- See more at: http://blogtimenow.com/blogging/automatically-redirect-blogger-blog-another-blog-website/#sthash.Q6qPkwFC.dpuf Serrano Votes Against Wall Street Bailout | Bronx News Networkbronx

Monday, September 29, 2008

Serrano Votes Against Wall Street Bailout

Earlier today, The House of Representatives rejected a $700 billion package designed to rescue the country's devastated financial industry.

Bronx Congressman Jose E. Serrano was one of those to vote against the plan. In a statement he said:

I understand the need to shore up our nation’s big banks to prevent a larger problem, but I cannot support such an action if it does nothing to help the millions of people facing foreclosure. Leaving them out of this package is shortsighted and guarantees that we will have to address the problem in the next Congress.

We must face the fact that the crisis in Wall Street stems from a mortgage crisis on Main Street. If we only bail out Wall Street, we have not addressed the root cause of the problem.

This is a tax on my constituents – the working people – to erase the consequences of the bad judgment of the fat cats down on Wall Street. I cannot support such a bill.

UPDATE: According to Crain's, Serrano was the only one of the city's 13 Representatives to vote no.


  1. Kudos to Serrano for having the guts to stand up to the largest give-away in history.

    You broke it, you bought it. Don't expect taxpayers to take the fall for the banks mistakes.

    And as for saving Main Street, don't be confused, this was about saving Wall Street

  2. Mortgage lenders used to not make loans to people without the income to repay the loan.

    Washington's mistake was to force lenders to make loans to people who could not repay the loan and then defaulted.

    Wall Street sought to spread the risk of these people who defaulted -- but too many defaults overwhelmed the system.

    Jose, foreclosure is the only way to get people out of these houses, and to get people who can afford them into these houses.

    Fix Washington's mistake.


Bronx News Network reserves the right to remove comments that include personal attacks, name calling, foul language, commercial advertisements, spam, or any language that might be considered threatening, libelous or inciting hate.

User comments are reviewed by BxNN staff and may be included or excluded at our discretion.

If what you have to say is unrelated to this particular post, please visit our readers' forum.