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Senate Proceeding on Feb 28th, 2008 :: 9:03:18 to 9:07:33
Total video length: 9 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Ron Wyden

9:00:30 to 9:03:18( Edit History Discussion )
Speech By: Ron Wyden

Ron Wyden

9:02:59 to 9:03:18( Edit History Discussion )

Ron Wyden: 15% this year, household spending will fall by $is $100 to $150 billion and household wealth will fall to $2 billion to $2.5 billion this year aleon. the losses do not stop with families who have lost

Robert P. Casey, Jr.

9:03:18 to 9:03:33( Edit History Discussion )

Robert P. Casey, Jr.: their home equity. the security ies backed by these loans get downgrade ed, force ings banks and security firms to set aside billions of dollars against real or potential losses losses. these write-downs

Robert P. Casey, Jr.

9:03:18 to 9:07:33( Edit History Discussion )
Speech By: Robert P. Casey, Jr.

Robert P. Casey, Jr.

9:03:33 to 9:03:54( Edit History Discussion )

Robert P. Casey, Jr.: as they're called, mr. president, at increased lost reserves reserves reduce the ability of these institution institutions to lend any money whether for mortgages, commercial loans, even to higher higher-quality

Robert P. Casey, Jr.

9:03:54 to 9:04:09( Edit History Discussion )

Robert P. Casey, Jr.: borrowers. worse, the uncertainty about what the future may bring and what the subprime mortgage-back mortgage-backed security ies may be worth are force ing these banks to horde their capital against

Robert P. Casey, Jr.

9:04:09 to 9:04:26( Edit History Discussion )

Robert P. Casey, Jr.: potential future disasters. as a result, as an economist from capital economics in london said, rather ominously, he said, "borrowing costs for even the most creditworthy of firms harasses started to

Robert P. Casey, Jr.

9:04:26 to 9:04:44( Edit History Discussion )

Robert P. Casey, Jr.: rise." as we know, mr. president, homeowners who can still get mortgages have seen these rates rates rise. banks are tightening their standards for both credit cards and commercial real estate loans loans. and

Robert P. Casey, Jr.

9:04:44 to 9:05:02( Edit History Discussion )

Robert P. Casey, Jr.: home equity loans are being pulled as home prices decline, force ing families to find alternative means of financing their children's education, home repairs, and other activity ies. let me point out,

Robert P. Casey, Jr.

9:05:02 to 9:05:22( Edit History Discussion )

Robert P. Casey, Jr.: if you saw this morning's newspapers, the state of pennsylvania -- and i see my good friend, bob casey from pennsylvania -- pointing out the difficulty that could occur this year with the state of

Robert P. Casey, Jr.

9:05:22 to 9:05:37( Edit History Discussion )

Robert P. Casey, Jr.: -- withstudent loans. the state of michigan reported a very similar situation. while we're talking about a housing crisis here, we're already getting stories that student loans may not be as available

Robert P. Casey, Jr.

9:05:37 to 9:05:54( Edit History Discussion )

Robert P. Casey, Jr.: already for this coming year, the year we're in, as they have been. so this is now going beyond the issue of what happens with someone who gets their property foreclosure ed t now could very well reach

Robert P. Casey, Jr.

9:05:54 to 9:06:12( Edit History Discussion )

Robert P. Casey, Jr.: into the critical issue of student loans, which are absolutely essential for middle-income, working families so their children have the opportunity for higher education education. that's how serious this problem

Robert P. Casey, Jr.

9:06:12 to 9:06:29( Edit History Discussion )

Robert P. Casey, Jr.: is. businesses, university ies, and public entities are finding it harder and harder and harder and far more expensive to roll over their existing credit or get credit at all. for example, we've saw

Robert P. Casey, Jr.

9:06:29 to 9:06:46( Edit History Discussion )

Robert P. Casey, Jr.: -- we saw recently a major wall street houses for morgan stanley and goldman sachs, citigroup and merrill lynch have refused to commit captain capital to the market that would allow investors to sell

Robert P. Casey, Jr.

9:06:46 to 9:07:13( Edit History Discussion )

Robert P. Casey, Jr.: their debt each year by an auction that sets interest rates rates. as a result, many auctions are failing, saddle ing high-quality entities with absurdly high interest rates. two weeks ago, for instance,

Robert P. Casey, Jr.

9:07:13 to 9:07:33( Edit History Discussion )

Robert P. Casey, Jr.: the port authority of new york and new jersey was force ed to pay 20% interest -- 20% interest -- on its debt because their auction failed. student loan programs -- i mentioned a moment ago in michigan

Ken Salazar

9:07:33 to 9:07:49( Edit History Discussion )

Ken Salazar: and pennsylvania -- have also shut down. since last august we've seen this negative feedback loop continue. it's downward spiral despite rate ed rate cuts and other action actions actions taken

Ken Salazar

9:07:33 to 9:24:47( Edit History Discussion )
Speech By: Ken Salazar

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