Word: bailouts
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Washington State Jay Inslee was the state's only Democrat to vote against the bailout, putting him at odds with five other Democrats. It's not that Inslee was worried about getting re-elected; he won 64% of the vote in the August primary and is expected to easily win a sixth term representing the First District, which includes well-to-do Seattle suburbs and the high-tech enclave of Redmond, home to Microsoft - an area full of people whose 401(k)s and stock holdings would likely benefit from a bailout. Inslee says that he simply felt the bill...
...correspondence from his constituents fell into three camps, Inslee says. The first group thinks any bailout is an outrage at a time when CEOs have been getting such huge bonuses. These people, says Inslee, "are so outraged, they don't get past that." The second group comprises people who recognize the need to intervene to avert further financial calamity "but are absolutely outraged that we'd do something that is so inequitable to Main Street." This group, he says, is considerably larger than the first and wants a more balanced bill. Finally, Inslee says, there is a third group that...
...Toledo, says the crisis "is as big as it gets. I haven't seen this kind of reaction from constituents since the [savings and loan] crisis of the 1980s. I am getting thousands of letters, phone calls, e-mails and faxes. A handful of them support some kind of bailout. But the overwhelming majority is against it." She cites one letter as representative of the bile poured forth against the bailout: "I live on $23,000 a year. Why should I be asked to bail out a bunch of overpaid greedy heads of companies like AIG, Freddie Mac or Fannie...
Steve LaTourette, the moderate Republican who is likely to win re-election in November but may be vulnerable because of the foreclosure crisis, says the problem is that no one has explained the bailout in terms that the public can understand. "I went to the financial services hearing and begged them to explain this to the guy on his couch, and they never did. They never really explained why they needed all this money in a simple way to the guy with the 401(k), the guy with a small business who already pays a lot in taxes...
...word comment. No one is going to help me if I have problems with my company. Especially considering the huge amounts of money these companies were paying themselves, it's really obscene." Another St. Helena resident, Paul Tuttle, a registered Republican, peppered his Representative, Democrat Mike Thompson, with anti-bailout e-mail. "I think it was bad legislation," says Tuttle. "You're socializing risk. It's like creating the U.S.S.R. under the U.S. flag." Thompson voted against the measure. Says Tuttle: "We have a perfectly valid branch, the FDIC, there to take care of problem banks. Let them close...