Washington, D.C. – Rep. Zoe Lofgren (D-San Jose) today issued the following statement in response to the passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008.

Many have claimed that this bill is a bailout for Wall Street, in reality this is about protecting the entire American economy. Over the past week it’s become clear that we are facing an unprecedented freeze up of the world’s credit markets. These credit markets are the life blood of the global economy, without them economic activity slows to a crawl.