Representative Mike Thompson, a Democratic Party member, joined the Republican Party opposition to the plan to rescue the credit markets that was negotiated between Nancy Pelosi and other House leaders and the Bush administration.
If you find yourself in a Depression, or even a very serious Recession, add Mike Thompson to your list of people who are to blame. Mike Thompson, earlier in his tenure in Congress, voted with the Republicans for the Bush Tax Cuts for the Wealthy, and for the repeal of Depression Era banking laws that would have done much to prevent the current banking catastrophe. Other actors to blame are the banks themselves for selling mortgages they should have known could not be repaid, and the idiots who bought overpriced houses using those mortgages in 2004, 2005, and 2006.
Opponents have called this a bailout of Wall Street. But financial markets have many components, most of which have little or nothing to do with mortgages. As a wiser Democratic Congressman put it during the debate leading up to the vote, the situation is analogous to a wreck caused by a drunken driver. No one likes it, especially not the people clogged up in freeway traffic. But the traffic in this case is the American economy. Not quickly clearing the wreckage and getting traffic moving again, because you want to punish the drunk, instead punishes everyone.
It may still be possible to save the American economy. Other plans may be put forth. But we appear to be in a rapid downward spiral with no braking mechanism in place. I don't know what Mike's motives were, I am sure he can make them sound very nice to people who are angry at the idea of bailing out Wall Street. He made a bad vote for us, and should be removed from office.
For those of you who keep score by party, 140 Democrats voted for the bill, 95 against. 65 Republicans voted for the bill, 133 Republicans voted against the bill. For a total of 205 Yes, 228 No.
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Mike Thompson is the current elected member of the United States House of Representatives for California's 1st Congressional District.