[Congressional Record Volume 154, Number 152 (Wednesday, September 24, 2008)]
[Senate]
[Pages S9387-S9388]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            WORKING TOGETHER

  Mr. CORKER. I would like to follow on with the assistant majority 
leader's comments and say that I agree that we need to gather to solve 
this problem. And I sense, from the administration and in 5 hours of 
banking hearings yesterday and phone conversations I have had 
throughout the evening last night and today, I sense a willingness to 
alter the plan in such a manner that accountability, that those kinds 
of things, oversight and other matters we want to address are 
addressed.
  What I would say to the assistant majority leader and to others who 
want to see something happen is, let's work through the weekend. Let's 
not have some artificial deadline of leaving here Friday until we get 
it right.
  I think there has to be a structure that comes together very soon 
that allows both the House and the Senate to be negotiating together. I 
think the worst that could come out would be for one body to send to 
another body a message and then that be the vote. The assistant 
majority leader and others who are in the leadership here, I hope what 
you will do is bring us together as two bodies to try to solve this 
extraordinary problem together.
  I have a lot of people in Tennessee who are very frustrated with what 
has happened on Wall Street. I understand that frustration. I realize 
there have been lots of excesses there that need to be punished and 
penalized, but the fact is that Wall Street is inextricably tied to 
Main Street.
  I am also getting calls throughout the State of Tennessee from 
businesses, from people involved in small businesses, people who are 
involved in household issues, who are having very difficult issues with 
getting credit.
  So what I would say is, look, I think all of us agree that something 
needs to occur. I think all of us agree that something drastic needs to 
occur in order to jolt this system. There is a lot of debate over what 
is the right and wrong thing to do, but I believe we as a body should 
be responsible. I believe we should come together as two bodies, with 
the leadership of both bodies working together to try to get this 
legislation right.
  The hearings that are taking place today in the House have been most 
illuminating. The 5-hour session we had yesterday in Banking was most 
illuminating. Most of us have been able to spend time with Chairman 
Bernanke and Secretary Paulson to talk through this issue.
  One of the responsibilities and privileges we have here in the Senate 
is that we have access to information most people throughout the 
country do not have access to. People ask us to make judgments, to use 
the wisdom we garner from talking to these people to try to do the 
right thing for our country, and I hope that sometime between now and 
Sunday we will come together, solve this problem, do so in a way that 
is prudent for our country, that protects our taxpayers but at the same 
time causes the financial system in our country to operate as it 
should.
  I want to mention one other thing. If we do this correctly, which is 
what I have been trying to encourage--I know the President has done the 
same thing in hearings yesterday--if we do this correctly, the money, 
whatever money that is expended, is actually something that is an 
investment. These securities Secretary Paulson is talking about 
investing in have a market value. If they can set up a mechanism to buy 
these at proper value, the taxpayers will, in fact, have a return.
  I believe that whatever we do is not going to be 100 percent correct. 
We will make mistakes. We will look back on whatever it is we pass in 
the next week or so and we will realize we had some issues that were 
not dealt with properly. But I do think it is incumbent upon us to work 
until this is done.
  I think the markets are watching us. I think actually that while we 
might have taken another week or two to solve this problem, an 
artificial line has been drawn in the sand for this

[[Page S9388]]

weekend because the markets now expect us to do something. And I want 
to say to the assistant leader, to our minority leader, and to others 
who have been on the floor that I certainly stand ready and available 
to work with others, to work with people on both sides of the aisle and 
in both bodies to make sure we solve this problem, we solve it 
prudently, and we do so in a timeframe that allows our financial 
markets to get back to somewhat normal operations as soon as possible.
  I yield the floor.
  Mr. AKAKA. Mr. President, I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. SALAZAR. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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