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Senate Proceeding on Jan 31st, 2008 :: 1:49:36 to 1:59:54
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Bill Nelson

1:49:26 to 1:49:46( Edit History Discussion )

Bill Nelson: thank you, mr. president, and i yield back my time. a senator: mr. president? the presiding officer: the senator from florida. mr. nelson: i want to say to the senator from vermont, he comes from

Bill Nelson

1:49:36 to 1:59:54( Edit History Discussion )
Speech By: Bill Nelson

Bill Nelson

1:49:46 to 1:50:03( Edit History Discussion )

Bill Nelson: a cold-weather state. this senator comes from a warm-weather state, and a lot of the ideas proffered by the senator from vermont apply to my state as well as his. he has very eloquently laid out how

Bill Nelson

1:50:03 to 1:50:23( Edit History Discussion )

Bill Nelson: if you really want to do stimulus, the quickest way to get the money in to the enomy and flowing so those dollars can turn over is increased compensation, unemployment compensation, and increased food stamps.

Bill Nelson

1:50:23 to 1:50:40( Edit History Discussion )

Bill Nelson: if you really want to get the money in. this -- this $300 per person over in the house, improved over here, not just because it is $500, but because it is going to senior citizens as well in the finance

Bill Nelson

1:50:40 to 1:50:58( Edit History Discussion )

Bill Nelson: package, whichever one you look at, it's going to be may, june, july, and august before those checks get out into the economy if you want to do stimulus immediately, you're talking about two weeks

Bill Nelson

1:50:58 to 1:51:15( Edit History Discussion )

Bill Nelson: away with increased unemployment compensation and food stamps. what the senator says about taking care of our veterans, our disabled veterans, what he says about the infrastructure, we desperately

Bill Nelson

1:51:15 to 1:51:32( Edit History Discussion )

Bill Nelson: need infrastructure improvements. now, as far as a stimulus right now, that's not going to put the money out there. but a lot of this stimulus package is psychological. it's the fact that the federal

Bill Nelson

1:51:32 to 1:51:47( Edit History Discussion )

Bill Nelson: reserve, through monetar policy by cutting the interest rates that banks share with each other, that helps, but there's really a delay, a lag before that little really does, the immediate jolt, really

Bill Nelson

1:51:47 to 1:52:03( Edit History Discussion )

Bill Nelson: is psychological. so too with this stimulus package. and at the end of the day this senator's going to support it because we do need that psychological jolt that the government is standing behind

Bill Nelson

1:52:03 to 1:52:17( Edit History Discussion )

Bill Nelson: us not slipping further into recession. but if this senatorat had his druthers, he shares a lot of the ideas that the senator from vermont has proffered on the quick ways to get the money out into

Bill Nelson

1:52:17 to 1:52:32( Edit History Discussion )

Bill Nelson: the economy. now, i've been requested by the senator from colorado who would like to speak after this senator does, so i ask consent that the senator from colorado would be able to follow me. the presiding

Bill Nelson

1:52:32 to 1:52:46( Edit History Discussion )

Bill Nelson: officer: without objection, so ordered. mr. nelson: and, mr. president, i have eight unanimous consent requests for committees to meet during today's session of the senate. they have the approval of the majority

Bill Nelson

1:52:46 to 1:53:02( Edit History Discussion )

Bill Nelson: and minority leaders. and so i ask unanimous consent that these requests be agreed to and that these requests be printed in the record. r the presiding officer: without objection, so ordered.

Bill Nelson

1:53:02 to 1:53:17( Edit History Discussion )

Bill Nelson: mr. nelson: all right, mr. president, i can tell you that our people are hurting. you don't normally think of the state of florida, which is in the megatrend, which is the fourth largest state that i going

Bill Nelson

1:53:17 to 1:53:36( Edit History Discussion )

Bill Nelson: to become the third largest state within four years, the state that is the microcosm of the entire country in almost every demographic group. we reflect the country, in large part, because a lot of the

Bill Nelson

1:53:36 to 1:53:54( Edit History Discussion )

Bill Nelson: country has moved to florida. you don't normally think of a go-go state like that as being -- hurting economically. but, indeed, our state is hurting. a lot of it has to do with the real estate market

Bill Nelson

1:53:54 to 1:54:14( Edit History Discussion )

Bill Nelson: going flat. you take tremendously robust areas like fort myers, lee county, on the southwest coast of florida, it has been in a building boom for years and, of course, that real estate market

Bill Nelson

1:54:14 to 1:54:34( Edit History Discussion )

Bill Nelson: is flat now and all the ripple effects throughout the economy, as a result of that, we are hurting. our people are hurting because they're paying more for gas, for milk, for bread. and, meanwhile,

Bill Nelson

1:54:34 to 1:54:55( Edit History Discussion )

Bill Nelson: because of the flat real estate market, they are seeing their housing values plummet and many of them are trying to correct the situation by selling their houses, which they can't sell, or unwinding the

Bill Nelson

1:54:55 to 1:55:21( Edit History Discussion )

Bill Nelson: bad loans that they have, but then they can't get buyers to look at their homes. and we see the statistics bear this out nationally december's rate on unemployment was 5%. that's the highest it has

Bill Nelson

1:55:21 to 1:55:39( Edit History Discussion )

Bill Nelson: been in two years. and the g.d.p. growth for the last quarter of last year, 2007, it increased only .6%, compared to an almost 5% increase in the third quarter of 2007. and yesterday the fed in

Bill Nelson

1:55:39 to 1:56:03( Edit History Discussion )

Bill Nelson: response cut the interest rates again by a half point and this is the second rate cut in eight days. and just today the department of labor released the initial unemployment claims for the week that

Bill Nelson

1:56:03 to 1:56:26( Edit History Discussion )

Bill Nelson: ended last week, january january 26, and guess who had the largest unemployment increase in the country. it's my state of florida. the layoffs cons concentrated in construction, in trade, in service,

Bill Nelson

1:56:26 to 1:56:50( Edit History Discussion )

Bill Nelson: and in manufacturing. and so we're in the middle of a crisis. foreclosures, mortgage defaults,nd we're , and we're hearing the experts say the worst is yet to come. two million americans could lose their homes.

Bill Nelson

1:56:50 to 1:57:11( Edit History Discussion )

Bill Nelson: we had in florida last year in 2007 the second highest mortgage foreclosure rate with more than 2% of all our households entering some state of foreclosure during the year. that's over 100% increase

Bill Nelson

1:57:11 to 1:57:25( Edit History Discussion )

Bill Nelson: over the previous year. andlorida home sales last year were down 31% compared to the previous year. and, oh, by the way, the need median home price dropped 13%. so we're now seeing the ripple effect

Bill Nelson

1:57:25 to 1:57:47( Edit History Discussion )

Bill Nelson: through the economy, particularly in a state like mine that was such a hot growth market, we're seeing it in the deterioration of the home values and we're seeing it in the state's economy. the

Bill Nelson

1:57:47 to 1:58:04( Edit History Discussion )

Bill Nelson: falloff of revenues to the state of florida has been significant. and since the housing crisis is a lot of at the heart of this slowdown, it's crucial that in this rescue package that we target these specific

Bill Nelson

1:58:04 to 1:58:24( Edit History Discussion )

Bill Nelson: concerns. there's going to be in a temporary increase in the conforming loan limits of fannie mae and freddie mac, also the f.h.a. program. i think these measures will help restore confidence and liquidity

Bill Nelson

1:58:24 to 1:58:42( Edit History Discussion )

Bill Nelson: in the housing market. the senate bill adds more aid, including a provision that would allow state and local governments to issue bonds to help with the financing of those subprime loans. and then,

Bill Nelson

1:58:42 to 1:58:58( Edit History Discussion )

Bill Nelson: of course, we mentioned earlier disabled veterans. this package is going to provide quick help to disabled veterans as well as seniors and i'm certainly hoping that we're going to get a clear up or down

Bill Nelson

1:58:58 to 1:59:15( Edit History Discussion )

Bill Nelson: vote on providing an additional 13 weeks of unemployment compensation that are going to help the pain of those who are being laid off because of this recession that we have now slipped into. time is

Bill Nelson

1:59:15 to 1:59:41( Edit History Discussion )

Bill Nelson: of the essence. in a perfect world we should haven't to do this because whatever we come up with in this package we've got to go out an borrow. and that means we're going to borrow it from china.

Bill Nelson

1:59:41 to 1:59:54( Edit History Discussion )

Bill Nelson: and that's not good. that's just piling on more debt to the national debt. but the fact is we've got to do something. and, mr. president, i'm going to support it. i yield the floor.~ the presiding officer:

Ken Salazar

1:59:54 to 2:00:06( Edit History Discussion )

Ken Salazar: the senator from colorado. mr. salazar: mr. president, i ask unanimous consent the statement i'm about to t make on the sometime stimulus package be included in the appropriate place in the record until

Ken Salazar

1:59:54 to 2:16:01( Edit History Discussion )
Speech By: Ken Salazar

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