Video archive of the US Congress

Senate Proceeding 05-05-09 on May 5th, 2009 :: 1:46:55 to 1:53:24
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Christopher S. Bond

1:46:38 to 1:46:56( Edit History Discussion )

Christopher S. Bond: the presiding officer: is there without objection, so ordered. the clerk will report. south colina, mr. deminute, proposes an amendment numbered 1016, to mr. demint: i ask unanimous consent further reading be dispensed. the presiding officer: without objection, so ordered. democrat democrat thank you, mr. president. i would like to take a few

Jim DeMint

1:46:55 to 1:53:24( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

1:46:57 to 1:47:17( Edit History Discussion )

Jim DeMint: moments to explain this amendment and i appreciate the chairman allowing me to offer this. it relates to what we call tarp funds or troubles asset that we passed last year. if i can just take my colleagues through a little bit of history

Jim DeMint

1:47:18 to 1:47:38( Edit History Discussion )

Jim DeMint: on how this happened, at the end of last year, the president and secretary of the treasury came to us cris not only in the united states, but the world; that whole financial system was on the verge of collapse.

Jim DeMint

1:47:39 to 1:48:00( Edit History Discussion )

Jim DeMint: and if we didn't pass this $700 billion troubled asset recovery program that it was very likely we would have financial chaos and even depression in the united states and around the world. it was pretty stunning presentation

Jim DeMint

1:48:01 to 1:48:22( Edit History Discussion )

Jim DeMint: it was -- it curiously lacked a the lot of facts. there we no power point slides or statistic or graphs. it w know this is going we need to pass this immediately. and what they were going to do with the funds and substitute paulson was very specific, they

Jim DeMint

1:48:23 to 1:48:43( Edit History Discussion )

Jim DeMint: were going to take this money and buy troubled assets in financial organizations that were "too big to fail." that if they failed it would the world. so we were being told unless we passed this money and that they used it immediately -- and they

Jim DeMint

1:48:44 to 1:49:06( Edit History Discussion )

Jim DeMint: were talking within 24 or 48 hours -- to buy the financial system in this country that so many depended on, would collapse. at this point, after hearing a number of stories, we started this thing, this time last year, mailing out checks, mortgage bailouts, all kinds of spending programs.

Jim DeMint

1:49:07 to 1:49:27( Edit History Discussion )

Jim DeMint: none of it worked. none of it had been done exactly like they said it would. i didn't trust the whole process. this was i voted again it but many of my colleagues voted to pass this troubled asset funds to toxic assets, troubled assets,

Jim DeMint

1:49:28 to 1:49:48( Edit History Discussion )

Jim DeMint: in this country and around the world. it passed and the president signed it and not one of these troubled as sets has been purchased. not one. funny thing happened: the world financial system didn't collapse. the people who told us it would eith

Jim DeMint

1:49:49 to 1:50:11( Edit History Discussion )

Jim DeMint: they weren't telling us the truth. what they did with the money is decided, well, we will just loan some money to the banks. and some of the b or they would fail. they were too big to fail and had to have the money but what our government did is went to a whole lot of other banks that

Jim DeMint

1:50:12 to 1:50:32( Edit History Discussion )

Jim DeMint: were doing okay and said, you have to take this, too. if you don't will be harder for these other banks to take it. we need to spad around. so they didn't buy the toxic assets. they went and loond it to banks -- loaned it to banks and

Jim DeMint

1:50:33 to 1:50:55( Edit History Discussion )

Jim DeMint: put a lot of pressure on other batches to take it and as soon as they did we got involved with their business. regulators on the banks' back and some of the give it back. guess what? we won't let them until we pass, if they pass some kind of test.

Jim DeMint

1:50:56 to 1:51:17( Edit History Discussion )

Jim DeMint: so the government has moved in closer and closer. it kind of reminds me of a children's story, a gingerbread man, one of my favorite stories growing up. you rember an older couple didn't have any children. the husband was out working in the garden. the wife was in making some gingerbread and had a little

Jim DeMint

1:51:18 to 1:51:39( Edit History Discussion )

Jim DeMint: left over and made a gingerbread man and put him in the pan. and an hour or so heard some rattling in the often, jumped around, she couldn't catch him. he ran out the house and the husband tried to catch him. all they heard from the gingerbread man is "run, run as

Jim DeMint

1:51:40 to 1:52:00( Edit History Discussion )

Jim DeMint: fast as you can, you can't catch me, i'm the ginner bread man." long story, he ran t whole community and the town people started mores and mules and everyone was chasing the gingerbread man who said "run, run, a fast as you can, you can't catch me i'm the gingerbread man."

Jim DeMint

1:52:01 to 1:52:22( Edit History Discussion )

Jim DeMint: but he came to a wide river and not accustomed to swimming he probably the river and he was stuck with all the town running behind him. but then appeared a f offered to give him a ride across the river. the gingerbread man was real suspicious, and knew that fox

Jim DeMint

1:52:23 to 1:52:43( Edit History Discussion )

Jim DeMint: would eat him but the fox said, don't worry you can sit away from my mouth, at my not to worry. as the fox got further out in the river, the fox sank deeper and deeper in the water and the

Jim DeMint

1:52:44 to 1:53:06( Edit History Discussion )

Jim DeMint: gingerbread man jumped closer to the next. further, the fox went deeper and the gingerbread man juched right up open his head -- jumpdight up on his head and when he was close to the other side he sank the head down and the gingerbread man jumped right up on the nose and as soon as he

Jim DeMint

1:53:07 to 1:53:24( Edit History Discussion )

Jim DeMint: did -- slap the was in the howght and gone. he is like our freedom system in america: fast, di dynamic, country exceptional and prosperous. the banking system, the same way, some of the greatest people in communities running banks.

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