EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)
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Mr. RYAN of Wisconsin. Madam Speaker, over the last few days we have heard about LIBOR, commercial papers, spreads, swaps, about the credit markets. This chart shows you just how bad things are in the credit markets. But what does any of this stuff mean? What is credit? Credit is confidence, it is credibility, trustworthiness in someone's ability to pay.
Right now, our system is plagued with fear. There is no confidence. There is no trust. Lenders don't trust borrowers; sellers don't trust buyers.
This bill, as flawed as it is, goes right to this issue. If it works, it stops that fear from spreading into outright panic.
Will this bill prevent a recession? No, I don't think it will. But it will help us make sure that a recession is short and shallow, and not deep and long.
I know one thing for sure. Doing nothing is the worst thing we could do. This is one of those once-in-a-century kind of crises, and we need to act to prevent it from becoming a once-in-a-century kind of a recession. In Wisconsin, we are already beginning to see the beginning of this. We are already starting to see the job losses.
For me, this is a conscience vote. We of all people understand public opinion. We know it is not popular. But we see that gathering storm, we see it out there on the horizon. Our constituents may be outside mowing their lawns and looking up and seeing a sunny sky, but we see those storm clouds developing. And I want to know for sure that when the choice was made, I had made the decision to prevent that storm from gathering, to prevent those jobs from being lost, to protect our constituents from losing their retirement funds, from not getting that home loan, that car loan.
I want to make sure that what we do here today snaps that fear out of the market and preserves those jobs, and makes sure that the bumpy road we are going to have is not nearly as bumpy as it would otherwise be if this bill fails.
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