Dana Rohrabacher: “let me reiterate that I do this with great respect to the gentleman from Alabama (Mr. Bachus) and the gentleman from…”

“let me reiterate that I do this with great respect to the gentleman from Alabama (Mr. Bachus) and the gentleman from Ohio (Mr. Oxley) and the gentleman from Massachusetts (Mr. Frank) who put a great deal of time and effort into this bill and this legislation. I have a fundamental philosophical disagreement about Federal Deposit Insurance. But I have no doubt that they have worked hard to try to produce some good legislation here. With that said, I offer this amendment on behalf of myself and the gentlewoman from New York (Mrs. Maloney). The Rohrabacher-Maloney amendment would strike out section 3, keeping the Federal Deposit Insurance at its current level of $100,000 per account. Let me note the argument was made earlier that simply by raising insurance, for example, from $100,000 to $130,000, would that, we were asked, make people more irresponsible if it was car insurance, and you just increased the car insurance from $100,000 to $130,000? The answer is, yes, if someone else was paying for the car insurance. If somebody gave whatever it is, if the Federal Government ends up coming in and saying, if all else fails, do not worry, you are going to get paid off, because we are going to pay it, the taxpayers will pay it in the end, if this whole system fails we are there.…”