House Financial Services Committee Chairman Barney Frank (D-Mass.) began the floor debate on the $700 billion Wall Street bailout package by warning his colleagues of the danger of doing nothing, and he exhorted them to rely on the judgment of Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.
"These are not men whose first impulse to do something this broad," Frank told the House. "These are men who experience was that something systemic was required because of the depth of the problem."
Frank added: "If we repudiate George Bush's secretary of the Treasury and chairman of the Federal Reserve, if we repudiate them and say, 'Nah, calm down, we'll get over it,' I believe the consequences will be severe."
"If we add to this weakened economy - and this is the headline: 'The House repudiates top economic advisors' - there is nothing, I believe that will then stand between us - it's not the end of the world, this is a strong country, people will still get up in the next morning, still send their kids to school - but fewer of them will be going to work, fewer of them will be buying cars, fewer of them will be able to refinance their homes, and the consequences will be a much more dismal near economic future for the United States," Frank added.