NJ Pols Vote 7-6 Against Bailout

A majority of the NJ delegation refused to bail out Wall Street at the taxpayer’s expense yesterday. Baristaville’s Congressman Bill Pascrell delaying his decision until the final moment, voted against the bailout bill.

“We’re flipping coins here,” he said. “What happens if this goes down today ‚Äî the markets tank and you are an accessory to the crime? But what happens if you vote ‘yes’ and the market tanks anyway?”
He added, “Most of my constituents are against this, but when I prod them they don’t really understand. It’s a very complex issue. But I’ve got to make a decision here ‚Äî otherwise I’m an automaton.”


Congressman Payne (D-Newark) stated the bill was unfair to his constituents in Newark:

“I couldn’t vote for a bill like this which would require my constituents that are really hurting financially to pick up the tab run up by wealthy Wall Street executives,” Payne said.

Washington is now hustling to find an alternative palatable fix for the financial meltdown.
Meanwhile, Michael Murphy Moore has his own explanation of what went down yesterday when the “Corporate Crime of the Century” was averted.

A lot of people are wondering why the right wing of the Republican Party joined with the left wing of the Democratic Party in voting down the thievery. Forty percent of Democrats and two-thirds of Republicans voted against the bill.

Read his take, here.
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27 COMMENTS

  1. Tried to make my comments known to Congressman Pascrell regarding his “no” vote on bailout yesterday but got following email message. Apparently, not much is working in Washington these days:
    Messaging Service Unavailable
    The House of Representatives is currently experiencing an extraordinarily high amount of email traffic. The Write Your Representative function is therefore intermittantly available. While we realize communicating to your Members of Congress is critical, we suggest attempting to do so at a later time, when demand is not so high. System engineers are working to resolve this issue and we appreciate your patience.

  2. Tried to make my comments known to Congressman Pascrell regarding his “no” vote on bailout yesterday but got following email message. Apparently, not much is working in Washington these days:
    Messaging Service Unavailable
    The House of Representatives is currently experiencing an extraordinarily high amount of email traffic. The Write Your Representative function is therefore intermittantly available. While we realize communicating to your Members of Congress is critical, we suggest attempting to do so at a later time, when demand is not so high. System engineers are working to resolve this issue and we appreciate your patience.

  3. Tried to make my comments known to Congressman Pascrell regarding his “no” vote on bailout yesterday but got following email message. Apparently, not much is working in Washington these days:
    Messaging Service Unavailable
    The House of Representatives is currently experiencing an extraordinarily high amount of email traffic. The Write Your Representative function is therefore intermittantly available. While we realize communicating to your Members of Congress is critical, we suggest attempting to do so at a later time, when demand is not so high. System engineers are working to resolve this issue and we appreciate your patience.

  4. I got this auto responce…
    Thank you for contacting me through the House of Representatives Constituent Electronic Mail System (CEMS). I am pleased to be a part of this effort to offer citizens an efficient way to communicate with their representatives in Congress.I will reply to all residents of the 8th Congressional district of New Jersey via email as quickly as possible. Thank you.
    Sincerely,
    Bill Pascrell, Jr.
    Member of Congress

  5. Newark residents picking up the tab?
    I’m still waiting for Payne’s “constituents” to pick up their education tab.
    And at 25K per student, that’s some tab.

  6. Re-reading, I didn’t intend to sound so… mean.
    My point is that it’s odd that Payne is worried about his constituents paying, when he also claims that the wealthy districts must continue to pay for those same constituents.
    Which is it?
    If they are so poor that they cannot afford the cost of educating their kids, then how are they being asked to pay here?

  7. I’ve been a constituent of Pascrell’s for some time. But I’ve never sensed any interest from him in “prodding” me. Or even in my opinions on anything requiring his vote. He has never struck me in the slightest as an elected representative capable of understanding even far less complex issues than the bailout, however. He’s just a local hack who got lucky and profits greatly from redistricting since he professes liberalism.
    As for Payne, the expression “he has his nerve” comes right to mind. As does some questioning of his basic intelligence, just like with Pascrell.
    And I think the Baristas meant Michael, uh, MOORE. Though why anyone would care what that self-serving schlub cares is beyond me.

  8. Actually rchanin, if you did your homework, you would know that the folks on Elm Street and all those other streets named for trees in middle class neighborhoods are more responsible for this than the folks on Main Street. But don’t let facts get in the way. You tell ’em!

  9. Did a search on foreclosures yesterday in Glen Ridge . . . three houses in the entire town. Did the same search for P-Town . . . wanna guess how many?

  10. rchanin,
    I lost track of how many times you contradict yourself in that incredibly long post, but here are the most obvious:
    idiot voted against it because there was no protection for the morons who took out mortgages they could not conceivably pay?!
    Yes, much better to bail out the geniuses who knowingly created the problem by extending easy credit to the afore mentioned morons and then played “Hot Potato” with those high-risk loans.
    Americans are generally-speaking short-sighted idiots.
    I’d say that rejecting this bill is one of the smarter things I’ve seen the American public do as a collective in a long time. Most people are starting to realize that living within their means and suffering through whatever hard-times might come in the short-term is better than artificially propping up a failed system to have it hurt even more in the long run. Good for them.
    The federal government is completely inept at accomplishing anything.
    I completely agree! Thank god they didn’t just hand one of their own a blank check for 700 Billion dollars!
    Markets will ultimately self-correct.
    I agree. How about we let them do that instead of creating an artificial bubble?

  11. rchanin – that is the most simplistic and uniformed reasoning for this debacle that I have heard. That you get your information from the NY Sun speaks volumes. Your diatribe (with racist undertones) does not take into account derivatives, credit default swaps and the lack of any regulation or oversight of some the of most speculative practices out there. Warren Buffet called them “financial weapons of mass destruction” as far back as 2002. So go on believing Paterson is at the root of the problem.

  12. After reading most of the defeated bill last night I’m stunned it was ever up for a vote. Why not just draft “How to keep our campaign contributors in the money so they’ll fund my next campaign” the bill.

  13. Ah come on. The kids are just being cute and …hopefule. Just because McCain inspires no one don’t get all huffy. I’ll bet someone, somewhere is singing about Palin and moosehunting.

  14. This bill as it is written deserves to fail 100 times over.
    One of the most important aspects missing from this bill is a correction of the root cause of this disaster.
    If liquidity would be restored with YOUR money as planned, the betting games with CDO, CDS and CMO’s with bad risk assessments can continue unabated, and we most likely face the next disaster down the road sooner than later.
    A bail out is eventually needed but it must address regulative issues and also carry punitive measures as well.

  15. “by far the creepiest thing I have seen in this election”
    To me the creepiest thing was McLame’s smirk during Fridays debate. WTF was so funny? The economy? Al-Qaeda’s growing numbers? The perpetual war machine? I wish I could marry old bootlegger money, then maybe I’d find the state of the union amusing too.

  16. I left messages with both Lautenberg’s & Menendez’ offices today telling them that if they vote ‘yes’ for this bailout that not only will they not have my vote but I will actively campaign against them. My kids are already saddled with enough debt from Iraq.

  17. Ah come on…. I’ll bet someone, somewhere is singing about Palin and moosehunting.
    Posted by jerseygurl | September 30, 2008 2:23 PM
    I recommend Joanna Newsom.

Comments are closed.