[Congressional Record Volume 154, Number 160 (Thursday, October 2, 2008)]
[House]
[Pages H10679-H10680]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               ``NO'' ON THE BUSH-PAULSON BAILOUT PACKAGE

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Ohio (Ms. Kaptur) is recognized for 5 minutes.
  Ms. KAPTUR. Madam Speaker, for the second time in one week, this 
House is confronted with a momentous vote on the economic emergency 
facing our Nation, and it is imperative that we get it right. We must 
do the right thing. We must vote ``no'' on the Bush-Paulson bailout 
package. Three days have passed since we rejected that inadequate 
proposal, but one thing hasn't changed: This is still a bailout for 
Wall Street. One thing has changed: The cost has increased 
dramatically. Believe me, if you didn't like the first version of the 
Bush-Paulson bailout, you're going to hate this one because it's even 
worse, 22 percent worse.
  On Monday, the bailout bill would have cost the American taxpayer 
$700 billion. Three days later, the bill coming from the Senate is 
going to cost us $850 billion, driving up our deficit, driving up our 
borrowing. The Senate drove up the cost of the bailout by 22 percent by 
adding tax giveaways for special interest groups. America might be 
facing an economic emergency, but it's Christmas in October in the 
Senate here in Washington. The Bush-Paulson bailout bill is loaded up 
like a Christmas tree with ornaments known as tax giveaways for special 
interests. These

[[Page H10680]]

ornaments will make a lot of people rich, but your children, 
grandchildren and great grandchildren will have to pay for them for 
years.
  When this body, having been rushed to judgment by the President and 
by our own leadership, rejected the plan on Monday, it was alleged that 
the House vote was responsible for the Dow Jones Industrial Average's 
falling by 700 points. So how do we explain the fact that the stock 
market fell almost 350 points today, the day after the Senate passed 
the Bush-Paulson bailout bill?
  What the stock market said today was heads you lose; tails you lose. 
America will still have a housing crisis even if the House puts the 
American taxpayer on the hook for another $870 billion for Wall Street. 
So don't believe people who tell you that the market is responding 
negatively to votes against the Bush-Paulson plan. The stock market is 
reacting negatively to the lack of leadership. The market knows that 
the Bush-Paulson plan is the wrong medicine. It knows the Bush-Paulson 
plan will not solve the problems in our economy.
  Madam Speaker, the American people have already spoken, and the 
financial markets are speaking, too. The Bush-Paulson plan, even this 
porked-up version, is not the solution of the economic emergency facing 
our country, and that is why the House should not rush to judgment.
  This House should stop and take a deep breath and make a commitment 
to stay in session until we enact comprehensive reform of the financial 
system and not take a quick vote on a stopgap plan that will cost the 
taxpayers $870 billion and counting. As I have said all along, we have 
to have reform first, not last after they take the money.
  I know there's a political sideshow underway, and I realize that 
certain Members face tough reelection battles and that they desperately 
want to wrap up business here so that they can go back home to 
campaign. To them, I would say, ``Trust your constituents. They will 
respect you for staying in Washington to address the economic emergency 
rather than your running home to shake hands and to kiss babies.''
  Madam Speaker, the Senate's response to the House rejection of the 
Paulson plan was to add more spending. So we got tax breaks for rum. 
You've got it right. R-U-M. We got tax breaks for mine rescue teams, 
tax breaks for railroads, tax breaks for automobile race tracks, and 
tax breaks for wool research. I'm not making this up. They added tax 
breaks for movie and television productions, 6 pages of earmarks for 
Alaska for litigation in the Exxon Valdez disaster and, the coup de 
grace, tax breaks for wooden arrows designed for use by children.
  Now, our Nation is facing an economic emergency, and the Senate adds 
a tax break for wooden arrows designed for use by children. One would 
ask: Children's wooden arrows? Why not the bows, too?
  This is surreal. The American people deserve better. It appears that 
the Bush-Paulson team has failed to sell the country on the merits of a 
Wall Street bailout, and has decided to buy the package. We saw the 
same thing here in 1993 when the Clinton administration couldn't sell 
NAFTA on its merits and, instead, opened the Federal Treasury to buy 
the votes of enough Members to win passage.
  Let's get back to reality, but first of all, everybody needs to calm 
down. Don't give in to fear and don't give in to panic. We need regular 
order in this House. We need to be the deliberative body that our 
system of government envisions and demands.
  First of all, this downturn is not--I repeat ``not''--as serious as 
ever faced by our Nation. In the late 1970s and early 1980s, the 
conditions were much worse: 3,000 banks failed. Interest rates shot up 
to 21 percent. Hundreds of agricultural banks failed. In using the 
powers of the FDIC and their emergency authorities, we worked it out 
without 1 cent being charged to the taxpayer.
  Madam Speaker, I want to thank you for giving me the time this 
evening. We face a real financial crisis, and we ought to stay here 
until we resolve it the right way, not the fast way.

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