Providing for Consideration of Senate Amendments to H.R. 1424 Emergency Economic Stabilization Act of 2008

Floor Speech

Madam Speaker, yesterday morning a woman in my district shouted at me, ``Tell all those guys on Wall Street to''--how should I put this?--``take a long walk off a short pier.''

I can appreciate how she feels, Madam Speaker. I kind of feel the same way. I would very much like someone to pay a price, or to at least assume some responsibility for this economic mess before we do anything else. But while that might be good therapy, it's not good economic policy.

Anger won't keep anybody in their house. Anger won't help anybody get a car loan or a student loan. Anger won't help small businesses get the credit they need to maintain inventory or pay their employees.

Madam Speaker, the bill before us is far from perfect. I wanted stronger bankruptcy protection language. I wanted the economic stimulus package included in this bill. I wanted tougher language on banning golden parachutes for CEOs, and I wanted firmer pay-back provisions so taxpayers don't get stuck paying for any of this.

And while some of the new tax provisions that the Senate added are good, most are not paid for, which troubles me very much, given the fact that we have the biggest debt in the history of our country.

But the way I see it, we don't have much of a choice. The bill will, hopefully, help stabilize our economy. I can't guarantee that it will work, but I do know that killing this package today would be a serious mistake. The credit markets would further tighten, and the people that I represent, even those who want me to vote ``no,'' would be hurt very badly.

It's hard to get anything done around here with a divided government. I'm hopeful that next year we can do some of the things that we are failing to do today. We need to enact a stimulus package that will invest in our infrastructure, schools and housing. We need health care for all. We need to revolutionize our energy system. We need to tackle hunger, poverty and homelessness.

But I have come to the conclusion that none of that, none of those priorities will be possible if the financial system of this country collapses. So I will vote ``yes,'' and I would urge my colleagues to do the same.

Finally, Madam Speaker, I want to pay tribute to my colleague from Massachusetts, Barney Frank, who I think has done an incredible job for championing the causes and the voices of middle class Americans and those who are struggling in poverty. All of us are grateful for his leadership.

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