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October 7, 2008 - 4:10pm

Lynch Clarifies Reasons for Opposing Bailout

by Dave Atkins

U.S. Representative Steven Lynch posted a detailed explanation of his reasons for voting against the Economic Stabilization Act--signed into law by President Bush last week:

  • taxpayers, not Wall Street, bear the entire burden of cost,
  • it allows Secretary Paulson to purchase complex, speculative Collateral Debt Obligations (CDOs), and
  • he doubts it will work.

Lynch's office received over 1700 calls from the district about this matter. Based on my own conversations with people, I think there is a sense that we had to do something and people hope this works.  But it will be a long and scary road ahead, based on the increasingly negative feed of financial news we are now seeing. I have to agree with Lynch's assessment, but I will hope for the best.

September 29, 2008 - 2:36pm

Steven Lynch Opposes Financial Bailout

by Dave Atkins

According to the official roll call vote on the failed financial bailout legislation in the U.S. House of Representatives today, 9th District Representative Steven Lynch was one of 95 Democrats who broke ranks with party leadership to defeat the compromise agreement this afternoon. There is a lot not to like about taking $700 billion of taxpayer money to buy up bad loans, but it will be interesting to hear why he voted as he did.

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