Sounds of 2008: Welch on bailout

12/17/08 11:04AM

AP Photo/Toby Talbot
(Host) We go back now to ``Sounds of 2008,'' our review of the news of the past year.

During the fall, Congress debated whether to prop up the financial industry with an infusion of 700 billion dollars.

Congressman Peter Welch didn't like the idea. So he joined the coalition that defeated the bailout.

(Welch) "I'm actually quite appalled that there's no way proposed to pay for this. It's putting it on the credit card along with the war, along with tax cuts for the wealthy. So it's another credit card bill that goes on to the middle class.''

(Host) The reaction to the defeat was swift and dramatic. Financial markets around the world plunged.

In Vermont, business leaders pleaded with Welch to reconsider. So did then-presidential candidate Barack Obama.

And just a week later, Welch had a change of heart. He voted for a revised bailout package.

(Welch) ``President Kennedy once said, `To govern is to choose.' We're at that point where we have to choose. It's this bill or no bill. And I strongly believe that no bill is an absolute catastrophe for innocent Vermonters, innocent businesses, people who had nothing to do with causing this credit crisis.''

(Host) More of the Sounds of 2008, a tumultuous year in the news.

Click here to tell  us your favorite sounds of 2008 or to listen to the entire series.  Click on the links below to listen to the original stories.

Welch votes 'no' to Wall Street bail out bill

In change of heart, Welch votes for bailout plan 

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