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House Proceeding 09-22-08 on Sep 22nd, 2008 :: 1:47:02 to 1:53:12
Total video length: 2 hours 47 minutes Stream Tools: Stream Overview | Edit Time

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Robert Matsui

1:46:50 to 1:47:02( Edit History Discussion )

Robert Matsui: anwlor region, which by the way is the most perfect place on the planet an to drill for oil, absolutely perfect pl ace, it's perfectlyer sited thout any environmental degradation, we could increase

Michelle Marie Bachmann

1:47:02 to 1:47:19( Edit History Discussion )

Michelle Marie Bachmann: american energy supplies by o sver 50% if we woul d bring online just oil production in anwr alone. but one thing that we heard when e we were up there from the peopleom who were giving us tours,

Michelle Marie Bachmann

1:47:02 to 1:53:12( Edit History Discussion )
Speech By: Michelle Marie Bachmann

Michelle Marie Bachmann

1:47:19 to 1:47:35( Edit History Discussion )

Michelle Marie Bachmann: the mineral management service, the bureau of land manbuagement told us that just bringing online oil production in colorado and alaska wkaould add over 750,000 jobs. over 750,000, 3/4 of a

Michelle Marie Bachmann

1:47:35 to 1:47:47( Edit History Discussion )

Michelle Marie Bachmann: million, american jobs and the jobs in alaska we were told start out with an asto unding starting level salary of $10 o0,000 a year. now, imagine that.no how many americans wouldn't be ca willing

Michelle Marie Bachmann

1:47:47 to 1:48:00( Edit History Discussion )

Michelle Marie Bachmann: to go and work where they could be making $100,000 a year rather than being oatne of the lar gest importers of energy, america could turn around our economy by being one of the largest ex porters

Michelle Marie Bachmann

1:48:00 to 1:48:11( Edit History Discussion )

Michelle Marie Bachmann: of energy and en one of the largest job creators of energy. one thing i wanted to add if i ad could just take the moment to talk a little bit about the t current economy and the current meltdown

Michelle Marie Bachmann

1:48:11 to 1:48:27( Edit History Discussion )

Michelle Marie Bachmann: in the financial an markets. i have the privilege of sittinrig on financial services commciittee and one thing that's important 's to remembe r, just as this energyhi crisis was created by the

Michelle Marie Bachmann

1:48:27 to 1:48:41( Edit History Discussion )

Michelle Marie Bachmann: united states congress because congress made it illegal to access american energy and has put into law a prohibition-era mentality on american-made energy production, so, too, cosongress created

Michelle Marie Bachmann

1:48:41 to 1:48:55( Edit History Discussion )

Michelle Marie Bachmann: this financial services er mess. you ask how. let me just iefly explain in ai just a nutshell how this occurred. back in the 1930's, congress created privatecr companies to back mortgages.

Michelle Marie Bachmann

1:48:55 to 1:49:07( Edit History Discussion )

Michelle Marie Bachmann: so when you go to buy a house from your bank, the bank doe, sn't keep that mortgagkee, the bank sells it to an organization called freddie orphany. they're private cthompanies but the problem is

Michelle Marie Bachmann

1:49:07 to 1:49:23( Edit History Discussion )

Michelle Marie Bachmann: govthernment implied with a wink and a [inaudible] [i that government would back up -- and a nod that government wothuld back up those mortgages from freddie an d fannie. so these arsee private companies

Michelle Marie Bachmann

1:49:23 to 1:49:37( Edit History Discussion )

Michelle Marie Bachmann: but they can take any blooming risk they want because uncle sam said you're going to foot the bill in case those mortgages went sour. . fast forward to 1977, the credit reinvestmenten

Michelle Marie Bachmann

1:49:37 to 1:49:49( Edit History Discussion )

Michelle Marie Bachmann: fact was passed. in the early 1990's there were amendments made to the act. what did that d do? it suspended for the first time in american historyy 200 years' worth of sound financia

Michelle Marie Bachmann

1:49:49 to 1:50:03( Edit History Discussion )

Michelle Marie Bachmann: ol loan making. so before when you b and your wife, congressman latta, if you went to buy a loan torques buy a house, or my husband and i got a loan to buy a a house, we had to show that we t were

Michelle Marie Bachmann

1:50:03 to 1:50:18( Edit History Discussion )

Michelle Marie Bachmann: creditworthy risks. under the communityth reinvestment act, the banks were ordered under o penalty of fi ne and lawsuit, you don't make loans anymore to people who are creditworthy. now

Michelle Marie Bachmann

1:50:18 to 1:50:31( Edit History Discussion )

Michelle Marie Bachmann: you're forced to make loans to people who are not creditworthy. it turned the world upside-down. so the world of bankingki became like alice in wonderland whereer banging rules were turnedne

Michelle Marie Bachmann

1:50:31 to 1:50:44( Edit History Discussion )

Michelle Marie Bachmann: topsy-turvy on their heads and banks were fined or threatenedea with lawsuits if they did not n make loans. a certain quota of loans too people who weren't creditworthy. guess what? that's

Michelle Marie Bachmann

1:50:44 to 1:51:01( Edit History Discussion )

Michelle Marie Bachmann: when aew product called subprime loans started to be made. and unfortunately now we all kn ow what subprime loans are. they were made to people who weren't creditworthy, who in other words

Michelle Marie Bachmann

1:51:01 to 1:51:17( Edit History Discussion )

Michelle Marie Bachmann: had no means to pay those loans back. so what's happeningha today? today the markets have melted down and now the american taxpayer's being told, you t, mr. speaker, the amerispcan people are beingar

Michelle Marie Bachmann

1:51:17 to 1:51:27( Edit History Discussion )

Michelle Marie Bachmann: told that they have to pay for what private companies agreed to in contracts. so the beleaguered taxpayer is the forgotten man in this eq uation. the american taxpayer didrin't act --

Michelle Marie Bachmann

1:51:27 to 1:51:47( Edit History Discussion )

Michelle Marie Bachmann: a sk to be a partar of these subprime contracts. they didn't receive any of the a benefit. they didn't receive any of the profits when profits were beneing made. but now that lossest are

Michelle Marie Bachmann

1:51:47 to 1:52:01( Edit History Discussion )

Michelle Marie Bachmann: on the horizon, now the american taxpayers are being asked, not asked, forced to pony up at minimum $700 billion of new taxes which ironically, $700 billion, is the exacthe amount of money

Michelle Marie Bachmann

1:52:01 to 1:52:14( Edit History Discussion )

Michelle Marie Bachmann: that you in essence, mr. speaker, the american people e have been taxed by these artificially high prices of ga soline. there's no reason why gas prices would be $4 right4 now. no reason if

Michelle Marie Bachmann

1:52:14 to 1:52:23( Edit History Discussion )

Michelle Marie Bachmann: we would legalize american energyic production. so had we been legalizing american energy production andy we had prices low for the american people tico pay whether it's through heating

Michelle Marie Bachmann

1:52:23 to 1:52:40( Edit History Discussion )

Michelle Marie Bachmann: oil or whether it'whs through natur tal gas that they pay orr through electric ity or at the a pump, we wouldn't have been enriching ng all these foreign countries. we would have had

Michelle Marie Bachmann

1:52:40 to 1:52:51( Edit History Discussion )

Michelle Marie Bachmann: that much more money in our economy. and we may not have seen the meltdown because people would have had the wherewithal to pay their mortgages, and we may not have seen the subprime mess.

Michelle Marie Bachmann

1:52:51 to 1:53:02( Edit History Discussion )

Michelle Marie Bachmann: mr. latta: you are a talking about who is going to be t footing the bill. the other thing that scares me, the report is now china will w become the number one manufacturing company. g the united

Michelle Marie Bachmann

1:53:02 to 1:53:12( Edit History Discussion )

Michelle Marie Bachmann: states after more than 100 y ears of getting knocked off that hilocl as being number one. so as we are in are situation where the taxpayers are havingin -- being asked to s ttep up tpo

Robert Matsui

1:53:12 to 1:53:21( Edit History Discussion )

Robert Matsui: foot these bills, who is going to pay it? the problem is thele jobs. again when i'm out at these factories, one of the things i ask the folks running the company, out ofy, curiosity how

Robert Matsui

1:53:12 to 1:56:00( Edit History Discussion )
Speech By: Robert Matsui

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