California needs more progressives in DC – contribute to the Calitics Match to make it happen!
While the traditional media is focusing on the spat between the House Republicans and Nancy Pelosi, credit also goes to progressive Democrats who refused to go along with a huge giveaway to Wall Street that lacked accountability and repayment guarantees. Some of them have given statements explaining their votes.
Hilda Solis:
Today, I voted against H.R. 3997, the Emergency Economic Stabilization Act (EESA), compromise legislation to bailout financial institutions saddled with large debts. I am very concerned about the credit crisis created by the housing market meltdown and while I appreciate efforts of the Democratic leadership to work in a bipartisan fashion to improve the Bush Administration’s proposal, this legislation lacks needed taxpayer protections and assistance for Main Street families like those in the Congressional District I represent.
“I cannot in good conscience, vote for legislation that gives $700 billion to the same firms that helped cause the current financial crisis through irresponsible lending without providing meaningful help for homeowners who are in danger of foreclosure. In the 32nd Congressional District, housing foreclosures have nearly tripled in the past few months, with over 2,300 homeowners currently going through the foreclosure process. The impact of such widespread foreclosures on our local economy and community is devastating.
“Unfortunately, this legislation will not help the families who are stretching paychecks and trying to hold onto jobs without additional steps to stabilize our housing market. It lacks needed reform of bankruptcy laws to allow consumers to renegotiate the terms of their mortgage in bankruptcy courts to help keep their homes. Homeowners on Main Streets should have the same rights to renegotiate their loans, especially those for their primary residence, as Wall Street.
Pete Stark:
President Bush tells us that we face unparalleled financial doom if this $700 billion bailout is not approved today. He and his Treasury Secretary – a former Wall Street fat cat – tell us that we have reached the point of “crisis.” That is a familiar line from this President. It sounds like the disastrous rush to war in Iraq and the subsequent stampede to enact the Patriot Act. As I opposed the Iraq War and the Patriot Act, I stand in opposition to his latest rush to judgment.
“We are not in a sudden crisis. It has been building over the past 8 years of the Bush Administration. Lax oversight of the financial industry ballooned into a house of cards….
“The bill before us today is basically the same three-page Wall Street give away first put forth by President Bush. The fig leaf adjustments are not enough to outweigh the fact that no one knows if this bill is what’s needed. I’m not willing to make a $700 billion gamble that President Bush is right after 8 years of seeing all that he’s done wrong.
Matt Stoller has the progressive bailout plan authored by Barbara Lee and Lynn Woolsey, which I blogged about a few days ago. The key points of their plan:
- A 0.25% tax on all stock trades and “exotic transactions” such as derivatives trading as a kind of “progressive PAYGO” to ensure that the taxpayers won’t be paying the costs of the bailout.
- Equity shares in any companies that benefit from the bailout
- “Major bankruptcy reform” including homeowner renegotiation of mortgages. Obama undercut progressives on this when he said bankruptcy reform didn’t need to be part of the package, perhaps a telltale sign of how unprogressive an Obama administration might be. But it’s still a necessary part of any financial solution.
- A detailed list of new regulations to protect consumers and provide more stable, responsible regulation of the financial industry to prevent a recurrence of this crisis.
If we want to ensure that we have more and better Democrats to push progressive economic policy in the Congress next year, we need to help them win this November. Join our Calitics Match and help send Charlie Brown and Debbie Cook to Congress, and Hannah Beth Jackson, Manuel Perez and Alyson Huber to Sacramento.
UPDATE by Dave: On the flip, a list of the ayes and nays among out Congressional delegation.
Democrats:
Aye
Berman, Capps, Cardoza, Costa, Davis, Eshoo, Farr, Harman, Honda, Lofgren, Matsui, McNerney, George Miller, Pelosi, Richardson, Speier, Tauscher, Waters, Waxman
No
Baca, Becerra, Filner, Lee, Napolitano, Roybal-Allard, Linda Sanchez, Loretta Sanchez, Schiff, Sherman, Solis, Stark, Thompson, Watson, Woolsey
There’s almost no rhyme or reason to this. The CW is that No was an easier vote in close races, but the only close race on the Dem side in California, Jerry McNerney, resulted in a yes vote. You have progressives on both sides of this. You have Bush Dogs on both sides (Costa and Baca, for example).
Republicans
Aye
Bono Mack, Calvert, Campbell, Dreier, Herger, Lewis, Lungren, McKeon, Gary Miller, Radanovich
No
Bilbray, Doolittle, Gallegly, Hunter, Issa, McCarthy, Nunes, Rohrabacher, Royce
Paging Russ Warner… this is a gift for you. Dan Lungren and Mary Bono Mack might have some trouble, too. At the same time, depending on the short-term economic circumstances, this could rebound back on those intransigent Republicans. So the political fallout is completely unclear to me.