Video archive of the US Congress

House Proceeding 12-11-09 on Dec 11th, 2009 :: 1:10:25 to 1:16:55
Total video length: 1 hours 50 minutes Stream Tools: Stream Overview | Edit Time

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Barney Frank

1:10:21 to 1:10:41( Edit History Discussion )

Barney Frank: let's end tarp, let's pay down the deficit and if this substitute doesn't pass, you'll have a chance to put an end to this entire process. i yield back. the chair: the gentleman yields. the gentleman from massachusetts is recognized. mr. frank: i yield myself the

Barney Frank

1:10:25 to 1:16:55( Edit History Discussion )
Speech By: Barney Frank

Barney Frank

1:10:42 to 1:11:03( Edit History Discussion )

Barney Frank: re an example of the wely excessive hyperbole i guess came from the gentleman from new jersey. increased regulation of devatives require overextended financial companies to have more c

Barney Frank

1:11:04 to 1:11:24( Edit History Discussion )

Barney Frank: mortgages that will get in trouble and there will be no players on the fiel be only refs. the feeling that the republicans talk crazy. my friend from texas, mr. neugebauer, said, you need permission to get a car loan. no sane person, including mr. neugebauer, thinks that.

Barney Frank

1:11:25 to 1:11:45( Edit History Discussion )

Barney Frank: as a matter of fact, over the objection of any of us, car loans are e he. he is widely exaggerating. so it's an inaccuracy built on an exaggeration. what we have also is their great fear of not having in this bill the bailouts that they want to attack but before i get to that,

Barney Frank

1:11:46 to 1:12:06( Edit History Discussion )

Barney Frank: let me take directly one of their arguments. the american people were told, have said, no more expansion of government. financial regulations. their view that the american people want no more restraints on wall street is wrong. their view that the american

Barney Frank

1:12:07 to 1:12:28( Edit History Discussion )

Barney Frank: people want nothing to be done about the former executive compensation that is obscenely excessive but destabilizing because of the way it's ructures, so it's true, they put nothing effectively about executive compensation. they say the american people like derivatives to be spread out with no capital to back them

Barney Frank

1:12:29 to 1:12:49( Edit History Discussion )

Barney Frank: up so when there are failures you have trouble and they carry through. they're right. i disagree that the american people think that the status quo a good one. and then the gentleman said, well, you can increase the cost of capital. yes, in some cases. i want to increase the cost of speculation.

Barney Frank

1:12:50 to 1:13:10( Edit History Discussion )

Barney Frank: the problem with the way capital has been imported is it has been imported for useful purposes to gather up funds that can be used to produce goods and services but for some the means became the end and, yeah, if we will increase the cost of capital of some of the speculative trading that goes on, that would be a good thing. less of that would be a good thing.

Barney Frank

1:13:11 to 1:13:32( Edit History Discussion )

Barney Frank: so let's p people, do you prefer the republican position of doing literally nothing to rein in these abuses or should we try to rein them in? and that leads to difference in the bill. we are not simply in our bill saying let's deal with what happens when there's a failure. there's a failure, let them go bankrupt and that's it.

Barney Frank

1:13:33 to 1:13:55( Edit History Discussion )

Barney Frank: we also say if there is an institution that's overextended we let it fail and we have specific language that says no money can go to that institution of its shareholders or board of directors. but unlike them we don't think you should wait until then. we don't think it is responsible for the society to say, go ahead and fail, we don't care. we do care. we're not here to go to their

Barney Frank

1:13:56 to 1:14:17( Edit History Discussion )

Barney Frank: aid the way it was done last under section 1303 which we have amended so it can't happen again and you cannot have wh the bush administration did with 1303 and the a.i.g. and don't think they were wrong necessarily, but that's what they did. we stopped that. andon't let them get to that

Barney Frank

1:14:18 to 1:14:39( Edit History Discussion )

Barney Frank: point. where you don't do anything about compensation, derivatives, you don't regulate them at all and you let them crash but when they do crash here's the argument. you have a permanent bailout fund. madam chair, in their heads is the only place that permanent bailout fund exists. or maybe in their hearts because

Barney Frank

1:14:40 to 1:15:02( Edit History Discussion )

Barney Frank: we have curtailed it. here's what the legislation actually says in a binding way and why their analogies to last here is on page 397, i know it's big bill, maybe they couldn't get all the way through it, i apologize, we would have given them a reading guide if they'd asked for it.

Barney Frank

1:15:03 to 1:15:27( Edit History Discussion )

Barney Frank: separate funds to be known as the systemic disillusion fund, that's what they call the bailout fund. it is to facilitate and provide for the orderly and complete disillusion of any failed financial company or company that poses a systemic threat in the financial markets. and it pays the expenses of

Barney Frank

1:15:28 to 1:15:48( Edit History Discussion )

Barney Frank: them getting out of business and nains them. they really do sympathize with goldman sachs, with jpmorgan chase, with morgan stanley, with bank of america, city corp and, yes, hedge funds of about $10 billion. these wonderful, healthy

Barney Frank

1:15:49 to 1:16:10( Edit History Discussion )

Barney Frank: companies, why should they have to pay for the bailouts? because they benefit from that safety net. and going on to say the funds shall be available with use for the dissolution of a financial company to cover the costs incurred by the receiver to and to cover e costs o

Barney Frank

1:16:11 to 1:16:34( Edit History Discussion )

Barney Frank: systemic stabilization actions. the funds shall not benefit any director of such company. and it says earlier on when we talk about the establishment of tha only be used the money that comes from morgan stanley and

Barney Frank

1:16:35 to 1:16:55( Edit History Discussion )

Barney Frank: goldman chase. we won't have anybody to come play football because they have been told not to speculate. it they can only do this if such action is necessary for the purpose of financial stability and not for the purpose of preserving the covered

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