Transcript: Garrett Speaks on House Floor Regarding Bailout Bill

Rep. Scott Garrett (R-NJ) spoke on the floor of the House of Representatives today during the debate on the bailout bill:

"I thank the speaker.

"I came to the floor this week and I said, ‘you should be concerned about what Washington is about to do.'

"Last night, I came to the floor and said, ‘you should be alarmed about what Washington is doing because lack of deliberation.'

"Today I come and say, ‘America, you should be outraged about what Washington is about to do because Washington is not listening to you.'

"Whether you're Republican or Democrat, our offices have been hearing phone calls 10-1, 100-1 against this proposal. But Washington is not listening; they are going ahead with the proposal. There is a problem. We recognize the problem. We must work on it now.

"We should not go for the solution to the problem to the same people who have brought that problem to us. We should not go to the administration, who has brought this problem to us through their actions in the past.

"The federal reserve with their roller coaster interest rates from 2001 through 2004, 6% to 1% down and then 2004 to 2007, 1% to 5% up. Bubbles and bursts from the Fed and their false promises with Bear Stearns and A.I.G. Nor should we turn to the Democratic Leadership who signed on to this bill, the Democrat Leadership that led to the meltdown in the subprime market, nor should we turn to the Democrat Leadership who blocks reform in the past to the GSEs and say they will block reform in the future GSEs.

"We should look for new solutions. I will close on this, Mr. Speaker. The noted University of Chicago economist Robert Shimmer tells us the U.S. has long been a beacon of free markets in the world. When economic conditions turned sour in Argentina and Indonesia, we give clear instructions on what to do: balance the budget, cut government employment, and don't prop up failing enterprises.

"Those approaches by the U.S. are clear. But when the U.S. ignores its own advice in this situation, it reduces our credibility in the future. Rewriting the rules of the game at this stage will therefore have serious ramifications not only for the people in this country, but for the future of the globe. The social causes are far, far greater than any $700 billion. I yield back."

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