Video archive of the US Congress

House Proceeding 03-31-09 on Mar 31st, 2009 :: 3:50:30 to 3:53:25
Total video length: 6 hours 3 minutes Stream Tools: Stream Overview | Edit Time

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Thomas E. Petri

3:50:27 to 3:50:47( Edit History Discussion )

Thomas E. Petri: decision making across the board and that's why i think your point was so on target. i'll yield back. mr. perriello: i will just say, may doff wasn't the only one running a ponzi scheme. in many lending institutions it was the same thing. when you have debt-equity

Thomas E. Petri

3:50:30 to 3:53:25( Edit History Discussion )
Speech By: Thomas E. Petri

Thomas E. Petri

3:50:48 to 3:51:08( Edit History Discussion )

Thomas E. Petri: ratios of 10-1,30-1, that's not an accountable system. you're trying to find every loophole you can push through with huge amounts of capital, they want all the upsides in the good years and don't want to face downsides in the bad cycle.

Thomas E. Petri

3:51:09 to 3:51:30( Edit History Discussion )

Thomas E. Petri: we're all in this together. part of how we're in this together is to make sure that those people who made horrible mistakes are held accountable. we need to look at issues of fraud, fraud in many institutions and elsewhere and continuing to see the way that some of the markets are fluctuating based on reporting

Thomas E. Petri

3:51:31 to 3:51:51( Edit History Discussion )

Thomas E. Petri: in january and february versus march as we head to the end 240e6 quarter. we need to have basic accountability so that the average investor knows they're getting accurate information. if they're responsible enough to save and have a 401k they're not going to see that disappear because of ponzi schemes bei run on wall street.

Thomas E. Petri

3:51:52 to 3:52:14( Edit History Discussion )

Thomas E. Petri: our job is to make sure the common good is protected. when we put basic rules in place, not paperwork but basic rules of accountability that reflect the middle class values, then the market flourishes. we have intrope neuroship that is unmatched anywhere else in the world. we have capital in this country. we have workerready to work.

Thomas E. Petri

3:52:15 to 3:52:36( Edit History Discussion )

Thomas E. Petri: we can and must still out-compete the rest of the world. we do that by creating a system that allows people to have the certainty to make the investments to start that business. we need to make sure we are encouraging that kind of innovation. i come from a part of the country that has been hit hard by global trade over recent years. we've been devastated as

Thomas E. Petri

3:52:37 to 3:52:58( Edit History Discussion )

Thomas E. Petri: furniture factories, textile mills and tobacco jobs have gone overseas. we have an opportunity to turn yesterday's tobacco area into tomorrow'sreen energy area. part of how we do that is get private capital moving and investing in these areas and creating the kind of small businesses and middle class jobs of the next generion.

Thomas E. Petri

3:52:59 to 3:53:20( Edit History Discussion )

Thomas E. Petri: we can only do that if we have the systems in place to give people the cerinty they need. you talked about the deferred gratification as a middle class value, not spending instead of saving. we've seen the green is good mentality attitude on wall

Thomas E. Petri

3:53:21 to 3:53:25( Edit History Discussion )

Thomas E. Petri: street or the get rich or die trying attitude in hip-hop. this goes across the board.

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