House Proceeding 09-29-08 on Sep 29th, 2008 :: 0:00:00 to 0:08:19
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0:00:00 to 0:00:09( Edit History Discussion )

Nancy Pelosi: have strong, strong oversight. we didn't even have to see the $700 billion or the full extent of their bill to know we needed equity and upside for the taxpayer, fore bearance for the homeowner,

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Speech By: Nancy Pelosi

0:00:09 to 0:00:22( Edit History Discussion )

Nancy Pelosi: oversight of the government on what they were he doing, and something that the american people undererstand full well, an end to the golden parachutes and the -- and a review and reform of the

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Nancy Pelosi: compensation for c.e.o.'s. let's get this straight. we have a situation where on wall street people areeing -- people are flying high, they are making inconscionable amounts of money they privatize

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Nancy Pelosi: the gain, the minute things go tough, they nationalize the risk they get a golden parachute as they drive their firm into the ground and the american people have to pick up the tab. something

0:00:50 to 0:01:05( Edit History Discussion )

Nancy Pelosi: is very, very wrong with this picture. so just on first blush, that thursday night, we made it clear, meeting much resistance e on the part of the administration that those four things,

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Nancy Pelosi: equity, fore bearance, oversight, and reform of compensation. overriding all of this is a protection of the taxpayer. we need to stabilized the markets, in doing so, we need to protect the

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Nancy Pelosi: taxpayers. and that's why i'man so glad that this bill contains a suggestion made by mr. tanner that if at the end of the day, say in five years, when we can take a review of the success or

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Nancy Pelosi: whatever of this initiative, that if there is a shortfall and we don't get our whole $700 billion back that we have invested, that there will be an initiative to have the financial institutions

0:01:42 to 0:01:53( Edit History Discussion )

Nancy Pelosi: that benefited from this program to make up that shortfall, but not one penny of this should be carried by the american people. . people asked andle mr. spratt spoke with great knowledge and

0:01:53 to 0:02:07( Edit History Discussion )

Nancy Pelosi: eloquence on the budget, $700 billion, what is the impact, what is the opportunity cost for our country of the investments that we would want to make? ok, now we have it in place where

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Nancy Pelosi: the taxpayer is going to be made whole and that was very important for us. but why o n the drop of a hat can they ask us for $700 billion and we couldn't get any support from the administration

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Nancy Pelosi: on a stimulus package that would also help grow the economy? people tell me all over the world that the biggest emerging market, economic markeett in the world is rebuilding the infrastructure

0:02:30 to 0:02:39( Edit History Discussion )

Nancy Pelosi: of america. roads, bridges, waterways, water systems in addition to waterways. the grid, broadband, schools, housing. we are trillions of dollars in deficit there. we know what we need to do it in

0:02:39 to 0:02:50( Edit History Discussion )

Nancy Pelosi: a fiscally sound way n. a fiscally sound way that creates good-paying jobs in america immediately, bringing money into the treasury by doing so, and again does all of this in an all american way. good-paying

0:02:50 to 0:02:58( Edit History Discussion )

Nancy Pelosi: jobs here in america. we can't get the time of day for $25 billion $35 bd for that, which -- $billion for that, which we know guarantees jobs, but $700 billion. make no mistake when this congress adjourns

0:02:58 to 0:03:08( Edit History Discussion )

Nancy Pelosi: today to observe rosh hashanah and have members go home for a bit, we are doing so at the call of the chair. because this subject is not over. this discussion. about how we saved our economy.

0:03:08 to 0:03:19( Edit History Discussion )

Nancy Pelosi: and we must insulate main street from wall street. as congresswoman waters said, martin luther king drive, in my district martin luther king drive, and all of the manifestations of community and small

0:03:19 to 0:03:29( Edit History Discussion )

Nancy Pelosi: businesses in our community. we must insulate them from that. so we have difficult choices. so many of the things that were said on both sides of this issue in terms of its criticisms of the bill

0:03:29 to 0:03:43( Edit History Discussion )

Nancy Pelosi: we have and the bill that we had at first, and the very size of this i share. s you want to go home so i'm not going to list all of my concerns that i have with it. but it just comes down to one

0:03:43 to 0:03:57( Edit History Discussion )

Nancy Pelosi: simple thing. they have described a precipice. we are on the brink of doing something that might pull us back from that precipice. i think we have a responsibility. we have worked in a bipartisan

0:03:57 to 0:04:08( Edit History Discussion )

Nancy Pelosi: way. i want to acknowledge mr. blunt and mr. boehner, the work that we have done together. trying to find as much common ground as possible on this. but we insisted the taxpayer be covered.

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Nancy Pelosi: we all insisted that we have a -- the party is over message to wall street. we insisted that taxpayers at risk must recoverri -- any risk must be recovered. .i told you that already. so, my

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Nancy Pelosi: colleagues, c let's recognize that this congressional -- this legislation is not the end of the line. mr. waxman will be having vigorous oversight this week, hearings this week on regulatory

0:04:32 to 0:04:43( Edit History Discussion )

Nancy Pelosi: reform and other aspects of it. i hope you will pursue fraud and mismanagement and the rest. mr. frank and his committee will continue to pursue other avenues that we can stabilize the markets and prote

0:04:43 to 0:04:57( Edit History Discussion )

Nancy Pelosi: the taxpayer. for too long this government, eight years, has followed a right-wing ideology of anything goes, no supervision, no discipline, no regulation. again all of us are believers in

0:04:57 to 0:05:10( Edit History Discussion )

Nancy Pelosi: free markets, but we have to do it right. now, let me again acknowledge extraordinary leadership of mr. frank. he has been an exceptional leader in the congress, but never has his knowledge and his

0:05:10 to 0:05:22( Edit History Discussion )

Nancy Pelosi: experience and his judgment been more needed than now. and i thank you, mr. frank, for your exceptional leadership, mr. chairman. i also -- so many people worked on this, but i also want to acknowledge

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Nancy Pelosi: the distinguished chair of our caucus, mr. emanuel. his knowledge of the markets, the respect he commants on those t subjects, and -- commands on those subjects, and his boundles s energy on the

0:05:34 to 0:05:46( Edit History Discussion )

Nancy Pelosi: subject served us well in these negotiations. but this is a bipartisan initiative that we are bringing to the floor. we have too have a bipartisan vote on this. that is the only message that will

0:05:46 to 0:06:00( Edit History Discussion )

Nancy Pelosi: send a message of confidence to the markets. so i hope -- i know that we will be able to live up to our side of the bargain. i hope the republicans will, too. but my colleagues, as you go

0:06:00 to 0:06:12( Edit History Discussion )

Nancy Pelosi: home and see your families and observe the holiday and the rest, don't get settled in too far because as long as the american -- this challenge is there for the american people, th e threat

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Nancy Pelosi: of losing their jobs, the credit, their credit, their jobs, their savings, their retirement, the opportunmeity for them to send their children to college. as long as in the households of america

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Nancy Pelosi: this crisis is being felt very immediately and being addressed at a different level, we must come back and we will come back as soon and asften as it is necessary to make the change that

0:06:39 to 0:06:53( Edit History Discussion )

Nancy Pelosi: is necessary. before long we will have a new congress, a new president of the united states and we will be able to take our country in a new direction. thank you, madam speaker. the speaker

0:06:53 to 0:07:06( Edit History Discussion )

Nancy Pelosi: pro tempore: the gentlewoman yields back her time. the gentleman from alabama. mr. bachus: madam speaker, i yield two minutes to the gentlelady from minnesota, mrs. bachmann. the speaker

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Nancy Pelosi: pro tempore: the gentlewoman from minnesota is recognized for two minutes. mrs. bachmann: i thank the gentleman for yielding. i also want tohank the speaker of the house for making the case

0:07:20 to 0:07:34( Edit History Discussion )

Nancy Pelosi: why so manyepublicans are unwilling at this point to sign on to th is legislation that's before us. however i do believe also, madam speaker, the democrats and republicans are both committed

0:07:34 to 0:07:47( Edit History Discussion )

Nancy Pelosi: to finding a way out of this financial challengena. we think we have one. but the answer we believe needant -- needn't cause taxpayers $700 billion. the problem is a lack of credit for

0:07:47 to 0:08:02( Edit History Discussion )

Nancy Pelosi: creditworthy people. people for whom are fully capable of paying that credit back. a why is there a lack of credit, because the s.e.c. has mandated accounting rules to value assets well below

0:08:02 to 0:08:19( Edit History Discussion )

Nancy Pelosi: their market value. what does this mean? m it means if a bank has $1 worth of deposits they can make $10 in loans f accounting rules are forcing banks to devalue assets $500 billion, that means

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Michelle Marie Bachmann: banks are prohibited from making $5 trillion worth of loans and that's why we have a credit crunch. unfortunately the bill that we have before us today doesn't even address this credit crisis.

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Speech By: Michelle Marie Bachmann