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Emergency Economic Stabilization Act of 2008

Location: Washington, DC

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - September 29, 2008)


Mr. DAVIS of Virginia. Madam Speaker, I wish there were a better way, but I haven't seen it yet, and I think this is a good bipartisan work product. It is a difficult vote for all of us. Either we're promoting unprecedented Federal interference in the marketplace or we're bailing out Wall Street millionaires and are rewarding bad business decisions. There's a grain of truth in all of this, but it's also true that this doesn't address some of the fundamental problems with our current economic slowdown.

This helps, on the margin, the housing situation. It will allow some people to renegotiate in a better posture, but it doesn't solve the rising unemployment and the rising deficits and the falling dollar, but it's also true that with credit drying up and with the failure of the mortgage banks and banks that the failure to act would bring even greater economic devastation.

We saw the future a couple of weeks ago: Markets plunged. Lehman Brothers failed. AIG, Freddie and Fannie needed bailouts. Credit virtually disappeared across the spectrum. We have to take economic recovery one step at a time. If there is no credit, nothing else matters. Failure to take this step today will almost certainly worsen the situation, perhaps beyond repair.

This is a compromise. There is a lot not to like. We could pick this bill to death on both sides of the aisle. We could play the blame game forever, but politics is the art of the possible, not the art of the perfect. If this bill goes down, I don't think most of my colleagues want ownership of what's going to follow. I'm hopeful that some of the money that we're putting forward will be returned to taxpayers eventually, but there are no guarantees, but doing nothing or delaying this indefinitely is not a viable option.

I urge my colleagues to show leadership and to take the tough vote and vote ``yes.''


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