Emergency Economic Stabilization Act of 2008

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)

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Ms. KAPTUR. Madam Speaker, Mr. Chairman, and dear colleagues, do you feel like a herd of bulls and bears are rushing at you? They are. The question is will you stand up to them?

This approach, their approach, will not work. It won't solve the credit crunch nor the mortgage foreclosure challenge.

Wall Street speculators, now the major donors in Federal campaigns, have used their considerable influence inside the halls of government, especially at the U.S. Treasury, to open up the piggy bank. Meanwhile, taxpayers across Main Street, who will pay the bill, will find it has no effect on bettering their lives as unemployment increases, foreclosures increase, and the squeeze on the middle class increases. The Treasury plan throws an ungodly amount at Wall Street. Yet all of our Congressional committees but for one were relieved of their duties as regular order was dispensed with for a very hasty action.

We should do what we did back in the '70s, '80s and '90s and use the powers of the Federal Deposit Insurance Corporation and the Securities and Exchange Commission to address the credit crunch without costing the taxpayers a penny. This bill is just an end run around the American people 3 weeks before an election while this Congress is skittish and as Wall Street's investment houses conduct their biggest heist of the century from the U.S. Treasury and our U.S. taxpayers.

Pray for our Republic. She is being placed in uncaring and very greedy hands.

Vote ``no'' to get a real deal, not a fast deal.

I thank you, Mr. Chairman, for yielding me 1 minute in this very important debate.

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