Video archive of the US Congress

Senate Proceeding on Feb 13th, 2009 :: 1:22:05 to 1:32:55
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Robert Bennett

1:22:02 to 1:22:23( Edit History Discussion )

Robert Bennett: things by creating here in america. that's what this is all about. that's why it is so critically important. mr. president, i yield t floor. a senator: mr. president? the presiding officer: the senator from utah. mr. bennett: mr. president as we come to the final vote on the

Robert Bennett

1:22:24 to 1:22:44( Edit History Discussion )

Robert Bennett: stimulus package, i express my great regret that i will not be able to vote for it. we need a stimulus package that works. the economy is in serious trouble and we need to do the very best we can to restore confidence in our economy and in our future. indeed, confidence is the basic issue here.

Robert Bennett

1:22:45 to 1:23:05( Edit History Discussion )

Robert Bennett: confidence is what it is a about. and we've had led us to believe that some sense of confidence could be restored. unfortunately in my view we have squandered the let me put it in context. let's go back to the time when

Robert Bennett

1:23:06 to 1:23:26( Edit History Discussion )

Robert Bennett: president obama was inaugu looking forward to the stimulus package and the -- the activity with respect to banks and what would happen in the financial industry. if i can quote from an editorial that appeared in "the wall

Robert Bennett

1:23:27 to 1:23:48( Edit History Discussion )

Robert Bennett: street journal" over the wrecked of -- weekend of february 7th and 8th. they were talking about the gamble. they say and i quote the biggest gamble with the stimulus is what it means if the economy doesn't recover.

Robert Bennett

1:23:49 to 1:24:12( Edit History Discussion )

Robert Bennett: monetary policy is already as and the obama administration is set to announce its big financial fix on monday. that monday, mr. president, was monday of this week. stocks rallied friday on expectations of the latter despite the job-loss report with big bank stocks leading the way. if done right

Robert Bennett

1:24:13 to 1:24:34( Edit History Discussion )

Robert Bennett: reduce risk aversion and gradually restore confidence. again, mr. president, confidence is what we need to get the onomy going in the right direction. the "journal" guess on. "weope it does becse the size and waste of the stimulus means that we won't have much ammunition left. the spending will take

Robert Bennett

1:24:35 to 1:24:55( Edit History Discussion )

Robert Bennett: budget deficit up to g.d.p., about double of the peak of the unchartered territory. the tragedy of the obama stimulus is that we're getting so little for all of that money." what do they mean when they talk about getting so little for all of that money? picking out a few examples:

Robert Bennett

1:24:56 to 1:25:17( Edit History Discussion )

Robert Bennett: again, quoting from "the wall street journal" on the same day they had an editorial on that issue and they point out and i quote -- "the milwaukee public school system receive 8.6 million over t years for new construction projects under the house version of the stimulus. even though the district

Robert Bennett

1:25:18 to 1:25:38( Edit History Discussion )

Robert Bennett: currently has 15 vacant school buildings and declining enrollment. between 1990 and 2008 inflation adjusted spending rose per pupil spending increased by 36% and state aid over the same period enrollment

Robert Bennett

1:25:39 to 1:26:01( Edit History Discussion )

Robert Bennett: fell by a percentage point and it is projected to falling leaving the system with enough excess capacity for 22,000 students." let me repeat that, mr. president, excess 22,000 students and, yet, they're going to receiv receive 8.6 million to build

Robert Bennett

1:26:02 to 1:26:23( Edit History Discussion )

Robert Bennett: new capacity. do the schools that they have represent difficult conditions? well, back to the editorial quoting the "milwaukee journal sentinel," "in general.p.s. facilities have been described by school officials as being in good to better than good condition.

Robert Bennett

1:26:24 to 1:26:44( Edit History Discussion )

Robert Bennett: the kind of situations that create urgent needs for renovation or new construction in some cities have not been on the priority list for m.p.s. officials in recent years." so we're going to s build milwaukee schools that they do not have students to meet in. and that is the kind of thing that the "journal" was talking about.

Robert Bennett

1:26:45 to 1:27:05( Edit History Discussion )

Robert Bennett: but let's look now at what has happened in this week. and i go now not to publication, but to the economist, which is printed in great britain and it has perhaps the opportunity of a more objective view than a publication that is focused on american politics.

Robert Bennett

1:27:06 to 1:27:27( Edit History Discussion )

Robert Bennett: quoting, "there was a chance that this week would mark a turning point in an ever-deepening global slump as barak obama produced the two main parts of his rescue plan. the first and most argued over was a big fiscal boost." they are referring there to the stimulus package." the second and more important

Robert Bennett

1:27:28 to 1:27:50( Edit History Discussion )

Robert Bennett: part of the rescue was the team obama scheme for fixing the financial mess. unveiling of the activity -- of the geithner gave us on tuesday of this week. they go on to describe the whole situation. "america cannot rescue the economy alone.

Robert Bennett

1:27:51 to 1:28:11( Edit History Discussion )

Robert Bennett: but this double offensive by its biggest economy could potentially have broken the spiral of uncertainty and gloom that is gripping investors, producers, and consumers across the globe." again they're pointing out that we have a significant crisis of confidence they've say it applies to

Robert Bennett

1:28:12 to 1:28:34( Edit History Discussion )

Robert Bennett: and consumers. and then they give their judgment. quoting again, "alas that opportunity was squandered. mr. obama ced control of the stimulus to the fractional congressional democrats allowing a plan that should have had broad support from both parties

Robert Bennett

1:28:35 to 1:28:55( Edit History Discussion )

Robert Bennett: to battle. more -- mint from -- blu uncertainty that plagued the bush administration's wall street fixes in facting looked like his predecessor's effort, timid, incomplete, and short on deta.

Robert Bennett

1:28:56 to 1:29:18( Edit History Discussion )

Robert Bennett: despite talk of trillion dollar sums, stock markets touch bed and -- tumbled and far from boosting confidence, mr. obama seems at sea." these are the comments, not of an american publication, not of a republican or democratic partisan, but the comments of an objective observer from ov

Robert Bennett

1:29:19 to 1:29:39( Edit History Discussion )

Robert Bennett: they go on, "the fiscal stimulus plan has some obvious flaws. too much of the boost to demand?? is back hoeded to 2010 -- back loaded to 2010 and beyond, it is larded with spending determined more by democratic lawmakers pet projects than by the effic with which the economy wil

Robert Bennett

1:29:40 to 1:30:00( Edit History Discussion )

Robert Bennett: boosted." let me give you an example that fits that category. quoting from the paper today -- pardon me -- yes, the paper today. "an obscure commerce department office with a 9 million budget and fewer than 20 grant officers would end up in charge

Robert Bennett

1:30:01 to 1:30:23( Edit History Discussion )

Robert Bennett: of billion in grants expand internet access in rural areas. mr. president, you've had executive responsibility at the state level. i've had executive responsibility in the private sector. think for just a moment about the workingsf t

Robert Bennett

1:30:24 to 1:30:44( Edit History Discussion )

Robert Bennett: there is an office with 20 employees administering a 9 million budget who is going to receive, under this stimulus package, a check for billion and then being told "spend wisely" in expanding spwert

Robert Bennett

1:30:45 to 1:31:05( Edit History Discussion )

Robert Bennett: access in rural -- internet access in rural billion does not get spent by 20 people overwhelmed by the task. it does not get spent in expanding internet aess in rural studies and an intelligent plan laid out.

Robert Bennett

1:31:06 to 1:31:28( Edit History Discussion )

Robert Bennett: that's an example of what t "economist" is talking about when they say -- and i go back to their quote -- "the bill is larded with spending determined more b projects than by the efficiency with which the economy can be boosted." they go on to talk about more details of the stimulus plan as

Robert Bennett

1:31:29 to 1:31:50( Edit History Discussion )

Robert Bennett: well as the geithner plan, but they summarize it this under the heading "a great failure of nerve," they "how serious is this setback? one interpretation is that mr. obama's crew mismanaged expectat they promised a plan and came up with a concept. if so, that i

Robert Bennett

1:31:51 to 1:32:13( Edit History Discussion )

Robert Bennett: managing expectations is part of building confidence. and when so much rescues is superhumanly complex, it is unforgivable to bundle the easy bit. more worrying still is the chance that mr. geithner's vagueness comes from doubt about what to do, a reluctance to take

Robert Bennett

1:32:14 to 1:32:37( Edit History Discussion )

Robert Bennett: tough decisions and a about asking congress for enough cash. that is the alarming prospect." mr. president, i wish i could support this stimulus i'm more than happy to reach out to the administration and do whatever i can to help solve this problem, because our country is in serious difficulty, and the world as a

Robert Bennett

1:32:38 to 1:32:57( Edit History Discussion )

Robert Bennett: whole is in even more. i regret, in the words of "the economist" that this is an opportunity that has been squandered. i hope in the coming weeks we can do something to opportunity and regain the momentum we need in order to get where we need to be.

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