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Video archive of the US Congress

House Proceeding 01-22-09 on Jan 22nd, 2009 :: 0:45:20 to 0:51:10
Total video length: 1 hours 48 minutes Stream Tools: Stream Overview | Edit Time

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Dan Burton

0:45:16 to 0:45:36( Edit History Discussion )

Dan Burton: their accounting powers and we shouldn't just put the money down the blind hole at the u.s. treasu through a tunnel to wall street. mr. speaker, i yield back the balance of my time. the speaker pro tempore: the gentlewoman's time has expired. mr. burton from indiana. five minutes.

Dan Burton

0:45:20 to 0:51:10( Edit History Discussion )
Speech By: Dan Burton

Dan Burton

0:45:37 to 0:45:58( Edit History Discussion )

Dan Burton: mr. burton: thank you. mr. speaker, the house of representatives just a few minutes ago voted to disapprove the 50 billion in additional fus for the tarp bailout. but because of the way the original bill was passed, that won't do a thing to stop it.

Dan Burton

0:45:59 to 0:46:19( Edit History Discussion )

Dan Burton: that money is going to be given to the administration and it's going to be spent. we don't know where the 00 billion is going. we know where part of it is going but we certainly don't know where most of it is going. that meanshe american taxpayers have given 00 billion to the congress of the united states and we have seeded

Dan Burton

0:46:20 to 0:46:42( Edit History Discussion )

Dan Burton: the authority to spend that money to the administration without any real oversight. we don't know where that money is being spent. and as a result we have abdicated our responsibility to oversee the power of the purse and make sure we're spending the money of the taxpayers wisely. in addition to that, not knowing where we're going to spend, where they're spending this 00 billio next week we're going

Dan Burton

0:46:43 to 0:47:07( Edit History Discussion )

Dan Burton: to have another 25 billion -bill that's going to come to this congress and we're not going to know what's in that bill until the markup is finished tomorrow. which means that we'll probably get the information on it saturday and monday will be the first day that congress will really take a hard look at it. so we'll have the afternoon of monday and tuesday and then vote

Dan Burton

0:47:08 to 0:47:29( Edit History Discussion )

Dan Burton: on wednesday on an 2billion supplemental. stimulus package. that means in the last three or four weeks, we will ha almost .5 trillion of taxpayers' money and we don't know where it's going. we're seeding that authority to the executive branch and it's an andcation of our responsibility for the most part.

Dan Burton

0:47:30 to 0:47:50( Edit History Discussion )

Dan Burton: we know where some of it is going, but notll of it, not most of it and it really, really bo when we come down here and speak, mr. speaker, we know from time to time there's an awful lot of young people that watch us in the gallery and there's a lot of young people and parents that are watching from at home. and the thing that bothers me is we're spending this money like it's going out of style, without

Dan Burton

0:47:51 to 0:48:11( Edit History Discussion )

Dan Burton: any accountability and we're spending it in such large numbers that it has to have a long-term, terribly inflationary impact on the economy of the united states of america. people in this country don't really know what hyper inflation is. but after world war ii, germany, people would get money and they'd have to take a wheel

Dan Burton

0:48:12 to 0:48:33( Edit History Discussion )

Dan Burton: barrel full of money to the store to buy bread or meat to live on and if they didn't do it that day, the money would devalue that day and would be worth less the next day. i don't think that's going to happen here in the united states, but what will happen, in nye opinion, is we'll have very strong -- in my opinion, is we'll have very strong inflation. we had inflation that ran 14%.

Dan Burton

0:48:34 to 0:48:54( Edit History Discussion )

Dan Burton: we had unemploym 10%, 11%, 12%, and because of that, the economy was really foundering and so -- floundering and so they broughtn -- i'd be happy to yield to my colleague. >> i have here a 00 billion bill. it is a zimbabwe bill which was

Dan Burton

0:48:55 to 0:49:15( Edit History Discussion )

Dan Burton: printed by the federal reserve in zimbabwe in 2008 in june or july of 2008. so what the gentleman is saying, this 00 billiowill not even buy good point. mr. burton: it won't buy a loaf of bread. that's what happens when you have hyper inflation. it destroys the economy of a

Dan Burton

0:49:16 to 0:49:36( Edit History Discussion )

Dan Burton: country. and we're spending this money so rapidly and without any accountability that it really scares me. and these young people who watch us and who hear us talk, they're the ones who are going to have to deal withhis in the long run. because if the currency devalue everything is going to go up. and they're going to have to pay for it. now what happened back in the

Dan Burton

0:49:37 to 0:49:57( Edit History Discussion )

Dan Burton: 1970's was it got so bad that they brought mr. volcker in, who is in this administration now, and he raised interest rates to 21.5%. that put the hammer on the economy. it slowed down inflation, all right. but it increased the problems with unemployment. and it hurt the economy so desperately that mr. carter was saying, my gosh, we had to do

Dan Burton

0:49:58 to 0:50:20( Edit History Discussion )

Dan Burton: less. we had to do with less. we had to handle our lives in a much more simple fashion because we couldn't afford to live well again. and then ronald rean came in and said the way to stimulate the economy is to cut taxes. to give the american people more money, more of their money back and let them spend it. they cut the taxes on business so there was more money for investment and because of that, we came out of that recession

Dan Burton

0:50:21 to 0:50:42( Edit History Discussion )

Dan Burton: and we had about eight years or nine years of positive economic growth. in fact, it was one of the longest periods of economic growth in the history of this country. but now we're spending money more rapidly than we did in the past. it's unbelievable the way they're going to have to print money to deal with this problem. so i'm very concerned and i'm going to be down here talking about this a lot, that we have to do something to stop the

Dan Burton

0:50:43 to 0:51:03( Edit History Discussion )

Dan Burton: spending, to control the spending, to be more accountable. because if we don't, there will be hyper inflation, there will be a rubberband effect on economy because once it gets so high, they're going to have to raise interest rates so high that you can't buy anything on time and then the economy will go into a nose dive and it just will not work. it's going to be very horrible

Dan Burton

0:51:04 to 0:51:10( Edit History Discussion )

Dan Burton: for this economy long-term if we continue down the path we're on. there needs to be accountability and what we've done in the last

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