop from Washington

Illinois delegation divided on bailout bill


updated 4:32 p.m. Chicago time

WASHINGTON--The surprise failure of the bailout bill yielded a rare totally mixed roll call from the 19-member Illinois House delegation, with the results mirroring the larger problem in getting the emergency measure passed: Republicans were running from the package President Bush was begging them for.

"While action is necessary to keep our economy on track, the heavy-handed push from the Bush Administration and this Democrat majority places too great a burden on taxpayers with no guarantee of success," said Rep. Peter Roskam (R-Ill.) in a statement.

Rep. Bobby Rush said in a statement, the legislation "is simply a $700 billion financial earmark for Wall Street."

There are five Illinois members on the bill-writing House Financial Services Committee, led by Rep. Barney Frank (D-Mass).The two Democrats on it voted yes: Rep. Melissa Bean and Rep. Luis Gutierrez. The three Republicans vote no: Rep. Judy Biggert, Rep. Don Manzullo and Roskam.

Bean's profile has grown recently as more television bookers have turned to her to help explain Congressional negotiations.

Rep. Rahm Emanuel, the fourth ranking House Democrat, also played a key role in trying to craft a deal on the deal Bush sent to Congress.

Rep. Jesse Jackson called for more help for homeowners facing foreclosure. The bill "further privatizes profits and socializes the losses."

Illinois summary: YES seven Democrats, two Republicans. NO four Democrats, five Republicans.

Illinois House Democrats YES
Bean, D. Davis, Emanuel, Foster, Hare, Gutierrez, Schakowsky

Illinois House Republicans YES
Kirk, LaHood

Illinois House Democrats NO
Costello, Jackson, Lipinski, Rush

Illinois House Republicans NO
Biggert, Roskam, T. Johnson, Shimkus, Manzullo

Weller (the only one in the entire House)


What happens to the dollar if they pass this massive bailoout? It tanks and everyone goes to the poor house for a long time.
Support the Newt Gingrich plan. Toss out this corporate welfare!

If you want to be angry watch this

And remember where this all started.

In 1977, the Carter Administration (with a Democratic congress)
passed the Community Reinvestment Act, which was either a
well-intentioned attempt to allow people who could not afford to
buy homes a chance to get loans anyway, or more likely an attempt
at social engineering. The Act was strengthened by the Clinton
Administration in 1995. In no small way, this revised Act created
the market for subprime loans; the first securitization of (subprime)
loans based upon the revised Act, was done by Bear Stearns in 1997.

The CRA had nothing to do with the crisis. Please read the attached article:

Nice try on pushing this on the Dems.

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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About this Entry

This page contains a single entry by Lynn Sweet published on September 29, 2008 2:41 PM.

Rep. Jesse Jackson Jr. and why he voted against the bailout bill was the previous entry in this blog.

Republicans blaming Pelosi speech for bailout bill failure. Oh please. is the next entry in this blog.

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