Duncan Faircloth: “I do not support the IMF compromise because I think it is incredibly weak. I did not support IMF funding out of the…”

“I do not support the IMF compromise because I think it is incredibly weak. I did not support IMF funding out of the committee, and I think it is absolutely sinful to support $14 billion more to go to the IMF. It is everything but an emergency. It probably isn't even needed. In fact, Federal Reserve Chairman Greenspan said there was just the remote possibility of it ever being needed. The IMF is the problem; it is not the cure. Once people realize that, I think they will be in less of a hurry to give them $90 billion. Further, this has no possibility of ending our international economic problems. There will be other bailouts. The IMF has created a safety net for international lenders. We have put together a corporate welfare project, the likes of which we have never in this world seen. We have privatized the profit, and we have socialized the losses. We are asking today for $18 billion for Asia. Well, it sounds fine. Why don't we go ahead and ask for $40 billion so we can be ready for Russia in 6 months? We might as well have it in reserve. We do not want to do anything that would inconvenience Mr. Camdessus, who flies around the country in leased jets with 2,000 economists-- 2,000. On October 25, 1997, his 2,000 economists said that South Korea was an excellent country in superb financial shape, a banking system to really be emulated by the rest of the world, a governance of a country you couldn't improve upon.”