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House Proceeding on Oct 2nd, 2008 :: 0:14:32 to 0:34:32
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Sam Farr

0:13:07 to 0:14:32( Edit History Discussion )
Speech By: Sam Farr

Joe Wilson

0:14:23 to 0:14:32( Edit History Discussion )

Joe Wilson: the econom ic recovery bill we have before us does not include every free market idea i believe will improve it. but when the retirement savings of hard-working americans are threatened, when

Joe Wilson

0:14:32 to 0:14:41( Edit History Discussion )

Joe Wilson: businesses start to fail, jobs begin to dry up, or jobs of american taxpayers are in dapinger, it is clear that the price of doing -- danger, it is clear that the price of doing nothing far exceeds

Joe Wilson

0:14:41 to 0:14:53( Edit History Discussion )

Joe Wilson: the price of what we're considering. small businesses and families are the heart of this bill. they did not cook the books, so make bad financial decisions. they had faith in the free market and

Joe Wilson

0:14:53 to 0:15:05( Edit History Discussion )

Joe Wilson: worked hard for their success. this bill is an imperfect option and a tragic -- in a tragic situation but it protects jobs and taxpayers, it provides transparency and oversight to treasury,

Joe Wilson

0:15:05 to 0:15:15( Edit History Discussion )

Joe Wilson: it provides free market alternatives like insurance loans and an increase in the fdic cap. and it helps keep taxpayers from paying an even higher price for the misdeeds of wall street.

Joe Wilson

0:15:15 to 0:15:24( Edit History Discussion )

Joe Wilson: in conclusion, god bless our troops and we will never forget september 11. the speaker pro tempore: the time has expired. for what purpose does the gentleman from oregon rise? mr. defazio:

Peter A. DeFazio

0:15:24 to 0:15:35( Edit History Discussion )

Peter A. DeFazio: to address the es house for one minute. the speaker pro tempore: without objection, so ordered. mr. defazio: the legislation the house will take up tomorrow that was jammed through the senate

Peter A. DeFazio

0:15:35 to 0:15:50( Edit History Discussion )

Peter A. DeFazio: last night will do nothing for the weakening fundamentals in the united states. it isn't going to help with declining housing prices, foreclosures, job loss, income disparity, lack of health

Peter A. DeFazio

0:15:50 to 0:16:00( Edit History Discussion )

Peter A. DeFazio: care. none of those will be addressed. crumbling infrastructure. it is not aimed at the real economy. it's aimed at the froth, the speculative activity and the bad bets made by wall street

Peter A. DeFazio

0:16:00 to 0:16:11( Edit History Discussion )

Peter A. DeFazio: executives. now, they report this is necessary to free up credit. some say i am voting for the bill because it lifts the fdic limit. the administration can do that without spending $700 billion.

Peter A. DeFazio

0:16:11 to 0:16:26( Edit History Discussion )

Peter A. DeFazio: they are going to say, i'm doing it because it changed the mark-to-market rules. those are critical to my banks in oregon, but you can do that without spending $700 billion with a stroke of the pen.

Peter A. DeFazio

0:16:26 to 0:16:39( Edit History Discussion )

Peter A. DeFazio: it leaves out one critical measure that would take legislation. it's not in here. we are going to spend $700 billion to solve a problem that t could perhaps be resolved for no cost to the

Peter A. DeFazio

0:16:39 to 0:16:55( Edit History Discussion )

Peter A. DeFazio: american taxpayer. and then let's -- if we are going to borrow money, borrow it to invest in american's main street, not wall street. the speaker pro tempore: members should heed the sound

Ted Poe

0:16:55 to 0:17:05( Edit History Discussion )

Ted Poe: of the gavel. for what purpose does the gentleman from texas rise? mr. poe: i ask permission to address the house for one minute. the speaker pro tempore: without objection.ou mr. poe: mr. speaker,

Ted Poe

0:17:05 to 0:17:14( Edit History Discussion )

Ted Poe: the bill to bail out the elite financial industry in new york that caused this mess failed this house but our senate colleagues are sending us a new bill. four times longer than the 100-page

Ted Poe

0:17:10 to 0:18:25( Edit History Discussion )
Speech By: Ted Poe

Ted Poe

0:17:14 to 0:17:28( Edit History Discussion )

Ted Poe: bill rejected by us. the bill to stabilize the financial industry is now packed with squeaky pork. one would ask what does pork have to do with the financial industry? well, nothing, of course.

Ted Poe

0:17:28 to 0:17:42( Edit History Discussion )

Ted Poe: but the senate bill with the piglets will help these entities. new tax earmarks for film and il tv productions, litigants in the exxon incident. wooden arrows designed by schoolchildren.

Ted Poe

0:17:42 to 0:17:50( Edit History Discussion )

Ted Poe: there are more tax earmarks. auto racing tracks, indian tribes, rural research and get this one, virgin island and puerto rico rum. i'm not making this up, mr. speaker. there are more breaks

Ted Poe

0:17:50 to 0:18:03( Edit History Discussion )

Ted Poe: for the railroads and the mining industry. none of these breaks solve our banking and financial crisis. why are they in this bill? the house needs to deal with this financial situation to

Ted Poe

0:18:03 to 0:18:14( Edit History Discussion )

Ted Poe: make sure those respon ssible are held accountable and the american taxpayers are not going to go broke paying for this banking rescue and that's just the way it is. the speaker pro tempore:

Ted Poe

0:18:14 to 0:18:31( Edit History Discussion )

Ted Poe: for what purpose does the gentlewoman from ohio rise? capelinhos i rise to address the house for one minute. the speaker pro tempore: without objection. capelinhos mr. speaker, as the house approaches

Marcy Kaptur

0:18:30 to 0:19:11( Edit History Discussion )
Speech By: Marcy Kaptur

Marcy Kaptur

0:18:31 to 0:19:11( Edit History Discussion )

Marcy Kaptur: a vote on the senate's -- ms. kaptur: mr. speaker, as the hoaches approaches the vote -- approaches a vote on the senate's financial bill, there is a credit crunch facing our banks. we must use

0:20:00 to 1:52:13( Edit History Discussion )

Transcript Timeshift Required

Ed Perlmutter

0:21:35 to 0:21:46( Edit History Discussion )

Ed Perlmutter: the fdic as we did in the 1980's to resolve thousands of problemmed institutions. in those days we had over $100 billion worth of resolution costing $1.8 billion to the insurance fund, not the

Ed Perlmutter

0:21:46 to 0:22:03( Edit History Discussion )

Ed Perlmutter: taxpayer. we need to use the security and exchange commission to work with our banks and how they account for the real estate on their books, not with false indexes and arbitrary measures

Ed Perlmutter

0:22:03 to 0:22:18( Edit History Discussion )

Ed Perlmutter: but rather to true value. that would unlock billions of dollars, $500 billion in the system today and would ease interbank lending. let's use the right medicine, not a band-aid as our deficit explodes

Dennis J. Kucinich

0:22:18 to 0:22:32( Edit History Discussion )

Dennis J. Kucinich: even more and the value of the dollar declines more. let's have the courage and wisdom to do what's right. the speaker pro tempore: for what purpose does the gentleman from california

Dennis J. Kucinich

0:22:18 to 0:23:43( Edit History Discussion )
Speech By: Dennis J. Kucinich

Against Bailout

Dennis J. Kucinich

0:22:32 to 0:22:45( Edit History Discussion )

Dennis J. Kucinich: rise? >> mr. speaker, request permission to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, so ordered. mr. campbell: after

Dennis J. Kucinich

0:22:45 to 0:22:59( Edit History Discussion )

Dennis J. Kucinich: the house rejected and defeated the economic recovery bill in the stock market americans lost over $1 trillion. they lost over $1 trillion in their savings and their invest ments and in their

Dennis J. Kucinich

0:22:59 to 0:23:14( Edit History Discussion )

Dennis J. Kucinich: retirement accounts. if we do not act that will just be the beginning. they would have been better off if we took the $700 billion in that bill and threw it into there potomac. this bill takes that

Dennis J. Kucinich

0:23:14 to 0:23:26( Edit History Discussion )

Dennis J. Kucinich: $700 billion, bice assets which have three different backstops to make sure that the taxpayer not only gets their money back but could perhaps make a profit. mr. speaker, americans' jobs

Dennis J. Kucinich

0:23:26 to 0:23:43( Edit History Discussion )

Dennis J. Kucinich: are at risk, the economy is at risk, their bank accounts are at risk, their retirement are at risk. we must act. i hope we follow the senate's lead tomorrow and pass this bill. thank you. the

Lloyd Doggett

0:23:43 to 0:23:59( Edit History Discussion )

Lloyd Doggett: speaker pro tempore: for what purpose does the gentleman from colorado rise? om mr. per mutter: for permission to address the house for one minute. the speaker pro tempore: without objection.

Lloyd Doggett

0:23:59 to 0:24:11( Edit History Discussion )

Lloyd Doggett: mr. perlmutter: thank you, mr. speaker. third quarter data released yesterday highlighted the decrease in home values in 24 out of 25 metropolitan areas, and jobless claims rose to a seven-year

Lloyd Doggett

0:24:11 to 0:24:28( Edit History Discussion )

Lloyd Doggett: high. our economy is struggling and people across america are am having trouble selling their homes and buying inventory for their businesses. while no one likes the situation we're in,

Lloyd Doggett

0:24:28 to 0:24:38( Edit History Discussion )

Lloyd Doggett: we must do what we can to help america and its families. so i support the financial legislation, which has been proposed and is coming to us from the senate. i encourage the treasury

Lloyd Doggett

0:24:38 to 0:24:50( Edit History Discussion )

Lloyd Doggett: to work through the sthmall business administration, the farm credit administration and the federal home loan bank board so credit flows to the people living in colorado and across the

0:24:50 to 0:25:07( Edit History Discussion )

country. this is one of the most important pieces of economic legislation we've had in decades. and clearly the fluctuations in the markets over the pasfew days and the credit crisis we

0:25:07 to 0:25:23( Edit History Discussion )

face must demonstrate we cannot give up on a solution. i believe this is a plan that will help stabilize the market and protects tax mears and i support it and -- taxpayers and i support it

0:25:23 to 0:25:39( Edit History Discussion )

and i yield back, mr. speaker. the speaker pro tempore: the time has expired. for what purpose does the gentleman from ohio rise? >> i ask permission to address the house for one minute

John Jr.Conyers

0:25:39 to 0:25:52( Edit History Discussion )

John Jr.Conyers: and to revise and extend. the speaker pro tempore: r without objection, so ordered. mr. kucinich: someone sticks up a bank, they get a jail g sentence. wall street sticks up the nation,

John Jr.Conyers

0:25:39 to 0:29:15( Edit History Discussion )
Speech By: John Jr.Conyers


John Jr.Conyers

0:25:52 to 0:26:09( Edit History Discussion )

John Jr.Conyers: they get a $700 billion bailout. the free market doesn't mean wall street should be free to steal from the american taxpayers. it's a free market, not a spree market. the american values of

John Jr.Conyers

0:26:09 to 0:26:21( Edit History Discussion )

John Jr.Conyers: fairness, frugality and faith are being sacrificed to greed. the senate took a dreadful bill that failed on the house floor, made no substantive changes for protection for investors and

John Jr.Conyers

0:26:21 to 0:26:39( Edit History Discussion )

John Jr.Conyers: instead attach tax provisionta that is has absolutely nothing to do with the underlying financial crisis. among the tax credits are tax credits for banks. borrowing money from the banks to

John Jr.Conyers

0:26:39 to 0:26:51( Edit History Discussion )

John Jr.Conyers: give money from banks so we take toxic assets and return. the proble m is people can't pay for their mortgages. and their homes are in danger. got to remember this. if this bill passes it doesn't

John Jr.Conyers

0:26:51 to 0:27:05( Edit History Discussion )

John Jr.Conyers: address the underlying crisis. people can't pay for their mortgages. people -- the market may g- o up temporarily, but people will still be losing their homes. and what will we have accomplished?

John Jr.Conyers

0:27:05 to 0:27:20( Edit History Discussion )

John Jr.Conyers: wake up, america. the speaker pro tempore: for what purpose does the gentleman from texas rise? mr. doggett: mr. speaker, i ask to address the house for one he minute. the speaker pro tempore:

John Jr.Conyers

0:27:20 to 0:27:35( Edit History Discussion )

John Jr.Conyers: without objection, the gentleman is recognized. mr. doggett: i commend warren buffett on his confidence in is american business. but his investment in goldman sachs is not a charityible donation.

John Jr.Conyers

0:27:35 to 0:27:48( Edit History Discussion )

John Jr.Conyers: he's buying preferred stock. why should american taxpayers get anything less? why does he buy the preferred and we buy the leftovers? i share my neighbor's concerns about the impact of some in washington

John Jr.Conyers

0:27:48 to 0:27:59( Edit History Discussion )

John Jr.Conyers: hitting the panic button on their retirement, their home or their business. but when markets are poisoned, you demand the best anectdote, not yield to president bush's take it or leave it

John Jr.Conyers

0:27:59 to 0:28:12( Edit History Discussion )

John Jr.Conyers: demand. i yield back. the speaker pro tempore: the time has expired. >> mr. speaker. the speaker pro tempore: for what purpose does the gentlewoman from california rise? >> i ask unanimous

John Jr.Conyers

0:28:12 to 0:28:24( Edit History Discussion )

John Jr.Conyers: consent that the speaker be authorized to entertain motions to suspend the rules on the legislative at day of october 2, thursday, relating to the following measures, s. 3641, s. 3197 and h.r.

John Jr.Conyers

0:28:24 to 0:28:37( Edit History Discussion )

John Jr.Conyers: 7221. the speaker pro tempore: without objection, so ordered. pursuant to clause 8 of rule 20, the chair will postpone further proceedings today on motions to suspend the rules on which a

John Jr.Conyers

0:28:37 to 0:28:47( Edit History Discussion )

John Jr.Conyers: recorded vote or the yeas and nays are requested. or on which the vote is objected to under clause 6 of rule 20. record votes on postponed questions will be taken later. for what purpose does

John Jr.Conyers

0:28:47 to 0:29:01( Edit History Discussion )

John Jr.Conyers: the gentleman from michigan rise? mr. conyers: mr. speaker, i move to suspend the rules and pass the senate bill s. 3197. the speaker pro tempore: the clerk will report the title of the

John Jr.Conyers

0:29:01 to 0:29:15( Edit History Discussion )

John Jr.Conyers: bill. the clerk: senate 3197, guard guard -- a bill to amend title 11, united states code, to exempt for a limited period, from the application of the means-test presumption of abuse under chapter

Chris Cannon

0:29:05 to 0:31:37( Edit History Discussion )
Speech By: Chris Cannon


Chris Cannon

0:29:15 to 0:29:30( Edit History Discussion )

Chris Cannon: 7, qualifying members of reserve components of the armed forces and members of the national guard who, after september 11, 2001, are called to active duty or to perform a homeland defense activity

Chris Cannon

0:29:30 to 0:29:43( Edit History Discussion )

Chris Cannon: for not less than 90 days. the speaker pro tempore: pursuant to the rule, the gentleman from michigan, mr. conyers, and the gentleman from utah, mr. cannon, each will control 20 minutes.

Chris Cannon

0:29:43 to 0:29:58( Edit History Discussion )

Chris Cannon: the chair now recognizes the gentleman from michigan, mr. conyers. mr. conyers: mr. speaker, i ask unanimous consent to have all members receive fiveiv legislative days to revise and extend

Chris Cannon

0:29:58 to 0:30:09( Edit History Discussion )

Chris Cannon: their remarks and include extraneous material. the speaker pro tempore: without objection, so ordered. mr. conyers: and a i yield myself such time as i may consume. the speaker pro tempore: the

Chris Cannon

0:30:09 to 0:30:21( Edit History Discussion )

Chris Cannon: gentleman is recognized. mr. conyers: the consumer bankruptcy overhaul signed into law three years ago adds a mean s test that presumes a debtor is abusing the law if he or she has incomes

Chris Cannon

0:30:21 to 0:30:35( Edit History Discussion )

Chris Cannon: that exceed the modest thresholds and t thereby forces the debtor into a multiyear repayment plan. . this bill accepts qualifying nati onal guard and reserve members from that presumption of

Chris Cannon

0:30:35 to 0:30:51( Edit History Discussion )

Chris Cannon: abu se. we have no one other than the gentlelady fromm illinois, jan schakowsky, to thank for this. with half a million members of the national guard and reserve called to iraq and afghanistan

Chris Cannon

0:30:51 to 0:31:06( Edit History Discussion )

Chris Cannon: since 9/11, many serving multiple tours of duty, the financial toll on their families has been severe. it's estimated that up to 26%6% of national guard members deployed experience money

Chris Cannon

0:31:06 to 0:31:20( Edit History Discussion )

Chris Cannon: problemses as a direct result. so the measure before us makes an exception to the means test presumption of abuse for national guard and reserve members who serve 90 days since september 11,

Chris Cannon

0:31:20 to 0:31:37( Edit History Discussion )

Chris Cannon: 2001, and for a year and a half ayefter they leave service. i'm heartened to know that we now have the opportunity to provide this modest but important relief to these brave men and women

Zoe Lofgren

0:31:37 to 0:31:50( Edit History Discussion )

Zoe Lofgren: in the service. i also commend ranking member lamar smith of texas who has helped make this a bipartisan endeavor. so i reserve at this time. the balance of my time. the speaker pro tempore:

Zoe Lofgren

0:31:37 to 0:33:54( Edit History Discussion )
Speech By: Zoe Lofgren

Zoe Lofgren

0:31:50 to 0:32:10( Edit History Discussion )

Zoe Lofgren: the gentleman reserves. the gentleman from utah. mr. cannon: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. cannon:

Zoe Lofgren

0:32:10 to 0:32:39( Edit History Discussion )

Zoe Lofgren: i'm happy that the house is able to complete today the congress' consideras'tion of this bipartisan legislation. as we have stated at every turn, republicans strongly support the mission and

Zoe Lofgren

0:32:39 to 0:32:55( Edit History Discussion )

Zoe Lofgren: appreciate the sacrifice of our dedicated reservists and guardsmen. we continue to agree that reservists and guardsmen who are plunged into bankruptcy by the demands of their service should be given

Zoe Lofgren

0:32:55 to 0:33:10( Edit History Discussion )

Zoe Lofgren: a helping hand under the bankruptcy code. earlier this session judiciary committee re publicans labored long and hard to achieve a workable compromise thate would help these willing warriors.

Zoe Lofgren

0:33:10 to 0:33:26( Edit History Discussion )

Zoe Lofgren: the major issue for us was simple -- that the bill respond to bankruptcies attributable to reservist or guardsmen service. the senate has returned a bill to us that preserves the balance

Zoe Lofgren

0:33:26 to 0:33:40( Edit History Discussion )

Zoe Lofgren: we struck. the senate has added one amendment, but it is tecenhnical in nature and was sought by the administrative office of the united states courts. i urge all members to support the passage

Zoe Lofgren

0:33:40 to 0:33:54( Edit History Discussion )

Zoe Lofgren: of this legislation and i look forward to the bill's implementation as law. i also look forward to the results two years from now of the g.a.o. study contained in the bill. this study will tell

Chris Cannon

0:33:54 to 0:34:05( Edit History Discussion )

Chris Cannon: us for sure mr. reservists and guardsmen are using the relief granted by the bill when it is their service that leads to bankruptcy not other factors. when the bill reaches its three-year

Chris Cannon

0:33:54 to 0:35:16( Edit History Discussion )
Speech By: Chris Cannon

Chris Cannon

0:34:05 to 0:34:18( Edit History Discussion )

Chris Cannon: sunset we will know for sure whether it's breeing abused in cases lacking the necessary link to service. if it is being abused, we'll be able to address that abuse at the time that theme re-authorization

Chris Cannon

0:34:18 to 0:34:32( Edit History Discussion )

Chris Cannon: is considered. in light of these considerations, i'm pleased to support passage of the sabill. i would also like to thank others who have worked on this bill, in particular congressman rohrabacher

Chris Cannon

0:34:32 to 0:34:46( Edit History Discussion )

Chris Cannon: from california.ca i made as the chairman of the subcommittee on commercial administrative law that has oversight over the bankruptcy act a promise that we would reconsider this bill. that was done

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