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Rep. Jesse Jackson Jr. and why he voted against the bailout bill

| 22 Comments

Jackson Votes "No" on Flawed Bailout Bill

Releases Statement: It's a Band-Aid Not A Cure, Does Little for Main Street,The American People deserve a fair deal, not a quick deal.

"Today, I voted NO on the Emergency Economic Stabilization Act of 2008, a $700 billion earmark for Wall Street. Although this bill is a tremendous improvement over the legislation proposed by the Bush Administration last week, it still falls short of what is needed to shore up the economy, protect taxpayers and promote economic growth. We have gone from Roosevelt's New Deal, to Reagan's Raw Deal, to Bush's Quick Deal. The American People are demanding a Fair Deal and on November 4th will elect Fair Dealers.

"Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, Chairman Barney Frank and Chairman Chris Dodd should be commended for their efforts to improve the seriously flawed bailout proposed by the Bush Administration. I am confident that Democrats will continue working to fix and improve the dismal fiscal situation created by the laissez faire policies of President Bush and the Republican leadership in Congress.

"This bill is simply a band aid not a cure for the financial crisis, and it does little for the hard-working Americans who will pay for it. It does not go far enough in addressing the systemic and terminal problems of our financial system. It further privatizes profits and socializes the losses. This crisis started because of the home mortgage market, yet this legislation merely suggests that the Treasury Secretary implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans. There is no explicit directive to actively restructure mortgages. Furthermore, the bill does not allow bankruptcy judges to restructure troubled mortgages.

"To heal the systemic problems in our financial system we need to treat the cause, not only the symptoms. Congress needs to pass and the president needs to sign into law the following provisions: 1) a second stimulus to help those squeezed by the financial crisis; 2) a substantial investment in infrastructure which could jump start the economy while creating jobs, and; 3) a program that helps keep taxpayers in their homes. This bill does not contain provisions that explicitly help borrowers restructure their mortgages. Buying 'trash (bad mortgages) for cash ($700 billion bailout)' may not cure our financial system, since it was these bad mortgages that engineered this market collapse," said Jackson.

22 Comments

This is not a one sided problem. The mistakes made here were both Dem and Rep. I'm sure Clinton could have fixed the problems had he not been pre-occupied in the bedroom. I'm sure Bush 1 or Bush 2 could have fixed the problem - but their advisors were the wrong people to advise - so it's not a Rep problem - it's an American problem - and I'm sure OBAMA is not the one to fix it. Not so sure McCain can fix it, but he can't make it worst - which is what Obama would do.

3 cheers for sanity!!! I'm so glad the bailout was defeated! If you want to help the economy, give the money back to American citizens!

Just have to make sure when the next one surfaces they stop that too, unless it includes the American People. I mean, if we're going to be loaning our tax dollars, we should be paid APR just like all those companies charge us when they loan us money!

Hey Jesse ..., if the bill were so flawed, why did Pelosi back it?

Ummm... Weren't Reid, Dodd, and Pelosi all set to announce a deal last Wednesday -- which was basically agreeing with the Bush plan? Then the House Republicans stepped in and said no way we are supporting this plan that bails out Wall Street execs and leaves Main Street Americans holding the bag? Nice spin from the Democrats! Is America really this stupid?

Jesse, you are a gutless wonder. Face it. You are a coward. This is not a bandage for a little owie in the economy. This is a tourniquet being applied after an amputation.

Your lack of courage is seriously affecting my retirement.

Finally, someone who heard our voices. This was a total scam. It showed how much the politicians are bought and owned by corporate interest. McSame and Obama are both a discrace. They talk tough about ideas, courage until it counts. Both no shows. Obama or McCain could have won the election by rejecting this piece of garbage and showing some real leadership. They didn't even have to come up with something better, but at least support the people who rejected by over 90%. I was leaning for Obama, but now, I will not vote at all. What a trip. Thanks Congressman Jackson for listening to the people.

Jesse Jackson Jr. is a competent idiot. He makes his father look very smart.

Even though I will be voting for Obama this November, I have to say that I truly believe that Rep. Jackson got this one right. Especially since it did not address protecting the underlying mortgage holders or the ordinary citizen. Yeah, my retirement just took a major hit and I may not be able to upgrade my house anytime soon, but luckily I was actually able to afford the house that I do own AND my children won't be paying for the foolishness of a hurried and ill-advised bail out plan.

YOUR POINT IS WELL TAKEN CONGRESSMAN JACKSON!
THANK YOU FOR THE CAREFUL SYNOPSIS ON THE CRUCIAL
SITUATION!
I VALUE YOUR OPINION AND EXPERTISE!
PLEASE CONTINUE TO KEEP US INFORMED ABOUT OUR
COUNTRY, WE NEED YOUR CAREFUL ANALYSIS ABOUT WHAT
IS GOING ON IN THE CAPITAL!

Today, you voted NO on the Emergency Economic Stabilization Act of 2008, a $700 billion earmark for Wall Street. As you stated it still falls short of what is needed to shore up the economy, protect taxpayers and promote economic growth.

Indeed your provisions to heal the systematic problems are erroneously flawed to point of sincere ignorance. A second stimulus is not going to replace all of the money that is going to be lost in Ira's, 401k's and college savings plans. As you and your constituents sit back and play chicken those savings will be totally wiped out. Please remember so goes Wall street so goes Main street. A program to keep taxpayers in their homes is another provision that could be solved by the overwhelming property tax rates . The south suburbs, your district, right here in Matteson has one of the highest property tax rates in the nation. If you didn't know most people are paying more in monthly property taxes than their mortgage while you and your constituents play chicken.

The important points are not what the bill included, but what was excluded. There is no multi-billion dollar payoff for ACORN and its cronies. The Unions will not have seats on Boards, and Judges and Lawyers will not be rewriting mortgages. This is a victory for all Americans, and in particular the Republican party. These were all added to the original Paulson bill in the Dodd-Frank version, and removed by Republicans holding the line.

Although I'm opposed to the bailout, I would swallow it even though there is no way some of the main players in this disaster would be exposed. We are in a mess created by the government and especially the Congress, that, unfortunately, we will pay for one way or the other. A cynic might observe that the Democrats believe they benefit by bad economic news did everything they could to make this not happen, including giving passes to vote no. An Obama co-chair voting against it pretty much confirms my suspicions. They wanted it to fail.

I was born and raised in Chicago. I remember the feeling of being an American, being a Chicago-ite and rooting for the Cubs. Since then I have lived in NY, Paris and now the UK. I have seen first hand how the American system effects the rest of the world. I know it is hard to support this bill, however, more and more banks will go under in and out of the US specifically due to not passing this bill.

The US has a role in the world; a big one only because of the proactive role it has played. America has chosen a leadership position, so now it has to step up and lead. We send our young men and women overseas to fight and die for our country to uphold the values we as Americans possess. Yet, we do not see fit to use cash as a capital investment in our own country to prop up the financial sector of the world -- come on.

The problems coming specifically from the financial sector -- any by the way Chicago has A LOT of financial sector companies, it is not just 'Wall Street' -- effects the rest of the world, significantly.

It is time for the US to be a leader and pass this bill, yet have (as the UK, Belgium and many other countries have done recently) protections in the bill in place so the individual tax payers win, the people within the financial sector who have played by the rules yet are adversely effected win, and the rest of the world wins.

This is laughable!

Does anyone REALLY believe the crapola that's being shoveled here???

It was Chris Dodd, Barney Frank and a host of other Democratic Leader's that blocked attempts to regulate Fannie and Freddie over the past 5 years. Now we have this piece of manure parchment from JJ Jr that tries to imply innocence about the whole affair.

If you really want to know what happened, google Chris Dodd, Barney Frank, or anyone else associated with the House Banking Committee and check out the youtube links. The proof is there. The proof is also at http://www.opensecrets.org/orgs/toprecips.php?id=D000000163

This commentary by JJ Jr is just part of the scheme to move the blame away from the people who actually profitted from this mess. Nice try Nancy!

NO BAILOUT!!!! Let those who made this mess pay for it!

Scorch

A complete lack of leadership displayed by Nancy Pelosi and Obama has common folk worried.

This bill is and was a red herring to exercise more government control over our lives through the economy. I have yet to see an "emergency" in any level of government that has been fixed by a knee jerk reaction. And why has all this happened so close to the election?

Blowbama and the rest of the dem's are clueless and just want to hold on to power. Jesse jr, another ignorant crook. He did the right thing but for all the wrong reasons. The republicans are gutless and are scared of bad media even though they will never get a fair shake in the press.

People wake up! TERM LIMITS! If they won't put it on themselves then we do it. No more than 8 years in the house or 2 senate terms. No jumping from one to the other. Professional politicians have created this and they will not fix it. PLEASE LET US ALL WORK TO BEAT THESE CROOKS AND LIARS!

JJ Jr, you gotta be kidding. this is typical south-side shuffle political gamesmanship. Pelosi and the rest of the corrupt democrats knew the jig was up once the bribe/payback to orgs like ACORN was publicized. This crew takes the cake for political chutzpah,gamesmanship and mendacity.
Thank God for principled members of congress who don't play politics with American's financial future....

I tried getting a conventional loan with 40% down on a $85,000 home several years ago and was steered to subprime lenders when they told me the terms I cursed them. Every time I thought about what they told me I would call their office and curse them again.

They are reaping what they have sowed. I have family members that refinanced several times getting money for vacations clothes cars and all sorts of idiotic stuff. They helped create this mess with the greedy tacking on a couple more points and them knowing all the time that their house was on the market for sale before the ARM would kick in like an ass with both feet.

Thank you Mr Jackson for not giving my tax dollars away.

If anything there are many of us who have never owned a home might get a real chance at home ownership at a reasonable price.

I can remember a home built on a slab was was going for about $18,000 new in 1965 in Gary now that same house was going for $144,000 depending on the neighborhood here in Gary.

I also think a stimlus package is in order in the amount of $30,000 for every married couple in America and $5,000 for every single person.
to spur the economy.

There will be a heavy turn over this November 4 if the people are left out of this deal.

Although I am not in favor of higher taxes and certainly do not in any way want to reward those who speculated, gambled, and led us into the mess in which we find ourselves, I think voting against the bill was short-sighted. The alternative seems to let the entire financial system collapse, taking with it the innocent as well as the guilty. My parents are in their 90s and rely on their momey market funds. Why should they suffer? I have friends who are now out of work because the small business for which they worked cannot borrow. Why should they suffer? I have friends relying on loans to help them put their children through college. Why should they suffer? Who do the opponents of the bill think they are punishing? I have no proof but am confident that those at the top who are most at fault will not be hurt in the least. Rep. Jackson's ideas might be part of the solution but alone will not do anything to salvage retirement funds, ease the credit crunch, or make affordable mortgages available to the next generation. Stop calling it a bailout and recognize it is attempt to shore up the entire public and private financial system. If it's incomplete, work to make it better. Being negative is certainly easier than being positive. Unfortunately, it accomplishes nothing.

I think most people are missing the point here! We need to do NOTHING, we don't need anymore legislation or bills or bail-outs! The market is already rebounding from this and many are missing this fact. If the market can trade at gains rite now with no bail-out bill in place, someone please show me where we need to pick up the tab?

Congressman, please re-read the comments by Daedalus. He/she has said what needs to be said. This package was not enough of a boondoggle for you, Congressman Jackson and your far left cronies (see how the entire Black Caucus voted). That is the reason why you voted against it.

IT GOES TO SHOW YOU THAT YOU MAY BE DEMOCRATIC
OR REPUBLICAN, BUT YOU ARE AN INDIVIDUAL FIRST,
AN IF YOU DON'T BELIEVE IN SOMETHING, YOU WILL
NOT VOTE FOR IT!
I PRAY AND HOPE AMERICA GETS BETTER, WE NEED OBAMA
TO TRY AND SOLVE THESE PROBLEMS, MCCAIN HAD HIS
CHANCE, AND HE VOTED WITH BUSH 91% OF THE TIME!

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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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This page contains a single entry by Lynn Sweet published on September 29, 2008 2:09 PM.

House rejects bailout bill. was the previous entry in this blog.

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