"Since Monday, the credit crunch has begun to impact not just businesses and banks, but colleges, universities, and states and local governments. Wachovia Bank's failure this week demonstrates that without action more bank closings and credit freezes are possible. And today's release of new unemployment figures proves our economy is in recession.
"Some have argued Congress should ignore these realities surrounding us, instead allowing the markets and our economy to right themselves. But doing so would have unintended and unnecessary consequences, dangerously impacting every household, every family, and every business in New York - 25.
"I voted yes' to protect the value of my neighbors' homes, the security of their jobs, the promise of their children's education, and the solvency of their retirement nest eggs. No call or correspondence I've received this week has convinced me that the potential catastrophe of sitting idle is the better option."