Video archive of the US Congress

House Proceeding 12-10-09 on Dec 10th, 2009 :: 0:17:30 to 0:20:50
Total video length: 3 hours 30 minutes Stream Tools: Stream Overview | Edit Time

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Randy Neugebauer

0:17:27 to 0:17:48( Edit History Discussion )

Randy Neugebauer: the chairman giving me the opportuni to expl i'm sure nobody understands it, but that's ok. the chair: the gentleman yields back. mr. bachus: madam chairman, i'll recognize the gentleman three minutes. the chair: the gentleman is recognized for three minutes. mr. neugebauer: there are a

Randy Neugebauer

0:17:30 to 0:20:50( Edit History Discussion )
Speech By: Randy Neugebauer

Randy Neugebauer

0:17:49 to 0:18:11( Edit History Discussion )

Randy Neugebauer: number of provisions in the manag this bill less bad. and really we've come a long way from the bill that was originally introduced to the one that's on the floor now. we went through a very lengthy markup process. in many cases, sometimes during those markups we were able to make the bill better. and in this manager's amendment, there are some

Randy Neugebauer

0:18:12 to 0:18:33( Edit History Discussion )

Randy Neugebauer: changes that in fact do make this bill a little less egregious to me. but the problem is, fundamentally, the bill still does what it originally started out to do, that is too perpetuate bailouts. one of the things that my creags -- colleagues and i said

Randy Neugebauer

0:18:34 to 0:18:54( Edit History Discussion )

Randy Neugebauer: from the beginning is that the american people are tiredf bailouts. unfortunately, this bill per pitch waits bailouts in this country. we continue to award -- reward bad behavior and punish good behavior and this bill perpetuates that. one thing that also concerns me about this bill, it's still, even with some improvements, it

Randy Neugebauer

0:18:55 to 0:19:15( Edit History Discussion )

Randy Neugebauer: still becomes a job killer. one of the provisions in this bill would give secured creditors a haircut. here's somebody who took collateral to make a loan, thought they were securitized and collateralized and now arbitraryly they can be gaven 20% haircut for their collateral. that's going to cause huge

Randy Neugebauer

0:19:16 to 0:19:38( Edit History Discussion )

Randy Neugebauer: implication in the credit markets because these people, little small businessman, going out to borrow money on plant or equipment or other things, lenders making what they think are secured loans and all of a sudden the lender finds himself at some point in time where their security is going to be shared with someone else. the other piece of this is that this bill does something i feel

Randy Neugebauer

0:19:39 to 0:19:59( Edit History Discussion )

Randy Neugebauer: very strongly about, it limits the choices for consumers. i still believe that the american people are smart people. i think it's their money, their credit, they ough they take out and they don't need the federal government tell the kind of loan we thin appropriate to you.

Randy Neugebauer

0:20:00 to 0:20:20( Edit History Discussion )

Randy Neugebauer: this is the kind of loan you should use to college or this is the kind of car loan you should use or small businessman, this is the loan we give small businesses, take it or leave it. the other part of it is that this bill does something i think is very egregiousi think the american people ought to be outraged. here we are, secretary geithner gave the democrats an early christmas present he said, you

Randy Neugebauer

0:20:21 to 0:20:42( Edit History Discussion )

Randy Neugebauer: know what, that slush nd we got, we're going to keep it to next october and man, a day doesn't go by, here we go, we're going to put our hand in the cookie jar here, $ out of the tarp money that was not represented to be used for these kinds of purposes, it w emergency to stabilize the markets, but we're going to put our hand in the cook jar and

Randy Neugebauer

0:20:43 to 0:20:51( Edit History Discussion )

Randy Neugebauer: take $4 billion and by the way, it's $4 billion we didn't have to begin with. we we had to borrow that $4 billion.

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