Statements Of Democrats Supporting Wall-Street Bailout Bill
The following is a compilation of statements from Senate Democrats who voted for the Emergency Economic Stabilization Act of 2008:
Chris Dodd (D-CT)
“Many Americans are confused and angry about this crisis – and rightfully so. They are concerned about whether this solution is best for their families and the nation. I want to assure the American people that this legislation was created for the families who are worried about their home values, their retirement savings, and how they are going to afford groceries, medicine, and gas.
"These bipartisan efforts weren’t about the storm that hit Wall Street – they were about the gathering storm on Main Street. Tonight, the Senate acted decisively and responsibly – not for the benefit of a chosen few, but for all Americans.”
John Kerry (D-MA)
“This is time for action, not partisanship. This deal will help restore our capital markets and financial institutions. The stark reality we face is that without federal assistance, our financial system may collapse. Small businesses would be unable to obtain financing and jobs would vanish. Families would be unable to borrow for new homes or to send their children to college. Retirement funds could plummet. Those are the stakes. The Congress must come together to enact legislation to help give confidence in America’s economy back to the American people.”
Hillary Rodham Clinton (D-NY)
“Tonight we will vote on legislation none of us wish we were considering and none of us can afford to see fail. The costs of inaction are far too great. We are already seeing the consequences of a freezing credit market that will only worsen. We failed to tackle a home mortgage crisis, and now we are facing a market crisis. If we fail to tackle the market crisis, we risk an even deeper economic crisis. I don’t think any of us want to see irresponsibility on Wall Street compounded by ineffectiveness in Washington. That’s why we must act, even as we do so with regret and reservations, because we have little choice.”
Harry Reid (D-NV)
“Every part of this bill enjoys bipartisan support, and every part is aimed directly at the heart of our financial crisis. No one is happy about taking this dramatic and expensive step. No one is glad we have reached this critical point.
“As Senator Obama said yesterday, there will be plenty of time to assign blame. Now is our time to work – not as Democrats and Republicans – but as guardians of the public trust – to forge a better day ahead.
“I am hopeful that tonight we will see a strong vote in support of this plan, and that the bipartisanship shown here in the Senate will spark the House of Representatives to do the same.”
Barbara Boxer (D-CA)
"I believe, and I hope, this package will do what is needed to restore trust in the short term. For the long term, we need regulatory reform and change that makes job-producing investments in America, not in foreign lands."
Max Baucus (D-MT)
"As an American, I am disgusted by the negligence and greed that got us into this mess.
"But at this time of crisis — we must not let our anger paralyze us. So many have failed to act responsibly. We must do better. We cannot fail. Failure to act would make today’s economic cloud even bigger, and more dangerous. Failure to act could unleash the lightning bolts of recession and a downpour of unemployment.
"Failure to act could turn this cloud into a storm that tears through our entire economy.
"The plan in front of us is not perfect. I wish that we did not need it. I know that many Americans do not want it. But this is the best way to quickly disperse this economic cloud and guard against a bigger storm. Like it or not, we must have a plan big enough to counter our economic woes in a systematic, comprehensive way."
Amy Klobuchar (D-MN)
“I support this legislation to stabilize our economy with many reservations. I do not support it to rescue Wall Street. I support it to protect Main Street by averting an economic catastrophe that would otherwise force millions of Americans to lose their jobs, their homes and their retirement savings.
“The legislation also includes a requirement for a Congressional proposal for new financial regulations by January 20th to protect the American people against another financial crisis in the future, by closing the regulatory loopholes on Wall Street. This will be a top priority for me in the coming months."
Jim Webb (D-VA)
"After much deliberation, I voted tonight to support the bipartisan compromise legislation to stabilize our dangerously threatened economic system. I came to this decision based on the reality that this legislation provides the only possible opportunity that will be offered in the Congress this year to address this situation. I am also satisfied that the significant recommendations I have offered over the past twelve days have been incorporated into an admittedly imperfect bill.
"The bill we approved tonight bears no resemblance to the hastily-written and woefully inadequate bill that the Bush administration proposed to Congress less than two weeks ago."
Chris Dodd (D-CT)
“Many Americans are confused and angry about this crisis – and rightfully so. They are concerned about whether this solution is best for their families and the nation. I want to assure the American people that this legislation was created for the families who are worried about their home values, their retirement savings, and how they are going to afford groceries, medicine, and gas.
"These bipartisan efforts weren’t about the storm that hit Wall Street – they were about the gathering storm on Main Street. Tonight, the Senate acted decisively and responsibly – not for the benefit of a chosen few, but for all Americans.”
John Kerry (D-MA)
“This is time for action, not partisanship. This deal will help restore our capital markets and financial institutions. The stark reality we face is that without federal assistance, our financial system may collapse. Small businesses would be unable to obtain financing and jobs would vanish. Families would be unable to borrow for new homes or to send their children to college. Retirement funds could plummet. Those are the stakes. The Congress must come together to enact legislation to help give confidence in America’s economy back to the American people.”
Hillary Rodham Clinton (D-NY)
“Tonight we will vote on legislation none of us wish we were considering and none of us can afford to see fail. The costs of inaction are far too great. We are already seeing the consequences of a freezing credit market that will only worsen. We failed to tackle a home mortgage crisis, and now we are facing a market crisis. If we fail to tackle the market crisis, we risk an even deeper economic crisis. I don’t think any of us want to see irresponsibility on Wall Street compounded by ineffectiveness in Washington. That’s why we must act, even as we do so with regret and reservations, because we have little choice.”
Harry Reid (D-NV)
“Every part of this bill enjoys bipartisan support, and every part is aimed directly at the heart of our financial crisis. No one is happy about taking this dramatic and expensive step. No one is glad we have reached this critical point.
“As Senator Obama said yesterday, there will be plenty of time to assign blame. Now is our time to work – not as Democrats and Republicans – but as guardians of the public trust – to forge a better day ahead.
“I am hopeful that tonight we will see a strong vote in support of this plan, and that the bipartisanship shown here in the Senate will spark the House of Representatives to do the same.”
Barbara Boxer (D-CA)
"I believe, and I hope, this package will do what is needed to restore trust in the short term. For the long term, we need regulatory reform and change that makes job-producing investments in America, not in foreign lands."
Max Baucus (D-MT)
"As an American, I am disgusted by the negligence and greed that got us into this mess.
"But at this time of crisis — we must not let our anger paralyze us. So many have failed to act responsibly. We must do better. We cannot fail. Failure to act would make today’s economic cloud even bigger, and more dangerous. Failure to act could unleash the lightning bolts of recession and a downpour of unemployment.
"Failure to act could turn this cloud into a storm that tears through our entire economy.
"The plan in front of us is not perfect. I wish that we did not need it. I know that many Americans do not want it. But this is the best way to quickly disperse this economic cloud and guard against a bigger storm. Like it or not, we must have a plan big enough to counter our economic woes in a systematic, comprehensive way."
Amy Klobuchar (D-MN)
“I support this legislation to stabilize our economy with many reservations. I do not support it to rescue Wall Street. I support it to protect Main Street by averting an economic catastrophe that would otherwise force millions of Americans to lose their jobs, their homes and their retirement savings.
“The legislation also includes a requirement for a Congressional proposal for new financial regulations by January 20th to protect the American people against another financial crisis in the future, by closing the regulatory loopholes on Wall Street. This will be a top priority for me in the coming months."
Jim Webb (D-VA)
"After much deliberation, I voted tonight to support the bipartisan compromise legislation to stabilize our dangerously threatened economic system. I came to this decision based on the reality that this legislation provides the only possible opportunity that will be offered in the Congress this year to address this situation. I am also satisfied that the significant recommendations I have offered over the past twelve days have been incorporated into an admittedly imperfect bill.
"The bill we approved tonight bears no resemblance to the hastily-written and woefully inadequate bill that the Bush administration proposed to Congress less than two weeks ago."
posted by Bob Geiger at 10/02/2008 10:00:00 AM
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