Thank you, Mr. Speaker. I apologize for the delay in getting down here to answer the call of the gavel. There are some distractions taking place around America as we speak. A lot of America has been transfixed by what has happened this year. I could go back and recap some of the events, but we pretty well know what they are: $700 billion in TARP spending. We've watched three large investment banks be nationalized by the Federal Government. We've watched AIG be nationalized, taken over by the Federal Government. We've watched Fannie Mae and Freddie Mac be taken over by the Federal Government and then by an Executive order right before Christmas, have them open up the debt ceiling on Fannie and Freddie to where every American is a guarantor of the national debt, which could be $5.5 trillion of Fannie Mae and Freddie Mac. We watched negotiations take place behind the scenes that told the bankruptcy court how to push our automakers through there, and both of them were nationalized, taken over by the Federal Government. Then we watched the $787 billion economic stimulus plan be passed in an urgency that hasn't produced a product and a resolve, except a debt that is going to drag down the economy for the American people. Then behind that, out of this House came hurry up and rush cap-and-trade, cap-and-tax. Pass it. It passed out of the House, and it went over there on the docket of the Senate. The American people began to realize what was happening. They couldn't believe it.
Editor's note · Context
The speaker addresses the economic actions taken by the government during the financial crisis.
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