Video archive of the US Congress

House Proceeding 03-19-09 on Mar 19th, 2009 :: 2:11:35 to 2:14:00
Total video length: 2 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Steven C. LaTourette

2:11:32 to 2:11:52( Edit History Discussion )

Steven C. LaTourette: within their lives of chaos and that is their federal government. let us not fail them again. i yield back to the the gentleman from ohio. mr. latourette: i thk my friend from michigan and unless you have some otheobservation, i'm going to close our time here on the floor. you know, the speaker of the house today very eloquently and

Steven C. LaTourette

2:11:35 to 2:14:00( Edit History Discussion )
Speech By: Steven C. LaTourette

Steven C. LaTourette

2:11:53 to 2:12:15( Edit History Discussion )

Steven C. LaTourette: it's the whole issue of who gets federal taxpayer dollars and what we require in return. and the gentleman from michigan has been one of the champions in the house relative to the auto industry. i agree with you we need to make cars in this country, just like we need to make steel in this country. but we told the auto manufacturers that if there was

Steven C. LaTourette

2:12:16 to 2:12:37( Edit History Discussion )

Steven C. LaTourette: going to be federal assistance -- i didn't happen to agree with it, you did, but if there was federal assistance, they had to cram down the contracts of the people who worked in the auto plapts. i assume there was contracts. they signed a contract saying they were going to make x dollars an hour and the leadership said if you get money

Steven C. LaTourette

2:12:38 to 2:12:58( Edit History Discussion )

Steven C. LaTourette: from the taxpayers, you have to renegotiate the contracts. about three weeks ago, we had a piece of legislation on the floor that really baffled me and it was called the cram down bill and even though we tried an amendment that said you couldn't participate if you lied to get a mortgage, that bill basically said if you went to your bank and lied on the application to

Steven C. LaTourette

2:12:59 to 2:13:20( Edit History Discussion )

Steven C. LaTourette: get $100,000 and weren't supposed to get it, made up your income and made up how much you owed, the majority gave the judges of this country the ability to cram down that mortgage and say, you don't owe $100,000, you only owe $60,000. so clearly if that's where we

Steven C. LaTourette

2:13:21 to 2:13:43( Edit History Discussion )

Steven C. LaTourette: are going to go and target people who make cars in this country and reward people who lie on their mortgage applications, it is obnoxious. people say it's not a big deal, it's 50 words. the big deal is, to the auto guys, cram down your wages, to

Steven C. LaTourette

2:13:44 to 2:14:01( Edit History Discussion )

Steven C. LaTourette: the mortgage holders, cram down your mortgages. but we inserted language that not only didn't prohibit the awarding of $170 million of bonuses to people, it protected those bonuses. and today, they're shocked. it's a little bit like the man who is taking a bath and throws

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