Maybe the most succinct argument against congressional bail-outs came from Texas Rep. Ron Paul. Speaking from the U.S. House Floor about the automobile maker bail-out on Dec. 10th of this year.
I rise in opposition to the rule and the underlying legislation. It doesn't take a whole lot to convince me that we are on the wrong track with this type of legislation. And at great risk of being marginalized, I want to bring up a couple of issues. One is that if one were to look for guidance in the Constitution, there's no evidence that we have the authority to take funds from one group of Americans and transfer it to another group who happen to need something.
And the moral argument is it's not right to do so. Why should successful Americans be obligated to take care of those who have made mistakes?
But those two arguments in this Chamber are rather weak arguments, so I will try to talk a little bit about economics. I think what we're doing here today and what we've done here for the last week has been, essentially, a distraction. We're talking about transferring funds around, $15 billion that's been authorized. It's been designated to do some other interventions that were unnecessary in the car industry. And in a way, this legislation probably could have been done by unanimous consent, but there's been a lot of talk and a lot of publicity and a lot of arguments going back and forth about the bailout for the car companies; and it is, of course, very important.
But in the scheme of things, you know, what's $15 billion mean anymore, especially since it's been authorized?
The big thing is the big bailout, the $8 trillion, the unlimited amount the Federal Reserve has invested and what we've been doing for the past 6 months. We are on the road to nationalization. In many ways, we're in the midst of nationalization without a whimper.
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Texas Senator John Cornyn celebrates the inventiveness of our state in a posted-for-release piece.
“If only I had thought of that first.” How many times have you heard that statement? Maybe you have said it yourself. The dream of inventing fascinates many Americans, and Texans have contributed greatly to America’s renowned tradition of invention.
Over the years, Texans have put their stamp on the world through products ranging from condensed milk to electric typewriters to cutting edge computer and medical components, even cheerleader pompons. It began early in our history with Gail Borden, Jr., newspaper publisher and public official in the Republic of Texas, who invented condensed milk and started the famous dairy company that still bears his name.
A key inventor in the development of the Texas energy industry was Houston’s Howard Hughes – not the aviator or film producer, but his father. Howard Sr. designed an oil drilling bit that cut through hard rock 10 times faster than any other. It helped create Baker Hughes, a global oilfield service company with more than 35,000 employees.
Terrell native and Southern Methodist University graduate Robert Dennard of IBM patented one-transistor Dynamic Random Access Memory (DRAM). Now used in virtually every computer, it provides more memory at a lower cost.
An invention patented in1988 by Dr. Julio C. Palmaz of the University of Texas Health Science Center at San Antonio transformed cardiac care. The Palmaz Stent, a tiny tube used to treat clogged arteries, sharply reduced the need for open-heart surgeries.
Ned Eastman Barnes overcame obstacles facing African-Americans in the early 20th century and received patents for his invention of significant pieces of railroad equipment. Lawrence “Herkie” Herkimer wanted to help cheerleaders fire up the fans, so he invented the pompon to attract attention. The success of the pompon helped build a national corporation of cheerleader camps, equipment and supplies.
Texans continue to respond to the challenges of emerging or rapidly changing technologies. Texas Instruments engineer Jack Kilby was awarded the Nobel Prize in 2000 for his invention of the integrated circuit. It facilitated development of the microprocessor and helped launch the computer age.
Borden, Dennard, Palmaz and Kilby are among several Texans named to the National Inventors Hall of Fame. Several Texans have even received the Nobel Prize, the National Medal of Technology or the National Medal of Science.
And just last year, Dr. Michael Ellis DeBakey of Houston was awarded the Congressional Gold Medal, the legislative branch’s highest civilian award for his revolutionary contributions to cardiovascular medicine, including the roller pump and the DeBakey Ventricular Assist Device, an apparatus implanted into the heart to increase blood flow.
Inventors are at work throughout Texas today. Last year, Texas residents filed nearly 16,000 patent applications, second only to California. One may be coming soon from UT Dallas doctoral student Harvey Liu. He was a finalist in the 2008 College Inventors Competition. Harvey developed a bandage the university described as “a wonder-cloth that helps preserve transplant organs, improve circulation and heal wounds.”
The desire to explore, discover, invent, build and expand is ingrained in the character of Texas. It can be traced back to our pioneers. Living on farms or ranches at the edge of the frontier, their existence depended on learning self-sufficiency and solving their own problems. Today that spirit of invention lives on. There’s no telling what revolutionary products Texans will come up with next.
Sen. Cornyn serves on the Armed Services, Judiciary and Budget Committees. He serves as the top Republican on the Judiciary Committee's Immigration, Border Security and Refugees subcommittee and the Armed Services Committee's Airland subcommittee. He served previously as Texas Attorney General, Texas Supreme Court Justice, and Bexar County District Judge.
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