Hoyer Talks about Wall Street Reform on the House Floor

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... mr. royce: ensures this kind of favoritism in the future. the speaker pro tempore: the gentleman from massachusetts. mr. frank: mr. speaker, i yield one minute to the majority leader. the speaker pro tempore: the gentleman is recognized. mr. hoyer: i thank the chairman for yielding and i congratulate the chairman for the extraordinary work he's done. i thank mr. bachus, too, who i think is one of the really responsible leaders in the minority in terms of issues of substance and where there are differences, there are honest differences. mr. speaker, i come to the floor and when i do i hear the portions of the debate, sometimes not all the debate. i want to make an observation, though, i listened to the gentleman from new jersey and he remarked on what the people were saying. and i think that frankly his remarks reflected the difference in the perspective between both parties. indeed, that perspective has been reflected in my three decades here, under mr. reagan and others who have served as president. and lastly with mr. bush. mr. obama's immediate predecessor. and that perspective was, if the regulator would simply get out of the way things would be fine. mr. royce indicates that the market will take care of things. the market will discipline itself, he said. phil graham said that with respect to the derivatives. unfortunately i voted for that bill that mr. graham was for, i made a mistake. the market did not discipline itself. in fact, the market took extraordinarily irresponsible steps. what i hear, i tell my friend from new jersey, the people saying is, don't let the big guys trample on us. don't let the big guys put us at great risk. don't let the big guys make decisions that they take the risk and we take the loss. that's what i hear the people saying. and that's what i think this deal is designed to respond to. this week mr. boehner compared reforming wall street to killing an ant with a nuclear weapon. that may sound colorful, but this is the greatest economic crisis that any of us, and i'm looking around this floor, have experienced in our lifetimes. and i'm closer to experiencing the last one than any of you on the floor. but none of us, even at my stage, were alive during the great depression. so this is the first time that we have experienced such a deep, deep recession. but i will tell you, the eight million americans whose jobs it took away, i think it was -- think -- away think it was a mighty big ant that squashed them and their families or the millions more who saw their savings devastated or the families in every one of our districts who lost their homes. they think to themselves, mr. boehner, that was a mighty big ant that came my way. and not more than half of the nation's working adults who report that they have been pushed by the recession into, and i quote, unemployment, pay cuts, reduced hours at work or part time jobs, closed quote, according to a research center survey reported in today's washington ""post."" -- ""washington post."" some of you may think it was an ant that walked through here, but some of you think it was a pretty big elephant that squashed them and hurt them. i don't mean an elephant in the symbol of your party, respected animal with a long memory, but we have differences. the differences are, as i've said before, that you perceive regulation as harmful. my analogy is, if you take the referee off the football field i guarantee the split ends are going to leave early and try to get the advantage and the little guys on the field are going to get trampled on by the big guys because there's no referee to say, time out, you broke the rules. this bill is about putting the ...