Rep. Poe Compares Wall Street Crisis To Y2K
Rep. Ted Poe, R-Texas, was one of many members who made one-minute speeches on the floor of the House on Sunday about the ongoing negotiations surrounding the federal government's proposed multibillion-dollar financial services bailout. What made the straight-shooting former judge's speech memorable for me was his comparison of the situation on Wall Street to "Y2K," the millennial computer bug that caused much less damage than predicted when computer clocks rolled over into 2000.
"They say it’s going to be Y2K all over again. Remember all the media hype about the date January 1, 2000 -- that the worldwide computer systems would fail, that financial records and transactions would be lost and go haywire and that the world would be gloom and doom and despair?" Poe boomed. "This is the same politics of fear we are hearing from the fat cat financial bullies from Wall Street. They say Congress must save them from their financial sins before the stock markets open tomorrow or the country will fail into the abyss."
He went on: "So Congress is working on a plan in the back rooms of this Capitol. There are no public congressional hearings, no witnesses before committees. This Sunday, the plan for financial salvation to save us all is being discussed by only a few in the shadows of this great hall." "By the way, the Y2K scare was just a mythical hoax. And that’s just the way it is," he concluded.
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