Congressional Record UNUM

E PLURIBUS

United States

of America PROCEEDINGS AND DEBATES OF THE 110th

 CONGRESS, SECOND SESSION

b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m.

Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor.

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H10701 

Vol. 154 WASHINGTON, FRIDAY, OCTOBER 3, 2008 No. 161 

Senate 

The Senate was not in session today. Its next meeting will be held on Monday, October 6, 2008, at 3 p.m. 

House of Representatives 

FRIDAY, OCTOBER 3, 2008 

The House met at 9 a.m. 

The Chaplain, the Reverend Daniel P. 

Coughlin, offered the following prayer: 

Lord, the words of Psalm 62 seem 

most fitting for us at this time. So we 

pray: 

‘‘In God is our safety and our glory, 

the rock of our strength. Find your resource in God, all you people. Trust the 

Lord at all times. Common folk are 

only a breath, your great ones an illusion. Placed on the scales, they rise 

equally. All weigh less than a passing 

breath. 

‘‘Do not put your trust in oppression 

nor vain hope in plunder. Do not set 

your heart on riches even when they 

increase. 

‘‘For God has said only one thing, 

only two do I know. That in God alone 

is power, and toward you the Lord 

shows love. And that is how each of 

you is to be repaid, each according to 

one’s deeds.’’ Amen. 

f 

THE JOURNAL 

The SPEAKER. The Chair has examined the Journal of the last day’s proceedings and announces to the House 

her approval thereof. 

Pursuant to clause 1, rule I, the Journal stands approved. 

f 

PLEDGE OF ALLEGIANCE 

The SPEAKER. Will the gentlewoman from North Carolina (Ms. FOXX) 

come forward and lead the House in the 

Pledge of Allegiance. 

Ms. FOXX led the Pledge of Allegiance as follows: 

I pledge allegiance to the Flag of the 

United States of America, and to the Republic for which it stands, one nation under God, 

indivisible, with liberty and justice for all. 

f 

ANNOUNCEMENT BY THE SPEAKER 

The Chair will entertain up to five 

requests for 1-minute speeches on each 

side of the aisle. 

f 

SAME DEEPLY FLAWED PLAN 

(Mr. DEFAZIO asked and was given 

permission to address the House for 1 

minute.) 

Mr. DEFAZIO. This is, at its core, the 

same deeply flawed Bush-Paulson plan. 

Borrow $700 billion in the name of the 

American taxpayer, give Paulson unrestrained, unprecedented authority to 

buy anything he deems a troubled asset 

from anyone at any price. 

What if there’s a credible, low cost, 

low-risk alternative? I heard such a 

plan again last night from the head 

banking regulator under the Reagan 

administration, William Isaac: Use the 

emergency powers of the FDIC. Extend 

the same insurance given to Wachovia 

to the depositors and creditors of all 

banks. That would immediately free up 

interbank lending and credit. Granted, 

it doesn’t solve the problem of the Wall 

Street speculators, but it does solve 

the problem of loans for business and 

Main Street. 

Six years ago this month, Congress 

was stampeded by this President into 

an unnecessary and unprecedented authorization of force for war in Iraq 

under the threat of weapons of mass 

destruction. Do not repeat that mistake by authorizing George Bush an 

unprecedented use of financial force 

under the threat of financial weapons 

of mass destruction. 

f 

OUR JOB IS NOT DONE 

(Mr. WILSON of South Carolina 

asked and was given permission to address the House for 1 minute and to revise and extend his remarks.) 

Mr. WILSON of South Carolina. 

Madam Speaker, today we vote on a 

piece of legislation that is an imperfect 

option and a terrible situation. But I 

hope Congress does not fail the American people by saying that this bill has 

solved the whole problem, because it 

has not. 

The bad lending practices, mishandling by financial firms and failed 

oversight by the Federal Government 

over decades are not addressed today. 

But we better step forward and address 

them as soon as possible. 

As a former real estate attorney for 

25 years, I know firsthand that making 

home loans to individuals less than 

creditworthy can be destructive for 

those individuals and for this country. 

Government should not be telling 

banks that it is possible for them to 

make bad loans because the government will back them up. 

Our job is not done today. Going forward, Congress has an obligation to 

face and fix the roots of this crisis, reducing government control. 

In conclusion, God bless our troops, 

and we will never forget September 


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