Garrett Speaks on House Floor Regarding Bailout Bill

In Uncategorized on September 30, 2008 at 11:52 am

Washington, Sep 29 –

Rep. Scott Garrett (R-NJ) spoke on the floor of the House of Representatives today during the debate on the bailout bill:

“I thank the speaker.

“I came to the floor this week and I 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 because 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 10-1, 100-1 against this proposal. But Washington is not listening; they are going ahead with the proposal. There is a problem. We recognize the problem. We must work on it now.

“We should not go for the solution to the 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 their roller coaster interest rates from 2001 through 2004, 6% to 1% down and then 2004 to 2007, 1% to 5% up. Bubbles and bursts from the Fed and their false promises with Bear Stearns and A.I.G. Nor should we turn to the Democratic Leadership who signed on to this bill, the Democrat Leadership that led to the meltdown in the subprime market, nor should we turn to the Democrat Leadership who blocks reform in the past to the GSEs and say they will block reform in the future GSEs.

“We should look for new solutions. I will close on this, Mr. Speaker. The noted University of Chicago economist Robert Shimmer tells us the U.S. has long been a beacon of free markets in the world. When economic conditions turned sour in Argentina and Indonesia, we give clear instructions on what to do: balance the budget, cut government employment, and don’t prop up failing enterprises.

“Those approaches by the U.S. are clear. But 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 the globe. The social causes are far, far greater than any $700 billion. I yield back.”

  1. A leader should lead, not follow the phone call talley. He shows no understanding of the implications of what he did.

  2. the democrates had enough votes the carry this thing the real question is why didnt democrats support there own bill?

  3. I’m glad to see this explanation from Congressman Garrett.

    I was curious to know how he voted on this. Now I know not only how he voted, but also why he voted the way he did.

    There are many sitting members of Congress who created this problem, by forcing through bills and policy initiatives designed to convert GSE’s like FNMA and FDMC into vast politicized piggybanks. They further refused to reverse course when the s*$t began hitting the fan in 2003 and 2005. I agree with Congressman Garrett–these individuals should not be the ones leading the way in terms of developing and implementing a solution to this problem. Such people are a disgrace, and should be treated as such in full view of the entire electorate. Their self-serving rhetoric should be wholly ignored.

  4. 7:55 AM,

    I second your comments.

  5. Thank God for Scott Garett.

    One of the few sane voices of reason in Congress looking out for the taxpayers.

  6. Taxpayers with and without stock funds lost yesterday. Garrett does not understand economics. He is a simple congressman and does not understand how the credit market works. Many of the people patting him on the back will soon be looking for a new job.

  7. 3:23 PM –

    How is the pay in the fear mongering business?

    Any good?

    What do you do on weekends? Go to retirement homes and tell the elderly and infirm that their tests don’t look good?

  8. Speak for yourself, 3:23. I’m a Garrett supporter whose job and employer both appear stable, knock on wood.

    You appear quick to attribute considerable ignorance to Garrett. Do you have a reason for doing this beyond his recent “no” vote on the bail-out package?

    Regardless where he falls on the spectrum of knowledge in economics, however, as a member of Congress, he’s entitled to think things through.

    I assume Congressman Garrett was aware, even as he voted “no”, that there was a price to be paid for declining to act with the kind of immediacy on which Treasury Secretary Paulson and Speaker Pelosi were insisting at the time. Now that that price has, in fact, been paid, I suppose time will tell if it was worth paying.

  9. 6:07 AM –

    Re: “You appear quick to attribute considerable ignorance to Garrett. Do you have a reason for doing this beyond his recent “no” vote on the bail-out package?

    The ONLY reason that 3:23 “attributes considerable ignorance to Garrett” is because 3:23 is a partisan hack. To 3:23, it DOES NOT matter how Garrett voted on the bill.

    YES, NO, MAYBE… PRESENT – it would not matter… 3:23 would ridicule Garrett. That is because 3:23 is not a thinking individual, but rather a mindless partisan who will find any reason to be against “the other party”.

    With 80% to 90%+ of Americans against the bailout and a majority of those wanting changes to protect their tax dollars, Garrett is one of the few in Congress who is doing the bidding of the people.

    Rational people put aside party politics when it is for the greater good. This is one of those situations where Garrett is looking out for ALL taxpayers and should be applauded. But, alas, 3:23 is so blinded by partisan hate that he cannot see the good in what Congressman Garrett is doing and can’t get behind his efforts.

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