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House Proceeding 01-14-09 on Jan 14th, 2009 :: 1:07:25 to 1:13:30
Total video length: 1 hours 57 minutes Stream Tools: Stream Overview | Edit Time

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Michelle Marie Bachmann

1:07:21 to 1:07:41( Edit History Discussion )

Michelle Marie Bachmann: i support h.r. 384, the tarp reform and accountability act of 2009, and i urge my colleagues to vote yes and i thank you, mr. chairman, and i yield back to you the balance of my time. the yields back. the gentleman from alabama. mr. bachus: i yield five minutes to the gentlewoman from

Michelle Marie Bachmann

1:07:25 to 1:13:30( Edit History Discussion )
Speech By: Michelle Marie Bachmann

Michelle Marie Bachmann

1:07:42 to 1:08:03( Edit History Discussion )

Michelle Marie Bachmann: minnesota, mrs. bachmann. the chairman: the gentlewoman from minnesota is recognized for five minutes. mrs. bachmann: thank you, mr. speaker. i would like to tha the gentleman from alabama for yielding a few minutes to me. it's a tremendous honor to be able to sit on the financial services committee. it's been the center of the universe the last two years, dealing with this cris that's very real that's impacting not

Michelle Marie Bachmann

1:08:04 to 1:08:25( Edit History Discussion )

Michelle Marie Bachmann: only individuals but businesses, people who are looking at the loss of their life savings, loss of their greatest capital asset, their home. we know this is a strong reality. but we also realize the magnitude of the tremendous amount of taxpayer resources that have been devoted to this effort.

Michelle Marie Bachmann

1:08:26 to 1:08:47( Edit History Discussion )

Michelle Marie Bachmann: initially, we were told by the treasury secretary that in effect, a financial armageddon would ensue if this body did not in fact pass a bailout of gargantuan proportions. we were told 00 billion is what the treasury secretary would need to have in order to offer an effective front to

Michelle Marie Bachmann

1:08:48 to 1:09:08( Edit History Discussion )

Michelle Marie Bachmann: stave off in essence the four horsemen of the apocalypse for the financial markets. we've seen a tremendous roller coaster occur in 2008 regarding our financial markets. for the first 50 billion, the first trauverage going forward, what have we seen? this week in financial services committee we had testimony

Michelle Marie Bachmann

1:09:09 to 1:09:29( Edit History Discussion )

Michelle Marie Bachmann: before our committee from the administration, questions were asked. where has the first 50 billion gone? who are the recipients of the first 50 billion? what did the money get spent on? what were the answers that we received? what is the effectiveness of that money? did the american taxpayer

Michelle Marie Bachmann

1:09:30 to 1:09:51( Edit History Discussion )

Michelle Marie Bachmann: receive value for 50 billion that's already been expended? mr. speaker, not only did we not receive answers to those questions, we didn't receive answers to the very basic question of what will the next administration do with this next request for 50 billion?

Michelle Marie Bachmann

1:09:52 to 1:10:12( Edit History Discussion )

Michelle Marie Bachmann: we don't have a full accounting of that either. what is the reason? again, mr. speaker, we're told to do just exactly what we were told with the last 50 billion. trust me. trust me. that didn't work so well for us last time. we were rushed into this, there wasn't oversight, there weren't

Michelle Marie Bachmann

1:10:13 to 1:10:33( Edit History Discussion )

Michelle Marie Bachmann: strings attached, once again with the next 50 billion this congress is being told that we will have to go out and borrow 50 billion because the american people need to know, woe don't have 50 billion in the bank right now, or like my fa mother-in-law, el ma, i have to

Michelle Marie Bachmann

1:10:34 to 1:10:54( Edit History Discussion )

Michelle Marie Bachmann: go to the backyard and shake the money tree to get the money out, there isn't money there in the bank. we have to go and borrow money we don't have. and who pays that back? it's the american taxpayer. i think, mr. speaker, we nd to have some very basic answers to our questions before we go forward with this extraordinary

Michelle Marie Bachmann

1:10:55 to 1:11:16( Edit History Discussion )

Michelle Marie Bachmann: request. we're being forced to vote in very -- without details o how this 50 billion will be spent, but the trouble is, we haven't held even a single hearing on the merits or the necessity of releasing the second 50 billion.

Michelle Marie Bachmann

1:11:17 to 1:11:37( Edit History Discussion )

Michelle Marie Bachmann: the house is proceeding as though the decision has been made to release the second 50 billion without holding substantial debate on whether or not such a release is the appropriate step for stabilizing the financial markets and getting them moving again. congress handed the treasury secretary a 00 billion blank check.

Michelle Marie Bachmann

1:11:38 to 1:11:59( Edit History Discussion )

Michelle Marie Bachmann: let's just be clear about that the original bailout was passed and we were told that the 00 billion was essentially a big number. it was picked out of thin air, t it was needed to calm the markets. now i think most americans would be appalled to learn that tha was the truth. buwe also need to recognize

Michelle Marie Bachmann

1:12:00 to 1:12:20( Edit History Discussion )

Michelle Marie Bachmann: the united states treasury doesn't even have to spend every penny of that money. many experts, even secretary paulson himself, stated that was the case. but here we are again and the house is moving forward with a preemptive decision that jumps ahead of this very fundamental question, and it's this -- is it

Michelle Marie Bachmann

1:12:21 to 1:12:41( Edit History Discussion )

Michelle Marie Bachmann: even necessary toelease the second 50 billion for the state of our financial markets? we remain unconvinced, many of us, that the case hasn't even been made that it is. this bill is attempting to make sweeping changes to the way that tarp must operate. and i would agree with my colleagues on both sides of the aisle, the tarp has very serious

Michelle Marie Bachmann

1:12:42 to 1:13:03( Edit History Discussion )

Michelle Marie Bachmann: flaws. many of which were predicted by many of us on both sides of the aisle. we should look at ways to address the flaws, but congress should not be forced to rush to vote on this bill the way we're being forced to rush on it today.

Michelle Marie Bachmann

1:13:04 to 1:13:26( Edit History Discussion )

Michelle Marie Bachmann: . i thank you again, mr. speaker, and i yield back. the chairman: gentlewoman's time has expired. the gentleman from massachusetts. mr. frank: i think i move the committee do now rise. the chairman: the question is on the motion to rise.

Michelle Marie Bachmann

1:13:27 to 1:13:30( Edit History Discussion )

Michelle Marie Bachmann: all those in favor say aye. those opposed, no. the ayes have

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