By Staff
A $700 billion plan to bail out the economy failed in the U.S. House today.
The Dow fell 778 points on the news, the worst one-day point loss ever.
Although the bailout bill failed, most of Alabama's Congressional delegation voted to approve the bill, including Rep. Jo Bonner, R-Ala., who represents Escambia County.
"In the six years I have been honored to serve as your representative, I have had to cast many difficult votes but none more complicated – or quite candidly, harder to explain – than the vote I cast today in favor of legislation to try to address our nation's economic crisis," Bonner wrote in a letter posted to his Web site. "Without question, the 'popular vote' would have been to vote against this bill. But, in my opinion, that does not mean it was the right vote."
Bonner wrote that although he is a strong believer in "free-markets, limited government and personal responsibility," he also believed that not acting would lead to a significant economic downturn.
"Regretfully, the crows are coming home to roost, and credit is drying up throughout all sectors of our economy," he said.
Bonner said he had received many phone calls from constituents about the bill, including one from a man in Theodore who had been saving money for his daughter to attend college.
"Suddenly, through no fault of his own, he told me he faced the very real probability of losing all of his hard-earned savings," Bonner wrote. "The reason I voted for this bill was because it was crafted to help protect average Americans – like the gentleman from Theodore – not the Wall Street executives who helped to get us in this mess."
To read the full text of Bonner's letter, go to http://bonner.house.gov/HoR/AL01/Press+Office/Press+Releases/2008/Bailout+Letter.htm