Video archive of the US Congress

Senate Proceeding on Apr 29th, 2009 :: 2:01:10 to 2:08:40
Total video length: 10 hours 21 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

2:01:10 to 2:01:31( Edit History Discussion )

Johnny Isakson: what we do say is whatever that number is it's got to be within a deficit-neutral way. got to be paid for. mr. isakson: is it not true that the amendment the senate unanimously adopted that set forth a deficit-neutral account of $4 pore 2 billion for -- of

Johnny Isakson

2:01:10 to 2:08:40( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

2:01:32 to 2:01:52( Edit History Discussion )

Johnny Isakson: $34.2 billion was for a housing repo? mr. conrad: the senator is correct. mr. isakson: i want to remarks not to the senate. i want to commend the senate and the chairman for adopting the report. i want to address my remarks to the president of the united states, to dr. summers, to dr. christine romer, the head of the council of ecomic advisors

Johnny Isakson

2:01:53 to 2:02:13( Edit History Discussion )

Johnny Isakson: to the president, to secretary geithner and to my friend rahm emanuel. i want to make the senate did which has been deleteed from this budget resolution. i want to start it looking back 15 months ago. 15 months ago when we came in, in january of last year we were beginning to see foreclosures, beginning to see the market decline.

Johnny Isakson

2:02:14 to 2:02:35( Edit History Discussion )

Johnny Isakson: i introduced at that time, along with other members of the senate, a housing tax credit for the purpose of foreclosed and vacant houses. the finance committee rejected that amendment in the senate, saying it cost too much. 90 days later the sene passed

Johnny Isakson

2:02:36 to 2:02:57( Edit History Discussion )

Johnny Isakson: a $150 billion economic stimulus bush that gave every american $300 or up to $1,200 per family to stimulate the economy. the economy spiraled down. in july of last year, we had dealt with a housing built that created hope for homeowners and f.h.a. program expansions. i tried

Johnny Isakson

2:02:58 to 2:03:20( Edit History Discussion )

Johnny Isakson: house expansion, and to the credit of the house and senate the k-frpbees ended up creating a -- the conferees ended up creating something that didn't work pw-fs worth a -- but was

Johnny Isakson

2:03:21 to 2:03:43( Edit History Discussion )

Johnny Isakson: worth a try. the tax credit of $15,000 is a substantial incentive. it is tied directly to exactly what happened in this country in 1975, when america offered a $2,000 tax credit for anyone to buy one of the three years' worth of standing vacant inventory that was on the market in the united states. we passed it at that time and

Johnny Isakson

2:03:44 to 2:04:05( Edit History Discussion )

Johnny Isakson: exited that recession months, restimulating the housing market which led us into that particular recession. well, it's housing that led us into this recession and it's housing that's causing precisely what the chair just referred to. and that is the deflation that is going of america. one in five homes today is under water, meaning they owe more on

Johnny Isakson

2:04:06 to 2:04:27( Edit History Discussion )

Johnny Isakson: their home than it's worth. the equity lines of credit have been wiped out. families' basic, major asset and their net worth has been wiped out. and the hou to be a collection of short sales and for the current tax credit we have which is now $8,000 to a family as long as their income doesn't exceed $150,000 and as long as

Johnny Isakson

2:04:28 to 2:04:48( Edit History Discussion )

Johnny Isakson: it's their first home purchase is a fair effort to start, but our problem is not with first-time home buyers. our problem is with moveup, with transferees, with people who have been making their payments, they're transfer take the transfer because they are afraid they can't sell their house and no buyer incentive to ge

Johnny Isakson

2:04:49 to 2:05:09( Edit History Discussion )

Johnny Isakson: i want to urge the president, dr. summers, secretary geithner, christine romer, d rahm emanuel to consider this: that $15,000 tax credit if it was passed today in america for 12 months would cause a score c.e.o. $34.4 billion. how much is that?

Johnny Isakson

2:05:10 to 2:05:30( Edit History Discussion )

Johnny Isakson: it is 5.4% of the president's set aside of $634 billion for health it is the amount of the budget.

Johnny Isakson

2:05:31 to 2:05:51( Edit History Discussion )

Johnny Isakson: don't you think we can provide an incentive that that's inexpensive to begin to rephthalate values back and put equity in the pockets of the american people and return our economy? experts have estimated -- and i'm not saying i'm an expert. this is an expert has estimated

Johnny Isakson

2:05:52 to 2:06:12( Edit History Discussion )

Johnny Isakson: that if that tax credit had have passed last kwraoerbgs it would have create -- year, it would have well, mr. president, 587,000 jobs is the number of jobs we've been losing a month. we need to find a way to create that kind of number. and more importantly, let me give you the intriguing fact

Johnny Isakson

2:06:13 to 2:06:33( Edit History Discussion )

Johnny Isakson: current home sales in america are at 500,000. an average year in this country in the last decade was 1.# million. if you add that estimated 700,000 that would be by the credit to the existing 500,000, you would return the united states to a balanced housing market. you would begin to appreciate

Johnny Isakson

2:06:34 to 2:06:54( Edit History Discussion )

Johnny Isakson: the value of those houses back toward where they you would restore equity lines of credit for the men and women of the united states of america. you will employ people in the construction industry. and my last point, madam president, is this and it's very important. this housing recession and the difficulties in it now are in the developed lots that are

Johnny Isakson

2:06:55 to 2:07:15( Edit History Discussion )

Johnny Isakson: standing developed and unsold and the a, d, and c loans made by t country to fund those developments. those loans are beginning to come to. they are threatening the integrity of the community banking system and the united states banking system. there is one thing and only one thing only and that is for those lots to begin to be absorbed.

Johnny Isakson

2:07:16 to 2:07:37( Edit History Discussion )

Johnny Isakson: the only way to do that is to get b with an incentive to come back and buy. if the tax credit passed, we don't have that much of a vacant inventory available in the country. it would immediately stimulate the employment of construction workers to go into home building. so my plea is to thank the senate for its wisdom in

Johnny Isakson

2:07:38 to 2:07:59( Edit History Discussion )

Johnny Isakson: adopting the $15,000 credit, express my deep in the conference committee for dropping it and encourage our president and the leadershipf our country to give a second thought to what this credit could do. it see like to me that 1/100th of 1%

Johnny Isakson

2:08:00 to 2:08:20( Edit History Discussion )

Johnny Isakson: in the budget is enough to create home sales, resre equity lines of credit to america's families and most import the great engine that is the american economy. the greatest stimulus in the rld is not a gift of money. it is an incentive to invest and for american families to return their confidence in this great economy that we have in this great country. and so i urge the leadership of

Johnny Isakson

2:08:21 to 2:08:40( Edit History Discussion )

Johnny Isakson: the country to i thank again the chairman of the budget committee and every member of the senate for its unanimous support of it. and i yield back the floor in inseer hope that when thi-- in sincere hope that when this speech goes to the white house, they'll ask the question: is .01% of this budget worth the

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