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Mr. CAMPBELL. I thank the gentlelady for yielding.
I have heard a long parade of Members come up here and talk about how somehow the fact that the financial markets did not collapse in October is somehow prima facie evidence that the rescue program was not needed. In fact, precisely the opposite is true. These financial markets would have collapsed in October or November were it not for the rescue program, or the TARP program as we know it today, in conjunction with very aggressive action by the Federal Reserve.
Mr. CAMPBELL. Madam Speaker, there is a lot of talk these days about rescue plans and bailouts and TARP and stimulus packages. Letand#39;s take a minute to reflect on what has happened. Back in October we passed, and the President signed, a rescue plan which created the Troubled Asset Recovery Plan, so-called TARP.
Mr. CAMPBELL. Mr. Chairman, I would like to have a colloquy with the chairman of the committee.
Mr. Chairman, the Emergency Economic Stabilization Act was intended to apply to financial institutions, I believe, without regard to their form of ownership: public, private, mutual associations. Is that your understanding? Is that correct?
Mr. FRANK of Massachusetts. If the gentleman will yield, Mr. Chairman, heand#39;s absolutely correct. The form of ownership should have no relevance to the decision here.
Mr. CAMPBELL of California. Mr. Speaker, shh, thereand#39;s a secret. I have a secret. Itand#39;s a secret that the leadership in this House doesnand#39;t want the people to know; but Iand#39;m going to tell you anyway.
Mr. CAMPBELL of California. I thank my friend, Mr. Westmoreland from Georgia, and you are equally a friend of the taxpayer and a Georgia bulldog in terms of fighting for taxpayers and consumers and for Americans to be more free rather than less free in the future. Thank you for yielding. I stand h...
Mr. CAMPBELL of California. Thank you for that kind introduction, my colleague from California (Mr. Dreier).
Mr. CAMPBELL of California. I thank the gentleman from Wisconsin for yielding. Mr. Chairman, we have heard and we know this budget has the largest tax increase in American history and it also doubles the deficit from what the last Republican budget was. But somehow the majority seems to w...
Mr. CAMPBELL of California. Madam Speaker, I thank the gentlelady from Tennessee very much for yielding on this important issue of the budget.