Jersey Journal - No Bailout. . .Markets Crash

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Jersey Journal - No Bailout. . .Markets Crash

Hudson County's congressional delegation was split on yesterday's vote that sent the $700 billion financial bailout and the stock market down in flames.

U.S. Rep. Albio Sires, D-West New York, voted for the plan, while Congressmen Steven Rothman, D-Fair Lawn, and Donald Payne, D-Newark, opposed it.

Sires, speaking just after returning to New Jersey yesterday afternoon, depicted a crazy day on the House floor, with lawmakers scrambling to figure out what the tally would be while considering how to vote.

"It was almost chaotic. Everybody's keeping an eye on the board," he said. "Everybody's upset the Republicans only delivered 65 votes. The Democrats took a tough vote."

He said that while the legislation was "not perfect," it contained most of the provisions he wanted, including close oversight, restrictions on executive compensation, foreclosure protections and equity in bailed-out companies for taxpayers.

Sires added that he felt it was important to vote for the plan because so many of his constituents, especially in Hoboken and Jersey City, work in the financial industry. He said he expects to be called back to Washington on Thursday for another vote.

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