News-Record.com

Regarding the bailout, Rep. Mel Watt says he'll vote for the package being pressed by President Bush.

"I'm voting for it because I don't feel like I have a choice. We were told a week ago Thursday by Sec. (Henry) Paulson and (Fed Chairman) Ben Bernanke that the consequences of not doing something would be catastrophic, probably worse than the great depression," Watt said.

He acknowledged that public sentiment was running heavily against the bill. Paulson and Bernankie, he said, had the credibility to sell the need for a bailout, at least to Congress. But, he said, only the president had the potential to really sell it to the American people.

"The problem is the President has neither the communication skills nor the credibility to convince the American people," Watt said. "Only the president has that kind of pulpit and he failed woefully when he went out there and tried to make the case."

Watt said callers to his office are not convinced that there needs to be a bailout, no matter what the details might be.

I also asked him about the impending sale of Wachovia's banking operations to B of A, which provoked a knowing groan from the Congressman.

"In the past 16 years I've been up here, I've seen other members of congress come up to me with a stressed look on their face saying, 'Your bank has bought my bank,'" Watt recalled. Usually, that has been Wachovia (or First Union before those two merged).

"Now, I'm on the reverse side of that distress and it's not fun," Watt said.

Asked about what impact the deal would have on North Carolina and Charlotte, Watt could say specifically but said the deal could have "a devastating impact."

He continued:

"It shows you how irresponsibility and greed really can cascade into real problems...This was one of the most solid banks in America until they bought that loan portfolio from Golden West ... Loans that shouldn't have been made in the first place," Watt said.