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Senate Proceeding on Jan 28th, 2010 :: 3:37:05 to 3:52:45
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Jim Bunning

3:37:03 to 3:37:23( Edit History Discussion )

Jim Bunning: plant it this afternoon." solving our economic crisis surely will not take 100 years. the seeds of recovery that are taking place right now need to beer in toured by an experienced hand. i urge my colleagues to join knee ensuring confidence at the fed, not volatility

Jim Bunning

3:37:05 to 3:52:45( Edit History Discussion )
Speech By: Jim Bunning

Jim Bunning

3:37:24 to 3:37:44( Edit History Discussion )

Jim Bunning: it is necessary for our with that, madam president, yield back whatever time i have left to the chairman. mr. bunning: mr. chairman? the presiding officer: the senator from kentucky is recognized. mr. bunning: i yield myself such time as i may consume. i have up to 30 minutes, i don't

Jim Bunning

3:37:45 to 3:38:07( Edit History Discussion )

Jim Bunning: think i'm going to need that. four years bernanke was first nominated to be chairman of the federal reserve, i was the only senator to vote against in fact, i was the onl raise serious concerns about his nomination. i opposed him because i knew he

Jim Bunning

3:38:08 to 3:38:28( Edit History Discussion )

Jim Bunning: would continue the legacy of alan greenspan, and i was right. but i did not know how right i would be, and i could not imagine how the following four years. from

Jim Bunning

3:38:29 to 3:38:49( Edit History Discussion )

Jim Bunning: regulation, consumer protection, transparency, and independence, chairman chairman has been a failure. we must put an end to his and the fed's failure, and there is no better time than now.

Jim Bunning

3:38:50 to 3:39:10( Edit History Discussion )

Jim Bunning: the greenspan legacy on monetary policy was breaking from the tailor rule to provide easy money and, bubbles. not only did chairman bernanke continue that policy when he took control of the fed, but he supported every greenspan rate

Jim Bunning

3:39:11 to 3:39:34( Edit History Discussion )

Jim Bunning: decision when he was a fed governor before he became chairman. sometimes he even wanted to go further and provide more easy money than yet even to this day, chairman bernanke continues to deny that fed actions played any role in

Jim Bunning

3:39:35 to 3:39:56( Edit History Discussion )

Jim Bunning: inflating the housing bubble, despite overwhe and the to the contrary. and in his efforts to keep filling the punch bowl, which is a term used by chairman berna himself, he cranked up the

Jim Bunning

3:39:57 to 3:40:18( Edit History Discussion )

Jim Bunning: printing presses to buy mortgage securities, treasury commercial paper, and other assets from wall street. those purchases, by the way, to some nice profits for the wall street banks and dealers who sold them to the fed.

Jim Bunning

3:40:19 to 3:40:41( Edit History Discussion )

Jim Bunning: on consumer bernanke went along with the greenspan policy before he was chairman and continued it after he was promoted. the most glaring example is it took him two years to regulate subprime mortgages, after the fed had already

Jim Bunning

3:40:42 to 3:41:03( Edit History Discussion )

Jim Bunning: nothing for the prior 12ears. even then, he only acted after pressure from congress and after it was clear subprime mortgages were at the heart of the economic meltdown. and on other consumer protection issues like credit cards, he

Jim Bunning

3:41:04 to 3:41:25( Edit History Discussion )

Jim Bunning: only acted at a time -- whenhe time aproposed for his confirmation to -- when the time approached for his confirmation to anoer term at the fed. as the economy started to slide and the housing bubble peaked and then burst, chairman bernanke failed to notice the problems or do anything about them until it was

Jim Bunning

3:41:26 to 3:41:48( Edit History Discussion )

Jim Bunning: during that time, he made statements showing just how he did not understand what was really going on in the economy or how be. i want to read a few of those statements so that everyone understands just how wrong he has been.

Jim Bunning

3:41:49 to 3:42:09( Edit History Discussion )

Jim Bunning: in march of 2007 -- this is chairman bernanke -- he said: "the impact on the broader economic and financial of the problems in the subprime market seem likely to be contained." then in may of

Jim Bunning

3:42:10 to 3:42:30( Edit History Discussion )

Jim Bunning: said, "we do not expect significant spillover from the subprime market to the the economy or to the financial system." the following february he said, "among the largest banks, the capital ratio remains good, and

Jim Bunning

3:42:31 to 3:42:51( Edit History Discussion )

Jim Bunning: i don't expect any serious problems of that sort among the large internationally active banks that make u a very substantial pa system." a

Jim Bunning

3:42:52 to 3:43:13( Edit History Discussion )

Jim Bunning: the economy has entered a substantial downturn appears to have diminis month or so." then in july of that "fannie mae and freddie mac

Jim Bunning

3:43:14 to 3:43:34( Edit History Discussion )

Jim Bunning: in no danger of failing." finally, in may of speaking about unemployment -- the unemployment rate, he said, "currently, i don't think it will get to well, we all wish he had been right in that one.

Jim Bunning

3:43:35 to 3:43:57( Edit History Discussion )

Jim Bunning: i could read a few but i think those are enough to show how wrong he has major economic issues. of course, everyone makes mistakes, so i asked chairman bernanke about these errors in written questions i gave him

Jim Bunning

3:43:58 to 3:44:18( Edit History Discussion )

Jim Bunning: his answers did not make me feel any better. he said, the fed did not understand the rationship between financial firms, how the problems in would move to the real economy, or how severe the financial cris would be. that's in his written response

Jim Bunning

3:44:19 to 3:44:39( Edit History Discussion )

Jim Bunning: to me. i thought those were the kinds of things regulators and the fed in particular were paid to understand and address. we shouldn't beaying fed chairmen to learn on the just like with consumer

Jim Bunning

3:44:40 to 3:45:01( Edit History Discussion )

Jim Bunning: protection, chairman bernanke did not take the job of regulating the fed's authority seriously. instead of close supervision of the biggest and most dangerous banks, he allowed them to he grow their balance sheets and increase risk.

Jim Bunning

3:45:02 to 3:45:23( Edit History Discussion )

Jim Bunning: and the same is true on derivatives. after taking over the fed, he did not see any need for serious regulation of derivatives until it was clear that we were headed to a financial meltdow in part to those products. even worse than the failure

Jim Bunning

3:45:24 to 3:45:44( Edit History Discussion )

Jim Bunning: flawed policies i just meioned, chairman bernanke destroyed the independence of the fed. he bowed to the political pressures of the bush and obama administration fed into an arm of the treasury. walking arm in arm with the

Jim Bunning

3:45:45 to 3:46:05( Edit History Discussion )

Jim Bunning: treasury, chairman bernanke bailed out all the large financial institutions including many foreign banks. and he put the printing press into overdrive to fund the government spending and hand out cheap money to the wall street

Jim Bunning

3:46:06 to 3:46:27( Edit History Discussion )

Jim Bunning: firms. instead of taking that money and lending it to consumers and cleaning up their sheets, the banks started to pocket record profits and pay out billions of dollars in bonuses. and now it appears that chairman bernanke is compromising the

Jim Bunning

3:46:28 to 3:46:49( Edit History Discussion )

Jim Bunning: independence of the fed to get votes after a meeting with chairman bernanke, the majority leader issued a statement saying that he had expressed concerns to chairman bernanke about things that the fed was not doing and that chairman bernanke committed to take action.

Jim Bunning

3:46:50 to 3:47:10( Edit History Discussion )

Jim Bunning: the majority leader went on to state that his support for chairman bernanke was not unconditional. i do not leader's intent or actions here. and i certainly do not have a problem with a senator telling the fed chairman about his

Jim Bunning

3:47:11 to 3:47:31( Edit History Discussion )

Jim Bunning: concerns urging him to take action. i have done so myself on many occasions and it is not a problem for the fed chairman to agree that he -- he and the fed bid a senator. but what is not appropriate is

Jim Bunning

3:47:32 to 3:47:54( Edit History Discussion )

Jim Bunning: the fed commitments in order to secure votes for himself. i hope that is not what is happening in this case. now with greater power goes the responsibility to use that power in an open and certainly a transparent way.

Jim Bunning

3:47:55 to 3:48:17( Edit History Discussion )

Jim Bunning: we have all heard chairman bernanke talk a lot about transparency. t his actions speak louder than his words. he promised congress more transparency when he first became fed chairman. and he promised us more transparency when he came begging to the congress for

Jim Bunning

3:48:18 to 3:48:39( Edit History Discussion )

Jim Bunning: tarp. while he has published some more information than before, those efforts fall far short and he still refuses to in the last two years. after his confirmation hearings,

Jim Bunning

3:48:40 to 3:49:01( Edit History Discussion )

Jim Bunning: i asked chairman bernanke for a list of documents for us to review. all of which are reasonable for congress to see. for example, the list included documents about the bailout of bear stearns and a.i.g.

Jim Bunning

3:49:02 to 3:49:23( Edit History Discussion )

Jim Bunning: information about the fed's regulation of banks before and during the crisis and traps scripts of monetary policy meetings that have not public. that he's not going t not going to open the fed's

Jim Bunning

3:49:24 to 3:49:46( Edit History Discussion )

Jim Bunning: actions to review the taxpayers. instead of providing those documents, what i got in return was a folder full of paper that was printed off the fed webpage. that kind of response is not only disrespectful to the senate, but it raises t

Jim Bunning

3:49:47 to 3:50:07( Edit History Discussion )

Jim Bunning: question hiding? following the markup of chairman bernanke's nomination, chairman dodd did arrange for the banking committee members and staff to review some of the documents surrounding the a.i.g. bailout. i thank him for doing that and i

Jim Bunning

3:50:08 to 3:50:28( Edit History Discussion )

Jim Bunning: took him up on the offer and went down to the fed myself to look at them. in reviewing those documents some interesting and useful facts came to light that will be helpful as we craft banking and farm legislation. more importantly for what we are talking about today, some of

Jim Bunning

3:50:29 to 3:50:50( Edit History Discussion )

Jim Bunning: those documents contain new information that raises serious questions about chairman bernanke's judgment, leadership, and personal r bailout. unfortunely under the agreement with the fed to get access to those documents, i am

Jim Bunning

3:50:51 to 3:51:12( Edit History Discussion )

Jim Bunning: not allowed to talk about the details and i was not able to copy those them back and show them to other senators. i think that should be able to see those documents prior to voting. and i ask chairman dodd to subpoena them this week, but

Jim Bunning

3:51:13 to 3:51:33( Edit History Discussion )

Jim Bunning: that has not happened. senators should concerned about voting now be bernanke, himself, asked the g.a.o. to conduct a review of these same documents, but that review will not be complete and not made

Jim Bunning

3:51:34 to 3:51:56( Edit History Discussion )

Jim Bunning: this vote has been taken in the senate. while all of the reasons are bernanke, the simplest reason is a vote for bailouts. chairman

Jim Bunning

3:51:57 to 3:52:17( Edit History Discussion )

Jim Bunning: the middle of all the financial bailouts during the crisis. it was his fed that bailed out bear stearns in march of 2008. it was his fed that bailed out a.i.g. in september of 2008. and it was chairman bernanke,

Jim Bunning

3:52:18 to 3:52:39( Edit History Discussion )

Jim Bunning: along with secretary paulson, who came to the congress begging for tarp. and if you like those bailouts, by all means vote for chairman bernanke. but if you want to put an bailouts and send a message to

Jim Bunning

3:52:40 to 3:52:47( Edit History Discussion )

Jim Bunning: wall street, this vote is your chance.

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