Emergency Economic Stabilization Act of 2008

Floor Speech

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

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Mr. SHERMAN. Madam Speaker, I thank the gentleman for 1 minute. I can't possibly in that minute describe the problems with this bill. I hope people will pick up the blue paper that I'm distributing.

But what they have done to the bill is they have added special tax breaks for those who import bows and arrows, and those who import wool, thus displacing American products as part of the economic recovery package. That's why it's not the economic recovery package. It's the pork-laden, earmark-laden Wall Street bailout bill. It is a bill that will send hundreds of billions of dollars not for bad investment decisions made in America but to buy toxic assets currently in the safes in London and Riyadh, Saudi Arabia, and Beijing. It is a bill that will allow million-dollar-a-month salaries, and $5 million-a-month salaries, to be paid to executives who have driven their firms into the ground and now need a taxpayer bailout. It is a bill that provides for an oversight board that critiques, but cannot stop anything.

Vote ``no'' now. We will stay in town and write a good bill.

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