House Proceeding on Oct 3rd, 2008 :: 0:22:44 to 0:42:44
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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

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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

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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.

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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

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i understand t hat skepticism verysm well. . i myself am very skeptical about this packa ge. i held a telephone town hall meeting monday night and a ni number of differ ent points of of

0:30:46 to 0:30:56( Edit History Discussion )

view were expressed by my constituents. those opposed explained very carefully and i agreed with ag every single word they saingd. they said we should let the ul market sort it self out. they said

0:30:56 to 0:31:25( Edit History Discussion )

people must not be shielded from suffering the consequences of their own bad choices.oi they said that wed should be considering alte rnative solutions based entirely on market principles. madam

0:31:25 to 0:31:41( Edit History Discussion )

Brad Sherman: speaker, these are precisely my instincts as well and i couldn't agree more.or but i've ultimately concluded ed that this bill is a t necessary evil. why can't we let the market sort itself out

0:31:25 to 0:33:23( Edit History Discussion )
Speech By: Brad Sherman

0:31:41 to 0:31:57( Edit History Discussion )

Brad Sherman: ithis time?th because, madam speakcaer, the market didn't cdnause this mess. let me say that again. s what peopl e say we should allow the marketplace to sort this situation out on its own, we should

0:31:57 to 0:32:14( Edit History Discussion )

Brad Sherman: not do that because the marketplace did not creteate this mess. government-sponsored enterprises, like fannie mae and freddie mac, made frthis mess possible. government regulators failed

0:32:14 to 0:32:35( Edit History Discussion )

Brad Sherman: to apply adequate oversight.eq today, we are not experiene cing market failure. let me say that again, madam speaker. today, we are not experiencing market failure. we're experiencing the

0:32:35 to 0:32:56( Edit History Discussion )

Brad Sherman: inevitable failure of government attempts to manipulate the market. the federal governmee nt must now do its part to undo the damage t and allow the marketth to operate freely oneece again.ce

0:32:56 to 0:33:10( Edit History Discussion )

Brad Sherman: shouldn't we let peopllde suffer for their own mistakes? o yes, we should. starting with the wallti street executives who exacerbated this problem. this bill bans golden n parachutes for those who

0:33:10 to 0:33:23( Edit History Discussion )

Brad Sherman: seek ho assistance, which is one of the things that con sistently came me forward fr om my constituents. but the problem with today's crisis is that responss ible ib people who have followed the

0:33:23 to 0:36:13( Edit History Discussion )
Speech By: Phil Gingrey

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Phil Gingrey: ed rules are suffering, too, not just those who behaved irresponsibly.bl madam speaker, as you know very v well, small businesses are losing their lines of credit. families who have saved forho a

0:33:33 to 0:33:45( Edit History Discussion )

Phil Gingrey: down payment for years are unable to get homeun loans.. parents and st udents, parents nt and students are finding it difficult to get loans for tuition. n. those nearing retirementin have

0:33:45 to 0:33:55( Edit History Discussion )

Phil Gingrey: seen their nyse eggs evaporate as the stock market has fallenn -- seen their nest eggs evaporate as the stock market t has fallen. en it is bringing our engines of growth to a grinding halt

0:33:55 to 0:34:10( Edit History Discussion )

Phil Gingrey: and shutting hard-working americans out of their dreams. . my homet own paper chronicled this keepening crisis quoting, credit freeze puts business on thin eyes. madam speaker -- thin ice.

0:34:10 to 0:34:22( Edit History Discussion )

Phil Gingrey: madam speaker, we know the state of california is facing f difficult circumstances. but small businesseses all over california as is the case of o the rest of the countrsty are losing access to

0:34:22 to 0:34:32( Edit History Discussion )

Phil Gingrey: credit. getting forced intott laying off workers and cutting operations. and they are looking for leadership from congreerss. one business owner is quoted as saying, i quote, payrolls are a getting h arder

0:34:32 to 0:34:43( Edit History Discussion )

Phil Gingrey: to meet. cash flow is extremely difficult. di i'm getting the feemling that if we don't have a federal deal, a lack of cash flow is going to bring everything to a halt.th madam speaker,

0:34:43 to 0:34:54( Edit History Discussion )

Phil Gingrey: today's bill isay rightly called a resllcue bill. but who are we rescuing? madam speaker, as you know very well, we are notot rescuing the fat cats. the fat cats can take care of themselves.

0:34:54 to 0:35:07( Edit History Discussion )

Phil Gingrey: today we want to rescue the working americansin whose livelihoods are threatened by our current economic situationit which again has been caused by bad gov ernment policy. finally, there is

0:35:07 to 0:35:20( Edit History Discussion )

Phil Gingrey: the question of why we must m consider this particular bill and not alternatives. this is a very good question, madam speaker.m i have been a big proponent of having an open process that allows

0:35:20 to 0:35:36( Edit History Discussion )

Phil Gingrey: for oth er plans to be considered. and just last night i have e offered plans like the latourette plan and others at the rules committthee for us to allow just that. but t hose amendments

0:35:36 to 0:35:47( Edit History Discussion )

Phil Gingrey: have been rejected b y the rules committee and we have only this one bill before us. so our choice is very simple. pass this bill orss do nothing. this is not aot perfect bill. it is far from

0:35:47 to 0:35:58( Edit History Discussion )

Phil Gingrey: a perfecter bill. far from it. but it is far better f than thahe original paulson plan. it includes strong bipartisanar oversight, accountability, a ban on golden parachutes, and 100% guarantee

0:35:58 to 0:36:13( Edit History Discussion )

Phil Gingrey: the taxpayers wi ll earn backk every penny e of their investment. thoseth are critical protections that republicans fought for a fnd won for the american taxpayers. this bill wasl improved

0:36:13 to 0:36:25( Edit History Discussion )

James P. McGovern: further by the senate which added more m protec tions and credits for taxpayers. ta we can accept a this important but imperfect bill or,l madam speaker, we can do nothing.. we saw on monday

0:36:25 to 0:36:40( Edit History Discussion )

James P. McGovern: the consequences of doing nothing.ng to day we have a second chance. with that i reserve the balance of my time. the speaker pro tempore: the gentleman from california reserves his time. members are

0:36:40 to 0:36:55( Edit History Discussion )

James P. McGovern: reminded not to traffic the well while other members are speaking. the gentlewoman from new york is recognized. ms. slaughter: madam speaker, i yield one minute too the gentleman from california,

0:36:55 to 0:37:06( Edit History Discussion )

mr. sherman. the speaker pro tempore: the gentleman from california is recognized for one minute. mr. sherman: wall streetal wants the $700illion so bad they can taste istt. to get it they need

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two things -- fir st, you create panic, then you block alternatives and then you herd the stampeding cattle toward passing a bad b bill. we are toldol that we must act in a hours. the fact

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is we fahave taken two weeks and we can take another week, not a wee k ever trying to jam us with a bad bill, but a week of writing a gngood bill. as to -- hundreds of economists have told

0:37:31 to 0:37:40( Edit History Discussion )

us, including three nobelbe laureates, we asked congress not to rush,us to hold o appropriate hearings, and carefully consider the couy rse of action. what have they done to the bill? they

0:37:40 to 0:41:00( Edit History Discussion )
Speech By: Steven C. LaTourette

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Steven C. LaTourette: have added earmark pork to the bill. that they think will finally get us to buy it. don't fall for it. if we are going to deal with this crisis, w ce need t no deal with it with other alternatives.

0:37:53 to 0:38:04( Edit History Discussion )

Steven C. LaTourette: defe ating this bill today is not the last step. l it's the first step in t passing a good bill. i yield back. the speaker pro tempore: the gentleman's time has expired. mr. dreier: i yield

0:38:04 to 0:38:20( Edit History Discussion )

Steven C. LaTourette: three minutes to my friend from marietta, georgia, dr. beginningry. the speaker pro tempore:ea the gentleman from georgia is recognized for three minutes. mr. gingrey: madam speaker, i thank the gentleman

0:38:20 to 0:38:36( Edit History Discussion )

Steven C. LaTourette: for yielding. and i rise today at a crucial time in our nation's history, to address one of the most critical decisions congress has ever made. without question these are challenging times for

0:38:36 to 0:38:49( Edit History Discussion )

Steven C. LaTourette: our co untry, citizens everywhere recognize that our economy is in peril. yet americans aream divided over the solution. an d rightfully so. what we do here will have a a lasting impact

0:38:49 to 0:39:01( Edit History Discussion )

Steven C. LaTourette: on i our nation. now and for future generations. so we have an obligation not just to g et this done quickly, but to get it done right. honestly , madam speaker, i have struggled with and

0:39:01 to 0:39:14( Edit History Discussion )

Steven C. LaTourette: reflected upon this decision moreio than any other i have made as a member of congress.er but today i will be casting a no v ote on this bill.bi i do so at the d -- after long, thoughtful,

0:39:14 to 0:39:25( Edit History Discussion )

Steven C. LaTourette: prayerful consideration and after hearingea from constituents on both sides of the issue. those who developmentlyve -- vehemently oppose this bill and those who fear the consequences of ina ction.

0:39:25 to 0:39:39( Edit History Discussion )

Steven C. LaTourette: i do believe this legislation will pass today because fortunately congress is resolved to do something in aa bipartisan way toan address this looming financial crisissi that has h it wall street

0:39:39 to 0:39:55( Edit History Discussion )

Steven C. LaTourette: and will soon if not already hit main street.st while this bill aimsth to be anbe answer to the problem, i'm not convinced that it is the best b answer. to those who suppotort passage of

0:39:55 to 0:40:05( Edit History Discussion )

Steven C. LaTourette: this bill, i agree with you that something must be doing. inaction is not an option. but this bill treats the symptoms without curing the desezz that plagues our economy. conservative republicans

0:40:05 to 0:40:17( Edit History Discussion )

Steven C. LaTourette: led by senator mccain have fought ou every step o f the way for a meaningful s olution that addres ses the root of thet problem and preserves our free market principles. nc because of theire

0:40:17 to 0:40:28( Edit History Discussion )

Steven C. LaTourette: efforts, the economic rescue portion of this bill has been markedly improved since secretary psiaulson first made his request.de but it does virtually nothinghi to assure that this will never

0:40:28 to 0:40:39( Edit History Discussion )

Steven C. LaTourette: occur again onn our watch. madam speaker, i hope and pray that what may be accomplished here today will ultimately u work, but let's not l lose sight of the fact that no matter the t

0:40:39 to 0:40:48( Edit History Discussion )

Steven C. LaTourette: outc ome today our wurork is not finished. republic ans and democrats must come together and address there underlying causes osf this economic turmoil. wall str eet and washington,hi as well as

0:40:48 to 0:41:00( Edit History Discussion )

Steven C. LaTourette: individuals, must take respon sibility for their t actions. the american people demand accountability and tcohey deserve nothing less from us. and i yield back. the speaker pro tempore:

0:41:00 to 0:41:11( Edit History Discussion )

Marcy Kaptur: the gentleman yields back the balance of his time. the gentlewoman from new york. ms. slaughter: madam speaker, i yield two minutes to t the gentleman from massachusettsfr, and a member of the

0:41:11 to 0:41:22( Edit History Discussion )

Marcy Kaptur: rules committee, mr. mcgovern. the speaker pro tempore: the gentle man from massachusetts is sa recognized for two minutes. mr. mcgovern: thank you. madam speaker, yesterday morning a woman in my districmat

0:41:22 to 0:42:02( Edit History Discussion )

Marcy Kaptur: shouted at me. te all those guys on wall street to -o- how shall i put this? take a l ong walk off a shortff pier. i can appreciate how sheci feels, madam speaker. i kind of feel the same way.wa