WASHINGTON – Two Hudson Valley House members voted against the $700 billion bailout while three voted for it. All five are Democrats.

The proposal went down in flames, causing the Stock Market to tumble.  The 777-point plunge of the Dow was the biggest point drop, ever, but not the biggest percentage drop.

The two area lawmakers who voted against the bill were Maurice Hinchey and Kirstin Gillibrand. Eliot Engel, Nita Lowey and John Hall all voted for it.  All are Democrats.

“While I recognize the need for some kind of a financial rescue package to free up the credit markets and restore stability to the entire financial system, I could not in good conscience vote for a bill that gives away $700 bill to the presidential administration that got us in this mess in the first place and doesn’t make any sound economic investments in working and middle class Americans who are the ones in need of real financial assistance,” said Hinchey.

“While I am fully aware of the seriousness of the financial problems in the market, I do not believe the bill Congress voted on today was the right approach,” said Gillibrand. “The bill has insufficient oversight and protections and does not address the root causes of the crisis or the poor economy.”

Engel said it was with “great disappointment” that the rescue plan failed. “This was a loss for all Americans. I voted for this measure because I believed it was in the best long and short term interest of the nation.”

Lowey said the Democratic Caucus worked in a bipartisan way to improve the bill offered by the Administration, which sought “a blank $700 billion check to bail out Wall Street.” The Democrats worked to improve the bill “to protect taxpayers, provide oversight and transparency, and help struggling homeowners.” She blamed Republican House members for not supporting a bipartisan effort to “rescue and stabilize the markets.”

Hall supported the bill, which he said was a joint effort of Republicans and Democrats to rework the President’s proposal. “Without action, credit markets could freeze and the ripple effects could affect every family in the Hudson Valley and across the country,” he said. “The impact could prevent families from being able to get home and car loans, stop small businesses from being able to meet payrolls and obtain needed capital, and end credit card interest rates through the roof.” Hall said that was not a chance he was willing to take.

While the Senate did not take up the measure, Senator Hillary Clinton of New York Monday described the bipartisan plan as a “flawed but necessary compromise that was a significant improvement over the Bush Administration’s initial plan.” She urged Congress to “put their differences aside for the good of the country.”