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Senate Proceeding on Jan 15th, 2009 :: 3:41:55 to 3:55:20
Total video length: 8 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Sessions

3:41:51 to 3:42:13( Edit History Discussion )

Jeff Sessions: solve what i believe is the most major issue affecting our economy. and that is credit. and th thank you mr. sessions: i am thankful that senator corker is with us. he has involved himself in these matters. he said something that i truly believe: that is, we have not

Jeff Sessions

3:41:55 to 3:55:20( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

3:42:14 to 3:42:36( Edit History Discussion )

Jeff Sessions: been told what the problem is and what kind of plan really exists to fix the problem. that's the difficulty we're facing. we haven't had it under president bush's administration and administration. i think a lot of that is they don't know. a lot of it is because it is things that can't readily be

Jeff Sessions

3:42:37 to 3:42:58( Edit History Discussion )

Jeff Sessions: mixed. the credit problem is a number one problem. some people like a big interstate and the problem we had last october was 18-wheelers blocking the interstate and if get that aside and open the free mashes again, everything will be

Jeff Sessions

3:42:59 to 3:43:19( Edit History Discussion )

Jeff Sessions: okay but that wasn't the problem. the problem was, as senator corker indicates, much bigger than that. and it was a bubble in housing fueled by government-sponsored pro and low interest rates and lack

Jeff Sessions

3:43:20 to 3:43:40( Edit History Discussion )

Jeff Sessions: of discipline on sale of mortgage-backed assets in ways that hid the danger lurking within them. that was the so when the houses started adjusting downward in value because they were too high, how ny people that you know couldn't afford a house, they were going up two and three

Jeff Sessions

3:43:41 to 3:44:02( Edit History Discussion )

Jeff Sessions: times the rate of inflation -- two and three gross domestic product the price of houses was going up. that was unsustainable. and everybody thought it would never fall. but it fell. i rember in the early 1980's when president reagan worked us through that recession and we had to foreclosure on farms and

Jeff Sessions

3:44:03 to 3:44:24( Edit History Discussion )

Jeff Sessions: land and savings and loans which were a big part of our loaning, housing industry at they faile but we took our hits. we worked our way through it. and created a foundation with mr. volcker as the federal reserve chairman, to 25 years of

Jeff Sessions

3:44:25 to 3:44:45( Edit History Discussion )

Jeff Sessions: and thousand we hit a period in which the this is a very difficult problem but it is one we can work through, and we've got to in the course of it, ask

Jeff Sessions

3:44:46 to 3:45:08( Edit History Discussion )

Jeff Sessions: exactly how it occurred and have our governmental leaders tell us precisely how the legislation and the money that our american citizens allow them to utilize, will make it better. that's not been done. so we're talking today about a

Jeff Sessions

3:45:09 to 3:45:29( Edit History Discussion )

Jeff Sessions: 50 release -- 50 billion release of the troubled asset funds. this is the centerpiece of the wall street it was rushed through here fall in a season of panic. many people didn't know what to do. we had the secretary of treasury telling us, if we didn't pass

Jeff Sessions

3:45:30 to 3:45:51( Edit History Discussion )

Jeff Sessions: and give him maximum flexibility, this economy could mitt the -- could hit the depression and everybody. i think the fear engendered by all of that rhetoric is still a factor in slowing the potential for our recovery. but anyway, that's what happened i didn't vote for it last fall.

Jeff Sessions

3:45:52 to 3:46:12( Edit History Discussion )

Jeff Sessions: i just felt it presented. i didn't feel good about i didn't like buying these toxic assets, these bad mortgages, though it presented some plausible basis for a good program. i just wasn't sold. i didn't vote for it.

Jeff Sessions

3:46:13 to 3:46:34( Edit History Discussion )

Jeff Sessions: i'm glad i didn't. and i don't -- now that that's over and we've had a great amount of time to actually think it through and see what to see how the program has worked so far, then i think we ought to have had more hearings, we should have calledn more expes. i think the new administration

Jeff Sessions

3:46:35 to 3:46:56( Edit History Discussion )

Jeff Sessions: should have a more open discussion of the real problems out there, which i'll admit the predecessor bush administration didn't do eher, and tell us what's going on here and why we've got to go forward with this. i think it's pretty plain -- and most people admit that we didn't

Jeff Sessions

3:46:57 to 3:47:20( Edit History Discussion )

Jeff Sessions: see any progress from the first 50 billion in this package. that's little disputed, although the argument is difficult to contend with when they say, well, it might have gotten worse if we hadn't thrown 50 at it. i just don't know

Jeff Sessions

3:47:21 to 3:47:43( Edit History Discussion )

Jeff Sessions: had a more -- why we haven't had more congressional hearings, more public discussions of what's going on and how we need to fix it. are we afraid of something? why not? an article in "the wall street journal" talked about the difficulties we're facing -- actually on the front page.

Jeff Sessions

3:47:44 to 3:48:05( Edit History Discussion )

Jeff Sessions: and the article quoted one financier as saying this: "well it may have helped some, this first bailout." then he added this -- quote -- "nobody yet has any idea, however, how much permanent damage may have been done to the structural underpinnings of the

Jeff Sessions

3:48:06 to 3:48:26( Edit History Discussion )

Jeff Sessions: u.s. and global capitalism." well, i couldn't agree more. we don't know how much damage we've done in ts adventure. passage last fall of the tarp plan, which gave to a single unelected official of the

Jeff Sessions

3:48:27 to 3:48:47( Edit History Discussion )

Jeff Sessions: executive branch virtually complete authority 50 billion, if he had requested it, as he alone saw fit and seize fit, i think has to be -- and sees fit, i think has to be considered one of, if not "the"

Jeff Sessions

3:48:48 to 3:49:08( Edit History Discussion )

Jeff Sessions: greatest abdication of congressional fiscal responsibility in our nation's history. 00 billion is the largest expenditure in allocation of funds in the history of the republic. i know we're going to get some of that back. how much, i don't know right now. the congressional budget office says we're going to lose about 50 billion of it.

Jeff Sessions

3:49:09 to 3:49:29( Edit History Discussion )

Jeff Sessions: maybe it'll be more. but we committed 00 billion without even knowing how it would be spent. so we were told, colleagues, that we were going to spend that money to buy bad mortgages, take

Jeff Sessions

3:49:30 to 3:49:52( Edit History Discussion )

Jeff Sessions: them off the banks, and maybe they would be able to lend that money. somebody asked secretary paulson, how about buying stock in a bank? oh, no. we don't want to buy stock. we've got a plan. but one thing he told us truthful, he wanted maximum flexibility. when that bill was written it gave him the ability to do virtually anything with that

Jeff Sessions

3:49:53 to 3:50:13( Edit History Discussion )

Jeff Sessions: money, including bail out individual manufacturing companies like the big that he eventually has approved out of that money p. so within a week, colleagues -- within a week after flatly rejecting the idea that we would buy stock in priva companies,

Jeff Sessions

3:50:14 to 3:50:35( Edit History Discussion )

Jeff Sessions: private banks and insurance companies, the secretary announced that's exactly what he was going do. and he called them in andome didn't even with the government program, but he thought if they didn't participate, it might look like they were a healthier bank than somebody else's bank, and he really jawboned they and

Jeff Sessions

3:50:36 to 3:50:57( Edit History Discussion )

Jeff Sessions: terrorist twisted their arms and virtually sissed that they participate inhe program. dsh and virtually insisted that they then we insurance company, a.i.g., is participating against other insurance companies that are operating on a sound basis because they got involved in this speculative swaps -- credit

Jeff Sessions

3:50:58 to 3:51:18( Edit History Discussion )

Jeff Sessions: swaps and buying these toxic assets and using them as collateral. so it's really a difficult thing to know where we are. but one thing it shows -- it showed two things. i don't think secretary deliberately misled congress, although i would believe he knew

Jeff Sessions

3:51:19 to 3:51:39( Edit History Discussion )

Jeff Sessions: when he got that maximum flexibility, he might buy stock one day. i can't believe he wasn't away he had the pos that. but i think fundamentally they don't know what to do with the money, because there's no certain answer. i have a vision in my mind of

Jeff Sessions

3:51:40 to 3:52:01( Edit History Discussion )

Jeff Sessions: the guy that flew into the hurricane off the gulfoast where i live and he threw out dry ice and he thought he could cool off the hurricane and stop the hurricane. so now we've got the secretary of treasury giving 00 billion and he thinks he can get in there and throw this money around and hurricane. well, we need, as stewards of

Jeff Sessions

3:52:02 to 3:52:22( Edit History Discussion )

Jeff Sessions: the taxpayers' money, more than that. yes, congress has the power of the purse, but i would suggest to my colleagues, that power is more than a power basically. it is fundamentally a responsibility.

Jeff Sessions

3:52:23 to 3:52:46( Edit History Discussion )

Jeff Sessions: it is a duty to ensure that when we allocate money that we know where it's going and -- we have a reasonable expectation the presiding officer: the senator has used 10 minutes. mr. sessions: madam president, i thank the chair and would ask for one additional unanimous consent. the presiding officer: without objection.

Jeff Sessions

3:52:47 to 3:53:08( Edit History Discussion )

Jeff Sessions: mr. sessions: may i have two additional minutes? i ask unanimous consent to have twadditional minutes. the presiding officer: without objection. mr. sessions: and i thank the senator for his kind sugge i wo

Jeff Sessions

3:53:09 to 3:53:32( Edit History Discussion )

Jeff Sessions: the buying of stock and involvem economy creates ramifications. "the wall street journal" had an editorial, "feds to the four: drop dead." they loaned gmac billions of dollars. the next day gmac is offering 0%

Jeff Sessions

3:53:33 to 3:53:53( Edit History Discussion )

Jeff Sessions: loans to encourage people to buy g.m. products while poor ford is getting by and not money is losing competive advantage. that is our problem. "usa today" said that a nation founded on excessive personal debt

Jeff Sessions

3:53:54 to 3:54:14( Edit History Discussion )

Jeff Sessions: debt and a sustained large trade deficit is? we all know that. we're going to have to adjust this economy going have to adjust. housing prices may fall some more but they'll bottom out soon. the objections i've seen by

Jeff Sessions

3:54:15 to 3:54:35( Edit History Discussion )

Jeff Sessions: c.b.o. and the -- the projections i've seen by c.b.o. and the obama officials tell me we're not going to have a recession as deep as the one in the early 1980's we've got to be to more responsible -- we've got to be far more responsible in ensuring

Jeff Sessions

3:54:36 to 3:54:58( Edit History Discussion )

Jeff Sessions: that these huge sums of money, 00 billion total exceeding the five -- expenditures are wisely done, are necessary, and will actually improve us in the situation we're in today.

Jeff Sessions

3:54:59 to 3:55:20( Edit History Discussion )

Jeff Sessions: so therefore i cannot s the presiding officer: the senator from mr. dodd: madam president, first of all, i'd ask unimous consent that a member of my starvetion deborah casby, be granted floor privileges for the duration of today's session. the presiding officer: without objection, so ordered. mr. dodd: and, madam president, i, in very short moment -- i think in five

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