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Public Statements

Emergency Economic Stabilization Act of 2008

Floor Speech

By:
Date:
Location: Washington, DC


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

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Mrs. MUSGRAVE. I thank the gentleman for his time.

Some things have changed in this bill, but taxpayers will still be picking up the tab for Wall Street's party.

I was proud to stand together with a group of women from both sides of the aisle and ask for real reform, not a temporary fix. We still have no fundamental reform to Fannie and Freddie, nothing that resembles the amendments that I supported in 2005 and 2007 that would have avoided this debacle in the first place.

Instead of suspending mark-to-market, we are going to study the possibility of it. Instead of requiring Wall Street to purchase insurance on their mortgage-backed securities and work out of the problem, we are still bailing them out.

I am voting against this today because it is not the best bill, it is the quickest bill. Taxpayers for generations will pay for our haste, and there is no guarantee that they will ever see the benefits. We should not reward bad behavior. Wall Street won't have to learn its lesson, and we are not doing anything to keep them from running our economy into the ground again.

I urge my colleagues to join me in voting ``no'' on this bill.

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