Tuesday, September 23, 2008

DeFazio Rebukes Administrations Rescue Plan

From US News & World Reports:

House Democrat Peter DeFazio of Oregon had harsh words for the rescue plan from the House floor, raising the specter of the 2002 election-eve vote on use of military force, which gave congressional approval for the war in Iraq. Talking about the unprecedented bailout, he called it "sort of an immediate authorization for use of financial force."
DeFazio took a shot at Treasury Secretary Henry Paulson, the former chairman and CEO of Goldman Sachs. "He is of, by, for, and about Wall Street," the lawmaker said. DeFazio said in a single year, Wall Street bonuses exceeded $60 billion and added: "These people are out of control. They don't understand the real world. For them to talk about Main Street, and that they care about Main Street and student loans and homeowners' equity, is a bunch of B.S."
"We are the last bulwark here, the House of Representatives and the Senate," he concluded. "If this bill were to pass as proposed, we'll do an incredible disservice to the American people."

DeFazio voted against the repeal of the Glass-Segal Act in 1999.