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Video archive of the US Congress

House Proceeding 05-13-09 on May 13th, 2009 :: 1:45:55 to 1:47:50
Total video length: 3 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Michael R. Turner

1:45:51 to 1:46:11( Edit History Discussion )

Michael R. Turner: they'll fall out of the middle class into poverty and probably never climb back out. it's going to be catastrophic for the economy. i've talked about the relationship between the collapse of home values and foreclosures, but a family who has seen their home collapse in value is not going to be in any hurry to buy a new car or to

Michael R. Turner

1:45:55 to 1:47:50( Edit History Discussion )
Speech By: Michael R. Turner

Michael R. Turner

1:46:12 to 1:46:32( Edit History Discussion )

Michael R. Turner: buy anything they don't have to have what has been the effect of the economy in dayton generally? what's been the effect on the car dealerships and retailers? are you seeing an effect on the economy, the retail economy in dayton as a whole? mr. turner: we've had significant job loss in ohio. that goes to part of the

Michael R. Turner

1:46:33 to 1:46:54( Edit History Discussion )

Michael R. Turner: economic crisis people are seeing. when you have people's home values drop, just as you said, they have less weah and when they have less wealth they're les secure, so they're less secure in proceed werg -- with other purchases. an issue that also impacts them, when the value of your house goes down because someone

Michael R. Turner

1:46:55 to 1:47:15( Edit History Discussion )

Michael R. Turner: else has gone into foreclosure, the value isn't there and you're also stuck, unable to sell your home. there are people now who because of the number of foreclosures in the neighborhood are holding on to their house, not able to sell the house and move on. that has a suppressing impact on the economy also because if they -- if the value had still

Michael R. Turner

1:47:16 to 1:47:37( Edit History Discussion )

Michael R. Turner: been there, they might sell their home and move on. but brad, i want to commend you again for your bill. what you're trying to address is the issue that, throughout a foreclosure cris. they know that goes straight to the issue of toxic asset which is goes straight to the unsustainability of financial institutions. this bill unlike the bailouts

Michael R. Turner

1:47:38 to 1:47:52( Edit History Discussion )

Michael R. Turner: that were passed goes straight to the issue of trying to stop these practices so that we don't continue to crankut toxic assets that will provide stability in the market where people have some confidence back that these loans that are

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