Valley congressman: Phone calls running 300 to 2 against bailout

Democratic Congressman Brad Sherman, who represents the San Fernando Valley, just told CNBC that phone calls to his office are running "300 to 2" against the $700 billion bailout plan.

Interpreting the twisted political ways of Washington, Sherman said the plan is so unpopular that the only way it will pass is if Congress pushes it through this weekend -- before members return to their districts and realize how hated the bailout is.

CNBC reports Sherman favors a "bailout lite" plan, with only $200 billion allocated for purchasing distressed assets, and with provisions for aid to homeowners.

If you're interested in contacting your representatives in Congress, click here for contact information on the entire California delegation.

-- Peter Viles

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Photo Credit: www.bradsherman.house.gov

Comments

[LieDetector]

All indications this morning are that the wall street bailout will get passed by our esteemed representatives sometime this weekend if not by the end of day Friday. The people never had a chance. Wealth, power, and political connections as always will win out.

[MyLessThanPrimeBeef]

Only way for Paulson to show he's really working for the government and the people, and not for Wall Street, is for him to let Goldman go the way of Lehman.

Sure, Morgan is still here because otherwise people might start asking questions, like why is Goldman the only one receiving government bailout without being nationalized.

And for Warren to invest in Goldman now, he's making a call on a political process. Mr. Buffet may know more about business than anyone else, but this should be considered a gamble for him, a bet that Goldman will not be nationalized, a bet that hinges on Paulson going to bat for Goldman.

So, Paulson has to show his loyalty - the people or Goldman.

[Giacomo]

Is there some reason why he wouldn't just say "150 to 1?"

[mike]

this countries government no longer works on a by the people for the people basis.

[LA-renter]

Saving Wall Street sharks and paranas has no long-term upside:

1) Before the ink is dry, say good-bye to the $700 billion. Do you really believe these flesh-eating carnivores will leave anything on the bone?

2) Wall Streeters are probably salivating at the idea of making the US treasury its invested "partner". No more need for a lobby! "What's good for Wall Street is good for America!"

3) Scariest of all: What if it actually stops the bleeding? $700 billion will be just our first installment: NO PAIN, ALL GAIN!

The treasury should start preparing for a world without Goldman...

[mark g]

Is Laura Richardson in favor...?

[Todd Davis]

I can say that I've almost never seen the kind of unity and agreement between everyone I know. We all agree that the bailout is a joke. Republicans, Democrats, independents, people who normally don't care. What almost everyone I know has in common is that they work hard, have loans, try their best to do the right thing, and still have to fight every day to get ahead.

I am proud of my fellow Americans for coming together and making it known to your local representatives of Congress that this is an insult to the people of America.

I am not proud of our representatives, who despite this outpouring of 300 to 2 contact, don't seem to care. No matter if you have 0 houses or 10 houses, America is supposed to be a meritocracy. What is great about America is that you can build yourself up from nothing into something. Some people have advantages, but generally speaking, it is a level playing field. If my business fails, then I expect to have to start over. Too bad... It seems that if I had made some timely political donations I wouldn't have to worry about that anymore.

In any case, people are calling this socialism. I disagree. Socialism is supposed to be government intervention to support the people. Corruption is government intervention to support a few. This is corruption, plain and simple, and on top of that, the biggest single incident of corruption that the world has ever seen.

I feel disgusted and hopeless.

[LA-renter]

Throughout the crisis, I never saw one single Wall Street banker on TV....

pleading for mercy... begging for help... apologizing profusely... bowing his head... promising to return the money... pledging allegiance to his country... asking for God's mercy...

I've seen plenty of uncomfortable politicians --Democrats and Republicans-- but no sorry bankers.

For $700 billion, can't we get just a wee little humility.

Hmm.

[jb]

Someone needs to start a hit list of the most egregious supporters of a bailout and those politicians most responsible. Then we act in concert to remove them from office.

[anon1137]

What good does it do to contact your congressional reps? Unless you're sending them a big check, they could care less what you think.

If you give them your contact info, it will go right into their fundraising database and get sold on the streets of DC.

[AK]

Voicemail is full and good luck getting through to a live person. God bless America! Russia is beginning to look compelling;-)

[RB]

according to Bernie Sanders (Sen-VT), the richest 400 people in our country saw their wealth increase by $670 billion during the Bush presidency.

here is a link to his petition is anyone is interested in more info: http://sanders.senate.gov/petitions/?petition=Financial_Crisis_1

[David]

I'd campaign against Waxman if he supports it. I cannot believe that the Congress is considering buying even $1 of worthless assets from banks but cannot overcome Bush's veto of an $8 billion universal health care to children program. Does America have any idea how many homeless could be taken off the street or provided with health care for even a small fraction of the amount requested. And how many police officers could be placed on the street. And Bush has zero credibility with me. This is ridiculous that Congress is even considering this. Any Congressman that would support this garbage deserves to lose their seat. Anybody have Waxman's cell phone number?

[Mucker]

You are so right liedetector. Current issues of Wall St Journal are awash with articles on the liquidity of loans available at banks for business, growth in business side by side with articles on banks and sectors such as the auto industry writing to the Fed and Congress wanting their share of the bailout. It's all a lobbyist scam. I for one will be writing in Ron Paul on the presidential ticket and voting for the Green Party candidates when my reps come up for re-election. Enough with this Corpratocracy. I also predict the bailout will fail. Housing is only going down for now. They can't stop a train on the downslope with paper.

[Nancy]

I already contacted Mr. Sherman (my rep) regarding this. I asked for NO BAILOUT.

I'd also like to know what happened to that $460,000 that he secured for us (Sherman Oaks) to get a bike path on the LA River. Hmmmmmmmm....

[eprobert]

I called my congressman for the first time in my life to tell him i opposed it. I WILL vote against him. They should be very worried about the effect of voting for this bill.

[annoyed]

It's not $700 billion; according to Bloomberg it's $5 trillion.

$5 TRILLION if not more, most likely more, it has to be...$700billion is nothing for these people.

They won, we lost. The taxpayer isn't going to realize any benefit from this deal. These are not assets but worthless paper. We're buying $700Billion+ of paper. That's some expensive paper.

The politicians are banking ( a little pun) on the people forgetting come election time. Americans and short attention spans/memory and all that...

DISGUSTING.

What a scam. These Senators and Representatives pretend to be outraged, have a hearing and then put in some bullshit modifications and this bailout turns into a brilliant plan that they sell to the media who shoves it down our minds 24/7.

Some "body" hijacked our democracy and our country-

[annoyed]

David,

Waxman is my rep as well. I'm with you, I'll vote him out.

Sorry don't have his cell phone number ;)

After this gets passed, the important thing will be not to forget!

[Robert in Palm Springs]

As if the Republicans hadn't done enough damage, now they want to sack the treasury for an additional $700 billion before they get kicked out of Washington.

This is a disgrace and will not fix what ails us. It is like killing the plankton while trying to save the whales. When the bottom of the food chain dies off the whole system dies with it. This is not the beginning of the end but it is the end of the beginning.

[Sad]

Appears it's too late. It's all but passed.

[P J Evans]

My preferences for fixing this:
1. Dodd's plan
2. Sherman's plan
3-9. (nothing good here)
10. Barney Frank's plan (too easy on them, not enough strings)
and at #300,000,000: Gringrich's plan (which is more deregulation, because it's worked so well for us before [/sarcasm]).

[CompaJD]

How can we find out who voted for or against it?

[It All Happens on the Margin]

Hey P. J. Evans:

What was OFHEO doing during all this? They have 240+ employees charged with 1 job: overseeing 2 companies: FNMA and FMAC. WHAT WERE THEY DOING? Why didn't they stop the purchase of MBS by FNMA?

It's the type of regulation and oversight that's most important to me - anything else is a fool's conversation.

[Todd]

Based on the amount of time it took to email Sen. Boxer, Sen. Feinstein, and Rep. Waxman at each of their personal websites to express my opposition to the bailout proposed by Pres. Bush and any hasty action that will put our country into deeper debt and a weaker global status, I'm guessing email servers in DC are burning up. Take note, elected officials!

[SMRR]

Is there some reason he wouldn't say 150 to 1?

I think he might be quoting actual number of calls. Boxer had less than 1000 calls to her DC office and only 2000 to her CA office.

We're still not calling/faxing/screaming/emailing/protesting enough. There's no reason every sentator & rep should no how unpopular this is right now - they shouldn't have to visit their homes to see that. Either they are ignoring the calls they are getting or we need to call more.