Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 3:51:14 to 3:55:46
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3:39:57 to 3:51:14( Edit History Discussion )
Speech By: Pete Domenici

3:51:00 to 3:51:14( Edit History Discussion )

Pete Domenici: -- and i thank the senate for listening. the presiding officer: the senator new jersey. mr. menendez: madam president, i am as angry as any new jerseyan, as any american about the economic situation

3:51:14 to 3:51:28( Edit History Discussion )

Robert Menendez: we have been put in. but the truth is, for those who are honest with themselves, they know that we're in an economic crisis and doing nothing is not an option. if we don't get credit flowing again,

3:51:14 to 3:55:46( Edit History Discussion )
Speech By: Robert Menendez

3:51:28 to 3:51:44( Edit History Discussion )

Robert Menendez: businesses won't be able to operate, people in our neighborhoods will lose their jobs and getting a loan for a car and education or a home will become increasingly difficult, if not impossible.

3:51:44 to 3:51:59( Edit History Discussion )

Robert Menendez: and i believe the american dream itself is facing one of the greatest risks in recent history. what we have before us is an economic stablization plan. it is not perfect, but it will help protect and create jobs

3:51:59 to 3:52:16( Edit History Discussion )

Robert Menendez: by restoring stability and confidence to our economy. now, we've taken the plan the administration sent us, rejected it, and reworked it. george bush first sent us a plan with no accountability, a plan

3:52:16 to 3:52:30( Edit History Discussion )

Robert Menendez: where the idea of checks and balances was, we write the check and they fill in the balance. bute've changed that plan, made vast improvements, and put taxpayers first. the plan provides for oversight, accountability,

3:52:30 to 3:52:44( Edit History Discussion )

Robert Menendez: an oversight board and a special inspector general. the plan makes sure that there's congressional review, and ultimately approval for any additional funding over $350 billion. in this plan, taxpayers

3:52:44 to 3:52:58( Edit History Discussion )

Robert Menendez: will be treated like investors. if we take on a risk, we will be given warrants. it will be the equivalent of a shareholder, given a stake in any future profit that might lie ahead for that company.

3:52:58 to 3:53:12( Edit History Discussion )

Robert Menendez: if we step in during the decline, taxpayers must be allowed to share in the profit. so the plan of is structured to -- so the plan is structured to reward taxpayers with profits while protecting them

3:53:12 to 3:53:26( Edit History Discussion )

Robert Menendez: from losses. this plan says there will be no more golden parachutes. people who let people will led us into this mess cannot be rewarded forrd failure. besides strengthening our economy's foundation, it

3:53:26 to 3:53:39( Edit History Discussion )

Robert Menendez: creates jobs, provides relief for struggling homeowners, and will help small businesses being access credit, the small businesses that create 75% of america's jobs. tonight's vote provides also

3:53:39 to 3:53:53( Edit History Discussion )

Robert Menendez: tax relief for the middle class by taking care o cf the alternative minimum tax in the next year. it pushes for loan modifications to help struggling homeownersom stay in their homes and stop property

3:53:53 to 3:54:05( Edit History Discussion )

Robert Menendez: values from falling in our neighborhoods. and this vote tonight invests in america's renewable energy to drive down gas prices and create american jobs that can't be outsourced. now, this plan isn't

3:54:05 to 3:54:16( Edit History Discussion )

Robert Menendez: perfect, but it is necessary. we still have a long way to go towards tackling the root of this crisis, which issi the housing market. and i hope we'll set the goal of saving at least the million families

3:54:16 to 3:54:31( Edit History Discussion )

Robert Menendez: from foreclosure. and we still have a long way to go to establish the strong regulatory enforcement that i have called for in the past that prevents the kinds of abuses that got us into this situation

3:54:31 to 3:54:45( Edit History Discussion )

Robert Menendez: in the first place. but, again, doing nothing is not an option.io jobs are on the line. people's cars, houses, and educations are on the line. and those who would reject this plan tonight out of

3:54:45 to 3:54:57( Edit History Discussion )

Robert Menendez: ideology will be punishing not the c.e.o.'s but hundreds of thousands of americans who will lose their jobs. madam president, i'm going to heed the call of senator obama. it is time for us to come together

3:54:57 to 3:55:09( Edit History Discussion )

Robert Menendez: and act in the best interests of this country. clearly we're experiencing unprecedented times. i along with some of my colleagues warned many times in the past about the gathering speck specter that irresponsible

3:55:09 to 3:55:22( Edit History Discussion )

Robert Menendez: lending posed. but we were dismissed as alarm ists. this is one instance where i wish i had been gone. tonight it is not about looking back and pointing firns. it is about looking forward and preventing

3:55:22 to 3:55:35( Edit History Discussion )

Robert Menendez: even further damage to our economy before it is really too late tonight is about keeping the american dream stable enough and we can make it a solid promise for tomorrow, and that's why i will

3:55:35 to 3:55:46( Edit History Discussion )

Robert Menendez: be voting, "yes." madam president, i yield the floor. the presiding officer: the senator from connecticut. mr. dodd: madam president, i don't see a -- oh, senator shelby, of course, is here. you've

3:55:46 to 3:55:58( Edit History Discussion )

Richard Shelby: got the time. i'm sorry. the presiding officer: the senator from alabama. mr. shelby: madam president? i ask to be recognized to speak for up to 15 minutes and that my entire statement be made

3:55:46 to 4:11:44( Edit History Discussion )
Speech By: Richard Shelby