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Hare: Bailout Really a Loan
A local congressman says he voted for that $700 billion so-called financial bailout plan because, as far as he sees it, it wasn't that at all.

The House turned down the plan because it didn't have enough of a majority for passage, but 17th District Democrat Phil Hare voted yes for it anyway.

Hare says the way he sees it, the bill was more of a loan to the nation's lending institutions than it was a bailout, and that's something he wants to make sure the public knows. "They don't understand reverse mortgages and hedge funds," Hare said. "They do understand when banks go under, and when people walk out with a tremendous amount of money after driving a company into the ground, and then hearing that we're going to throw money at these people, with absolutely...no payback clause. That was totally unacceptable, and we told the Secretary of the Treasury that wasn't going to happen."

The Rock Island Democrat spoke with reporters via conference call. He says he wouldn't have voted for the plan if it were just a money giveaway.

Hare says while the measure isn't perfect, it's better than doing nothing, and says he will be back in Washington Thursday for consideration of a re-worked plan.
09 30 08 by Newsroom
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