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Emergency Economic Stabilization Act of 2008

Date: Oct. 3, 2008
Location: Washington, DC
Issues: Finance and Banking Government Budget and Spending


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

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Mr. FORTENBERRY. Madam Speaker, the choice before us today is not between action and inaction.

That is a false choice.

Clearly there is a very serious economic challenge. The decision before us is whether to adopt a potential $700 billion taxpayer liability to nationalize bad corporate debt or an alternative that may be less costly, easier to implement, and fairer to most Americans who have no blame for this mess.

Earlier in the week, many of us said no to this, and because we said no, many helpful changes were made such as FDIC increases and a change in accounting rules that may be artificially driving down asset values.

I know every Member is making a tough judgment call according to their conscience.

But I have not heard a single Member say: ``I really believe in this. This will work.''

Instead we hear: ``It stinks, it's the best we got, our problems will get worse, and we've got to get it done.''

Madam Speaker, we are the legislative body. We make the law. There are other reasonable options that could be unpacked--hopefully quickly--to address falling asset value, increase liquidity, and provide needed capital.

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