The massive plan to rescue the country's financial system is now law. In a 263 to 171 vote in the U.S. House, the Emergency Economic Bailout Act of 2008 was passed and promptly signed by the president.
On the minority side of that vote was Lubbock Congressman Randy Neugebauer. We spoke with the congressman over the phone while he was traveling back to the Hub City and he was clear in his reasoning for voting against this plan.
He said, "I didn't vote for it Monday and I didn't vote for it today because in my heart of hearts I didn't believe it was the right thing to do. I talked to a number of people in the banking industry, economists and people with the Department of Treasury; to really try to as certain if this plan that was proposed actually would address the problem. And nobody could really convince me that this plan was addressing the real problem and more importantly that it was the right solution."
Despite Neugebauer's "nay" vote, he hopes the plan is implemented with complete transparency because, he says, the fundamentals used in this bill are going against the ideals our government was founded on.
"We had to be very careful here of trying to, in fact, socialize our capital markets. And I think the other piece of it is, is it the role of government to pick winners and loser and basically that's what we're doing because some financial institutions will benefit from this plan and other won't benefit from this plan," the congressman added.
Neugebauer said he believes Congress moved too quickly and he'll be watching the actions in our government as this plan moves forward to assure the decisions benefit Americans, and not corporations.
Lubbock Reaction To Bailout Bill
After a week of political back and forth, leaders of both parties passed what they call a prescription for an ailing economy. Read what some Lubbockites think about the decision.