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

Floor Speech

Date: Oct. 3, 2008
Location: Washington, DC
Issues: Finance and Banking


PROVIDING FOR CONSIDERATION OF SENATE AMENDMENTS TO H.R. 1424, EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)

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Mr. SHERMAN. Wall Street wants the $700 billion so bad they can taste it. To get it they need two things. First, you create panic; then you block alternatives, and then you herd the stampeding cattle toward passing a bad bill.

We are told that we must act in hours. The fact is, we have taken 2 weeks and we can take another week, not a week of trying to jam us with a bad bill, but a week of writing a good bill. As over hundreds of economists have told us, including three Nobel Laureates, we ask Congress not to rush, to hold appropriate hearings and to carefully consider the course of action.

What have they done to the bill?

They've added earmark pork to the bill that they think will finally get us to buy it.

Don't fall for it. If we're going to deal with this crisis, we need to deal with it with other alternatives. Defeating this bill today is not the last step, it's the first step in passing a good bill.

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