Everett votes yes on failed bailout bill

U.S. Rep. Terry Everett, R-Rehobeth, and several other Alabama Republicans voted for the Financial Bailout bill, but the measure was defeated earlier Monday.

Most Alabama representatives voted yes along with Everett, including Rep. Spencer Bachus, R-Vestavia Hills; Rep. Artur Davis, D-Birmingham; Rep. Bud Cramer, D-Huntsville; Rep. Terry Everett, R-Rehobeth; Rep. Mike Rogers, R-Saks and Rep. Jo Bonner, R-Mobile.

The only Alabama representative voting against the bailout was Rep. Robert Aderholt, R-Haleyville.

“I hate that our country is in this situation. My distaste for the greedy people who put us in this crisis is beyond words,” Everett said in a written statement. “But, we are a nation of credit and that credit will collapse if nothing is done. People buy homes, automobiles and most things in our economy on credit.

“Many even buy next week’s groceries by using a credit card. Agriculture is Alabama’s largest industry and farmers could be unable to secure credit to plant next year’s crops.”

The Associated Press reported Monday more than two-thirds of Republicans and 40 percent of Democrats opposed the bill.

“The compromise is also much better than the original bill. Slush funds have been eliminated, oversight to protect the taxpayer is included, total taxpayer investment may be closer to $350 billion rather than $700 billion, and the program sunsets in two years,” Everett added.  “This federal intervention into our free enterprise system runs against every conservative grain in my body, but I will reluctantly support this compromise measure.”