[Congressional Record (Bound Edition), Volume 154 (2008), Part 15]
[House]
[Page 21152]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           FINANCIAL BAILOUT

  (Ms. FOXX asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. FOXX. Mr. Speaker, it's been a few short days since we first got 
news of the administration's $700 billion plan to bail out the 
financial industry.
  In large part, the root cause of our current crisis is the 
mismanagement, failure and political cronyism at government-backed 
lenders, Freddie Mac and Fannie Mae. Some people are hoping to use 
Americans' tax dollars to bring about a government-backed solution to a 
problem that was essentially caused by decades of government 
incompetence.
  An article in Bloomberg entitled How the Democrats Created the 
Financial Crisis and the transcript from Fox News tonight shed much 
light on how Republicans warned of the impending problem and the 
responsibility of Democrats for the problem.
  I've heard a lot of talk about bailing out those who made very risky, 
even reckless decisions. My question is, what about all the American 
taxpayers who played by the rules? Who's going to bail them out?

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