Harry Reid: “I have spoken to the senior Senator from California. She is going to move to table my amendment as soon as she completes…”

“I have spoken to the senior Senator from California. She is going to move to table my amendment as soon as she completes her remarks. I will, therefore, say just a few things. I, first of all, commend the Senator from California for her amendment and for her work on this extremely difficult issue dealing with derivatives regulation. To put this in proper perspective, I think we should look at the predicament in which Senator Feinstein now finds herself. She represents 35 million people, the largest State in the United States. This State's gross domestic product is larger than most nations. She knows specifically, but I think California has the sixth or seventh largest gross national product in the world. Last year's energy crisis threatened California's prosperity and brought home to all of us that we are in uncharted territory with regard to energy deregulation. The State of Nevada actually passed deregulation legislation. I spoke to the legislature a year ago. Because of my suggestions and others, they rescinded deregulation. But even by that time certain things had been put in place. Nevada suffered, along with California, with this energy crisis. Enron was the supposed leader in energy trading and markets. It makes me wonder how can we have a company such as Enron in this country--a publicly owned company--that changes in 1 year from a high-flying, worldwide, mega company into a bankrupt loser.…”