Langevin on bailout failure: 'Skydiving without a parachute'
3:26 PM Mon, Sep 29, 2008 | Permalink
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By John Mulligan WASHINGTON -- "We are now skydiving without a parachute," Rep. James R. Langevin said this afternoon as the $700 billion rescue plan for the financial system was defeated in the House of Representatives. "I just hope we land on something soft." Langevin and fellow Democratic Rhode Island Rep. Patrick J. Kennedy both voted in favor of the package, which failed today on a vote of 228 to 205. "You'd want to prevent a crisis before your constituents had to feel it," Kennedy said outside the House chamber as members and reporters received alerts on their Blackberry devices of the stock market's plunge in response to the vote. "But maybe now we are going to have to find out the hard way." As of shortly before 3:30 p.m., the Dow Jones Industrial Average was down more than 530 points. The two Rhode Islanders said they decided to vote for the package after careful study of its details and consultation with what Langevin called "people who really understand the complexities of the problems in the markets." Both said that they believed the safeguards attached to the Bush administration's bailout plan improved it enough to make it worthy of their support. "You knew something was really amiss," Kennedy said, "when the chairman of the Federal Reserve said we might be facing the biggest crisis in 100 years" and with Treasury Secretary Harry Paulson demanding a federal intervention so uncharacteristic of Republican philosophy. "Unfortunately, the president hasn't done a good job of explaining this," Kennedy said. Your turn: Even though the House has now recessed, at least for the rest of today and tomorrow, Kennedy said he believes that "we've got to come back right . . . and get something else going." If the market continues to signal that the financial crisis will begin to inflict pain on ordinary Americans, Kennedy said he hopes that "those who are ideologically opposed are going to be looking at the pragmatics" of passing a new compromise rescue package. "We're not in the business of Democrat or Republican anymore. We're all in this together," he said. Langevin said, "I am fearful that, without this type of package that was put together, our entire economic system could be on the verge of collapse." Langevin said, "I am fearful that, without this type of package that was put together, our entire economic system could be on the verge of collapse." In a statement issued by his office, Langevin said he believes any proposed financial rescue bill must: • Reinvest in the troubled financial markets. • Reimburse taxpayers and make sure they share in any profits resulting from the government's help. • Change how business is done on Wall Street "with strong independent oversight and transparency." • Limit "excessive executive compensation." • Take action to prevent foreclosures that continue to drive down home values. Speaking of the Republican House members who led the successful charge to kill the package, Langevin said, "We'll all have to just hope that the people in the prevailing side were correct and the problems will just work themselves out. "I suppose that's why some people play the lottery. In this case, I hope they're right and, at the end of the day, I hope America wins." 
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Yeah, I'm sure these two democrat hacks wanted to pass the bill...so ACORN, LaRaza and HUD will get money...MY tax money!! This fiancial mess we are in have democrat prints all over it, and I am sick and tired of going broke because democrats are screwing me!!!! Jack Reed got his fair share, didn't he?? WHEN will it end?? Thank God the House Republicans are looking out for me....
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Sarah Palin is willing to take on the establishment, stand up for what is right even if its against her own party! The Wall Street crowd needs someone who will look them in the eye and call it like it is. Sarah did just that to Big Oil companies in Alaska, good ol' boy's political clubs, and special interest groups.
Check out my website to find the facts that back up these statements: www.palinfightscorruption.com
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I will do everything I can to organize my local community and have Langevin thrown out of office if he continues to support the bailout... even if they rename it a rescue plan.
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