Oklahoma politicians cast votes in bailout bill proposal


Monday, September 29th 2008, 10:57 pm
By: News 9


By Dave Jordan, NEWS 9

OKLAHOMA CITY -- Representatives Cole (R-OK) and Boren (D-OK) voted in favor of the bailout bill, while Rep. Fallin (R-OK), Lucas (R-OK) and Sullivan (R-OK) voted against it.

Majority ruled and the bill never made it off the House floor.

The Dow closed down 777 points after Congress refused to take a gamble on the $700 billion bailout.

Sullivan said he voted with his conscience and his constituency.

"I think we can get a better deal that's going to help the taxpayer," Sullivan said. "We're talking $700 billion. That's a lot of money and we want to make sure it's done and done correctly."

Cole disagreed, struggling with his decision as early as Monday morning.

"The final decision was that this was the best we were going to have and that action was better than inaction," Cole said.

Former House Speaker Newt Gingrich, who emceed an event in Oklahoma City Monday, agreed with Cole, but understood the concerns.

"Having a former chairman of Goldman Sachs ask for $700 billion to bail out Wall Street was very, very doubtful," Gingrich said. "What about the rest of us? Where do you stop once you go down this road?"

Businessman Vince Orza said the current financial crisis is no time for bipartisan bickering.

"Public opinion does not support this, but the right thing to do is for Congress to step up and provide some help because it does affect all of us," Orza said. "The public thinks there's a difference in Wall Street and Main Street. It's the same street. It's you getting a credit card, a car loan, a house loan, a school loan."

Orza said not all of the debt is bad and what the government wants to do is hold on to it, selling it as the market turns around. If that doesn't happen, the markets can't conduct business and the repercussions will be felt beyond the financial sector.