Bay Area Congressional foursome say no to powers that be on Wall Street bailout bill

U.S. Reps. Barbara Lee (D-Oakland) and Pete Stark (D-Fremont) said they weren't buying what President Bush or House Speaker Nancy Pelosi was selling Monday on the proposed $700 billion Wall Street bailout plan and were among four members of the Bay Area's Congressional Delegation to vote against the controversial measure.

Joining them in rebellion were U.S. Reps. Lynn Woolsey (D-San Rafael) and Congressman Mike Thompson (D-Napa.)

The so-called Emergency Economic Stabilization Act of 2008 lost in the House by just 28 votes, 205 to 228.

Below are some passages lifted from the text of Stark's floor remarks on the bill:

"...President Bush tells us that we face unparalleled financial doom if this $700 billion bailout is not approved today.  He and his Treasury Secretary - a former Wall Street fat cat - tell us that we have reached the point of ‘crisis.' That is a familiar line from this President.  It sounds like the disastrous rush to war in Iraq and the subsequent stampede to enact the Patriot Act.  As I opposed the Iraq War and the Patriot Act, I stand in opposition to his latest rush to judgment.

...The bill before us today is basically the same three-page Wall Street give away first put forth by President Bush.  The fig leaf adjustments are not enough to outweigh the fact that no one knows if this bill is what's needed.  I'm not willing to make a $700 billion gamble that President Bush is right after 8 years of seeing all that he's done wrong...."

From Lee's floor speech:

"...there is no question that we are confronting an economic and financial crisis. But I'm convinced that this bailout plan is not the solution to this mess.

First, it does little to address the underlying problem - the foreclosure crisis. We need a moratorium on foreclosures and bankruptcy reform to help people stay in their homes.

Second, this bill should be paid for by the high-flying industry that created this problem.   $700 billion should not be given to Wall Street and the Bush Administration unless those who cause this mess pay for it. We should also prohibit the tax deductibility -and my bill the Income Equity Act  (HR 3876) would do this across the board -  of executive compensation in any company where the highest paid corporate officer is paid more than 25 the times the pay of a bailed-out company's lowest-paid worker.  

And third, we need an economic stimulus package to deal with the crushing reality of the recession that is hitting people hard and growing every day.

I cannot vote to reward those predatory and subprime lenders who are creating such havoc in the lives of millions of Americans. There is a better way."