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House Proceeding 09-29-08 on Sep 29th, 2008 :: 0:18:19 to 0:21:31
Total video length: 3 hours 5 minutes Stream Tools: Stream Overview | Edit Time

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0:18:09 to 0:18:19( Edit History Discussion )

pro mpore: the gentleman from massachusetts is recognized. mr. frank: madam speaker, i yield to one of the most thoughtful members of our committee and one who has a great deal of knowledge of

Melvin L. Watt

0:18:19 to 0:18:34( Edit History Discussion )

Melvin L. Watt: the subject under discussion, the gentleman from north carolina, mr. watt, for three minutes. the speaker pro tempore: the gentleman from north carolina is recognized for three minutes. mr. watt:

Melvin L. Watt

0:18:34 to 0:18:55( Edit History Discussion )

Melvin L. Watt: thank you, madam speaker. i thank the gentleman for yielding time. there's probably no worse instance to be doing legislation than having to do it in response to a crisis. legislating to clean

Melvin L. Watt

0:18:55 to 0:19:14( Edit History Discussion )

Melvin L. Watt: up a mess is just not fun as it is if you do something thoughtfully looking forward to try to prevent a mess from occurring. and we've been for the last several years trying to legislate. we had predatory

Melvin L. Watt

0:19:14 to 0:19:30( Edit History Discussion )

Melvin L. Watt: lending legislation. we've been on the forefront of that. but we've been on having difficulty getting people to recognize that a crisis was coming if we didn't respond to cut back on

Melvin L. Watt

0:19:30 to 0:19:45( Edit History Discussion )

Melvin L. Watt: irresponsibility in the market. there are two problems here. first is, is there a real crisis that needs to be responded to? and that's really the question that i've gotten a lot of -- lot

Melvin L. Watt

0:19:45 to 0:20:01( Edit History Discussion )

Melvin L. Watt: more calls frommy constituents about. the second issue of course is, what do you do about it if there is a crisis? so let me talk about the first of those first. is there a crisis? and the

Melvin L. Watt

0:20:01 to 0:20:21( Edit History Discussion )

Melvin L. Watt: question -- that question i really don't have an answer for other than the answer that we were given by the secretary of the treasury and the chairman of the federal reserve a week ago thursday which

Melvin L. Watt

0:20:21 to 0:20:36( Edit History Discussion )

Melvin L. Watt: was that we are in a real crisis situation that could mushroom into something worse than the great depression. it's not my responsibility as an individual member of congress to go and prove that, but

Melvin L. Watt

0:20:36 to 0:20:53( Edit History Discussion )

Melvin L. Watt: when the secretary of treasury and the chairman of the federal reserve tell me that there's a real problem, the stakes become too high for me not to take it seriously. it's not my responsibility

Melvin L. Watt

0:20:53 to 0:21:10( Edit History Discussion )

Melvin L. Watt: to go and convince the amterican people, and i wish we had a president that had enough communication skills and enough credibility with the american people to convince them that there is a real

Melvin L. Watt

0:21:10 to 0:21:24( Edit History Discussion )

Melvin L. Watt: problem. unfortunately, that burden hadn't been carried sufficiently by the administration. but i'm convinced that the odds -- the odds are bad enough that if we don't do something today we will

Melvin L. Watt

0:21:24 to 0:21:31( Edit History Discussion )

Melvin L. Watt: regret it for a long, long time to come. . having jumped across that threshold we have shaped this pack age as responsibly as we can shape it. i encourage my colleagues to support the bill.

Spencer Bachus

0:21:31 to 0:21:40( Edit History Discussion )

Spencer Bachus: i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from alabama is recognized. mr. bachus: madam speaker, i yield

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