Castor defends vote against Wall Street bailout
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10/06/08 Seán Kinane
WMNF Drive-Time News Monday | Listen to this entire show:

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On Friday, President Bush signed an $800 billion Wall Street bailout bill shortly after it was passed in the House of Representatives. Of the nine House Democrats from Florida, Tampa-area Rep. Kathy Castor was the only one to vote against it. WMNF spoke with Castor this morning and asked her why she voted against the bailout bill.

“The Wall Street bailout bill did not get to the fundamental root cause of the economic downturn.

"This area, the Tampa Bay area, has been in an economic slump for over a year and it was disheartening to hear that President Bush just woke up to this fact two weeks ago.

"But on the bailout bill, it does not protect taxpayers and after holding many foreclosure workshops throughout the Tampa Bay area, what we need to attack the root cause of the problem is to help people stay in their homes. That part was not contained in the bill and I could not support it."

WMNF: “Something else needs to be done. Can you give us an example of what kind of legislation might be coming next?”

“Well, we need to tackle it from many different points. First, we need to help homeowners stay in their homes. And I’m not talking about bailing out folks that have been irresponsible, we’re talking about just families if it’s their principal homesteaded residence, if they need a little breathing room, to get them in touch with the lender work out a new loan, a new payment plan.

"Second we have to have a new jobs program. We passed in the House new jobs for infrastructure building. Here in Florida that would mean highways, bridges, rail lines, water infrastructure projects and I’m hoping the Senate is going to take that up and the president.

"It was very disconcerting to me that the jobs element and the homeowners element was not contained in a $700 billion bailout package. So we’ve got a lot of work to do.

A lot of this is going to happen after we elect a new president. I hope it’s Barack Obama because we need a change in direction in this country.”

Photo by Seán Kinane/WMNF

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Comments

Shocked and Embarrassed

When I heard on the news that the 700...now 800 plus...billion dollar bail out was passed it truly brought into focus how out of control we are as a society. I have no more faith in our elected officials. I truly feel that our leaders are not leading but being lead. How can you justify spending that much money that probably won't...in the end...fix what it was designed to fix? All I hear is that it will buy all of the bad/undervalued home loans freeing up the banks to give more loans to do what? Start it all over again? God help us. I feel we are headed for a time like no other and I don't mean good. If the worst happens...we certainly all deserve it. Not only have we earned it but we've now paid for it. Shame on all of you back in Washington DC. You've made a horrible decision and we're all going to pay for it tragically. DR

Shocked and Embarrassed

When I heard on the news that the 700...now 800 plus...billion dollar bail out was passed it truly brought into focus how out of control we are as a society. I have no more faith in our elected officials. I truly feel that our leaders are not leading but being lead. How can you justify spending that much money that probably won't...in the end...fix what it was designed to fix? All I hear is that it will buy all of the bad/undervalued home loans freeing up the banks to give more loans to do what? Start it all over again? God help us. I feel we are headed for a time like no other and I don't mean good. If the worst happens...we certainly all deserve it. Not only have we earned it but we've now paid for it. Shame on all of you back in Washington DC. You've made a horrible decision and we're all going to pay for it tragically. DR

End the FED

It's always interesting seeing everyone treating the symptoms, but not the problem. You must understand the problem first to have a cure. Thomas Jefferson then Andrew Jackson got rid of the Central Bank. Jefferson's famous quote sounds like it was said last week, rings with truth. "If the America people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered." Educate yourself, join groups that are involved. Go to Meetup.com and "Campaign for Liberty" in your area. For Liberty, Lee