[Congressional Record Volume 141, Number 17 (Friday, January 27, 1995)]
[House]
[Page H834]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1440
                  BAILOUT FOR MEXICO MUST BE REJECTED

  (Mr. MILLER of California asked and was given permission to address 
the House for 1 minute.)
  Mr. MILLER of California. Mr. Speaker, Members of the House, the $40 
billion bailout for Mexico must be rejected by the Members of this 
House. It is not in the best interests of the American people or our 
economy.
  The Mexican bailout is about hot money, just as the REIT collapse in 
the late 1970's and the Latin American debt crisis in the early 1980's 
was also about hot money.
  Junk bonds, savings and loans, it is all about hot money.
  The Mexican peso's crisis is about a lot of Wall Street wise guys in 
$1,000 suits and $1 million bonuses who have more money than brains and 
very poor understanding of political history or ethics. Unfortunately, 
the money they have is other people's money, money from hard-working 
Americans who trusted the Wall Street wise guys who, as always, were 
more interested in the commissions and fees than the results of their 
investments.
  What Wall Street wise guys are asking us to do is to extend the full 
faith and credit of the United States of America not only for their bad 
investments but also to the economies of the emerging Third World 
nations.
  This is not a minor consideration, and we should reject it.
  

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