Published Friday, October 03, 2008 in Local
From Staff Reports
Friday, for the second time this week, U.S. Rep. Lynn Westmoreland of Coweta County voted against the $700 billion bailout bill. The legislation passed the House 263-171.
"I voted no on Monday because I didn't think that our leaders had taken the right approach to the financial crisis," Westmoreland said. "I voted no today because it's the exact same 'solution' but with sweeteners added to attract votes. ... My constituents in Georgia's 3rd Congressional District called and wrote me in record numbers over the past two weeks, and by a margin of 9-1 they asked me to oppose this bill.
"This bailout may or may not help our economy in the short term. In the long term, it puts us on a dangerous path toward government ownership of private securities and creates a moral hazard -- investors and businesses will believe that risky bets will enrich them if they succeed and government will write a check if they fail. We face serious challenges in our economy and I do believe that Congress can help. But this legislation is not the answer."
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Who cares what Westmoreland thinks. Wait until after the election to voice your opinion. Westmoreland comments upset a lot of supporters in the area. Be careful who you call an elitist.
Posted by john at 11:33 AM
I'm glad Westmorland voted that way and listened to us. Too bad it still passed. I see this bill in relation to the Patriot Act after 9-11. After the catastrophy occurred law makers used our vulnerability to push new laws and we supported it until later when we realize we were taken advantage of and lost a lot. Thankfully we weren't so naive and opposed it. Unfortunately the big cats passed it and will, I'm sure, some how line their pockets with the whopping $700,000,000,000.00 we are now responsible for.
Posted by Oscar Valerious at 11:26 AM
I Agee with Lynn and his vote and we better listen to the one's that look a little deeper than just the surface of this bailout!!!! Thank you Lynn for your service to our district.
Posted by Jeff Avery at 10:56 AM
I'm sorry that you feel Westmoreland was wrong for voting "no". I'm thankful that he listened to his constiuents. It is not the place of the government to "bail out" greedy Wall St, lending companies and corporations. Has the government ever paid for the middle class' bad financial choices? "If your output exceeds your income, your upkeep will be your downfall!"
Posted by SLW at 3:34 PM
It may seem to be helping main street, but who's getting the big tax breaks? World Research? The people that build the tracks for Nascar? Those are just a couple of them that I have heard, and the breaks are huge. We a talking like a couple of hundred Millions each.
Posted by DJ at 9:49 AM
This no vote by Westmoreland on the bailout package coupled with his comments that Obama is uppity, show why he needs to be replaced in congress. He is simply not smart enough to be there.
Posted by Ellen Sherman at 9:17 AM
This financial meltdown was caused by thoughtless Americans who spent and could not live up to loan committment. This is not a rescure of Wall St but a rescue of Main St. No money for loans means no homes or cars, and no new business. This all leads to loss of jobs and further slowness in US economy. We will get most if not all of this money back in appreciation of the securities purchased and avoided loss of economic growth
Posted by Dan at 8:53 AM
I'm thankful Rep. Westmoreland voted NO to this bill. The real test though is to check and see which REPS voted NO after the crucial 218 count needed to pass so there would be no political fall out for them and there was no way their NO vote could stop the bill.
Posted by Ryan at 7:54 AM
Only bail-out Wall Street should get is when those executives, especially FANNIE MAE AND FREDDIE MAC should have been arrested and they called a Bonding Company to get out while waiting to go to trial.
Posted by Robert Stokely at 7:53 AM
Additional Comment
10/8/2008
Link To This Comment
While I do not like Westmoreland, I am pleased that he voted no for this bill. However, I do think it is too little too late. ~ Addy ~ <
Posted by ~Addyson~ at 1:09 PM