Video archive of the US Congress

House Proceeding 01-14-09 on Jan 14th, 2009 :: 1:31:40 to 1:35:20
Total video length: 1 hours 57 minutes Stream Tools: Stream Overview | Edit Time

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Randy Neugebauer

1:31:39 to 1:32:00( Edit History Discussion )

Randy Neugebauer: and refused to put any restrictions on -- the speaker pro tempore: the gentleman's time has expired. mr. cummings: i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from abama is recognized. mr. bachus: i yield 3 1/2 minutes to the gentleman from texas, mr. nugen baur. the speaker pro tempore: the gentleman is recognized for 3

Randy Neugebauer

1:31:40 to 1:35:20( Edit History Discussion )
Speech By: Randy Neugebauer

Randy Neugebauer

1:32:01 to 1:32:21( Edit History Discussion )

Randy Neugebauer: 1/2 minutes. . knew been -- mr. nugen baur: i want to reiterate, we don't have -- mr. neugebauer: we don't have another billion, we didn't have the first 50 billion and we had to go out and

Randy Neugebauer

1:32:22 to 1:32:43( Edit History Discussion )

Randy Neugebauer: borrow that money from our children and grandchildren in order to do something that nobody's really articulated what we were tryi to do we didn't have a plan, there was no accountability, but we went ahead and charged on the credit cards of our children and grandchildren 50 billion with the assumption we'd do another 50 billion and the issue here,

Randy Neugebauer

1:32:44 to 1:33:04( Edit History Discussion )

Randy Neugebauer: and the reason it is so important and i'm frustrated and do not understand, ts isn't just the only money that's -- that we've committed. the treasury, the federal reserve, the fdic have guaranteed billions and billions of dollars and we're getting into the trillions, a recent wall street journal article said

Randy Neugebauer

1:33:05 to 1:33:26( Edit History Discussion )

Randy Neugebauer: we could possibly be in this at trilln. now even in texas, that's a lot of money. but the question here is, not just this 50 billion that we're talking about, the other side is putting together a proposal right now, it's a stimulus package, the new administration is going to bring

Randy Neugebauer

1:33:27 to 1:33:48( Edit History Discussion )

Randy Neugebauer: that any day, we don't know what that number , but it's been reported anywhere from billion to .3 trillion, again we don't have that 00 billion or .3 trillion. so when you add all this together, we're talking about in the next few weeks here committing a .5 trillion of the american taxpayers' money

Randy Neugebauer

1:33:49 to 1:34:10( Edit History Discussion )

Randy Neugebauer: with no plan, with no measure of what's happened to all these unprecedented things we've done. the last point i want to make here is that it is unprecedented the amount of interference and injection we have put the federal government into companies all across america. and the markets are trying to figure out what to do with this new player in the marketplace

Randy Neugebauer

1:34:11 to 1:34:32( Edit History Discussion )

Randy Neugebauer: and the question is, there was no exit strategy so at some point in time, somebody's going to blow the whistle and say, it's time to quit doing all this government interference, hopefully sooner rather than later, and the question then is, what's going to happen to the markets as the government begins to exit? what's going to happen when the guarantees begin to expire, when

Randy Neugebauer

1:34:33 to 1:34:54( Edit History Discussion )

Randy Neugebauer: all the loans we've made begin to come due, all the investments we've made in these companies start to have to be paid off? and the problem is, that we're doing that all on a rapid fire basis with no clear direction. now the american people deserve for the united states congress that they just recently elected

Randy Neugebauer

1:34:55 to 1:35:15( Edit History Discussion )

Randy Neugebauer: and we were sworn in, they deserve for us to look and deliberate and make sure that if we're going to mortgage our children and grandchildren's future, we at least do it in a way that we can look them in the eye and say, we believe it's in their best interest that we do that. we're looking at the effectiveness of the program, we're looking at how people are

Randy Neugebauer

1:35:16 to 1:35:20( Edit History Discussion )

Randy Neugebauer: spending that money, and we have a plan on how we're going to thend at some point inime.

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