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Learning Economic Lessons

Floor Speech

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Location: Washington, DC


LEARNING ECONOMIC LESSONS -- (Senate - September 23, 2008)

Mr. COBURN. Mr. President, I spent 8 1/2 hours yesterday trying to get back here, and I understand during a period of that time my name was mentioned rather prominently several times on the floor, which is fine. I know Senator Reid is going to come out in a little bit and offer some unanimous consent requests, which I am certainly open to considering, but we just got the language on those and so we will be looking at that. I will be objecting until I get a chance to see what changes have been made, and I look forward to working with Senator Reid.

But I think this whole debate about 35 bills and $10 billion is a great lesson for us. We stand right now as a nation on a fault line that has created a lack of confidence in the financial system in this country--and not just in this country but in the world as well. While we are facing what is being requested by the head of the Federal Reserve, the Treasury, and the administration--a task of trying to reestablish confidence and liquidity in our markets--we have failed to learn the lesson.

The lesson is this: We cannot continue to indiscriminately create more Government without making the Government we have efficient.

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