SHREVEPORT, LA (KSLA) - When the bail out plan belly flopped on the house floor today, wall street numbers went down with it, to a historic low. "Yeah, I think that was predictable, I was not surprised," says U.S. Representative Jim McCrery from Louisiana's fourth district. McCrery is the only republican representative in Louisiana who voted for the bill. "I became strongly convinced that the right vote was yes, but i'm an older member, i've been around longer, i'm on the ways and means committee," said McCrery during a phone conversation. He believes many of his republican colleagues are struggling to understand a complex problem in a very short time. "And so you had a number of members that really didn't honestly know what the best course of action was," says McCrery.
The 700 billion is seen as your money, so the republican version of the bill is said to have favored tax payers. The bill mandated the that treasury department set up an insurance program to ensure some of these troubled assets. Even with the Republican changes, the bill was shot down. "We are going to come back, we are going to provide a better answer then Secretary Paulson or King Paulson as he is being referred to now and we are going to do it the American way, not to proclaim a dictator with a checkbook," says Representative, Louie Gohmert from Texas.
Republicans from all over the country are feeling a lot of pressure from constituents against the plan, McCrery believes, they don't have the full picture. "It was categorized as a bail out bill, a bail out for wall street, when in fact it was no such thing, but we were stuck with that moniker," says McCrery.
McCrery admits to getting a lot of emails and phone calls too, but he says he has to vote his conscious on this, and believes today's bill was the last chance of getting something done quickly.