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Bailout Generates Political Heat In Sunshine State

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By KRISTA KLAUS

News Channel 8

Published: October 2, 2008

With the House poised to vote as early as tonight on a modified plan to spend nearly $700 billion to clean up the mortgage mess, Rep. Kathy Castor's office is receiving dozens of calls from concerned constituents.

"She just said she doesn't want to bail out Wall Street," spokeswoman Ellen Gedalius said of a caller as she hung up the phone.

Gedalius said Castor, a Tampa Democrat, is against the bailout because it doesn't do enough for taxpayers.

In Sarasota, Republican Rep. Vern Buchanan says he reluctantly supports the legislation.

"I don't like it. Nobody likes it," Buchanan said. "I think it will help the country get back on the right track."

Sen. Bill Nelson, a Democrat, was one of 25 senators who voted against the rescue plan Wednesday. The measure passed 74-25.

"This plan that passed the Senate rewards the investment banks that ran us into the ground while it does very little to help the individual homeowners facing foreclosure," Nelson said today from Washington.

In downtown St. Petersburg, a small group of activists gathered outside the Bank of America building. They were announcing plans for a citywide protest against the bailout at 10 a.m. Saturday in Williams Park.

"Wall Street bankers who are supposedly getting bailed out are thieves," said Penny Hess of the African People's Solidarity Committee. "They need to be on trial, not having a bailout."

Chris Ernesto of St. Pete for Peace encouraged people to contact their representatives.

"We're creating massive amounts of debt that we will never be able to pay off, and this bailout will only add to that," Ernesto said.

Passerby Joe Humphrey of Palmetto disagreed with the activists. He said the bailout is a necessary evil to keep small business and credit markets afloat.

"I don't think it's a bailout. I think it's an investment," Humphrey said. "The credit markets are locked up. They have to do something."

Buchanan said this vote will be one for the history books. "It might be my biggest vote that I've cast. There are concerns that if we don't get it right, we could head into a deep recession."

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