Why I Voted Against the Bailout

Tom Udall wanted me to get you this statement as quickly as possible, now that the bailout bill has gone to a vote:

I cannot in good conscience vote for a rushed $700 billion taxpayer funded bailout to shore up Wall Street while ignoring our middle class and the nation's underlying economic flaws that caused this crisis in the first place. I will, however, continue fighting to do what's right and fix our financial markets to prevent similar crises from occurring again.

Tom Udall laid out his priorities for any bailout bill that he could support last week:

"The Administration's proposal, as it has been presented to Congress, needs significant changes.  First, any plan that puts taxpayer money at risk must ensure that taxpayers get paid back before shareholders, bondholders or executives--so that corporate CEOs do not get a golden parachute while taxpayers are left to pay the bill.

"Additionally, Congress should act further to keep Americans in their homes by addressing the crisis in the mortgage industry as well as the one in the financial sector.  Any economic package that allows tens of thousands of Americans to lose their homes is simply inadequate.

"Finally, there must be accountability.  If we invest taxpayer dollars to protect our financial markets, we should make sure that money is spent effectively and efficiently, with proper oversight and accountability. No administration should be given unlimited authority over the spending of $700 billion or more of taxpayers' dollars. Any bailout plan needs to ensure that those managing the bailout are responsible to Congress and the American people."

Tom has carefully considered the current version of the bailout bill, and has decided that it falls short.  It does not meet the principles he laid out at the time this bailout was proposed, and does not address those who are hurt the most by this crisis.  Tom Udall knows that we can do better.

Thank you all for stopping by.  This is an important debate, and we welcome your questions, comments, and concerns below.

Bryan Barash
Internet Communications Manager
Tom Udall for Senate

Tags: bailout, Congress, financial markets, NM-Sen, official statement, Tom Udall (all tags)

Comments

67 Comments

Re: Why I Voted Against the Bailout

well now that we let it fail, we better not pass any other bill till its done right.

we already risked a panic so this time lets just get it done how we want it. not how the GOPers will vote for.

by TruthMatters 2008-09-29 11:52AM | 0 recs
Let's deal with recession, homeowner and

and banking crisis in one bill. Let's enable re-worked mortgages reflective of present-day real values of property. Let's stimulate the economy. And, let's buy some equity at good prices in distressed financial firms.

by fairleft 2008-09-29 12:05PM | 0 recs
Re: Why I Voted Against the Bailout

I think, as usual, Paul Krugman has it right... The Democrats should craft (quickly if possible) and pass a bill that Democrats will support.  They are the majority.  It will pass Congress... Would Bush veto...?  Maybe, but it would be something so he might not.  Screw bipartisanship at the moment.  Not after Boehner and his cadre behaved today... bunch of whiners.

by JenKinFLA 2008-09-29 05:26PM | 0 recs
Re: Why I Voted Against the Bailout

Obama's comment that we might be taking a saw, to make a cut that should be done by a surgeon's scalpel - is well placed here.

Problem screams for regulation, but this is also a trainwreck that has been long in the coming.

There's a saying , that I learned from my year or so I spent trading.

"Never try to catch a falling knife"

by Trey Rentz 2008-09-29 07:05PM | 0 recs
I just hope nobody goes on vacation

Until something is done, Congress cannot recess.  I don't want anything to be rushed, but even someone with no knowledge of the economy can tell that something is deeply wrong with our financial system.

Thank you for standing up for your principles.  Now do something.

by Dracomicron 2008-09-29 12:07PM | 0 recs
Re: Why I Voted Against the Bailout

I haven't read your diary past the title.  I just wish you were an IL official that I could show my support (read NO!) in November.

by ChitownDenny 2008-09-29 12:09PM | 0 recs
Re: Why I Voted Against the Bailout

alternatively titled, "Why I won't be sending money to Udall for Senate." Profile in courage? Not.

by Mayor McCheese 2008-09-29 12:27PM | 0 recs
BS - Politics

Oversight is a joke here.  There has been no oversight.   Now we are going have oversight?  What, when a chairman of a major bank calls and says he has 3 days left before his bank fails, are we now going to convene committee hearings?

What?

The bottomline here is simple.  What is passed has passed.  We let the horses out of the barn and can't get them back.   But this market needs to see credit free'd up so business can move forward.

This isn't about corporate fat cats.  This is about small and medium size businesses that are seeing their business dry up because of the tightness in the credit market.  We have to open these lines of commericial credit back up (these are good loans, these haven't been the problem).   We can't do that if we don't free up some of the pressure from the bad loans made on home mortgages.

by RichardFlatts 2008-09-29 12:40PM | 0 recs
Re: BS - Politics

It's also about the fact that, just when you think it's way bad, it gets worse.  The Asian markets are tanking as we speak.  Wall Street lost $1.2 trillion today.  That could get eclipsed tomorrow if the trend overseas holds...

Australia lost 4% in the first 15 minutes of trading... what we do affects everyone.

by JenKinFLA 2008-09-29 05:29PM | 0 recs
Re: BS - Politics

Tomorrow is Rosh Hashanah, things will be tame. Drift slightly downward, more likely.

Lets be serious. Who is going to panic on such a day?

by Trey Rentz 2008-09-29 07:07PM | 0 recs
Re: BS - Politics

god, i hope that was snark...

by chrisblask 2008-09-29 08:02PM | 0 recs
Re: BS - Politics

A lot of snot nosed college kids have no sense of what is really happening.  

by RichardFlatts 2008-09-30 04:27AM | 0 recs
light trading days are dangerous, silly.

by RisingTide 2008-10-01 12:15PM | 0 recs
Thanks for tanking the economy

It's all well and good to point out that Son of TARP was not by any stretch a great bill.  I could have pointed out a dozen more problems with it.

The problem is that the credit markets are now irretrievably frozen until Grandson of TARP is passed.  That is going to have an immediate, dramatic, and negative impact on our economy.  People, including the Congressmen's constituents, are going to suffer greatly from the recession caused by the inability of businesses to obtain credit.  Loan officers and committees that had loan applications on hold while negotiations were underway are now denying the applications and borrowers are being told not to re-apply until the credit markets loosen.  

And the lost GDP resulting from the inability of creditworty borrowers to obtain credit will by definition never be recovered -- however long until Grandson of TARP is passed, that is time and economic output we will never get back.

So, great, pat yourself on the back for voting against a flawed bill.  But the consequences of failing to pass this flawed bill will be far worse than the consequences that would have ensued had the bill been passed and signed into law.

by RobertNAtl 2008-09-29 12:41PM | 0 recs
Re: Thanks for tanking the economy

One of the best comments I have seen on this so far today. Udall can shove it.

by Mayor McCheese 2008-09-29 12:52PM | 0 recs
Re: Thanks for tanking the economy
It's unfortunate that you feel the need to be so rude to an elected representative who has gone out of his way to reach out to this community to explain his position. This was a terrible piece of legislation, and the short term correction the economy will go through while a better bill is passed is acceptable. Hold tight. It's tough out there but the correction had to come sooner or later. Udall's reasons for voting against it are solid. Let's take a deep breath and do this right. Also, tactically, this is good for Dems, because it puts them in the driver's seat: the repub plan has now been voted down.
by chubbar 2008-09-29 02:22PM | 0 recs
Re: Thanks for tanking the economy

and look what happened to the market? this isn't theory, there are real life consequences and we have a very flawed congress.  Tom's here for feedback one would hope, not only cheerleading?  

by anna shane 2008-09-29 03:11PM | 0 recs
Re: Thanks for tanking the economy

Your point is well taken.  I hope Tom understands the feedback.

by ChitownDenny 2008-09-29 03:27PM | 0 recs
Re: Thanks for tanking the economy
As long as some sort of corrective is passed, these short term drops are tough but inevitable. 8% is a big drop, but not cataclysmic. I'd rather see the right plan passed, even if there's a few more days like this, because in the long run, it will help us to avoid future problems. IMHO, the market's trying to play chicken with congress, but even if the bailout had passed, most participants would tell you it didn't address the root problem: housing. Let the market have a conniption. Corrections like this happen, there's some wealth redistribution, and some banks go out of business. A 700B bailout creates a moral hazard and could give us another 'lost decade' like Japan had. Remember - bankruptcy is not the end of a company, it is the taking over of a company by its creditors. The main thing I object to is being railroaded into a terrible bailout by Bush and Paulson. they have not conceded enough, and main street is still being left out too much.
by chubbar 2008-09-29 03:29PM | 0 recs
Re: Thanks for tanking the economy

and what if credit dries up everywhere and confidence in recovery sinks?   This is just the tip my friend.  It's all a house of cards, and we keep it up be fairy dust and borrowed money.  

by anna shane 2008-09-29 04:22PM | 0 recs
The market isn't a person

and it doesn't "play chicken."

by Thaddeus 2008-09-29 07:04PM | 0 recs
Re: Thanks for tanking the economy

Right, but I'm not sure I would trust him to be well-versed in Greater Internet Fuckwad Theory.

by failsafe 2008-09-29 05:01PM | 0 recs
Re: Thanks for tanking the economy

Aww..Poor Tommy (or Bryan Baresh or whatever his name is) has someone act RUDE to him. Boo Hoo. There's no doubt he heard a lot worse from his constituents. Udall is a poor excuse for a public servant and It wont' upset me in the least if he loses in November. Screw him.

by Mayor McCheese 2008-09-29 03:39PM | 0 recs
Re: Thanks for tanking the economy

Well geez... don't hold back or anything.

by JenKinFLA 2008-09-29 05:31PM | 0 recs
Rude? Please!

He reached out to make nice while doing what is best for his campaign.  He just took a huge risk with the economy and with the financial security of every working stiff who is counting on a retirement plan to let him or her retire before the age of 75.

Thanks a lot, Tom.  I feel all so tingly now about you entering the senate.

by Thaddeus 2008-09-29 06:55PM | 0 recs
Re: Thanks for tanking the economy

Look, I may not be an economic wiz, but I don't understand the hostility here.  I don't own a home and I don't have any loans or any significant interest in the stock market so as far as I can tell my paychecks are still on time.  What exactly is the EMERGENCY as it pertains to ME, and what makes it sooo important that we all have to rush in and take it up the keister from Wall Street?  

They made their bed, let them sleep in it.  In the meantime, lets make some serious progress here toward regulating the market since that seems to have been the problem in the first place.

Thank you, Tom Udall, for your temperament and for not being afraid of commenters like the ones you're finding here.

by jlars 2008-09-29 03:54PM | 0 recs
Re: Thanks for tanking the economy

The problem is, that not everyone is you.  I mean no offense by that truthful comment by the way but it is a truthful comment.

Some people DO own houses, the values of which are tanking.  Some people DO have stocks, and 401k's, and pensions, and mutual funds that are taking a hit.  Some people own businesses that need lines of credit to expand or to merely exist.

Well done on you for not being personally affected by this... I'm not overly either, except that my husband still cannot find a job and that search won't get any easier in a collapsing economy... luckily, my job is pretty recession-proof and covers our bills... but we aren't getting ahead.  Nor or we getting any younger.

This might eventually trickle down to people like you and me.  You may not think that something needs to be done, but it does... and soon.

by JenKinFLA 2008-09-29 05:36PM | 0 recs
you selfish motherf*****

"What exactly is the EMERGENCY as it pertains to ME?"

Did you actually write that?  You're an embarrassment--and I'll bet you call yourself a progressive.

No, you're not an economic whiz but you sure are a self-centered twit.

Here's a clue, genius.  Many people DO own homes and almost anyone with a pension plan has a significant interest in the stock market.  A crash of the market will wipe out the pensions of most people now over the age of fifty.  In case you're not a demographics whiz, either, that's between 50 million and 100 million Americans.  And that's not counting the effect on the rest of the world.

We are all sleeping in it.  Jeebus--he even tops it off by thanking Tom Udall for his temperament, as if wee know his temperament from a frekin' press release.

What a maroon!
 

by Thaddeus 2008-09-29 07:02PM | 0 recs
Re: you selfish motherf*****

"No, you're not an economic whiz but you sure are a self-centered twit."

And I'll bet you call yourself a progressive too.

Look, I understand you're reacting from a place of fear and I'll accept that I came across as more self centered than I meant to. Also, I should give a little more disclosure that most of my (measly) financial worth is sitting in an IRA that I've worked very hard to put any money into.  I'm nervous about it too, but I don't think any action is better than the right action.

I'm sorry if I've offended anyone.  My aim was simply to make everyone think about the fact that we're hearing lots of doom and gloom in an effort to quiet any dissent (a la Iraq or the Patriot Act), but we need to keep our wits about us and try and get the "No Bailout Act" or most of it turned into law so that people like, Thaddeus don't loose their homes and people like me have a snow-balls chance in hell of ever paying off the $700B+++ that we're about to be saddled with.

by jlars 2008-10-01 12:18PM | 0 recs
Re: Thanks for tanking the economy

Actually, the problem is that suddenly one day you might lose your job - because your employer couldn't get the credit to give you the paycheck.  Of course, that will only happen after the employer has got themselves into a financial mess, so they will be unable to run the business properly for a while even after the mess eases up a bit.  By the point that it does affect you, it is far too late to do much.

Even if you are one of the lucky ones with a very secure job (e.g. working for the state), high levels of economic misery might mean the local school board etc. cut back severely, which would affect the quality of children's education etc.

The bottom line is, the stock market crashing is a livable (and perhaps even desirable: bubble reversal) outcome, but day-to-day credit drying up means a collapse of the economic system.  Most recessions impact the stock market heavily, but have only a small impact on actual economic activity (zero or slightly negative growth).  A depression might see -5 or -10% growth, which is killing - huge numbers of people out of work.  Effect on stock market and the rich is then only a minor detail.

Not saying this bailout is good - likely it is not.  But that's why right and timely action is essential - unfortunately, the political process seemed to exclude the right action, and now it seems to be excluding timely action as well - although as Obama says, something will probably get done - stopgap but not "right".

The good news is that heavy infrastructure (deficit) spending is the classic way to pull out of recessions/depressions, so it may not slow down some of the Dem priorities.

by swaminathan 2008-09-29 11:20PM | 0 recs
Re: Why I Voted Against the Bailout

Where was the oversight a year ago?   Two years ago?   4 years ago?  Now we want wall to wall hearings on C-Span as our economy crumbles.

Sad day in government.   Politics as usual.

by RichardFlatts 2008-09-29 12:42PM | 0 recs
Re: Why I Voted Against the Bailout

I don't pretend to understand what's good and what's bad with the bailout plan.  I'm not an economist.

What I am is an endowment builder, and our public foundation is taking a hammering on its endowments right now.  At this rate, I'll be surprised if we are able to distribute any money at all after the first of the year to all those charities and non-profits who depend on us.

Get it right, guys, and do it soon.

by mtnspirit 2008-09-29 12:54PM | 0 recs
Re: Why I Voted Against the Bailout

So you are telling me that "principle" doesn't fund endowments. Wish a few more on here would grasp that. PRincipe never fed anyone or kept a roof over anyone's head. It just makes people like Udall feell good about pissing on the American dream.

by Mayor McCheese 2008-09-29 12:57PM | 0 recs
Re: Why I Voted Against the Bailout

No, principal funds endowments.

by Dreorg 2008-09-30 04:33AM | 0 recs
Re: Why I Voted Against the Bailout

The endowment is the gift of a donor or donors held in perpetuity.  It's supposed to be maintained at or above historic value.  We make grants based on the earnings from the principal.

by mtnspirit 2008-09-30 07:54AM | 0 recs
Re: Why I Voted Against the Bailout

OK Tom fine, glad you stuck to your principles. However, you folks in DC better not be planning a a recess until you do do something.

by jsfox 2008-09-29 12:56PM | 0 recs
Explain to your consituents who are impoverished

by the Wall St. and credit meltdown about your noble principles, the working people and the retirees whose 401ks and pension funds are being trashed. Explain to the business people who now can't get lines of credit about your nobility.

by cmpnwtr 2008-09-29 01:01PM | 0 recs
Those "outraged" by the bailout

...probably haven't checked their retirement accounts lately.

I suspect sentiments will change quite dramatically when that happens. Selfishness and self-interest will rule the day.

They usually do.

by Sumo Vita 2008-09-29 01:40PM | 0 recs
Re: Those "outraged" by the bailout

Yep! Look at World War II... no one in Amerca wanted anything to do with it...

until something changed their minds...

Even the mood here has changed!  Yesterday, 90% of the people were opposed... now, suddenly most everyone has changed their minds!

Everyone thought the "yes" voters would be booted out of office... it just might be the other way around!

by LordMike 2008-09-29 03:08PM | 0 recs
Re: Those "outraged" by the bailout

War's a different deal -- Americans can always be stampeded into a war like dumb cattle ("rally 'round the flag effect"), but it takes something much more serious to get them to be selfless on domestic issues.  If you haven't, you might be interested in reading about the violent strikes in the late 1800s and early 1900s that brought us nice things like "unions" and "weekends."  For example, the Ludlow massacre was pretty close to a small civil war.

by failsafe 2008-09-29 05:06PM | 0 recs
While all the hard feelings abound,

Why are the calls to congressmen overwhelmingly against a bailout? I'm not disputing the reality of the need for a solution, but maybe some of us got a little complacent about it being a done deal.

Unless there's effective communication explaining precisely how main street will be affected, I don't expect public sentiment to change anytime soon.

by Sumo Vita 2008-09-29 01:17PM | 0 recs
Re: While all the hard feelings abound,

Exsactly, i want to see a simulated picture of what could happen and use hard facts to justify the simulated outcomes based on extrapolation of past historical financial messes.

I want to see some heads in the government roll in exchange for a bailout. If the Bush administration is unwilling to offer some sacrifices, then they are not serious about a bailout.

by Pravin 2008-09-29 03:03PM | 0 recs
Re: Why I Voted Against the Bailout

good luck with that one. The public never likes big expenditures as  a whole. And it doesn't help that too many (John Edwards stands out here) have practically demonized "Wall Street" and made it seem responsible for all our nations' ills.

by Mayor McCheese 2008-09-29 01:28PM | 0 recs
Re: Why I Voted Against the Bailout

I don't like moral reasons, the bill is good enough and needs to be passed. It's more about tomorrow's leadership. If this stalemate leads to a world disaster, in retrospect it will look like a lost and cheap opportunity.  

by anna shane 2008-09-29 01:35PM | 0 recs
Re: Why I Voted Against the Bailout

How do you seriously know the bill is good enough? Did you examine it?

by Pravin 2008-09-29 02:57PM | 0 recs
Re: Why I Voted Against the Bailout

i read Krugman.  It was the one most could agree on and something has to be done to give an idea that our fearless congressperson's aren't suck in the last century. it's about confidence. I'd have been for a worse one, this will need to be fixed by the next president, we're still stuck with Bush.  

by anna shane 2008-09-29 03:09PM | 0 recs
Re: Why I Voted Against the Bailout

Drastic situations call for drastic measures - not the time for an exercise in ideological 'principles'. PLEASE.

The loss of jobs, bank failures, and faltering housing market is an emergency that needed an immediate rescue effort, and you voted against a measure designed to do that, which resulted in the largest single point drop in the Dow's history, and that was just today.

Thanks for nothing. Too bad I don't live in your state so I can vote against you.

by phoenixdreamz 2008-09-29 01:37PM | 0 recs
Ugh

Give me a break, Tom. And I'm a big fan. We know you're getting tons of wacko constituent calls whining about the bailout.

But come tomorrow, you'll be getting serious calls from folks who lost a chunk of their retirement yesterday....

We all know why you voted against this - because it wasn't going to pass. Once you knew it wasn't going to pass, the smart move was to vote against it.

Give me a break.

by Dale Johnson 007 2008-09-29 01:38PM | 0 recs
Re: Why I Voted Against the Bailout

Mr. Udall:

With all due respect to your ideological purity, your vote is both destructive and irresponsible.  Without proposing a mechanism for translating US fiscal support into market stability, you have placed at risk the business health of the US economy, and the credit access of ordinary Americans.  Most critically, your choice has served as an enabler of republican venality.  Do you enjoy being allied with the market ideologues of the right?  Your vote has done nothing to mitigate the likelihood of an eventual bailout.  Rather, all you have done is provide aid and comfort to the republican adversary - and have probably done structural damage to US international financial sector leadership.

In closing, let me say that I am glad today that I am not a citizen of Colorado - because as a firm democratic voter - I would have to spoil my ballot rather than vote for a senate candidate with such an utter lack of good judgment in an issue so crucial to the well-being of the country.

by wintermute1 2008-09-29 02:22PM | 0 recs
Re: Why I Voted Against the Bailout

A bailout hashed out in a few days is irrespnsible. Not voting against it. Not enough concessions were made. It is time government did not get taken for chumps.

by Pravin 2008-09-29 02:56PM | 0 recs
Congressman Udall, it is an honor to read your

personal message to us in the blogWorld. Most of us here are great fans of yours. However as you can see from the comments, that we need some thing to be done to prevent the onslaught of a possible financial meltdown. While I agree that the 700 Billion dollar bailout may not be the right medicine, but then we need better alternative measures...

by louisprandtl 2008-09-29 02:25PM | 0 recs
Thanks Udall
What I want to see from a bailout in addition to the demands made by our politicians
  1. Ask for reforms in return, not just temporary measures.
  2. make the CEO compensation more meaningful. CEOs can't cash in all these bonuses above a certain threshold instantly. Let it vest over time or something. Maybe a 10-15 year period of vesting based on the level of compensation.
  3. Asess transparency. The less transparent firm get the least bailout.  
by Pravin 2008-09-29 02:55PM | 0 recs
Re: Why I Voted Against the Bailout

Thank you Tom !!

We all know that every time Bush addresses the nation with dire news he's lying!

Thank you for standing up for all of us out here that reject Bush's fear tactics and his attempt to steal hundreds of billions on his way out the door.

Bill Lynch, Mission Viejo, California

by wblynch 2008-09-29 03:07PM | 0 recs
how many more 800 point DJIA drops...

are you willing to live with by trying to make an already complicated situation even more complicated?    

Your leaders support the Bill.  That includes Pelosi, Reid and Obama.  60% of your caucus voted for the Bill.  What do you know that they don't know?

     

by mboehm 2008-09-29 03:15PM | 0 recs
Re: how many more 800 point DJIA drops...

Big mistake to equate a DOW drop with any meaningful measure of the stability of the economy. The Dow is a histrionic red headed stepchild of the hidden indicators. Its also artificially fluffed (case in point, did you notice that AIG was removed from the Dow average?  it would be even lower today if it were not. )

Here's what I do.
Watch the shipping companies. When they tank, you know the rest of the big shippers and retail are going to tank because they tell you whether or not purchase orders are coming from retail sector and they tell you faster than the dow. Always precedes the dow.

There's way more downard pressure on the dow.
We're looking at testing sub 9000 here

by Trey Rentz 2008-09-29 07:10PM | 0 recs
Re: Why I Voted Against the Bailout

Yesterday, 90% of the site would have shown support... now, 90% have lost their shirt and feel differently...

Amazing how attitudes can change in one day!

What did you anti-bailout people think was going to happen if it didn't pass... the market would have been just been fine and happy?

I'm glad it happened... we needed to give a kick in the head to the anti-bailout people to realize that this thing was necessary.

Now, it will be easier to pass on a revote... hopefully, something better will come of it...  So, this may absolutely be a win overall!

by LordMike 2008-09-29 03:25PM | 0 recs
If only Obama had your sense of justice

but he never has.

by neaguy 2008-09-29 04:09PM | 0 recs
Since Tom Udall and his hit-n-run staffer

are never going to read this I don't have to pretend to be more civilized than I am, so:

"Fuck you, anonymous troll. If you want to make points with johhmccain dot com and plunge the country even deeper into hell, I suggest you start by smearing yourself with horseshit and running otherwise unclad out onto a highway.  It will be about as effective as trying to convince us here that your beloved Gov "I'll get back to ya'" Putin will make a great president in three years when a 75-year-old McCain has an aneurysm.

Have a nice day.

by chrisblask 2008-09-29 06:43PM | 0 recs
Let me explain how these Internets work

to you, Bryan.

They aren't a cork bulletin board where you can post a flyer and walk away, your job done.  They are the bidirectional medium that your boss will either communicate with the public on or be pilloried on in his absence.  I commend you for coming here and cut-n-pasting the announcement, but I condemn you for not staying and providing some response - it's a start, but it's not much.

Liquidity in the banking system ceased to exist today.  Tomorrow, small businesses across the country will in many cases try to tap the banks for credit to make payroll against Accounts Receivables, and many pay checks will not be issued.

What is the solution?  Is there a solution?

Fine questions.

Washington has shown that it doesn't know what the  answers are, and in five weeks when people go to the polls - many having not paid their bills - it is entirely possible that quite a few people choose to pull a lever that provides the option of just swapping out the people responsible.

Tell Tom that whatever he does, he needs to do more than have a staffer post a proclamation.

-chris

by chrisblask 2008-09-29 04:50PM | 0 recs
I concur with Chris.

This is not a bulletin board for polticians.  It's a community.

This post, like Rep. Udall's vote today, smacks of cowardice.

by psychodrew 2008-09-29 05:39PM | 0 recs
Re: Why I Voted Against the Bailout

Typical, politicians are more worried about re-election than problem solving, and that applies to both parties.  Do you think if this was an election off-year that this would have happened?

by CVDem 2008-09-29 05:51PM | 0 recs
Rosh Hashanah

Hey, Rep Udall,

My son just spent a year in Iraq working 16 hours a day seven days a week on Christmas, Passover, Easter, Ramadan and yes, Rosh Hashanah because if he didn't?  People got blown up.

I would venture a guess there are devote Jewish soldiers in Iraq right now working, who will work even harder tomorrow and the next day BECAUSE it's Rosh Hashanah.  Why?  Because if they don't people get blown up.

What gives?

by GRO 2008-09-29 06:32PM | 0 recs
Re: Rosh Hashanah

What gives, is that you're guaranteed the markets will be dramatic. If your son chooses to jump up and down and yell whenever he hears a twig break behind him, then he'd behave exactly as the Dow did today.

Will people work harder tomorrow because its RH?
Answer: meh. Probably not. I think you're going to see the markets go flat sideways down, but who cares?

Wachovia got taken over today, and the FDIC forced a merger. Lord. thats hitting clost to home.

by Trey Rentz 2008-09-29 07:13PM | 0 recs
Re: Why I Voted Against the Bailout

Don't be silly! You voted against it because you're running for the Senate!

It bears repeating because it seems around here people react with glee to stocks declining that when stock markets collapse stockholders lose out (including 401k holders etc)..etc.

by obama4presidente 2008-09-29 08:24PM | 0 recs
Re: Why I Voted Against the Bailout

Tom Udall did right by America.

Congrats!

That took wisdom and courage.

American voters will thank you!

by zoim 2008-09-29 09:05PM | 0 recs
What Tom Udall needs to tell doubters

"47 million people without health care for the next two months is acceptable, but waiting a while to craft a long-term course correction for the economy isn't?"

We can wait till 2009.

by Paul Goodman 2008-09-30 05:00AM | 0 recs
Thank you Congressman Udall

Thank you for standing up for your constituents Congressman.  You absolutely voted correctly in my opinion.  This bill was fundamentally flawed.  Wall Street needs to dig itself out of this mess with ZERO taxpayer dollars.  I am looking forward to seeing you bring a strong set of Democratic principles to the Senate.  

by IndepEnergy 2008-09-30 06:51AM | 0 recs

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