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Wall Street

Floor Speech

Date: Sept. 26, 2008
Location: Washington, DC
Issues: Finance and Banking Government Budget and Spending

Wall Street

(Mr. SHERMAN asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. SHERMAN. Last weekend, the establishment told us that if we did not give the administration and Wall Street $700 billion in unmarked bills within 48 hours, the sky would fall. The sky is still in the heavens.

Last night, Washington Mutual failed in the largest bank failure of our history. This illustrates that we do have a serious problem and we ought to come up with the right solution.

Last night, there was an enormous, precipitous drop in the likelihood that this House would rubber-stamp the establishment's program by this weekend. The markets are stable in spite of Washington Mutual and in spite of the fact that their $700 billion is now not likely to be disbursed exactly this weekend.

We have a few days to craft a good solution, one that limits the power of the administration, limits the amount of money we spend, and limits the pay of Wall Street executives receiving bailouts. Let's get it right this time.


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