Emergency Economic Stabilization Act of 2008

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

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Mr. EVERETT. Madam Speaker, in the years since I was first sworn in to office in 1993, our Nation has faced a number of major challenges that required tough and courageous decisions. I have always believed public service to be the noblest of calling. I still believe in the concept of ``citizen statesmen'' as envisioned by our Founding Fathers who recognized that private citizens motivated to serve in Congress were vital to the future of our Nation. I came to Washington not as a politician, but as a businessman ready to make tough votes for the good of the country. I believe my final vote to pass the Emergency Economic Stabilization Act is such a vote.

The impact of nearly a decade of granting home loans that were doomed to fail has reached a crisis point in our economy. The combined weight of hundred of billions of dollars in low value mortgages has created an economic aneurysm that is beginning to burst and usher in the collapse of our financial markets and take with it many American jobs. The national media have repeatedly spun this dilemma as one that solely afflicts ``Wall Street.'' This is simply not accurate.

Many Americans believe this is a cry of Chicken Little and that it is not their problem, and we should let the markets fail and let the consequences fall as they may. However, if we allow our markets to fail--no one will be insulated from the impact. Our whole economy is underpinned by the availability of credit. Without access to credit, banks fail, businesses are forced to layoff workers or close altogether, and even people with good credit cannot get loans for cars, college, new homes, or other essential needs. We are already seeing that universities are having trouble accessing their funds, municipalities are experiencing losses in property taxes since mortgage banks can not pay on foreclosed homes, and lack of availability of bonds for infrastructure and other local needs. Soon our farmers will be getting ready to start planning for next year's crop--and there is fear they will not have access to the credit necessary to plant next year's crop. We have already seen food prices increase over the last few years, and that pain will have been nothing if farmers do not have the necessary credit.

As a conservative Republican, I believe in a free market and less government intervention. However, these are extraordinary circumstances that will impact all of us. Many Americans might not have felt the effects directly yet and hopefully they will not because of the action being taken today. This legislation includes safeguards to protect taxpayers, not making the total amount of funds available at once, ensuring that there are no golden parachutes, and holding executives accountable.

I cannot leave office taking any position that is counter to the best interest of our Nation. I would have preferred to not have the Federal Government intervention, but failure to act to shore up our economy would allow far greater damage to millions of average Americans and hundreds of thousands of Alabamians. I have been honored to serve the Second District these 16 years and would never have thought one of my last votes in Congress would have been on this type of legislation. Very few things are easy in politics, and I have thought long and hard on this difficult issue, and I believe that voting in favor of the Emergency Economic Stabilization Act is the necessary thing to do.

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