Congressman McHugh: “This Is Not A Time For Panic”

North county Congressman John McHugh (R. - 23rd District) voted in favor of the $700 billion financial industry bailout package and voted against adjourning Monday.

He was in the minority on both votes.

The House defeated the bailout, despite urgent pleas from President Bush and congressional leaders from both parties.

Stocks plummeted on Wall Street even before the 228-205 vote was taken.

After the defeat, the Dow Jones Industrial Average lost 777.68 points for the day.

“I do want the people out on the streets of northern and central New York to know that this is not a time for panic. I think we suffered a real setback today. Any time an agreed upon vote fails it presents new challenges, but we have a remarkably resilient government and economy,” said McHugh.

When the vote was tallied, too few members of the House were apparently willing to back the unpopular bill just five weeks before Election Day.

Both Democrats and Republicans voted against the measure.

McHugh said the package wasn’t perfect, but it was good enough to help stabilize the financial meltdown.

He’s concerned that the longer it takes to address the problem, the more expensive and dire the situation will become.

“This is not just a question of the fat cats on Wall Street. Every farmer that needs a loan to keep operating, every small business person who needs a loan to modernize, every business person that needs a loan to cover payroll - they’re going to find it increasingly difficult. I’m afraid in the not too distant future they’re going to find it impossible to find credit to keep their business running. This is what we’re trying to avoid,” said McHugh.

McHugh also voiced concern about additional bank failures.

House leaders say they’re reconvening Thursday instead of adjourning for the year as planned.

The Senate had planned a Wednesday vote on the measure.

See Jessica Cain’s report:

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Comments

9 Responses to “Congressman McHugh: “This Is Not A Time For Panic””

Danny M. Francis on September 29th, 2008 8:35 pm

McHugh’s vote was the right vote, but for the wrong reasons. We needed a better plan. The one voted down was not it, sadly.

My 10-point plan was for a loan-to-Wall Street, not a bailout.

It can be seen here, for anyone interested http://www.politicalrapids.blogspot.com
John D. Peck on September 29th, 2008 9:13 pm

I am greatly disappointed with Congressman McHugh that he voted in favor of this obsurd $700 billion bailout. He is correct in that this is not the time for panic, however, this is not the time to reward incompitance in the financial industry by taking over their poor assets. The common businessman in NNY lives and dies by the financial decisions they make. That is the halmark of entrepeneurism, capitalism, and democracy itself. Stable markets are critical to a healtrhy government, but so isn’t good business practices. This credit crash has been festering for several years and it’s about time that Americans’ and the government learn to live within it’s means.
Rob Roach 315-393-2433 on September 29th, 2008 11:05 pm

I wonder if John McHugh voted yes for his constituents or for George Bush. I don’t know how he can come home and face the people he represents in the north country.
Anonymous on September 30th, 2008 6:44 am

Voting “NO” was the right vote.
Do we really need more governmental control????????
Lawrence Pollins on September 30th, 2008 11:26 am

I am disappointed with Congressman McHugh because he voted in favor of this $700 Billion dollar bailout bill in Congress.
I don’t think the taxpayers of this country should have to foot the bill for all the bad paper created by the financial industry in this country. I think we should let private investment bail these banks out and let the market take care of itself. I’m not a financial expert but I believe the market should correct itself without government intervention. Maybe all of us should live within our means and ride out a possible recession this time.
Edna Campa on September 30th, 2008 2:22 pm

Very disappointed but not surprised. If there is nothing to panic about, why is the Executive Branch moving so quickly to “bail them out?” You mean, Americans might have to learn to live without credit?
As many of you know, when an individual citizen becomes disabled, the government launches a full scale investigation before assistance is granted. It can take months to get help. I don’t understand why the government, ie. THE PEOPLE, should rescue individuals OR corporations from their profligate behavior and financial frivolity! Its like going into debt because you just can’t live without a cell phone! Ever hear your parents say “GET A JOB!”
John Dougan on September 30th, 2008 10:43 pm

In November, I for one will be voting AGAINST anyone who vote FOR this bailout. I recommend others do the same and let Mr. McHugh know that he’s voting with his job at stake!
Roger House on September 30th, 2008 11:04 pm

Who does he think he is????? Taking our money and bailing out the stupidity of free enterprise. If I started a business and it fell down, would congress float me a loan (and probably forget to pay it back ). The CEO’s are laughing as they have more money than God and really don’t care one way or another. Why don’t people listen to Donald Trumps ideas? He is very right. If you want oil go to $10.00 a gallon vote for the bailout. If you want it to drop. Vote against it. Come on Mr. McHugh think about it some more. Vote in the favor of the people that vote you into office and not in favor of the Money Pigs that don’t even know you exist.
HC Mathison on October 1st, 2008 12:20 am

Irresponsible. Someone has been in Washington too long. I agree that it is not a time to panic, but with that in mind it is also not a time to rush into a giveaway like this. Insurance……no capital gains tax…….start acting like a Republican or resign……