George Miller: “Members of the House, the $40 billion bailout for Mexico must be rejected by the Members of this House. It is not in the…”

“Members of the House, the $40 billion bailout for Mexico must be rejected by the Members of this House. It is not in the best interests of the American people or our economy. The Mexican bailout is about hot money, just as the REIT collapse in the late 1970's and the Latin American debt crisis in the early 1980's was also about hot money. Junk bonds, savings and loans, it is all about hot money. The Mexican peso's crisis is about a lot of Wall Street wise guys in $1,000 suits and $1 million bonuses who have more money than brains and very poor understanding of political history or ethics. Unfortunately, the money they have is other people's money, money from hard-working Americans who trusted the Wall Street wise guys who, as always, were more interested in the commissions and fees than the results of their investments. What Wall Street wise guys are asking us to do is to extend the full faith and credit of the United States of America not only for their bad investments but also to the economies of the emerging Third World nations. This is not a minor consideration, and we should reject it.”