WASHINGTON — Reps. Zach Wamp, R-Tenn., and Lincoln Davis, D-Tenn., say their constituents have overwhelmingly spoken out against a taxpayer-financed bailout of ailing financial firms.

“My local bankers tell me, ‘Don’t vote for this,’” said Rep. Davis, a member of the House Financial Services Committee. “I have difficulty with the government coming in and bailing out private investors on their risky investments.”

Rep. Wamp said his constituents remain unconvinced on Treasury Secretary Hank Paulson’s proposal to purchase up to $700 billion in distressed debt from financial institutions, even after President Bush made a television address Wednesday to defend the plan.

“We had 66 people call in (Thursday) morning against it and six for it,” Rep. Wamp said. “I don’t think the president’s speech convinced the American public that this is an imminent crisis or that their proposal is the best course of action.”

For complete coverage see tomorrow’s Times Free Press.

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