Senate Proceeding on Feb 13th, 2009 :: 5:55:00 to 6:01:35
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5:54:56 to 5:55:16( Edit History Discussion )

Richard Shelby: climate change, and entitlements. i thank the president. i yield the floor. the presiding officer: the senator from alabama. mr. shelby: mr. president, du economy has been crippled by an unprecedented financial crisis. prime mortgages have

5:55:00 to 6:01:35( Edit History Discussion )
Speech By: Richard Shelby
Bill: H.R. 1: American Recovery and Reinvestment Act of 2009

5:55:17 to 5:55:38( Edit History Discussion )

Richard Shelby: evolved into the greatest economic storm to fall on us and subprime mortgages have evolved into the greatest economic storm since the great depression. shackled by mount mortgage-backed securities and falling home prices, our banking system is retracted from normal lending. starved of financing, our

5:55:39 to 5:55:59( Edit History Discussion )

Richard Shelby: economy is rapidly deteriorating while millions of americans face unemployment. unfortunately, mr. president, we've watched two succeeding administrations -- the bush administration and now i fear the obamadministration -- propose plans economy that famed to live up to

5:56:00 to 5:56:24( Edit History Discussion )

Richard Shelby: expectation -- failed to live up to expectations. we're now told that the solution to the country crisis lies in the stimulus bill before the senate. proponentslaim that this bill will jump-start the economy and reinvograte private commercial activity. mr. president, i disagree. this bill has been poorly

5:56:25 to 5:56:45( Edit History Discussion )

Richard Shelby: conceived and hastily first, mr. president, the immediate impact of the bill is far too small. according to the congressional budget office, only 12% of the discretionary spending in this bill takes place in the year 2009. secondly, mr. president, this bill is not targeted to maximize its impact.

5:56:46 to 5:57:09( Edit History Discussion )

Richard Shelby: it simply funds, i believe, wish list of government programs rather than jobs and bolstering the incomes ofll americans. finally, mr. president, i fear that the supporters of this bill have been resting

5:57:10 to 5:57:30( Edit History Discussion )

Richard Shelby: heavily on their k philosophy and we are told the professor said government spending was the key to restoring long-term economic growth. we need to rember professor keynde views evolved and he continually changed his opinions when confronted with

5:57:31 to 5:57:53( Edit History Discussion )

Richard Shelby: new fac and circumstances. his famed general theory of employment, interest and money was born of his concern that t old policy prescriptions were not working. because his thinking was always changing, he was often criticized for being inconsistent and he famously replied -- quote -- "when the

5:57:54 to 5:58:14( Edit History Discussion )

Richard Shelby: facts chang what do you do. i believe we need a solution, mr. president, that fits the facts and circumstances of our times just as keynses looked for a our solution, mr. president, i believe, needs to focus

5:58:15 to 5:58:36( Edit History Discussion )

Richard Shelby: restoring our banking system. unless our banking system is nurtured back to health our economy will remain crippled and much of what is in this stimulus bill, i believe, will have been wasted. it is worth rembering, mr. president, that the first thing that franklin roosevelt did upon becoming president of the united states was dressing

5:58:37 to 5:58:57( Edit History Discussion )

Richard Shelby: the nation's bank -- was addressing the nation's bank cris long before the new deal spending programs. another example, mr. president, i believe we should keep in mind, is the experience of japan. during their so-called "lost decade." you will recall, mr. president, during the 1990's the japanese experienced a banking crisis, as

5:58:58 to 5:59:19( Edit History Discussion )

Richard Shelby: well. rather than deal with their zombie banks, japanese policymakers enacted numerous stimulus bills and despite those spending sprees, the japanese economy continued they increased japan's g.p. ratio from 60%,

5:59:20 to 5:59:40( Edit History Discussion )

Richard Shelby: mr. president, to a staggerin 180% today. mr. president, i ask unanimous consent that following this a list of several nobel prize winners be made part of the record here in this debate. the presiding officer: without objection, so ordered. mr. shelby: they all agree that the government not the way to improve economic performance.

5:59:41 to 6:00:01( Edit History Discussion )

Richard Shelby: over the past year, mr. president, i have repeat through called for an extensive examination of the origins of this economic crisis and of the potential solutions. so so far t in the absence of any analysis or detailed information, they have chosen time and again to solve the crisis by throwing

6:00:02 to 6:00:23( Edit History Discussion )

Richard Shelby: money at it. i believe this is laying the groundwork for a much greater mr. president, it took until 1982

6:00:24 to 6:00:45( Edit History Discussion )

Richard Shelby: to cross in the 27 short years since, we've amassed that amount. now, mr. president, we're about to vote on a measure that will in a single year add to the national debt what it took nearly 200 years to accumulate. mr. president, i fear this is a

6:00:46 to 6:01:06( Edit History Discussion )

Richard Shelby: day that we will come to regret, no stimulus bill will not work but because it will mark the day when our generation decided that we were not capable of enduring the consequences of our own actions and, therefore, future generations must shoulder the burden that we could not find

6:01:07 to 6:01:23( Edit History Discussion )

Richard Shelby: the courage to bear ourselves. i i suggest the absence of a quorum. the presiding officer: the