Video archive of the US Congress

House Proceeding 12-14-09 on Dec 15th, 2009 :: 1:45:25 to 1:52:25
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David Scott

1:45:23 to 1:45:46( Edit History Discussion )

David Scott: put things in perspective. at this time, i yield to our friend and colleague from georgia, david scott, representative scott. mr. scott: i just want to say how proud we all are of you and your leaderip that you are providing on the floor for this hour that you have been going solid with all of this year.

David Scott

1:45:25 to 1:52:25( Edit History Discussion )
Speech By: David Scott

David Scott

1:45:47 to 1:46:07( Edit History Discussion )

David Scott: and i want to single out for special praise, our chairlady of our congressional black caucus. the good lord has brought us the right person at the right time to lead this caucus through but lent waters.

David Scott

1:46:08 to 1:46:29( Edit History Discussion )

David Scott: barbara lee, i thank you for that leadership as we go forward. let me start in the very beginning, because i think that we need to understand what we are referencing when we use the words targeting and focus. let me just say clearly, yes, we are the congressional black

David Scott

1:46:30 to 1:46:52( Edit History Discussion )

David Scott: caucus. but we are talking about targeting and focusing our efforts on the basis of need, no more, no less than what they did for wall street. you all may remember -- and i serve on the financial services committeeand it was secretary

David Scott

1:46:53 to 1:47:16( Edit History Discussion )

David Scott: paulsen, a republican secretary of the treasury, who rushed over here to capitol hill with just two pieces of paper, two pieces of paper and said the sky is falling down on wall street. and we needed to target and

David Scott

1:47:17 to 1:47:37( Edit History Discussion )

David Scott: focus $800 billion, he said, on wall street. and then he went on to say, not only target it on wall street, but target it to specific 12 to 15 banks and financial houses, where the source of the problem

David Scott

1:47:38 to 1:48:00( Edit History Discussion )

David Scott: he felt. and he analyzed that source of the problem by saying it's because the credit markets are frozen. there's no lending. and we have to move. well, we sent him back and said we can't do that. we have to have something more moving. and he came back and said, well,

David Scott

1:48:01 to 1:48:24( Edit History Discussion )

David Scott: let's target it to troubled ass so that we can troubled assets with these financial institutions. again, target it. the point i'm trying to make is, we know the value of targeting where the problem is.

David Scott

1:48:25 to 1:48:45( Edit History Discussion )

David Scott: all we are simply saying here is, we have troubled assets. what more troubled asset have than our job and the home? and it is more troubled assets than the 12 or 15 houses to

David Scott

1:48:46 to 1:49:06( Edit History Discussion )

David Scott: unfreeze the credits, which we did and which we moved to. we must do the same here. we are advocating strongly that we take the remaining $200 billion of tarp money and focus it on where these troubled assets are now, jobs, and to

David Scott

1:49:07 to 1:49:28( Edit History Discussion )

David Scott: saving our home. thiis what the american people want and need. ladies and gentlemen, let me just say, we have a soarig economy, but we must understand that it is targeted. we have roughly 300 million people in this country.

David Scott

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

David Scott: 80% of those are bottom 1/3 of the economic wealth stream of our economy. that means roughly 80%, that is 270 million million people are targeted there. and i bring that point up

David Scott

1:49:50 to 1:50:12( Edit History Discussion )

David Scott: because simply our economy runs on mass consumption. and it means that if you ve -- you need as many people going in that store, buying that carton of milk or going into that dealership to buy that car,

David Scott

1:50:13 to 1:50:33( Edit History Discussion )

David Scott: that's why we have taken $700 billion and need to take the $200 billion and target it for jobs and target it related to housing because they are so interconnected. the most immediate thing we can do is what the congressional black caucus stood firm on the financial services committee

David Scott

1:50:34 to 1:50:54( Edit History Discussion )

David Scott: said no, no. no more. u are going to have to respond to this. if we did no more than anchor our movement in terms of providing money and target it into those areas that have high foreclosure, high closed

David Scott

1:50:55 to 1:51:16( Edit History Discussion )

David Scott: buildings and homes, abandoned and target money into the if communities to fix up those homes and get them back on the market, that will save the housing prices and stop them from falling but also create jobs in a most meaningful way for the very people we are trying to target them for. we need to target money to help

David Scott

1:51:17 to 1:51:38( Edit History Discussion )

David Scott: people who are losing their jobs to stay in their homes. and secondly, we've got to target jobs to those people who no matter what you say about tieds -- tides, many people are

David Scott

1:51:39 to 1:51:59( Edit History Discussion )

David Scott: left behind and no where is that more specific than in the african-american community than african-american male i just recall in my closing to you this evening, we realize this and we put the manpower traing act and we targeted that. we realized that point and put

David Scott

1:52:00 to 1:52:21( Edit History Discussion )

David Scott: forth known as the opportunity industrialization centers into these communities where they are repaid for the salaries and the traing and for the individuals that go onto the jobs not only are trained for the jobs that are existing, but they are actuall jobs.

David Scott

1:52:22 to 1:52:26( Edit History Discussion )

David Scott: there are new jobs coming, and they've got to be trained for it.

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