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Senate Proceeding on Jan 29th, 2008 :: 1:10:40 to 1:31:33
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Byron Dorgan

1:10:21 to 1:10:40( Edit History Discussion )

Byron Dorgan: economy the kind of boost or investment to this economy that it needs. we need a second step and the second stepped ought to be the big step. and we ought to look at what is going on with the

Christopher Dodd

1:10:40 to 1:10:57( Edit History Discussion )

Christopher Dodd: infrom fra structure in this country. my colleague has a dodd-hagel bill that makes a lot of sense, we had a lengthy meeting on friday with a lot of peep. here's the situation. infrastructure, that's

Christopher Dodd

1:10:40 to 1:31:33( Edit History Discussion )
Speech By: Christopher Dodd

Christopher Dodd

1:10:57 to 1:11:19( Edit History Discussion )

Christopher Dodd: about job, that's job creating. when you invest in infrastructure, you create jobs and you create a better country. fly into the air base and get into a vehicle and drive to kabul and look at the road

Christopher Dodd

1:11:19 to 1:11:35( Edit History Discussion )

Christopher Dodd: and ask yourself about infrastructure at a place like afghanistan. fly in a car in honduras and take a look at the road and ask yourself about infrastructure invest were. go to haiti and travel across

Christopher Dodd

1:11:35 to 1:11:57( Edit History Discussion )

Christopher Dodd: the island and just consider for a moment what infrastructure means to a country. the fact is, you fly over nicaragua and look down, you don't see many roads because they don't have much of an in fra

Christopher Dodd

1:11:57 to 1:12:10( Edit History Discussion )

Christopher Dodd: structure and fly from -- infrastructure and fly to our country and come from an airport and go down the road and look at the infrastructure and what we built that makes us proud of this country and allows

Christopher Dodd

1:12:10 to 1:12:25( Edit History Discussion )

Christopher Dodd: this country to expand and grow and create opportunity. and look at what happened recently. this country stopped investing in infrastructure and our infrastructure is crumbling in desperate disrepair, big

Christopher Dodd

1:12:25 to 1:12:40( Edit History Discussion )

Christopher Dodd: bridges fall down, highways are crumbling, the fact is, we have schools that are in shameful conditions in this country. water programs that are desperately needed for water treatment that are wanting

Christopher Dodd

1:12:40 to 1:12:56( Edit History Discussion )

Christopher Dodd: for funds to do it. now, one of the reasons we have trouble is when the federal government buys this highlight pen from me at my office we have a supply of highlight pens, this is expensed. everybody

Christopher Dodd

1:12:56 to 1:13:14( Edit History Discussion )

Christopher Dodd: in accounting understands you that expense something on day one, like a highlight pen. but the fact is, when we build a $200 million piece of highway, or investn a $500 million airport, we expense

Christopher Dodd

1:13:14 to 1:13:33( Edit History Discussion )

Christopher Dodd: that as well. no other enterprise, that i'm aware of, in this country, none, will do what the federal government does. let's say when you spend on infrastructure, something that will last 50 and 100 years

Christopher Dodd

1:13:33 to 1:13:51( Edit History Discussion )

Christopher Dodd: for this country, you have to expense it in the first day. we need a cap capital budget. we need a -- an in fra structure -- infrastructure investment bank, we need a whole series of things that represents

Christopher Dodd

1:13:51 to 1:14:10( Edit History Discussion )

Christopher Dodd: a second step to in the longer term to invest in and expand opportunities in this country through infrastructure investment. it is about jobs, it's about having pride in your country, it's about investing in

Christopher Dodd

1:14:10 to 1:14:33( Edit History Discussion )

Christopher Dodd: your country that allow economic progress. so i just don't want people to come out here and say, yeah, let's do this stimulus, and, boy, that will fix things. this is putting a little patch on something

Christopher Dodd

1:14:33 to 1:14:57( Edit History Discussion )

Christopher Dodd: here. it's not going to fix things. it is something that we should do. but if we don't do something much boulder, do something with much greater consequence in the nger term that invests in this country's

Christopher Dodd

1:14:57 to 1:15:09( Edit History Discussion )

Christopher Dodd: future, we will have missed a substantial opportunity. "the new york times" this morning, there is an op-ed piece by bob herbert that says it all. he talks about the catastrophe in new orleans,

Christopher Dodd

1:15:09 to 1:15:35( Edit History Discussion )

Christopher Dodd: he talks about the bridge collapse in minneapolis, the underground steam pipe in midtown man manhattan that blows up. the manhole covers that blows up in washington, d.c., he talks about neglected

Christopher Dodd

1:15:35 to 1:15:50( Edit History Discussion )

Christopher Dodd: rural schools dubbed the corridor of shame. i have been in those kind of schools. i have been in schools where kids were going to school in parts of the building that were condemned that were 100

Christopher Dodd

1:15:50 to 1:16:09( Edit History Discussion )

Christopher Dodd: years old where sewer gas was coming up back through some of the roops and they could -- rooms and they could no longer use those rooms. we have all seen those things, and this country has to do

Christopher Dodd

1:16:09 to 1:16:23( Edit History Discussion )

Christopher Dodd: ber and we can do better if we put together the infrastructure and investment bank and the things that we believe are important to advance this country by building this country. it's interesting,

Christopher Dodd

1:16:23 to 1:16:39( Edit History Discussion )

Christopher Dodd: one final point, we are told this morning that the president is going to ask for another $70 billion for iraq and afghanistan, that's on top of the $196 billion that he asked for last year in this fiscal

Christopher Dodd

1:16:39 to 1:16:56( Edit History Discussion )

Christopher Dodd: year that we're in now. $196 billion, that's $16 billion a month, $4 billion a week. another # 0 billion he wants -- $70 billion he wants. that will take us over to to $700 billion. over two-thirds

Christopher Dodd

1:16:56 to 1:17:14( Edit History Discussion )

Christopher Dodd: of a trillion dollars. i ask a question, isn't it time that we start investing some at home? isn't it time that we start taking care of things at home. the sky is the limit for those kind of investments.

Christopher Dodd

1:17:14 to 1:17:33( Edit History Discussion )

Christopher Dodd: my colleagues this morning were talking about fiscal responsibility. not one penny has been paid for because the president has insisted that we send soldiers to war and we spend this money and charge

Christopher Dodd

1:17:33 to 1:17:51( Edit History Discussion )

Christopher Dodd: it to future generations, they will fight the war an come back and inherit the -- and come back and inherit the debt. that is not fiscally responsible either. how about investing here at home, expanding

Christopher Dodd

1:17:51 to 1:18:11( Edit History Discussion )

Christopher Dodd: opportunity in this country and taking care of things that have been too long neglected. i wanted to say that in the context of the discussion that we will have about the stimulus program. it

Christopher Dodd

1:18:11 to 1:18:26( Edit History Discussion )

Christopher Dodd: is important. but what is much, much, much more important, is for ourselves to have a longer view of investing in this country and expanding opportunity in this country by making this kind of place

Christopher Dodd

1:18:26 to 1:18:46( Edit History Discussion )

Christopher Dodd: we're proud of. i mean, the folks that came before us did that. they had some -- they had some real vision. dwight eisen hower said -- eisenhower said let's build highways coast to coast. that wouldn't

Christopher Dodd

1:18:46 to 1:19:06( Edit History Discussion )

Christopher Dodd: happen in this chamber today it just wouldn't. what a boon to connect america to interstate highways. so we can do a lot better and must if we're interested in the long-term economic well-being of this

Christopher Dodd

1:19:06 to 1:19:22( Edit History Discussion )

Christopher Dodd: country. mr. president, i yield the floor. a senator: mr. president? the presiding officer: the senator from connecticut. mr. dodd: mr. president, let me thank my colleague, senator dorgan for his statement

Christopher Dodd

1:19:22 to 1:19:42( Edit History Discussion )

Christopher Dodd: this morning. rni will follow on with similar remarks, i have been good friends for a long time and worked together on a lot of issues over the years and i want to underscore the importance of a stimulus

Christopher Dodd

1:19:42 to 1:20:13( Edit History Discussion )

Christopher Dodd: package and to follow on ideas to get us moving again, and i'm grateful about bob herbert, the article that he wrote, talking about the bill that chuck hagel and i worked on along with others, b kerrey

Christopher Dodd

1:20:13 to 1:20:40( Edit History Discussion )

Christopher Dodd: was involved and the senator for strategic international studies, a number of people delighted that the chamber of commerce as well as major labor unions endorseed this bill that we spent two 1/2

Christopher Dodd

1:20:40 to 1:21:01( Edit History Discussion )

Christopher Dodd: years putting together spending a lot of time with people in the investment community about ways to attrack private capital. i appreciate senator dorgan posting a meeting last friday that brought a lot

Christopher Dodd

1:21:01 to 1:21:18( Edit History Discussion )

Christopher Dodd: of people together. the plan here, talking about the democratic leader as well as i hope senator mcconnell, the republican leader, this ought to be an issue, if we can bring the chamber of commerce

Christopher Dodd

1:21:18 to 1:21:48( Edit History Discussion )

Christopher Dodd: on this bill, this is something that deserves the attention of this body. i know that this is a growing interest in the house as well about it for all of the reasons that senator dorgan mentioned. the

Christopher Dodd

1:21:48 to 1:22:01( Edit History Discussion )

Christopher Dodd: necessity grows by the hour. but it even goes beyond economic terms because the symbolism of a nation building and working. i'm talking about people who i mentioned even during the civil war, mr. president,

Christopher Dodd

1:22:01 to 1:22:13( Edit History Discussion )

Christopher Dodd: president lincoln insisted that the work on the capitol building which we're in here this morning would continue. that it was important, despite the obvious demands to provide the resources to prevail

Christopher Dodd

1:22:13 to 1:22:42( Edit History Discussion )

Christopher Dodd: in the great conflict between north and south that the country see that this project to build a national capitol, representing the entire country, would go forward. obviously there were jobs that

Christopher Dodd

1:22:42 to 1:23:09( Edit History Discussion )

Christopher Dodd: were important in that construction, but more important than the jobs, even, was the symbolism of a nation at work. so i'm looking forward to the opportunity to take this idea of a major infrastructure

Christopher Dodd

1:23:09 to 1:23:25( Edit History Discussion )

Christopher Dodd: pro foes posal and hope to a-- proposal and hope to attrack broad base attention to it. we hope to bring the ideas together, hear a different perspective, but one that could be added to our proposal.

Christopher Dodd

1:23:25 to 1:23:38( Edit History Discussion )

Christopher Dodd: mr. president, i wanted to talk about the stimulus package and economic issues, i know that the fisa bill will come up again. i have some strong feelings, as my colleagues know, about the retroactive immunity

Christopher Dodd

1:23:38 to 1:23:48( Edit History Discussion )

Christopher Dodd: in that bill. i was stunned last evening. i sat and listened to the state of the union. i have been to a number. the presiding officer and i had walk in together and he asked how many, and it stunned

Christopher Dodd

1:23:48 to 1:24:20( Edit History Discussion )

Christopher Dodd: me. i was elected to the house in 197 1974 and went to my first one with gerald ford, and i have been to every one since, i haven't missed one over the last three decades. there were some great ones

Christopher Dodd

1:24:20 to 1:24:32( Edit History Discussion )

Christopher Dodd: and others less than great. and last evening, put aside the rhetoric, here we we are in a nation, where by everyone's estimation, we are in a recession or about to be in one, we have economic date

Christopher Dodd

1:24:32 to 1:24:46( Edit History Discussion )

Christopher Dodd: troya to indicate that we're in -- there was hardly any reference to it whatsoever, other than a pair tbraf about a stimulus package. so the elephant in the room, if you don't mind that analogy, the

Christopher Dodd

1:24:46 to 1:24:58( Edit History Discussion )

Christopher Dodd: elephant in the room in the state of the union, the state of the union was, of course, the state of the union is in tough shape. economically we're in desperate shape in many ways. what is beyond

Christopher Dodd

1:24:58 to 1:25:30( Edit History Discussion )

Christopher Dodd: ironic is that we have a president of the united states talking about the condition of our union and here is a major, major problem that is the subject of headlines every day across the nation and

Christopher Dodd

1:25:30 to 1:25:48( Edit History Discussion )

Christopher Dodd: hardly any reference to it at all. so here we were gathered last evening to talk about where we are and what we need to do in the coming days and hardly a passing reference to the conditions in

Christopher Dodd

1:25:48 to 1:26:01( Edit History Discussion )

Christopher Dodd: our country. and so the president called this a period of economic uncertainty i think was the words he used. while i agree we're in an uncertain period to put it mildly, what we know with some certainty

Christopher Dodd

1:26:01 to 1:26:16( Edit History Discussion )

Christopher Dodd: is that the current economic situation is more than merely a slowdown of a downturn, it is even more than a mere recession or near recession, instead i think it is a across of confidence among consumers an

Christopher Dodd

1:26:16 to 1:26:27( Edit History Discussion )

Christopher Dodd: investors. consumers are fearful of borrowing and spending, investors are fearful of lending, generations for new jobs are shrinking in number and size by the hour in this country. the incoming economic

Christopher Dodd

1:26:27 to 1:26:40( Edit History Discussion )

Christopher Dodd: data shows how serious the problem is.~ yesterday, just yesterday the commerce department reported that the sale of new homes fell again in december, reaching a 12-year low in housing starts. retail

Christopher Dodd

1:26:40 to 1:26:51( Edit History Discussion )

Christopher Dodd: sales were down. unemployment was up significantly in december. credit card delinquencies are on the rise, as consumers find themselves increasingly unable to tap the equity in their homes to help pay

Christopher Dodd

1:26:51 to 1:27:02( Edit History Discussion )

Christopher Dodd: down credit cards and other bills. and lastly, inflation increased by 4.1% last year, the largest increase in 17 years. a period of relative -- what did he call it again? you a period of uncertainty,

Christopher Dodd

1:27:02 to 1:27:16( Edit History Discussion )

Christopher Dodd: economic uncertainty. here you have record numbers in statistics pointing about the difficulty our nation is in economically and we hardly heard any mention of it at all. this increase in prices,

Christopher Dodd

1:27:16 to 1:27:34( Edit History Discussion )

Christopher Dodd: obviously inflation is driven mainly by the rising cost of energy -- $100 a barrel. hardly a reference to that last evening. $100 a barrel, and i don't recall a word being spoken except about energy

Christopher Dodd

1:27:34 to 1:27:51( Edit History Discussion )

Christopher Dodd: independence and to try to get there. food and health care costs have gone up as well. industrial production has fallen and we've been hemorrhaging jobs in the manufacturing sector. our economy

Christopher Dodd

1:27:51 to 1:28:08( Edit History Discussion )

Christopher Dodd: is facing more than uncertainty, mr. president. it is facing significant challenges to our nation's future economic growth and prosperity. the most important step we can take right now is to act to restore

Christopher Dodd

1:28:08 to 1:28:25( Edit History Discussion )

Christopher Dodd: consumer confidence. unlike past recessions and lowdowns, the epi center of this economic crisis is the housing crisis. and the epicenter of the housing crisis is the foreclosure crisis. that's what this

Christopher Dodd

1:28:25 to 1:28:43( Edit History Discussion )

Christopher Dodd: is fundamentally and principally. housing starts are at their lowest levels in a quarter of a century -- 27 years. home prices declined last year nationwide by 6% and are expected to decline again this

Christopher Dodd

1:28:43 to 1:28:56( Edit History Discussion )

Christopher Dodd: year. that would be the first time since the great depression that you've had two consecutive years with home prices that have dropped twice in two years in a row. the first time since the depression.

Christopher Dodd

1:28:56 to 1:29:08( Edit History Discussion )

Christopher Dodd: and the president calls this a period of economic uncertainty. this crisis stems, above all, from the virtue of collapse, as i said a moment ago, of the housing market. that collapse was triggered

Christopher Dodd

1:29:08 to 1:29:24( Edit History Discussion )

Christopher Dodd: by what secretary paulson has rightly and properly, and i commend him for it, has called -- and i'm quoting here -- bad lending practices. his words, not mine. lending practices no sensible banker would

Christopher Dodd

1:29:24 to 1:29:36( Edit History Discussion )

Christopher Dodd: ever engage in. reckless, careless and sometimes unscrupulous actions in the mortgage industry sometimes allowing loans to be made that they know borrowers would never, ever be able to repay when the

Christopher Dodd

1:29:36 to 1:29:51( Edit History Discussion )

Christopher Dodd: full price kicked in and engaged in prices that the federal reserve and the bush administration did absolutely nothing to effectively stop. as a result, foreclosures are at a record level. the value

Christopher Dodd

1:29:51 to 1:30:12( Edit History Discussion )

Christopher Dodd: of people's homes is declining and the tax base is shrinking almost daily. a year ago, mr. president, i chaired the first housing hearing in the congress on the subject of predatory lending. i talked then

Christopher Dodd

1:30:12 to 1:30:24( Edit History Discussion )

Christopher Dodd: about the possibility of more than two million americans would lose their homes as a result of such lending practices. i know there were those who scoffed when i mentioned the number of two million

Christopher Dodd

1:30:24 to 1:30:38( Edit History Discussion )

Christopher Dodd: almost a year ago, but no one is scoffing now, mr. president. today foreclosure rates persist at record levels. estimates are that foreclosures will continue to climb for most of this year, dip briefly and begin

Christopher Dodd

1:30:38 to 1:30:54( Edit History Discussion )

Christopher Dodd: to rise again when new resets kick in. the catalyst is the housing crisis and the face of the housing crisis is the foreclosure crisis. therefore, in my view, any short-term stimulus package should include

Christopher Dodd

1:30:54 to 1:31:07( Edit History Discussion )

Christopher Dodd: measures that will address the causes around symptoms of the foreclosure crisis head on as well as trying to provide some immediate relief for those who are feeling this the most. so i want to indicate at

Christopher Dodd

1:31:07 to 1:31:19( Edit History Discussion )

Christopher Dodd: the outset that i'm very supportive of the work done by speaker pelosi in the house and members over there who have worked on this, along with john boehner, the republican leader, have done to formulate

Christopher Dodd

1:31:19 to 1:31:33( Edit History Discussion )

Christopher Dodd: outlines of a stimulus package that the administration can support. senator baucus, my good friend from montana, the chairman of the finance committee, senator harkin and others have strong views.

Johnny Isakson

1:31:33 to 1:31:47( Edit History Discussion )

Johnny Isakson: senator kennedy expressed important views regarding unemployment insurance, food stamps, low-income energy assistance and the like. we may not be able to do all of those things, but they bring up

Johnny Isakson

1:31:33 to 1:40:49( Edit History Discussion )
Speech By: Johnny Isakson

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