Bailout Legislation: The Administration is Saying Two Things and One of Them Must be False

Floor Speech

BAILOUT LEGISLATION: THE ADMINISTRATION IS SAYING TWO THINGS AND ONE OF THEM MUST BE FALSE -- (House of Representatives - September 23, 2008)

The SPEAKER pro tempore. The Chair recognizes the gentleman from California (Mr. Sherman) for 1 1/2 minutes.

Mr. SHERMAN. Mr. Speaker, the administration is saying two things, and one of them must be false. In public they say the sky is falling. If you don't pass this bill immediately, the entire economy will be destroyed.

In private they say we're going to veto this bill, Democrats, if you try to put anything in it that we find difficult. That is like a man who claims to be desperate in the desert for water, throwing water back at your face, and demanding Perrier.

They have threatened two vetoes. First, if the administration doesn't get all the power. They will accept review oversight, which means we can look at their transactions after they are done. But they reject the idea of an independent board that has control, and determines whether or not the contract can be entered into.

Second, they reject any serious limitation on executive compensation. They reject anything other than a few tweaks on those with golden parachutes who are leaving, which means they want total compensation, in the millions of dollars, for the bailout executives who are staying.

How can the administration tell us that the sky will fall if we don't pass a bill, and then block the passage of a good bill by saying they are going to veto anything that doesn't put all the unfettered power in the administration, and all the money in the pockets of the Wall Street executives?

They are not telling us the truth.

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