CHARLESTON, W.Va. -- For the second time in a week, U.S. Rep. Shelley Moore Capito voted against the $700 billion government bailout plan proposed by President Bush and congressional leaders.
CHARLESTON, W.Va. -- For the second time in a week, U.S. Rep. Shelley Moore Capito voted against the $700 billion government bailout plan proposed by President Bush and congressional leaders.
The House passed the bill on a 263-171 vote on Friday. U.S. Reps. Alan Mollohan and Nick Rahall, both D-W.Va., voted for the bill Friday, as they did on Monday.
"While we've seen some key adjustments around the edges, this is fundamentally the same bill we considered on Monday," Capito said in a news release. "We're still talking about $700 billion dollars, and we're still talking about a process that lacks sufficient oversight and taxpayer protections for West Virginia families who pay their bills and play by the rules."
Capito, a Republican who is running for re-election against Democrat Anne Barth, also voted against the bill on Monday, when the House rejected it. The Senate amended the bill and passed it on Wednesday.
Barth attacked Capito for her vote, noting in a news release that Capito served for eight years on the House Financial Services Committee and saying she "sat on her hands while her Wall Street contributors were allowed to run wild."
Barth acknowledged the bailout bill wasn't perfect, and called Friday's vote by the House "a tough decision, but the correct decision."
"On the same day the worst jobs report in five years was released, Shelley Moore Capito voted against the American economy," the longtime aide to U.S. Sen. Robert C. Byrd said. "Mrs. Capito -- the demise of the American economy happened right under your nose, and when you had a chance to fix it, you took a pass."
Rahall, who voted for the bill, said although West Virginia banks have "played by the rules," the economic crisis could have significantly harmed them and their customers. He said the bill passed Friday "will build a much-needed firewall between West Virginia taxpayers and Wall Street's greed."
CHARLESTON, W.Va. -- For the second time in a week, U.S. Rep. Shelley Moore Capito voted against the $700 billion government bailout plan proposed by President Bush and congressional leaders.
The House passed the bill on a 263-171 vote on Friday. U.S. Reps. Alan Mollohan and Nick Rahall, both D-W.Va., voted for the bill Friday, as they did on Monday.
"While we've seen some key adjustments around the edges, this is fundamentally the same bill we considered on Monday," Capito said in a news release. "We're still talking about $700 billion dollars, and we're still talking about a process that lacks sufficient oversight and taxpayer protections for West Virginia families who pay their bills and play by the rules."
Capito, a Republican who is running for re-election against Democrat Anne Barth, also voted against the bill on Monday, when the House rejected it. The Senate amended the bill and passed it on Wednesday.
Barth attacked Capito for her vote, noting in a news release that Capito served for eight years on the House Financial Services Committee and saying she "sat on her hands while her Wall Street contributors were allowed to run wild."
Barth acknowledged the bailout bill wasn't perfect, and called Friday's vote by the House "a tough decision, but the correct decision."
"On the same day the worst jobs report in five years was released, Shelley Moore Capito voted against the American economy," the longtime aide to U.S. Sen. Robert C. Byrd said. "Mrs. Capito -- the demise of the American economy happened right under your nose, and when you had a chance to fix it, you took a pass."
Rahall, who voted for the bill, said although West Virginia banks have "played by the rules," the economic crisis could have significantly harmed them and their customers. He said the bill passed Friday "will build a much-needed firewall between West Virginia taxpayers and Wall Street's greed."
Capito acknowledged those concerns, but said Friday's bill wasn't the best way to address them.
"Clearly we're all concerned about ensuring the flow of credit, shoring up small businesses, preserving West Virginia jobs and protecting retirement accounts, but there were other options available that weren't even allowed to be considered," she said.
Mollohan issued no statement Friday. A spokesman referred a reporter to his statement Monday, in which he said the bailout "is necessary to keep a credit crisis that is already making it harder to buy a home, get a loan to start a small business, or even finance a student's college education, from creating much more serious economic problems in communities all across America."
Meanwhile, a national mining group praised Congress for the tax breaks for the mining industry that were included in the bill.
The Washington, D.C.-based National Mining Association said the measure signed into law by President Bush on Friday and the short-term budget bill signed earlier in the week help the coal industry, according to The Associated Press.
The mining group said the legislation extends tax credits for safety equipment and training, coal gasification and advanced electricity projects, carbon dioxide capture and storage, and liquid fuels made from coal. The group said Congress also provided more funding for the Department of Defense to test motor fuel made from coal, according to the AP.
Rahall said that just because the bill was passed, no one should assume everything will automatically be OK.
"While I am pleased a resolution was found, the toughest part of the work lies ahead -- holding the responsible parties' feet to the fire and truly reining in the abuses of Wall Street," he said.
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Then the Fed and Henry Paulson, the former CEO of Goldman Sachs, want to tell us that only they can save us? It's ludicrous.
The whole sky-is-falling fearmonger atmosphere surrounding this bill reminds me of the same panic and lies they used to push the Iraq War and the so-called PATRIOT Act on us.
Boy George has cried wolf one too many times. Thanks, Shelley, for finally standing up to him.
It's no surprise that Capito voted AGAINST the bailout, despite the fact it has PLENTY of taxpayer protections. Her personal asset disclosures indicate she's raked in FAR MORE than her congressional pay since going to DC, and is now a MULTImillionaire.
By the way, her hubby Charlie manages personal investments for CITI.
CITI's spent well over a HUNDRED MILLION and hired an army of lobbyists to keep markets underregulated. Although CITI wrote down a whopping $18 billion of subprime mortgages, amazingly, CITI can STILL afford a flock of corporate lawyers to buy out competing Wachovia. Don't worry, though, because it ain't with the BAILOUT money. Oil-rich Abu Dhabi, Kuwait and United Arab Emirates stepped in with BILLIONS for CITI's "time of need". THINK: MONOPOLY
GOOGLE "Inside Trading: Congress for Sale"
Wake up people, vote Shelly Moore Capito