OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Take Time to Develop Responsible Wall Street Assistance Plan

Date: Sept. 24, 2008
Location: Washington, DC
Issues: Finance and Banking Government Budget and Spending Housing and Property


TAKE TIME TO DEVELOP RESPONSIBLE WALL STREET ASSISTANCE PLAN -- (House of Representatives - September 24, 2008)

Mr. MORAN of Virginia. Mr. Speaker, greed is the accelerator that drives a capitalist economy. But unless you are willing to tap on the regulatory brakes once in awhile, you are going to crash. We learned that 75 years ago, and now we are learning it again. But now the average American household is being asked to cough up about $5,000 to bail out Wall Street. That is not fair. Nor will the plan that we are being given prove to be effective.

What we need to do is to deal with the underlying mortgages, to restructure those mortgages, rather than force the taxpayer to be buying securities that they wouldn't buy in their own good judgment. The taxpayer cannot be held holding the bag.

What we need to do is stay in session until we can get it right, until we can prove to our constituents that what we have done is responsible and fair. We cannot vote this week on a $700 billion package, when we really don't know what is responsible and fair.


Source
arrow_upward