Rep. Nadler Statement on Emergency Economic Stabilization Act

WASHINGTON, D.C. – Rep. Jerrold Nadler (NY-08), the Congressman who represents Wall Street, the physical and symbolic center of the American financial market, issued this statement on the floor of the House of Representatives prior to his affirmative vote on H.R. 1424, the Emergency Economic Stabilization Act of 2008:

“I voted against the Iraq War Resolution, against the Patriot Act, and against the FISA amendments.  I led the opposition to the Bankruptcy Bill a few years go.  In each case, I did so because I thought we were being railroaded into unwise actions through the use of fear tactics.  But I do not believe that to be the case now.

“We face a very real crisis.  Credit markets are shutting down, car loans will be impossible to get – as will loans to replenish store inventory and college loans.  There may be thousands of bank failures and millions of job losses.  We are on the brink of the abyss.  We have not seen such a situation since 1931.

“This is a weak bill in many respects.  It should provide far more help for people facing foreclosures, especially through bankruptcy reforms.  It should provide real revenue sources to pay for this, and a real stimulus for the economy.

“But this is the only bill that can be agreed on now.  We are not sure this bill will solve the crisis.  But it might.  And it will buy us time for a better solution.  As between a certainty of catastrophe and a possibility of averting it, I will choose the possibility of averting the catastrophe.  So I will vote for this bill, and I urge my colleagues to do so.  I yield back the balance of my time.”