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Villaraigosa Speaks Out on House Bailout Vote

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The House rejected the bailout plan earlier today sending stocks down and worrying people across the nation. Mayor Antonio Villaraigosa, who is not happy with the idea of bailing out the "failed lenders and investors," is not satisfied with congress doing nothing. He tells Congress to get back to work in a statement released this afternoon. While it's obvious Congress still has a lot of work to do, Villaraigosa's statement emphasizes how all of this affects local services.

By now, you no doubt know that the House of Representatives failed to pass financial rescue legislation today as planned, and the markets have been hit hard as a result. As mayor of one of the cities hardest hit by our nation’s foreclosure crisis, I implore our Congress to put politics aside and get back to work for the American people. This is not the time for partisan bickering. Too much is at stake. Too many families and employers are at risk. Now, let me be clear: no one, and I mean no one, should be happy about
the federal government having to devote hundreds of billions of dollars
to bail out failed lenders and investors. This economic crisis was
inflicted upon the American people by corrupt power brokers and a
reckless lack of federal oversight.

But the consequences of doing nothing to fix it would be simply intolerable. The credit market could collapse. Small businesses would struggle or fail to meet payroll. Families would be shut out of the housing market, and would have no ability to get a car loan or student loan for college. On the City side, tax revenues would plummet and construction projects would be delayed or canceled. Bonds would become more expensive and pension contributions would go through the roof. This crisis is no longer about Wall Street or Washington politics.
It's about families and small businesses in small towns and big cities
across the nation.

It's time for Congress to get back to work.

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AP Photo/Damian Dovarganes