Business

<< Previous   of   Next >> (click to enlarge) Rick Larsen (click to enlarge) John Dickson   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Thursday, October 2, 2008 100 quiz Rick Larsen on bailout bill By Jerry Cornfield Herald Writer EVERETT -- Rep. Rick Larsen, D-Wash., planned Wednesday to hold his economic roundtable with area leaders in a small conference room. He had to move it to Everett City Hall. About 100 business owners, bank executives and elected officials packed the council chambers and hallway outside as Larsen discussed efforts to pass emergency federal legislation to shore up a shaken national economy. "From the folks I talk to, this is pretty bad what is going on. This (package) is a chance to recover from this and grow the economy," said Larsen, who represents communities from Mukilteo to the Canadian border. His district covers parts of King and Snohomish counties and all of Island, San Juan, Whatcom and Skagit counties. Larsen voted for the $700 billion bailout package Monday though it failed to pass the House. Wednesday night the Senate passed a revised version and sent it to the House, which may act on it as early as today. Nearly 2,500 people wrote e-mails or called his office to tell him what they wanted him to do on Monday, he said. "They were running about 50-50. Fifty percent said no and 50 percent said hell no," he said, evoking a burst of laughter. He did earn praise from several of those attending. "I'm glad you voted yes. I hope you vote yes again," said John Meno, a financial adviser with Edward Jones brokerage. Others said they opposed federal intervention yet understood the gravity of the situation prompting the congressman's action. "I'm fundamentally against this, but I don't think you had any choice but to act," said Everett businessman Otto Chase. Larsen spent a half hour explaining what transpired during the past two weeks, from a freeze in credit markets nationally, the collapse of major companies including Washington Mutual, a three-page proposal from President Bush and finally the 110-page bill voted on Monday. He said the House bill ensured that top executives of failed firms will not receive large financial payouts. It also provides help to individuals facing foreclosure of their home and establishes an oversight panel to scrutinize spending of the bailout dollars. The Senate, he said, is looking to add a provision to raise the cap, from $100,000 to $250,000, on monies given federal deposit insurance. John Dickson, president of Frontier Bank in Everett, told Larsen the bill lacked assistance for capital-starved community banks. "It really does benefit the really big Wall Street firms," he said, encouraging Larsen to add language to help the smaller banks on Main Street. Most people in the room seemed inclined to want the federal government involved. They also wanted to know what it will take to avoid a repeat of the 228-205 vote that defeated the package in the House. Twelve votes, Larsen said. "That's the number of votes that need to switch to pass it," he said. "I'm sure that our leadership and the Republican leadership are literally counting." Reporter Jerry Cornfield: 425-352-8623 or jcornfield@heraldnet.com READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

1. Juror dismissed in assault trial 2. Snow next? Maybe a little 3. 787 set to fly Tuesday 4. Mill Creek family opens hearts to teen 5. Asarco must pay to clean Everett mess 6. Meet the world's smallest snowman 7. Readers fill in details on David Janssen photo 8. Where will you watch the 787's first flight? 9. 1,000 police on the roads looking for drunks 10. Good news, bad news for Silvertips 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

• Zambian woman thanks students for their help • Food banks see rise in use • ‘Making Spirits Bright’ in Edmonds • Wolfpack takes aim at state • Seahawks help students smile • 95 and still volunteering • Sno-King joined by local TV king • Veterans back for Wildcats • Lynnwood seeks to plug $2 million budget gap • Snohomish County offers the best and most affordable venues for conferen ... • Boeing will build, flight test and deliver 787s in South Carolina to spe ... • Snohomish County EDC promoting job growth in key industry clusters • $4 million grant to advance brain tumor research has Everett links • Providence medical center construction tops off its 12-story steel frame ... • Tulalip affordable housing project to be financed by KeyBank, Raymond Ja ... • Arlington's Lak of Ink has a growing following for Luke Kooyman's creati ... • Bank of the Northwest formed