Video archive of the US Congress

Senate Proceeding 06-09-09 on Jun 9th, 2009 :: 4:20:05 to 4:28:10
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Johnny Isakson

4:20:02 to 4:20:22( Edit History Discussion )

Johnny Isakson: friend than mike and, madam president, i would yield the floor. a senator: madam president? th senator from georgia? a senator: ask unanimous consent to address the chamber as if in morning business for up to 10 minutes. the presiding officer: without objection. a senator: and equally ask unanimous consent that the

Johnny Isakson

4:20:05 to 4:28:10( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

4:20:23 to 4:20:43( Edit History Discussion )

Johnny Isakson: record divide my remarks with mr. gym wooden with the secondary remarks about housing and the economy. the presiding officer: without objection. mr. isakson: it is an honor for me to pay tribute to a gentleman i went to college with, a gentleman who has reported politics and government in

Johnny Isakson

4:20:44 to 4:21:04( Edit History Discussion )

Johnny Isakson: georgia for the better part the last 35 years, a gentleman o just recently announced his retirement at the end of this month from the associated editorial responsibilities at "the atlanta journal and constitution," mr. jip woot en, -- jim wooten,

Johnny Isakson

4:21:05 to 4:21:25( Edit History Discussion )

Johnny Isakson: in the georgia national guard, former president of the georgia press association, trussee of the georgia press educational fund, made a contribution to our state and to the public lives of all of our people. and so i rise tonight to tribute to him and one of the greatest tributes of all i can

Johnny Isakson

4:21:26 to 4:21:46( Edit History Discussion )

Johnny Isakson: share is what happened at monday at lunch this week. i had a lunch at the board of cox enterprise, it is on t atlanta constitution as well as the palm beach post and other papers. it is a huge privately held company. and at that luncheon unsolicited by me the name of jim wooten

Johnny Isakson

4:21:47 to 4:22:07( Edit History Discussion )

Johnny Isakson: came up and one by one the leaders of cox talked about the contributions that jim has made to their newspapers. as one who was first elected 1976 and has been written about many times by jim wooten, i wanted to add my tribute to his journalistic talent and the contribution he's made.

Johnny Isakson

4:22:08 to 4:22:28( Edit History Discussion )

Johnny Isakson: i'm not sure i know of any other writer that i've read whose report what is going on in politics in our state who has gotten it right more often and, in fact, always than jim wooten. conservative? yes, he's conservative. but he's pragmatic. and when he writes his opinions on the editorial page of the "atlanta constitution," it makes

Johnny Isakson

4:22:29 to 4:22:49( Edit History Discussion )

Johnny Isakson: a difference in the minds and attitude of georgia's people. i say job well done to jim wooten. i hope that his retirement is successful and rewarding in every way that he wish it's to be and i thank him for the contributions he made to the

Johnny Isakson

4:22:50 to 4:23:10( Edit History Discussion )

Johnny Isakson: lives of all want -- georgians and i want to talk about an important issue. i don't come to the floor that often. people will tell you i probably come to the floor too often to talk about the housing industry. i want to talk about it tonight because it is critically important to our country. a year and a half ago i introduced a piece of

Johnny Isakson

4:23:11 to 4:23:31( Edit History Discussion )

Johnny Isakson: legislation in january creating a housing tax credit of $15,000 for any family who buys an occupies their home as a principal residence of the united states. i did so because housing had collapsed. foreclosures were beginning to beco today.

Johnny Isakson

4:23:32 to 4:23:54( Edit History Discussion )

Johnny Isakson: standing inventory pro lif rated, -- proliferated, buildings were going out of business. the c.b.o. tax credit is $32.4 billion, and i was told last january that was too expensive. we cou by my last count, and senator coburn is a better counter than

Johnny Isakson

4:23:55 to 4:24:17( Edit History Discussion )

Johnny Isakson: i am, we spent $5.5 trillion for an economy in a continual downwardlide. fortunately in july of last year, with the help of members on both sides, we did get a tax credit passed, but it was basically an interest-free loan at $75,000 and for first-time family home buyers or had

Johnny Isakson

4:24:18 to 4:24:39( Edit History Discussion )

Johnny Isakson: incomes under $55,000. we took off the limitation in terms of the pay back it a real tax credit and raised it it from $7,500 to $800. it has first-time home buyers used it. we don't have a recession in first-time home buyers, we have a recession in the moveup market.

Johnny Isakson

4:24:40 to 4:25:00( Edit History Discussion )

Johnny Isakson: the man who transferred from missouri to georgia who can't sell the house in missouri can't come to georgia and can't take the transfer. the korpg can't a-- the koption can't a can't afford to take the house and buy it. today in the united states of america one in two sales made in america is a short sale or a foreclosure.

Johnny Isakson

4:25:01 to 4:25:22( Edit History Discussion )

Johnny Isakson: that is an it is continue to precipitate a downward spiral inalues, lost of equity by the american people and a protracted difficult economic time for our country. and so tomorrow joined by a number of members of this senate on both sides, i will reintroduce the $15,000 tax credit that is available to any

Johnny Isakson

4:25:23 to 4:25:43( Edit History Discussion )

Johnny Isakson: family or individual that buys and occupies any home in the united states of america as their principal residence. no means test for first-time home buyer, income limitations. tomorrow also it will be announced in new york that the business roundtable has adopted this tax credit as its one suggestion to the united

Johnny Isakson

4:25:44 to 4:26:04( Edit History Discussion )

Johnny Isakson: states government as what one thing we can do to turn around the american economy. i'm getting to be a pretty old guy i went through the second recession of my career in 1974. gerald ford was president. it was a democratic congress. america had a three-year standing inventory of new houses

Johnny Isakson

4:26:05 to 4:26:27( Edit History Discussion )

Johnny Isakson: built and unsold. the economy went into a tailspin, values started to go down, we were in deep trouble. that republican president and that democratic congress came toge credit for any family that bought and occupied pris pal residence a -- principal residence a new house standing and vacant.

Johnny Isakson

4:26:28 to 4:26:49( Edit History Discussion )

Johnny Isakson: in one year's time a three-year inventory was reduced to one year. values stablized. the economy came back. home sales became healthy and america recovered. that is precisely what will happen this time. i'm not so smart hey figured it out. i'm lucky enough that i lived through it in 1974 and 35 years later we need to do right thing for america and the right thing

Johnny Isakson

4:26:50 to 4:27:12( Edit History Discussion )

Johnny Isakson: for our economy and put in a time sensitive one-year significant tax credit for anyone who buys and occupies their residents, a single family home. an independent group estimated when i introduced this last year that it would create 700,000 house sal in one year.

Johnny Isakson

4:27:13 to 4:27:33( Edit History Discussion )

Johnny Isakson: i think it's ironic that house sales today are at 500,000. a normal to good year in the united states is 1.2 million to 1.5 million sales. if you could get the tax credit in the 700,000 sales it's been estimated it would produce and add to the 500,000 sales we have today, it would return our housing market to normalcy. it will stabilize values of the

Johnny Isakson

4:27:34 to 4:27:54( Edit History Discussion )

Johnny Isakson: largest investment of the people of the united states of america. it will re-create equity lines of credit that have dispated and disappeared in the american family. and it will restore our vibrant economy over time back to the economy we all hope and pray will come. so i ask all the mbers of the senate to reconsider their

Johnny Isakson

4:27:55 to 4:28:11( Edit History Discussion )

Johnny Isakson: positions in the past and consider joining me in the introduction of this legislation tomorrow. we have three democrats and three republicans who have come on board. i'd like to see all 100 of us. because in the end all of our problems will be more easily solved if the problems of the

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