Tri-Cities Business Leaders Speechless After Bailout RejectedPosted: Updated:
Congress voted to reject the $700 billion bailout bill Monday. This news caused financial markets around the world to fall. The President issued a statement saying he was very disappointed.
Tri-Cities business leaders were almost speechless saying our country is entering unchartered territory.As the house rejects the bailout, no better word can describe the reaction around the world than chaos
"Million more homes will likely be foreclosed on," said Steny Hoyer, U.S. Congressman (D).
KNDU talked to U.S. Congressman Doc Hastings to see why he voted against the bill.
"Well I voted no because my initial concern was as member of Congress is for the taxpayer, I just didn't think there was enough protection in this to insulate the taxpayer," said Hastings.
It may take months before the affects of this financial crisis are known
"Small businesses and local businesses, we all should be mindful of a potential downturn in the economy," said Keith Klein, Tri-Cities Small Business Developer.
Locally, business leaders say Hanford is the major driver of our economy and could be what keeps us in the black.
"Our local economy is robust and is doing fairly well in a certain since we almost are like an island in the middle of a storm," said Ken Nelson, Kennewick Business Developer.
One of the reasons our community may be safe is because we are uniquely positioned to specialize in renewable energy.
"Alternative energy is going to be one of the big focuses, getting off our reliance on imported oil. Behind me is a production facility that will house Infinia, a small solar start up here in Kennewick," said Nelson.
Supporters of the bailout say it could have stopped the mortgage crisis. A slow housing market is a major concern in the Tri-Cities, but for now it's only waiting game to see how this is going to affect our region.