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Neighborhood Stabilization Act of 2008

By: Al Green
By: Al Green
Date: May 7, 2008
Location: Washington, DC
Issues: Finance and Banking Housing and Property


NEIGHBORHOOD STABILIZATION ACT OF 2008 -- (House of Representatives - May 07, 2008)

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Mr. AL GREEN of Texas. Thank you, Madam Chairman.

I have to say this. I have to apologize to the gentleman, too, because for a moment, I thought I heard a disjointed syllogism because I couldn't make that connection.

This bill is needed by this country. This bill is going to help neighborhoods maintain their integrity.

And I have to ask one question: Where was the moral hazards argument when Penn Central got $7 billion? When Lockheed Martin was bailed out? When Franklin National Bank was bailed out? When Chrysler was bailed out? Continental Illinois? When Bear Stearns received its $29 billion plus a $13 billion loan? Where was the moral hazards argument?

It seems that this argument surfaces whenever poor people or whenever people who are living in the streets of life, whenever people who have not found their way into the well-off, the well-heeled, and the well-to-do, it seems that it tends to surface. I think that it's time for us to do for others what we can do for these major corporations.

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