[Congressional Record Volume 141, Number 20 (Wednesday, February 1, 1995)]
[House]
[Page H976]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


              WHY SHOULD MAIN STREET BAIL OUT WALL STREET?

  (Mr. FUNDERBURK asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. FUNDERBURK. Mr. Speaker, this morning the Secretary of State and 
the Secretary of the Treasury canceled scheduled appearances before the 
International Relations Committee. This administration has a serious 
credibility problem. It has ignored the American people and done a 
deliberate end-run around the Congress. I do not care what obscure law 
the President cites for his authority. There is outrage in my district, 
and I suspect throughout the State of North Carolina.
  We have rescued the Mexican economy several times since 1976. Each 
time we have done so, the Mexican Government has refused to reform 
itself.
  Bailing out investors stuck with bad pesos is not the job of the 
taxpayer. Why should Main Street bail out Wall Street? What sort of 
message is sent when holders of high-yield securities are bailed out by 
the taxpayers?
  When Mr. Rubin was chairman of Goldman, Sachs, his firm did not 
socialize domestic profits it earned when it was speculating. The same 
system that rewarded his old firm should work to penalize his former 
colleagues who gambled and lost.
  I ask this administration to tell Main Street, Dunn, NC, it has to 
pay for Wall Street's mistakes and a corrupt regime in Mexico.

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