Angie Craig: “I must tell you that at the outset I was not a champion of the idea that we bail out anybody--and I am still not. But…”

“I must tell you that at the outset I was not a champion of the idea that we bail out anybody--and I am still not. But clearly what we have done here is say to the IMF and to nations who would benefit from their loans that there needs to be the establishment of some clear-cut rules that impact loaning policies and the economy of those countries. My colleague from Idaho has just spoken to an issue that I think so clearly demonstrates why we need to do what we need to do. Senator Kempthorne and I, for the last several years, have worked in my State with a company that has fought overwhelming odds. They fought a major government of a growing economic power --the Korean Government--and a major industry in Korea. Why? Because of a very cozy relationship between this industry and its government to build an extremely large and excessive capacity to dominate a world market and, therefore, substantially underbid in the market the efficiencies of this company that was leading the world in technology and productivity. We should not allow this nor should we allow the taxpayers of this country to be a part in this bailing out. Well, we are no longer doing that. We are making a major move to create transparency in the relationships that governments and their banking institutions and private industry in those countries have.”