Wednesday, October 1, 2008

2 Years Asleep at the Switch

From the Newshour with Jim Lehrer

Constituents expect a plan

JIM LEHRER: Congressman Kanjorski, you're a Democrat. You voted for it. And why? What was it -- what did you see in it that Congressman Scott, your Democratic colleague, did not see?

REP. PAUL KANJORSKI (D), Pennsylvania: Well, of course, I'm on the committee of jurisdiction, so I've been watching...

JIM LEHRER: The Financial Services Committee.

REP. PAUL KANJORSKI: That's right. I've been watching this disaster, if you will, unfold for probably two years now, and particularly since last August -- not this immediate past August, but the August before that, when the subprime mortgage problem was created.

And then we saw the deterioration that occurred in October when the auction market started to fail. And then we saw the infection spread throughout the financial system.

Until now, when Secretary Paulson came up to the Hill 11 days ago and said we are now at a disaster stage, I recognized he was right.

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