Speaking in Lancaster this morning, U.S. Sen Arlen Specter said that although Pennsylvanians remain "very angry" about the $700 billion economic bailout package approved last week, it was the "lesser of undesirable alternatives."

Specter spoke briefly with members of the media on the sidewalk across the street from the Hamilton Club after meeting with local GOP officials inside the downtown club.

He said that in similar recent meetings across the state, he's heard a lot of anger about the economy.

    Specter on bailout

"The people of Pennsylvania are at a boiling point. The temperature is 212 degrees Fahrenheit," he said.

Specter, who voted for the bailout package, called the measure "a very bitter pill."

"It was undertaken only because we faced a situation that if we hadn't of acted, the possibility of a very, very serious economic downturn was with us," he said.

Specter, the  ranking member of the Senate Judiciary Committee, also said there would be further congressional inquiries into what happened, hinting that there could be repercussions for financiers who overestimated the worth of some assets.

"If you overvalue the assets on your books knowingly so you can lend more money ... it is fraud," he said.

While singling out financiers, Specter said there is "enough blame to go around" for the current economic crisis.

However, Specter said Sen. John McCain has been unfairly saddled with blame for the economic crisis.

"Senator McCain has taken a rap on the economic downturn because it was under the Republican watch. But Senator McCain has established his independence from the administration repeatedly," Specter said.

Responding to a question about Obama's growing lead in recent Pennsylvania polls, Specter said he thought voters would return to making a choice based on experience, where he said McCain has an advantage.

"Senator Obama is obviously a very articulate and able person, but he lacks the experience," Specter said.

As for the polls themselves, some of which show Obama with a double-digit lead in Pennsylvania, Specter said:

"Polls are a snapshot of what happened yesterday. There is a lot of time between now and election day. And there's only one poll that counts: Election Day."


Staff writer Chad Umble can be reached at cumble@LNPnews.com or 481-6031.