[Congressional Record Volume 154, Number 52 (Thursday, April 3, 2008)]
[House]
[Page H1975]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       ECONOMIC DISASTER UNWINDS

  (Mr. BLUMENAUER asked and was given permission to address the House 
for 1 minute.)
  Mr. BLUMENAUER. The economic disaster continues to unwind. Of course, 
there was reckless lending, bad investment, cheating and, yes, bad 
borrowing. But the major failure was of this administration and 
Congress over the last 7 years. I commend Chairman Frank for his 
understanding and resisting the rush to less regulation and oversight, 
while there was far more risk taken on in our economic system.
  There is a seriously flawed Senate package moving its way forward. We 
must remember the people who need help the most, by reforming 
bankruptcy laws so that we do not favor the speculator over the 
homeowner. Above all, we must not reward the people who got us into 
this mess and profited overwhelmingly along the way. American people 
deserve better; not just the almost 8,000 per day facing foreclosure, 
but the tens of millions whose neighborhoods will be harmed as a 
result.

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