Larry Pressler: “I have been very troubled that our leadership has agreed to support this loan guarantee package with Mexico without…”

“I have been very troubled that our leadership has agreed to support this loan guarantee package with Mexico without further analysis. There are two things that give me great trouble, and as a member of the Finance Committee I will be asking some very hard questions. First of all, why can we not get this package collateralized? Why can it not be attached either to the Mexican oil resources or to some other collateral, because I am afraid the American people may not get their money back. Many who are advocating this are going around saying it will not cost us anything. But I have been in this body since 1978, and the House since 1975, and I have heard this again and again, and the U.S. taxpayers frequently end up paying the bill. The second thing that troubles me a great deal is the Chile example. Economists tell me that the example of what happened in Chile in the early 1980's is almost perfectly analogous to what is happening in Mexico.”