House Proceeding 02-13-09 on Feb 13th, 2009 :: 0:24:35 to 0:29:30
Total video length: 1 hours 32 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:446 Duration: 0:04:55 Discussion

Previous speech:

Next speech:

0:24:31 to 0:24:51( Edit History Discussion )

Dan Burton: make real investments, i fear the well will have run dry. i voted no today and i'm proud of that vote. the speaker pro tempore: the chair lays before the house the following personal requests. the clerk: leave of absence requested for mrlee of new york for today.

0:24:35 to 0:29:30( Edit History Discussion )
Speech By: Dan Burton
Bill: H.R. 1: American Recovery and Reinvestment Act of 2009

0:24:52 to 0:25:12( Edit History Discussion )

Dan Burton: the speaker pro tempore: without objection, the request is granted. mr. burton of indiana, five minutes. consent to revise and extend my remarks. the speaker pro tempore: without objection. mr. burton: mr. speaker, today we pass the -- we passed the

0:25:13 to 0:25:34( Edit History Discussion )

Dan Burton: largest spending bill in the history of the united states. when you add the interest and everything into it, it's going to cost over trillion. i don't think the american people really understand how much a trillion is, but it's an awful lot of money. i want to congratulate my colleagues on getting this passed. i didn't vote for this bill. i think it's gointo be detrimental of the future

0:25:35 to 0:25:55( Edit History Discussion )

Dan Burton: economy of these united states. i think it's going to hurt our economy instead of creating the jobs it was intended to create. i think we made a big mistake today. the democrats got their bill passed and they're going to get it passed to the senate and it's going to become law and ery american has to live with it. one of the things that concerns me is nottle on the trillion

0:25:56 to 0:26:16( Edit History Discussion )

Dan Burton: we spent today but mr. geithner, the secretary of the rshry, said we'd have to spend another trillion or trillion or maybe more to help the financial institutions in this country santa fe afloat system of we're looking at maybe up to trillion.

0:26:17 to 0:26:37( Edit History Discussion )

Dan Burton: this shows the amount of money in circulation. it was pretty consistent at around trillion-plus over the last couple of decades, and just recently, it shot up like a rocket, and that's before the spending we put through the house today or the money mr. geithner is going to spend. we're looking at a tremendous increase in the amount of money that's going to be in

0:26:38 to 0:26:58( Edit History Discussion )

Dan Burton: circulation. one of the things that helps stave off this inflationary process is we have people around the world, other countries, that loan us money. for instance, china right now has loaned us 82 billion. that's what we owe them. we owe japan 77 billion.

0:26:59 to 0:27:19( Edit History Discussion )

Dan Burton: the united kingdom 60 billion. brazil, 20 billion. china said just the other day that they were very concerned about loaning us money because they said that they didn't think that the currency in the united states would be stable so the value of their currency would go down. so they were calling mr.

0:27:20 to 0:27:40( Edit History Discussion )

Dan Burton: geithner, secretary geithner to say, we want stability here because the value of the currency in our country is going to be depreciated because of what you' a day later, after it was brought up on this floor, they changed their mind and said, well, the only place to loan this money where we have any kind of security is the united states so we're going to continue to loamoney. they're going to loan money to

0:27:41 to 0:28:01( Edit History Discussion )

Dan Burton: us in the billions and trillions of dollars, but the kicker is, how much is the interest going to be that they're going to charge? because that interest is added to the loan they're giving us on a month-to-month basis. i believe they kick that interest rate up so we're going to see an inflationary trend, not only in the mo loaning to us but in the

0:28:02 to 0:28:23( Edit History Discussion )

Dan Burton: interest that's going to be accumulating. i know this is an awful lot for my colleagues to digest and the people across the country to digest but let me say this. it's going to cause an inflationary trend at some point in the future. i think it's going to be earlier rather than later. when tt inflatnary trend starts this chart is going to

0:28:24 to 0:28:44( Edit History Discussion )

Dan Burton: be min us ku to what we're -- minuscule to what we're going to see. we're going to see inflation shoot up at a rapid rate which means the value of every dollar a person has in their bank or home, it's going to be devalued. if you buy a loaf of bread it may cost two or three times as much or re.

0:28:45 to 0:29:06( Edit History Discussion )

Dan Burton: that's called hyper inflation. this happened back in the 1970's when we had a silar situation to today. we had double digit inflation, double digit unemployment and they raised this the interest rates to 21% to stop all this. that may happen again, if it does it will put a real hammer on the economy and put more and more people out of work.

0:29:07 to 0:29:28( Edit History Discussion )

Dan Burton: early -- theroblem is early on is the inflation we have to deal with. s that problem that's very real and i hope my democrat colleagues will think ead and realize we have to do something to stifle the growth of government and spending. we're not going to be able to deal with this inflation as we should. our kids, grandkids, and the future generations of the

0:29:29 to 0:29:31( Edit History Discussion )

Dan Burton: country will have to pay not only with inflation, but with