[Congressional Record (Bound Edition), Volume 154 (2008), Part 14]
[Senate]
[Pages 19901-19902]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE ECONOMY

  Mr. SESSIONS. Mr. President, I know the country is focusing on and we 
are all concerned about the state of the economy and some of the 
proposals that are being raised to fix that, including the proposal 
from the Secretary of the Treasury and the administration for a $700 
billion expenditure. That is almost one-third of the entire 
governmental expenditure this year. It is more than the war in Iraq has 
cost, and it is an extraordinary thing.

[[Page 19902]]

  I do not know the answer. I am not a master of the universe. I have 
used the phrase sometimes: Masters of the Universe. Understand that if 
this legislation, as was proposed, were to become law, we would have 
one single master of the universe, almost, the Secretary of the 
Treasury.
  I think this Congress has a responsibility here. I want to say that. 
I know now is not the time to go into a lot of detail, but I want to 
say this Congress has a responsibility, and we are not free to dust our 
hands and say: Mr. Secretary, you have all the power you want to buy 
and sell private corporations, to spend up to $700 billion, and we are 
all going to be happy about it. We think you can fix it, and we will go 
home and do our campaigning. I think we have a bigger responsibility 
than that.
  I wish to say--and I have great respect for Secretary Paulson, I do--
I would want to know more about the nature of the crisis we are facing. 
I know we have a serious crisis. I wish to know why we cannot slow down 
a little bit and think this thing through. That is the tradition of the 
Senate, the saucer that cools. But we are hearing: It is a crisis, and 
you politicians will mess it up. Go on and get out of the way and vote 
this thing out and we will take care of it. But that implicates the 
separation of powers to an extraordinary degree and may well be adverse 
in the long run. The proposal certainly was not greeted by Wall Street 
today as an indication of a solid fix. The market dropped again, and 
people apparently thought it would weaken the dollar and that is the 
reason oil prices increased. So this is a matter we need to think 
about.
  I urge my colleagues on the relevant committees and the leadership on 
the Republican side in the Senate and the Democratic side: Let's not be 
stampeded here. Let's ask good questions. I am one who is not adverse 
to taking action, appropriate action, but I think we need to not be 
stampeded. It is a bit hubris to think one person can fix it all and 
somehow that person can stand in the middle of all of the market forces 
and rebalance them. Do we believe in the market or not?
  One socialist is reported to have said when asked: What is socialism: 
It is the ability to control the commanding heights of the economy. 
Well, financial institutions are one commanding height of the economy. 
Who are we not giving control of that over to?
  I think in a fundamental sense, the goals I believe we should have 
would be first to protect the interests of the taxpayers before we 
spend in a manner of days an amount of money equal to and in excess of 
the war in Iraq--almost one-third of our annual expenditures. Let's 
protect the taxpayers. How do we do that? We need to find out more 
about the problems. We are told there are grave problems, problems, 
problems, and we have to act, act, act. Exactly what are those problems 
that require us to act so fast?
  Secondly, I think our action should be respectful of the marketplace, 
and let's try to do what would restore integrity in the marketplace. I 
don't think it is necessary that we need more regulation as much as we 
need better, more appropriate regulation. I would note that my 
colleague, Senator Shelby, the ranking Republican on the Banking 
Committee and former chairman, has fought for years to have more 
control over Freddie and Fannie and their activities, as the Wall 
Street Journal noted recently.
  I urge my colleagues: Let's take some time. We got into this in large 
part by some bad government policies and actions. I think we can all 
admit that. The government is going to have to take action. I recognize 
that. But I think it is important that when we act on a matter of this 
size and this importance, we take enough time to understand what is in 
it and do the right thing, not the political thing in this political 
season.
  I thank the Chair for the opportunity to share those thoughts. I know 
there are some fine Members of this Senate worried right now who are 
wrestling with these issues. I, for one, believe that maybe a little 
slower action, a little more thought, may turn out to be better in the 
long run than a panicky response.
  I thank the Chair and yield the floor, and I note the absence of a 
quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. REID. 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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