Bailout plan fails; Welch votes "no"

WASHINGTON, D.C. Vermont Rep. Peter Welch (D) issued the following statement in opposition to the Wall Street bailout. Welch voted no on H.R. 3997, the Emergency Economic Stabilization Act of 2008: The economic crisis we face is real. However, I voted against the bailout because it isnt paid for and because I dont believe it will work. First, the Paulsen plan does not offer a path to a strong economic future. Quite simply, it is the biggest taxpayer bailout in American history. It proposes to solve a problem caused by reckless borrowing and reckless lending by borrowing $700 billion more. Since the administration first proposed its Wall Street bailout, I have heard from thousands of Vermonters concerned about their hard earned tax dollars rewarding Wall Streets reckless behavior. Vermonters are furious about the financial crisis and they have every right to be. They bitterly resent being asked to pay $10,000 each for a $700 billion Wall Street rescue. There are responsible ways to accomplish stabilizing our markets without leaving the middle class holding the bag. Many of us proposed to pay for an economic stability plan by establishing a financial stabilization escrow account paid for by a small transaction fee on security trades. This would protect the taxpayer and give any plan the financial muscle required for success. Instead, total responsibility for this crisis is transferred to the middle class. The risk of this proposal is simply too great. The burden on Vermonters is simply too heavy. Vermonters should not get caught in the undertow of greed on Wall Street.

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