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LoBiondo Votes No; Issues Statement on Failed Bailout; Kurkowski Reacts
U.S. Rep. Frank LoBiondo
WASHINGTON, D.C. – After a 205 to 228 defeat of H.R. 3997, the “Emergency Economic Stabilization Act of 2008,” U.S. Rep. Frank A. LoBiondo (R-2nd), who voted no, along with 133 Republicans and 95 Democrats, on Monday, Sept. 29 issued the following statement:
“I have heard from an overwhelming number of my constituents who are struggling to pay their own bills and are now being told they would also have to pay the bills of Wall Street. In my eyes and those of many South Jersey residents, there was no justification to support this bill with its $700 billion price tag when a return on the taxpayer’s investment is far from certain.
“Corporate fraud and mismanagement have created today’s financial instability; forcing taxpayers to pony up hundreds of billions of dollars to bail out Wall Street’s misconduct will not fix the underlying problems and is undeniably unfair to hard-working Americans. Today, the House rightly stood up for taxpayers’ interests in a bipartisan showing.
“With the defeat of this ill-crafted legislation, the Congress has an opportunity to address the financial crisis in an appropriate manner that will ensure we will not have to revisit this issue a month, three months, or six months nor place additional burdens on the taxpayers. Congress must now roll up its sleeves and work in a true bipartisan and cooperative manner, examining the views of economic experts and engaging in an honest conversation with the American people. Despite the impending election, I strongly believe Congress should not adjourn until the reforms of Wall Street and interests of Main Street are addressed.”
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Democrat Candidate Dave Kurkowski's Reaction to LoBiondo's Vote:
CAPE MAY — Democrat Dave Kurkowski reacted Monday, Sept. 29 to his opponent's vote against the bipartisan financial bailout plan.
"Frank LoBiondo cast his lot with the ideologues who have just defeated the bipartisan plan to shore up our f altering economy," Kurkowski stated in a release. "My opponent went against the leadership of both parties, who had worked out a compromise, and even voted against the urging of the President.
"LoBiondo has decided to put our financial system at risk: Our 401Ks, our banking institutions, our pension funds, our home mortgages, and our faltering credit markets. I am deeply concerned about the consequences of my opponent's action today. He has cast us deeper into an already grave situation," Kurkowski stated.
Kurkowski noted that in 1999, LoBiondo voted for the repeal of a law passed in the wake of the Great Depression specifically aimed at regulating the financial institutions whose reckless actions have led to the current meltdown.
"My opponent is trying t avoid accountability once again, this is what we've come to expect from him. He will not even clean up the mess he helped create. The people of South Jersey deserve better," Kurkowski stated.
"People need to know the truth about my opponent's record. I am going to keep working to get the word out," Kurkowski stated.
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Wed, 10/01/2008 - 4:50pm - Posted by: Anonymous
To the poster at 2:54: Did you really consider a quote from simpleutahmormanpolitics to be representative of anyone with two brain cells? Are you actually a regular reader? Scary stuff!
Wed, 10/01/2008 - 4:46pm - Posted by: Anonymous
2:54, the only reason the market has recovered 1/2 of the loss is because investors have an expectation that the rescue plan will pass. If it fails again, there is a strong risk of a market freefall. I hope you are not planning on retirement in the next 15 years! And, by the way, this deal is no more unconstitutional than the RTC in the 80's -- in which by the way the government made a profit.
Wed, 10/01/2008 - 3:54pm - Posted by: Anonymous
Dateline: October 1, 1:33pm the NYSE has recovered half of what was lost on Friday and "the sky is not falling". However the Senate may be violating the constitution at this moment. http://economicspolitics.blogspot.com/2008/10/does-senate-bailout-plan-v...
Wed, 10/01/2008 - 9:37am - Posted by: Anonymous
I agree with 3:34. To call this a Wall Street Bailout is very short sited. Without this bill, we all face a great deal of financial pain. This is a crises for the entire country, not a limited few who may happen to be in the front of the initial file. The bankers, mortgage and real estate people may be in the front of the firing line, but, once they fall, most of us are next.
Tue, 09/30/2008 - 4:34pm - Posted by: Anonymous
To all those posters who are rallying aganist this bill because it is a "Wall Street Bailout", I hope you are prepared to watch your retirement accounts be cut by over 60%, your employers' businesses falter under ever more difficult credit, and forget the possibility of getting a car or home equity loan at reasonable rates. I've personally been EXTREMELY conservative with borrowing and spending (no car loan, minimal mortgage), but, I know that I do not live in a vacuum. The prosperity of our country depends on the passage of this bill or similar solution. Please do not let your bitterness against Wall Street cloud your vision. This needs to pass in some form or we all get hurt -- badly!
Tue, 09/30/2008 - 4:59am - Posted by: Anonymous
Kurkowski voted for this corporate bailout, which was exactly what the corporate lobbyists and Democrat leadership told him to do.
LoBiondo voted against this bailout, which was exactly what the majority of the people who elected him wanted him to do.
Imagine that...........an elected official who goes against the lobbyists and special interests to vote the way the people wanted. This says a lot for Lobiondo.
Mon, 09/29/2008 - 10:04pm - Posted by: Anonymous
It was said today that another vote won't happen till after the holiday's.
The country in a state of emergency, why do we have to wait?
People SHOULD WORK in a emergency, regardless of their faith!
Mon, 09/29/2008 - 9:49pm - Posted by: Anonymous
Interesting that the great depression and the resultant socialistic turn the country took supposedly caused the country to come out of the depression because of those great socialist programs. They are now touted as single-handedly doing so! Don't you remember your history that mentioned a War just about that time that put millions to work in factories that hadn't even existed during the depression? Hey, don't give too much credit to FDR for coming out of the depression when it was earned by thousands of dead young men and millions of young men and women at home working in factories in the war effort.
Mon, 09/29/2008 - 8:53pm - Posted by: Anonymous
Let's see Barney Franks and Chris Dodd are head of the House and Senate Banking Committees, but the Republicans are the problem.
Check how much money they have accepted for campaigns from the very institutions that are collapsing.
They are the biggest part of the problem. They knew and they didn't do.
My guess is this whole entire mess has been allowed to happen to force an election of Obama.
Mon, 09/29/2008 - 8:29pm - Posted by: Anonymous
Good Vote right on !
Mon, 09/29/2008 - 7:52pm - Posted by: Anonymous
YAY for you Mr LoBiondo. Thanx. I think we need an investigation into what the heck the banking committee was doing taking so much from Freddie & Fannie. You know Mr. Dodd, Mr Frank oh and so did Mr Obama. The dereg started w/Clinton, but as usual it is all Bush's fault. And the Dems could have passed this if they wanted. NO bail out, let the thieves from Wall St give back the money invested by Joe Worker bee. You know it is like taking a kid to a toy shop, just one you say, and they say but just one more. I don't think so. Those Dems love to take from the struggling and give to the fat cats.
Mon, 09/29/2008 - 7:37pm - Posted by: Anonymous
Neither party is the party of our parents or grandparents. It is all about the greed and how much the politicians can make and how much the corporations can give to keep them in office, then when they leave have big corporate jobs waiting for them. Even LoBiondo has his hands in the cookie jar, just like the rest of them. Now those of us who want and are ready to buy a home or a new car cannot get financing, even with great credit ratings because too many people either got in over their heads or tried to live beyond their means, Wall Street got too greedy and now we are the ones who have to suffer. There is more than enough blame to go around but I am tired of paying for both the uber-wealthy and the poor (not the truly needy who are trying at least but can't get ahead or are dealing with a medical situation) but the lazy poor who only want the handouts and think everyone owes them a living. Its no wonder we get upset about immigrants taking jobs when in fact, they show up for work! It is time for a change in America, time for the middle class to take control!
Mon, 09/29/2008 - 6:23pm - Posted by: Anonymous
Frank Lobiondo made the right choice.
9d D's voted against it and they have control of congress and this bill.
Mon, 09/29/2008 - 6:08pm - Posted by: Anonymous
I'm against the $85,000,000,000.00 bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America in the form of a "We Deserve It Dividend ". To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a "We Deserve It Dividend". Of course, it would NOT be tax free, so let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00. What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage – housing crisis solved. Repay college loans – what a great boost to new grads Put away money for college – it'll be there Save in a bank – create money to loan to entrepreneurs. Buy a new car – create jobs Invest in the market – capital drives growth Pay for your parent's medical insurance – health care improves Enable Deadbeat Dads to come clean – or else. Remember this is for every adult U S Citizen 18 + including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces. If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ("vote buy") economic incentive that is being proposed by one of our candidates for President. If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! As for AIG – liquidate it; Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can "never work." But can you imagine the Coast-To-Coast Block Party ! How do you spell Economic Boom? I trust my fellow adult Americans to know how to use the $85 Billion "We Deserve It Dividend" more than I do the geniuses at AIG or in Washington DC . And remember, this plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Mon, 09/29/2008 - 6:08pm - Posted by: Anonymous
All polls indicated the American people were opposed to this $700 billion bailout. Just like last year, with the Immigration Reform Bill, the Democrats do not support the will of the people.
Mon, 09/29/2008 - 4:38pm - Posted by: Anonymous
I just heard Barney Frank (D) complaining about the Republican Congressmen who said that they were upset about Nancy Pelosi's (D) speech today accusing them of causing this problem and not being willing to correct it. He said that they were putting their feelings before country and went on to ridicule them for saying that Pelosi's speech caused them to change their vote. This from the Democratic Party who tried to slip in earmarks for ACORN and LARAZA ? Thankfully, Reps such as Congressman LoBiondo were against these earmarks and they were removed. But, the fact that the Democrats tried to sneak it by is reason enough for questioning anything they say. Check the internet and read what ACORN and LARAZA has done and you will have your eyes opened. This is NOT the Democratic party of our parents.
Mon, 09/29/2008 - 4:23pm - Posted by: Anonymous
Reforms and bail-outs. We have heard it many times. When greed, not from Washington or Wall Street, but from Main Street, fueled the mortgage crisis, it is your neighbors in the real estate and mortgage finance businesses who are the real "fat cats" in this fiasco. Own your own home - the great American dream. Selling homes with no money down, writing ARMs as if they were illness excuses on a Doctor's office counter. We want the Congress "to do the right thing" and protect our retirement accounts and equities. We are so right about our position. How do you think the economy pushed the market to 14,000? How do think those IRAs, 401Ks and Money Markets sang their "siren song"? It was with "funny mortgages" "funny equities" and "funny money" ! Now its not so funny.
Mon, 09/29/2008 - 3:51pm - Posted by: Anonymous
All of the sudden Republicans want to be bipartisan? Their wreckless mismanagement are the main reasons all this is happening. Some are concerned ideas like this are "socialism in disguise". Just a historical reminder...FDR did the same thing during the depression and was accused of being a socialist, yet, America got out of the depression and the country actually made money. In his first inaugural address, FDR reminded us "that the only thing we have to fear is, fear itself." He was right! We are a great nation, we have been down before and have come back and we will do it again!