[Congressional Record Volume 154, Number 154 (Friday, September 26, 2008)]
[Senate]
[Pages S9567-S9568]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              THE ECONOMY

  Ms. STABENOW. Thank you, Mr. President.
  Mr. President, today I wish to speak in support of what I consider to 
be the people's benefit, the people's bailout we have in front of us--a 
jobs stimulus--that we are going to be voting on shortly to invest in 
jobs in Michigan and all across the country and why we need to be doing 
that, why we need the President to finally support us in doing that, 
and why we need to have bipartisan support to do that. But first I wish 
to share with you some of what the people in Michigan are feeling right 
now about what is going on.
  We in Michigan have known for a long time that things were not going 
well, that the fundamentals of the economy were not strong. We have 
known for a long time. I have been sounding the bell. Other colleagues 
of mine here in the majority have been sounding the bell. We have been 
putting forward solutions in the last 18 months, holding investigative 
hearings, proposing strategies to address the housing market and what 
needs to be done for jobs in the future. All we have heard from the 
other side of the aisle, from this President, has been: The 
fundamentals of the economy are strong. And now, all of a sudden, they 
come to us and say we are at the edge of a cliff. Well, unfortunately, 
I believe we are.
  Contrary to all of the information or misinformation that was given 
to us in leading up to the war in Iraq, where, after listening very 
carefully and intently, I did not believe what was being said about the 
crisis or sense of urgency and voted no, in this case, where we are 
hearing from people around the country and I am hearing from people 
around Michigan in terms of what is happening--the inability to get 
credit to be able to start a business, what is happening in terms of 
potentially more job loss--I think this is, in fact, a crisis.
  But what is outrageous to me is that this is not an accident. This is 
a crisis that has been brought forward because of a failed philosophy 
and a failed set of policies that have got us to this point. People in 
Michigan are mad about it. And I am mad about it. I am mad about the 
position in which we now find ourselves because, in fact, if people 
cannot get a car loan, my auto dealers are not going to be able to stay 
in business, my auto workers are not going to be able to have the 
opportunity to build those great automobiles. So I know this is 
serious. If, in fact, folks cannot get a college loan, that impacts the 
families whom I represent. If they cannot get a line of credit, if 
somebody takes an early out at one of our auto companies and decides 
they are going to set up their own small business and they cannot get 
credit, they cannot get a line of credit to set up that business, they 
are in trouble. My communities are in trouble. But what is an outrage 
is what has gotten us to this point and the fact that when families in 
Michigan have been not only on the edge of the cliff but falling off 
the cliff--thousands of them a month, losing jobs, losing homes, can't 
get the health care they need for their family, squeezed on all sides--
we haven't been able to get the support from this administration or the 
bipartisan support we have needed to be able to help the families who 
fall off a cliff every day. So the people in Michigan are mad, and I 
don't blame them, because I am mad too.

  We have had a failed set of philosophies that has gotten us to this 
point. While we know now--or I believe that--unfortunately, we do have 
to do something because the people in my State are ultimately going to 
see their jobs gone if we don't. I also believe it is incredibly 
important that we investigate, and that we demonstrate that we know 
what happened, the policies that failed, and that we are not going to 
let it happen again. I believe, frankly, there is only one way to do 
that, and that is by changing the philosophy, changing the White House 
in this country.
  But let's look at where we are: massive deregulation. I know from the 
great State of Ohio, the Presiding Officer faces the very same concerns 
I do. Massive deregulation: Let's not watch what is going on. No 
accountability. Tax breaks for the wealthiest Americans, while middle-
class people lose their jobs, and then step back and let greed roll. 
Let greed reign, with no accountability.
  Now, that is what has gotten us to this point. People can try to mask 
it over in a thousand different ways, but the facts are the facts. This 
philosophy--the Republican philosophy of deregulation, coupled with 
more concern about tax cuts for the wealthy than what is happening to 
our country in

[[Page S9568]]

terms of debt or investment, has gotten us where we are. The reality is 
that the American people one more time are in a situation where they 
are going to pay for it if we act and they are going to pay for it if 
we don't act. So we have to sort through what is the most responsible 
way to proceed when we know that American families are counting on us 
to get it right.
  I received an e-mail from my brother last night--a small businessman 
in Michigan, working hard every day. He raised two great daughters; one 
is in college and one is out. He understands what it is like to try to 
pay the bills. He sent me an e-mail from a friend of his who has been 
going around--and this will give you an idea about what people in 
Michigan feel about all this. Just with AIG alone, what was done in 
terms of the bailout for AIG--$85 billion, my brother's friend sent an 
e-mail that said: You know, they figured out that if you looked at 
every American 18 years of age or older and you divided that money up, 
and then you took minus taxes, because everybody in America is playing 
by the rules and is stepping up and paying their taxes, and what you 
would end up with for every American 18 years of age or older, just 
from that one company: $297,500--Mr. President, $297,500, just from 
that one company, or a husband and wife: $595,000.
  Now, what could a family do with $595,000? Could they buy a house? 
Could they start a business? Could they make sure their kids can go to 
school and come out without a bunch of debt? Maybe it is as simple as 
making sure you can pay the gas payment, the heating payment, and put 
food on the table and know you don't have to go to sleep at night and 
say: Please, God, don't let the kids get sick.
  We know financial markets are complicated and it is not that easy. I 
wish it were that easy, because I would be happy to do that. I wish it 
were that easy, but we know it is not.
  We know what has been built here, because of deregulation and lack of 
oversight and irresponsibility, has been a house of cards, and it is 
complicated. People don't even know who holds their mortgage now and, 
chances are, it is divided up and lots of different folks have it 
somewhere, and you can't even figure out how to negotiate to be able to 
keep your home. But we know it is complicated, and we also know the 
reality is in the American marketplace that if credit is not available, 
then businesses can't keep the payrolls going, which is where the 
rubber meets the road, and what I care about, and I know the Presiding 
Officer cares about.
  So this is serious. This is serious. We do need to fix it in a 
responsible way. But you know what. We also need to express the outrage 
people feel about getting us to this point. We have seen 605,000 people 
and counting since January alone lose their jobs, a lot of them in my 
State of Michigan where we have 8.9 percent unemployment and counting; 
605,000 people since January. I have been on the floor I can't even 
count how many times talking about the fact that we need to focus on 
good-paying jobs. For those who lost their jobs, we need to extend 
unemployment compensation so they can pay the mortgage and stay in 
their house while they are trying to find another job. Our economic 
stimulus plan that is before us now, put forward by our leader, Senator 
Harry Reid, and Senator Byrd and the Democrats, extends that 
unemployment compensation and is absolutely critical. But it is even 
worse than that, because we have had 8 years--8 years--of not paying 
attention to middle-class families. In manufacturing alone, in the 
great State of Michigan, in the great State of Ohio, people who not 
only make automobiles but appliances and furniture and all the things 
that keep the economy running, have been overlooked. We have lost 3.5 
million jobs; in fact, that number is going up. Even as we have this 
chart, I think I saw a new number that said 3.8 million. This number 
keeps going up and up and up, of lost manufacturing jobs since this 
failed Republican strategy started in 2001.
  So we all understand we are at the edge of a cliff, but we have a lot 
of people who have fallen off already and are saying: What about me? 
What about my family? What are you going to do about my family? Don't I 
count anymore? Is it only the wealthy people who count? Is it only the 
people on Wall Street who count? What about me, and what about my 
family?
  That leads me to the economic stimulus plan that has been put before 
us, because this is our downpayment as the Democratic majority, and I 
am so hopeful it is going to be bipartisan. I am so hopeful. This is a 
downpayment on the fiscal relief for the help the American people need. 
Now, it is about 8 percent of the bailout of the fiscal crisis 
situation that we are being asked to deal with; about 8 percent of the 
$700 billion is what we are asking for with this amount.
  Mr. President, if I might receive unanimous consent for an additional 
2 minutes. I realize you have the gavel.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  Ms. STABENOW. Thank you very much.
  What we have in front of us is the ability to come together and--I 
see people of goodwill. I see our leader on finance, our ranking 
member, and we work together all the time. I am hopeful we are going to 
come together on this one.
  We have in front of us the ability to create jobs with this package. 
Overall, the cost of it is only 8 percent of what we are being asked to 
do to deal with the overall financial crisis. It is not clear whether 
it is going to work, what we are being asked to do in the broader 
sense, but I tell you what: This will work, because this will put 
people back to work. This will extend unemployment compensation. It 
will invest--and I wish to thank our leadership for taking my 
recommendation--in advanced battery technology research, which is part 
of how we get to the advanced vehicles, to invest $300 million so we 
can claim that technology, so it is not being made overseas. Jobs and 
rebuilding America are in this plan. It is only 8 percent of what we 
are being asked to do to be able to deal with the crisis in the 
financial markets. I know that is real. I know it is. I know we have to 
deal with a responsible plan. But, frankly, this is about making sure 
we deal with the crisis in the lives of families every day, and it is 
the least we can do.
  We need a responsible plan for the broader crisis: No golden 
parachutes for CEOs; we need to help homeowners; We need to have 
accountability. Frankly, we need to investigate and find out exactly 
what happened and who is responsible and hold them accountable. Because 
the American people are watching to see if we are going to also pay 
attention to what is happening; the crisis in their lives. This 
stimulus package we have in front of us right now is a first step to 
doing that, to say: We hear you. We get it. It matters what happens in 
people's lives. I hope we are going to support it.
  I thank the Chair.
  The ACTING PRESIDENT pro tempore. The Senator from Oklahoma is 
recognized.
  Mr. INHOFE. Mr. President, it is my understanding that the Senator 
from Iowa deferred in order to finish his speech in a very short period 
of time. I ask unanimous consent that when he finishes, I then be 
recognized for not more than 10 minutes, and then the senior Senator 
from Washington be recognized after me.
  The ACTING PRESIDENT pro tempore. Is there objection?
  Without objection, it is so ordered.
  The Senator from Iowa is recognized.

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