Stock Market Redux

Wow, it has been a looooooong time since I spent an entire end-of-day commute listening to the financial news like the old days. Except back then it was Bloomberg 1130am in New York, the only option available for full-time financial coverage on the radio in my area. Nowadays, it's the live feed of CNBC -- on the sexy and versatile Sirius Satellite radio of course -- but the point is still the same -- even on the way in to work on Friday, there I was again willingly choosing to forego my usual a.m. platoon between Mike & Mike in the morning and Jason & the GM (both of whom I really like in that format btw) on Mad Dog Radio, in favor of CNBC, listening to people talk about the market, opine about what's next, and speculate all over the place about the key July jobs market data. It's amazing how much the stock market can just grip an entire city like always seems to happen, in New York City for I think obvious reasons moreso than any of the other major northeastern cities where I have lived.

I think pretty much everyone who pays attention to such things could tell by early this week that the market was sick. By Thursday it finally just boiled over with a 500+ point drop in the Dow, and it seems to me that a lot of things might have finally sunk in yesterday for the first time for a lot of people who actually pay a little bit of attention to economic and financial matters. For starters, it is becoming increasingly clear that growth not only will be, but already is truly anemic right now. Last week when the government released a paltry 1.3% growth number for the Q2 U.S. GDP reading -- not nearly sufficient to even really call meaningful "growth" in most economists' views -- the at least equally meaningful but less reported part of the story is that the Q1 GDP reading was revised way down to just 0.4% growth. For those of who you haven't followed GDP over time, take it from me: first-half of 2011 growth of 0.4% in Q1 and 1.3% in Q2 isn't close to satisfactory to the markets. I think it's fair to say that an economy at this state that isn't generating at least consistent 2% growth over time will be viewed generally by the market as downright sick, and that's exactly what people have finally been figuring out pretty much ever since those numbers were released last Friday.

As much as I have fought the urge to turn this blog into a financial blog, making this place a forum for political argument sounds even worse. That said, another thing that is just increasingly clear from the past couple of weeks in Washington, DC is that this country really has no leadership at all right now. The American people are literally starting to figure out this very week that President Obama has done nothing on the economic front but kick the can down the road for the past 2 1/2 years. First it was continued massive bailouts and payouts to Wall Street risk-takers to artificially keep them alive. Then it was the silly, huge stimulus plan that really began the acceleration to this whole debt-ceiling mess we've found ourselves in this year, a stimulus plan which amounted essentially to a bunch of printed money, "creating" short-term demand of hundreds of billions of dollars and flooding the system with money that had to be spent in our economy over the past couple of years. But such provisions hardly ever work over history to actually generate "real" demand -- rather, it is common knowledge that the end result of such programs is generally just a big hole when those funds are removed. Sound familiar here, now two years past the stimulus bill's passage? And don't even get me started on the Obama / Bernanke QE1, QE2 and likely QE3 plans, which amount to -- get ready for it -- essentially to a bunch of printed money, "creating" short-term demand of hundreds of billions of dollars of U.S. government obligations and flooding the system with "fake money". Sound familiar again?

Anyways, I'm not here today to debate whether you think this is the Obama administration's legacy thus far. What I'm saying is that yesterday was I think the day that the people of this country generally really did first begin to realize that what I just said is true about our can-kicking policy, and that now maybe is going to be the time where we actually take our medicine like good boys and girls. Even if you don't believe that yet, American finally started figuring it out yesterday. We have no leadership right now. Not the President -- who has consistently chosen short-term fake gains over longer-term initiatives to actually stimulate investment, create hiring, etc. and has stood playing his fiddle while unemployment has soared -- and not Congress with all the ridiculous infighting, political motivations, pork barreling even in times of national crisis, and total inability to effect much of anything, and let's not forget these are mostly all the same assholes who voted to bail out the Wall Street banks back in 2008 over the objection of the very people of America who these asshats are elected to serve.

Things changed since the 2008 financial crisis. There is going to be less government spending. Much, much less, because these entities simply will have to suffer cuts of funding, many of the cuts massive. Hundreds of billions of dollars worth. Cities and states all across America are technically bankrupt, and we've all seen how close the U.S. federal government came to a possible debt default just within the past couple of days. And we're the most secure, stable government in the world -- just look at this mess over in Europe, where we've already had at least two near-sovereign defaults this year leading to last-minute bailouts, and Greece is looking increasingly like it's heading right back to the abyss once again in the true style of AIG. Those governments will be forced, like America will as well, eventually to enact higher taxation, to help balance out the tremendous loss of revenues the governments will receive due to the slowdown, which will also inevitably take a bite out of economic growth. And make no mistake, there will be a slowdown -- a global one -- as the governments of most of the developed nations in the world decrease government funding for programs, decrease government spending, increase austerity programs, raise taxes, and see their domestic economies shrink somewhat as a direct result, which is by definition a several-year process. The generation-long housing boom and all the little industries whose growth was spawned by it -- from building, to materials and heavy machinery, to retail, and on down the line all the way to the huge boom on Wall Street from all the derivatives and securitization -- also led to what was most likely "over-employment", in that it is entirely likely that some portion of the 17% true unemployment in this country right now are people who may be facing very long-term (or permanent) unemployment, because there probably will not anytime soon be the same number of people employed in America as there were in the midst of all that bubblage, say five years ago.

So like it or not, things changed back after the blowups in 2008. Only, in America -- and in Europe, to a lesser extent -- the Obama policy has been to pretend that these structural changes just didn't happen. Very weak domestic demand because the value of investments plummeted 60% and housing that people already couldn't afford suddenly dropped 30%? No problem -- we'll just print 2 trillion dollars and spend it on the American economy for the next two years. Yeah, that will likely weaken the dollar and cause inflation to rise. So yeah, people might be paying $4.00 for gasoline in a couple of years, and $12 to see a movie, and $4 for a gallon of milk. Then we'll just lower short-term interest rates to zero for a prolonged period, and we'll buy up hundreds of billions of Treasuries over the next couple of years to flood the system with even more printed money to replace all the money that isn't in the system because our economy is really weak. What will happen in two years when all the fake money has worked its way through the system, and we're left with that huge gaping hole caused by all those structural changes that still happened, whether our people like to admit or not?

My sense is that now we are about to find out.

I'm not about making financial predictions here on the blog, but I'm going to leave you with a chart that I think is very interesting in what it suggests we could be looking at here:



This is from Doug Short of advisorperspectives.com, and it is a comparison of the multi-year performance of three major indices after pretty much the three biggest market tops and longest bear markets in modern financial history -- the Great Depression, starting with the market crash of 1929, the Japanese Nikkei collapse, starting from its tumble from near 40,000 in the late 1980s and still going today, and the U.S. bear market that Short describes as starting back in 2000. These are inflation-adjusted ("real") charts though, not the nominal highs and performance of each index. It is each index's performance in percentage terms below the top, plotted on the horizontal axis over 22 years following the initial top of each cycle, in each case adjusted for inflation over those 22 years to produce a "real" graph that bakes in the varying effects of inflation over the three 22-year-periods in question.

What astounds me from that chart is just how similar all three of those graphs look. Not exact, mind you, but just downright similar. Like, they all took almost exactly three years after the top until they finally bottomed from the initial precipitous shock. Isn't it uncanny how closely all three indices made their bottoms, in all three cases it looks like between about 32 months and 35 months following the top of the market? And then after that 3-year top-to-bottom shock, all three of the indices rallied solidly -- albeit with a few ups and downs along the way -- for just about four years, or maybe closer to five years with the current market (in blue), once again in an uncannily similar pattern, don't you think? But then look what happened between years 6-9 (7-9 in the current market's case) -- another huge down period, in our case what we think of as the financial crisis, but look at the Great Depression grey line there, which saw the market lose another half of its total value over the ensuing three years after a ferocious four-year almost unstoppable rally following the big crash in 1929. And Japan in the red, once again losing about 40% of its value over those three years between 6 and 9 years following the market top.

Now, if you look at all three charts starting right around year 9 after the market top, you will see that all three put in very sharp bottoms, almost identically again right at that same point, within just months of each other it would seem. Crazy, huh? In the case of both the Nikkei and the Great Depression, it was an incredible 66% surge in the markets over just two years from years 9-11 that must have felt, I imagine, an awful lot like the past few years in the U.S., where we have undergone a ferocious rally to recover over 70% from the March 2009 bottoms by a month or two ago.

And then I look at what's next after years 10-11 following the stock market top like we are at now on the blue line, if those other two greatest bear markets of all time are any guide. And remember, this past week on the chart above only further confirms the consistency of the pattern so far.

Hmmmm.

Wish I Coulda Been There -- Bailout Voters

What I wouldn't give to have been a fly on the wall in the offices of those Congressmen and women late on Friday, in particular the traitors to America people who changed their votes from no to yes, but really all of the yes voters and really really just all of the members of the House of Representatives.

These people were told all week -- actually, "told" is far too light of a word to describe the urgent pleading going on from the President, the Treasury Secretary and former Goldman Sachs head banker and various and sundry other members of the media and of Washington in general -- but they were told all week how urgently the market and the economy in the U.S. needed this bailout package to pass. Some of the members of Congress took those pleas to heart, but 228 out of 435 of them voted against the measure nonetheless earlier in the week, and when the Dow tanked to its largest one-day point loss in history after the bill failed on Monday, these same talking heads all blamed the nay voters as the reason that people's IRAs and retirements and portfolios dropped basically close to 10% in one day across the board. Somehow, these people were placed at fault for voting with their hearts, with their heads, and really just with the beliefs of their constituencies on the issue at hand. And people were finding fault with that. It just boggles the mind.

Anyways, fast forward four days and there we were on Friday, with a number of unrelated and largely anger-inspiring amendments of pork being tacked on to the bill in an aim to win some more votes, and with the market performing poorly all week on top of that, the expectation was that the bill was going to pass the House this time around. You had various House members talking publicly about changing their Nay vote to an Aye, and as the hour for a vote grew closer on Friday, it was more or less a foregone conclusion that all the rhetoric and bullshit politicking going on was going to have paid off. The $700 billion bailout bill was going to pass, only this time it would pass as an $850 billion bailout bill because one of the porky amendments involved $150 billion in tax breaks for corporations, to appease hard-line Republicans in the House who had previously voted against the largest government intrusion into the markets since the Great Depression.

The stock market was not oblivious to what was happening either. Investors knew that many of the Nay voters from Monday had been pressured hard all week -- in particular the Republicans, but really all of them -- and had been publicly and privately blamed for the major U.S. indices' worst week since the week after the 9-11 terrorist attacks. It was clear to the market that, especially with all the delicious bacon and sausage tacked on to this bill as we all know the Congress loves to do, this thing was going to get the votes it needed this time around to immediately become law, with a Presidential execution of the bill a stone-cold guarantee. So stocks opened higher on Friday, and traded up and up and up all through the morning as the midday vote in the House neared. As the actual hour of the vote approached, more and more news stories came out about people changing their votes to being in favor of the revised bill and how it was more and more clear that the 218 votes needed were going to be there "to save the markets and the economy". As the vote officially began right around 12:30pm ET on Friday, the Dow traded up over 300 points, a huge up day thus far and at its height of the session as traders and investors knew what was coming of the bill.

And then it passed. As the winning votes rolled in and were posted on C-Span and broadcast live around the country, around the world and right on to the trading floor at the New York Stock Exchange, a strange thing happened. People started selling. And then some more. A little more. Through the afternoon, the 300-point rally on the Dow stopped, fizzled and eventually the market sank back closer to flat on the day, erasing a huge morning of gains on optimism about the success of the pressure brought to bear on the Congress to vote against the will of their own constituencies. Within two hours of the vote, the market first crossed into negative territory on the day, and by the merciful 4pm ET close, it was another 1.5% down day across all three major U.S. indices.

And I just wish I could have been inside the offices of every one of these Congress people who voted in favor of this bill, I really do. Because I solemnly guarantee you that most of them left on Friday feeling nothing short of hoodwinked. They were told, implicitly and/or explicitly, that the economy needed their Aye votes, that the markets needed their Aye votes. They were blamed for the selloff all through the week because of them voting down this absolutely necessary bill that would surely save the American economy from the brink of the abyss. They saw the market rally on Friday morning and let that be their last sign that it was ok for them to stick up the collective middle finger to the very people who voted them into office and who desperately waited for their elected representative to do just that -- to represent them and their interests -- and went ahead and voted in favor of the bailout anyways. And look what it got them. Turns out, investors and the major players in the market aren't nearly as sold on this bailout working to turn around what has already proven to be a rather ugly economic picture in this country.

Maybe the investing public isn't nearly as dumb as Bush and his cronies have planned on us being over these past few weeks?

So as a service to you today I am going to post here the actual roll call of votes from both the Senate and the House for the final versions of this bill that passed the U.S. Congress this week. Everyone who goes out to vote this November should know clearly whether their person voted for or against what is again the largest single government intrusion into the private marketplace in the past 80 years, and what is at its heart designed not to protect consumers or to bail out the victims of this crisis, but rather to help out the banks who got themselves into this mess by allowing greed and shortsightedness to trump caution and prudence with what they did with other people's money, and the government who did somewhere between little and nothing to oversee the players in the financial services marketplace whom it was their entire job to regulate. Despite a lot of what I've written over the past couple of weeks, I'm not into politics at all, despite an avid interest and participation in the world of finance in this country, so I don't have a thought on who anyone votes for or doesn't vote for based on their party or their platforms or anything. I just think it makes sense for the people who want to know to have a quick and easy place to see where their bitch voted on this $700 billion bailout package for the financial institutions of this country, using our money -- yours and mine -- to pay for it all. I have included the state for each voter on the two lists, to make it as easy as possible for you reading this to find your person or persons and see what they chose to do on this extremely important turning point in our country's history. So here's the list, do with it what you will:

Senate roll call from Wednesday on the financial bailout bill (S. Amdt. 5685 to H.R. 1424):

Akaka (D-HI), Yea
Inouye (D-HI), Yea
Alexander (R-TN), Yea
Corker (R-TN), Yea
Barrasso (R-WY), Nay
Enzi (R-WY), Nay A shoutout to the good people of Wyoming, both of whose Senators voted against this bill and in favor of their constituents' wishes.
Baucus (D-MT), Yea
Tester (D-MT), Nay
Bennett (R-UT), Yea
Hatch (R-UT), Yea
Biden (D-DE), Yea
Carper (D-DE), Yea
Bingaman (D-NM), Yea
Domenici (R-NM), Yea
Bond (R-MO), Yea
McCaskill (D-MO), Yea
Boxer (D-CA), Yea
Feinstein (D-CA), Yea
Brown (D-OH), Yea
Voinovich (R-OH), Yea
Brownback (R-KS), Nay
Roberts (R-KS), Nay Three cheers for Kansas!
Bunning (R-KY), Nay Go Phillies!!
McConnell (R-KY), Yea
Burr (R-NC), Yea
Dole (R-NC), Nay
Byrd (D-WV), Yea
Rockefeller (D-WV), Yea
Cantwell (D-WA), Nay
Murray (D-WA), Yea
Cardin (D-MD), Yea
Mikulski (D-MD), Yea
Casey (D-PA), Yea
Specter (R-PA), Yea So, Arlen....you are all up people's asses about the Patriots and their blatant cheating scam of the last several years in the NFL. But $700 billion being thrown at the banks by a bunch of bankers and rich people? No problem!
Chambliss (R-GA), Yea
Isakson (R-GA), Yea
Clinton (D-NY), Yea Thanks, Hillary!!! What a shocker.
Schumer (D-NY), Yea Another shocker given the quality of representation coming out of my home state.
Coburn (R-OK), Yea
Inhofe (R-OK), Nay
Cochran (R-MS), Nay
Wicker (R-MS), Nay Yay Mississippi!
Coleman (R-MN), Yea
Klobuchar (D-MN), Yea
Collins (R-ME), Yea
Snowe (R-ME), Yea
Conrad (D-ND), Yea
Dorgan (D-ND), Nay
Cornyn (R-TX), Yea
Hutchison (R-TX), Yea
Craig (R-ID), Yea
Crapo (R-ID), Nay
DeMint (R-SC), Nay
Graham (R-SC), Yea
Dodd (D-CT), Yea
Lieberman (ID-CT), Yea
Feingold (D-WI), Nay
Kohl (D-WI), Yea
Reed (D-RI), Yea
Whitehouse (D-RI), Yea
Gregg (R-NH), Yea
Sununu (R-NH), Yea
Grassley (R-IA), Yea
Harkin (D-IA), Yea
Martinez (R-FL), Yea
Nelson (D-FL), Nay
Johnson (D-SD), Nay
Thune (R-SD), Yea
Kennedy (D-MA), Not Voting (Illness)
Kerry (D-MA), Yea
Kyl (R-AZ), Yea
McCain (R-AZ), Yea Pussy. So glad you want to champion eliminating government excess as President. Yeah, I believe you.
Lugar (R-IN), Yea
Bayh (D-IN), Yea
Landrieu (D-LA), Nay
Vitter (R-LA), Nay I knew I loved New Orleans for some reason.
Lautenberg (D-NJ), Yea
Menendez (D-NJ), Yea
Leahy (D-VT), Yea
Sanders (I-VT), Nay
Levin (D-MI), Yea
Stabenow (D-MI), Nay
Lincoln (D-AR), Yea
Pryor (D-AR), Yea
Murkowski (R-AK), Yea
Stevens (R-AK), Yea
Nelson (D-NE), Yea
Hagel (R-NE), Yea
Durbin (D-IL), Yea
Obama (D-IL), Yea Just want to make sure you see it.
Reid (D-NV), Yea
Ensign (R-NV), Yea
Allard (R-CO), Nay
Salazar (D-CO), Yea
Sessions (R-AL), Nay
Shelby (R-AL), Nay Alabama, you complete me.
Smith (R-OR), Yea
Wyden (D-OR), Nay
Warner (R-VA), Yea
Webb (D-VA), Yea


House roll call from Friday on the financial bailout bill:

ALABAMA

Democrats _ Cramer, Y; Davis, Y.

Republicans _ Aderholt, N; Bachus, Y; Bonner, Y; Everett, Y; Rogers, Y.


ALASKA

Republicans _ Young, N.


ARIZONA

Democrats _ Giffords, Y; Grijalva, N; Mitchell, Y; Pastor, Y.

Republicans _ Flake, N; Franks, N; Renzi, N; Shadegg, Y.


ARKANSAS

Democrats _ Berry, Y; Ross, Y; Snyder, Y.

Republicans _ Boozman, Y.


CALIFORNIA

Democrats _ Baca, Y; Becerra, N; Berman, Y; Capps, Y; Cardoza, Y; Costa, Y; Davis, Y; Eshoo, Y; Farr, Y; Filner, N; Harman, Y; Honda, Y; Lee, Y; Lofgren, Zoe, Y; Matsui, Y; McNerney, Y; Miller, George, Y; Napolitano, N; Pelosi, Y; Richardson, Y; Roybal-Allard, N; Sanchez, Linda T., N; Sanchez, Loretta, N; Schiff, Y; Sherman, N; Solis, Y; Speier, Y; Stark, N; Tauscher, Y; Thompson, Y; Waters, Y; Watson, Y; Waxman, Y; Woolsey, Y.

Republicans _ Bilbray, N; Bono Mack, Y; Calvert, Y; Campbell, Y; Doolittle, N; Dreier, Y; Gallegly, N; Herger, Y; Hunter, N; Issa, N; Lewis, Y; Lungren, Daniel E., Y; McCarthy, N; McKeon, Y; Miller, Gary, Y; Nunes, N; Radanovich, Y; Rohrabacher, N; Royce, N.


COLORADO

Democrats _ DeGette, Y; Perlmutter, Y; Salazar, N; Udall, N.

Republicans _ Lamborn, N; Musgrave, N; Tancredo, Y.


CONNECTICUT

Democrats _ Courtney, N; DeLauro, Y; Larson, Y; Murphy, Y.

Republicans _ Shays, Y.


DELAWARE

Republicans _ Castle, Y.


FLORIDA

Democrats _ Boyd, Y; Brown, Corrine, Y; Castor, N; Hastings, Y; Klein, Y; Mahoney, Y; Meek, Y; Wasserman Schultz, Y; Wexler, Y.

Republicans _ Bilirakis, N; Brown-Waite, Ginny, N; Buchanan, Y; Crenshaw, Y; Diaz-Balart, L., N; Diaz-Balart, M., N; Feeney, N; Keller, N; Mack, N; Mica, N; Miller, N; Putnam, Y; Ros-Lehtinen, Y; Stearns, N; Weldon, Y; Young, N.


GEORGIA

Democrats _ Barrow, N; Bishop, Y; Johnson, N; Lewis, Y; Marshall, Y; Scott, Y.

Republicans _ Broun, N; Deal, N; Gingrey, N; Kingston, N; Linder, N; Price, N; Westmoreland, N.


HAWAII

Democrats _ Abercrombie, Y; Hirono, Y.


IDAHO

Republicans _ Sali, N; Simpson, Y.


ILLINOIS

Democrats _ Bean, Y; Costello, N; Davis, Y; Emanuel, Y; Foster, Y; Gutierrez, Y; Hare, Y; Jackson, Y; Lipinski, N; Rush, Y; Schakowsky, Y.

Republicans _ Biggert, Y; Johnson, N; Kirk, Y; LaHood, Y; Manzullo, N; Roskam, N; Shimkus, N; Weller, Y.


INDIANA

Democrats _ Carson, Y; Donnelly, Y; Ellsworth, Y; Hill, N; Visclosky, N.

Republicans _ Burton, N; Buyer, N; Pence, N; Souder, Y.


IOWA

Democrats _ Boswell, Y; Braley, Y; Loebsack, Y.

Republicans _ King, N; Latham, N.


KANSAS

Democrats _ Boyda, N; Moore, Y.

Republicans _ Moran, N; Tiahrt, N.


KENTUCKY

Democrats _ Chandler, N; Yarmuth, Y.

Republicans _ Davis, N; Lewis, Y; Rogers, Y; Whitfield, N.


LOUISIANA

Democrats _ Cazayoux, N; Jefferson, N; Melancon, Y.

Republicans _ Alexander, Y; Boustany, Y; McCrery, Y; Scalise, N.


MAINE

Democrats _ Allen, Y; Michaud, N.


MARYLAND

Democrats _ Cummings, Y; Edwards, Y; Hoyer, Y; Ruppersberger, Y; Sarbanes, Y; Van Hollen, Y.

Republicans _ Bartlett, N; Gilchrest, Y.


MASSACHUSETTS

Democrats _ Capuano, Y; Delahunt, N; Frank, Y; Lynch, N; Markey, Y; McGovern, Y; Neal, Y; Olver, Y; Tierney, Y; Tsongas, Y.


MICHIGAN

Democrats _ Conyers, N; Dingell, Y; Kildee, Y; Kilpatrick, Y; Levin, Y; Stupak, N.

Republicans _ Camp, Y; Ehlers, Y; Hoekstra, Y; Knollenberg, Y; McCotter, N; Miller, N; Rogers, N; Upton, Y; Walberg, N.


MINNESOTA

Democrats _ Ellison, Y; McCollum, Y; Oberstar, Y; Peterson, N; Walz, N.

Republicans _ Bachmann, N; Kline, Y; Ramstad, Y.


MISSISSIPPI

Democrats _ Childers, N; Taylor, N; Thompson, N.

Republicans _ Pickering, Y.


MISSOURI

Democrats _ Carnahan, Y; Clay, N; Cleaver, Y; Skelton, Y.

Republicans _ Akin, N; Blunt, Y; Emerson, Y; Graves, N; Hulshof, N.


MONTANA

Republicans _ Rehberg, N.


NEBRASKA

Republicans _ Fortenberry, N; Smith, N; Terry, Y.


NEVADA

Democrats _ Berkley, Y.

Republicans _ Heller, N; Porter, Y.


NEW HAMPSHIRE

Democrats _ Hodes, N; Shea-Porter, N.


NEW JERSEY

Democrats _ Andrews, Y; Holt, Y; Pallone, Y; Pascrell, Y; Payne, N; Rothman, N; Sires, Y.

Republicans _ Ferguson, Y; Frelinghuysen, Y; Garrett, N; LoBiondo, N; Saxton, Y; Smith, N.


NEW MEXICO

Democrats _ Udall, N.

Republicans _ Pearce, N; Wilson, Y.


NEW YORK

Democrats _ Ackerman, Y; Arcuri, Y; Bishop, Y; Clarke, Y; Crowley, Y; Engel, Y; Gillibrand, N; Hall, Y; Higgins, Y; Hinchey, N; Israel, Y; Lowey, Y (This is my Congresswoman btw in my new home in Westchester County. So pleased to see this; it gives me someone to vote out on her ass in a few weeks.); Maloney, Y; McCarthy, Y; McNulty, Y; Meeks, Y; Nadler, Y; Rangel, Y; Serrano, N; Slaughter, Y; Towns, Y; Velazquez, Y; Weiner, Y.

Republicans _ Fossella, Y; King, Y; Kuhl, Y; McHugh, Y; Reynolds, Y; Walsh, Y.


NORTH CAROLINA

Democrats _ Butterfield, N; Etheridge, Y; McIntyre, N; Miller, Y; Price, Y; Shuler, N; Watt, Y.

Republicans _ Coble, Y; Foxx, N; Hayes, N; Jones, N; McHenry, N; Myrick, Y.


NORTH DAKOTA

Democrats _ Pomeroy, Y.


OHIO

Democrats _ Kaptur, N; Kucinich, N; Ryan, Y; Space, Y; Sutton, Y; Wilson, Y.

Republicans _ Boehner, Y; Chabot, N; Hobson, Y; Jordan, N; LaTourette, N; Latta, N; Pryce, Y; Regula, Y; Schmidt, Y; Tiberi, Y; Turner, N.


OKLAHOMA

Democrats _ Boren, Y.

Republicans _ Cole, Y; Fallin, Y; Lucas, N; Sullivan, Y.


OREGON

Democrats _ Blumenauer, N; DeFazio, N; Hooley, Y; Wu, Y.

Republicans _ Walden, Y.


PENNSYLVANIA

Democrats _ Altmire, N; Brady, Y; Carney, N; Doyle, Y; Fattah, Y; Holden, N; Kanjorski, Y; Murphy, Patrick, Y; Murtha, Y; Schwartz, Y; Sestak, Y.

Republicans _ Dent, Y; English, N; Gerlach, Y; Murphy, Tim, N; Peterson, Y; Pitts, N; Platts, N; Shuster, Y.


RHODE ISLAND

Democrats _ Kennedy, Y; Langevin, Y.


SOUTH CAROLINA

Democrats _ Clyburn, Y; Spratt, Y.

Republicans _ Barrett, Y; Brown, Y; Inglis, Y; Wilson, Y.


SOUTH DAKOTA

Democrats _ Herseth Sandlin, N.


TENNESSEE

Democrats _ Cohen, Y; Cooper, Y; Davis, Lincoln, N; Gordon, Y; Tanner, Y.

Republicans _ Blackburn, N; Davis, David, N; Duncan, N; Wamp, Y.


TEXAS

Democrats _ Cuellar, Y; Doggett, N; Edwards, Y; Gonzalez, Y; Green, Al, Y; Green, Gene, N; Hinojosa, Y; Jackson-Lee, Y; Johnson, E. B., Y; Lampson, N; Ortiz, Y; Reyes, Y; Rodriguez, N.

Republicans _ Barton, N; Brady, Y; Burgess, N; Carter, N; Conaway, Y; Culberson, N; Gohmert, N; Granger, Y; Hall, N; Hensarling, N; Johnson, Sam, N; Marchant, N; McCaul, N; Neugebauer, N; Paul, N; Poe, N; Sessions, Y; Smith, Y; Thornberry, Y.


UTAH

Democrats _ Matheson, N.

Republicans _ Bishop, N; Cannon, Y.


VERMONT

Democrats _ Welch, Y.


VIRGINIA

Democrats _ Boucher, Y; Moran, Y; Scott, N.

Republicans _ Cantor, Y; Davis, Tom, Y; Drake, N; Forbes, N; Goode, N; Goodlatte, N; Wittman, N; Wolf, Y.


WASHINGTON

Democrats _ Baird, Y; Dicks, Y; Inslee, N; Larsen, Y; McDermott, N; Smith, Y.

Republicans _ Hastings, N; McMorris Rodgers, N; Reichert, N.


WEST VIRGINIA

Democrats _ Mollohan, Y; Rahall, Y.

Republicans _ Capito, N.


WISCONSIN

Democrats _ Baldwin, Y; Kagen, N; Kind, Y; Moore, Y; Obey, Y.

Republicans _ Petri, N; Ryan, Y; Sensenbrenner, N.


WYOMING

Republicans _ Cubin, Y.