[Congressional Record (Bound Edition), Volume 154 (2008), Part 16]
[House]
[Page 21996]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              WALL STREET

  (Mr. SHERMAN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. SHERMAN. Last weekend, the establishment told us that if we did 
not give the administration and Wall Street $700 billion in unmarked 
bills within 48 hours, the sky would fall. The sky is still in the 
heavens.
  Last night, Washington Mutual failed in the largest bank failure of 
our history. This illustrates that we do have a serious problem and we 
ought to come up with the right solution.
  Last night, there was an enormous, precipitous drop in the likelihood 
that this House would rubber-stamp the establishment's program by this 
weekend. The markets are stable in spite of Washington Mutual and in 
spite of the fact that their $700 billion is now not likely to be 
disbursed exactly this weekend.
  We have a few days to craft a good solution, one that limits the 
power of the administration, limits the amount of money we spend, and 
limits the pay of Wall Street executives receiving bailouts. Let's get 
it right this time.

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