[Congressional Record Volume 155, Number 70 (Thursday, May 7, 2009)]
[Extensions of Remarks]
[Page E1094]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        IT'S TIME TO FIND OUT WHAT CAUSED THE ECONOMIC MELTDOWN

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                        HON. WILLIAM D. DELAHUNT

                            of massachusetts

                    in the house of representatives

                         Thursday, May 7, 2009

  Mr. DELAHUNT. Madam Speaker, I rise today as the current economic 
crisis continues to take a devastating toll on families and businesses 
across this nation, and the world.
  Never before have we witnessed so much economic turmoil. Within a 
matter of months, Americans saw much of their life savings and their 
home equity disappear. Nest eggs evaporated literally overnight. Plans 
for a college education dashed. The dream of homeownership turned into 
a nightmare of foreclosure.
  Today, unemployment continues to rise, credit markets are in a 
shambles, and businesses large and small are closing. The problems in 
our banking and financial system have infected the global economy, 
undermining confidence in our own markets.
  To boost sagging demand in our economy, the federal government is now 
spending hundreds of billions of dollars at a pace that is 
unprecedented in our history. As the Congress and the new 
administration put in place measures to resolve this crisis, it is time 
for the Congress to provide the American people with a clear assessment 
on how we got into this mess and what ought to be done to prevent it 
from happening again.
  Frankly speaking, given all the money that's been spent, the American 
people deserve a full accounting. They deserve an honest and 
unvarnished assessment of the causes of this crisis. Because, without a 
thorough diagnosis, how can we make sure that a crisis like this never 
happens again?
  That is why I am joining with Congressman Steven LaTourette in 
calling for the establishment of an independent, bipartisan commission, 
charged with examining the root causes of the current global financial 
crisis.
  It would resemble the 9/11 Commission in its objectivity and 
independence and have one year to investigate the crisis. It would have 
the authority to refer to law enforcement any evidence that 
institutions or individuals may have violated existing laws. At the end 
of its investigation, the Commission will report to the President and 
to the Congress its recommendations for statutory or regulatory changes 
necessary to protect our country from a repeat of this financial 
collapse.
  I voted against the Wall Street bailout proposals last fall, because, 
as I said back then, they did not deal with the root causes of the 
crisis; they failed to give the American people a full and fair 
accounting of what happened; and they failed to hold accountable those 
who caused the crisis.
  Today, I still believe we must do this and unless we take these 
actions, we will be failing in our responsibility as an institution to 
fully serve the people who elected us. I urge my colleagues and all 
Americans to support this proposal.

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