Lubbock Congressman Randy Neugebauer is one of the Republican House members who voted against the bailout proposal. Supporters of the plan said it was defeated in part because of politics.
Even though there's been some panic on Wall Street, local economist Peter Summers says people in Lubbock don't have much to worry about right now. "Most people in Lubbock probably won't notice that anything has really changed that much," says Summers.
And that is pretty much how Congressman Randy Neugebauer of Lubbock feels. "I voted against the bill because of a couple things. One, I think it is unprecedented authority to give the Secretary of the Treasurer. Secondly, we're in uncharted waters here, but this is a major federalization of our credit markets, and I'm a firm believer that markets will offer better solutions if given the time," Neugebauer stated after the vote.
Congressman Neugebauer's opponent in the November 4th election is Dwight Fullingam. "Make no mistake, if Americans cannot buy houses, automobiles, food, and all the other manufactured goods they have been buying, the outlook for the whole world will be bleek indeed."
Fulllingam thinks Congress should have done something Monday even though many national news reports indicate that voters think Congress did the right thing.
Lubbock financial planner Mark Bass, who is nationally respected, was shocked by the news of no bailout. "I was really surprised about, because you have allegedly this bipartisan effort to go in and bring the calvary and fix the system, save the day, but it didn't happen," said Bass.
Bass does not think Congress will go along with Neugebauer's idea of letting the market fix its own problem. "I really doubt that they'll just let the market work itself out, even that, in some regard that might, be the best thing to have happen," adds Bass.
We should point out Lubbock is not totally free of the problem. Professor Summers says if the market failures continue then Lubbockites with pension plans based in failing markets may suffer.