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Senate Proceeding on Sep 25th, 2008 :: 0:00:00 to 0:20:00
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Kay Hutchison

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

Kay Hutchison: n the law to require that there be licensed gun dealers from which you could purchase a gun. of course they would be licensed with all of the federal requirements, all of the state requirements in

Kay Hutchison

0:00:00 to 0:04:59( Edit History Discussion )
Speech By: Kay Hutchison

Kay Hutchison

0:00:12 to 0:00:29( Edit History Discussion )

Kay Hutchison: maryland, and -- and the state of virginia, of course that would be a part of this law. and, mr. president, i just have to say i'm not understanding why the distinguished senator from illinois continues

Kay Hutchison

0:00:29 to 0:00:44( Edit History Discussion )

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

Kay Hutchison

0:00:44 to 0:01:01( Edit History Discussion )

Kay Hutchison: the district of colombia to the -- discontradict of columbia to the -- district of columbia to issue exclusive legislation over such district. mr. president, the district of columbia was created

Kay Hutchison

0:01:01 to 0:01:17( Edit History Discussion )

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

Kay Hutchison

0:01:17 to 0:01:30( Edit History Discussion )

Kay Hutchison: a special city which i know the senator from illinois knows. it is not 535 people trying 0u is usurp the rights of the mayor. it is 535 people who are trying to exercise our responsibility to have

Kay Hutchison

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

Kay Hutchison

0:01:50 to 0:02:04( Edit History Discussion )

Kay Hutchison: from illinois knows that it has been clearly upheld that forbidding certain areas for the carriage of guns, qualifications on sales, bans on automatics. all of those have been declared reasonable,

Kay Hutchison

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,

Kay Hutchison

0:02:19 to 0:02:37( Edit History Discussion )

Kay Hutchison: to the citizens of this district to keep an bear arms -- and bear arms, to have the individual right to have a handgun in their home to protect their families. not a handgun that is locked and unloaded,

Kay Hutchison

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

Kay Hutchison

0:02:53 to 0:03:08( Edit History Discussion )

Kay Hutchison: that it becomes very, very difficult and really creates a restriction on those second amendment rights. an, last, but -- and last, but not least, giving them the right in this one instance to buy a gun

Kay Hutchison

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

Kay Hutchison

0:03:26 to 0:03:41( Edit History Discussion )

Kay Hutchison: be able to do that. because there aren't gun dealers in the district of columbia that would give the proper access to people who would want to protect themselves and their homes. and when i look at the

Kay Hutchison

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

Kay Hutchison

0:03:56 to 0:04:13( Edit History Discussion )

Kay Hutchison: have the -- should have the right in this district to protect their businesses with a handgun, which is barred by the district of columbia, and to have a firearm in their homes unlocked and able to protect

Kay Hutchison

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

Kay Hutchison

0:04:27 to 0:04:37( Edit History Discussion )

Kay Hutchison: a -- a clear statement that this congress is trying to do the right thing to help the district of columbia residents have their second amendment rights. and i hope that at some point senate will take

Kay Hutchison

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

Kay Hutchison

0:04:46 to 0:04:59( Edit History Discussion )

Kay Hutchison: assistant majority leader is recognized. mr. durbin: the police chief of the district of columbia testified before the house of representatives, and said that this bill, which senator hutchison

Richard Durbin

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

Richard Durbin

0:04:59 to 0:09:58( Edit History Discussion )
Speech By: Richard Durbin

Richard Durbin

0:05:13 to 0:05:24( Edit History Discussion )

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

Richard Durbin

0:05:24 to 0:05:38( Edit History Discussion )

Richard Durbin: capital. i want to listen to those in uniform risking their lives to keep it safe for the people who live and visit here. they should be given the opportunity to make sure that the laws that are written

Richard Durbin

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

Richard Durbin

0:05:53 to 0:06:07( Edit History Discussion )

Richard Durbin: senator hupson would say -- hutchison would say must be the law of the district of columbia would prohibit the carrying of guns. that runs directly counter to the language of justice scalia who

Richard Durbin

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

Richard Durbin

0:06:19 to 0:06:33( Edit History Discussion )

Richard Durbin: -- capitol complex and taking their guns away under the hutchison provision? i'm not sure that i know the answer to that. i think it is worth thinking about carefully before we consider imposing

Richard Durbin

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

Richard Durbin

0:06:46 to 0:06:58( Edit History Discussion )

Richard Durbin: just those of federally licensed dealers. i don't want guns to end up in the hands of the mentally ill or those with a history of felony, violent felonies. does that make you feel safer? myaf poor state

Richard Durbin

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

Richard Durbin

0:07:10 to 0:07:20( Edit History Discussion )

Richard Durbin: happened across the river at virginia tech. do i think it's right that in illinois and in virginia we make sure that on college campuses and other sensitive place that's people do not carry firearms? of

Richard Durbin

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

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

Richard Durbin

0:07:34 to 0:07:46( Edit History Discussion )

Richard Durbin: that people can't carry guns into those surroundings, we should do it. now, why would we create a different circumstance at the district of columbia. i went to georgetown university. if georgetown

Richard Durbin

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

Richard Durbin

0:07:58 to 0:08:11( Edit History Discussion )

Richard Durbin: senator hutchison would impose on washington, repeals washington's right to prohibit the carrying of guns in public. that goes too far. there has to be a reasonable middle ground here. and to take

Richard Durbin

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

Richard Durbin

0:08:23 to 0:08:36( Edit History Discussion )

Richard Durbin: has done just about everything you can think imaginable when it comes to imposing laws on the district of columbia and weanders. many members of congress who never served as mayors get their chance

Richard Durbin

0:08:36 to 0:08:48( Edit History Discussion )

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

Richard Durbin

0:08:48 to 0:09:02( Edit History Discussion )

Richard Durbin: here. that's not fair. it's not just and it is not american. these people in this town deserve a voice in their own future to elect people who speak for them and represent them as we do all across

Richard Durbin

0:09:02 to 0:09:14( Edit History Discussion )

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

Richard Durbin

0:09:14 to 0:09:24( Edit History Discussion )

Richard Durbin: anxious to see it done too. but i am not going to try to impose the law on the district of columbia that is unfair, that creates insecurity where we've been warned by the police chief that it makes

Richard Durbin

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

Richard Durbin

0:09:38 to 0:09:58( Edit History Discussion )

Richard Durbin: to make sure that the record shows that, number one, it is the constitutional responsibility of congress to assure that the district of columbia residents have their second amendment rights. that is our highest

Kay Hutchison

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

Kay Hutchison

0:09:58 to 0:11:04( Edit History Discussion )
Speech By: Kay Hutchison

Kay Hutchison

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

Kay Hutchison

0:10:23 to 0:10:43( Edit History Discussion )

Kay Hutchison: have to be adhered to that would require a record check by the national instant criminal background check system. there would be no exceptions to that. so having the background check would be essential for anyone

Kay Hutchison

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

Kay Hutchison

0:10:53 to 0:11:04( Edit History Discussion )

Kay Hutchison: to be recognized as if in morning business. the presiding officer: so noted. mr. isakson: the members of the united states senate and the members of the house of representatives will be called upon

Johnny Isakson

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

Johnny Isakson

0:11:04 to 0:18:25( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

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.

Johnny Isakson

0:11:31 to 0:11:43( Edit History Discussion )

Johnny Isakson: second of all, that we give ourselves thehance to get this action right. because there will be no second chance. yesterday two united states senators, senator coburn from oklahoma and senator gregg

Johnny Isakson

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

Johnny Isakson

0:11:55 to 0:12:12( Edit History Discussion )

Johnny Isakson: that has been proposed. this morning i was heartened to see two people in the media make comments early on the morning news which gave me hope that we're finally coming to a point where people are

Johnny Isakson

0:12:12 to 0:12:30( Edit History Discussion )

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

Johnny Isakson

0:12:30 to 0:12:42( Edit History Discussion )

Johnny Isakson: not a rescue of wall street. we're giving the chance for the liquidity of the banks, financial institutions of the united states of arica. boone pickens who was interviewed, ostensibly he lost lost $33 million.

Johnny Isakson

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

Johnny Isakson

0:12:54 to 0:13:05( Edit History Discussion )

Johnny Isakson: bit is try to set the record straight or at least accurately on some of the things that have gun on, some of the things that are going on and what the paulson proposal can do when it is perfected

Johnny Isakson

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

Johnny Isakson

0:13:20 to 0:13:33( Edit History Discussion )

Johnny Isakson: and the moody's and standard & poors rating agencies. moody's and standard & poors wrote it at investment grade. they sold them around the world and when those high risks, poorly qualified, high-yielding

Johnny Isakson

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.

Johnny Isakson

0:13:45 to 0:13:57( Edit History Discussion )

Johnny Isakson: the problem that faces the country today is the uncertainty and the sal -- in the value of those assets has plummeted their value to virtually zero. there is no market. the american people yesterday

Johnny Isakson

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

Johnny Isakson

0:14:10 to 0:14:25( Edit History Discussion )

Johnny Isakson: confidence in the investment community and everybody is worried and concern. secretary paulson's proposal is to spend up to, and i would use the word invest, up to rather than spend, $700 billion

Johnny Isakson

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

Johnny Isakson

0:14:41 to 0:14:50( Edit History Discussion )

Johnny Isakson: take off the shelves shelves $1.4 trillion in mortgage-backed security assets held currently by financial institutions. a significant amount of money. the minut -- the minute the treasury begins to buy these

Johnny Isakson

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,

Johnny Isakson

0:15:04 to 0:15:16( Edit History Discussion )

Johnny Isakson: you're reducing by what the company paid for it, their investment by 50%. if the default rate on mortgages on subprime loans in the country is 12% or 15%, which in some cases it is, that's only 85%

Johnny Isakson

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,

Johnny Isakson

0:15:28 to 0:15:44( Edit History Discussion )

Johnny Isakson: there very possibly is a significant margin for the treasury of the united states. the amount of the investment made by this country will never be $700 billion. it will be somewhere between $700 billion

Johnny Isakson

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

Johnny Isakson

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

Johnny Isakson: to save wall street. this is an effort to derive liquidity to lending institutions to serve the people who now are struggling to get credit for their small business or for a car loan or mortgage. it is also

Johnny Isakson

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

Johnny Isakson

0:16:29 to 0:16:40( Edit History Discussion )

Johnny Isakson: transaction to be made that cost bear stearns to lose 90% of its value. that is not a bailout. a.i.g. is paying the taxpayers of the united states of america 8.5% on a loan we made to a.i.g. to

Johnny Isakson

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.

Johnny Isakson

0:16:50 to 0:17:02( Edit History Discussion )

Johnny Isakson: the $700 billion proposal is on the balance sheet and it will create a liability, and during its maximum time it will raise the debt. but as the securities are held to maturity, as they are sold at

Johnny Isakson

0:17:02 to 0:17:14( Edit History Discussion )

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

Johnny Isakson

0:17:14 to 0:17:26( Edit History Discussion )

Johnny Isakson: the secretary's proposal, and i'm anxious to wait for the meeting this afternoon to see the final details. but i am sayg words are important. and loose lips at a time like this in our country are

Johnny Isakson

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

Johnny Isakson

0:17:40 to 0:17:52( Edit History Discussion )

Johnny Isakson: fast and loose facts and apply them to a situation that's the gravest we've faced in this country for a long, long time. so i take the word of boone pickens to take confidence in those we've entrusted

Johnny Isakson

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

Johnny Isakson

0:18:04 to 0:18:15( Edit History Discussion )

Johnny Isakson: he explained accurately and correctly the financial effects of doing nothing in this situation. mr. president, we have 48 to 96 hours to make a decision. let's make it on the facts. let's make it in

Johnny Isakson

0:18:15 to 0:18:25( Edit History Discussion )

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

James Inhofe

0:18:25 to 0:18:35( Edit History Discussion )

James Inhofe: and loans, run our small businesses and are our next-door neighbors. they were the americans that we represent. they are the georgians that i represent. when i make the decision this weekend, it's going

James Inhofe

0:18:35 to 0:18:43( Edit History Discussion )

James Inhofe: to be in the best interest of them, their children, and their lives. and i yield the floor. mr. inhofe: mr. president? the presiding officer: the senior senator from oklahoma is recognized. mr. inhofe:

James Inhofe

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.

James Inhofe

0:18:54 to 0:19:10( Edit History Discussion )

James Inhofe: leapt me first say that this has been a very difficult subject and i have the utmost respect for the senator from georgia. i, like him, am look forward to waiting and seeing a final product. i look

James Inhofe

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

James Inhofe

0:19:24 to 0:19:37( Edit History Discussion )

James Inhofe: as i read it, that as the $700 billion is paid down, other assets could be purchased. and i just wonder where it would end. and i'm hoping and i believe that they'll come in, some new heads and kind

James Inhofe

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

James Inhofe

0:19:50 to 0:20:05( Edit History Discussion )

James Inhofe: important to me as an american citizen, as the ranking member of the environment and public works committee. the situation i'm about to discuss reminds me of an old saying, "beware of wolves dressed

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