Local News

<< Previous   of   Next >>   ADVERTISEMENT   What Inslee's and Larsen's opponents say about the bill NO: "I wasn't convinced it had a payoff plan for how we would get our money back. I didn't see where it would help the individual taxpayer who was suffering a bad loan. I didn't see how it would stem the tide of foreclosures. I have too many questions and not enough answers." Rick Bart, Republican congressional candidate in the 2nd District NO:"It is time to establish new regulations on Wall Street that stop the high risk business of creating worthless securities from risky loans. A 21st century regulatory system is required for today's markets." Larry Ishmael, Republican congressional candidate in the 1st District -- From Herald staff, Associated Press and The News Tribune   CONTACT THE HERALD Robert Frank, City Editor frank@heraldnet.com   Published: Tuesday, September 30, 2008 Congressmen Inslee, Larsen split on bailout bill By Jerry Cornfield Herald Writer By the time Reps. Rick Larsen and Jay Inslee voted on the economic bailout package Monday, they had heard from thousands of their constituents on what to do. Nearly all of the roughly 6,000 people who called and e-mailed Snohomish County's two Democratic congressmen in the past few days opposed the plan. The House of Representatives did reject it on a 228-205 vote. Inslee sided with the majority, while Larsen supported the defeated package. "It was a difficult vote," said Inslee, who was the only Democrat in the state's delegation to vote no. "History may show that we can obtain a better bill and we can obtain a better product. History may show we can't and we don't. I stand by my vote." Inslee, whose 1st Congressional District includes southwest Snohomish County, said the legislation lacked assurances the federal government will recoup the hundreds of billions of dollars it would spend. "I recognize the credit crunch we're experiencing, but I believe Wall Street had a party and ultimately the taxpayer shouldn't have to pay for that party," he said. "There's not even approaching a straight-face test that the taxpayer will be held harmless in this." The proposed legislation required that in five years the president, whoever it is, provide Congress with a means of ensuring full reimbursement. "That was a fig leaf at best," he said. Inslee praised House and Senate leaders of both political parties for making substantial improvements to the initial proposal from President Bush. He said he recognized federal action is warranted. "Many felt because of the exigencies of the moment they needed to act on it," he said. "I did not want to be stampeded into a vote." Larsen said he spoke with Inslee before the vote and knew they each viewed the effectiveness of House Resolution 3997 differently. "I came to the conclusion that taxpayers would be made whole," he said. Larsen, whose 2nd Congressional District stretches from Mukilteo to the Canadian border, stressed the amount of protections in the proposed bill that were absent when Bush sent his first proposal to Congress. "It was a blank check and now that original bill is fish wrapper," he said. Democrats made sure executives of the failed firms could not receive large financial payouts, individuals facing foreclosure of their home would get help and an oversight panel would scrutinize spending of the bailout dollars. The plan called for an immediate infusion of $250 billion and the final price tag might not wind up at $700 billion if the markets and the economy improve, he said. Larsen said he felt that if the money isn't paid back in five years, the bill contained a means to get those taxpayer dollars back. That's why he said that structurally, the next package -- which could be voted on at the end of this week -- won't be much different than this one. "It will take a couple of days for the leadership to sort out a solution," he said. "We are going to hammer a deal out, but we are going to take more time. "The stakes we face are serious. This crisis has the potential to impact every family in the country," he said. "It is critical that members of Congress come to an agreement." Reporter Jerry Cornfield: 360-352-8623 or jcornfield@heraldnet.com. READER COMMENTS Log in or register to post new comment | Log out our congressman I too will remember this when I vote - Inslee in Larsen out. In fact, if we REALLY care about this whole issue we will all do the research and find out exactly how every candidate on the ballots voted and place our vote accordingly in November.... or go back to our apathetic selves and pick the name we see most on signs and guess. I think we surprised ourselves this week that our representatives actually listened to their constituents (at least most of them did) - unfortunately it takes a major upheaval e-mai/phone call movement to make a dent in their agendas. (at least some of them - some it didn't even make a dent). Cynthia Steenberg | Oct 1, 2008 9:56 am | 0 replies | View all | Post reply | Request removal Inslee did the right thing. I'm one of the people who called right away to oppose the bailout. My congress man, Jay Inslee, earned a batchelor's degree in economics before going to law school, perhaps unlike most of the people who voted for this he knows a little about the subject and made the right decision. The original proposal by Messrs. Paulson and Bernanke was so outrageous as to be laughable, I have lost all respect for those two clowns like I lost respect for Bush and McCain a long time ago. There's no way we would have ever seen a dime of the $7,000,000,000,000 again if we had given it to the Bush administration, and you can be sure they would have been back for more, again threatening disaster if we don't fork over the vigorish. A depression like the 1930s wont happen, in those days there was little in the way of unemployment insurance, no Social Security and no medicare, and no FDIC deposit insurance. Don't be fooled, don't let the greedy generate a panic for their own gain. A real solution would be to extend medicare to all, eliminating the cause of most personal bankruptcy: catastrophic medical bills. In addition, more regulation of future mortgages, a standardized automatic "cramdown" instead of forclosure, and re regulation of the industries will clean up this mess. Jim DeBlasio | Sep 30, 2008 2:10 pm | 0 replies | View all | Post reply | Request removal (No heading) I guess this means that Jay Inslee is now running as a Republican ... LOL How convenient that it's a little more than a month away from when Jay finds out if he gets to keep his job ... Sorry, Jay ... But, one vote can't persuade us to vote for you ... Never have and never will ... Diana Moss | Sep 30, 2008 4:03 am | 0 replies | View all | Post reply | Request removal

1. Threat of severe flooding as more roads are closed 2. Woman dropped from a size 22 to a size 0 3. Prosecutors state their case that girl was brutally raped 4. Kyle Beach's Silvertips career comes to sudden end 5. Record flooding possible in county 6. Record flood level developing on Stillaguamish River 7. Rising waters in Gold Bar behave in odd ways 8. Boy, 6, drives to school after missing bus 9. Silvertips players 'shocked' by Beach deal 10. Marysville man's 1948 Ford tractor a bit of Elvis history 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

• Becoming 'a new person' • 20 vie for council vacancy • The poet speaks • Quieting the mind • Students of the Month • T-Wolves survive slow start, beat M-P • T-birds' Michaels on track for state titles • The senior center limbo • Clues to destructive fire frozen in plastic • Edmonds surgeons on cutting edge of weight loss