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U.S. Rep. Bob Etheridge joined the majority in voting for the package. He represents N.C.'s 2nd District, which includes Johnston and Nash counties.
Following the vote, Butterfield, a Wilson Democrat, said that "while the bill may provide a bailout for the people responsible for this crisis, it failed to provide the help needed by families and rural communities. In fact, homeowners struggling to keep up with unfair and rising mortgage payments will find little comfort in this legislation. Without stabilizing America's families and rural communities, we're never going to stabilize our economy.
"When Congress reconvenes I will insist that we consider providing bankruptcy judges with the authority to modify the terms of mortgages to better protect responsible homeowners who have been victimized by predatory loans," Butterfield said.
Jones, a Farmville Republican, said that he had received hundreds of phone calls and emails from eastern North Carolina residents who have shared their concerns about today's current economic situation. Without a doubt, he said, most Americans agree that our credit market situation is serious and something must be done to address the problem.
"Unfortunately, today's hasty passage of a $700 billion bailout is not the proper solution," he said.
Jones called the legislation "a vast expansion of the federal government at the expense of the American taxpayer and the free enterprise system."
Even before the bailout, each citizen's share of the national debt equaled $33,000, Jones said. This will just worsen that situation.
Jones also noted that financial experts, such as BB&T chief executive John Allison and three Nobel Prize-winning economists, had spoken out against the plan.
"Passing this $700 billion bailout was not the only available option," Jones said.
Matt Shaw
To see more of The Wilson Daily Times or to subscribe to the newspaper, go to http://www.wilsondaily.com/. Copyright (c) 2008, The Wilson Daily Times, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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