Video archive of the US Congress

House Proceeding on Oct 6th, 2009 :: 0:14:05 to 0:19:25
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Cliff Stearns

0:14:04 to 0:14:25( Edit History Discussion )

Cliff Stearns: wisdom of that intent. thank you. the speaker pro tempore: the chair recognizes the gentleman from florida, mr. stearns, for five minutes. mr. stearns: i ask unanimous consent to revise and extend. the speaker pro tempore: mr. stearns: mr. speaker, i rise this morning to address my concerns as a result of the special inspector general for the troubled asset relief

Cliff Stearns

0:14:05 to 0:19:25( Edit History Discussion )
Speech By: Cliff Stearns

Cliff Stearns

0:14:26 to 0:14:48( Edit History Discussion )

Cliff Stearns: program, audit of the capital injection provided to bank of america and other major banks through the taxpayer funded tarp program. the special inspector general for the tarp revealed yesterday in his official report that high ranking federal officials, including former henry paulsen, and the current

Cliff Stearns

0:14:49 to 0:15:10( Edit History Discussion )

Cliff Stearns: federal reserve chairman, ben bernanke, mislead the american people about the true financial state of bank of america and eight other initial tarp recipients that received over $125 billion in this bailout. we were told last october that the treasury department needed over $700 billion, along with

Cliff Stearns

0:15:11 to 0:15:31( Edit History Discussion )

Cliff Stearns: unprecedented and vast new authority in order to stave off a total collapse of our financial system. they were going to buy the so-called toxic loans, 10 days later after the bill passed, they changed their strategy and decided to give tarp funds to financial institutions. we were told last october that

Cliff Stearns

0:15:32 to 0:15:53( Edit History Discussion )

Cliff Stearns: this $700 billion would enable the secretary of treasury to go in and restore liquidity and stability to our financial system through a series of capital injection the -- injections into these financial institutions. most importantly, we were told last october that the federal government was going to inject this money into, quote, healthy

Cliff Stearns

0:15:54 to 0:16:14( Edit History Discussion )

Cliff Stearns: financial institutions under the rationale that propping up these healthy nks would enable them to lend money and unfreeze the credit market so none of the other major banks in private financial institutions would collapse. almost exactly a year later we have found out that the american people were not given the full truth. the nine initial tarp

Cliff Stearns

0:16:15 to 0:16:37( Edit History Discussion )

Cliff Stearns: recipients which received an initial total of $125 billion in tarp funds, were actually not the stable healthy institution that mr. paulsen and mr. bernanke claimed they were. as we all well know today, none of these institutions were able to increase their lending activities. bank of america and citigroup

Cliff Stearns

0:16:38 to 0:17:01( Edit History Discussion )

Cliff Stearns: in particular actually ended up needing billions more in bailout money than they were initially given. meanwhile, struggling financial institutions such as merrill lynch which was on the verge of collapse months before the enactment of tarp was largely ignored until the now infamous and coerced acquisition of merrill lynch by the not so

Cliff Stearns

0:17:02 to 0:17:23( Edit History Discussion )

Cliff Stearns: healthy bank of america. the audit blankly states that, by quote, stating expressly that the healthy institutions would be able to increase overall lending, the treasury may have created unrealistic expectations about the institution's condition and their ability to increase lending, end quote. the federal reserve along with the federal deposit insurance

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