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Video archive of the US Congress

House Proceeding 01-27-09 on Jan 27th, 2009 :: 0:06:05 to 0:07:40
Total video length: 1 hours 54 minutes Stream Tools: Stream Overview | Edit Time

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James Jordan

0:06:01 to 0:06:21( Edit History Discussion )

James Jordan: congratulate the vietnamese community for all their successes this past year and to wish them a very happy new year. the speaker pro tempore: the gentlewoman's time has expired. for what pur gentleman from virginia rise? mr. moran: to address the house for one minute. the speaker pro tempore: without objection.

James Jordan

0:06:05 to 0:07:40( Edit History Discussion )
Speech By: James Jordan

James Jordan

0:06:22 to 0:06:42( Edit History Discussion )

James Jordan: mr. moran: thank you, mr. speaker. mr. speaker, as we debate the stimulus bill today, it's important to reflect how we got to this financial morass. over the last eight years of the bush admintration, we saw the highest corporate profit and the deepest tax cuts in american history. so what's the problem?

James Jordan

0:06:43 to 0:07:03( Edit History Discussion )

James Jordan: well, 96% of the income growth over those eight years went to the top 10%. only the wealthiest americans. they were the ones who they benefited from the corporate deregulation. 46% of the profit went to financial services firms. so the problem is that only 4% of the income growth went to

James Jordan

0:07:04 to 0:07:24( Edit History Discussion )

James Jordan: the 90% of middle-class americans and those struggling to get into the middle class. but what did they do? they did what their president told them to do. after 9/11 they said go shop in the mall and that's what they did and the increase in consumer spending was exactly equal to the amount of money borrowed from home equity values.

James Jordan

0:07:25 to 0:07:40( Edit History Discussion )

James Jordan: that's what they did. and now we have the bust in real estate values and 40% of americans are technically insolvent. that's why this bill starts to turn around that

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