[Congressional Record (Bound Edition), Volume 154 (2008), Part 17]
[House]
[Page 23376]
[From the U.S. Government Publishing Office, www.gpo.gov]




          HANK PAULSON GOT HIS REJECTION NOTICE FROM CONGRESS

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Madam Speaker, there are many of us from day one who 
questioned the Paulson premise that dumping $700 billion into bad debt 
on Wall Street would somehow help revive the American economy, help 
Main Street, help small businesses, help the people I'm here to 
represent. I believe today gives us an opportunity to step back and 
begin again to construct a package that does not put the taxpayers at 
risk for $700 billion.
  William Isaac headed up the FDIC during the savings and loan crisis. 
He took a $100 billion problem and he solved it for $2 billion; he says 
we can do the same thing here, pennies on the dollar. And then, that 
would leave a lot of borrowing capacity to help begin to inject money 
into public works projects, infrastructure in this country, other 
things that benefit average Americans, put us back to work, and make us 
a more competitive economy.
  We need to go back to the drawing board with a democratic proposal. 
Hank Paulson just got his rejection notice here from Congress.

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