[Congressional Record Volume 154, Number 160 (Thursday, October 2, 2008)]
[House]
[Page H10647]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       RIGHT DEAL, NOT FAST DEAL

  (Ms. KAPTUR asked and was given permission to address the House for 1 
minute.)
  Ms. KAPTUR. Mr. Speaker, as the House approaches a vote on the 
Senate's Wall Street bailout bill, I urge caution to my colleagues. We 
need regular order, not panic. We want the right deal, not a fast deal. 
There is a better way to address the credit crunch facing our banks 
than taxpayers printing money for Wall Street's bad actions. We must 
use the FDIC as we did in the 1980s to resolve thousands of problem 
institutions. In those days, we had over $100 billion worth of 
resolutions that cost but $1.8 billion to the insurance fund, not the 
taxpayer.
  We need to have the Securities and Exchange Commission work with our 
banks on how they account for the real estate on their books not with 
arbitrary indexes and measures, but rather to true value. That would 
unlock billions of dollars, $500 billion in the system today, and would 
ease interbank lending.
  Let's use the right medicine, not a Band-aid through which a 
hemorrhage will soon break as our deficit explodes even more and the 
value of the dollar declines further. Let's have the wisdom and courage 
to do what's right.

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