By George P. Hassett

US Rep. Michael E. Capuano, D-Somerville, said his office got nearly 1,000 phone calls last week from constituents concerned about Congress’ estimated $700 billion economic bailout package.

Sentiment was mixed, he said: roughly 60 percent of callers “flat out said no,” while 40 percent “accepted the notion that something had to be done.”

Opinion was mixed on the street in Somerville too. Most people asked about the bailout by The Somerville News this week said they didn’t like it.

“The fat cats played the game. Let them cover their losses,” said one man, who would not give his name, on Broadway Monday.

Others, however, said action was required. “The rich never suffer,” said John Kiparsky, 35, of Somerville. “If nothing was done, the people at the banks would probably end up okay” while everyone else paid the price, he said.

Capuano’s vote supporting what could become the most expensive government intervention in history was ‚Äúby far the most difficult‚Äù one he cast in his five terms in Congress, he said.

Twice he voted to approve a bailout – on Sept. 29 when it failed and on Friday when it passed and was signed into law. 

“In the final analysis, I supported this package because I am convinced that the risk to our economy is just too great,” he said in a statement. “For me, it came down to balancing the risk of voting yes and saving the economy for all Americans while incurring a potential cost to taxpayers versus the risk of voting no and watching the world economy collapse. I took what I thought was a smaller risk for my average constituent.”

The bill had many provisions he didn’t like, he said (‚ÄúOversight could be stronger‚Äù and a provision allowing bankruptcy judges the power to modify troubled borrowers’ mortgages didn’t make it in) but if it wasn’t passed, he believed the consequences would have been dire.

“I am just not willing to risk putting the jobs, pensions and 401(K) plans of hard working Americans on the line while we wait for a better bill,” he said.

In an interview with The Somerville News, Capuano said there is enough blame to go around. ‚ÄúIn the final analysis, we’re all to blame,‚Äù he said. ‚ÄúI can even blame Congress, the previous administration and the American public.‚Äù

Capuano did say, however, that “unfettered human greed” has peaked during the Bush administration.

Alderman-at-Large William A. White said if the package had not been approved, the nation could have been plunged into a depression and cities such as Somerville would find themselves in trouble.

‚ÄúIn Somerville we need commercial development to ease the burden on taxpayers. If we had a depression, you wouldn’t see development in Assembly Square,‚Äù he said.

Capuano said when Congress returns to work in January he plans to push for a ‚Äúlong overdue‚Äù overhaul of the nation’s financial system that would include adding regulation to individuals and insurance companies involved in the stock market.