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Senate Proceeding on Jan 15th, 2009 :: 7:17:40 to 7:20:35
Total video length: 8 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

7:17:36 to 7:17:56( Edit History Discussion )

Johnny Isakson: our country moving forward, and our incoming president deserves the support of congress to make that happen. thank you, mr. president. i yield the floor. a senator: mr. president? the presiding officer: the senator from georgia. mr. isakson: i thank the

Johnny Isakson

7:17:40 to 7:20:35( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

7:17:57 to 7:18:17( Edit History Discussion )

Johnny Isakson: gentlelady from washington for letting me follow her on the floor. and to a certain extent, i'm going to follow up precisely on the remarks that she made at the end of her speech. i, too, have been disappointed with the deployment of the first half of the tarp money and i supported that deployment in the hopes that it would stabilize the marketplace, ease credit for our customers and help the

Johnny Isakson

7:18:18 to 7:18:39( Edit History Discussion )

Johnny Isakson: housing market. while i probably did stabilize the banking system, there's yet to be a loosening of credit, there's yet to be a recovery in the housing market. and looking ahead, we continue to look at suggestions that throw money at the problem rather than getting to the root cause of the problem. in fact, i think for the best of intentions, people are

Johnny Isakson

7:18:40 to 7:19:03( Edit History Discussion )

Johnny Isakson: struggling to meet the symptoms of a serious illness rather than treat the illness, and i'd like to direct my remarks tonight to that illness. the illness, as theentlelady from washington referred, to is the colpse of the united states housing market began in the last quarter 2007. i introduced in the first

Johnny Isakson

7:19:04 to 7:19:25( Edit History Discussion )

Johnny Isakson: quarter of 2008, in, a housing the purchase of any house that was standing, vacant foreclosure. i did it for a couple of reasons. number one, i was in the real estate business for 33 years and i was in it in 1974, a year in which we had a housing collapse worse than the current situation.

Johnny Isakson

7:19:26 to 7:19:47( Edit History Discussion )

Johnny Isakson: while many people think this one is bad, it's not as bad as 1974. in december of 1974, there was a three-year supply of unsold standing new houses in the united states of america. that is a catastrophic inventory inventory. we currently have a supply of about 11 to 13 months, depending on the state that you're in. that's not a good market but

Johnny Isakson

7:19:48 to 7:20:09( Edit History Discussion )

Johnny Isakson: it's not 36 months, which is a horrible market. president gerald ford, a republican, and a democratic congress came together and passed a ,000 tax credit to any family that bought and occupied one of those standing homes. within one was the limited time of the tax credit, two-thirds of the

Johnny Isakson

7:20:10 to 7:20:30( Edit History Discussion )

Johnny Isakson: housing inventory on the market was sold, values stopped decling and started improving. and we had a stabilization of our economy, the end of a recessionary period and the beginning of prosperity. i come here tonight because about an hour and a half ago, i dropped a bill known as

Johnny Isakson

7:20:31 to 7:20:35( Edit History Discussion )

Johnny Isakson: housing first, an effort for me and others in this body to rekindle that debate of last january.

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