Video archive of the US Congress

Senate Proceeding 05-05-09 on May 5th, 2009 :: 1:56:10 to 1:58:14
Total video length: 5 hours 20 minutes Stream Tools: Stream Overview | Edit Time

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Christopher S. Bond

1:56:06 to 1:56:12( Edit History Discussion )

Christopher S. Bond: it would prohibit the government from converting these loans

Jim DeMint

1:56:10 to 1:58:14( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

1:56:13 to 1:56:33( Edit History Discussion )

Jim DeMint: which are sometimes referred to as preferred stock now. it is not voting. wo converting this could common stock. to ownership. to being quit. to -- to equity in the banks. it shouldn't surprise anyone, we were told this wouldn't happen in the first place.

Jim DeMint

1:56:34 to 1:56:55( Edit History Discussion )

Jim DeMint: we were told the money was going to buy the toxic assets. this amendment would at least put up a firewall that says you can't go any further, fox. you can't take over private enterprise in america. now a lot of my colleagues are going to give a lot of excuses why they can't vote for this but

Jim DeMint

1:56:56 to 1:57:17( Edit History Discussion )

Jim DeMint: i hop this and rembering that it w not this government that made this country great. that made using exceptional and prosperous and it put us on the top of the world in a lot of ways, the envy of the world. it was not this government. it was a elemented government. tit was free markets and free

Jim DeMint

1:57:18 to 1:57:41( Edit History Discussion )

Jim DeMint: people and thi has pushed and pushed and intervened in the private market to the point working and we wonder why people aren't investing, why the markets are erratic because no one knows what the federal government will do when it starts playing in the stock in this country; once it starts arbitrarily converting loans

Jim DeMint

1:57:42 to 1:58:02( Edit History Discussion )

Jim DeMint: that were for a crisis, to own our banks. to own our private companies. and they took the tarp money and made loans to general motors. what are they going to do with that? they're going to convert it to common stock so this federal government owns general motors. that's not america.

Jim DeMint

1:58:03 to 1:58:14( Edit History Discussion )

Jim DeMint: that's not free markets. that's not free enterprise. that's not what we signed up for and we shouldn't allow this amendment, pretty government, you can't go any further.

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