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Senate Proceeding on Feb 28th, 2008 :: 8:29:36 to 8:45:40
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Ken Salazar

8:29:23 to 8:29:36( Edit History Discussion )

Ken Salazar: to yield to the leader. mr. reid: i think the senator would acknowledge that there were things that i wanted to put in this bill, that he said it's not the right time to do it. and i accepted his jurisdiction

Christopher Dodd

8:29:36 to 8:30:16( Edit History Discussion )

Christopher Dodd: of the banking committee, and i called him and said, okay -- i didn't say "mr. chairman" -- i said "all right, chris, i won't put them in there." full skull station consultation. and i'll say this.

Christopher Dodd

8:29:36 to 8:45:40( Edit History Discussion )
Speech By: Christopher Dodd

Christopher Dodd

8:30:37 to 8:31:02( Edit History Discussion )

Christopher Dodd: i'm very, very proud of my chairs, the three that i talked about here are some of the best legislators this country has ever had. chris dodd is certainly one of those. and i feel that this senate

Christopher Dodd

8:31:02 to 8:31:20( Edit History Discussion )

Christopher Dodd: and this country is in good hands hands with senator dodd as chairman of that committee. i like his ranking member. shelby and i serd in the house together, a fine man. and to say to my friend from

Christopher Dodd

8:31:20 to 8:31:31( Edit History Discussion )

Christopher Dodd: connecticut to his credit -- that the senator from connecticut -- he said, i don't have this thing or two worked out with dick shelby yes. i think it would be better we not do it. so i harping on this

Christopher Dodd

8:31:31 to 8:31:50( Edit History Discussion )

Christopher Dodd: and perhaps it doesn't call for an answer, but i admire and respect the work that this senator does in the foreign relations committee, in the banking committee now as chair. he is a top-notch senator.

Christopher Dodd

8:31:50 to 8:32:08( Edit History Discussion )

Christopher Dodd: mr. dodd: i thank the majority leader very much. he's absolutely correct. he raised the issue and i said, i haven't really talked to richard shelby about t that's why he acquiesce ed to my desire

Christopher Dodd

8:32:08 to 8:32:22( Edit History Discussion )

Christopher Dodd: to keep a certain matter out of the committee proposal here until we had an understanding. that's the way this body functions, you have to have that kind of relationship. you can make two choices.

Christopher Dodd

8:32:22 to 8:32:41( Edit History Discussion )

Christopher Dodd: you can go one route in which you proposes things and throw them out there and hope something happens. but usually they don't because you haven't bothered to consult. or you could do it the other way

Christopher Dodd

8:32:41 to 8:32:56( Edit History Discussion )

Christopher Dodd: way, which is slower. but the ultimate results are you produce product products that people can support. in the last year, the banking committee marked up some 17 pieces of legislation, had 350 hearings

Christopher Dodd

8:32:56 to 8:33:18( Edit History Discussion )

Christopher Dodd: -- had 35 hearings. of those 17 pieces of legislation, seven have become law enforcement there were only two negative votes against all of those provisions provisions because richard shelby, the

Christopher Dodd

8:33:18 to 8:33:39( Edit History Discussion )

Christopher Dodd: foample chairman -- theformer chairman of the committee and i worked those out here. our colleagues were almost in every case able to support us. i intended to speak before the cloture vote but was

Christopher Dodd

8:33:39 to 8:33:57( Edit History Discussion )

Christopher Dodd: unable to do so because of the time constraints. i want to express over the next few minutes my concerns over where we are economically in the country. as chairman of that committee, we had once again

Christopher Dodd

8:33:57 to 8:34:20( Edit History Discussion )

Christopher Dodd: today the chairman of the federal reserve board in front of the banking committee to -- i apologize. is the chair about to -- the senate will be in order, i guess, mr. president, would a question.

Christopher Dodd

8:34:20 to 8:34:33( Edit History Discussion )

Christopher Dodd: -- would a request. the presiding officer: the senate will be in order. the senator from connecticut. mr. dodd: i thank you, mr. president. chairman bernanke was before the committee today reporting,

Christopher Dodd

8:34:33 to 8:34:49( Edit History Discussion )

Christopher Dodd: as the law requires, on monetary policy, before the banking committee. the dfertion conversation was not limited to that. it covered the housing ir, the foreclosure issues as well as other questions under

Christopher Dodd

8:34:49 to 8:35:03( Edit History Discussion )

Christopher Dodd: the jurisdiction of the federal reserve bank as well as matters that we of concern to both democrats and republicans. we had chairman beer naing ceerks the chairman of the -- the secretary of the treasury,

Christopher Dodd

8:35:03 to 8:35:22( Edit History Discussion )

Christopher Dodd: hank paulson as well as christopher cox, the chairman of the securities and exchange commission. two weeks ago before the banking committee on a wide range of issus covering the comif our nation.~ we had

Christopher Dodd

8:35:22 to 8:35:42( Edit History Discussion )

Christopher Dodd: hearings on a number of issues affecting the very question before us. i know a lot of this data, mr. president, has been laid out by various others, but it is worth repeating to give sense of magnitude

Christopher Dodd

8:35:42 to 8:36:06( Edit History Discussion )

Christopher Dodd: of this issue we're facing. it is not an exaggeration or high beshly to suggest -- hiperbole, this is not a normal downturn, this is n a problem that might go away in the next six or eight months in

Christopher Dodd

8:36:06 to 8:36:22( Edit History Discussion )

Christopher Dodd: the action of us taking some action to get it right. i'm a great believer, mr. president of market forces. almost a year ago when the problem first emerged, i queened the members of the banking

Christopher Dodd

8:36:22 to 8:36:41( Edit History Discussion )

Christopher Dodd: committee in the committee room of the banking committee, richard shelby, to his credit, was there, as we listened to the stake hoeders talk about what could be done absent legislation being drafted and

Christopher Dodd

8:36:41 to 8:37:03( Edit History Discussion )

Christopher Dodd: passed, absent new regulations being formulated in order to keep people in their homes who are facing foreclosure, who minimize the problem here of a growing number of economic -- of economic dislocation

Christopher Dodd

8:37:03 to 8:37:19( Edit History Discussion )

Christopher Dodd: as a result of the housing crisis, the problem with credit. we were promised in april and may, absent any legislation, that the marketplace worked. which, for this member was the ideal solution, that it works.

Christopher Dodd

8:37:19 to 8:37:37( Edit History Discussion )

Christopher Dodd: i don't think that you have to jump in with bills or regulations if, in fact, the market can provide answers. we sat back and said, let the market work. it did flush out the bad operatives pretty

Christopher Dodd

8:37:37 to 8:37:54( Edit History Discussion )

Christopher Dodd: quickly. unfortunately, mr. president, what has not happened is that the stake hoeders have not really done what i thought they would do, and that is pursue those in trouble, facing delinquenties

Christopher Dodd

8:37:54 to 8:38:15( Edit History Discussion )

Christopher Dodd: over a period of months in some cases or on the brink of foreclosure, to reach out and try to do everything possible where possible to keep people in their homes. this is not about the speculator community.

Christopher Dodd

8:38:15 to 8:38:35( Edit History Discussion )

Christopher Dodd: this is not about speeple who are in -- this is not about people who are in a position to know better. it is the better occupied homes that we were concerned about. regretfully, i'm here to tell

Christopher Dodd

8:38:35 to 8:38:55( Edit History Discussion )

Christopher Dodd: you that a year later the number of people who have been helped out by that request is minimal. i will give you an idea of how small the number is that we're talking about. hank paulson still pursues

Christopher Dodd

8:38:55 to 8:39:18( Edit History Discussion )

Christopher Dodd: and persists, as he did again today, that this new hope alliance effort may work, this member is less than rot mystic about that. -- less than optimistic about that. having watched the process not

Christopher Dodd

8:39:18 to 8:39:38( Edit History Discussion )

Christopher Dodd: work for the past year, today the situation continues to detear rate. unfortunately it is not limited to housing, and that's the point that i want to make here at the outside, if i -- outset if

Christopher Dodd

8:39:38 to 8:39:57( Edit History Discussion )

Christopher Dodd: i can. there is an effect in all of this that is spreading to other parts of the economy. so while i'm disappointed that cloture was not invoked within the last hour or so, mr. president, my hope would

Christopher Dodd

8:39:57 to 8:40:18( Edit History Discussion )

Christopher Dodd: be to the leaders that they would give us another opportunity now in the coming days here before we go to the march recess, the easter passover recess, to actually be able to put something together here

Christopher Dodd

8:40:18 to 8:40:39( Edit History Discussion )

Christopher Dodd: to present to our colleagues here that might enjoy the bipartisan support this issue deserves. so my appeal this evening in addition to talk about the problem, would be to give richard shelby, senator

Christopher Dodd

8:40:39 to 8:40:57( Edit History Discussion )

Christopher Dodd: baucus, senator specter, and ranking members on committees a chance to pull something together in the next coming days and present that to colleagues as a way to step forward and do something about this

Christopher Dodd

8:40:57 to 8:41:17( Edit History Discussion )

Christopher Dodd: issue. i will make that plea this evening and do whatever i can to accommodate many of the various ideas. not to suggest that every one will be adopted. it is worthy of this body's time to address

Christopher Dodd

8:41:17 to 8:41:39( Edit History Discussion )

Christopher Dodd: itself to this issue. and the extra tis tices i'm about to share -- statistics make the case more eloquently about the pearlless situation. the economy slowed to a crawl at the end of last year.

Christopher Dodd

8:41:39 to 8:41:57( Edit History Discussion )

Christopher Dodd: economic growth is .6% of 1%. the data showed that what we received so far this year indicates that the problem will get worse in 2008. the country lost jobs in january. that is the first time in four

Christopher Dodd

8:41:57 to 8:42:17( Edit History Discussion )

Christopher Dodd: years that's actually happened. credit card delinquenties are on the rise as consumers fine themselves increasingly unable to tap into the equity of their home to help pay down the credit card and

Christopher Dodd

8:42:17 to 8:42:34( Edit History Discussion )

Christopher Dodd: other bills. put that in perspective, mr. president. put it in perspective. the median income of americans is around $43,000 a year. consumer debt, revolving debt, on average, on average, mr. president, is

Christopher Dodd

8:42:34 to 8:42:48( Edit History Discussion )

Christopher Dodd: $9,300, and growing. savings rates are negative. and so in addition to the federal deficit we talk about consumer debt in this country is growing, and people's ability to actually resolve that growing

Christopher Dodd

8:42:48 to 8:43:11( Edit History Discussion )

Christopher Dodd: debt problem has been significantly affected as a result of the loss of value in homes as a result of the -- as a result of the inability to tap into the equity of their homes to help resolve

Christopher Dodd

8:43:11 to 8:43:28( Edit History Discussion )

Christopher Dodd: some of these problems. lastly, inflation increased by 4.1%last year. that is the largest increase in 17 years, driven mainly by the rising cost of energy, health, food care as well. industrial

Christopher Dodd

8:43:28 to 8:43:43( Edit History Discussion )

Christopher Dodd: production is flat. we've been hemorrhaging jobs in the manufacturing sector. our national economy is clearly in deep trouble. i don't enjoy saying that. that worries me. this is not to try to add to

Christopher Dodd

8:43:43 to 8:43:58( Edit History Discussion )

Christopher Dodd: the problem. but one of the things that i admire about ben bernanke, as the chairman of the federal reserve, he has been very clear about the problem. and while we may not like to hear it, and i'm sure

Christopher Dodd

8:43:58 to 8:44:14( Edit History Discussion )

Christopher Dodd: there are others who would like him to paint a rosie picture in all of this, i think he's doing his job well as chairman of the federal reserve board to lay out clearly to the administration and

Christopher Dodd

8:44:14 to 8:44:28( Edit History Discussion )

Christopher Dodd: members of congress how serious this problem is. he is issueus in his choice of words, he -- judicious in his choice of words. listen carefully to what he is saying, what he is saying is not substantially

Christopher Dodd

8:44:28 to 8:44:47( Edit History Discussion )

Christopher Dodd: different than what i am saying here. we're in pearlless times economically, and -- perilous times economically and we need to spend time on this issue. that's what we're charged with. and my hope is that

Christopher Dodd

8:44:47 to 8:45:05( Edit History Discussion )

Christopher Dodd: we can come back to it immediately in the coming days. the epicenter of this economic trub is the howging crisis. the -- economic trouble is the housing crisis. for example, i will put the first chart here,

Christopher Dodd

8:45:05 to 8:45:20( Edit History Discussion )

Christopher Dodd: the annual change in home values, year 2000, these are running over the last eight years, mr. president. this is home values from 2000 to 2008. here's what you're looking at. in 2000 home values increased

Christopher Dodd

8:45:20 to 8:45:40( Edit History Discussion )

Christopher Dodd: by almost 5%. 2001 went up another 7%, 8%, 2005 went up an excessive 10%, dropped in 2006. and then for the first time -- these are national numbers. not regional. for the first time in 2007, we see declining

Lamar Alexander

8:45:40 to 8:45:59( Edit History Discussion )

Lamar Alexander: value. and now in excess of 10%. mr. president, that's the first time since the great depression that you've had two years of declining home values nationally. all of us are familiar with regional declines.

Lamar Alexander

8:45:40 to 8:49:31( Edit History Discussion )
Speech By: Lamar Alexander

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