ND Congressman Supports Failed Bailout, Opponent Does Not

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ND Congressman Supports Failed Bailout, Opponent Does Not

North Dakota only had one vote, and it was a yes. Representative Earl Pomeroy stands by his decision to support the bailout bill that failed to pass the House, but his Republican opponent in the upcoming election, Duane Sand, says he would have voted differently. The two also traded barbs over the situation in general. Sand says Pomeroy took money from several struggling Wall Street firms and now wants to help them out. Pomeroy accuses Sand of exploiting the crisis for political gain.

Neither Republicans nor Democrats were thrilled about the idea of bailing out failing Wall Street firms. Original ideas were scrapped until a bipartisan committee finally came up with something it thought could help fix the situation, protect taxpayers, and most importantly, pass.

Pomeroy says, "This was a bill none of us liked. We worked to make it a lot better. If there`s any lesson at all from the Hoover Depression, doing nothing makes things worse."

But for the time being, nothing is exactly what will happen. Pomeroy voted yes for the plan. The man who wants to take his place says he would have voted no.

Sand says, "If you read the bill, it doesn`t do the taxpayers justice. It does not guarantee a return. What it is is another open check from taxpayers to private businesses who have obviously not obeyed the law."

Pomeroy admits he`s not a big fan of the bill, but says the plan had safeties built into it.

"The Wall Street crowd ultimately pays the bill should taxpayers not recoup their investment," explains Pomeroy.

Sand says the entire plan needs to be rethought. He says, "I tell you what I`d do. I`d do a public private solution that doesn`t put taxpayers on the hook."

America`s leaders are now burning the midnight oil trying to come up with a new plan that perhaps even these two rivals might be able to stomach.

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