House Proceeding 09-22-08 on Sep 22nd, 2008 :: 0:45:32 to 1:10:15
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0:39:36 to 0:45:32( Edit History Discussion )
Speech By: Danny K. Davis

0:45:16 to 0:45:32( Edit History Discussion )

Danny K. Davis: people do. i've got to go and wash. and i yield back the balance of my time. ms. clarke: and i thank the gentleman from chicago, illinois, for his eloquence and sharing his insightgh based on

0:45:32 to 0:45:50( Edit History Discussion )

Yvette Clarke: the constituency that he represents and the years of knowlknedge and the years of experience that he's had there in washington dealing with these matters. this is truly an unprecn edented

0:45:32 to 1:10:15( Edit History Discussion )
Speech By: Yvette Clarke

0:45:50 to 0:46:18( Edit History Discussion )

Yvette Clarke: time, but we got to look back a bit to really get a sense of how we g ot here. follow me on this chart overhi here.re it's buildi ng a wall o wf debt. when you look back at the year 2001,

0:46:18 to 0:46:42( Edit History Discussion )

Yvette Clarke: our debt was at $5.8 trillion. fast forward to 2009, and it is projected that our debt will have basically doubled in that time. and then let's also recollect the philosophy of the bush

0:46:42 to 0:47:07( Edit History Discussion )

Yvette Clarke: administration and the republicans of this body. there was a great proclamation about the ownership society. that is, we want to make sure that this nation is underpinned by the need

0:47:07 to 0:47:29( Edit History Discussion )

Yvette Clarke: and the capacity and the ability to own. well, at the end of the day, what we see is that we own a whole lot of debt. and on top of this debt, we' ore going to be owning $700 billion

0:47:29 to 0:47:46( Edit History Discussion )

Yvette Clarke: in poor assets, assets that no one el se was able to leverage to create profit, that all of thosee loans that were given to those wh o wanted to be part of the ownership society, in their

0:47:46 to 0:48:04( Edit History Discussion )

Yvette Clarke: heart knew was the best thing to do, but were seized upon bip unscrupulous individuals who provided a product that was du basically a pipe dream. we were all part of the ownership societyne all

0:48:04 to 0:48:23( Edit History Discussion )

Yvette Clarke: right. and in the words of colin powell, you broke it, you own it. and, you know, i just find it quite interesting that everyone is getting on tv, particularly those who were e responsible

0:48:23 to 0:48:41( Edit History Discussion )

Yvette Clarke: because of t heir lack of f stewardship, because of their breaking of the public trust, you know, no one's to blame here. well, when you pursue policies that create such damage to american

0:48:41 to 0:48:56( Edit History Discussion )

Yvette Clarke: financeer, american households and communities, the the american ps pyche, well, i think you need to own that, too. today, we're talking more about some of the proposals that are coming before

0:48:56 to 0:49:14( Edit History Discussion )

Yvette Clarke: us. . i ju st want to put in a word that in tathis ownership society ie there was also a lack of discipline. and discipline can beip shaped up u in a number of different ways. in t he way

0:49:14 to 0:49:31( Edit History Discussion )

Yvette Clarke: that i like to i discuss it, it has to do with regulati on. i find it ironic that there are people in the financial wld, real bigwigs, who have not been able t o come to grips with the fact

0:49:31 to 0:49:47( Edit History Discussion )

Yvette Clarke: that their joyride is over. that happy days are not here again but that they have driven our economy into the ground. and they are all lining up right now to want to be a part of the solution.

0:49:47 to 0:50:08( Edit History Discussion )

Yvette Clarke: without regulation. without accountability.it thos e days are over. o i can tellel you that the membersem of the congressional black caucus, the members of thers democratic caucus, the

0:50:08 to 0:50:23( Edit History Discussion )

Yvette Clarke: members of the new congress are not going to sit by idly and have a false proclamation made without substantiation. we have back in march of 2008 wh en we spoke about the issue of regulation

0:50:23 to 0:50:40( Edit History Discussion )

Yvette Clarke: and the need for regulation, our own presidentnt saying , and i quote, i'm deeply concerned about law and regulation that will make it harder f or the markets to recover. and when they recover,

0:50:40 to 0:50:58( Edit History Discussion )

Yvette Clarke: make r it harder for this economy tono be robust. well, mr. president, the market s failed with no regulation.n. regulation was not a partot of f the equation here. andan then you have

0:50:58 to 0:51:17( Edit History Discussion )

Yvette Clarke: our presumptive -- excuse me, our nominee in the republican party r , senator mccain, who w says, i'm always for less regulation. i'd like to see a lot of the un necessary governmentve regulations

0:51:17 to 0:51:37( Edit History Discussion )

Yvette Clarke: eliminated. marchma of this year. now everyone's new. everyone knew this was coming down the pipe and theyan are now the ones calling for regulation. well, now that the horse iors out of

0:51:37 to 0:51:56( Edit History Discussion )

Yvette Clarke: the barn and crisis has hit, it's easy too me that determination because behind site is 2020 -- because hindsight is 20/20.0/ but people held hearings to talk about the need to regulate --

0:51:56 to 0:52:10( Edit History Discussion )

Yvette Clarke: when we saw predatory lending becoming a cancer, a gang g reen in communities ofmu color, w hen we saw the subprimeim foreclosure marketske just eat communities alivemm, there was no mercy.

0:52:10 to 0:52:28( Edit History Discussion )

Yvette Clarke: there was a wink and a nod. and thean feeding frenzy continued. and then itan spread tpro the prime market. and the feeding frenzy tiby -- continued. it continuedti so much so that chin many of

0:52:28 to 0:52:49( Edit History Discussion )

Yvette Clarke: these financial institutions folks were almost delusional about the condition that their companies were in.pa over night, it seemed, all of a sudden everything came cascading down.ad you

0:52:49 to 0:53:08( Edit History Discussion )

Yvette Clarke: know, for the average american we don't give bailouts. il we get reprimanded. we get marginalized. we get being told that we are irresponsible. yet i hear none of that term inology for all

0:53:08 to 0:53:27( Edit History Discussion )

Yvette Clarke: of thesees folks who have not only upset the u.s. market, their reckless behavior has upset the world market. the world w market. we have an overabiding obligation in the united states of america,

0:53:27 to 0:53:49( Edit History Discussion )

Yvette Clarke: we are looked to around the worldnd for our excellence , for ourur ability to t ha ndle our fears. and that has been eroded to nothing under the bush administration. not in one area can

0:53:49 to 0:54:09( Edit History Discussion )

Yvette Clarke: we say that we have held to theo american ideals. an d this economic crisis marks that. let me also share with you something you already know. this has to do with our economy , it has

0:54:09 to 0:54:30( Edit History Discussion )

Yvette Clarke: to do t with the loss of jobs. back when bill clinton was president of the united states, d as you y can see, our economy was robust. and we were on a pathh to prosperity with respect

0:54:30 to 0:54:47( Edit History Discussion )

Yvette Clarke: to job growth and development. under the bush adminisr tration in j ust eight yearsar we have forced so ma ny families, so many communiti es into poverty.. the number of new jobs needed per month

0:54:47 to 0:55:08( Edit History Discussion )

Yvette Clarke: to keep pace with the growth in the working age population, 150,000. look at the performance of theth bush administration. this says is all, folks. we are in an e aconomic downturn. individuals

0:55:08 to 0:55:25( Edit History Discussion )

Yvette Clarke: are unemployed. health care costs are skyrocketing. en ergy costs through the roof.hr financial markets crashing. all of this, all of this did not happen overnight. this certainly hasn't happened

0:55:25 to 0:55:41( Edit History Discussion )

Yvette Clarke: since the newne congress. this was a building process. and for individuals to stand up and say that it was the democratic congress that causedau this to happen, it's insulting the intelligence

0:55:41 to 0:56:01( Edit History Discussion )

Yvette Clarke: of t ihe american p eople. it started during d a period of time where philosophy was in plac e that anything goes a in the free market. it started when there was a philosophy in place thatha

0:56:01 to 0:56:19( Edit History Discussion )

Yvette Clarke: said that the ownership society is one that does notat need to beee regulated.gu it started and continued onti a pa th of destruction under the leadership of the bush administration. compounding

0:56:19 to 0:56:39( Edit History Discussion )

Yvette Clarke: that is the continued warnt in iraq.n compounding that is the cost of o he alth care that grows exponentially each monneth. compounding that is the t loss and h emorrhaging of jobs. so wall street

0:56:39 to 0:56:54( Edit History Discussion )

Yvette Clarke: has now caught up and our economy is so fragile that meetings are taking pla ce throughout capitol hill in every nook and crannyra to save ,, to save our financial well-being. wh en we say our

0:56:54 to 0:57:09( Edit History Discussion )

Yvette Clarke: financial well-bei ng, it is truly our financial well-being because we ha ve known in urban u communities for quite some time when the unemployment rate was rising that something was wrong.

0:57:09 to 0:57:32( Edit History Discussion )

Yvette Clarke: it was an indicator. when people began losing their homes, filing for bankruptcy, when folks w ho would w formly been middle class had quickly in t he blink off an eye become part of the

0:57:32 to 0:57:51( Edit History Discussion )

Yvette Clarke: working w poor, or homelessho no one shed a tear. and now every news media outletia is crying the c woes of the financial giants.gi well, i guess this is the day of reckoning. r and this is a timeim

0:57:51 to 0:58:13( Edit History Discussion )

Yvette Clarke: where the great equalizer is making things happen in real time. because this congress has an obli gation and i certainlyta will not be voting for any bailout that does nott include ade bailout

0:58:13 to 0:58:37( Edit History Discussion )

Yvette Clarke: lo of the peo ple that i represent. when the bush administration to ok office in 2001, it inherite d a projected surplus of -- for 2008 of $651 billionll. $651 billion. b when t hey took office

0:58:37 to 0:58:57( Edit History Discussion )

Yvette Clarke: from the democrat -- democratic president, bill clinton. the unemployment rate as we know it tod ay continues to increase from 4.7% to 6.1% and shows no sign of slowing down.ow we are

0:58:57 to 0:59:13( Edit History Discussion )

Yvette Clarke: truly, truly being govern ed by an administrationmi that has moved in the wrong direction and our economy e is a reflection of those policies.ie so what is the house of representatives being

0:59:13 to 0:59:39( Edit History Discussion )

Yvette Clarke: asked to do? well , this week we will begingi going ov er a number of proposals. and the package that has been talked about so much in the n press puts limits on executive compensation

0:59:39 to 0:59:52( Edit History Discussion )

Yvette Clarke: and sets the economic str ucture in a way in whichwh we will abrogate forog help for homeowners from foreclosure so the crisis will w not cripple our communities. we are calling for oversight,

0:59:52 to 1:00:08( Edit History Discussion )

Yvette Clarke: oversight. the government accountability a office needs to monitor the t progress ofre any proposed programs. we are granting twehe treasury department way too much power as estimated and

1:00:08 to 1:00:21( Edit History Discussion )

Yvette Clarke: as called upon by many o f you outou there in our communities. ie and there needs to be much more transparency. the an ything goes bush administ ration policies have been irresponsible i.

1:00:21 to 1:00:37( Edit History Discussion )

Yvette Clarke: the nonregulation of financial institutions has led to this crisis. make there be noe mistaketa about it. there's a lot of spin o going on out th ere. there are a lot of folks who

1:00:37 to 1:00:53( Edit History Discussion )

Yvette Clarke: want tont sugarcoat what has been in my estimation a dereliction d of duty. we need to move m in a new direction withh responsible regulation and safeguards for mi ddle class folks, for folks

1:00:53 to 1:01:12( Edit History Discussion )

Yvette Clarke: who live in urban centers who have been paying for all of theseth bailouts. we will also launch an investigationat of the regulatory failures and mismanagement that have treated our financial system

1:01:12 to 1:01:25( Edit History Discussion )

Yvette Clarke: as a cash cow for some. most importantly build a future of financial security for those who are hurting in our nation rightgh now. in particular those who are in the workin g and middle class.

1:01:25 to 1:01:43( Edit History Discussion )

Yvette Clarke: it's clear tithat the admini stration has requested that congressat authorize in very short order very sweeping andve unpreced ented powers for the treasury secretary to confront a financial crisis

1:01:43 to 1:01:57( Edit History Discussion )

Yvette Clarke: of what peopleop are sayingay are epic proportions. well, that is going to come at a price as well. this administration has not demonstratedde that it can be charged with the responsibilityty

1:01:57 to 1:02:12( Edit History Discussion )

Yvette Clarke: of managing the affairsrs of this nation in a way in which harm is not done to its people. so good luck with that one. in working with the administration, we will on strengthen thest proposal

1:02:12 to 1:02:30( Edit History Discussion )

Yvette Clarke: by ensuring that the government is accountable to taxpayers in any future actions under this broad grant o f authority. now, we don't want to make this seem as though we are not going to

1:02:30 to 1:02:50( Edit History Discussion )

Yvette Clarke: wor k in a bipartisan manner. we are. but we are not going to have shoved down our throats policies thatha promote more of the same bad behavior. that behavior is gone.av it's in the past.

1:02:50 to 1:03:10( Edit History Discussion )

Yvette Clarke: . and we're saying that if you want to collaborate,nt we're willing to work with you, but there has to be a recognition of the failures so that we don't w repeat t hem in the future. mr.

1:03:10 to 1:03:28( Edit History Discussion )

Yvette Clarke: speaker, when the bushr, admini stration took office in 2001, a20 projected surplus of $651 billion . and today we stand onta the advent of having to bail out the financial institutions of

1:03:28 to 1:03:48( Edit History Discussion )

Yvette Clarke: this nation to the tune of o $700 billion. and while people say that, well, this is not going to impact to budget because, you know, we're seeing t his really as an investment as opposed

1:03:48 to 1:04:03( Edit History Discussion )

Yvette Clarke: to an expenditure, well, we have to w expend i t first. and we have to create an environment that encourages the th purchase of what has been bad business. how we shape that is really up

1:04:03 to 1:04:22( Edit History Discussion )

Yvette Clarke: ll to those in the financial salector to come to the table with. but i cant tell you, the american people will not be left holding the bag e here. they will not be left holding l the bag forba

1:04:22 to 1:04:46( Edit History Discussion )

Yvette Clarke: those who decided ed that they were going to treat this country like their own person al a.t.m. and that.m they were going to b ankrupt us at a time when we should bebe experiencing great

1:04:46 to 1:05:04( Edit History Discussion )

Yvette Clarke: prosperity. p so, the debate hasha begun. the conver sations are being had throughout the capitol, across party lines and apas we concern ourselvesou about our financial instability wein reflect

1:05:04 to 1:05:21( Edit History Discussion )

Yvette Clarke: on those who live in our communities, whoni are se nior citizen, who could have been hoodwinked into partially p rivatizing their social security and the proposals that are coming out of the republic

1:05:21 to 1:05:45( Edit History Discussion )

Yvette Clarke: an party to t partially privatize and invest for health care. you know, if we hadu pursued those policies , can you imaginene the hysterstia in so many parts of our community where people have

1:05:45 to 1:06:08( Edit History Discussion )

Yvette Clarke: invested their lives, their well-beingwe in a scheme that benefited the most wealthiest t sectors of our nation? can you imagine that under the bush administration the tax cuts c that were given tato

1:06:08 to 1:06:29( Edit History Discussion )

Yvette Clarke: these same class ofo folks, the wealthy and, you look at the rising of the deficit and you look at all of these indicators of greed, of free marke t greed and you have yo to ask yourself, do we w

1:06:29 to 1:06:48( Edit History Discussion )

Yvette Clarke: and can we trust again in an administration, in a party thatha would be so derelict of duty, that would be so frivolous as to cause the type of hardship that we're all di gging deep to endure

1:06:48 to 1:07:06( Edit History Discussion )

Yvette Clarke: right now?gh well, in this new congress, under the democratidec leadership of speaker p elosi, that type of ty behavior has come to avin end. and as we debate, as we go over all of the propo sals,

1:07:06 to 1:07:20( Edit History Discussion )

Yvette Clarke: as we vet every line, every coma, every period of what is being proposed for legislation, i assured a you -- assure you that the members of the congressional black caucus under the leadership

1:07:20 to 1:07:41( Edit History Discussion )

Yvette Clarke: of congresswoman kilpatrick will keep their finger onir the pulse of what is happening and what has happened and what must never be allowed to happelln again within our communities, within

1:07:41 to 1:07:58( Edit History Discussion )

Yvette Clarke: mu communities acrosss this nation that have had to bear thave brunt of this feeding frenzyre, have had to sholdrt burden of economic crisis way before wall street met its day of reckoniy ng. we

1:07:58 to 1:08:13( Edit History Discussion )

Yvette Clarke: will be there t to make sure that there is some parity for those who are struggling each month to keep up eewith that mortgage payment. for those who are concerned of how to juggle the mortgage

1:08:13 to 1:08:34( Edit History Discussion )

Yvette Clarke: payment wi th the home heating he oil payment and the l health care costs. for those who are still caught in the credit crumpling and their child's tuition bill istu coming up. to those who are

1:08:34 to 1:08:57( Edit History Discussion )

Yvette Clarke: justh trying to get by and do their part as americans.er yo u're not forgotten in this new direction congress. we stand with you as a part of you as we struggle through this debacle in our financial

1:08:57 to 1:09:15( Edit History Discussion )

Yvette Clarke: sector. and i assure youur at thet end of f the day we will come out of thiss process much stronger, much wiser and certainly understandin g that the ds of free for all, feedl,ing ffrenzy,

1:09:15 to 1:09:34( Edit History Discussion )

Yvette Clarke: unregulated financialte markets in the united states areverat and by extension we will be setting et an example for how businessow will be conducted around the world. mr. speaker, i thank you for

1:09:34 to 1:09:49( Edit History Discussion )

Yvette Clarke: being a wonderful speaker pro temp and for beingng therehe as we have our conversationsnv during d our c.b.c. hour.b, to opento eyes and ears about the challenge that we will face thatis week

1:09:49 to 1:10:03( Edit History Discussion )

Yvette Clarke: and we will face it all cou irage and dignity and i yield back the balance of my time. the speaker pro tethmpore: the gentlelady yields back the balance of her time. under the speaker's announced

1:10:03 to 1:10:15( Edit History Discussion )

Yvette Clarke: policy of january 18, 2007, the gentleman from ohio, mr. latta, is recognized for 60 minutesze as the designee of thegn minority leader. mr. latta: thank you vlaery much, mr. speaker. i appreciate

1:10:15 to 1:10:27( Edit History Discussion )

Robert Matsui: this opportunity to control this hour and a lot has happened, not only this week but in the last seve ral weeks here in this country of ours. you know, we've been talking a lot today about what's

1:10:15 to 1:11:38( Edit History Discussion )
Speech By: Robert Matsui