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Senate Proceeding on Jun 3rd, 2009 :: 6:58:05 to 7:32:30
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Jeff Sessions

6:58:02 to 6:58:22( Edit History Discussion )

Jeff Sessions: tomorrow when you're given an opportunity to vote, vote for don't support the base bill. mr. president, i yield the floor. mr. sessions: mr. president? the senator from alabama.

Jeff Sessions

6:58:05 to 7:32:30( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

6:58:23 to 6:58:43( Edit History Discussion )

Jeff Sessions: mr. sessions: mr. president, imen appreciation to senator burr for his hard work on this issue. he's one of the most able members. i think the fundamental premise of the studies that show his bill will reduce smoking more than the bill on the floor, the kennedy bill, i think is something that should give us pause.

Jeff Sessions

6:58:44 to 6:59:04( Edit History Discussion )

Jeff Sessions: and i know they worked very hard on it. he's worked very hard on it. and i hope that my colleagues will avail themselves of his suggestion to read it. maybe they'll read both bigs biles and make a judgment -- both bills and make a judgment on what they think is best for country. mr. president, the unprecedented

Jeff Sessions

6:59:05 to 6:59:27( Edit History Discussion )

Jeff Sessions: budget deficits that we see today are creating fears of a surge in bond interest yields and a fall in the rating. i wt to talk about that, and i talked about it previously but i would just repeat my fundamental assertion that nothing comes from nothing.

Jeff Sessions

6:59:28 to 6:59:48( Edit History Discussion )

Jeff Sessions: nothing ever could, as julie andrews s debts must be paid. and they will be paid. one way or the other, either somebody's going to lose, either you're going to print money and inflate the money or you're going to pay back the interest to whoever will loan

Jeff Sessions

6:59:49 to 7:00:10( Edit History Discussion )

Jeff Sessions: you the money to fund the debt. and we are really moving into a decade of the most unprecedented deficits in the history of our country. nothing has ever been seen like it before. it's irresponsible. we've not discussed it enough. it's breathtaking to people who examine

Jeff Sessions

7:00:11 to 7:00:31( Edit History Discussion )

Jeff Sessions: the estimated deficit for fiscal year 2009 -- the one we're in -- ending september 30, is expected to be $1.84 trillion. that's

Jeff Sessions

7:00:32 to 7:00:53( Edit History Discussion )

Jeff Sessions: that's a lot of money. that number dwarfs billion maximum inflation-adjusted deficit -- same dollar for dollars -- during world war ii. it was only $500 billion in world war so this year the deficit is

Jeff Sessions

7:00:54 to 7:01:14( Edit History Discussion )

Jeff Sessions: projected to 12.9% of the gross domestic product. in one year year will be 12.9% of the gross domestic product of the united states of america. that's a level not seen since world war ii. according to davey walker, former comptroller of the united states -- that's what we call

Jeff Sessions

7:01:15 to 7:01:36( Edit History Discussion )

Jeff Sessions: the government accountability office -- for a number of years on deficits, criticized president bush continues to now to speak out since he's left government. he has states of america is in danger

Jeff Sessions

7:01:37 to 7:01:57( Edit History Discussion )

Jeff Sessions: of losing our triple-a credit rating. he points out that the cost of insuring united states government debt has risen so much that it recently cost more to than debt issued by mcdonald's corporation.

Jeff Sessions

7:01:58 to 7:02:19( Edit History Discussion )

Jeff Sessions: that's his statement. in fact, "the wa noted the rate for u.s. government rows to 100 basis points between march of 2008 and march 2009, nebraska one year.

Jeff Sessions

7:02:20 to 7:02:40( Edit History Discussion )

Jeff Sessions: that means that in this month of march it cost $10,000 to insure $1 million in treasury bonds. i mean, who would think you'd have to g guarantee the payment of united states treasury debts, treasury bonds?

Jeff Sessions

7:02:41 to 7:03:01( Edit History Discussion )

Jeff Sessions: as cost, which it peaked at 100 basis points had fallen to 45 basis points. but that's still more than three times of what it was in march of 2008, just a year ago. not only that, as of may 28 the cost of insuring

Jeff Sessions

7:03:02 to 7:03:22( Edit History Discussion )

Jeff Sessions: debt is higher than france or germany. mr. walker goes on to not the united states has had a triple-a credit rating since 1917. furthermore, he states given the curren national debt and deficit, the u.s. may not deserve the triple-a rating we have today. that's a warning.

Jeff Sessions

7:03:23 to 7:03:43( Edit History Discussion )

Jeff Sessions: i hope i hope weon't see a reduction of our triple-a ring, which has real impact in how much we've got to pay to borrow money. and we're borrowing a but i think this man deserves hearing. this is a serious commentator on

Jeff Sessions

7:03:44 to 7:04:06( Edit History Discussion )

Jeff Sessions: american deficits and debt. so the idea he's proposed, i suggest, is not far tpafpd. in fact, the standard & poor's s&p, a few weeks outlook on the united kingdom's debt, great brita they put it on a negative level.

Jeff Sessions

7:04:07 to 7:04:30( Edit History Discussion )

Jeff Sessions: while the u.k. is keeping its triple-a rating for now, because they borrowed to the extent that we have, whereas the rest of europe -- germany, france and others -- have rejected this wild spending program, mr. -- "the wall street journal" notes

Jeff Sessions

7:04:31 to 7:04:53( Edit History Discussion )

Jeff Sessions: that a negative outlook that sp &p has found is a precursor to a downgrade. they also note that japan's debt in fact has already been downgraded to double-a2 from triple-a.

Jeff Sessions

7:04:54 to 7:05:14( Edit History Discussion )

Jeff Sessions: the question is: are we next? not only is our credit rating in danger, but it's costing more and more to borrow. and this is very important. while it may appear to be a separate problem, i think it's related to us spending more and borrowing too much. the yield on the ten-year treasury bond, which rises with

Jeff Sessions

7:05:15 to 7:05:37( Edit History Discussion )

Jeff Sessions: the increased government debt and expectations of inflation, has surged 54% this year. from 2.4% to 3.7% just this year. it was now it's 3.7%. that's a significant surge.

Jeff Sessions

7:05:38 to 7:05:58( Edit History Discussion )

Jeff Sessions: so let me say it this way and to repeat: we will borrow this year a record amount of money. not only that, over the next ten years we will continue to borrow at unprecedented rates. we're borrowing because we're spending more than we take in.

Jeff Sessions

7:05:59 to 7:06:19( Edit History Discussion )

Jeff Sessions: a lot more than w more on a percentage basis than we ever have before in the history of this republic, and nothing comes from nothing. how do we spend more take in in taxes? how do we do it? we borrow the money. how do we borrow the money? we sell treasury bills. we ask people to take their

Jeff Sessions

7:06:20 to 7:06:41( Edit History Discussion )

Jeff Sessions: money out of their bank account and buy u.s. treasury bil and we've had an unusual situation with interest rates being low because people were so afraid if they bought stock or private bonds that companies may go bankrupt and they were interested in buying government bonds, treasury bonds. presumably the most secure bonds

Jeff Sessions

7:06:42 to 7:07:03( Edit History Discussion )

Jeff Sessions: in the world. and so we've had a bargain we've been taking aantage of. but all of a sudden we've begun to see a surge in these interest rates because people are thinking if i don't get but return on when i buy a treasury bill and inflation next year is 5% and my money is tied up for

Jeff Sessions

7:07:04 to 7:07:25( Edit History Discussion )

Jeff Sessions: ten years, i'm losing 2% a year. i'm not gaining money. i'm losing money. and the world looks at it that. the chise and people like in saudi arabia who have excess wealth and bought treasury bills. they're looking at this too, and they're demanding higher interest rates. that's why it's going up.

Jeff Sessions

7:07:26 to 7:07:47( Edit History Discussion )

Jeff Sessions: that means each year we'll pay a larger percentage of the tax money we take in to pay interest on the debt than we would have had that not been the case. so i'm told that this rapid rise in treasury rates is the talk of

Jeff Sessions

7:07:48 to 7:08:09( Edit History Discussion )

Jeff Sessions: wall street and how is it happening? net debt sales -- that is the net sales the borrowing the government has done, increased from $332

Jeff Sessions

7:08:10 to 7:08:31( Edit History Discussion )

Jeff Sessions: billion billion this year. now, that's a lot. that's almost five you put too much of a product on the market, things happen. people start demanding better returns. two weeks ago barron's reported

Jeff Sessions

7:08:32 to 7:08:52( Edit History Discussion )

Jeff Sessions: as big news that the u.s. department of treasury bond yields could top 4% this year. it seems, since it's already at 3.7%, we may get there sooner than barron's even anticipated. so how does all this stack up with what the

Jeff Sessions

7:08:53 to 7:09:16( Edit History Discussion )

Jeff Sessions: estimated when he submitted his budget early this year? his budget estimated an average yield on treasury bonds at 2.8% for the entire year. and we're already at barron's says we're going to hit 4%, and we're ahead of barron's schedule already.

Jeff Sessions

7:09:17 to 7:09:38( Edit History Discussion )

Jeff Sessions: the increasing and hopefully won't surge out of reason. some are worried about that, but it does look like it may well reach that 4% or more this year. that's bad news for american taxpayers.

Jeff Sessions

7:09:39 to 7:09:59( Edit History Discussion )

Jeff Sessions: so, we're just like the credit cardholder. when interest rates go up, it costs us more. when the interest rates on treasury bills go up, we pay more to get people to loan us money so we can spend it. and i guess it' have only ourselves to blame. now even if you took the

Jeff Sessions

7:10:00 to 7:10:23( Edit History Discussion )

Jeff Sessions: president's assumptions, interest on the debt is supposed to be $170 billion this year. so this nation will pay on the debt we already have accumulated $170 billion in interest this year. that's a lot of money. we spend $ billion on the federalighway program.

Jeff Sessions

7:10:24 to 7:10:44( Edit History Discussion )

Jeff Sessions: we spend $100 o education in america. and we're already spending and will spend this year $170 billion on interest on debt we've run up before. that equals $1,435 per household.

Jeff Sessions

7:10:45 to 7:11:06( Edit History Discussion )

Jeff Sessions: that's a lot of money. $1,435. by 2019, according to the -- according to the congressional budget office, our own budget office, a valuation of the president's budget is going to be nebraska ten years from now, the interest -- going

Jeff Sessions

7:11:07 to 7:11:27( Edit History Discussion )

Jeff Sessions: to be in ten years from now, the interest on the debt will be $800 billion. and that would be $3,433 per household, more than twice the current debt interest payment that each household in america is to incur. why?

Jeff Sessions

7:11:28 to 7:11:48( Edit History Discussion )

Jeff Sessions: because we're spending too much. we're spending money we don't have. we spent stimulus package. we're spending $700 billion on a wall street bailout. our increase in spending for the underlyingederal budget this

Jeff Sessions

7:11:49 to 7:12:09( Edit History Discussion )

Jeff Sessions: year, the non-defense, the discretionary spending, was a 9% increase. that's huge, many times the rate of inflation, a 9% baseline increase. most of you know that if you increase spending or have an interest rate of 7%, your money

Jeff Sessions

7:12:10 to 7:12:32( Edit History Discussion )

Jeff Sessions: will do you believe in ten years -- your money will double in ten years. at 9% in less than ten years the amount of our spending would double, entire government spending in eight or would be double. that's why we are running up debt. but it's going to continue.

Jeff Sessions

7:12:33 to 7:12:55( Edit History Discussion )

Jeff Sessions: you've heard it said, the president said i'm worried about this. we're going to have to talk about this in the future. have you heard that? yes, this is a big problem. we're going to have to do something about it in the future. well, the future's becoming now. the budget that he submitted to us didn't do anything about it

Jeff Sessions

7:12:56 to 7:13:18( Edit History Discussion )

Jeff Sessions: in the future. let me be this year the president projected would be $1.74 trillion, that's already been proven to be low. they're now estimating $1.84 trillion in one year.

Jeff Sessions

7:13:19 to 7:13:40( Edit History Discussion )

Jeff Sessions: they project it dropping down to maybe $500 billion in three or four years, assuming the economy is going well. but over the ten years, the tenth year of his budget deficit, annual deficit in the tenth year is over $1 trillion. and over the ten years, the

Jeff Sessions

7:13:41 to 7:14:03( Edit History Discussion )

Jeff Sessions: average deficits over the president's own submitted budget would be almost $1 year. and the highest deficit prior to this we've ever had was $455 last year. so this is twice, really twice the highest deficit we've ever had.

Jeff Sessions

7:14:04 to 7:14:25( Edit History Discussion )

Jeff Sessions: so, the president has said correctly that these unsustainable. he recognizes that. he also said, according to bloomberg, at a town hall meeting in new mexico on may 14 that current deficit spending is unsustainable. he warned of skyrocketing intere rates for consumers if

Jeff Sessions

7:14:26 to 7:14:47( Edit History Discussion )

Jeff Sessions: the united states continues to finance government by borrowing from other countries. so i agree with him on that, but it's time to something. china, who remains the biggest foreign holder of u.s. debt and treasuries, and the prime

Jeff Sessions

7:14:48 to 7:15:09( Edit History Discussion )

Jeff Sessions: minister statedn march that china is worried about its investments. not only that, but yields are currently rising despite an fed, the federal reserve, to directly purase treasury bonds.

Jeff Sessions

7:15:10 to 7:15:31( Edit History Discussion )

Jeff Sessions: so the united states federal reserve, our banking gurus have decided they will take the money and purchase u.s. treasury bonds to keep the interest rates from going up so fast because there's not enough people out there to buy them all, i would suggest. and this holds the interest rates down

Jeff Sessions

7:15:32 to 7:15:54( Edit History Discussion )

Jeff Sessions: the fed has not done anything like this since the 1960's. it's very unusual. and even then it was a much smaller operation. they announced a $300 billion purchase plan in march. and have made $100 billion in purchases so far. if those purchases are not

Jeff Sessions

7:15:55 to 7:16:16( Edit History Discussion )

Jeff Sessions: carefully managed, they could there's no doubt about it. and not only that, but the fed could get stuck with sizable losses if the yields on those treasury bills continue to according to baron's if rates

Jeff Sessions

7:16:17 to 7:16:37( Edit History Discussion )

Jeff Sessions: rise 1%, it could lead to a $140 billion loss in that -- to the fed in that deal of purchasing these bonds. $140 billion, the federal highway spending in america is $40 billion. this is a huge sum of money. that is

Jeff Sessions

7:16:38 to 7:16:58( Edit History Discussion )

Jeff Sessions: change. let's look at the debt that is driving our interest rate highe as the detailed budget released in may, the president raised the deficit from $1.75 to $1.84 trillion. so i would ask do we rember at that same time

Jeff Sessions

7:16:59 to 7:17:20( Edit History Discussion )

Jeff Sessions: president released his budget he also released a plan that was going to show that he was committed to frugality and that it would save $17 do you rember that? some had to laugh at it.

Jeff Sessions

7:17:21 to 7:17:45( Edit History Discussion )

Jeff Sessions: it was amazing that we announced this frugality package to save $17 billion. but it really wasn't clearly understood, in my v insignificant that was. because at the same way nounsing saving

Jeff Sessions

7:17:47 to 7:18:07( Edit History Discussion )

Jeff Sessions: the re -- reaccounting of the projected debt -- projected deficit of for this fiscal year jumped $90 billion. so it dwarfed the $17 billion in spending cuts that were announced at that time. so whereas we have a $17 billion

Jeff Sessions

7:18:08 to 7:18:29( Edit History Discussion )

Jeff Sessions: efficiency project, which remains to be seenhether it will be successful, the total deficit expectation jumped $90 billion. the president's budget proposes to take us to a debt level of 82% of g.d.p. by 2019.

Jeff Sessions

7:18:30 to 7:18:50( Edit History Discussion )

Jeff Sessions: so in 2019 the amount of deficit, or debt, in the country at that point would amount to product in that's a level not seen since 1946 at height of world war ii. the difference between now and then, of course, is that that

Jeff Sessions

7:18:51 to 7:19:15( Edit History Discussion )

Jeff Sessions: was during a and it was widely known that those expenditures were temporary and when the war was over, they would end. and, in fact, they did. however, today the president is projecting deficits averaging nearly $1 trillion as far as the eye can see with no projections

Jeff Sessions

7:19:19 to 7:19:40( Edit History Discussion )

Jeff Sessions: to show them drop or be r it's been popular to complain that, well, president bush had deficits, and he did. and i criticized him. and i think he could have done a better job. he -- his highest deficit wa was $455 bil

Jeff Sessions

7:19:41 to 7:20:01( Edit History Discussion )

Jeff Sessions: this year's deficit will b be $1,800,000,000,000, on average $900 billion over the next 10 years. not one year in the next 10 years, according to the president's own budget, will his deficit be as low as the highest deficit president bush had, $455 billn.

Jeff Sessions

7:20:02 to 7:20:22( Edit History Discussion )

Jeff Sessions: even as a percentage of the total gross domestic product, it's astounding. the highest that president bush averaged was his deficit hi hit 3.2% of g.d.p.

Jeff Sessions

7:20:23 to 7:20:43( Edit History Discussion )

Jeff Sessions: president obama's budget over the next 10 years will average each year 7.3% of g.d.p. twice what president bush's highest deficit is a percentage of entire gross domestic product, which is one way that economists say that you should look at it since the

Jeff Sessions

7:20:44 to 7:21:04( Edit History Discussion )

Jeff Sessions: economy grows and the deficits are a smaller part of the economy. even at that, it's at twice the level that president bush and i'm just not worried -- i'm worried that we're not getting the kind of bang for our buck we hope to get. we've got an $800 billion stimulus package that was

Jeff Sessions

7:21:05 to 7:21:25( Edit History Discussion )

Jeff Sessions: supposed to go out there and build infrastructure jobs now and money that had to be spent in a hurry. the truth is, though, that most of that money is not going to be spent until after 2010. it just takes time to get that money out. i didn't think it would work and

Jeff Sessions

7:21:26 to 7:21:47( Edit History Discussion )

Jeff Sessions: i opposed it then. c.b.o. has estimated that $162 billion the $311 billion now appropriated won't be spent until 2011 or later. not to mention there's no evidence of a government ever taxing and spending its way out of a recession.

Jeff Sessions

7:21:48 to 7:22:10( Edit History Discussion )

Jeff Sessions: that's just not speaking proven to work. christina roma, the chairman of president obama's council on economic advisers wrote about this she wrote a paper entitled "wha ended the great depression in the 1930's?" she concluded that -- quote --

Jeff Sessions

7:22:11 to 7:22:33( Edit History Discussion )

Jeff Sessions: "nearly all of the reserved economy of the u.s. economy prior to 1942 was due to monetary expansion in other words, she gives no credit to the increased spending that occurred. let's take a look at another report with ms. roma's name on it.

Jeff Sessions

7:22:34 to 7:22:57( Edit History Discussion )

Jeff Sessions: economic team put out just this january. she's the head of his team. it's entit the american recovery and reinvestment plan." it estimates that th the $800 billion stimulus package will rate and create 3.6 million new jobs. it includes a

Jeff Sessions

7:22:58 to 7:23:19( Edit History Discussion )

Jeff Sessions: and the chart, if you look at it today and as has been examined by oth shows that the projected unemployment rates without the

Jeff Sessions

7:23:20 to 7:23:40( Edit History Discussion )

Jeff Sessions: stimulus package, that rate -- that rate would hit a certain level. and now that we've had th the $800 billion stimulus package, what does it show? that we're trending on unemployment exactly where they projected the unemployment rate would be if there was no

Jeff Sessions

7:23:41 to 7:24:02( Edit History Discussion )

Jeff Sessions: stimulus package at all. and, indeed, if numbers, how much of it has actually gotten out there. how little of it was stimulative. how little of it was job creating. how much of it was spent on things that shouldn't be spent on. indeed, this senate rejected and failed to adopt my amendment that would have said at least

Jeff Sessions

7:24:03 to 7:24:24( Edit History Discussion )

Jeff Sessions: the employers who hire people with this money ought to run the e-verify system to make sure the people they hire are american -- are here legally in america and entitled to wor that wasn't even a part of it. so unemployment continues to go up. and it's 8.9% in may. and a lot of people think hit 10%.

Jeff Sessions

7:24:25 to 7:24:47( Edit History Discussion )

Jeff Sessions: i hope it doesn't, but i think it's likely to continue above 9%, which is higher than was projected for sure. well, i just say all of this to say that some of the brilliant thinkers in our country that, well, we just had to do

Jeff Sessions

7:24:48 to 7:25:09( Edit History Discussion )

Jeff Sessions: all of this. if sink have this problem and that problem. but the testimony that we had in the budget committee from the congressional budget office, whose numbers have held up pretty well so far -- they're hired basically democratic majority here, but they're nonpartisan.

Jeff Sessions

7:25:10 to 7:25:30( Edit History Discussion )

Jeff Sessions: they do a good job. and they projected only a difference in unemployment if you had a stimulus package. only slightly better than if you didn't have one at all. but, more importantly, they concluded that over 10?o years the stimulus package, if we passed

Jeff Sessions

7:25:31 to 7:25:51( Edit History Discussion )

Jeff Sessions: it, would have a net negative effect on the economy. it should help some in the two or three years when the money's being pumped out, it's got to help some, i assume, but the crowding out of private borrowing, the interest that will have to be paid on the debt over the 10-year period will meanhat the economy will be

Jeff Sessions

7:25:52 to 7:26:12( Edit History Discussion )

Jeff Sessions: less healthy at the end of 10 years than if we hadn't had the bailout package, the stimulus package at which confirms my view that nothing comes from nothing. there's no free lunch. debts have to be repaid. you can't create something out of thin air.

Jeff Sessions

7:26:13 to 7:26:33( Edit History Discussion )

Jeff Sessions: if you sending is today, and -- and you've got resources today to spend tay, and you took them from tomorrow, they're not going to be there tomorrow. somebody is going -- a greater burden to it's our young people than they would have had to carry if we hadn't taken their money and

Jeff Sessions

7:26:34 to 7:26:54( Edit History Discussion )

Jeff Sessions: spent today. so i've just got to say i'm not happy about this. i'm worried about it. i do believe deficits matter. people who say deficits don't matter, and some republicans used to say that. what planet are they from? of c

Jeff Sessions

7:26:55 to 7:27:16( Edit History Discussion )

Jeff Sessions: you can cover them up and the fed can help policy and spending policy may make a difference here or there but in the long run it grinds you down and we've got to serious about it. so i'm hoping as the time goes by that we can work together in a bipartisan way to try to

Jeff Sessions

7:27:17 to 7:27:38( Edit History Discussion )

Jeff Sessions: establish some control over our spending. just today you may have seen -- well, i guess monday, g.m. goes so we've -- we've already had $50 billion in federal

Jeff Sessions

7:27:39 to 7:27:59( Edit History Discussion )

Jeff Sessions: government money going into general motors already prior to bankruptcy. and they're talking about a substantial additional investment. this is what the numbers show. well, first, you know, the white house says we're going to be out of g.m. and get our money back in five goal. right?

Jeff Sessions

7:28:00 to 7:28:21( Edit History Discussion )

Jeff Sessions: we heard that. we're going to get back. bu"the wall street journal" has calculated this and they have said for the federal government to get their money back out of g.m., they'd have to sell their stock and g.m.'s market cap, the total value of their stock, would have to reach

Jeff Sessions

7:28:22 to 7:28:42( Edit History Discussion )

Jeff Sessions: a value of $80 billion. ok. so to get our money back in five years, the value of g.m. stock would have to total $80 billion. let me remind you that at its peak in 2000, the highest g.m.

Jeff Sessions

7:28:43 to 7:29:04( Edit History Discussion )

Jeff Sessions: ever got as a market cap was $56 billion. their current market cap is less it just goes beyond rationality to believe that in five years, or maybe ever, we're going to get our money back out of

Jeff Sessions

7:29:05 to 7:29:26( Edit History Discussion )

Jeff Sessions: and i'm worried about that. i don't think -- that's just one more example of the kin of spending we're doing and the money is being spent in a way that's not controlled. i mean, how does the secretary of treasury decide how much money to give?

Jeff Sessions

7:29:27 to 7:29:49( Edit History Discussion )

Jeff Sessions: and to what corporation? at about suppliers of g.m.? what about automobile dealers who -- who are losing their shirts and going into bankruptcy bankruptcy? nobody bails them out. so somewhere along the way it's been decided that we this. it should have been done,

Jeff Sessions

7:29:50 to 7:30:12( Edit History Discussion )

Jeff Sessions: according to the established constitutionally approved reorganization policies of bankruptcy, that's where it should have been done. and the united states government could have put some money into g.m. in an effective way, i think, and had a positive benefit. but just to pour the money we

Jeff Sessions

7:30:13 to 7:30:34( Edit History Discussion )

Jeff Sessions: have not good. want to repeat one more time my concern about the lawful way the unprecedented -- the unprecedented way in which money is allocated. the money comes from the tarp, the wall street bailout. we were told when that bill came

Jeff Sessions

7:30:35 to 7:30:57( Edit History Discussion )

Jeff Sessions: before us -- and i opposed it because i thought the language was too broad; i didn't know it was this broad. but we were told that if we passed the tarp bill that secretary paulson and the treasury department would buy toxic assets, specifically asked at a house committee

Jeff Sessions

7:30:58 to 7:31:20( Edit History Discussion )

Jeff Sessions: meeting, would he buy stock in banks. he said no. but his goal was to get the money flowing again in the financial markets, and we had to do something abo the financial markets, and senators were eventually convinced and it was rammed through here in the very shortest period of time, in a panic really. a week had n

Jeff Sessions

7:31:21 to 7:31:43( Edit History Discussion )

Jeff Sessions: had decided to buy stock and not buy toxic assets, not to buy toxic mortgages. and now as time has gone birks that same money is being used to buy stock in what was once a private corporation. so i don't -- i think this is unbelievable. there's no hearings on where the money is going.

Jeff Sessions

7:31:44 to 7:32:05( Edit History Discussion )

Jeff Sessions: there's no pubc ability to understand what kind of justification these banks, gm, or chrysler had to put forward to justify receiving billions of dollars from the taxpayers. it's all done basically in secret, as far as i can understand. they're telling the company, th've got to do this and that,

Jeff Sessions

7:32:06 to 7:32:26( Edit History Discussion )

Jeff Sessions: and firing the c.e.o. and all of those kind of things that have been occurring. i don't think the american people a the american people are very concerned. i believe they're rightly concerned because we're doing some things that have never been dmon the history of our republic. it's not healthy. i hope we can somehow get our

Jeff Sessions

7:32:27 to 7:32:30( Edit History Discussion )

Jeff Sessions: footing again, get our balance, and return to the tried and true

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