Video archive of the US Congress

Senate Proceeding 05-19-10 on May 19th, 2010 :: 2:45:35 to 2:48:35
Total video length: 5 hours 12 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

2:45:25 to 2:45:45( Edit History Discussion )

Johnny Isakson: majority whip, and i voted with the distinguished majority whip last week on the interchange fees on debate cards. i thought it w a good amendment. i thought it was the right thing to do. but i take issue. don't generically accuse those of us in this body of stonewalling a bill or more or less being interested in looking out for wall street or anybody

Johnny Isakson

2:45:35 to 2:48:35( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

2:45:46 to 2:46:06( Edit History Discussion )

Johnny Isakson: else. i think a little history lesson is due for all of us. first of all, what brought us into this recession was the subprime market, which the distinguished gentleman mentioned, and the housing market. and it happened because members of this body and members of the body down the way 13 years ago began the direction of fannie

Johnny Isakson

2:46:07 to 2:46:28( Edit History Discussion )

Johnny Isakson: mae and freddie mac to include in their portfolios a portion of which were called affordable housing loans which were the words for what became subprime loans. freddie mac and fannie mae created the market that allowed wall street to go find capital and collect that capital, put a high premium on the capital,

Johnny Isakson

2:46:29 to 2:46:50( Edit History Discussion )

Johnny Isakson: high-interest rates, maybe two basis over going rate, but make it available to credit risk lenders. what happened is those loans became so popular and because you had a government sponsored entity, they proliferated. those securities were sold around the world. when they collapsed, it was a

Johnny Isakson

2:46:51 to 2:47:11( Edit History Discussion )

Johnny Isakson: terrible collapse. but the root of this problem is freddie mac and fannie mae and the direction of the united states congress as to what they should do in their portfolio in terms of securities they own. i'm not pointing fingers at a party. i'm saying the congress of the united states. and to think that with that being true -- and i don't think anybody can dispute it -- we have a financial reform bill in

Johnny Isakson

2:47:12 to 2:47:32( Edit History Discussion )

Johnny Isakson: front of us that exempts freddie mac and fannie mae from reform. that doesn't make any sense at all. and if you listen to the argument in the debate as to why they weren't there, it's because twa too hard. list -- it was too hard. these are hard times. americans are having hard times. it's time that we did the hard things, and it's time we not try to politically label this as

Johnny Isakson

2:47:33 to 2:47:53( Edit History Discussion )

Johnny Isakson: friends of wall street or friends of main street. we're all americans. it's our economy. it's not just part of the economy. and i take issue with labeling that takes place sometimes in this body. let's talk about the facts that are there. one way or another, and let's let the facts determine whate do. i didn't vote for cloture because i don't think it is right to leave freddie mac and

Johnny Isakson

2:47:54 to 2:48:14( Edit History Discussion )

Johnny Isakson: fannie mae outside the equation and incorporate every other business on main street and on wall street to the extent that we have. and i think it's right for us to take some of the blame in the congress of the united states. a lot of this wouldn't happen had we not directed the government-sponsored entities that we had influence with and the implied full faith and

Johnny Isakson

2:48:15 to 2:48:35( Edit History Discussion )

Johnny Isakson: credit of the united states taxpayers would be the consumes that would create the liquidity for subprime loan. my only statement to the distinguished majority whip is this: i understand facts. the facts are that freddie mac and fannie mae started this. they're exempt frothis piece of legislation. i for one take issue that you cannot reform and address the concerns that happen if you

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