House Proceeding on Oct 3rd, 2008 :: 0:22:44 to 0:30:26
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0:15:29 to 0:22:44( Edit History Discussion )
Speech By: Louise McIntosh Slaughter
Bill: H.R. 5140: Economic Stimulus Act of 2008

Slaughter says we should support the bailout

0:22:32 to 0:22:44( Edit History Discussion )

Louise McIntosh Slaughter: lifetimes to sareve a few dollars for their family's future. it's for this reason that congress m ust intervene. e. the bill bef ore us is intended to rescue main street. by rescuing the

0:22:44 to 0:30:26( Edit History Discussion )
Speech By: David Dreier

0:22:44 to 0:22:57( Edit History Discussion )

David Dreier: financial institut ions we rescue the ue jobs, the sa vings and the e ability to get a loan for each hard-working american. however, mad am speaker, as we as go ahead with this bihell, we

0:22:57 to 0:23:10( Edit History Discussion )

David Dreier: must be mindful of the road that led us to this crisis. after all, if we don't know w what went wrong, how can we make sure it will not happen l again in the future? and like so many americans,

0:23:10 to 0:23:20( Edit History Discussion )

David Dreier: i ri am deeply disappoint ded by the bush administration's reckless deregulation policies that wrecked our once booming economy. this president putth incompetent t people in charge of the most

0:23:20 to 0:23:33( Edit History Discussion )

David Dreier: critical agencies. transparency was lost. business was allowed tneo regulate itself.re and the total deregulation of the financial service industry st ensued. the securities and exchange a commission

0:23:33 to 0:23:49( Edit History Discussion )

David Dreier: chairmacon cox just recently noted, qureote, voluntary regulation does renot work, unquote., i'll say it doesn't.ay and looking back in history, we sa w that when deregulation occurred in the

0:23:49 to 0:24:02( Edit History Discussion )

David Dreier: last century it led to bread lines and to hoovervilles. president fran klin d. roosevelt ev said, quote, we have always known that heedless h self-interest was bad morals. we now kno w it is bad

0:24:02 to 0:24:18( Edit History Discussion )

David Dreier: economics as well, end quote.uo pres ident roosevelt led our el nation through that ticrisis by regulating the financial industry. however, deregulation proponents have removed f.d.r.'s regulations

0:24:18 to 0:24:31( Edit History Discussion )

David Dreier: because for them big business comes first and knows everytt hing. madam speaker, that is why when the administration handed st congress an ultimatum for $700 billion blank check, which lacked t he

0:24:31 to 0:24:40( Edit History Discussion )

David Dreier: very accountability un and transparency that ar contributed to the problem, democrat leaders said absolutely not. lu over the past two weeks we have e insisted that the original rescue package

0:24:40 to 0:24:53( Edit History Discussion )

David Dreier: proposed by president bush a nd secretary paulson be changed dramatically. ic and as democrat leanaders negotiated plans to rescue the economy, we fought tooth and ht nail to make sure

0:24:53 to 0:25:03( Edit History Discussion )

David Dreier: any proposal included expanded oversanight, transparency and anar assurance that taxpayers be reimbursed in full. and that is what the proposal ro in front of us today does. we have three-part

0:25:03 to 0:25:16( Edit History Discussion )

David Dreier: plan e to reinvest, reimburse. we will rescueue, reinvest in our economy to insulate hard-working americans andki r eimburse the taxpayers for every dime. refo rm is how business is done on

0:25:16 to 0:25:26( Edit History Discussion )

David Dreier: wall street. in this bill, we standbi up for all americans, ensuring there is no help for wall sto reet without help for main street. we stand up for taxpayers by requiring strong, independent

0:25:26 to 0:25:40( Edit History Discussion )

David Dreier: oversight, t ransparency, accountability for the moneyli spent. even in the office of the government accountability office will be moving not t treasury department. and we are standing up for

0:25:40 to 0:25:50( Edit History Discussion )

David Dreier: the working americans by eliminating excessive compensation for c.e.o.'s. we are standing up for homeowners basically the crux of what happened here byt requiring the government to

0:25:50 to 0:26:01( Edit History Discussion )

David Dreier: steer mortgages in danr ger of foreclosure to loan workout programs to prevent the t foreclosures driving down home d values all across the country. and we are ensuring more of the hard-earned

0:26:01 to 0:26:12( Edit History Discussion )

David Dreier: money saved by families and small businesses across america by uping the federal protection of bank deposits from $100,000 to0, $250,000. i'm proud to say that three s house committees

0:26:12 to 0:26:23( Edit History Discussion )

David Dreier: will begin oversight hearings verygh shortly, and in january with a new congress and a new president, we will be readt,y to reinstate the regulations e so cavalierly removed which

0:26:23 to 0:26:39( Edit History Discussion )

David Dreier: em believed that the befinancial industry could regulate itself with the same dire consequences we face today. madam speake r, taxpayers should know that we pushed to ensure the government

0:26:39 to 0:26:53( Edit History Discussion )

David Dreier: receives shares of any company it pr aovides with aid, and after agreeing to rescue a.i.g. from filing from bankruptcy , the government received nearly 80% share in tthe company. c the

0:26:53 to 0:27:07( Edit History Discussion )

David Dreier: action was reassuring enough to the market that ma people are clamoring to abuy a.i.g. assets.s. by making sure that government gets shares of companies we aid , we're working to revitalize the industry.

0:27:07 to 0:27:19( Edit History Discussion )

David Dreier: and by doing so,in the new direction congress is standing up for s wift action to enstoure a more sound economic future for re all americans.me we are absolutely committed to doing everything

0:27:19 to 0:27:33( Edit History Discussion )

David Dreier: possible to ensure that america keeps working, that government is also working for america, and i reserve the balance of my time. the speaker pro tempore: the gentlewoman from new york reserves

0:27:33 to 0:27:46( Edit History Discussion )

David Dreier: her time. the gentleman from california. mr. dreier: madam speakerie, i yield myself such time as i may consume.me the speaker pro tempore: the gentleman is recognized. mr. dreier: i ask unanimous

0:27:46 to 0:27:58( Edit History Discussion )

David Dreier: consent to revise and extend. th e speaker pro tempore: o without objection. je mr. dreier: i want to express i appreciation t o my very good od friend from rochester, thero distingu ished

0:27:58 to 0:28:11( Edit History Discussion )

David Dreier: chair of the committee on rules, for te yielding me the customary 30 minutes. madam spe aker, we at this moment are beginnimong the debate on this very, very important package. for tfohe second

0:28:11 to 0:28:22( Edit History Discussion )

David Dreier: time this week, , this body will consider a plan on to unclog our banking system and unfreeze our credit markets. the plan before us today is us similar to the one that failed ed to pass

0:28:22 to 0:28:32( Edit History Discussion )

David Dreier: on monday with two very important and key additions.y first, it allows the federal al deposit insurance corporation to ensure -- insure larger bank deposits, which is absolutely essential

0:28:32 to 0:28:48( Edit History Discussion )

David Dreier: to protecting iaour nation's small businesses. second, it extends a number of critical tax credits and protectiones that will reduce burdens on middle-income americans, increase the use

0:28:48 to 0:29:02( Edit History Discussion )

David Dreier: iof renewable and alternative energy, and very important, promote job creation and economic gro wth for businessesin large and small. these are significant an improvements, madam speaker,

0:29:02 to 0:29:17( Edit History Discussion )

David Dreier: that make this a better bill. but the bill i sn't the only thing th at has changed since monday. mo the economic landscapeec has shifte d as well. or more accurately, the ly landscape has become

0:29:17 to 0:29:29( Edit History Discussion )

David Dreier: clearer. prior to m onday's vote, we had a three-hour debate. we heard from a lot of members with dire predictions if there were a failure to act. i was one of those who t expressed deep

0:29:29 to 0:29:39( Edit History Discussion )

David Dreier: concern for the economic consequences if we en could not enact an effective e rescue packagesc. this was reasoned speculaection but speculation nonetheless. today we can act on more than speculation,

0:29:39 to 0:29:53( Edit History Discussion )

David Dreier: madam speaker. m as monday's vote went down, it took the dow down with it. anyone who watch cnbc's coverage saw a direct juxtaposition. one half of the screen showed this house floor. the other half

0:29:53 to 0:30:04( Edit History Discussion )

David Dreier: of the screen showed the floor of the new york stock exchange.ha with each new no vote, the dow he lost points and gloreater panic spread throughout the trading gh floor.fl by the end of the day,

0:30:04 to 0:30:15( Edit History Discussion )

David Dreier: as we all know, the dow dropped 777d points, or $1.2, trillion. let me repeat that, madam speaker. more than $1.2 trillion lost on that day, and as we all know, that was the single largest

0:30:15 to 0:30:26( Edit History Discussion )

David Dreier: point loss in the history of our republic. the next day, as hope was renewed that the re would be a a second bite at the apple, a , rebound be gan. it wasn't a full recovery of y monday's

0:30:26 to 0:30:34( Edit History Discussion )

losses, but significant grounsid was regained on the hope that this rescue re bill would ultimately pass. y now, i know that deep and pervasive skepticism of this f package exists, and