Rep. Scott Garrett on the House floor this morning:
"We should not go for the solution to that problem to the same people who have brought that problem to us."
Video is available from Garrett's office.
Audio link is here:
Full text is below:
I came to the floor this week and America, said you should be concerned about what Washington is about to do. Last night I came to the floor and said you should be alarmed about what Washington is doing with its lack of deliberation.
Today I come and say: America you should be outraged about what Washington is about to do because Washington is not listening to you.
Whether you're Republican or Democrat, our offices have been hearing phone calls 10-to-1, 100-to-1 against this proposal but Washington is not listening. They're going ahead with the proposal as well.
There is a problem, we recognize this problem, we must work on it now. But we should not go for the solution to that problem to the same people who have brought that problem to us. We should not go to the administration who has brought this problem to us through their actions in the past. The Federal Reserve with the roller coaster interest rates from 2001 to 2004, 6 percent to 1 percent down, then '04 to '07, 1 percent to 5 percent up. Bubbles and burst from the Fed and their false promises with Bear Stearns and AIG and the GSEs [Government Sponsored Enterprises -- Fannie Mae and Freddie Mac].
Nor should we turn to the Democrat leadership that has signed onto this bill. That Democrat leadership which has given us CRAs [Community Reinvestment Act] in the past, and has led to the meltdown in the subprime market. Nor should we turn to the Democrat leadership who has blocked reform I the past to the GSEs and unbelievably say they will block any reform in the future to the GSEs.
No. The stakes are too high to turn back to those who have brought us this problem in the first place. We should look for new solutions, and there are solutions.
And I will close on this, Mr. Speaker: The noted University of Chicago economist Robert Schimmer tells us that the U.S. has long been a beacon of free markets in the world, when economic conditions turn sour in Argentina or Indonesia, we give very clear instructions of what to do -- Balance the budget, cut government employment, maintain free trade and the rule of law, and don't prop up failing enterprises.
Those approaches by the U.S. are correct. When the U.S. ignores its own advice in this situation, it reduces our credibility in the future. Rewriting the rules of the game at this stage will therefore have serious ramifications not only for the people in this country, but for the future of this globe. Social costs far, far greater than any $700 billion.
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