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Inslee votes no on second bailout package

October 3, 2008

Today, U.S. Rep. Jay Inslee (D-Wash.) voted no to a second financial rescue package in the US House of Representatives.   Inslee released the following statement after bill passed by a vote of 263-171:

“Our credit challenge is real, but this plan was both inadequate and inequitable.” 

“It protected neither the taxpayer nor the need to address the underlying reason for this credit crisis -- the collapse of the housing market. 

“We are now reaping the bitter wind of the great irresponsibility of Wall Street.  It’s not enough to have a provision asking for some unidentified President to present some unidentified plan to take back taxpayer money from Wall Street.  It was an illusion of protection.  We also must do more to help people stay in their homes by addressing the root of this financial crisis, the collapse in the housing markets.  We should work for a plan to require that taxpayers get what Warren Buffet gets --- equity.” 

“I repeat that I am willing to stay here and keep working for a bill that works for taxpayers and addresses the real problem.  The fundamental problem is the housing crisis and the effect is it having on American families and homeowners.”

“I realize the need to find consensus and I hope this plan works to firm up credit, but this plan is far short of what the American people need.”