When was the last time anyone ever asked you for $700 billion?
It’s a staggering figure and many questions have arisen from that request. And we have been hearing a very informed debate on all sides of this issue here today. I’m proud of the debate.
$700 billion. A staggering number, but only a part of the cost of the failed Bush economic policies to our country. Policies that were built on budget recklessness when Pres. Bush took office, he inherited Pres. Clinton’s surpluses - four years in a row budget surpluses on a trajectory of $5.6 trillion in surplus. And with his reckless economic policies, within two years, he had turned it around. And now 8 years later, the foundation of that fiscal irresponsibility, combined with an “anything goes” economic policy, has taken us to where we are today.
They claim to be free-market advocates, when it’s really an anything goes mentality. No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out.
Those days are over. The party is over in that respect.
Democrats believe in a free market. We know that it can create jobs, it can create wealth, many good things in our economy. But in this case, in this unbridled form, as encouraged and supported by the Republicans — some Republicans, not all — it has created not jobs, not capital, it has created chaos. And it is that chaos that the Secretary of the Treasury and the Chairman of the Fed came to see us, just about a week and a half ago. It seems like an eternity, doesn’t it? So much has happened. The news was so bad. They described a very dismal situation.
U.S. Congressman Mike Pence issued the following statement regarding the failure of the bailout bill today:
“Today Congress took a stand for the American taxpayer and free markets. The American people rejected this corporate bailout and today the People’s House did likewise.
“It is now imperative that Congress come together and develop a response to the crisis facing our financial markets that reflects the American people’s belief in personal responsibility and fiscal discipline.
“There are alternatives to the massive federal bailout that Congress rejected. I look forward to working with my colleagues in both parties to develop a response to this crisis that puts taxpayers first and preserves the essential freedom of the American marketplace.”