[Congressional Record (Bound Edition), Volume 154 (2008), Part 15]
[House]
[Page 20192]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1015
  REPUBLICAN ECONOMIC PHILOSOPHY PRODUCED OUR NATION'S ECONOMIC CRISIS

  (Mr. CARNAHAN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. CARNAHAN. Mr. Speaker, from 2001 to 2007, President Bush, Senator 
McCain, and the Republican Congress had the opportunity to finally 
implement the conservative economic ideas they have been talking about 
for decades.
  During that 6-year period, Republicans controlled every branch of 
government. They instituted their plan that eliminated government 
regulation of big business. That's the Republican philosophy. Get 
government out of the way and let big business have their way.
  Well, Wall Street had their way. For 6 years, large financial 
institutions were allowed to trade, to borrow, to loan funds to 
Americans and other institutions without anyone watching. That's the 
way Washington Republicans wanted it. Now we are seeing the results, 
the financial crisis on Wall Street and more pain on Main Street.
  Today, the Bush administration wants this Congress to approve a Wall 
Street recovery package to the tune of $700 billion with no strings 
attached. We simply cannot give this administration a blank check on 
the backs of American taxpayers, and their children, and their 
grandchildren.

                          ____________________