Congressman Neil Abercrombie voted against the proposed $700 billion bailout plan, as did Hawai’i’s other representative Congresswoman Mazie Hirono. Hirono’s office said that she would not have a statement for several hours, but Congressman Abercrombie shared his here.
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September 30, 2008 at 12:12 am
Kahalablala
It took allot of stones to oppose this bill. You and Mrs. Hirono have renewed my faith in democracy. I mean it. Good work. Keep it up.
September 30, 2008 at 12:54 am
Paul Barrett
Thanks for your vote, Neil- this was just another Bush/Chaney money grab. Unfortunately, we’re now in trouble. Let’s fix these problems!
September 30, 2008 at 5:36 am
Hideyuki Takahashi
I cannot help feeling that both Hawaii representatives are very short -sighted and their brains might be filled with 60’s and 70’s obsolete ideas. Global financial markets are not the things away from you but you yourself are deeply in it. If your bank feels unsecure it would not extend any loans to its customer who needs day-to-day basis working capital but hold the cash for tomorrow. What the government needs to do right now is to make a statement to the market, financial institutions and the general market that Big Brother will be overseeing the world and come to rescue you when you need assistance! I believe in comparison to the amount of actual damage already incurred as well as to be incurred far exceeds 700 billion dollars. Everybody knows that. Again, I would like to repeat here is that the key we need is an announcement by the public authorities that the US government as a whole is determined to prevent melt-downs of financial market in the US as well as in the world from occuring, and that the US government will do anything to support the general public.
I am very much disappointed to see a sharp fall in the stock market that was resulted from your “no” vote. As one of many tax payors in the US and have been trying to save some monies in a 401K account for the future retirement, I am very much resented to your naive and emotional decision to reject one of the most key legislations in our history.
September 30, 2008 at 6:30 am
Fred Takakuwa
Dear Representative Abercrombie,
I am truly disapointed that you were not able to understand the longer term interests of all tax payers in the necessity of alleviating the credit crises that is unfolding and that will spread beyond Wall Street to our retirement savings, to our ability to get loans, to a slowing job market, etc.
With respect to punishing Wall Street for its greed, if you look at the past bankrupcies and forced mergers, shareholders have lost their investments, even some bondholders will lose there investments and a good portion of the employees at these failed companies will lose their livelihood. This also impacts the retirement accounts of every private and public worker with their retirement monies in American or foreign stocks and bonds.
The end result of inaction by House Representatives will only accelerate foreclosures, falling business and consumer demand and thereby create an even larger economic catastrophe that could last years.
In closing, I urge you to return to working to pass legislation that will enhance the long-term viability of the American and Hawaiian economies.
Sincerely,
Fred Takakuwa
September 30, 2008 at 7:35 am
Leslie Bingham
i am very unhappy about the Congressman’s vote against the bailout agreement. although i was not thrilled about it (the agreement), i am even more unhappy about the state of our country’s and world’s economic situation as a result of this failed bailout. with Barack’ support, the democratic party members needed to stand behind him. I would hope that the fact that the congressman is up for reelection did not factor into his decision. there are too many of us Hawaii residents who have been badly hurt by today’s situation. as our representative, i hope that something positive and concrete will quickly be enacted to arrest any further failure to our markets.
September 30, 2008 at 3:09 pm
nahiku
Aloha Neil
Mahalo for voting against this. Please lets go after the greedy CEO’s and others who profited by making bad biz decisions. Let THEM pay up first!! PLEASE PLEASE think about the common man …us poor saps who count pennies…..BEFORE ANY bailout is supported. The common folks are just plain fed up!!!
October 1, 2008 at 2:18 am
Harendra Panalal
Honarable Dr. Abercrombie:
Thank you for voting against $700 billion bailout.
I think Main Street should prevail over Wall Street.
October 3, 2008 at 12:52 am
L. Lee
Have you guys actually read the Bill? This is not a Money-Grab to help Wall Street Fat Cats.
Section 110(b)(2) of the Bill allows for Troubled Mortgages purchased by the Government to be renegotiated with better terms: Lower Interest Rates, Lower Principal Balance, and other modifications.
If I were a troubled Homeowner, I’d be PRAYING to be bought out under this program just so I can get access to the Relief Programs this Bill would create under Section 110!
Please please please, guys, read the Bill.
Section 134 ensures this costs Taxpayers $0 after 5 years. Yes, that’s up to $700 Billion we might spend within 5 years to rescue homes and get our Economy moving again, but at the end of 5 years, any shortfall in the Troubled Mortgages the Government purchased will be recouped by the Financial Institutions that sold us the Troubled Mortgages.
It costs us NOTHING in 5 years, it rescues our Economy, and it HELPS the Average Joe homeowner struggling to make payments by REDUCING the mortgage terms with better rates and reduced principal balance.
Seriously, it’s all right in the Bill: http://financialservices.house.gov/essa/ayo08c04_xml.pdf
Section 110 (Assistance to Homeowners)
Section 134 (Recoupment)
plus Section 111 (Executive Compensation and Corporate Governance) caps all those “Golden Parachute” and excessive pay schedules that most everyone is concerned about.
This is a solid bill, we should move forward with it. Trust the Wisdom of Senators Akaka and Inouye, who recently approved this very same Bill in the Senate.
October 3, 2008 at 6:42 pm
Congressman Neil Abercrombie Votes In Favor of Amended Bailout Bill « Neil Abercrombie News
[...] Congressman Neil Abercrombie | by neenz Earlier this week, Congressman Neil Abercrombie voted against the $700 billion bailout as did the majority of Congress. Today, the House voted in favor of an [...]