Video archive of the US Congress

House Proceeding 05-04-09 on May 4th, 2009 :: 1:12:05 to 1:18:45
Total video length: 1 hours 47 minutes Stream Tools: Stream Overview | Edit Time

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John R. Carter

1:12:03 to 1:12:23( Edit History Discussion )

John R. Carter: benefits of the unions and the benefits of perhaps the customers but not for the benefits of the shareholders. that's the scenario today. i thank the gentleman for texas for yielding. mr. carter: reclaiming my time, i wa to point out a couple of things so we don't get off into this magic world that's been created by our democrat friends

John R. Carter

1:12:05 to 1:18:45( Edit History Discussion )
Speech By: John R. Carter

John R. Carter

1:12:24 to 1:12:44( Edit History Discussion )

John R. Carter: and by the media that stock holders are some kind of exotic, wealthy trillion nares that are out there that own these companies. -- the teachers' retirement company of texas probably owns general motors stock.

John R. Carter

1:12:45 to 1:13:05( Edit History Discussion )

John R. Carter: but back when general motors was $60 or $70 a share and everybody was proud to be an american, i'm sure pension funds for our teachers around this country invested system of those people would be looking at two cents -- a two-cent value or 3 cent value or a nickel value for stock they

John R. Carter

1:13:06 to 1:13:28( Edit History Discussion )

John R. Carter: paid $60 or $70 a share for. don't get in this magic myth that's created by those who would like to socialize this country that we're talking about fat cats. we're not talking about fat cats. we're talking about the ladies down at the catholic church that got together and decided they would have an investment club. and they all put a little bit of

John R. Carter

1:13:29 to 1:13:49( Edit History Discussion )

John R. Carter: their egg and butter money, as my grandmother used to say in a little pot and said, let's all sit around and study the stock buy ourselves some stock and see if we can do some good a l of them made a lot of money and lost a lot of money in the dot com boosm the 1990's which many

John R. Carter

1:13:50 to 1:14:11( Edit History Discussion )

John R. Carter: of us remember. those were not fat cat investors. those were little old ladies a th or at the methodist church or the baptist church or the bridge club or whatever. they're your neighbors, the people who live next door to you. they're the people your children go to school with, their

John R. Carter

1:14:12 to 1:14:32( Edit History Discussion )

John R. Carter: parents. even the kid college funds are invested in things like general motors and chrysler. so when we nationalize these industries, when we take it out of the hands of the people who own it, which is the stockholders, and we don't give them defend their rights as

John R. Carter

1:14:33 to 1:14:54( Edit History Discussion )

John R. Carter: stockholders but make a deal through the pressure of the bhoust, interesting statement, this is one of the lawyers talking about what happened to the bondholders in the chrysler deal he said, one of my cents was directly threatened by the white house and in essence compelled to withdraw his opposition to the deal on the

John R. Carter

1:14:55 to 1:15:16( Edit History Discussion )

John R. Carter: threat that the full force of the white house press corps would destroy his reputation if he continued to fight. that was pirelli wineberg, head of bankruptcy department for the top new york city law firm of white and chase, told wjr 760

John R. Carter

1:15:17 to 1:15:37( Edit History Discussion )

John R. Carter: radio host he goes on to say down here, some of the critics used leverage to provide tarp funds to force banks to comply in other words, investors like j.p. morgan chase, who also were bond holders in this chrysler deal, the old tarp fund deal that we've been talking about now for months, was all of a

John R. Carter

1:15:38 to 1:15:59( Edit History Discussion )

John R. Carter: sudden the twist to make them get in line and what happened was, this group that mr. wineberg was involved in, they didn't take any tarp funds. so they zrnt the twist. and they stood up. what did they do?

John R. Carter

1:16:00 to 1:16:20( Edit History Discussion )

John R. Carter: they threatened them with the white house press corps. i'm sorry, when i was a kid, this doesn't sound like the america that we grew up with. this sounds like the people we used to fight. . they threaten their way to power. i'm telling you, we ought to be

John R. Carter

1:16:21 to 1:16:43( Edit History Discussion )

John R. Carter: worried about this. and i am deeply worried although i am happy to see this new york law firm is involved, i would hope that good litigants, because i believe in the justice system, would use the justice system to protect the rights of these creditors. i wouldope they would do that.

John R. Carter

1:16:44 to 1:17:04( Edit History Discussion )

John R. Carter: i would hope that we would realize that not this -- neither this congress nor the constitution of the united states has given the white house or the president of the united states the kind of power and authority that he is executing and utilizing on these two car companies. and then we find out that we've

John R. Carter

1:17:05 to 1:17:26( Edit History Discussion )

John R. Carter: got some folks that -- they have already said they are going to take common stock in the banks. so they want to be stockholders when it comes to the banks, they want to vote that stock and control those banks. they want to take majority inrest in our lar that's another nationalization of an industry. so some of the banks said, you

John R. Carter

1:17:27 to 1:17:49( Edit History Discussion )

John R. Carter: know what, we see the handwriting on the wall. we see that freight train down the track right at as you. here's your money back. we don't want your tarp money. take it back. and they are refusing to take the money back and teatening to charge massive penalties the banks return the money that

John R. Carter

1:17:50 to 1:18:11( Edit History Discussion )

John R. Carter: the american taxpayers provided to bail out banks on this tarp program. if they don't need the money and want to give it back, what in the world is wrong with that? except you no longer control the bank when they give the mon back. you no longe can control the deals that are made with chrysler by twisting the arms of

John R. Carter

1:18:12 to 1:18:32( Edit History Discussion )

John R. Carter: the banks. you no longer can control american industry. that's the kind of thing that these trillions of dollars that we are spending, we as americans should be deathly afraid of. that there are people who would control our nation with the

John R. Carter

1:18:33 to 1:18:47( Edit History Discussion )

John R. Carter: money that we give them out of our pocket and we permit them to borrow in our name that we are going to have to pay back. remember when i told my children as soon as they could understd english. the united states government nor

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