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Title: Dow Down 778 Points, $1.1 Trillion in Wealth Lost Today, Where Does California's Congressional Delegation Stand?

Author: Donald Lathbury

Date: September 29, 2008 5:30:50 PM or Mon, 29 September 2008 17:30:50

Summary: 

Because this issue is so complex, and because people I rely on to give me guidance on finance matters are of wildly divergent points of view, I must admit to not having a firm position on the bailout bill that failed in Washington today. But I do know when the Dow drops 778 points and the nation loses $1.1 trillion in wealth in one day, we've got problems. Whether you hold them accountable for their failure to vote for a needed bailout, or whether you think the country's financial institutions should be subject to the same austere hands-off policy that has dominated health care and home mortgages in recent years, here's a list of the California Congressional delegation members who voted no today:

Democrats Voting No

Joe Baca
Xavier Becerra
Bob Filner
Barbara Lee
Grace Napolitano
Lucille Roybal-Allard
Linda Sanchez
Loretta Sanchez
Adam Schiff
Brad Sherman
Hilda Solis
Peter Stark
Mike Thompson
Diane Watson
Lynn Woolsey

There's more...

Image courtesy Standlee Family Forum.

Body: 

Because this issue is so complex, and because people I rely on to give me guidance on finance matters are of wildly divergent points of view, I must admit to not having a firm position on the bailout bill that failed in Washington today. But I do know when the Dow drops 778 points and the nation loses $1.1 trillion in wealth in one day, we've got problems. Whether you hold them accountable for their failure to vote for a needed bailout, or whether you think the country's financial institutions should be subject to the same austere hands-off policy that has dominated health care and home mortgages in recent years, here's a list of the California Congressional delegation members who voted no today:

Democrats Voting No

Joe Baca
Xavier Becerra
Bob Filner
Barbara Lee
Grace Napolitano
Lucille Roybal-Allard
Linda Sanchez
Loretta Sanchez
Adam Schiff
Brad Sherman
Hilda Solis
Peter Stark
Mike Thompson
Diane Watson
Lynn Woolsey

Republicans Voting No

Brian Bilbray
John Doolittle
Elton Gallegly
Duncan Hunter
Darrell Issa
Kevin McCarthy
Devin Nunes
Dana Rohrabacher
Ed Royce

Condemn them or praise them as you see fit. Or better yet, for those of us given a public platform even on matters for which we don't have as firm a background as needed to truly understand the chain reaction possibilities, put down the jujitsu knives and see how this develops. The fodder for all things political is here, but serious damage can be done to our economy if we make the wrong choices.

Image courtesy Standlee Family Forum.

Notes: 

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Down Down 778 Points, $1.1 Trillion in Wealth Lost Today, Where Does California's Congressional Dele

Posted by: The Gadfly on September 29, 2008 08:18 PM

Donald Lathbury wrote "the same austere hands-off policy that has dominated health care and home mortgages in recent years" Tell me Donald, who orchestrated this "hand-off" policy? The Hands Off Fannie Mae policy? Well Donald, sorry to say this but it was those in your own party...and this is an indisputable fact that you will deny.

Try watching this video of a actual congressional hearing on the attempt at regulating Fannie Mae.

http://www.thesacramentoinsider.com/the-banking-crisis/2008/9/28/lying-politicians-on-the-banking-crisis.html

Both Parties have fault in this mess... but the Fannie Mae mess is all on the Democrats.

Now apologize Don.

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Re: Down Down 778 Points, $1.1 Trillion in Wealth Lost Today, Where Does California's Congressional

Posted by: Donald Lathbury on September 30, 2008 09:15 AM

Apologize for what? I couldn't have been less partisan. There's enough blame to go around for everyone in this collective debacle.

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Dow Down 778 Points, $1.1 Trillion in Wealth Lost Today, Where Does California's Congressional Deleg

Posted by: The Gadfly on October 01, 2008 11:50 PM

Oh your going to blame the lack of regulation of Fannie Mae on Bush or the Republicans? I detest Bush, but lets not try to revise history. The laudable, but unrealistic MANDATE to get more low income families into home ownership is what caused this mess. The low income families could not afford the loans, nor did they have the credit. So the Dems FORCED Fannie Mae to lower their standards. To get these undeserving folks into homes they had to CREATE the sub-prime market with no checks and balances. No Job needed, No Credit, No down Payment...ridiculous on it's face and clearly financially irresponsible. And now the rest of us hard working tax paying citizens are left holding the bag for the Democratic Party's mistake. We have to now pay for people who should never have been given a loan. How did we help them? How does getting them into a home they cannot afford helping them? How has it helped our society? This fiasco proves that Socialism harms those it is intended to help. I say NO BAILOUT and let the Free Market take care of liquidating these assets. The Market will come back on its own...the Banks will loan again, on their own, they have no choice if they want to exist, the rest can fail, who cares.

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