Hoffman: Bailout bill was ‘ill-conceived’

Herb Hoffman, an independent who is running as a write-in for U.S. Senate, said he was pleased that members of Congress listened to their constituents and rejected the Wall Street bailout plan, calling it “ill-conceived.”

He wrote in a statement:

"Not surprisingly, Tom Allen voted for the Wall Street bailout while Mike Michaud cast a nay vote on this crucial issue. The bailout bill in whatever permutation it assumed required much more study, discussion, disclosure and debate before being finalized and I respect the Congress for voting the bill down. To the credit of Rep. Michaud and the other Representatives who voted no, they did not succumb to the fear mongering generated by Bush, Treasury Secretary Paulson, and the leadership of both parties to pass the measure with only three hours of debate and no hearings."

"How reminiscent was this vote, this playing on fear, of the precipitous actions taken by Congress on critical pieces of legislation that have not served the nation well," Hoffman said, referring to the Iraq Resolution and the USA Patriot Act, among others. "The difference is, in this case, Congress finally did the right thing and voted down the bill."

U.S. Rep. Allen (D-Portland) voted for the bill, while Rep. Michaud (D-East Millinocket) voted against it.