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Kay Hutchison: to say that the congress does not have a right to impose our will on the district of colombia. i have the constitution of the united states in article 1, which gives the exclusive jurisdiction over

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Kay Hutchison: to be the seat of government over which congress would have exclusive jurisdiction. it would not apply to any other state where theonstitution says the state's rights prevail. but the district of columbia is

0:01:30 to 0:01:50( Edit History Discussion )

Kay Hutchison: laws in the district of columbia that would adhere to the constitutional rights of the citizens here. it is our responsibility and that's what we're trying to do. and of course the -- i know the senator

0:02:04 to 0:02:19( Edit History Discussion )

Kay Hutchison: which i know the senator from illinois knows. and those would be provided for, of course, because it is federal law. what we're trying to do is give the basic rights, which is our responsibility as congress,

0:02:37 to 0:02:53( Edit History Discussion )

Kay Hutchison: which is what the district of columbia council has put out as its response to the supreme court case that declared their ban unconstitutional. not to provide so many restrictions and costs on registering a gun

0:03:08 to 0:03:26( Edit History Discussion )

Kay Hutchison: across state lines because this district is bordered by virginia and maryland where there are gun dealers who are licensed, who do have the correct restrictions and background checks in place to

0:03:41 to 0:03:56( Edit History Discussion )

Kay Hutchison: statistics in the district of columbia, i look at the person who is robbed and murdered in their homes. i look at the policeman who is shot inhe face doing his duty in this district, and i think people

0:04:13 to 0:04:27( Edit History Discussion )

Kay Hutchison: their families from an intruder. so, mr. president, i certainly will say that we didn't get to bring it up today. i think when the house of representatives passes something 266-152, that that makes

0:04:37 to 0:04:46( Edit History Discussion )

Kay Hutchison: this bill up that has been passed by the house overwhelmingly and send it to the president who i know will sign it. thank you, mr. president. mr. durbin: mr. president? the presiding officer: the

0:04:59 to 0:05:13( Edit History Discussion )

Richard Durbin: is trying to impose on the district of columbia, would make it far more difficult for the policemen in the district of columbia and federal agencies -- quote -- "to ensure safety an security in the

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Richard Durbin: nation's capital." and she cited particular concerns about providing security for the thousands of dignitaries, motor kaidz and special -- motorcades and special events that occur here in our nation's

0:05:38 to 0:05:53( Edit History Discussion )

Richard Durbin: are written in a way to be consistent with the supreme court decision, consistent with the individual right to bear arms, but also consistent with the standards that justice scalia mentioned. this bill that

0:06:07 to 0:06:19( Edit History Discussion )

Richard Durbin: said that states and cities could impose laws -- quote -- "forbidding the carrying of firearms in sensitive places." does that mean that we would be prohibited from searching people coming into the capital

0:06:33 to 0:06:46( Edit History Discussion )

Richard Durbin: this gun ordnance that has come over from the house. i'm also concerned about the fact that this bill would repeal the right of washington, d.c., to do a background check on gun sale the, all gun sale, not

0:06:58 to 0:07:10( Edit History Discussion )

Richard Durbin: of o illinois, much like the state of virginia, recently went through a tragic episode where someone brought a gun into a college last year at northern illinois university killing innocent people. it

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Richard Durbin: course i do. if i'm going to send a child of mine or grandchild to a school or university, the first thing i want is for them to come home alive. and if it means putting reasonable standards so

0:07:46 to 0:07:58( Edit History Discussion )

Richard Durbin: wants to make certain that students do not carry guns on certain areas of the campus, i will stand with them. it is consistent with the supreme court decision. i want to tell you that this law that

0:08:11 to 0:08:23( Edit History Discussion )

Richard Durbin: this provision that has been written by the gun lobby and impose it on the district of columbia and on all of the people that live here is just wrong. now, the senator's right. in the past congress

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Richard Durbin: to pick on this city right here to write federal legislation that they would never think of introducing back home for their own hometowns. let's do it for washington. let's go ahead and try an experiment

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Richard Durbin: america, to have a chance as delegate norton has asked for only six months to implement this new supreme court decision is not unreasonable. and i know that there are those who want it done today. and i am

0:09:24 to 0:09:38( Edit History Discussion )

Richard Durbin: it less safe for visitors to the nation's capitol. that is irresponsible. i yield theld floor. the presiding officer: the senior senator from texas is recognized. mrs. hutchison: mr. president, i just want

0:09:58 to 0:10:10( Edit History Discussion )

Kay Hutchison: calling. it is our highest responsibility. it is not u is upping --usrp -- usurping anyone's rights in the district of columbia. it is standing up for the people of the district of columbia. i

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

Kay Hutchison: want the record to be very clear that every gun dealer in the district of columbia, there's one, in the state of virginia, in the state of maryland all have the same rights that are federal law that would

0:10:43 to 0:10:53( Edit History Discussion )

Kay Hutchison: to be able to purchase a gun under our law or any law of the united states. so thank you, mr. president. i yield the floor. the presiding officer: the senator from georgia's recognized. mr. isakson: i ask

0:11:04 to 0:11:18( Edit History Discussion )

Johnny Isakson: to make what very well may be the most important decision that any of us have been asked to make certainly domestically. there's been a lot of reckless comments, a lot of sobering comments, there's

0:11:18 to 0:11:31( Edit History Discussion )

Johnny Isakson: been a lot of speeches made on this floor, a lot of accusations made regarding the recovery or rescue supposed by secretary paulson. it is important to make sure that facts are reported accurately.

0:11:43 to 0:11:55( Edit History Discussion )

Johnny Isakson: from new hampshire made eloquent, accurate, and sobering speeches about the gravity of the economic situation we face, but also correcting some of the accusations that were made by some about the recovery

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Johnny Isakson: going to report facts rather than fantasy. ari bellcher in fielding a question from a listener who blamed the recovery from being a -- for being a rescue of wall street pointed out to them, this is

0:12:42 to 0:12:54( Edit History Discussion )

Johnny Isakson: when asked about the consequences of us doing nothing, he said very simply, you must trust mr. paulson. i trust him to do what's right. those are sobering comments. i thought what i would do for a little

0:13:05 to 0:13:20( Edit History Discussion )

Johnny Isakson: to help us in a difficult period of time. first of all, as i said on the floor of this senate, on many occasions the villain in this situation is very essentially wall street's investment banking community

0:13:33 to 0:13:45( Edit History Discussion )

Johnny Isakson: loans were made and began to be defaulted on, the securities started losing their value and they lost them at a rapid rate. they became known as subprime securities or as some called them, toxic assets.

0:13:57 to 0:14:10( Edit History Discussion )

Johnny Isakson: in looking for place to invest their money were willing to take zero interest to buy treasury bills. meaning they were looking for a place to park their money. we're not in a time where there is

0:14:25 to 0:14:41( Edit History Discussion )

Johnny Isakson: to purchase from financial institutions these mortgage-backed securities at a discounted price established by the secretary. assuming for a second the discounted price is 50%, that $700 billion would actually

0:14:50 to 0:15:04( Edit History Discussion )

Johnny Isakson: entities and these securities, there are going to be people coming back to the market to buy them as well, because think about this, mr. president. if you buy a security at 50 cents on the dollar,

0:15:16 to 0:15:28( Edit History Discussion )

Johnny Isakson: of 100, which means there is a 35% spread if those mortgages that are paid to maturity. and so with the strength of the country being able to buy those securities, hold those securities to maturity,

0:15:44 to 0:16:03( Edit History Discussion )

Johnny Isakson: and whatever we recover those securities from upon their maturity, which well could be $500 billion, $600 billion, $700 billion, even maybe possibly a margin above it. but this is not an investment

0:16:15 to 0:16:29( Edit History Discussion )

Johnny Isakson: important to recognize the actions taken by the fed and the treasury in the weeks leading up to this decision, have been in some case misrorted. the bear stearns investment of $29 billion helped the

0:16:40 to 0:16:50( Edit History Discussion )

Johnny Isakson: allow them to liquidate themselves, a loan, by the way, mr. president the united states treasury will make money. the proposal that's being made in those two are off balance sheets for the united states.

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Johnny Isakson: a price between the discount they're purchased for and the value they ultimately are redeemed for, the united states treasury will have a reduced and diminished liability. now i'm not here to sell

0:17:26 to 0:17:40( Edit History Discussion )

Johnny Isakson: very dangerous. for us to castigate a recommendation to save our economy that in fact is a rescue and not a bailout is wrong. and it's wrong for elected officials like me or anyone else to take

0:17:52 to 0:18:04( Edit History Discussion )

Johnny Isakson: to represent us, in this case secretary paulson. i take solace in the words of the president last night and the sobering comments of judd gregg on the floor of this senate -- senator gregg -- when

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Johnny Isakson: the best interest of the american people. let's make it in the best interest of main street. because after all and in the end, those are the people we serve, the ones that go to our banks, our savings

0:18:43 to 0:18:54( Edit History Discussion )

James Inhofe: mr. president, i ask unanimous consent that i be recognized for whatever time issues in morning business. the presiding officer: without objection, so ordered. mr. inhofe: thank you, mr. president.

0:19:10 to 0:19:24( Edit History Discussion )

James Inhofe: at what is there right now, and i do have concerns. i have concerns as, you know, who would asset managers be, what institutions would be involved, what types of assets. the fact, it would seem to me

0:19:37 to 0:19:50( Edit History Discussion )

James Inhofe: of look at these problems and perhaps come up with something that will resolve looming problem that we are concerned with. mr. president, today my concern is on a different subject. it's one that's very