On the recordJune 9, 2010
We heard the gentleman from Pennsylvania say that there were really no bailouts. I think, if you submit that statement to the American people, they would tell you that there were bailouts because, in fact, there were bailouts. The majority has made a statement on the floor of the House in defense of this bill that it has all been paid back. Well, in fact, it has not all been paid back, and I think, on further examination, Mr. Speaker, we would all have to remember the inconvenient fact that AIG still owes the American people about $150 billion and that Freddie and Fannie not only owe hundreds of billions of dollars but that the President, back on December 25, guaranteed their obligations, which could run in the trillions. Now, in addition to all of that, a few statements by the chairman, Mr. Speaker. The chairman says that they have to be troubled, that instead of going through bankruptcy, they will go through this thing where you can guarantee their obligations, where you can take a security interest in them, where you can purchase their assets, where you can lend money to them. They have to be troubled. Well, who decides that? Well, according to the bill, the Secretary of the Treasury sits at the head of a small group.
