E92 CONGRESSIONAL RECORD — Extensions of Remarks January 29, 2008 it as a thoughtful and conscientious vote, even member that our efforts in space exploration the interests of the common good. I look for- if they disagree with it. have inspired generations of our young people ward to working with a president and a Con- f to pursue careers in science and engineering. gress that understands the vital role of a little In addition, it is clear that the scientific and en- government regulation and intervention. I am CELEBRATING THE 50TH ANNIVER- gineering advances of the U.S. space program entering Mr. FRANK’s Op-Ed into the RECORD SARY OF THE U.S. EXPLORER I have yielded dividends that have helped pro- so that our colleagues, and interested Ameri- SATELLITE AND THE BIRTH OF mote America’s technological preeminence in cans, can consider what lies ahead for our THE UNITED STATES’ SPACE EX- the world as well as foster economic growth country if we do not carefully examine how we PLORATION PROGRAM here at home. arrived in the current situation. As we look forward to the next 50 years in [From the Financial Times, Jan. 14, 2008] HON. MARK UDALL space exploration and utilization, it is impor- WHY AMERICA NEEDS A LITTLE LESS LAISSEZ- OF COLORADO tant that Congress continue to support science FAIRE IN THE HOUSE OF REPRESENTATIVES and engineering educators and programs that (By Barney Frank) Tuesday, January 29, 2008 will help prepare the men and women who will As we prepare for this autumn’s election, Mr. UDALL of Colorado. Madam Speaker, lead the United States in pushing back the the results are in on America’s 30-year exper- today I am introducing a resolution to cele- frontiers of space exploration in coming years. iment with radical economic deregulation. Income inequality has risen to levels not brate the 50th anniversary of the launch of the In closing, I think that America’s space pro- gram has been a vital contributor to the na- seen since the 1920s and the collapse of the U.S. Explorer I satellite, and the birth of the unregulated portion of the mortgage and sec- United States’ space exploration program. I tion’s well being and standing in the world, as ondary markets threatens the health of the am pleased that Chairman BART GORDON, well as to significant scientific and techno- overall economy. Ranking Member RALPH HALL, Rep. TOM logical advances over the last five decades. It These two economic failures will be major FEENEY, and Rep. NICK LAMPSON have joined is fitting and proper that we pause to celebrate issues in the forthcoming presidential elec- me as original cosponsors and I thank them and honor the anniversary of Explorer I and tion and, importantly, there is an emerging Democratic consensus standing in sharp con- for their support. the birth of the U.S. space program—and to rededicate ourselves to the pursuit of a robust trast to the laisser faire Republican ap- On January 31, 1958, the United States proach. successfully launched its first satellite into and vital space program over the next 50 There are two central elements of this con- space and began a 50-year journey of explo- years. sensus. Democrats believe that government’s ration and achievement in space that con- I hope that all Members will join me and my role as regulator is essential in maintaining tinues to this day. cosponsors in supporting this resolution. confidence in the integrity and fairness of Yet the launch of Explorer I was not just a f markets, and we believe that economic ‘‘photo-op’’. Explorer I carried a scientific pack- growth alone is not enough to reverse unac- age that included a cosmic ray detector and RECOGNIZING JAMES JOHNSON ceptable levels of income inequality. In the wake of the subprime mortgage crisis, credit marked the first ever use of a satellite to carry markets round the world contracted sharply out scientific research in outer space. Because HON. SAM GRAVES in response to concerns among market par- of that detector, developed by Dr. James Van OF MISSOURI ticipants about the value of exotic and Allen of the University of Iowa, the United IN THE HOUSE OF REPRESENTATIVES opaque securities being offered in largely un- States made a significant discovery about the Tuesday, January 29, 2008 regulated secondary markets. This stag- Earth’s environment—namely, the discovery of gering implosion and its damaging and wide- regions of energetic charged particles trapped Mr. GRAVES. Madam Speaker, I proudly spread reverberations make it clear that a in the Earth’s magnetic field—later referred to pause to recognize James Johnson of Chil- mature capitalist economy is as likely to suffer from too little regulation as from too as the Van Allen radiation belts. licothe, Missouri. On February 3, 2008, James will retire as Chief Executive Officer of the much. In addition, Explorer I was the first in a suc- With respect to income inequality, since cession of small scientific spacecraft that con- Hendrick Medical Center in Chillicothe, Mis- the end of the last recession—a period of tinue to be an integral component of the U.S. souri. steady economic growth—average earnings space science program and an invaluable Jim joined Hendrick Medical Center in 1998 for the vast majority of workers have fallen training ground for young scientists and engi- as Chief Executive Officer and brings more in real terms. During this period, after-tax neers. than 35 years of health care experience to his incomes of the top 1 per cent nearly doubled. In light of all that, I ask my colleagues in position. While in Chillicothe Jim has been ac- Whether because of globalisation, tech- tive in many community organizations as a nology or other factors, it is clear that mar- Congress to join me in extending our profound ket forces have produced too much inequal- thanks and appreciation for the contributions leader, a volunteer and a board member. He ity and government has not adequately used of the late Dr. James Van Allen and his team was president of Rotary, Habitat for Humanity its capacity to mitigate the impact of these as well as those of the individuals at the Jet and the YMCA and is the current president of forces. Propulsion Laboratory and the Army Ballistic the Livingston County Community Foundation. Conservatives have long argued that gov- Missile Agency who made possible the suc- Madam Speaker, I proudly ask you to join ernment efforts to address these issues would cess of Explorer I and the birth of our space me in recognizing James Johnson, whose damage the economy. They are, of course, program. dedication to Hendrick Medical Center and the the same people who predicted that there Since the launch of Explorer I, the U.S. city of Chillicothe has been truly inspirational. would be an economic disaster after Bill Clinton and the Democratic Congress raised space program has maintained a record of I wish James and his family the best of luck marginal tax rates in 1993, and who opposed high aspirations and remarkable accomplish- in the future and I am honored to serve him other tax increases on upper-income people. ments. America sent the first astronauts to the in the United States Congress. Economic growth in the ensuing years was Moon and has launched robotic probes to f among the strongest in the postwar era. It is study each of the planets in the solar system now clear that growth in the private sector as well as the Earth’s Moon. Moreover, Amer- WHY AMERICA NEEDS A LITTLE is consistent with a far greater variation in ican spacecraft have helped investigate the or- LESS LAISSEZ-FAIRE many aspects of public policy—including igin and structure of the universe and the for- taxation and regulation—than conservatives claim. In fact, appropriate intervention with mation of galaxies and stars—including our HON. JIM McDERMOTT respect to prudential market regulation is own Sun. Finally, our space program has de- OF WASHINGTON necessary to promote growth, and its ab- livered significant benefits to our citizens IN THE HOUSE OF REPRESENTATIVES sence—as we have learned—can retard it. As recently as a year ago, one often heard through communications and weather sat- Tuesday, January 29, 2008 ellites, navigational and positioning systems, the argument that U.S. financial activity and remote sensing satellites that have helped Mr. MCDERMOTT. Madam Speaker, a re- would migrate offshore unless we moved to increase our understanding of the Earth and cent Op-Ed written by the Honorable BARNEY further deregulate markets. There is little evidence to support this claim. In fact, it is FRANK, Chairman of the House Committee on its environment and our ability to manage our now clear that what has been migrating to resources. Financial Services, appeared in the Financial the rest of the world are the problems associ- All in all, it has been an exciting half-century Times. Mr. FRANK, I believe, succinctly de- ated with securities based on bad loans— of U.S. human and robotic space exploration. scribes the challenges that face Federal policy often originated by unregulated institutions As we honor Explorer I and the birth of the makers and a new American president. Too in the U.S. Banks in the UK and Germany U.S. space program, it is appropriate to re- often these days, the market fails to protect were forced to close, either as a result of

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