Video archive of the US Congress

Senate Proceeding 05-05-09 on May 5th, 2009 :: 1:53:30 to 1:56:04
Total video length: 5 hours 20 minutes Stream Tools: Stream Overview | Edit Time

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Christopher S. Bond

1:53:25 to 1:53:30( Edit History Discussion )

Christopher S. Bond: but with this tarp program, what we did is low-income a fox, invited our -- is like a fox,

Jim DeMint

1:53:30 to 1:56:04( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

1:53:31 to 1:53:52( Edit History Discussion )

Jim DeMint: invited our whole financial system to jump open the back of the federal government and what they told us they would do they didn't do and each time the government took another step, a different step, gingerbread man and the fox and the gingerbread man jumped closer and closer to the mouth and what our whole free mark system is doing sitting on the

Jim DeMint

1:53:53 to 1:54:14( Edit History Discussion )

Jim DeMint: nose of the fox, the federal government, which keeps taking us deeper and deeper into this river. now the federal government didn't buy up toxic it kind of pushed loans out into the market and said they had to do that. and now we see where they are.

Jim DeMint

1:54:15 to 1:54:35( Edit History Discussion )

Jim DeMint: this doesn't look good on the books of banks for it to be a loan so we're going to change the balance sheep from a loan to -- sheet from a asset and turn the loans into common stock, equity, which will make the federal government owners in the banks. voting owners.

Jim DeMint

1:54:36 to 1:54:58( Edit History Discussion )

Jim DeMint: folks, there's kind of a sacred law in this country we had not crossed, a separation between what the government does and what the private sector does and this government does not own private companies. but just like t been led into this thing with misinformation.

Jim DeMint

1:54:59 to 1:55:20( Edit History Discussion )

Jim DeMint: i hope that's all it is and not outright deception. but we're here at the point where the government is now telling us that they're going to own a lot of the banks. they won't let them give it back. they will convert it to ownership so all the private companies out there are going to be owned, in part, by the federal government. and what we're heari

Jim DeMint

1:55:21 to 1:55:42( Edit History Discussion )

Jim DeMint: investors, chairman bernanke sad it at lunch, they are trying to get people to financial institutions but what they find is a strange thing: the private investors don't want to get in bed with the federal government. because they don't know what we're going to do. and they have every reason not to know what we're going to do because we have yet to do what

Jim DeMint

1:55:43 to 1:56:05( Edit History Discussion )

Jim DeMint: we said we would do with the $700 billion which will ultimately be over $1 trillion that we are playing in the private stock market with. as we pass this bill that's supposed to protect homeowners i'm introducing an amendment, an amendment that would force this government to a or keep it from going further than it already has in the private sector.

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