October 2, 2008 CONGRESSIONAL RECORD — HOUSE H10679 

collapse if we didn’t bail out those 

firms on Wall Street. 

I believe there are simpler answers. I 

just came from a meeting with William 

Isaacs. He was the head of the Federal 

Deposition Insurance Corporation. 

They deal with banks. Mr. Paulson was 

a speculator on Wall Street. He deals 

with speculation. He doesn’t understand regulative banking. In fact, one 

of his first big moves 10 days ago was 

he said guarantee all the money markets in an unlimited way. Know what 

that did? It took $12 billion in deposits 

from banks, and they moved over into 

money markets because bank deposits 

are limited in their insurance and they 

pay lower rates of interest. He doesn’t 

even understand this industry. But he 

understands Wall Street and speculators, and those are the people he 

grew up with and worked with and 

dines with and wines with, and those 

are the people he wants to help, in addition to the fact there is a tremendous 

amount of pressure being put on by 

some very powerful creditors, and one 

of those happens to be the People’s Republic of China, who owns a lot of this 

junk, and they want their money back 

or they are threatening us. 

b 1800 

Now, that’s not a good reason to go 

ahead with this faulty proposal. It does 

not deal with the underlying crisis in 

housing. If we don’t deal with the underlying crisis in housing—with the 

foreclosures, with the deteriorating 

values—when the values drop another 5 

or 10 percent and when that next big 

adjustment comes on March 1, you’re 

going to find there’s another $1 trillion 

in junk securities out there, and we’ll 

have already maxed out our credit, and 

people will have lost more jobs. 

The auto dealers are saying people 

aren’t buying cars. It’s not because 

they can’t get a loan. My credit union 

is giving out loans right now, to anybody who is creditworthy, to go buy 

cars. People don’t have confidence that 

their jobs are going to be there. Their 

wages haven’t increased. They’re worried about the real economy, not the 

Wall Street economy. This is the problem, this disconnect in this body and 

particularly in the Senate—which is 

full of millionaires. You know, that is 

not going to solve the underlying problem, what is being proposed here. There 

is a cheaper, low-cost, no-cost alternative. 

The Federal Deposit Insurance Corporation should declare an emergency. 

Mr. Isaac just counseled us on this. It 

gives them extraordinary powers. They 

could use that to assess the same guaranty to all bank depositors, to all people in banks, that they did with 

Wachovia—to all general creditors, not 

to investors but to general creditors. 

He said that would immediately free up 

interbank lending and that it would 

immediately bring a flood of foreign 

deposits into the U.S. because we 

would be a safe haven for banking and 

for people’s deposits, but he is a regulator, a regulator with experience, who 

piloted this country out of the savings 

and loan crisis and saved us a bunch of 

money. He’s not a big-time Wall Street 

speculator who came down here and 

got appointed by George Bush with 

three-quarters of $1 billion in his pocket for money he had made in creating 

these financial weapons of mass destruction. So we’re listening to the 

wrong guy here. 

Who believes George Bush? Does anybody in America believe him? Remember the last time there were weapons of 

mass destruction 1 month before an 

election, and we got stampeded into a 

war? They’re doing the same playbook 

here. Don’t buy it. Step back. Take 

your time. Use all of the no-cost emergency powers first. If that doesn’t 

work, then we can talk about some 

other big appropriation of money, but 

don’t appropriate the money first and 

give it with unlimited powers to Mr. 

Paulson. 

f 

The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from Texas (Mr. POE) is recognized for 5 minutes. 

(Mr. POE addressed the House. His 

remarks will appear hereafter in the 

Extensions of Remarks.) 

f 

IN MEMORY OF DEPUTY ADAM 

KLUTZ 

The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from North Carolina (Mr. 

MCHENRY) is recognized for 5 minutes. 

Mr. MCHENRY. Madam Speaker, I 

rise this evening to honor the life and 

memory of Adam Klutz, a Caldwell 

County Sheriff’s Deputy. 

On September 19, Deputy Klutz was 

responding to a 911 call. Arriving on 

the scene of a suspected domestic violence situation, Deputy Klutz was fatally shot. 

We send our deepest sympathies to 

Adam’s parents—William and Sheila— 

and to his entire family. Our thoughts 

and prayers are with you. 

Adam Klutz was mature beyond his 

mere 25 years. Two weeks prior, two of 

Deputy Klutz’ fellow officers were shot 

and wounded. Despite being a rookie 

officer, Deputy Klutz was tasked with 

delivering the news of the shooting to 

the wife of one of the wounded officers. 

Adam’s professionalism and compassion in handling such a difficult situation was praised by the officer and his 

wife, earning Deputy Klutz a letter of 

commendation. 

The letter reads, in part, ‘‘For an officer only having a year and a half of 

experience, he acted like a seasoned 

veteran. It was a testament to his 

character. We should be proud to work 

alongside Deputy Klutz.’’ 

Five months earlier, Adam came to 

the aid of a fellow officer who had been 

injured in a vehicle chase. Hickory Police Officer Vic Camacho said, ‘‘Adam 

was my guardian angel. The Lord was 

preparing him to be the best angel he 

could be, and anybody who knew him 

knew Adam was the best person he 

could be.’’ 

Adam Klutz’s friends and colleagues 

remember him as a brave and honorable young man, defined by his service 

to the community and by his faith in 

Our Lord Jesus Christ. 

Speaking at his funeral, Reverend 

John Bell of the Philadelphia Lutheran 

Church said of Adam, ‘‘He lived in a 

way that touched so many lives. He 

lived in a way that made a difference. 

He lived with the understanding that 

his vocation was a calling and that, 

through his faithfulness, through his 

service, he would bring the power of 

God’s kingdom a little closer to people. 

If you want to honor Adam, honor his 

commitment to service; honor the 

strength of his faith.’’ 

This evening, Madam Speaker, I ask 

that we do just that, that we honor the 

amazing life of a real patriot, of a real 

citizen, and that we honor the life and 

memory of Deputy Sheriff Adam Klutz 

of Caldwell County. 

May God rest his soul. 

f 

The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from Massachusetts (Mr. 

LYNCH) is recognized for 5 minutes. 

(Mr. LYNCH addressed the House. His 

remarks will appear hereafter in the 

Extensions of Remarks.) 

f 

‘‘NO’’ ON THE BUSH-PAULSON 

BAILOUT PACKAGE 

The SPEAKER pro tempore. Under a 

previous order of the House, the gentlewoman from Ohio (Ms. KAPTUR) is recognized for 5 minutes. 

Ms. KAPTUR. Madam Speaker, for 

the second time in one week, this 

House is confronted with a momentous 

vote on the economic emergency facing 

our Nation, and it is imperative that 

we get it right. We must do the right 

thing. We must vote ‘‘no’’ on the BushPaulson bailout package. Three days 

have passed since we rejected that inadequate proposal, but one thing hasn’t 

changed: This is still a bailout for Wall 

Street. One thing has changed: The 

cost has increased dramatically. Believe me, if you didn’t like the first 

version of the Bush-Paulson bailout, 

you’re going to hate this one because 

it’s even worse, 22 percent worse. 

On Monday, the bailout bill would 

have cost the American taxpayer $700 

billion. Three days later, the bill coming from the Senate is going to cost us 

$850 billion, driving up our deficit, driving up our borrowing. The Senate drove 

up the cost of the bailout by 22 percent 

by adding tax giveaways for special interest groups. America might be facing 

an economic emergency, but it’s 

Christmas in October in the Senate 

here in Washington. The Bush-Paulson 

bailout bill is loaded up like a Christmas tree with ornaments known as tax 

giveaways for special interests. These 


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