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Senate Proceeding on May 18th, 2010 :: 1:29:25 to 1:35:15
Total video length: 2 hours 39 minutes Stream Tools: Stream Overview | Edit Time

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Christopher S. Bond

1:29:22 to 1:29:42( Edit History Discussion )

Christopher S. Bond: this year. this mountain of debt is going on the backs of our children and grandchildren. we'll have to pay the interest on it, but they are the ones that are going to be -- going to bear the real burden. taxpayers are already bailing out wall street with failed banks, $700 billion, g.m. and chrysler, $80 billion.

Christopher S. Bond

1:29:25 to 1:35:15( Edit History Discussion )
Speech By: Christopher S. Bond

Christopher S. Bond

1:29:43 to 1:30:07( Edit History Discussion )

Christopher S. Bond: the toxic twins, fannie mae and freddie mac, more than $1.2 trillion. we have tried unsuccessfully to deal with fannie and freddie in this financial regulation bill, and when you look at the cause of the financial crisis that's hit, it's the subprime market, the bad home loans that were enabled by fannie and freddie

Christopher S. Bond

1:30:08 to 1:30:30( Edit History Discussion )

Christopher S. Bond: being willing to purchase them. in my should not pass a financial regulation bill designed to prevent a reoccurrence of this crisis which we've just gone through without dealing with fannie and freddie. when you look at the budget deficit, taxpayers are on the hook for $1 trillion in a failed stimulus package which only

Christopher S. Bond

1:30:31 to 1:30:52( Edit History Discussion )

Christopher S. Bond: created jobs and the government. it was a government expansion, not a measure to create jobs in the private sector. the president and majority's in congress have recently created a new packs pair fund -- taxpayer funded entitlement for health insurance.

Christopher S. Bond

1:30:53 to 1:31:14( Edit History Discussion )

Christopher S. Bond: many of us pointed out that it would add to the debt, it would drive up the cost of private health insurance, it would limit the ability of seniors on medicare to get their services by cutting the amount of money going into medicare and it would lead to higher taxes.

Christopher S. Bond

1:31:15 to 1:31:37( Edit History Discussion )

Christopher S. Bond: a funny thing, the new actuary in -- in the c.m.s. has just come four things. the he going to drive up private insurance costs, you're not going to be able to keep the same plan you had. it will continue to continue to squeeze down the services that medicare recipients received and

Christopher S. Bond

1:31:38 to 1:31:59( Edit History Discussion )

Christopher S. Bond: it will add to the deficit and, th, the debt. but how much mor deb and how many more unfunded liabilities can we take on before destroying the economy? what's happening in greece, regrettably, could happen here. i strongly support the gregg amendment which will ensure that taxpayer funds are not used to bailout states. we talked about too big to fail

Christopher S. Bond

1:32:00 to 1:32:20( Edit History Discussion )

Christopher S. Bond: in terms of financial institutions. we taught to be talking about it in terms of government. we said we passed a -- adopted an amendment saying we shouldn't use taxpayer money to bailout greece. we shouldn't be using -- we shouldn't be in the position where we would be called upon to bailout states which have been

Christopher S. Bond

1:32:21 to 1:32:41( Edit History Discussion )

Christopher S. Bond: unable to get their spending under control and got their spending in line with their revenues. i know a little bit about tight state budgets. when i was governor of missouri, we had to make tough decisions. i came back into office as governor in 1981 with a huge deficit in the middle of the

Christopher S. Bond

1:32:42 to 1:33:03( Edit History Discussion )

Christopher S. Bond: year and we couldn't spend money -- we couldn't borrow money to cover that deficit. so we made major, drastic cuts in spending. and it was not pleasant. i was pitted by people who -- picketed by people who had to be laid off from the state government. but we readjusted and managed to

Christopher S. Bond

1:33:04 to 1:33:24( Edit History Discussion )

Christopher S. Bond: provide services that the state needed and put the state back on a sound financial footing. and states all across the country are taking tough steps. there are areas where they have agreed to go without services to get their budget in balance. they -- most states don't have the ability to run deficits.

Christopher S. Bond

1:33:25 to 1:33:46( Edit History Discussion )

Christopher S. Bond: those that do have the ability to should not be operating on the false assumption that the federal taxpayers and our children and grandchildren will come back in and be asked to take the irresponsible and unacceptable task of -- of

Christopher S. Bond

1:33:47 to 1:34:07( Edit History Discussion )

Christopher S. Bond: putting a burden on residents of the states who have made the tough decisions and cut spending to pay for the mounting other states who have spent their way into the red for years. in fact, a bailout of states would create a disincentive -- an ongoing disincentive for state leaders to make tough decisions an implement necessary

Christopher S. Bond

1:34:08 to 1:34:28( Edit History Discussion )

Christopher S. Bond: reforms to get their budgets in balance an future liabilities under control. the missourians i hear from are very angry. they angry every day on spend -- at spending money on things that are too big to fail. they're angry that their hard-earned dollars are helping companies like a.i.g. and

Christopher S. Bond

1:34:29 to 1:34:50( Edit History Discussion )

Christopher S. Bond: potentially to help a country like greece who failed instead of paying down our debt and cutting the runaway spending. this bailout i thought that was one message that we were going to carry with this legislati. i hope this legislation actually does. although i'm concerned that there are provisions that could enable the government -- the

Christopher S. Bond

1:34:51 to 1:35:12( Edit History Discussion )

Christopher S. Bond: federal government to continue bailing out and taking over m businesses. the federal government must not continue to be an enabler of those companies or those countries or states who continue to spend beyond their means. it's time for the leadership at the state as well as at the national level to make the decisions necessary to put all of us on a sound financial footing.

Christopher S. Bond

1:35:13 to 1:35:15( Edit History Discussion )

Christopher S. Bond: i thank senator gregg for his strong leadership on budget

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