Dennis Kucinich

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, I rise today in honor and recognition of Johanna Orozco. Her courage, personal strength and concern for others in the wake of unimaginable personal tragedy nearly two years ago at the young age of fifteen, has lifted her into the rare and inspiring platform as a champion of women's rights. Her activism has inspired people of all ages throughout our Greater Cleveland community, especially young women who are vulnerable to domestic violence. Ms. Orozco did not only survive the vicious attack by her ex- boyfriend, she has reached out as an activist, speaking openly on high school and college campuses. She selflessly shares her own painful experience in order to educate and protect others from unhealthy relationships and domestic violence. Despite her near death, she battled to recover, rising a stronger and wiser individual. Through every painful phase of her rehabilitation and surgeries, Ms. Orozco reflects grace and dignity. Madam Speaker and colleagues, please join me in honor and recognition of Johanna Orozco, who has transformed her personal tragedy into triumph. She has emerged with strength, determination and an optimistic view for her future. She continues to inspire those who have been privileged to meet and know her. I look forward to her future achievements. Johanna Orozco is a heroin among us, and our community will continue to support her as she recovers. Madam Speaker and colleagues, please join me in honor and gratitude of Johanna Orozco, whose remarkable story and activism will forever have an impact on our community. May her courage continue to serve as an inspiration for us all.

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, I rise today in honor of Dr. James Feldman, a profoundly respected, inspiring and beloved figure to countless students, colleagues, friends and family. His career at Baldwin Wallace College Conservatory of Music in Berea spanned thirty- two years, during which time he molded young talent in music theory, composition and performance as well as coaching, mentoring and encouraging students in every aspect of life. James Feldman was born and raised in Rochester, New York. His passion from childhood was music. He earned his MA from the Eastman School of Music at the University of Rochester. He was awarded his PhD in Music Theory from Kent State University and became a full professor at BW. Jim has always strived to live in accordance with the ethical principles of Judaism and has been active in religious community life. He met his wife, Charlotte, while playing piano at their synagogue in Rochester. Together with Charlotte and their two sons, Benjamin and Joel, he moved to Berea in 1975 to begin his teaching career at BW. He was active in Beth Israel-West Temple co-writing and producing yearly musicals with Charlotte that elicited enthusiastic reviews citing their ingenuity and delicious sense of humor. Dr. Feldman was diagnosed with ALS in the fall of 2007. He braved a difficult teaching semester and went on disability in 2008. Madam Speaker and colleagues, please join me in tribute to Jim Feldman, who has dedicated his life's work to his students and his family.

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, I rise today in honor and recognition of my dearest friend and mentor, Javier Lopez, M.D., whose advocacy, love and devotion on behalf of his second family--all of us privileged to be in his care--has made our lives stronger by not only his medical brilliance, but even more significantly, by his kindness, wisdom, compassion, and selfless service in healing our broken bodies and broken hearts. As a life long advocate on behalf of the poor, the isolated and the elderly, Dr. Lopez lives the principles of his Roman Catholic faith by serving as an instrument of peace and hope every day, as he has done for nearly 50 years along Broadway Avenue. His vocation of healing will continue, as his practice evolves from his daily routine on Broadway Avenue to continuing his missions of medical miracles, ministering to the poor of Colombia, Honduras and to places in the world where medical resources are few yet the need is great. As a young man, Dr. Lopez journeyed to Cleveland from his homeland of Medellin, Colombia, to complete his residency at St. Alexis Hospital-- saying farewell to his family, friends and to the rich culture of Colombia. The people of North and South Broadway were immediately taken by Dr. Lopez' integrity, kindness, compassion and humble nature, and he was also moved by the kindness and gratitude shown to him. Dr. Lopez could have set up his practice in any suburb, but he chose to remain on the tough streets of Cleveland, where he was needed the most. For the past 50 years, Dr. Lopez' practice was entrenched with a rare and genuine love, concern, compassion and respect for every patient-- young, old, of every race and of every economic background. His most impactful work has been, and continues to be his service to the poor. In our country, where the uninsured are routinely denied health care, they found solace at the office of Dr. Lopez. He never turned anyone away for lack of insurance, nor inability to pay. Dr. Lopez continues to be a champion of health care justice and reform. He is an outspoken activist in support of universal health care; he has fought diligently on behalf of his patients when crooked health insurers refused to pay, and he worked tirelessly to stop the closing of St. Michael Hospital. After St. Michael's ultimately fell to a system wrought with corruption and greed, Dr. Lopez could have moved his practice away from North Broadway--but it was never even considered--he stayed where he was needed the most. Dr. Lopez' dedication to his patients is eclipsed only by his devotion to his family. His wife of more than 50 years, Nancy Lopez, has been and continues to be his strongest source of support, love and friendship. His sons David and Daniel, David's wife Priscilla, his granddaughter Ana and his daughter-in-law to be, Carmen Nogales--continue to be the center and light of his world. Dr. Lopez's office manager, Toni Maruszak, has been an invaluable and consistent source of support to Dr. Lopez for more than a decade. Her amazing memory, excellent organizational skills and ability to juggle a million things at once always ensured that the office ran smoothly. More importantly, Toni's remarkable interpersonal skills and great sense of humor provided comfort and reassurance for countless patients during difficult moments. Madam Speaker and colleagues, please join me in honor and gratitude of Dr. Javier Lopez. Despite his great achievements in medicine, he remains humble, grateful and virtually ego-less. He offers the same kindness and attention to the homeless alcoholic as he does to the successful CEO. He is the heart and soul of Broadway Avenue--there is no one like him and he is irreplaceable. His presence here has been a gift of healing and hope for countless people, including myself and my family--and will continue to be. Dr. Lopez walks shoulder to shoulder in the ranks of healers like Gandhi and Mother Teresa--guided by faith and a genuine belief in the words-- ``Whatsoever you do to the least of my brothers, that you do unto me.'' Vaya con Dios, mi amigo--de hoy, manana, y siempre. Go with God, my friend--today, tomorrow and forever.

Mr. KUCINICH

Mr. KUCINICH. I sincerely thank the gentlelady. According to the Akron Beacon Journal, Addie Polk took out a 30-year, 6.375 percent mortgage just 4 years ago for $45,620 with a Countrywide home loan office. She took out a line of credit that same day for $11,380. Her home was appraised in 2004 at $31,230. At the age of 90, Addie Polk found herself in foreclosure this week, about to be forced from the home she has lived in for nearly 40 years. So with a gun in her hand, the Akron widow apparently shot herself in the chest as deputies were knocking on her door with eviction papers in hand. This bill does nothing for the Addie Polks of the world. This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street and the market may go up for a few days, but democracy is going down here.

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, we have come a great distance in 75 years, from the New Deal to the raw deal, from having nothing to fear but fear itself, to being afraid of everything. We have traded democracy's warm heart, containing ideals of faith, fairness and frugality, for the greedy, cold, calculations of the Dow Jones ticker. The New Deal saved free market capitalism with jobs and regulation. Now both sink in the swamp of speculation, manipulation and capitulation. The golden rule of ``Do unto others as you would have them do unto you'' is submerged by the rule of gold: `Do unto others before they do unto you.' Some people will ask of this Congress, what were we thinking? Why did we give a $700 billion bailout to Wall Street without fixing what caused the problem in the first place? Why did we rig free markets for security fraudsters? Why didn't we explore alternatives to let Wall Street solve its own problems? Why didn't we have money to save millions of homeowners, create millions of jobs and a green economy? Why didn't we stop the speculators? Why wasn't there accountability? Why didn't we take time to make an intelligent decision? Why Why Why?

Mr. KUCINICH

Mr. KUCINICH. I rise in opposition to this bill. The public is being led to believe that Congress has reconsidered its position because we have before us a better bill than we had a few days ago. It is the same bill plus hundreds of new pages for hundreds of millions of tax breaks. What does this have to do with the troubles of Wall Street? Driven by fear we are moving quickly to pass a bill, which may produce a temporary uptick for the market but nothing for millions of homeowners whose misfortunes are at the center of our economic woes. People do not have money to pay their mortgages. After this passes, they will still not have money to pay their mortgages. People will still lose their homes while Wall Street is bailed out. The central flaw of this bill is that there are no stronger protections for homeowners and no changes in the language to ensure that the secretary has the authority to compel mortgage servicers to modify the terms of mortgages. And there are no stronger regulatory changes to fix the circumstances that allowed this to happen. We should have created a mechanism for our Government to take a controlling interest in mortgage-backed securities and use our power to work out a new deal for the homeowners. We could have done this. We should have done this. But we didn't. Now millions of Americans will face the threat of foreclosure without any help. And the numbers will soon rise for a number of reasons. Not only because of the Alt-A, jumbo mortgages which will soon be reset at higher interest rates, but because the London Interbank Offered Rate (LIBOR) is pushing up rates on adjustable mortgages and more than half of the U.S. adjustable mortgage rates are tied to LIBOR. Homeowner defaults will grow in significant numbers. Let's see if Congress will be as quick to help homeowners on Main Street as they were to help speculators on Wall Street. Now the Government will have to borrow $700 billion from banks, with interest, to give banks a $700 billion bailout, and in return the taxpayers get $700 billion in toxic debt. The Senate ``improved'' the bailout by giving tax breaks to people in foreclosure. People in foreclosure need help paying their mortgage, they do not seek tax breaks. Across our Nation, foreclosures continue to devastate our communities, people are losing their jobs, and the prices of necessities are skyrocketing. This legislation, just like the one we defeated last week, will do nothing to solve the problems plaguing American families or help them to get out from underneath the oppressive debt they have been forced to take on. Unfortunately, there has been no discussion of the underlying debt- based economy and the role of our monetary system in facilitating the redistribution of wealth upwards. It is not as though we had no choice but to pass the bill before us. We could have done this differently. We could have demanded language in the legislation that would have empowered the Treasury to compel mortgage servicers to rework the terms of mortgage loans so homeowners could avoid foreclosure. We could have put regulatory structures in place to protect investors. We could have stopped the speculators. This bill represents an utter failure of the democratic process. It represents the triumph of special interest over the triumph of the public interest. It represents the inability of Government to defend the public interest in the face of great pressure from financial interests. We could have recognized the power of Government to prime the pump of the economy to get money flowing through out society by creating jobs, health care, and major investments in green energy. What a lost opportunity! What a moment of transition away from democracy and towards domination of America by global economic interests. Years ago, in a Cleveland neighborhood, I saw a hand-scrawled sign above a cash register in a delicatessen. The sign said: ``In God We Trust, All Others Pay Cash.'' The sign above the Speaker's rostrum reads ``In God We Trust,'' but today we are paying the cash to Wall Street. It is not as if we had no other choice but to pass this bill. [From Ohio.com, Oct. 3, 2008] Foreclosure Victim, 90, Apparently Shoots Self (By Phil Trexler) At the age of 90, Addie Polk found herself in foreclosure this week, about to be forced from the home she's lived in for nearly 40 years. So, with a gun in her hand, the Akron widow apparently shot herself in the chest Wednesday afternoon as deputies were knocking on her door with eviction papers in hand. While a nation reels in financial crisis from years of mortgage abuse, Polk is recovering at Akron General Medical Center, awaiting word on where she will live when she's released. Meanwhile, city leaders say Polk has become Akron's ``poster child'' for victims of predatory lenders. ``I think this is a case where we need to step in and help this lady if she is so desperate to shoot herself because she can't pay her mortgage,'' Akron Councilman Marco Sommerville said. Court records show Polk took out a 30-year, 6.375 percent mortgage just four years ago for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls. She took out a line of credit that same day for $11,380. Her La Croix Avenue home was appraised by Summit County in 2004 at $31,230. The Countrywide branch did not return a call for comment Thursday. Polk essentially owed the same $45,000 when the Federal National Mortgage Association (Fannie Mae) filed for foreclosure on her home in 2007. Fannie Mae assumed the mortgage from Countrywide. Following foreclosure this year, Polk's six-room, 101-year- old home was bought by Fannie Mae at sheriffs auction for $28,000. Her house now belongs to the lender. Summit County sheriffs deputies say Polk ignored multiple notes and letters leading up to Wednesday's eviction. She also ignored the foreclosure action filed in court. It wasn't until Tuesday that she called the sheriffs office in disbelief. The next day was eviction day. ``I'm positive she believed the deputies were going to come in, clean out the house and set her and her things on the curb, because they did that decades ago. But that's not what happens nowadays,'' sheriffs Lt. Kandy Fatheree said. ``I'm sure she had to be thinking back to the Great Depression when people were set out on the street. She had to be scared to death.'' Deputies Dave Bailey, Jason Beam and Don Fatheree went to the home about 1 p.m. Wednesday to meet with a Fannie Mae representative and escort Polk from the house. They said they had no idea the woman was 90 years old. The deputies' knocks were unanswered, and they were about to leave because the Fannie Mae representative failed to show. Then, they heard a banging noise coming from the home's second floor. Next-door neighbor Robert Dillon heard it, too. More bangs followed. Dillon borrowed a neighbor's ladder and climbed through Polk's second-floor bathroom window and walked into her bedroom. She was lying on her side, a gun next to her on the bed. ``I'm thinking to myself, `Why does Mrs. Polk got a gun?' '' Dillon said. ``After looking around, I touched her shoulder and saw the blood and I said, `Shucks, she done shot herself.' '' Dillon, 62, shouted to the deputies, who alerted Akron EMS. Polk apparently shot herself more than once with a small- caliber handgun, police said. Polk and her late husband, Robert, a Goodrich retiree, moved into the home in 1970. He died in 1995, but Polk continued to live independently, but alone, still driving her late model Chevrolet to the grocery store and church. She appeared to be struggling financially, Dillon said, but he said she never spoke of the foreclosure action looming for more than a year. She had no children of her own and few visitors, he said. ``She didn't need no help. She got around good,'' he said. It is unclear how Polk used the loan money. Dillon said he didn't notice any work being done on the property, and deputies said her front porch was soft from years of neglect. ``Where'd the money go?'' Dillon asked. Sommerville said he is working with the city and the county to assist Polk with housing, once she is released from the hospital. He said the city has been awarded more than $8 million in federal grants in the wake of the mortgage crisis to help cope with the crush. Sommerville said Polk's fate humanizes the problem for the rich and poor. And he urged those facing foreclosure to seek assistance through various local and county agencies. ``It's a sad situation,'' he said. ``She's the poster child for this foreclosure crisis we are facing.''

Mr. KUCINICH

Mr. KUCINICH. I want to thank my friend Mr. McDermott for his hard work on this important bill, and I rise in support of the Unemployment Compensation Extension Act. The national unemployment rate is 6.1 percent, while the latest unemployment data for my State of Ohio reports a 7.4 percent unemployment rate. These numbers are expected to rise in the coming months. With the loss of an additional 159,000 jobs in September, the American economy is experiencing a ninth consecutive month of job loss. Manufacturing are the hardest hit, with the loss of an additional 51,000 jobs in September and the loss of approximately 442,000 jobs this time a year ago. Furthermore, unemployment is disproportionately affecting African- American men at 11.9 percent unemployment and workers without high school degrees at 9.6 unemployment. The number of workers involuntarily unemployed in a part-time job increased by an additional 300,000 in September. The Unemployment Compensation Extension Act will provide an additional 7 weeks of unemployment benefits to our workers who exhausted their benefits. For States with unemployment rates at or in excess of 6 percent, the bill will ensure an additional 13 weeks of unemployment compensation. Just moments ago, the House of Representatives passed a bill which will give Wall Street $700 billion. The least we can do is help give a little bit more unemployment compensation to American workers.

Mr. KUCINICH

Mr. KUCINICH. I yield to my friend.

Mr. KUCINICH. I certainly will.

Mr. KUCINICH. I thank the gentleman for his generosity with the time, and thank my colleagues on both sides of the aisle for their support of S. 3197, which will help those who served this country save their home and save what they work a lifetime for. It is very poignant that we could come to this bill at this moment, when we understand the importance of helping those who have served this country save their homes. Because, actually, it does lead to that larger question because we are all in tune now with the fact that millions of Americans--including those who serve this country--through no fault of their own are finding their homes at risk, millions of Americans. And unfortunately, despite the best efforts of people on both sides of the aisle, the House will have delivered to it a bill from the Senate that does not directly address that question. Because unless this country takes a controlling interest, unless the Secretary of the Treasury would take a controlling interest in these mortgage-backed securities so they can negotiate on behalf of the homeowners to reduce their exposure to losing their home, this bill will be for naught. Let's keep in mind that a central premise of the American Dream is owning a home. We understand that for our soldiers, and we should do something here. And we also need to understand that all over this country there are people who are watching these debates and wondering, are we going to do something to help them save their home? Because that's what we ought to be doing. And the way that we can do it, Mr. Chairman, is that instead of taking a strategy that assumes that the trickle is going to get down from the top by giving $700 billion to Wall Street, we instead focus on creating a solution for the homeowners and know that then the money will begin to percolate up to the banks and back to Wall Street instead of assuming the government gives the money to Wall Street, goes to the banks, and it gets to the people. Not under the bill that the Senate is sending over here. So, while we want to do everything we can for our soldiers--and we should--we need to understand that looming here is one of the biggest challenges we've seen in American history to the concept of homeownership: Home is core, home is central, home relates to everything that we're all about. But home is in jeopardy here in the United States of America. Millions of mortgages are headed towards default. Millions of Americans are in danger of losing their home. And this Wall Street bailout, unfortunately, does not address it. Now, Mr. Speaker, I sent a letter over to our Speaker yesterday pointing this out to her, telling her that we need to create a change that will enable the Secretary of the Treasury to focus in on this and to give him the ability to get a controlling interest in these mortgage-backed securities because, as has been pointed out by my colleagues, we don't have that right now. And unless you address that, all this is going to be for naught. You might see the market go up for a day if the House passes the bill, but you know what's going to happen: You're still going to see millions of Americans losing their homes.

Mr. KUCINICH. Of course I would yield to my friend.

Mr. KUCINICH. Taking back my time, the bill has language which might be discretionary, but we in the House understand the difference between something that's discretionary and mandatory. And we also know that the way the bill is structured, unless you have a controlling interest in these mortgage pools, there's no way you can do anything because then you have to talk with 20, 30 other interests in order to be able to come to resolution. That's not going to happen. So we need to be real about this; and, unfortunately, that isn't always the case in our Congress. And when we get real about it and connect to people's aspirations to save their homes with a real solid legislative structure to deliver on that, then the American people and then our economy can celebrate the wisdom of the Congress. Right now, that jury is still out. I yield to my friend.

Mr. KUCINICH. I would. Mr. Speaker, may I inquire as to how much time I have remaining?

Mr. KUCINICH. To my good friend from Utah, the clarity of the Secretary will not trump the language of the legislation. And the language of the legislation does not permit him to be able to have an effective role in saving people's homes. It talks about encouraging, it talks about ``may do,'' but it is not mandatory. And he doesn't have the additional power because there is no mechanism in there to give us a controlling interest so that we can actually create a fix. I yield to the gentlelady from California.

Mr. KUCINICH. Reclaiming my time, and thanking the gentlelady and the gentleman, I would say that the legislation doesn't fix the problem; that is the central point. It doesn't empower the Secretary to be able to get controlling interest of the mortgage-backed securities. And that is the central flaw of the policies that we're pursuing. And millions of Americans who are in danger of losing their homes are not going to be helped. I want to conclude by thanking Mr. Cannon for his service to the United States Congress.

Mr. KUCINICH. And that's all I need. When you look at the difference in the debate here, hear these words, ``we may save the world ``or ``we shall save the world''; ``we may save people's homes'' or ``we shall save their homes.'' I want a bill that says ``we shall save their homes.'' And that's not what the bill is that we're being sent by the Senate.

Mr. KUCINICH

Mr. KUCINICH. If someone sticks up a bank, they get a jail sentence. Wall Street sticks up the Nation, they get a $700 billion bailout. The free market doesn't mean Wall Street should be free to steal from the American taxpayer. It's a free market, not a spree market. The American values of fairness, frugality, and faith are being sacrificed to greed. The Senate took a dreadful bill that failed on the House floor and made no substantive changes to help homeowners and to enact substantive regulatory protections for investors, and instead attached tax provisions that have absolutely nothing to do with the underlying financial crisis. Among the tax credits are tax credits for banks; we're borrowing money from banks to give money to banks, and we take toxic assets in return. The problem is people can't pay for their mortgages and their homes are endangered. You have to remember this: if this bill passes, it doesn't address the underlying crisis. People can't pay for their mortgages. The market may go up temporarily, but people will still be losing their homes, and what will we have accomplished? Wake up, America.

Mr. KUCINICH

Mr. KUCINICH. Mr. Speaker and Members of the House, tomorrow this House of Representatives will take a momentous vote. It is a vote which will determine whether or not this House will be able to meet the needs of millions of homeowners who are facing foreclosure or whether or not we are simply going to go along with a $700 billion bailout to America's banks and to Wall Street, which has searched that somehow these benefits are going to trickle down. We know that the Senate took action to pass its own version of the bill, and we in turn will have the opportunity to vote on that Senate version. I want to share with my colleagues an analysis of the Senate bill so that when we come to vote on it, we know exactly what this bill will not do. In the bill that will be presented to the Congress, there are no stronger protections for homeowners and no changes in the language to ensure that the Secretary has the authority to compel mortgage services to modify the terms of mortgages. Now, this is significant because, as many economists agree, the central focus of the unraveling of the economy has been with people not being able to pay their mortgages for a variety of reasons. And when that happens in millions of homes, that has a percolating effect. It affects the banks and it affects Wall Street. You would think that given the fact that this is the underlying problem that we would be considering a bill that would directly address dealing with the terms of the mortgages. But this bill doesn't do that. Let me tell you why this becomes very significant. I come from Cleveland, Ohio, a city which has been at the epicenter of the subprime mortgage crisis. But as we know, with the subprime mortgage crisis comes an entire range of bankruptcies, but also other properties start to get pulled under in terms of their value. There is a neighborhood in my district called Forest City Park, Mr. Speaker. It is an area that I'm quite familiar with because my political career, which goes back 41 years, has had a lot to do with Forest City Park. It's a community where they had a very long-lasting civic association that came together in support of each other keeping up their community and in property. People met to improve playgrounds, to improve streets, to improve parks and properties. And people came together in a kind of sense of joy that people in communities have when they share a common goal and a common interest. And Forest City Park was one of those neighborhoods, like many neighborhoods across this country, where people took pride in their property, where people spent their whole lives trying to improve their property, and their property was their biggest investment. Mr. Speaker, if you were to come with me to the Forest City Park area, there are still homes that are being kept up. There are still people who sweep their doorstep every morning and who even clean the streets on their own. But the good part of the neighborhood has been inundated and caught up in this subprime mortgage crisis. House after house after house has gone into foreclosure. House after house after house is being boarded up. Fires are starting in neighborhoods, taking up some of these properties that were once the pride of the community. Now, we know how this subprime mortgage crisis started. We know it started with speculation on Wall Street where they created derivatives that came from groups of mortgage-backed securities. We know that property values were inflated deliberately, that people desperate for a home were told that they can get their home without any documentation, just sign on the dotted line. The value of it was inflated so Wall Street firms could have inflated assets on their books and then keep trading and trading and trading them, and then when property values started to drop, when there was an economic slowdown, people couldn't pay their mortgages, everything became unraveled. How many people's dreams were destroyed? Well, in Forest City Park there were many dreams destroyed. There were many people who saw a life's work disappear because of the lack of regulation. And today they and millions of Americans like them look to Washington to try to say what are we going to do to help people who, through no fault of their own, are caught up in a colossal economic machine which has ground to a halt, putting its full physical pressure on the people at the great margins of our society and people in the middle as well? Millions of homeowners are looking to us. And yet we come up with a bailout that doesn't offer the homeowners anything. Over 300 pages of tax cuts and tax breaks that have absolutely nothing to do with the housing crisis at the center of this financial storm. My colleague Mr. Poe earlier in the day outlined some of the tax breaks: tax breaks for litigants in the Exxon Valdez incident, wooden arrows used by school children, tax breaks and earmarks for auto racing tracks, wool research, the Virgin Islands and rum. Now, maybe we could argue that some of those breaks in and of themselves ought to be considered. But why would they be in a bailout bill? The Senate expects us to consider and pass a bill we have already defeated merely because they have added millions of dollars of tax breaks that will strain the Federal budget even more. So let me recap. We are coming back with a bill that has no stronger protection for homeowners, no changes in the language to ensure that the Secretary has the authority to compel mortgage servicers to modify the terms of mortgages, over 300 pages of tax cuts and tax breaks that have absolutely nothing to do with the housing crisis at the center of the storm, and, get this, no stronger regulatory changes to fix the circumstances that allowed this to happen. How did it come to be that we could see this condition occur where speculation ran wild on Wall Street and yet the very agencies that ought to be watching it have had nothing to do with stopping it? The cop at the Securities and Exchange Commission walked off the beat, did not restrain firms that they knew were speculating with derivatives to a factor of 30 and 40 times. How could this happen? How could the Federal Reserve, knowing that banks were up to their ears in these financial instruments, not look to see how that might threaten the underlying financial stability of a bank? They walked off the beat. And so it comes to this Congress to decide what to do. The thing about this that I think is the most vexing is this condition: that our government, which is already trillions of dollars in debt, in effect is going to have to borrow $700 billion from the banks, with interest, to give the banks a $700 billion bailout. Where are we going to get the money? We're not cutting $700 billion out of the budget; we're going to borrow the money. And when we borrow the money to give to the banks, the banks in return will give us their toxic debts. We are being told this is the only way we can solve this financial crisis. Whom are we solving this crisis for? Are we solving it for homeowners? Obviously not. We're solving it for speculators. We're solving it for foreign investors because what we find out is that, as Brad Sherman has pointed out, hundreds of billions of dollars in this bailout will be used to buy toxic assets currently held by foreign investors. How did we get to this situation? Under this bill the administration can buy any asset from any financial institution for any price. For those of you who are thinking this is going to bail out U.S. businesses, think again. We can have banks from all over the world scouring, scouring their financial ledgers, looking at their worst debts, and then they're going to send them over to the United States, and then the taxpayers of the United States are going to pay for them. This bill should have had a provision saying that the Treasury can only buy assets proven to come from an American investor. That way it's about America. This bill should have something about taking care of America first. We are not even taking care of America's investors first. We are not even taking care of America's speculators first. We are not taking care of America's homeowners first. This is about foreign investors. Is our economy so weak that we can't stand up, solve our problems here at home, or is it that we are so heavily leveraged, that foreign markets have such control over us, that they can force this Congress to pass a bill to help bail them out? Foreclosures are devastating our communities. People are losing their jobs. The price of necessities is skyrocketing. This legislation, just like the one that we defeated a few days ago, will do nothing to solve the problems plaguing American families or help them to get out from under the oppressive debt that they have been forced to take on. We have demanded language in the legislation that would empower the Treasury to compel mortgage servicers to rework the terms of mortgage loans so homeowners could avoid foreclosure. Owning a home is at the center of the American Dream. The American Dream is threatened here. The American Dream is under attack. The American Dream needs to be protected. The American Dream needs to be restored. The American Dream needs to get some life in it from this House of Representatives. Yet, the American Dream is going to have to wait another day. We are told that if this passes, the market may go up. The market went up 485 points a day after we defeated it. But we are told that if this passes, the market may go up. Let me tell you what is not going to go up. The hopes of America's homeowners. Because nothing is done for them in this bill. So who's going to tell the widow whose husband may have worked a lifetime to assure them a piece of property, which got into trouble because maybe she did a reverse mortgage, who's going to tell her that there's nothing in this bill for her? Who's going to tell the laborer, who has worked day in and day out, working himself and his fingers to the bone, and where he is behind in his mortgage payments, and the bank is telling him, No, you can't give me $500. I want the whole $1,200 or we are going to go into foreclosure. Who's going to tell them that there's nothing for him in this bill? This is a sad day in our Republic when we see the most pressing needs of the American people sacrificed to the speculators on Wall Street. And, of course, there is another dimension to this debate, and that other dimension deals with the free-market economy. What in the world are we doing here, where we are basically interfering in the market with a $700 billion investment, and suddenly we are telling all these speculators, Don't worry about it. The government is going to use the American tax dollars to ensure your risk. The whole basis of the market, as all of us know, has to do with risk. You invest; it is a risk. There's nothing guaranteed. And so we are telling people who are in the market, particularly those who are in the market for billions of dollars, Go ahead and take a risk. Uncle Sam will back you up. Well, if we can tell that to the speculators, why can't we tell that to America's homeowners when they are not betting. If someone goes to Las Vegas and bets the ranch, and loses the ranch, the casino didn't give them a new ranch. Speculators bet the ranch. And we are going to help restore their position with this legislation. We are told there's a crisis in liquidity. We have been told by Bill Isaac, the former head of the Federal Deposit Insurance Corporation, that it's not the liquidity problem that is said to exist. That in fact banks don't want to loan to each other because of this psychology that is going on in the marketplace. They are afraid that other banks are going to go down. This is the United States of America. We should have the power to deal with this. Ireland. Ireland. Ireland, the historic home of my mother's side of the family. Ireland figured out that they put the full faith and credit of Ireland behind the bank deposits, and they stabilized their economy. No one is losing any money. We need innovative approaches here. We don't have them. What we have is a reward for speculation. The free-market economy, that whole idea is being shredded with this hand of the government moving in. Now, people will say, Well, what is your plan? My plan is this. Number one. That we must have legislation that has an approach of dealing with the problem at its base. Helping the millions of homeowners. You help the many and the few will benefit. You help the few and the many will not benefit. We all know this. Trickle never gets down. We also know this. If we can introduce a bill that can say that we can give Treasury or the FHA the ability to buy a controlling interest in these mortgage-backed securities, and work out something for the homeowners, we can have a whole new condition where the government goes to work for the homeowners of America. Franklin Roosevelt understood the importance of coming forward with the New Deal plan that helped resurrect this country's economy. We can solve this problem of the homeowners. It could be that we create a new Homeownership Loan Corporation. But whatever it is, we have the ability to do it. I am here to offer what I call a recovery plan for Main Street. And here's how we can prime the pump of this economy. We can prime the pump of the economy, number one, with health care for all. Insurance companies make money not providing health care. As the coauthor of H.R. 676, a universal, single-payer, not-for-profit health care system, Medicare for All, I understand that millions of Americans want health care that is accessible and affordable. Medicare for All will help businesses, large and small; will create jobs, as well as save the jobs of thousands of people, including those of doctors, nurses, and health care workers, who are currently leaving medicine because it is run by insurance companies. One dollar out of every $3 of the $2.4 trillion spent annually in America for health care goes to the insurance companies. If we take that money, $800 billion in unproductive, wasteful spending, and put it directly into care, we will have enough money to cover everyone. We are already paying for Medicare for all, but not receiving it. This is the way you get an economy going. This is the way you move money in the economy. Not only help people restore their homes, but also help people get the health care that they need. Another way that you start to move money in the economy is through a prescription benefit for seniors. H.R. 6800 is the MEDS Act, which provides a fully paid prescription drug benefit under Medicare for all seniors. I wrote this bill to help alleviate the economic pressure that comes from the high cost of prescription drugs. We can pay for it by letting the government negotiate drug prices with the pharmaceutical companies the same way that they do with the Veterans' Administration. We can also do it--pay for it with reimportation. The third thing we can do that can help the American economy is to stop the oil companies from price gouging. I was one of the first ones to step up and challenge the corrupt price gouging and market speculation of the oil companies by proposing a windfall profits tax on oil and natural gas companies, with revenues put into tax credits for the purchase of fuel-efficient American-made cars. However, it may be that nationalization is the only way to put an end to the oil companies' sharp practices. I mean, after all, we are nationalizing one of the largest insurance companies, with AIG. We are helping to nationalize the stock market and a lot of banks. Why don't we go for the gold, where the big money is, and nationalize the oil companies and then take the profits and give it back to the people so we can take a whole new direction in energy and not be strapped any more by these oil companies. The fourth policy that I believe will help with the Main Street recovery plan deals with protecting the American homestead. As chairman of the Domestic Policy Oversight Subcommittee, I am working to protect people's basic right to have a roof over their head, whether as an owner or renter. It was my subcommittee which investigated and exposed the manipulation of mortgage markets. I am working to craft a new Federal policy so that neighborhoods with the highest number of foreclosures can get the most help. The fifth thing we can do to restore our economy is to have a program of Jobs for All. We know what Franklin Roosevelt did, the old New Deal economics, jobs for all, a new WPA program. That Jobs for All program, with the cosponsorship of Congressman LaTourette is a bipartisan New Deal-type jobs program that rebuilds America's infrastructure. It would create millions of good-paying new jobs, rebuilding our roads, bridges, water systems, and sewer systems. The sixth thing in a plan to restore the American economy--there's an alternative to this bailout--is to have an American manufacturing policy. I am drafting legislation calling for an American Manufacturing Policy Act that, for the first time, will state that the maintenance of steel, automotive, and aerospace, is vital to our national economic security, and must be maintained through an integrated public-private rebuilding of our roads, bridges, and water systems. I am calling for a new plan for Main Street under a Works Green Administration. It's the WGA turned into an environmental program where we focus on restoring the planet. This is one in which the government creates millions of jobs by incentivizing the design, the engineering, manufacturing, distribution, and maintenance of millions of wind and solar microtechnologies for millions of homes and businesses, dramatically lowering energy cost and reducing our dependence on oil. We need a new trade policy, and that is the eighth plank in a plan that restores Main Street. And that is what we should be talking about here. But that is not what the bailout does. A plan that restores Main Street says we have to have fair trade. It must mean the end of NAFTA. This country has lost millions of good-paying jobs, and more jobs have been outsourced. We must have education for all. That is the ninth plank. That is why I introduced H.R. 4060, a universal prekindergarten program to ensure that all children ages 3 to 5 have access to full quality day care. We have to protect pensions. I am working to change bankruptcy laws so pensioners' claims will be first ahead of the banks, and that corporate executives who misuse pension workers' funds are subject to criminal penalties. We have to strengthen the Pension Benefit Guarantee Board. Before I give the final six points in this, Mr. Speaker, and yield to my friend, Mr. Sherman, I'd like to ask the Speaker how much time is left.

Mr. KUCINICH. I am going to yield 5 more minutes to myself, and then go to my good friend, Mr. Sherman, for as much time as he may consume. Let it be said that there are other options here to stimulating the American economy. I just named 10 different points, and I am going to name an 11th. We have to protect Social Security. From my first moments in Congress when I exposed Wall Street's efforts to privatize Social Security and attacked it in our own Democratic Caucus when privatization was being proposed, I have watched this effort at times to privatize Social Security. Imagine if we had privatized Social Security. Imagine what happens when the market goes down and people begin to lose the only guarantee in some cases anyone has. We have to protect Social Security. It is rock solid through the year 2032 without any changes whatsoever. Protecting Social Security must be part of a plan to keep Main Street solid. We have to protect bank deposits. It is a positive development that now people are talking about insuring a quarter of a million dollars of bank deposits through the FDIC. But the fact of the matter is, you can do that without being in a bailout bill. Protecting investors. We need to bring back strong regulation to Wall Street. As chairman of domestic policy, I challenge the Wall Street hedge fund speculators who have been a threat to all investors, and I intend to keep active watch on the machinations of Wall Street. We need a new national security policy called ``Strength Through Peace.'' I helped lead the effort against the Iraq war. We forget about the Iraq war in this debate often, but the truth of the matter is that war is going to cost the American people anywhere between $3 trillion and $5 trillion and as many lives as have been lost by our soldiers and as many lives as have been lost by innocent Iraqis. We need a new direction in America. We have to end the war and bring our troops home. We must engage in diplomacy. We have to reduce the military budget and stop these outrageous cost overruns by firms like Halliburton. We have to work so there is safety in America, safe neighborhoods, safe homes. I introduced a bill, H.R. 808, which creates a comprehensive plan to deal with the issues of violence in American society; domestic violence, spousal abuse, child abuse, violence in the school, racial violence, gang violence, gun violence, that exact a social and economic toll on America. We can work our way through these dilemmas. This is America. We have unlimited ability to solve our problems and to meet challenges. But we have to realize that what we have here is not simply an economic challenge, it is a spiritual challenge. Today we are being challenged by greed. Greed will bring down our Nation if we don't stand up for those whose prime values have been fairness, frugality and faithfulness. We must remember who we are as Americans. We can begin to strengthen ourselves by defeating this bill. Where people are being threatened, let us rise up with courage. Where people are being told that there is no other path, let us provide alternatives. And let us reclaim the Nation that we love. Standing above us, rising above us is an American eagle, a beautiful American eagle at the canopy of this House. This eagle, which spreads itself over the fullness of this Congress, has a left wing and a right wing. That American eagle needs two wings to fly. That American eagle was able to soar a few days ago, and hopefully it will soar again tomorrow. The motto under that eagle, E. Pluribus Unum, out of many we are one. Let us be one for the mass of Americans. Let us be one for the homeowners. Let us be one for those who want jobs. Let us be one for those who want health care. Let us be one for those who want a country they can call their own, the people of the United States of America. 1. Health Care for All: Insurance companies make money not providing health care. As the co-author of H.R. 676, a universal, single-payer, not-for-profit health care system, Medicare for All, I understand millions of Americans want health care that is accessible and affordable. Medicare for All will help businesses large and small, create jobs as well as save the jobs of thousands of people including those of doctors, nurses and other healthcare workers who are currently leaving medicine because it is run by the insurance companies. $1 in every 3 dollars of the $2.4 trillion spent annually in America for health care goes to the insurance companies. If we take that money ($800 billion in unproductive wasteful spending) and put it directly into care, we will have enough money to cover everyone. We are already paying for Medicare for all, but not receiving it. H.R. 676 changes that. 2. Prescription Drug Benefit for Seniors: H.R. 6800 is the MEDS Act, which provides a fully paid prescription drug benefit, under Medicare, for all seniors. I wrote this bill to help alleviate the economic pressure that comes from the high cost of prescription drugs. We can pay for it by letting the government negotiate drug prices with the pharmaceutical companies as well as by permitting re-importation. 3. Stop the Oil Companies' Price Gouging: As you know, I was the first one to step up to challenge of the corrupt price gouging and market speculation of the oil companies by proposing a windfall profits tax, on oil and natural gas companies. with revenues put into tax credits for the purchase of fuel-efficient American-made cars, However, it may be that nationalization is the only way to put an end to the oil companies' sharp practices. 4. Protecting the American Homestead: As Chairman of the Domestic Policy Oversight Subcommittee, I am working to protect your basic right to have a roof over your head, whether as an owner or renter. I have Investigated and helped to expose the manipulation of mortgage markets, and I am crafting a new federal policy so that neighborhoods with the highest number of foreclosures get the most help. 5. Jobs for All: Congressman LaTourette and I have co-authored the bi-partisan New Deal-type jobs program, H.R. 3400, ``Rebuilding America's Infrastructure.'' It will create millions of good-paying new jobs rebuilding our roads, bridges, water systems and sewer systems. 6. American Manufacturing Policy: I am drafting the American Manufacturing Policy Act, which for the first time, will state that the maintenance of U.S. steel, automotive, and aerospace industries are vital to our national economic security and must be maintained through integrated public-private cooperation, new trade policies, and investment. 7. Works Green Administration: I am also drafting plans for a green New Deal jobs program, in which the govemment creates millions of jobs by incentivizing the design, engineering, manufacturing, distribution and maintenance of millions of wind and solar micro-technologies for millions of homes and businesses, dramatically lowering energy costs and reducing our dependence on oil. 8. Fair Trade: The U.S. has lost millions of good-paying jobs, and more jobs have been out-sourced. As you know, I have helped to lead the way in opposition to trade giveaways. I strongly urge repeal of NAFTA. We must include workers' rights, human rights and environmental quality principles in all trade pacts. We must also protect the Great Lakes' water resources from the reach of multi-national corporations. 9. Education for All: I know families need help with the rising cost of day care. That is why I introduced H.R. 4060. a universal pre- kindergarten program to ensure that all children ages 3-5 have access to full-day, quality day care. 10. Protecting Pensions: I am working to change bankruptcy laws so pensioners' claims will be first, ahead of banks, and that corporate executives who misuse workers' pension funds are subject to criminal penalties. I want to fully fund the Pension Benefit Guarantee Board. 11. Social Security: From my first moments in Congress, I have exposed Wall Street's efforts to privatize Social Security and attacked it in the Democratic Caucus when it was being proposed. Can you imagine where seniors would be today if Social Security had been turned over to the stock market? Social Security is solid through 2032 without any changes. 12. Protect Bank Deposits: I will work to make sure the Federal Deposit Insurance Corporation, FDIC, has sufficient funds to provide for insurance of deposits up to $200,000 at all banks and savings and loans. This is an urgent matter since so many banks are said to be vulnerable. 13. Protect Investors: Bring back strong regulation to Wall Street. As Chairman of the Domestic Policy Subcommittee, I challenged the Wall Street hedge fund speculators as a threat to small Investors. I intend to keep active watch over the machinations on Wall Street. 14. Strength through Peace: You'll remember when I led the effort against the ill-conceived Iraq war, which has now cost more than 4.100 U.S. soldiers' lives, cost U.S. taxpayers between $3 trillion and $5 trillion, and resulted in the deaths of more than a million Iraqis. We must bring our troops home and end the war. We must engage in diplomacy. We must reduce the military budget, and we must stop outrageous cost overruns by the likes of Halliburton. 16. Safety in America: I am proud of my work for peace. In July 2001, I introduced a bill, which today is H.R. 808, that for the first time creates a comprehensive plan to deal with the issues of violence in American society, particularly domestic violence, spousal abuse, child abuse, gang violence, gun violence, racial violence, and violence against gays by establishing a Cabinet-level Department of Peace and Restorative Justice. This proposal has sparked a national movement and when implemented will save taxpayers millions of dollars. 16. Monetary Policy: It is long past the time that we looked at the implications of our debt based monetary system, the privatization of money created by the 1913 Federal Reserve Act. the banks fractional reserve system and our debt-based economic system. Unless we have dramatic reform of monetary policy, the entire economic system will continue to accelerate wealth upwards. I am currently working on drafting legislation for an `American Monetary Act' to address these and other issues in order to protect the economic well-being of America. I yield to my friend from California, who has done such a wonderful job in organizing what is called the Skeptics Caucus, at a time where skepticism is called for. Through enlightened articulation of facts, he has come forward, as has my good friend and colleague from Ohio, Representative Marcy Kaptur, who has courageously stood here day in and day out challenging this corrupt bailout. I yield to my friends, and I thank you for your service to America and for your service to your communities.

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, I rise today in honor of the innovative students at St. Catharine's Academy in the Bronx, NY, who have dedicated their time to raising awareness of the plight of women in the Democratic Republic of Congo (DRC). Earlier this year, students at St. Catharine's Academy read a magazine article about the conflict in the Democratic Republic of Congo and the various humanitarian issues facing women in the country. St. Catharine's Academy is a unique all-girls school that strives to teach its students responsibility, compassion, social justice, collaboration and concern for women's issues. The students brainstormed and mobilized efforts to address the humanitarian crisis in the Democratic Republic of Congo. They organized fundraising bake sales to send money to Panzi Hospital in the DRC, a hospital dedicated to treating women who are survivors of rape and abuse. Through their efforts, the students raised $5,600 to send to Panzi Hospital, which continues to treat over 60,000 women a year. The students furthered their efforts to mobilize the student body by creating a video highlighting obstacles faced by women in the DRC for the school's annual international show. Madam Speaker and colleagues, please join me in honor of the students of St. Catharine's Academy for their work on raising awareness of the plight of women in the Democratic Republic of Congo and in recognition of their contributions to their community, their vision and their innovation. May their efforts serve as an example for all of us to follow.

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, I rise today in honor of Jim Mangia, distinguished philanthropist and entrepreneur, whose health centers have provided free medical, dental and mental health services to thousands of children and adults in Los Angeles for over forty years. Jim Mangia is the President and CEO of St. John's Well Child and Family Center (SJWCFC) and a leading expert on environmental health issues faced by economically disadvantaged communities in Los Angeles, California. He recently opened his eleventh non-profit health care clinic in downtown Los Angeles, forty years after opening his first clinic. St. John's Well Child and Family Centers have grown to a family of eleven non-profit health centers providing free health services to children and adults. Since the founding of the first St. John's Well Child and Family Center, his clinics have served over sixty-thousand patients a year. According to statistics provided by St. John's, more than ninety-seven percent of the patients who have visited the clinics live below the poverty level and almost half of all residents have no health insurance. Mr. Mangia has led the effort on discourse regarding environmental health and has co-authored an article outlining the effects of slum housing on children's health. Mr. Mangia's dedication to treating and raising awareness of environmental health issues reaches far beyond his leadership in SJWCFC. He has testified before Congress numerous times and works intimately with a number of local school boards to ensure that the health needs of children from economically disadvantaged communities are being met. Madam Speaker and colleagues, please join me in honor of Jim Mangia, and in recognition of his tireless efforts on behalf of communities of need. May his inspiration and genius be an example for all of us to follow.

Mr. KUCINICH

Mr. KUCINICH. I thank the gentleman. Today we're being told that what is good for Wall Street is good for Main Street, yet this bailout plan will fail to keep families in their homes. Treasury will own troubled assets without any control. Terms of bad mortgages cannot be changed absent controlling share of underlying securities. If you support this legislation because you think it will keep people in their homes, think again. In fact, Treasury will not be able to change the terms of bad mortgages because the act does not require Treasury to purchase a controlling share in the underlying mortgage- backed securities and collateralized debt obligations. The Secretary will be powerless to make any real and substantive change in the terms of mortgages. The Secretary will have no power to avoid foreclosures and keep families in their homes. Last night, I received a letter from Frank Alexander, a professor of law at Emory University. He has testified before my subcommittee on domestic policy, on targeting Federal assistance to help neighborhoods affected by the foreclosure crisis. He is an expert on housing law. I would like to put his letter in the Record. Professor Alexander clearly demonstrates that the Emergency Economic Stabilization Act will not fulfill its stated goal of preserving homeownership. Unless the Secretary of the Treasury is required to prioritize assets that will give the Treasury a controlling share in the underlying home mortgage, the Secretary will hold bad assets with no power to make them solid again. So much for the homeowners. If we had a plan which focused on saving families' homes, it would actually do more for the economy than this bill. Economist Nouriel Roubini has written that the lack of debt relief to distressed households is behind the financial crisis and the deepening recession. With $700 billion directed towards helping or towards trying to save homes, we could really stimulate the economy and could give real economic security to millions on Main Street, but that's not what this bill is about. It's about Wall Street. What is good for Wall Street is good for Main Street? Not today. Emory School of Law, Atlanta, Georgia, September 28, 2008. Re Emergency Economic Stabilization Act of 2008. Hon. Dennis J. Kucinich, Chairman, Domestic Policy Subcommittee, Committee on Governmental Oversight and Reform, House of Representatives, Rayburn House Office Building, Washington, DC. Dear Representative Kucinich: As the text of the Emergency Economic Stabilization Act of 2008 approaches final negotiations and a possible vote in Congress, I want to share my concern over the lack of any clear connection between the Troubled Asset Relief Program, and the provisions of this legislation that appear to relate to Homeownership Preservation. This legislation, in its most recent form as of Sunday evening, September 28, has many provisions that make it far superior to the bill that was submitted on behalf of Secretary Paulson eight days ago. The two dominant purposes of the current draft of this legislation appear to be first the desire to enhance financial market liquidity through the acquisition (or insurance) of Troubled Assets, and second the desire to facilitate home preservation through loan modifications. The problem is that there is, quite simply, no clear or necessary connection between the Troubled Assets that may be purchased by the Secretary, and the capacity of the Secretary to engage in or facilitate loan modification or foreclosure avoidance strategies. As presently drafted, the Secretary will engage in a program of acquisition (or insurance) of Troubled Assets, the purchase of which ``promotes financial market stability''. The liquidity crisis primarily stems from mortgage backed securities, or derivatives of mortgage backed securities, which contain or are perceived to contain mortgages with high rates of delinquencies or defaults. Mortgage related securities that are composed of a single class of prime mortgages are not illiquid, and are not likely to be the target of acquisition by the Secretary. Instead, the illiquid securities are most frequently those that are highly subdivided and fractured into separate classes or tranches, and often further securitized by derivatives. The problem is that when and if the Secretary elects to acquire the mortgage related asset of any single financial institution, the Secretary will not be acquiring a portfolio of whole loans, or even a controlling interest in a securitization of loans. If the Secretary acquires a partial interest or whole interest in a given tranche of mortgage backed securities, or in a derivative of a mortgage back security, the Secretary will lack the authority to authorize, require or even permit a program designed to encourage or facilitate homeownership preservation or foreclosure avoidance actions. As an owner of a minority interest in a securitization or security derivative, there is little if anything that the Secretary will be able to do to accomplish the professed goals of Homeownership Preservation in this legislation. If in fact this legislation is to have as one of its goals that of homeownership preservation, then the Troubled Asset Relief Program should have, at a minimum, as one of its goals the acquisition by the Secretary of Troubled Assets which will provide the Secretary will a controlling or majority interest in the underlying pool of whole mortgage loans. In such a context the Secretary will be in a position to implement the Homeownership Preservation goals of this legislation. The most direct way to modify the current text of the Emergency Economic Recovery Act of 2008 to create the necessary tie between market liquidity and homeownership preservation is to modify Section 101(d)(5) to add the following: ``(5) Priority acquisition of troubled assets when such acquisition provides the Secretary with a controlling or majority interest in the underlying pool of whole mortgage loans.'' In the absence of any functional tie between Troubled Asset acquisition and control with respect to modifications of the underlying residential mortgages, there is likely to be very little significance to the homeownership preservations provisions of this legislation. Sincerely, Frank S. Alexander, Professor of Law, Director, Project on Affordable Housing and Community Development.

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, I rise today in honor and recognition of Dave Pavlick upon the completion of his second 600-mile walk throughout Ohio to promote the ``Health Care for All Ohioans Act.'' As one of the key driving forces behind the Single Payer Action Network (SPAN), Dave is ending his 23-day quest for health care justice in Parma, Ohio. Dave's years of unparalleled dedication and commitment to the highest-quality, uniform standard of care for all as a basic human right has garnered increased attention and support from people all over the State of Ohio. Through his walk, Dave has given his own time and energy in a profound way for the over 1 million uninsured Ohioans and the many more without adequate health care who seek an end to their plight and injustice. As a career public servant with both the United States Marine Corps and the Cuyahoga County Sheriff, Dave learned a great deal about many ails of society, and he decided to commit himself to healing perhaps the biggest social ail in America, the lack of adequate and affordable health care for all. Madam Speaker and colleagues, please join me in honor of Dave Pavlick, whose outstanding and persistent contributions to health care justice for all Ohioans will someday lead to care for all. I, along with SPAN, the brothers and sisters of the United Auto Workers Local 1005, and all other supporters, welcome Dave back to Parma.

Mr. KUCINICH

Mr. KUCINICH. Mr. Speaker, this bill will provide the necessary funding to keep federal agencies up and running through March 6, 2009. While most agencies will continue to be funding at fiscal year 2008 levels there are three agencies, the Department of Defense, Military Construction-Veterans Affairs, and the Department of Homeland Security, that will receive full-year funding at fiscal year 2009 levels. This massive funding bill is necessary in part because Congress lacked the will to consider fiscal year 2009 funding through the regular legislative process. Had each of the 13 annual appropriations bills been deliberated separately there would have been an opportunity to debate and reform portions of federal spending. Debate and reformation are an important part of the process because they allow funding to be shifted to more accurately reflect the priorities and needs of the American people. With our economy in crisis it is more important than ever to ensure a budget that creates jobs and improves job security for hardworking Americans, provides all citizens with healthcare and affords an exemplary education for our children that will give them the skills to compete in today and tomorrow's world. It is significant that the federal budget in fiscal year 2008 was not reflective of my constituents' needs and priorities. Unemployment is continuing to rise. The latest unemployment statistics show that our national unemployment is at 6.1 percent and Ohio's unemployment is now 7 percent. At the same time the number of jobs vanishing in America outpaces the number of jobs being created. This net loss of jobs coupled with high unemployment is a disastrous combination. Home foreclosures continue to rise and more families are expected to fall behind. In Cleveland the foreclosure crisis continues to worsen substantially. 47 million Americans have no health insurance and another 50 million Americans remain underinsured. Fiscal year 2008 appropriations bills dedicated only approximately 6 percent of the discretionary budget to education, training, employment and social serices. Roughly another 5 percent was dedicated to health, 4 percent for services and benefits for our veterans and approximately 5 percent was devoted to income security. The vast majority, over 50 percent, of the discretionary budget was spent on national defense. In addition, the Department of Defense budget has received a 6 percent increase between fiscal years 2008, and 2009 while the Departments of Education, Labor and Health and Human Services will continue to be funded at fiscal year 2008 spending levels. The United States military is unmatched. We outspend the rest of the world combined two to one. Yet the bill follows a misguided strategy of buying weapons that provide Americans with no increased safety. This bill fails to match real threats to our security with appropriate defensive measures. Our foreign policy should promote economic stability worldwide, thereby eliminating the true roots of terrorism, desperation. This bill does the opposite by swelling policies of fear and aggression. H.R. 2638 contains a host of provisions that do a grave disservice to the American public. This bill devotes $10 billion to missile defense. These funds include a third interceptor site for the Ground-Based Mid-Course Defense (GMD) program despite a lack of assurance that the system will work or is needed for the safety of our nation. Congress' continued funding of the GMD only lends credence to the Administration's misguided claims the system is necessary to defend the U.S. from a long-range ballistic missile attack from Iran despite the fact that Iran is unlikely to pose such a threat to the United States in the foreseeable future. Furthermore, the bill appropriates $3.6 billion for the Army's future combat systems; $2.9 billion for the Air Force's next generation aircraft the F/A-22 Raptor and $3.6 billion for the F-35 Joint Strike Fighter which is a next generation aircraft for use by the Air Force, Navy and Marine Corps. The security of America lies not in defense spending but in ensuring well paid jobs for hard-working Americans, guaranteed health care and a strong education for our nation's youth. We must shift our priorities because our current spending trends are threatening our social fabric and economic security. Another detrimental provision in the bill allows the longstanding moratorium on drilling on the outer continental shelf to expire, which is a policy that will provide virtually no relief from high gas prices in the short or long term. It will instead lock us further into an unsustainable energy future and pave the way for drilling in our precious Great Lakes, our drinking water source. If we were serious about lowering prices now, we would focus on that which can actually make a difference now, which is energy efficiency and curbing the profit seeking behavior of the oil industry. Although the budget priorities in this bill are out of touch, it does contain important provisions that are needed by the American people and by my constituents in Ohio's tenth district. These programs and others all have merit, deserve more funding and will have a positive impact during these tough economic times. Unfortunately this bill holds these admirable initiatives hostage to our nation's bloated and often counterproductive defense spending. For example, this bill provides an increase of $23.5 million over fiscal year 2008 for the Commodity Supplemental Food Program (CSFP). In Cleveland and around the nation families are turning to food pantries for emergency food assistance. Food pantries are continuing to experience increased demand and are finding it increasingly difficult to meet the needs of the community. As jobs continue to decline and food and fuel prices continue to rise, more middle-class families are seeking this emergency food assistance. This bill will provide an additional $1 billion over fiscal year 2008 funding levels for the Nutrition for Women, Infants and Children (WIC) program to help combat the struggles families face with rising food costs. The bill grants $2.5 billion more than the fiscal year 2008 level for the Low Income Home Energy Assistance Program to ensure that families stay warm in the upcoming winter months. I also support the $250 million for weatherization programs that will help families lower their energy use and combat the hardships associated with increasing energy costs. This bill contains $7.51 billion to carry out the $25 billion Advanced Technology Vehicles Manufacturing Loan Program. These funds are critical to our domestic automobile industry because they will help manufactures to re-equip and expand U.S. facilities to produce high fuel-efficiency vehicles and parts. This program is important in Brook Park, Ohio at the Ford manufacturing plant, where the equipment currently used to manufacture the six-cylinder engines will need to be replaced to accommodate demand for fuel-efficient cars. This can help to ensure that jobs in Cleveland are secure as well as pave the way for additional jobs by transitioning to the vehicles of tomorrow such as hybrid electric cars and fuel cells. While help for the auto industry is clearly long overdue we are allotting this money without a broader and more comprehensive strategy that addresses the problem, not the symptoms. Building the plants of tomorrow is a good step but without rethinking and reforming our flawed NAFTA-style trade policies, the U.S. automobile industry will remain under threat. Triggering surges in automotive imports into the United States while limiting the demand of U.S. made products at home and access to markets abroad exacerbates U.S. competitiveness. These faulty trade policies are responsible for enormous auto trade deficits and the loss of tens of thousands of well paid American jobs. This body must stop passing legislation that does not reflect the real needs and priorities of the American people. We cannot continue to spend approximately half of our total federal budget dollars on the development of weapons systems and excessive military capabilities while the American people go without jobs, health care and good schools. We owe the American people better.

Mr. KUCINICH

Mr. KUCINICH. Madam Speaker, I rise today to honor the life and legacy of Paul Newman, distinguished actor, entrepreneur, and philanthropist whose intelligent movie roles and dedication to promoting the common good has touched the lives of thousands of people. Paul Newman was not only a Hollywood legend whose movie roles include ``Butch Cassidy and the Sundance Kid'' and ``The Hustler,'' but also an avid philanthropist who dedicated his life to creating opportunities for the economically disadvantaged and for other communities of need. He was nominated for ten Oscar Awards and won the best actor award in 1987 for his role in ``The Color of Money.'' Mr. Newman was as big of a social activist as he was a movie star. In 1988, he founded Hole in the Wall Camps--a camp for children with life- threatening illnesses. Since then, camps have been held all over the world, including in the United States, Italy, Ireland, Hungary, and the United Kingdom, as well as in parts of Africa and Asia. Almost 200,000 children with life-threatening illnesses have attended Hole in the Wall Camps, making it the largest and most successful family of camps in the world. In 1982, he founded Newman's Own natural food company, whose motto is ``Shameless exploitation in pursuit of the common good'', a reflection of his compassion, selflessness and dedication to advocating for vulnerable communities. Since its founding over 20 years ago, Newman's Own has raised over $250 million dollars in proceeds, all of which is donated to educational and charitable causes around the world. Between the work of Hole in the Wall Camps and Newman's Own, Mr. Newman has advocated for peace, raised awareness for various social and economical issues, and has worked towards combating the HIV/AIDS epidemic. Madam Speaker and colleagues, please join me in honoring the life of a true humanitarian and legend, Paul Newman, whose inspiration and genius will continue to touch the lives of generations to come.