Video archive of the US Congress

Senate Proceeding on Jul 15th, 2009 :: 6:20:15 to 6:27:55
Total video length: 10 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

6:20:11 to 6:20:32( Edit History Discussion )

Johnny Isakson: quorum call: the presiding officer: senator from consent the call of the quorum be dispensed. .the presiding officer: without objection, so ordered. mr. isakson: and i to address ten minutes in morning. the presiding officer: without objection, so ordered. mr. isakson: almost seven

Johnny Isakson

6:20:15 to 6:27:55( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

6:20:33 to 6:20:53( Edit History Discussion )

Johnny Isakson: months ago s began an adventure attempting to convince this body and the body across the hall to create a financial study ando a forensic audit of what happened to our financial markets in 2007, 2008, and 2009. all of us recognize we've been through a catastrophic financial

Johnny Isakson

6:20:54 to 6:21:15( Edit History Discussion )

Johnny Isakson: collapse with many components contributing to the graty we have gone through. and it's not over yet. i come to the floor today first of all to commend lea and leader mcconnell, leader bo pelosi and others who had the authority under the legislation for announcing their appointments today of their commissioners. i want to particularly commend

Johnny Isakson

6:21:16 to 6:21:37( Edit History Discussion )

Johnny Isakson: the majority on the appointment of miss born to the commission. was her outspoken words prior to the collapse that should have warned us better or we should have paid more attention to of the overleveraging of the economy and the underwriting of risk. but nonetheless the collapse happened, the recession is here and unemployment in my sta

Johnny Isakson

6:21:38 to 6:21:59( Edit History Discussion )

Johnny Isakson: today topped 10% it will top 10% for the entire country within the days ahead. it is critically important we find out what went wrong, what the contributing and recommend back to the congress of the united states those actions we need to take to ensure this never happens for my children and my gch if i

Johnny Isakson

6:22:00 to 6:22:20( Edit History Discussion )

Johnny Isakson: have one last legacy to lebanese, it's to say was on my watch in the senate we found out what the problem was, we corrected our past errors and we gave more security toheir investments and future in the days to come. >> now, opinions as to wha

Johnny Isakson

6:22:21 to 6:22:42( Edit History Discussion )

Johnny Isakson: but i know i'm not smart enough to have all the answers. i know others think they know what has gone wrong and we already have from the white house as well as from the floor of this senate some who are making recommendations over creating czars or authorities or things to address the financial collapse. it would be a mistake beyond words for us to do that now in

Johnny Isakson

6:22:43 to 6:23:03( Edit History Discussion )

Johnny Isakson: the absence of all the facts. this commission has the authority, the money, and the power to get to the bottom of the problem. we gave them a $5 million budget, an 18 month type tame and subpoena powers as evidenced by those named today just from the appointments of the leadership in the house and the

Johnny Isakson

6:23:04 to 6:23:24( Edit History Discussion )

Johnny Isakson: senate, we have some of the best financial minds in country -- not elected officials, not members of government, some former servan -- some of the best minds in the business to begin the process of studying the collapse that began in 2007, continued through 2008 and in a protracted way continues today. it is important that we get all the facts.

Johnny Isakson

6:23:25 to 6:23:46( Edit History Discussion )

Johnny Isakson: as i've said many times when i've talked about this subject, ther around. members of the house in 1999, like myself, who voted overwhelmingly for the repeal of glass-steagall, that very well could be one of the things the commission finds was are we had too much of a deregulation in financial services. we ought to know that ought to know what contribution

Johnny Isakson

6:23:47 to 6:24:08( Edit History Discussion )

Johnny Isakson: it may have had. i is grave suspicions over the role in which standards and the rating agencies played. as is looked i wonder why should the age that rates the security be paid by the creator of the security? it ought to be paid by the person buying the security if they're looking for assurety. why weren't credit default swaps regulated?

Johnny Isakson

6:24:09 to 6:24:29( Edit History Discussion )

Johnny Isakson: why did they fall outside the purview of the government? and what about rule 114 that is hurting so bad in community banking because of the devastation of market to market on real estate. congratulations on the change of rule 157 which lessened the pressure on mortgage-backed

Johnny Isakson

6:24:30 to 6:24:52( Edit History Discussion )

Johnny Isakson: secu helped the bigger institutions but a lot of things could have gone wrong and some did and we ed all of them on the table, in the business looking at them and we need a bipartisan, unfettered comprehensive recommendation on what we need to do to ensure to the best of our ability that it never, ever, happens again.

Johnny Isakson

6:24:53 to 6:25:13( Edit History Discussion )

Johnny Isakson: i urge the president, and i urge our leadership to be cautious in moving ahead regulatorily without first getting the facts together. we're in an environment where everybody knows what the rules are as they exist and in the few months ahead long before this commission reports a lot of difficults are going to be made

Johnny Isakson

6:25:14 to 6:25:35( Edit History Discussion )

Johnny Isakson: that will be dependent on the environment the investment community knows they are operating in today. we have some bumps ahead of us. the commercial mortgage-backed securities are the next shoe to drop in this economic compromise we have been through. and although those mortgage-backed securities are not in trouble as much because of their underwriting as they

Johnny Isakson

6:25:36 to 6:25:56( Edit History Discussion )

Johnny Isakson: are the effects of the poor underwriting of the residential mortgage-backed securities that caused the collapse of the markets and the value of those securities. that comes ahead of us. we have another wave of adjustments in terms of residential mortgages. that's not over. and we have the pending very bad problem of the number of mortgages in this country in

Johnny Isakson

6:25:57 to 6:26:17( Edit History Discussion )

Johnny Isakson: foreclosure are now more performing good loans than subprime originated meaning the unemployment rate and the proceed tracted decline in the economy is contributing to people who were paying and were performing falling behind on payments in their house and now because values have declined recognizing they're better off to lebanese than to try and sell

Johnny Isakson

6:26:18 to 6:26:38( Edit History Discussion )

Johnny Isakson: the house because they can't get anything out of it. we must put an end to this decline. and we can best do it by having all the facts ins at our dispose -- facts necessary at our disposal to know what we need to do as quickly as possible to prohibit it from ever happening again. i spent 33 years of my life in the private sector.

Johnny Isakson

6:26:39 to 6:27:00( Edit History Discussion )

Johnny Isakson: all of it in the real estate business. i know lots of people in that business around the country and i know how much the families represent, the customers they've had and the families themselves have suffered in the months past and the pending suffering yet to come. this is the most important thing this senate and this congress can do, do a forensic audit and diagnosis and let the chips fall

Johnny Isakson

6:27:01 to 6:27:22( Edit History Discussion )

Johnny Isakson: where they may and make the corrections necessary so it never happens again. so i am happy to come to the floor today and commend our leadership for their expeditious appointment of highly qualified and tall ended people. i hope all of us in this body will pay close attention to what they say and what they do. and not rush to judgment thinki we know the answer.

Johnny Isakson

6:27:23 to 6:27:43( Edit History Discussion )

Johnny Isakson: when all of us really know this commission is essential in finding out what really did happen and what we really do need to do. mr. president, i yield back i suggest the absence of a quorum. the presiding officer: the clerk will call the roll.

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