If we don't do this, it will cost us even more. This economy is now in the worst shape since the Great Depression. And if we do not respond in a very firm way, it gets worse and worse and feeds on itself.
Barney Frank warns that failing to act on the economic crisis will lead to further deterioration.
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It was a great mistake to push lower income people into housing they couldn't afford and couldn't really handle once they had it.
Congress generally, and this subcommittee in particular has historically played a critical role in strengthening accountability at the World Bank.
I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.
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