Mr. President, as I have said on many different occasions, one of the heroes in my family as I was growing up was Franklin Roosevelt. That is an understatement. One of the things I admired most about President Roosevelt was how he lifted…
Mr. President, as I have said on many different occasions, one of the heroes in my family as I was growing up was Franklin Roosevelt. That is an understatement. One of the things I admired most about President Roosevelt was how he lifted our country out of the Great Depression and did so by speaking directly to the American people on the radio, telling the American people the truth. All he told us was not good news, explaining plainly what needed to be done.
Another President that we all admire, Democrats and Republicans, was Harry Truman. We all know that President Truman had on his desk a wooden sign that said, ``The buck stops here.'' It did, and it does.
Today we face what economists call the greatest economic danger since the Great Depression. We have come to this point after 8 years of President Bush waging a war on fiscal responsibility. His Republican philosophy of removing all accountability from big business and expecting no responsibility from them in return has created this crisis that now threatens to devastate America's working families. President Bush put cronies and ideologues in charge of all critical regulatory agencies, including the Justice Department, who ensured that special interests would always come before the common good.
In one example of particular irresponsibility, the Bush administration refused to exercise its regulatory authority over the mortgage industry. The President's neglect allowed massive fraud and widespread predatory lending to pave the way for the largest mortgage crisis in our entire history, a crisis he continued to ignore long after the consequences of the plundering and pillaging of the mortgage market became clear.
Here in the Senate, we never got the support of President Bush when we were trying to do something with housing reform. In fact, just the opposite; he was threatening a veto. We had to break seven Republican filibusters on that legislation.
History will show that while all this was going on in the White House, for the last 20 months we Democrats were trying to restore fiscal sanity. Here are some examples over the years.
We have only been in control of the Senate for the last 20 months. Prior to that, in 2000, Senator Paul Sarbanes of Maryland, chairman of the Banking Committee, introduced the Predatory Lending Consumer Protection Act to restrict abusive predatory lending. The same year, Senator Schumer introduced the Predatory Lending Consumer Protection Act. In 2002, Senator Sarbanes reintroduced his bill. In 2004, Senator Sarbanes and the current chairman of the Banking Committee, Senator Dodd, called on the Federal Reserve to take action on alternative mortgages. Senator Dodd called them a nightmare for low-income Americans. In 2005, the House of Representatives passed bipartisan legislation to reform the regulation of government-sponsored enterprises, Fannie Mae and Freddie Mac. It passed the House 331 to 90.
The Democratic minority in the Senate tried to pass it. We were blocked by the White House and Senate Republicans. When Representative Oxley, one-time chairman of the Banking Committee and a devout Republican, brought this legislation to the White House, the President, in the words of Mike Oxley, gave him ``the cold shoulder and the one- finger salute'' and rejected the bipartisan plan.
In February of 2008, Senate Democrats introduced the Foreclosure Prevention Act, which was blocked by Senate Republicans after a veto threat from the White House.
In June 2008, the White House threatened to veto the Federal Housing Finance Regulatory Reform Act, which would have improved oversight of Fannie and Freddie. The reason for the veto threat? They did not want to help communities struggling with foreclosures. If the President had signed this bill in June, we would have saved billions we must now spend to bail out Fannie and Freddie.
In every one of these instances, Democrats saw the storm clouds gathering and attempted to pass legislation that could have steered our course away from the crisis we now face. But every time, the White House and congressional Republicans chose to continue along their own irresponsible path, which brings us to where we are now.
After ignoring Democrats in Congress and good fiscal sense for 8 years, President Bush has sent Secretary Paulson and Chairman Bernanke to Congress to pitch his $700 billion bailout. As I have said before, Secretary Paulson and Chairman Bernanke are good men. I believe they both have the best interests of our country at heart. I certainly hope so. But the testimony of yesterday's Banking Committee hearing made it clear that Secretary Paulson and Chairman Bernanke have not yet successfully made the case for the Bush plan. Democrats and Republicans raised serious questions about the plan, and I do not believe anyone-- Democrat or Republican--felt those questions were sufficiently answered.
At 2 o'clock today, in the House of Representatives, their Banking Committee is going to listen to the Chairman and the Secretary.
As our country prepares to face the consequences of George Bush's fiscal dereliction of duty, Congress is prepared to act as quickly as we responsibly can. But the Congress, and especially the American people, have a right to know this: Where is President Bush? President Bush has sent Congress an unprecedented $700 billion bailout proposal-- $700 billion straight from the pockets of every single man, woman, and child in America. Yet President Bush has been absent from what may well be the most important debate on economic policy in a generation.
Isn't it interesting. You look at our experience, the Presiding Officer's and my experience. When there was an issue of such paramount importance, we were always called to the White House. Not this time. The President has not been available. It has not been his issue.
Well, it is his issue. We have a right to know--Congress and the American people--where is President Bush? He sent Congress this unprecedented $700 billion bailout proposal. This money, as I have said, is straight from the pockets of each one of us, and even our children and our children's children. Yet President Bush has been absent from what may well be the most important debate on economic policy in the history of our country.
I was listening to the radio this morning and Allan Sloan, who is an economic writer, said this issue is as big as he has ever seen or heard about. Well, I do not know if he is right, but I think the President should be available. He has given two brief statements to the press and a press release admonishing the Congress to accept his bailout plan immediately. Other than that, President Bush has been silent.
We must not forget, President Bush is still President of the United States. It is time for him to focus on the issues and tell the American people where he is. It is time for him to explain why 8 years of deregulation policies have bought us to this dangerous ground. It is time for him to explain why this administration sat on its hands for months and only now has come to realize the need for immediate and unprecedented Government action.
Where was he when it was called for during his first 7\1/2\ years? It is time for him to explain how he could tell our country for months that our economy was fine, the fundamentals were fine, yet overnight declare that if American taxpayers do not accept his bailout proposal, our country will face economic disaster.
And, most importantly, it is time for him to explain how his plan, drafted literally under the cover of darkness, will help America weather this storm. This is not the Paulson plan. This is not the Bernanke plan. This is not the Congress's plan. This is the Bush plan. It is time for him to take ownership and demonstrate leadership. He is our
President, and it is time for him to realize that the buck stops with him, as President Truman said.
If President Bush is serious about passing legislation quickly, he should address our country and make his case. Then he should seek to work with Members of both parties to reach a reasonable solution that American workers, families, small and large businesses all desperately need.
I suggest the absence of a quorum.
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.