State politicians react to failure

Montgomery - Six of the seven Alabama members of Congress voted Monday for the $700 billion financial bailout, with only Rep. Robert Aderholt, R-Haleyville, voting against the measure that failed to pass the House on Monday.

Voting for the bailout were U.S. Reps. Spencer Bachus, R-Vestavia Hills; Jo Bonner, R-Mobile; Bud Cramer, D-Huntsville; Artur Davis, D-Birmingham; Terry Everett, R-Rehobeth; and Mike Rogers, R-Anniston. Aderholt called on Congress to pass a bill that will work.

"There are no easy answers to the current disarray in our economy, but there are alternatives to massive government spending that we should explore," Aderholt said. "Congress must not hastily embrace a cure that may do more harm to our economy, especially when the American people overwhelmingly object to the legislation."

Comments by those voting for the plan reflected fear of what would happen if it didn't pass.

Bachus, the ranking member of the House Financial Services Committee, said he could not play Russian roulette with future pensions.

"I'm not willing to take that gamble or pull that trigger because I am not willing to subject the American people to the worst-case scenario," he said. "But I tell you, like an explorer in uncharted territory, none of us in this body (has) any good judgment or insight into what happens if we fail to pass this bill."

Cramer, who is retiring after this term, said the vote may have been the most important in his 18 years in Congress but the "crisis has escalated."

"I understand the opposition to this plan, but the seriousness of this time in our nation's history requires action to keep our economy solvent," Cramer said.

Davis said "Congress cannot risk a collapse in our credit markets."

"It is conceivable that a credit crisis could even prevent some small businesses from meeting payroll as soon as this week," Davis said. "The ripple effects of a deterioration in the investment economy would also threaten the return rate and the very security of private pension plans."

Rogers said he voted to protect "Main Street."

"It was an imperfect bill, but I believed it was the right thing to do despite my serious reservations about it," Rogers said.

Bonner said he would have preferred to let the free market run its course but in the end he saw the need for action. "The reason I voted for the bill was because it was crafted to help protect average Americans, not the Wall Street executives who helped to get us in this mess," Bonner said.

Everett said the nation's economy will collapse without credit but believed the compromise was better than the original bill.

"Slush funds have been eliminated; oversight to protect the taxpayer is included; total taxpayer investment may be closer to $350 billion rather than $700 billion, and the program sunsets in two years," Everett said.

Dana Beyerle is the Montgomery bureau chief for the New York Times Regional Media Group. He can be reached at (334) 264-6605 or dtb12345@aol.com.