Marcy Kaptur: “the administration announced yesterday that, because Congress was not acting quickly enough to throw good money after…”

“the administration announced yesterday that, because Congress was not acting quickly enough to throw good money after bad down that black hole that is the Mexican economy, it has used unprecedented Executive authority to extend billions of our taxpayers' money to bail out the Mexican peso and the Wall Street speculators who invested there without a vote of Congress. The last time Mexico devalued its currency was in 1988, just around the time of the Presidential election. Before that, Mexico devalued in 1982, again just around the time of the Presidential election, and now they did it again just after the Presidential election of 1994. I say to my colleagues, ``Some would like you to think that using Treasury's power to prop up the peso was a temporary fix, but they are wrong, This is not a currency problem. It is a problem of continuing mismanagement at the highest levels inside an emerging undemocratic country. The false security of Mexican oil is an illusion, too. That's already been pledged to past debts. If you're outraged like I am, come to room 2247 this afternoon, Members of Congress. Let's get the administration on the right track for a change.''”