Political Quotes

“Mr. Speaker, I yield myself as much time as I may consume. One of the interesting elements of this debate is, and I think it is pretty clear that we have not a total disagreement of opinion on the two sides, we both want the same objective, which is a fair and honest accounting of what programs cost the taxpayer or how they may benefit the taxpayer. We do know that it is pretty generally agreed that by moving toward the fair accounting method, the fair value method, that we would be creating a higher cost, or at least the budget would indicate a higher cost for many of the loan programs that we have been talking about. But we don't know exactly what the ultimate impact would be and which method would be more accurate. {time} 1630 But we don't know exactly what the ultimate impact would be and which method would be more accurate. OMB does not support this proposal. OMB says it has a hard time figuring out how it could assess market-based value, so we don't have total disagreement here. We are in search of the same objective; but there is another element of this that I think we have to consider, in that, when we compare loan programs in the private sector to loan programs from the government, we are not always comparing apples and apples. We are comparing two very different motivations. In the private sector, when a financial institution makes a loan, its entire objective is to create return for its investors and stockholders. The loan is essentially isolated in purpose.…”