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Senate Proceeding on Jan 28th, 2010 :: 5:03:35 to 5:13:35
Total video length: 9 hours 19 minutes Stream Tools: Stream Overview | Edit Time

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Jim DeMint

5:03:31 to 5:03:55( Edit History Discussion )

Jim DeMint: economy back on thank you very mr. president, and i yield the floor. a senator: senator from south carolina is recognized. mr. demint: thank you, mr. president. it's not often that i agree with the senator from california, but i certainly appreciate perspective on this issue.

Jim DeMint

5:03:35 to 5:13:35( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

5:03:56 to 5:04:16( Edit History Discussion )

Jim DeMint: a number of us from a broad spectrum within both parties are concerned about this nomination, and i d nomination of ben bernanke as federal reserve i think it's important that we look at this not just as a single nominion but as part of a much bigger picture that we

Jim DeMint

5:04:17 to 5:04:38( Edit History Discussion )

Jim DeMint: need to recognize. because the confirmation of ben bernanke is a confirmation of the policies that brought our economy down if we ignore that, we're going to continue these same policies and condemn ourselves, our country, our fellow americanso high unemployment and much less

Jim DeMint

5:04:39 to 5:04:59( Edit History Discussion )

Jim DeMint: prosperity in the future. it's never fair to blame any one person for major problems like we have in this country, but it's really important when we have this kind of problem where millions of americans have lost in total trillions of dollars and jobs

Jim DeMint

5:05:00 to 5:05:22( Edit History Discussion )

Jim DeMint: falies have suffered greatly, that we recognize the difference between the problems that we're looking at today and the real causes of those problems. what we call in business the root causes of problems. and we learned when we did strategic pnning -- and i did this for years for companies -- if you go in and look at the problems

Jim DeMint

5:05:23 to 5:05:43( Edit History Discussion )

Jim DeMint: and never go back and understand the root causes of those problems, thenll you're doing is fixing symptoms which never get fixed because you didn't understand the causes of those problems. today in this country, we do have a difficult economic situation with high unemployment.

Jim DeMint

5:05:44 to 5:06:05( Edit History Discussion )

Jim DeMint: we've got debt at levels that everyone agrees is unsustainable. countries all over the world are beginning to question whether or not we can repay our debts. and some are beginning to question whether they should lend us any more money to fund our reckless spending.

Jim DeMint

5:06:06 to 5:06:27( Edit History Discussion )

Jim DeMint: despite what we about a freeze on spending, everyone in the chamber laughed when we said "that starts next year." today we vote to extend the debt limit another $1.3 trillion. over $14 trillion, and there is no forseeable way that we can pay that back.

Jim DeMint

5:06:28 to 5:06:50( Edit History Discussion )

Jim DeMint: this is at a time when a large group of amerins called the baby boomers are going to retire, and the cost of social security and medicare is going to skyrocket. these are promises we have to keep to seniors because they pay for it, but we have no idea of how we're going to keep those promises to seniors right now, particularly in light of the current economic situation.

Jim DeMint

5:06:51 to 5:07:11( Edit History Discussion )

Jim DeMint: as we look at where we are, we need to recognize how we got there. and as i've talked to banks, businesses, foreign financial ministers from europe who have come here, everyone agrees that there are two major causes of the economic problems here and around the world.

Jim DeMint

5:07:12 to 5:07:32( Edit History Discussion )

Jim DeMint: and one is the high leverage or the high borrowing that went on because of the loose monetary policy at the federal reserve. easy money, cheap money encouraged companies and individuals to borrow more than they could afford to pay back because it was easy to get and cheap. the big banks on wall street

Jim DeMint

5:07:33 to 5:07:54( Edit History Discussion )

Jim DeMint: could more easily borrow money than to raise capital. those were incentives created by the policies at the federal reserve. the second problem is what we are calling toxic assets, which are securitized subprime mortgages that was facilitated by fannie mae and freddie mac,

Jim DeMint

5:07:55 to 5:08:16( Edit History Discussion )

Jim DeMint: two enterprises that reflected the political policy of this congress. it's our responsibility to oversee fannie mae and freddie mac and to make sure that they were doing what was appropriate for our but what happened is the criteria for lending went away. local mortgage companies could

Jim DeMint

5:08:17 to 5:08:37( Edit History Discussion )

Jim DeMint: make almost any loan they wanted to anyone whether they could afford to pay it back, using easy money from the federal reserve and low criteria for giving these loans. and they sold them all to fannie mae. if fannie mae had not been there to buy these loans, these irresponsible loans would not have been made in the first place.

Jim DeMint

5:08:38 to 5:08:58( Edit History Discussion )

Jim DeMint: but to make matters worse, fannie mae and freddie mac bundled these subprime mortgages up into packages we call securities and sold them, sold them to banks as assets, sold them all over the world. these are the toxic assets that brought down our financial

Jim DeMint

5:08:59 to 5:09:21( Edit History Discussion )

Jim DeMint: institutions once the housing bubble burst. so, folks, for the for ben bernanke, for secretary geithner to come in and indict the free market system and the greed of corporations and banks misses the whole point of what caused this problem. certainly these two causes

Jim DeMint

5:09:22 to 5:09:43( Edit History Discussion )

Jim DeMint: created perverse incentives for the mar practice irresponsible behavior. there's no question that went on. but to say that that was the cause of where we are today misses the whole point. my problem with ben bernanke and

Jim DeMint

5:09:44 to 5:10:04( Edit History Discussion )

Jim DeMint: the president and geithner -- or secretary is not that they made mistakes because congress made mistakes in not overseeing fannie mae and freddie mac a questions to the federal reserve, but the fact that despite that the evidence is so clear of what really caused our problem, mr. bernanke still does not recognize those as the

Jim DeMint

5:10:05 to 5:10:26( Edit History Discussion )

Jim DeMint: causes of our problem. in fact, he continues the same easy money policy. he r expressed no sense of urgency that we need to get the federal government out of owning a.i.g., fannie mae, general motors or chrysler. when we bring him in for hearings, he seems to be more of

Jim DeMint

5:10:27 to 5:10:49( Edit History Discussion )

Jim DeMint: a command-and-control person than someo free market system that we need to have good laws and regulations to guide. but he and secretary geithner and the president indicate that they can run this economy, that they can micromanage it. but, folks, to confirm ben bernanke is to confirm

Jim DeMint

5:10:50 to 5:11:10( Edit History Discussion )

Jim DeMint: continuation of easy money policies, high leverage as well as a continuation of what fannie mae and freddie mac did to create these toxic assets. we're not asking the right questions. and i contend that we cannot solve today's problems with the same people who created

Jim DeMint

5:11:11 to 5:11:31( Edit History Discussion )

Jim DeMint: president obama again last night liked to blame george bush for the problems, yet he's nominating his people. secretary geithner was with the federal reserve and was an architect of these bailouts. ben bernanke has been here for four years and was a key part of

Jim DeMint

5:11:32 to 5:11:53( Edit History Discussion )

Jim DeMint: the bailouts, the easy-money policy and that was a problem. my colleagues and fellow americans, this is more than just another nomination. everything we work for in a material sense rests on the value of our dollar in monetary system. the american economy, the worldwide economy rests o

Jim DeMint

5:11:54 to 5:12:14( Edit History Discussion )

Jim DeMint: the federal reserve does. this is the tpefrb that told us -- this is the federal reserve that told us the subprime mortgage would not cause an economic breakdown. ben bernanke told us that fannie mae was well capitalized a few months before their collapse. we hav to depend on the leadership at the federal

Jim DeMint

5:12:15 to 5:12:36( Edit History Discussion )

Jim DeMint: reserve to tell us the truth. if our because of bad policy, everything america's worked for, all our material wealth will be gone. and this country will see a cris the likes of which it has never seen. this body is not taking this nomination seriously enough.

Jim DeMint

5:12:37 to 5:13:00( Edit History Discussion )

Jim DeMint: we're moving ahead what we need to full audit of the federal reserve to look at what has been going on, look at their involvement with the current cris and to make sure that they're on the right path. the constitution gives the congress the responsibility to protect years ago we delegated that to the federal reserve, but that

Jim DeMint

5:13:01 to 5:13:22( Edit History Discussion )

Jim DeMint: does not relieve us of our responsibility. to confirm ben bernanke without knowing what's even going on at the fed, without hearing them say what really caused the problem we have today is to condemn us to the same path that brought us to where we are. i think voting to confirm ben bernanke is a bad decision today.

Jim DeMint

5:13:23 to 5:13:36( Edit History Discussion )

Jim DeMint: i ask all my colleagues to reconsider it. this is probably the biggest mistake we're going to make in a long time to continue the same policies we started at the federal reserve, our monetary system as well as

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