September 28, 2008 CONGRESSIONAL RECORD—HOUSE, Vol. 154, Pt. 16 22899 HOUSE OF REPRESENTATIVES—Sunday, September 28, 2008 The House met at 1 p.m. A $700 BILLION BAILOUT AND ITS Backroom deals have always troubled The Chaplain, the Reverend Daniel P. REPERCUSSIONS me because they usually turn out to be Coughlin, offered the following prayer: (Mr. DEFAZIO asked and was given bad deals for Americans. The irrespon- We praise and thank You, Lord God permission to address the House for 1 sible elites in New York City who Almighty, for all the blessings You minute.) caused this financial mess should bear have bestowed on the Members of the Mr. DEFAZIO. I fear tomorrow that the blame and the cost or there should House of Representatives and this Na- the House of Representatives, the peo- be no deal. However I suspect that tion during the 110th Congress of the ple’s House, will be rushed into making Americans will be held financially hos- United States. We have not always re- a risky $700 billion taxpayer financed tage until they pay the ransom for alized Your grace at work and given bet on Wall Street, a big bet built upon Wall Street’s salvation. You sufficient praise amidst the prob- a very shaky foundation, on the By the way, the Y2K scare was just a lems and conflicts that have con- premise that Bush’s Secretary of the mythical hoax. And that’s just the way fronted us. Treasury, Henry Paulson, who presided it is. We are truly grateful for all those as the Chair of Goldman Sachs while f who have served this great and noble these weapons of financial mass de- institution with their daily labor. struction were created, is the only one TAXPAYERS: DANCING WITH Often they are not noticed or even af- who has a plan to disarm them. BEARS AND FOLLOWING BULLS firmed by the public or even by us who Despite the best efforts of the Demo- (Mr. KUCINICH asked and was given see them and work with them every crats to change this plan, what we will permission to address the House for 1 day. vote on tomorrow at its core is still the minute and to revise and extend his re- Lord, bless all of them from pages to Paulson-Bush plan that is still based marks.) Capitol Police, from clerks to cleaning on his idea that taxpayers should bor- Mr. KUCINICH. The $700 billion bail- crew, from parliamentarians to histo- row $700 billion and buy all of Wall out for Wall Street is being driven by rians, from medical team to food serv- Street’s bad bets and that all will be fear, not fact. This is too much money ice, from AOC to CAO and even the new well. It’s sort of a financial surge strat- in too short a time going to too few CVC, and all of the others no matter egy. Like the surge in Iraq, it might people while too many questions re- where You have placed them in Your look in the short term like it’s work- main unanswered. alphabet. Hear their prayers; protect ing, but it won’t be sustainable, and I Why aren’t we having hearings on them and their families. fear it will not in any way resolve the the plan we have just received? Why Grant eternal rest to those who have underlying problems of a weak econ- aren’t we questioning the underlying died during this Congress, and omy and of a deteriorating housing premise of the need for a bailout with strengthen all those who have become market. More likely, it will lower the taxpayers’ money? Why have we not weak, sick or disheartened. Be with value of the dollar and drive up inter- even considered any alternatives other those who are in great need of Your est rates and drive up the price of en- than to give $700 billion to Wall Street? consolation or mercy. Grant to all on ergy. Why aren’t we asking Wall Street to Capitol Hill and in the Nation peace f clean up its own mess? Why aren’t we and joy both now and forever. THE PLAN FOR FINANCIAL passing new laws to stop the specula- Amen. SALVATION tion which triggered this? Why aren’t we putting up new regulatory struc- f (Mr. POE asked and was given per- tures to protect the investors? How do mission to address the House for 1 THE JOURNAL we even value the $700 billion in toxic minute.) The SPEAKER. The Chair has exam- Mr. POE. Mr. Speaker, they say it’s assets? Why aren’t we directly helping ined the Journal of the last day’s pro- going to be Y2K all over again. Remem- homeowners with their debt burden? ceedings and announces to the House ber all the media hype about the date Why aren’t we helping American fami- her approval thereof. January 1, 2000—that the worldwide lies faced with bankruptcies? Why Pursuant to clause 1, rule I, the Jour- computer systems would fail, that fi- aren’t we reducing debts for Main nal stands approved. nancial records and transactions would Street instead of Wall Street? Isn’t it f be lost and go haywire and that the time for fundamental change in our world would be gloom and doom and debt-based monetary system so we can PLEDGE OF ALLEGIANCE despair? free ourselves from the manipulation The SPEAKER. Will the gentleman This is the same politics of fear we by the Federal Reserve and the banks? from New Jersey (Mr. FERGUSON) come are hearing from the fat cat financial Is this the United States Congress or forward and lead the House in the bullies from Wall Street. the board of directors of Goldman Pledge of Allegiance. They say Congress must save them Sachs? Mr. FERGUSON led the Pledge of Al- from their financial sins before the Wall Street is a place of bears and legiance as follows: stock markets open tomorrow or the bulls. It’s not smart to force taxpayers I pledge allegiance to the Flag of the country will fall into the abyss. So to dance with bears or to follow closely United States of America, and to the Repub- Congress is working on a plan in the behind the bulls. lic for which it stands, one nation under God, back rooms of this Capitol. There are f indivisible, with liberty and justice for all. no public congressional hearings, no FREE MARKET PRINCIPLES f witnesses before committees. This Sun- day, the plan for financial salvation to SHOULD PREVAIL ANNOUNCEMENT BY THE SPEAKER save us all is being discussed by only a (Mr. WILSON of South Carolina The SPEAKER. The Chair will enter- few in the shadows of this great hall. asked and was given permission to ad- tain up to 10 requests for 1-minute Doesn’t sound like a good way to run dress the House for 1 minute and to re- speeches on each side of the aisle. the business of Congress. vise and extend his remarks.) b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. VerDate Mar 15 2010 10:20 Apr 05, 2011 Jkt 069102 PO 00000 Frm 00001 Fmt 0688 Sfmt 0634 E:\BR08\H28SE8.000 H28SE8 jdjones on DSK8KYBLC1PROD with BOUND RECORD 22900 CONGRESSIONAL RECORD—HOUSE, Vol. 154, Pt. 16 September 28, 2008 Mr. WILSON of South Carolina. Mr. deal. I ask my colleagues to join us at recognized with a military decoration Speaker, while Congress debates how 2 o’clock in HC–8 of the Capitol to meet for making the ultimate sacrifice. to address our economic crisis, I am with some real experts who have done Immigrants throughout our history grateful for those who are standing up financial resolutions without putting have contributed to making our com- for conservative free market prin- the burden on the taxpayer. munities a lot stronger, but anti-immi- ciples—promoting limited government. Please join us in HC–8 at 2 p.m. grant rhetoric continues to cloud the Surely, we owe it to the American f picture. Comprehensive immigration is taxpayer to consider what capital and the only way to solve the problem, an A $700 BILLION BAILOUT: NOT THE market confidence could be garnered approach that respects our core Amer- BEST DEAL FOR THE AMERICAN through private companies and inves- ican values of family, equality and TAXPAYER tors before dipping our hand into the human rights. wallets of everyday American tax- (Mr. ISSA asked and was given per- I challenge my colleagues, as we ap- payers. We need to look at options that mission to address the House for 1 proach the next session, to look beyond will help Wall Street fix its own prob- minute and to revise and extend his re- the anti-immigrant rhetoric and join lems so Main Street doesn’t have to marks.) me in comprehensive immigration re- foot the bill. Mr. ISSA. Mr. Speaker, the deal that form. We need targeted and sensible over- is being presented to us is not the best f sight. It ensures that individual or cor- deal that can be had. I know this be- WE HAVE OTHER CHOICES THAN porate bad judgment and mishandling cause of 20-plus years in business, bor- THIS CHOICE do not destabilize the entire economy.