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Senate Proceeding on Jan 15th, 2009 :: 3:31:15 to 3:41:50
Total video length: 8 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

3:31:11 to 3:31:31( Edit History Discussion )

Bob Corker: enjoy in the year's ahead. madam president, with that, i would yield the floor. mr. corker: madam president? the presiding officer: the senator from mr. corker: madam president, i would like to speak on the bill that's before us and i'd like for the president to let me know how much time is available. the presiding officer: the senator has up to ten minutes.

Bob Corker

3:31:15 to 3:41:50( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

3:31:32 to 3:31:52( Edit History Discussion )

Bob Corker: mr. corker: i wonder if the chair might let me know when 120 seconds are left? the presiding officer: without objection, i'd be happy to. mr. corker: thank you, madam president. i rise today to talk about a very important vote that will take place this afternoon. it is regarding the tarp funding.

Bob Corker

3:31:53 to 3:32:13( Edit History Discussion )

Bob Corker: many people in our country have come to know it as the financial rescue package, the bailout -- a number of different terms. i was a supporter of tarp funding. based on the information that we had at the time i feel like the vote i made regarding supporting

Bob Corker

3:32:14 to 3:32:35( Edit History Discussion )

Bob Corker: funding the cret markets was a good vote. this afternoon, we're going to vote on the next tranche of that funding, the next level, another 50 billion in funding. let me just say, madam president, i have great respect for those who are coming in, in this new administration. i've spent a great deal of time

Bob Corker

3:32:36 to 3:32:59( Edit History Discussion )

Bob Corker: talking with, based on the time allotted, a great deal of time talking to larry summers and i appreciated the dialogue we had last night as a caucus between emanuel and mr. summers and i spent time talking with tim giet

Bob Corker

3:33:02 to 3:33:23( Edit History Discussion )

Bob Corker: per and it is my -- geithner and i think we will have a team will serve our country well and i look forward to working with them in every way that i can. i believe the credit markets, along with the issue we he with housing, is the 90% issue that our country is dealing with today economically. as a matter of fact, a at economic stimulus issues, to

Bob Corker

3:33:24 to 3:33:45( Edit History Discussion )

Bob Corker: me, much of that, candidly, is window dressing. most of that is wasteful. most of that is unnecessary. and most of that will do nothing whatever to stimulate this economy based on the things that have been put forth the credit issue, though, is, in

Bob Corker

3:33:46 to 3:34:07( Edit History Discussion )

Bob Corker: fact, if my issue that we need to solve as a country to really move us ahead. that, combined with doi what's next so that housing is stabilized to me are of utmost respose so that puts me -- unfortunate most importance so that put we in in a very big dilemma as to the vote at 4:30.

Bob Corker

3:34:08 to 3:34:29( Edit History Discussion )

Bob Corker: we have had several months to understand what is happening in the credit markets and understand what our problem is. i know the secretary of the treasury, mr. paulson, has in many ways had to go about this in an ad hoc way and i don't mean that to criticize. he was faced with a program and had to move through it and make decisions to try to solve

Bob Corker

3:34:30 to 3:34:50( Edit History Discussion )

Bob Corker: problems as he saw them. but now, today, several months later we have a more full understanding o the problem and the issue that i have today with this vote, and i urge the incoming administration to solve this problem vote, i would like for them to

Bob Corker

3:34:51 to 3:35:12( Edit History Discussion )

Bob Corker: tell us, to diagnosis the problem, to tell the american people what the problem is in our credit tell them what they're going -- tell all of us what they're going to do with the 50 billion that is now being sought. i know they are not yet in office. i have had, i think, very good

Bob Corker

3:35:13 to 3:35:33( Edit History Discussion )

Bob Corker: conversations with them but i do think it is to tell us what the problem is and how they're it. madam president, i want to say that i think there are hundreds of bilons of dollars of losses left my guess is it exceeds trillions.

Bob Corker

3:35:34 to 3:35:54( Edit History Discussion )

Bob Corker: it exceeds the problem is, most banks in our country that hold whole loans -- not the metering out their losses, each quarter lay out a little bit

Bob Corker

3:35:55 to 3:36:16( Edit History Discussion )

Bob Corker: more based on loan losses they see in they know t millions of dollars are coming and they are taking our u.s. taxpayer dollar and i might say, intelligently, for their self-interest, and they are hoarding those dollars because they know there a massive losses that are coming down the road. and the best way to

Bob Corker

3:36:17 to 3:36:38( Edit History Discussion )

Bob Corker: problem with us would be for us just down to that would mean serious recapital savings and then build back bu right now our banking system is rating almost like a zombie. there are losses that are coming

Bob Corker

3:36:39 to 3:36:59( Edit History Discussion )

Bob Corker: that they know they have to recognize, they're not willing to do that. so we're in this period of time?? where basically u.s. tax dollars are this many ways being frittered away because we're investing in these companies and then they're using those because they know of the losses that are coming.

Bob Corker

3:37:00 to 3:37:20( Edit History Discussion )

Bob Corker: and so i would administration to state that they know that and i would like for the administration to come forth with a plan that predicament that is going to be with us for many, many ars. i want to work with them. whether i vote this afternoon for tarp

Bob Corker

3:37:21 to 3:37:41( Edit History Discussion )

Bob Corker: come forth publicly it doesn't even have to be done legislatively; if they will come forward publicly and define the problem and tell us how they're going to spend the money, it is possible that i will support this. i want to work with them in this regard. i hope that will be forthcoming.

Bob Corker

3:37:42 to 3:38:03( Edit History Discussion )

Bob Corker: we spent a lot of time on the automotive debate and all of us came together and we diagnosed the problem. we laid out what the problem was. and we actually put forth a solution and we debated that and, unfortunately, w get it done but matter is the american public and all of u understood what that problem was.

Bob Corker

3:38:04 to 3:38:24( Edit History Discussion )

Bob Corker: then we talked about a precise and prescribed way of solving that problem. that is exactly the thing that needs to take place as it relates to this issue. one of the things i think we have to there is going to be less lend ing and trying to force people to make loans in a

Bob Corker

3:38:25 to 3:38:46( Edit History Discussion )

Bob Corker: climate when our society is overleveraged is not responsible. the fact is, there needs to be less lending which brings me to the next point. we have got to acknowledge that in this countryany banks are going to fail. many banks are unnecessary. and one of the greatest fallacies of what has occurred over the last several months and

Bob Corker

3:38:47 to 3:39:07( Edit History Discussion )

Bob Corker: i say that with no criti but just an observation, is that we are unwilling to let bad banks fail. and because of what we're doing today we again are wasting taxpayer money in with the fact that regul are on the ground, both at the

Bob Corker

3:39:08 to 3:39:28( Edit History Discussion )

Bob Corker: fdic and the o.c -- again, well-intentioned people -- that are creating a self-fulfilling prophecy in our states by virtue of the thing that they are forcing banks to do that are not in the best interests of economy. so, let me just say, madam president, i want to support solving this credit

Bob Corker

3:39:29 to 3:39:49( Edit History Discussion )

Bob Corker: problem. i want the administration to come forth and explain to us as a country and us as a senate, their perception of what the problem is. and their presc solving it. otherwise what we're doing today with huge amounts of taxpayer

Bob Corker

3:39:50 to 3:40:10( Edit History Discussion )

Bob Corker: money, we are treating the symptoms; we are not treating the core problem that exists in our credit markets. we are not doing that. madam president, i think today, probably this tarp funding will pass t administration the come forth --

Bob Corker

3:40:11 to 3:40:31( Edit History Discussion )

Bob Corker: there's two minutes left -- 120 seconds, thank you -- and i think that probably this will pass this afternoon. and, again, i'm hoping over the next three hours that this administration to be will come forward and say publicly the things that i've asked to be said. and i don't criticize them if they don't.

Bob Corker

3:40:32 to 3:40:53( Edit History Discussion )

Bob Corker: i just need to know what we're going to do on behalf of the taxpayers that i represent in the state of tennessee. but i want to say to them that even if this passes today and they continue on the route that we have been, i know they're going to come back. they're going to come back and

Bob Corker

3:40:54 to 3:41:15( Edit History Discussion )

Bob Corker: they're going to ask for more money because on the route that we're going right now we're not going to solve the problem and it's going to this is my -- this is what i think will occur. what i want to say to them, to the new president who will be sworn in next week, to larry

Bob Corker

3:41:16 to 3:41:37( Edit History Discussion )

Bob Corker: summers and emanuel and larry summers, i want to work with you when you come back. i want to work with you with legislation that analyzes the problem and diagnoses puts in place a prescription to solve the problem. and i'm hoping over the next few hours that will occur.

Bob Corker

3:41:38 to 3:41:50( Edit History Discussion )

Bob Corker: ift does not i one senator that stands ready to work with this administration that has very capable people if place to

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