with both left and right united against bill walz, dodd-frank limited the power to act on the exigent circumstances to prevent a financial meltdown. i think this was the wrong lesson from the crisis. the direct cost to taxpayers of the bailout was very small. fannie and freddie were a different story. while the cost to shareholders and senior executives in the institutions that got into trouble were enormous they lost a lot of money and in many cases lost their jobs whether they were built or not. the problem of moral hazard exists in our economy and in fact this problem and the health care area is drawing us into bankruptcy. so moral hazard can be and is a serious problem and certainly something that financial regulations should pay attention to but i don't see how future financial ceos are going to be taking excess risks because they look back at bear stearns, aig or think the same thing would be fine for their institutions. the moral hazard problem should be viewed through the realistic lines and not as a bumper sticker. let me note also the cost of financial breakdown of not stepp

with both left and right united against bill walz, dodd-frank limited the power to act on the exigent circumstances to prevent a financial meltdown. i think this was the wrong lesson from the crisis. the direct cost to taxpayers of the bailout was very small. fannie and freddie were a different story. while the cost to shareholders and senior executives in the institutions that got into trouble were enormous they lost a lot of money and in many cases lost their jobs whether they were built or not. the problem of moral hazard exists in our economy and in fact this problem and the health care area is drawing us into bankruptcy. so moral hazard can be and is a serious problem and certainly something that financial regulations should pay attention to but i don't see how future financial ceos are going to be taking excess risks because they look back at bear stearns, aig or think the same thing would be fine for their institutions. the moral hazard problem should be viewed through the realistic lines and not as a bumper sticker. let me note also the cost of financial breakdown of not stepp

walz of michigan. >> to the mr. amash: even as they bargain for a wage below the set rate. we block military construction and veterans' affairs appropriation billthere are two main reasons the house should block davis-bacon. first it wastes taxpayer dollars. a recent study showed that on average nationwide the government's set rate is 22% higher than the true market rate. for example, sheet metal workers in long island, new york, are paid $28.79 per hour while the government set rate for that area is $45.40. factors in -- factoring in costs of materials and supplies, it is estimated they overpaid by 10% to 15%. davis-bacon gives an unfair advantage to union employees. small businessesmark of which are nonunion, lower their prices competing against larger union firms. the tradeoff for nonunion employees is a lower wage rate but more work which should not disadvantage those who are willing to perform more work for less money. by eliminating government mandated wages, we can better allocate resources and put more americans back on the job. construction projects in the proippingses bill include v.a. facilities, family housing, schools, infrastructu

bill does not do that. i yield back. the chair: the gentlelady yields back. for what purpose does the gentleman from minnesota rise? >> i move to strike the last word. mr. walz: i would like to yield time to the gentlewoman from connecticut. ms. delauro: war i don't know buff et -- warren buffet fs said these positions generated losses that the federal government bailed out wall street to prevent an economic collapse sm the cost of the bailout was $800 billion. by commoosing to not sufficiently the cftc and we are talking about $130 million. the republicans are ensuring average american taxpayers will once again have to bail out their friends on wall street potentially to the tune of $800 billion. tonight on this floor, we heard a colleague say that the savings to the navy in taking speculative trading would result in billions of dollars saved with regard to the cost of fuel. we are talking about $130 million to protect taxpayers. the 2012 defense bill is $118 billion for two wars the american people did not support. the previous administration spent hundreds of billions of dollars without paying for it. and this majority is unwilling to pay $136 million to