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House Proceeding 01-12-10 on Jan 13th, 2010 :: 0:52:30 to 0:58:35
Total video length: 2 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Dennis J. Kucinich

0:52:27 to 0:52:47( Edit History Discussion )

Dennis J. Kucinich: country is going to look back and say, why did you do this to us? why did you do this house? i yield back the balance of my time. the speaker pro tempore: the chair recognizes mr. murphy from pennsylvania for >> i ask unanimous consent to claim the time of the gentleman. the speaker pro tempore: without objection. mr. kucinich: thank you.

Dennis J. Kucinich

0:52:30 to 0:58:35( Edit History Discussion )
Speech By: Dennis J. Kucinich

Dennis J. Kucinich

0:52:48 to 0:53:09( Edit History Discussion )

Dennis J. Kucinich: the speaker pro tempore: the gentleman from ohio is cognized for five minutes. mr. kucinich: it's said that one out of every three homeowners is under water with their mortgage.

Dennis J. Kucinich

0:53:10 to 0:53:33( Edit History Discussion )

Dennis J. Kucinich: meaning that they owe more on their mortgages than the house in which they live is worth one out of every three americans. we know that this year, there could be at least eight million americans actually losing their homes. we know there's 15 million

Dennis J. Kucinich

0:53:34 to 0:53:56( Edit History Discussion )

Dennis J. Kucinich: americans unemployed. there's been record numbers of foreclosures and also record there's ban credit freeze. -- there's been a credit freeze. some say we have a jobless

Dennis J. Kucinich

0:53:57 to 0:54:19( Edit History Discussion )

Dennis J. Kucinich: recovery. or a cashless recovery if you're an investor waiting for your dividends, because dividends aren't in at the moment. perhaps even a homeless recovery, where people are losing their homes, losing their jobs, losing the quality

Dennis J. Kucinich

0:54:20 to 0:54:40( Edit History Discussion )

Dennis J. Kucinich: of their investments, and we're saying the economy is recoverering. what's going on in america? what's going on is the banks have the last few received that power from the federal government in the form of bailouts. i voted against the bailou. i don't think the government should be picking winners and

Dennis J. Kucinich

0:54:41 to 0:55:03( Edit History Discussion )

Dennis J. Kucinich: losers in the economy and i also don't think th take the wealth of the nation and accelerate it upwards because that's exactly happened. whether it's been a republican or democrat administration, that process of slerlings is now u.s. banking companies have

Dennis J. Kucinich

0:55:04 to 0:55:25( Edit History Discussion )

Dennis J. Kucinich: been the beneficiaries of unprecedented in the form of multiple, ongoing, taxpayer-financed, ederal government bailouts and subsidies, virtually unlimited access to money at near zero rates of interest. federal purchases of impaired

Dennis J. Kucinich

0:55:26 to 0:55:47( Edit History Discussion )

Dennis J. Kucinich: assets, low cost loans, open-ended guarantees, all in the name of restoring normalcy to u.s. financial markets. in the coming days, banks are substantial bonuses to top executives. the total amounts rival the

Dennis J. Kucinich

0:55:48 to 0:56:10( Edit History Discussion )

Dennis J. Kucinich: payouts at the peak of the real estate bubble in 2007. they are set against the core commitment of policy to strengthen the underly health of the banking system by enabling banks to recapitalize. the bonuses being paid out could and should be directed primarilyoward enhancing the

Dennis J. Kucinich

0:56:11 to 0:56:32( Edit History Discussion )

Dennis J. Kucinich: capital base of the banking system. banks could also use the profits to deal with unrecognized losses from real estate transactions and other imprudent investments to reduce outside fees charged to struggling consumers, to increase lending to small and medium-sized businesses, and

Dennis J. Kucinich

0:56:33 to 0:56:54( Edit History Discussion )

Dennis J. Kucinich: for a variety of other purposes that would provide struggling americans with a more vibrant and beneficial financial system. today, banks are earning outsized profit, not by lending or investing in the american prosperity, but by trading interest-free dollars taken from the federal reserve for other financial assets in the

Dennis J. Kucinich

0:56:55 to 0:57:16( Edit History Discussion )

Dennis J. Kucinich: u.s. and around the world and rather than use these profits to enhance the capital to banks taken out in the form of -- rather than use the profits to enhance the capital of the banks, they're being taken out in the form of bonuses to benefit certain individuals. corporate banking executives

Dennis J. Kucinich

0:57:17 to 0:57:37( Edit History Discussion )

Dennis J. Kucinich: who have been more lucky than smart. in order to staunch that leakage of corporate profits from bank reserves and shareholder capital, i've introduced h.r. 4414, the responsible banking act, that would tax banks for the windfall bonuses they paid to their management.

Dennis J. Kucinich

0:57:38 to 0:57:59( Edit History Discussion )

Dennis J. Kucinich: and the tax would be a we cannot let banks crush businesses, we cannot let banks challenge this government with our own tax dollars. we need broad reform in our financial system and i'll be addressing that at another time. but one element of that reform

Dennis J. Kucinich

0:58:00 to 0:58:22( Edit History Discussion )

Dennis J. Kucinich: must be to impose some discipline onto these banks who think they can get away with giving while e rest of american is suffering and starved for capital, suppo thank you. the speaker pro tempore: the chair recognizes the gentlewoman from ohio,

Dennis J. Kucinich

0:58:23 to 0:58:35( Edit History Discussion )

Dennis J. Kucinich: kaptur, for five minutes. the chair recognizes mr. moran for five minutes. the chair recognizes mr. conaway from texas for phi

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