Leonard L. Boswell: “Mr. Speaker, a few weeks ago, not too long ago, several of us met with Mr. Greenspan, Mr. Rubin, and Mr. Glickman, and…”

“Mr. Speaker, a few weeks ago, not too long ago, several of us met with Mr. Greenspan, Mr. Rubin, and Mr. Glickman, and we had quite a good meeting. They agreed, and Rubin and Greenspan do not always agree on everything, but they agreed that day IMF is very, very important to us. I think the question came from at least a half a dozen different approaches, and some of you may have been there, too. Is there risk in this? Mr. Greenspan said that we have never lost a dime on this; that there is always hard collateral. They also said that it is their opinion, the three of them, that the hit on this, if the Asian economy does go down, would be on agriculture. In our State, 40 percent of our production is exported. That is important. Forty percent. Then I remembered as I reviewed the figures on the trade balance that it is up $26-$27 billion, but that agriculture is on the plus side. We cannot afford to take that risk. Now, if these people tell us that this is a line of credit, that they may not use it, but it ought to be there to save our economy, we ought to give it serious thought. Mr. Speaker, I support this.”