A Michigan congressman got a call from the head of General Motors.
All that combined to prod 58 House members who had voted a resounding "no” to the financial bailout on Monday to flip to "yes” just four days later.
That means one of every four lawmakers who had helped shoot down the legislation did a complete reversal — a gravity-defying pirouette, considering it came barely four weeks from Election Day on one of the most controversial issues of the year.
For some, the need to act became more urgent after car dealers and other local businesses complained about a credit freeze.
Seven Californians heeded a warning from Treasurer Bill Lockyer that the state would be unable to issue bonds for highways, schools, housing or water projects and that cash reserves would be exhausted by the end of the month.
"Every Californian was scared to within an inch of their life by their state treasurer,” scoffed Rep. Peter DeFazio, D-Ore., an opponent of the bill. "It’s the herd mentality.”
Thirteen members of the Congressional Black Caucus, many of whom spoke to Obama, made the switch.
So did a number of freshman Democrats after a conference call with Obama, their party’s presidential nominee, in which he promised an economic stimulus bill will be a priority if he’s elected.
Elijah Cummings, D-Md., said Obama told him that as president he would focus on helping people threatened with bankruptcy because of problems with their mortgages.
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Well Wayne from Prague, maybe you are one of those who lived outside your means and wanted everyone else to bail you out. It is just a shame that those of use who did live within our means must suffer the brunt of the lack of leadership in Congress. It looks like the BIG BOYS (i.e. GM, Clay Bennett, and the other special interest groups)got their money at the expense of the little people. It will not affect me as bad as it will others, but I guarantee that I will never go to a basketball game and I will vote against every incumbant except Lucas and that includes Inhofe. He knew the resolution would pass without his vote and he wants re-election. That is why he voted no. Evidently people are like sheep and easily led. I cannot believe that the people of this great nation will not take action against those involved the the economy collapse. Oh well, we reap what we sow.
I agree with v altho we saw Oklahoma's oil industry take a hit with the drop of oil and gas prices. I hope it won't close stripper wells. We will soon know if the "bailout" raises the price of oil and gas. If it does, you only have a few days to buy storage tanks to hold fuel before the price of gasoline and diesel goes back to where it was. Of course I'm not talking about 10-20 gallon fuel tanks on cars.
Frank Lucas should be considered a hero for standing his ground for us. All of the others have been bought out by Washinton and when the vote comes around again we need to vote the cowards out of office. Way to go Congressman Lucas. I am proud to have you serve as a U.S. Congressman and you are a true leader for the citizens of Oklahoma.
Tom Cole had the chance to flip-flop to the right vote, but didn't. There is an independent candidate named David Joyce on the 4th district ballot who just gained my vote.
I thought this was supposed to be a story on how fear mongering led to the people getting screwed over again. It turns out it was just one more free advertisement for Barry's Socialism.
WASHINGTON — Congress members from Oklahoma’s two largest cities got on board the financial rescue train Friday, after a week in which state business leaders urged action and public pension systems suffered major losses.
Reps. Mary Fallin, R-Oklahoma City, and John Sullivan, R-Tulsa, voted Friday for the $700 billion package — which the Senate expanded to include several tax breaks — after helping to defeat the version that came up on Monday.
Rep. Frank Lucas, R-Cheyenne, opposed the bill. Reps. Dan Boren, D-Muskogee, and Tom Cole, R-Moore, voted for the bill on Friday, as they did on Monday.
Fallin angry but worried about pensions
Fallin heard from some of the largest employers in her district on Wednesday, when the executives of Chesapeake Energy, Devon Energy and Sonic signed a statement saying the rescue plan was needed.
In a prepared statement, Fallin said, "Teachers in Oklahoma have already suffered an estimated $42 million loss to their pension funds. The Oklahoma Public Employees Retirement Fund has now been hit with over $10 million in losses.”
Fallin said the bill was made better during the week by an increase, from $100,000 to $250,000, in the amount of federal insurance for individual bank deposits. And she said the suspension of certain accounting rules regarding assets would help reduce market volatility.
Fallin and Sullivan said they were angry about having to vote for a bill to keep Wall Street excesses from seriously damaging Main Street.
"While the Senate-passed financial rescue package is far from perfect — in fact it is a bitter pill to swallow — I am convinced that action needs to be taken to protect the pensions, investments and ability of Americans to obtain a line of credit,” Sullivan said.
Lucas: Not enough diverse input
Lucas, a senior member of the House Financial Services Committee, said he never got comfortable with the mechanics of the plan and the authority it gave the treasury secretary and didn’t think enough diverse input was allowed before undertaking such a massive market intervention. He said he voted against it hoping that Congress would continue working on the details.
In Lucas’ largely rural district, the calls from constituents remained "overwhelmingly hostile” to the plan, the congressman said.
Cole said the vote was "one that I will have to stand up and defend for the rest of my political life. And I know, having made this vote, I will have to make other tough votes to reform our economic and political systems. I am willing to take those tough votes.”
Boren said Friday that the American banking system was "at risk of total collapse” without the rescue.
"I did not support it because of Wall Street executives trying to save their reputations, but because of the retirement account of the family of four in Claremore, the firefighter’s pension in Muskogee and the life savings of the senior citizen in McAlester,” he said.
Staff Writer Chris Casteel
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Leave a comment. Log in below or sign up (it's free).Editor's note: It is not our intent to offer comments on crime or fatality stories.