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Washington, DC -- A short time ago, I voted to approve what I believe was a much improved version of the original financial stabilization plan proposed by Secretary Paulson,” said Congressman John Sarbanes. “The measure was defeated by a vote of 228 to 205. As the markets continue to exhibit volatility, it is my hope that we can move quickly to make necessary adjustments to ensure passage of a bipartisan solution.”
“Today’s vote was a difficult one. A part of me would like to see these bad actors on Wall Street suffer the full consequences of their conduct without the benefit of government (and taxpayer) intervention. But over the last few days, I became increasingly convinced that if we did not do something to restore confidence in the financial markets, the real victims would be America’s working families. If the failure of large financial institutions cause credit markets to seize up, the consequences for Main Street will be severe. A further tightening of commercial credit would make it more difficult for businesses to meet payroll and ultimately lead to worker lay-offs. A shortage of consumer credit would make it tougher for families to meet many of their most basic needs. For these reasons, I was convinced and remain convinced that delaying or avoiding action is not a prudent course.”
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