Video archive of the US Congress

Senate Proceeding on Jul 22nd, 2010 :: 8:36:25 to 8:39:05
Total video length: 13 hours 35 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

8:36:21 to 8:36:42( Edit History Discussion )

Bob Corker: businesses in this country, and most of what we're doing in washington right now, in my view, is detrimental to economic growth and job creation. mr. corker: would the senator yield? mr. thune: certainly. mr. corker: i was listening -- thank you, mr. president. i was listening to you, and the fact is that this carries in many ways a greater risk.

Bob Corker

8:36:25 to 8:39:05( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

8:36:43 to 8:37:04( Edit History Discussion )

Bob Corker: i would call this son of tarp. this is -- this carries a greater risk in many ways to taxpayers than the original tarp program because the terms under which this money is being given to banks is at a lesser rate, so that means the money that's paid back, there is less margin, if you will, to cover losses, but then in addition to that, banks

Bob Corker

8:37:05 to 8:37:26( Edit History Discussion )

Bob Corker: can continue to lower the cost of that capital by putting money out again, we like to see small business credit expand, but we like to do it -- see it done in a market and healthy way, and i hope that senator dodd will have hearings on this. my guess is that he will over the course of the next several months. but in many ways, it's more

Bob Corker

8:37:27 to 8:37:47( Edit History Discussion )

Bob Corker: risky because the rates are lower the more money that you put out. it's going to be a reverse incentive for banks to put money out quickly. in many ways, it could be -- it could be a higher credit risk. so i would say that this is far riskier than the first program, and, again, it's something that i know there are good intentions.

Bob Corker

8:37:48 to 8:38:08( Edit History Discussion )

Bob Corker: all of us want to see small business survive. all of us know that 80% of the new jobs in our country are created through small business. and i know that you and i have done as much as weould while we have been here to try to get government off small business' back. what i would say to small business across our country -- and i don't think many support thi

Bob Corker

8:38:09 to 8:38:29( Edit History Discussion )

Bob Corker: be careful what you ask for. i mean, once -- once government gets involved in our financial system in this way, putting money out and then directing where it goes, we know how the camel nose under the tent works here in government. we understand what it means for the federal government to get

Bob Corker

8:38:30 to 8:38:50( Edit History Discussion )

Bob Corker: more and more and more involved in our community banks. my guess at the end of the day, some of the institutions -- i know i had one in particular when i was in tennessee come up and say that he wanted me to look at this because he wanted to use tarp funds that they had not been able to pay back yet. so i don't think this is a good step, and i don't think there

Bob Corker

8:38:51 to 8:39:06( Edit History Discussion )

Bob Corker: are many people who support it. i know that this probably has some political mileage here in this body because it does address an issue that we care about, smallusiness, but it's a really bad idea directed at something that we all support, and that is small business

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