“The Bad Old Days; Congressman McDermott On The Bailout”

“For the last eight years, this Administration rewarded Wall Street and ignored Main Street. For eight, long years, this Administration encouraged practices that have taken America back to the bad old days of 1929.

And now this Administration wants the American people to pay $700 billion for Wall Street’s arrogance and greed.

The American people are asked to sacrifice, but what about Wall Street? What has the President asked of them?

Wall Street lobbyists are here by the bus load, trying to cut deals to sweeten the pot for the people who pay them millions.

When someone suggested that any potential bail out ought to include a provision to refinance some mortgages, the lobbyists declared the sky would fall.

And when someone declared that there should not be golden parachutes for the senior executives who masterminded this crisis, we were told that this was unacceptable.”

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