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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Martinez Gets 'Earful' Back in Fla.

Appearing on CNBC moments ago, Sen. Mel Martinez (R-Fla.) said he "got an earful about the House vote" when he returned to his home state during the Rosh Hashanah holiday yesterday.

Martinez, who said he will vote for the new Senate plan, said his constituents were in favor of the $700 billion Wall Street rescue plan and were upset by the wave of negative calls that members of Congress received from their constituents in the days before the House killed the rescue plan on Monday.

"I didn't understand the calls made a difference," Martinez said his constituents said, adding that they said they needed to start making their own calls to lawmakers to urge passage, which The Post's Shailagh Murray and Paul Kane reported this morning has already been happening.

In other news:

- The U.S. Chamber of Commerce has launched an emergency, inside-the-Beltway radio ad campaign urging lawmakers to pass the rescue bill, but fast.

"We must act quickly to prevent a total freeze up of our financial system," R. Bruce Josten, the Chamber's top lobbyist, says in the 30-second ad. "Inaction, without a doubt, would cause our economy to collapse. Congress, do not delay."

- New mortgage applications dropped 23 percent last week, the Mortgage Bankers Association said this morning.

- Frank Ahrens

By Frank Ahrens  |  October 1, 2008; 10:50 AM ET
Categories:  The Ticker  
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Comments

Just where is this coming from? I don't know one single person in favor of the bailout.

Posted by: noname | October 1, 1908 11:12 AM | Report abuse

I haven't heard anyone in favour of it either. Maybe Floridians have a different financial make-up than Virginians.

Posted by: Billie | October 1, 1908 11:28 AM | Report abuse

When you invest in a 401K, money market or do anything other than place your money in an FDIC insured account, you are taking a RISK. I do it, like you.

I am tired of bailing you out! I'll take my own losses, thank you. I'm tired of hearing about your "catastrophes"!

I am tired of listening to why I should pay for YOUR bad risks and your phony dreams. And I am disgusted with your Credit Kings and your Wall Street gods. Take your losses and SUFFER! It is not my fault. It is YOURS! I live simply, without credit, and I do not think I should pay for YOUR risks for your own good! It does me no good.

Get it?

NO BAILOUT.

Posted by: madman | October 1, 1908 11:29 AM | Report abuse

Whose idea was it to call it a bail out in the first place? Were they trying to doom it as far as public opinion is concerned? Certainly trying to stick the Democrats faced with cleaning up a policy mess caused by the Republicans, no doubt.

I don't think it is at all helpful for can't know enough consituents to flood the lines with vote for / vote against calls. The elected leaders should suck it up and act like the adults in the room. If this was a trillion for a war, they couldn't push the button fast enough, no matter what the rest of us think or who might be hurt.

Posted by: Sarah B. | October 1, 1908 11:34 AM | Report abuse

We should be looking to the LIBOR not the stock market to see if we're having an impact on the credit crunch. Hmm not much good news there.

Posted by: anne | October 1, 1908 11:37 AM | Report abuse

This is not a rescue plan if no one is rescued.

Hundreds of thousands of investment bankers, working at hundreds of thousands of firms everywhere in Wall Street and the rest of the world, lost a lot of money on bad investments. Or, investments that went bad.

On the verge of failure, these people are asking for more money and the government is poised to give it to them.

That is a bailout.

Posted by: Worthy Evans | October 1, 1908 11:42 AM | Report abuse

Dear Noname,
I probably speak for others, I was shocked by what happened on Monday. I did not bat an email into the face of my congressman before the vote, or since: anarchic waste of their time. Reminds me of the Jerico fan's nutmail campaign and Operation Chaos. Read David Brook's post vote observations 'Revolt of the Nihilists'.

Posted by: mary | October 1, 1908 11:43 AM | Report abuse

I feel no sympathy for Mr Martínez.
He will act based upon for political survival, not ethics. Same as he did on immigration.

Posted by: Mongo Aurelio | October 1, 1908 11:51 AM | Report abuse

Now republican's are spinning the bailout as a RESCUE!!!!!!!!!!!

Typical cheney/bush, change the subject/name of the BAILOUT!!!!!!!!!!!!!!!!!!!!

Posted by: JAC | October 1, 1908 12:00 PM | Report abuse

Who's Martinez talking about? Everybody I know is absolutely opposed to this bail out. Maybe Mel's limited his conversations to folks in South Florida, but I sure don't know anyone up here in North Florida who supports this idea. I live in Florida and I vote. Voted for him as a matter of fact, something I now regret.

Posted by: cfbaker | October 1, 1908 12:03 PM | Report abuse

Normally I can agree with Brooks, but today what Obama just finished saying disgusts me. I cannot believe he is supporting this.

Those of you who have much to lose from your bad speculations and investments probably support this, but I am not strapped to the credit/wall street needle.

You take credit, or at least you should, at YOUR risk, not at the entire taxpaying country's risk.

I do NOT want to bail you out of your losses. Take them and learn something new!

Posted by: madman | October 1, 1908 12:04 PM | Report abuse

"I didn't understand the calls made a difference," Martinez said. What exactly does that mean? In other words he will vote the way the President, party leaders or special interests want? What gall to even make such a statement. Main street is against this bailout plain and simple. We have suffered and sacrificed enough, for whatever reason the media seems to have bought into the lie that the majority want a bailout. We do not, take your lumps wallstreet, we sure have taken more than our fair share.

--------

Posted by: James | October 1, 1908 12:09 PM | Report abuse

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