Lincoln Chafee: “here we have a chance to do something. In my opening remarks, I mentioned the situation in England in the 1930's which…”

“here we have a chance to do something. In my opening remarks, I mentioned the situation in England in the 1930's which John F. Kennedy described in his book ``Why England Slept.'' As Winston Churchill said in his four-volume history of the war, ``The Gathering Storm,'' he said the English people through their nonwisdom and carelessness allowed the wicked to rearm. We have a similar situation, not a peril from abroad militarily but a peril from within financially. The good news is we can do something about it. What we can do now is the smartest; but, if we wait, it becomes that much more difficult. All we are saying is one-half of 1 percent correction, as it should be and as every economist that has come before the Finance Committee has told us the correction should be made. Let us seize the opportunity, Mr. President.”