Black Lawmakers on the Bailout

African American members of Congress on the Democrat side of the aisle also differed on the critical plan that could have lingering effects on the ordinary Black American for years to come.

With much of the finger pointing aimed at outgoing President George W. Bush, the United States House of Representatives will come to order Thursday Oct.2 in hopes of hammering out a proposal that the majority of them deem essential.

Rep. Maxine Waters (D-35) voted yes on the bill that would authorize the government to purchase nonperforming loans, bad debt and toxic paper, which has sent Wall Street plummeting to a 21-year dive as of Sept. 29.

Bailout for Wall Street? I dont think so. I could care less about Wall Street and the high priced schemers and their tricky products; hedge funs, short selling, insider trading. I care about Main Street and Martin Luther King, Jr. Drive, explained Waters.

Waters said that she voted yes because the nonperforming loans represent people, real Americans in trouble.

Yes some got in over their heads. They contracted for mortgages they could not afford, but many Americans are victims of predatory lending, suckered into adjusted or reset within six months, one year, two year or three years, she added.

However, another prominent local lawmaker, Rep. Diane Watson (D-33) voted against the $700-Billion Economic Stabilization Plan.

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