News & Politics

Serrano NYC’s Only Bailout Holdout


Every New York City Congressmember voted for today’s failed bailout bill except Jose Serrano of the Bronx, who explains himself thus:

“I understand the need to shore up our nation’s big banks to prevent a larger problem, but I cannot support such an action if it does nothing to help the millions of people facing foreclosure…

“This is a tax on my constituents — the working people — to erase the consequences of the bad judgment of the fat cats down on Wall Street… If this package had been balanced—bailing out Wall Street and Main Street, I would have been more inclined to support it.”

In a September 22 press release, Serrano said about the proposed package, “When a person falls on hard times and needs food stamps, we are told they lack personal responsibility. When the biggest firms on Wall Street make outrageously risky investments, and fall on hard times, why are they not held personally responsible?”

Today’s bill failed 228-205; the Aye-No split was 140-95 among Democrats, and 65-133 among Republicans, with one member (Republican Jerry Weller of Illinois) not voting.

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