Ed Perlmutter: “Mr. Speaker, for 7 years now the Bush administration has done the bidding of big corporate interests. The administration…”

“Mr. Speaker, for 7 years now the Bush administration has done the bidding of big corporate interests. The administration has never supported regulation of big business, and in fact they have eliminated important oversight that is necessary to protect the American consumer. In other instances, agencies have simply turned a blind eye. For a time this benefited big business, but we are now seeing how devastating the failure to enforce the law or regulations can be for both the American people and the American economy. Last month the Bush administration bailed out Bear Stearns out of fear that if the Wall Street giant filed for bankruptcy, many more supposed giants would follow. What the administration refuses to admit is that had it enforced the law and properly regulated Bear Stearns and the other giants for the last 7 years, they never would have been in this predicament in the first place. Unfortunately, it should not have taken a huge economic and housing crisis for them to recognize the importance of government oversight. That is, after all, part of their job.”