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Senate Proceeding on May 18th, 2010 :: 1:45:35 to 1:48:25
Total video length: 2 hours 39 minutes Stream Tools: Stream Overview | Edit Time

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Judd Gregg

1:45:22 to 1:45:42( Edit History Discussion )

Judd Gregg: would say respectfully to our friend from new hampshire this amendment oug i yield the floor. the presiding officer: the senator from new hampshire is recognized. mr. gregg: i admire the senator from connecticut and i appreciate what he has done in the area of financial -- his efforts to stabilize the financial industry of this country. at the core of what he

Judd Gregg

1:45:35 to 1:48:25( Edit History Discussion )
Speech By: Judd Gregg

Judd Gregg

1:45:43 to 1:46:03( Edit History Discussion )

Judd Gregg: of course, is to say no more bailouts. that is essentially what this bill is about, no more bailouts. the taxpayers of this country will not step up and bail out large financial institutions which have taken actions which put them at risk financially, and the only people who should burden that -- bear that burden are the stockholders and the unsecured bondholders of those institutions.

Judd Gregg

1:46:04 to 1:46:24( Edit History Discussion )

Judd Gregg: and what this bill does is also say no bailouts, no baiuts for states which are in default or about to default on their debt, and are doing it not as a result of some external event forcing them into dire straits but because they simply spent their way into a fiscal situation

Judd Gregg

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

Judd Gregg: where they can't pay their own debts. and why should the people of connecticut, people of new hampshire have to bail out the people of california? let's be honest about this. this is about california. the people of california because their government has been totally irresponsible in spending for a large number of

Judd Gregg

1:46:47 to 1:47:07( Edit History Discussion )

Judd Gregg: years, has created a massive obligation, especially in their pension programs, their public pension programs which t can't afford to pay. and why did they run up those obligations? sews office in california could get elected. promise this, promise t promise this, promise that. and the people in new hampshire are supposed to pay, to help

Judd Gregg

1:47:08 to 1:47:28( Edit History Discussion )

Judd Gregg: those folks get elected on those promises which they could never fulfill and which they had an obligation, which they created obligations to pay for? i don't think so. i don't think that's fair, right? if the people of new hampshire, the people of connecticut, the people of new mex fiscally responsible in the managing of their towns and their cities and their states and their counties, why should

Judd Gregg

1:47:29 to 1:47:51( Edit History Discussion )

Judd Gregg: they suddenly have to pay for california which hasn't? clearly the if we're going to have a no bailout bill, it ought to apply to california as well as to large financial institutions that have acted inappropriately and unwisely. and that's all this says. it doesn't say you're not going to be able to get your usual federal assistance that comes with the usual course of action.

Judd Gregg

1:47:52 to 1:48:12( Edit History Discussion )

Judd Gregg: that's a bit of hyperbole. i appreciate the senator from connecticut's intensity and energy, but that is hyperbole. this is about not having federal funds be available to state that are in default or about to go into default on their debt as a result of the actions of the state leadership as elected by the people of that state and not ask the people in the rest of

Judd Gregg

1:48:13 to 1:48:25( Edit History Discussion )

Judd Gregg: the country to have to pay the costs of that -- of those inappropriate actions and those actions which were fiscally irresponsible. and it seems like a proposal which is totally consist tent with the basic purpose of this bill, which is to end bailouts.

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