Marcy Kaptur: “there was an article recently in Information Clearing House urging our country's leaders to exhibit leadership in these…”

“there was an article recently in Information Clearing House urging our country's leaders to exhibit leadership in these times of economic crisis. And it was such a compelling article, I wanted to read part of it into the Record tonight. It talks about some of the recent bloodbaths that we have seen on Wall Street that prove the trouble in our credit markets have not been relieved by the Fed's rate cuts. The Dow Jones slipped 367 points on the 20th anniversary of Black Monday, the stock market's biggest 1-day loss in history. And in the past week or so, Asian markets have plunged. Stocks are down sharply in Japan, Australia, Hong Kong, Indonesia, the Philippines, Taiwan, and South Korea. And there are ongoing problems being caused by what is happening in our subprime housing lending market. ``The sudden downturn in our stock market has provided a fitting backdrop for Treasury Secretary Paulson's appearance at the G-7 meetings here in Washington. Paulson has largely shrugged off the decline in housing and the growing volatility in the equities markets. ``What everyone at the meetings really wanted to know was why the United States destabilized the global economic system by selling hundreds of billions of dollars of worthless mortgage-backed securities to banks and pension funds around the world. ``Aren't there any regulations in the United States,'' they asked?”