can bring in phil gramm for the housing bubble that burst and i think. probably greenspan actually we probably agree that the federal government shouldn't build out these businesses but to go in feel good politics and regulate wall street of the stone age that's not going to solve any problems it's just going to harm our economic output as it is going to get any reinvestment act which is important now is that what it did is that it said it it's not that banks that were taking money in or neighborhood not lending in those neighborhoods they were using that credit and that and that you know that that money freed up and just putting it into other areas that that was not allowed the really about the real real the real problem is a canard i have to have the rafters topic and so i won't even do the for the last word on the just say that when ronald reagan deregulated the cells in eighty two and then they melted down in eighty six as a consequence he put two thousand people in jail and you know when the u.s. the noel's in this situation is very similar and they

and i wanted to i don't think you can blame phil gramm for the housing bubble that burst and i think it. probably a greenspan actually we probably agree that the federal government shouldn't build out these businesses but to go in have real good politics and regulate wall street and the stone age that's not going to solve any problems it's just going to harm our economic output as i just mentioned to get any degree and that's magnificent power now is that what it did is that it's that it it's at that banks that were taking money and core neighborhoods and not blending in those neighborhoods they were using that credit and that and that you know that that money freed out and just putting it into other areas that that was not allowed to really have the real real the real problem is a canard i have to we have to wrap this topic and so i won't even do the last word on the other than to say the u.n. when ronald reagan the regular the cells in eighty two and then they melted down in eighty six as a consequence he put two thousand people in jail and you know one of the s. the nobels in this

thanks to republican phil gramm alan greenspan and reaganomics there is now practically no limit to what banks can make a buck off of today and in the last few decades the big payoff gamble in wall street is in foreign currency speculation that's when banks speculate or bet that a certain country let's say turkey's currency is going to collapse and if it does collapse the bankers make off with a ton of money a problem is once this process begins is little turkey can do to stop it with more and more banks there's bet the turkish currency will collapse and the credit agencies will start downgrading turkey's debt cause even more pressure on their economy until finally the turkish currency or their economy or both does indeed collapse it becomes a self-fulfilling prophecy these guys are like vultures circling around a wounded animal trying to feast off what little they can before just the bones are left they sit around wait for a country that's in economic trouble and then dive in to make sure it does indeed collapse is what george soros did back in one thousand nine hundred seven in thailan

former senator phil gramm of texas pointed out republicans agree that families and nations should always honor their debts, in so doing they should also make sure they don't pile up new debt. for a congress it means passing budget reforms that impose hard and enforceable limits on new spending and debt. republicans and democrats who work together truly to protect senior citizens, younger generations, and create jobs. specific reforms are needed to protect american families. in conclusion, god bless our troops and we will never forget spench and the global war on terrorism. -- september 11 and the global war on terrorism. the speaker pro tempore: for what purpose does the gentleman from connecticut rise? >> to address the house for one minute. the speaker pro tempore: without objection, the gentleman from connecticut is recognized for one minute. mr. courtney: yesterday goldman sachs, the investment firm, came out with an amazing statement which is that $27 per barrel of oil today is the result of excessive speculation and has no connection to supply and demand. what that means is a motor