“Many of us have been warning about these problems,” Senator John Kerry told Fox’s Bill O’Reilly during a discussion of Monday’s failed $700 billion Wall Street bailout vote in the House of Representatives. “And, if you go back and look at the record, you’ll see it very clearly. In 2004, as a presidential candidate, I personally talked about how we needed to have stronger oversight on [Fannie Mae and Freddie Mac], about the housing market, about deregulation and the excess of deregulation.” Senator Kerry also said that efforts to prosecute predatory lending have been blocked since the turn of the century.
While 61% of House Democrats voted for the legislation, 66% of Republicans voted against it, with a total tally of 205-228. “And just because their feelings were hurt by something that [House Speaker] Nancy Pelosi said, is not an excuse to screw the guy on Main Street and his savings account, to screw small businesses, to screw companies across the country. It was an act of cowardice and selfishness and pure politics.”
“This is not a rescue of Wall Street, this is a rescue of Main Street,” Kerry closed.
This video is from Fox’s O’Reilly Factor, broadcast September 29, 2008.