Hoyer Delivers Democratic Radio Address

"Good morning this is congressman Steny hoyer of Maryland house majority leader. We are facing the worst financial meltdown of our lifetimes. Corporate profits of the least what's at stake. The jobs retirement savings and economic futures of millions of Americans on the line. And that is what congress is focused on address. -- before we find our way out of this mess we need to understand how we got into essentially. We're here because much of our financial sector became dependent on housing bill. On the gambled that home values would rise year after year. Barack Obama first introduced legislation to crack down on fraud in the housing market over a year ago. He raised warnings about this looming crisis last September. And went to Wall Street to call for common sense regulation in March. But when the bubble burst more than a million homeowners were foreclosed -- and the ripple effect -- all the way to Wall Street. Senator Obama put it well. The pain has trickled -- senator Obama's come and foresight stand in sharp contrast to John McCain's response. Last week he was telling us that. And I quote the fundamentals of our economy are sound. This week he declared. This our country's worst crisis since World War II but -- impulsive swings can't change the fact at the -- of the crisis President Bush. John McCain. And their Republican allies -- to economic refereed off the field. Just when we needed the most. They failed to enforce laws against irresponsible mortgage lending helping housing bubbles well. Fiscal irresponsibility has made the situation worse. Our massive national debt has shaken confidence in America's fiscal soundness. And it's just kind of capital we could've used to address the emergency soon. Those were the biggest economic mistakes of the past years. And we need to learn from them if we want to get our economy back on track. In the short term President Bush asked congress to take action on his proposal to stabilize our financial markets. Under his proposal. The government would purchase assets that are clogging up the financial system. Hopefully restore the flow necessary lending and reducing home foreclosures. That is the hope. I want to make one thing very clear to president. This congress does not -- 700 billion dollar blank checks. There will be strong oversight of where and how that money is spent. Tax Payer money cannot fund lavish bonuses or golden parachutes for CEOs. Whose irresponsibility. Helped bring on this meltdown. Limits will be placed on their compensation. The goal of this financial rescue is not to reward Wall Street prevent risk. It is to keep local banks open to protect retirement accounts to help families take out loans they need and to keep small businesses hire. From day one Senator Obama has been out front and insisting that any rescue plan stick to these principles of fairness. The question has to be asked. What if negotiations fall through. What if we fail to act. If we fail. Every American could be adversely affected. More homes may be foreclosed -- Banks may lack the money they need to land and credit the lifeblood of any economy. May dry up. That means families would be unable to take -- alone. Combine appliance or send a child a college. That means businesses shrinking or closing all over the country. It means workers losing their jobs on top of the more than 600000. Jobs lost this year. We can prevent that awful outcome. But only by joining together to forge solutions. We Democrats believe we have a responsibility to work in a bipartisan effort to avoid such an economic disaster. At the same time. Democrats are pushing for broader economic recovery package that creates jobs renews our nation's worn down infrastructure. And helps those facing hardships. In these difficult times. Finally. We're going to -- the economic foundation. For long term. We will restore effective oversight to our financial markets. Because that is the best way to protect taxpayers the democratic congress has passed comprehensive mortgage lending reform. And housing bill that helped hundreds of thousands of families stay in their homes. And at the same time congress will work to keep its pledge a fiscal responsibility. To most Americans. The crisis on Wall Street may have looks. In reality it was anything but -- it still continue. For years. Use -- which fiscal irresponsibility was made worse by regulatory neglect. Dig our way out may take years well but we know this much that era new black mustang. Thank you for listening this is house majority leader Steny hoyer."