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Senate Proceeding on Jul 15th, 2010 :: 3:14:10 to 3:20:45
Total video length: 9 hours 2 minutes Stream Tools: Stream Overview | Edit Time

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Judd Gregg

3:13:59 to 3:14:19( Edit History Discussion )

Judd Gregg: mr. gregg: madam president? the presiding officer: the senator from new hampshire. mr. gregg: let me begin by first thanking the senator from connecticut and congratulating him. he's been pretty effective here in this last year in the senate, gotten a lot of stuff done and lot of stuff through. and i haven't agreed with it

Judd Gregg

3:14:10 to 3:20:45( Edit History Discussion )
Speech By: Judd Gregg

Judd Gregg

3:14:20 to 3:14:40( Edit History Discussion )

Judd Gregg: all, by the way. but most of all always fair and balanced, owls with a good sense of humor, always listening to those he may not agree with entirely and allow us to participate at the table in discussion and at the very beginning of the process in a very substanve way. i thank him for his courtesy. i thank him for the way he runs

Judd Gregg

3:14:41 to 3:15:01( Edit History Discussion )

Judd Gregg: the committee and the way he ran the "help" committee when you succeeded to that -- when he succeeded to that leadership in the unfortunate passing of senator kennedy. i have reservations about this bill. they are more than reservations.

Judd Gregg

3:15:02 to 3:15:23( Edit History Discussion )

Judd Gregg: i feel the bill doesn't start out where we need to go. when we started out in this effort our purpose was, in my opinion, two fold. first, we wanted to make sure we did everything we could to build into the system of regulatory atmosphere and the marketplace, the breaks and the ability to avoid another systemic meltdown of the type that we had in late

Judd Gregg

3:15:24 to 3:15:46( Edit History Discussion )

Judd Gregg: 2008, which was a traumatic event. nobody should underestimate how significant the events of late 2008 were. if action had not been taken under the tarp proposal and under the leadership of president bush, secretary paulson and then president obama, secretary geithner, this countr would have gone into a

Judd Gregg

3:15:47 to 3:16:08( Edit History Discussion )

Judd Gregg: much more severe economic situation. probably a depression. secretary paulson once estimated that the unemployment rate would have gone to 25%. the simple fact is banking system would have probably imploded -- most likely imploded and certainly main street america would have been put in dire straits.

Judd Gregg

3:16:09 to 3:16:29( Edit History Discussion )

Judd Gregg: but action was taken. it was difficult action.?? we're still hearing the ramifications of it, but it was the right action and it has led to a stablization of the financial industry. but we never want to have to see that happen again. we never want to go thr type of trauma again as a nation where our entire financial community is teetering. so the purpose of this bill

Judd Gregg

3:16:30 to 3:16:51( Edit History Discussion )

Judd Gregg: should be to put in place a series of initiatives which will hopefully mute that type of a potential for another event of systemic meltdow the second purpose of this bill, and it's an equally important purpose is that we not do something that harms one of our few meek strengths and -- unique strengths and characters as a

Judd Gregg

3:16:52 to 3:17:13( Edit History Discussion )

Judd Gregg: nation, where if you're an entrepreneur and have an idea and willing to take a risk and create jobs, you can get credit an capital reasonably easily compared to the rest of the world. and that has been the -- the engine of the economic prosperity of ouration, the availablity of credit a capital reasonably priced and

Judd Gregg

3:17:14 to 3:17:35( Edit History Discussion )

Judd Gregg: reasonably available to entrepreneurs in our nation. those should have been our two goals. if you match this bill to those goals, does it meet the test of meeting those goals? unfortunately i don't think it does. there are some very positive things in the bill. the resolution authori is a good product in this bill and it

Judd Gregg

3:17:36 to 3:17:56( Edit History Discussion )

Judd Gregg: will, in my opinion, i know there's a lot of discussion of this, but i believe it will pretty much bring an end to the concept of too big to fail. if an institution gets overleveraged to a point where it's no longer sustainable and it's a systemic ris institution, it is going to

Judd Gregg

3:17:57 to 3:18:18( Edit History Discussion )

Judd Gregg: collapsed, the stockholders will be wiped out, the unsecured bondholders will be wiped out and the institution will be resolved under this bill. and that's positive. because we do not want to send to the markets a signal that the american taxpayer's going to stand behind institutions which are simply large.

Judd Gregg

3:18:19 to 3:18:41( Edit History Discussion )

Judd Gregg: that perverts capital in the markets, it perverts flow o economic activity in the markets when people think that there is that sort of guarantee standing behind certain institutions in the government. i think that progress was made on this resolution. unfortunately, the number -- the other areas to do something really constructive was not accomplished.

Judd Gregg

3:18:42 to 3:19:03( Edit History Discussion )

Judd Gregg: in fact, in my opinion, there will be results from this bill which will cause us to see a negative effect from this bill. the most negative effect that i thin lie in two areas. first, is in the area of formation of credit. it's very obvious that under this bill there is going to be a very significant contraction and credit in this country as we

Judd Gregg

3:19:04 to 3:19:24( Edit History Discussion )

Judd Gregg: head into the next yr, two years, maybe even three years. now we're in a tough fiscal time right now. we're -- it's very difficult still on main street america to get credit. the economy is sw. we should not be passing a bill which is going to significantly dampen down credit, but it will. this bill will and it will for

Judd Gregg

3:19:25 to 3:19:46( Edit History Discussion )

Judd Gregg: three reasons. first, the derivates languag in this bill is not well thoughtout. it just isn't. and -- most people don't understand what derivatives are. let's describe them as the grease that gets credit growing in this country. it's basically insurance products that allow people to do business and make sure that they can insure over the risks that they have in business.

Judd Gregg

3:19:47 to 3:20:09( Edit History Discussion )

Judd Gregg: and this bill creates a new regime for how we handle derivatives in this country. the regime it creates rather than making derivatives more transparent and sounder, which is what our goal should have been, which could have been done very easily by giving -- making sure that most derivatives were on over the -- over-the-counter exchanges and went through

Judd Gregg

3:20:10 to 3:20:31( Edit History Discussion )

Judd Gregg: clearing houses, i mean, and had adequate margin between them, adequate liquidity bind them and reported immediately to the regulatory agencies to what they were doing. didn't involve a lot of complication, just involved the changing of the rules of the road. instead of doing that, we changed the entire process. in changing the entire process, we are basically going to

Judd Gregg

3:20:32 to 3:20:46( Edit History Discussion )

Judd Gregg: contract significantly the availablity of these products to basically fund and to be the engine or the -- the grease or the -- the lubricant for the ability of a lot of american business to do business.

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