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Senate Proceeding on Sep 24th, 2008 :: 1:25:02 to 1:38:48
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John Cornyn

1:04:55 to 1:25:02( Edit History Discussion )
Speech By: John Cornyn

John Cornyn

1:24:48 to 1:25:02( Edit History Discussion )

John Cornyn: secretary of treasury is unacceptable on a number of bases. but he has my commitment, as do my colleagues. i'll do my best to work with them to try to protect the american taxpayer. mr. brown: mr.

Sherrod Brown

1:25:02 to 1:25:16( Edit History Discussion )

Sherrod Brown: president? the presiding officer: the senator from ohio. mr. brown: thank you, mr. president. i appreciate the opportunity to address the senate today. i second the words of my colleague from texas

Sherrod Brown

1:25:02 to 1:38:48( Edit History Discussion )
Speech By: Sherrod Brown

Sherrod Brown

1:25:16 to 1:25:29( Edit History Discussion )

Sherrod Brown: of the concerns of this economy and question how we got here. and it o'pretty clear to me that eight years of bush economics -- and it's pretty clear to me that eight years of bush economics with

Sherrod Brown

1:25:29 to 1:25:44( Edit History Discussion )

Sherrod Brown: deregulating of wall street, more tax cuts for the rich and trade policy that continues to, whether wall street is pushed through the house and senate, these job-killing trade agreements that costs

Sherrod Brown

1:25:44 to 1:25:54( Edit History Discussion )

Sherrod Brown: literally millions of manufacturing jobs to flee our country combined with a tax policy that gives, that gives incentives for companies to go overseas rather than passing senator obama's, senator durbin's

Sherrod Brown

1:25:54 to 1:26:10( Edit History Discussion )

Sherrod Brown: and my patriot corporation act which gives incentives for those companies that are staying right here in the united states, whether it's in omaha or cleveland, whether it's in houston or columbus.

Sherrod Brown

1:26:10 to 1:26:24( Edit History Discussion )

Sherrod Brown: those companies that play by the rules, rewarding them with tax policy and others that those companies deserve. let me for a moment -- for a moment, mr. president, take the senate around a tour of

Sherrod Brown

1:26:24 to 1:26:37( Edit History Discussion )

Sherrod Brown: my state. there are so many good things happening in ohio. i was with governor strickland for a couple of days on friday and saturday through eastern and southern ohio. just talking -- we were talking

Sherrod Brown

1:26:37 to 1:26:51( Edit History Discussion )

Sherrod Brown: to people we met and talking to each other about all that's happening in our state, all the good things happening in our state, particularly in the area of biomedical research and job creation and especially

Sherrod Brown

1:26:51 to 1:27:06( Edit History Discussion )

Sherrod Brown: in alternative energy. ohio is on the precipice, as many of us have pushed for in my state for many years -- ohio is on the precipice of being the silicon valley of alternative energy and start in toledo,

Sherrod Brown

1:27:06 to 1:27:20( Edit History Discussion )

Sherrod Brown: which has the largest solar manufacturer in the country. some of the research going on at the university of toledo wind turbine, and wind turbines is the farthest-reaching advanced research in

Sherrod Brown

1:27:20 to 1:27:35( Edit History Discussion )

Sherrod Brown: the country. go to akron -- go around the state to akron, when you see what akron is doing with polymers and the kind of spinoff with jobs, replacing lost jobs in the auto industry. go to dayton where

Sherrod Brown

1:27:35 to 1:27:49( Edit History Discussion )

Sherrod Brown: we have the national composite center that is making major contributions with lighter, stronger, more durable materials that can help with more efficient, better-mileage automobiles, not to mention what

Sherrod Brown

1:27:49 to 1:28:04( Edit History Discussion )

Sherrod Brown: they're doing on alternative energy with wind turbine blades. go to cleveland and look at what the case western reserve university in conjunction with the cleveland foundation is doing with plans

Sherrod Brown

1:28:04 to 1:28:13( Edit History Discussion )

Sherrod Brown: to be the first place in the world that there will be a wind turbine farm in fresh water off the coast of cleveland and green lake eerie. supplying much of the electricity needs of northern ohio. go to

Sherrod Brown

1:28:13 to 1:28:27( Edit History Discussion )

Sherrod Brown: columbus and look at the center for automotive research and the work they're doing through ohio state. look at the great university facilities at children's hospital in the university of cincinnati

Sherrod Brown

1:28:27 to 1:28:38( Edit History Discussion )

Sherrod Brown: and what they're doing on biomedical and alternative energy too. and you can see that in my state of ohio, as many jobs as we've lost, this state's coming back. now, we can't do what we need to

Sherrod Brown

1:28:38 to 1:28:50( Edit History Discussion )

Sherrod Brown: do, and the governor was emphatic about that, as i am here in the chamber of the senate. we can't do what we need to do unless we get a little more help from the federal government. not so much

Sherrod Brown

1:28:50 to 1:29:05( Edit History Discussion )

Sherrod Brown: giving us things, but just not stapblgd in our way -- not standing in our way. instead we have, mr. president, for the last several years, we have seen in our state, we've seen -- in our country we've

Sherrod Brown

1:29:05 to 1:29:18( Edit History Discussion )

Sherrod Brown: seen a betrayal of the middle class. the drug companies wrote the medicare law. the insurance industry's written health care legislation in this congress. the oil companies have dictated energy policy.

Sherrod Brown

1:29:18 to 1:29:31( Edit History Discussion )

Sherrod Brown: and wall street has pushed through these job-killing trade agreements. but issuefter after issue the republican majority in the house and senate for most of the last eight years and the bush administration

Sherrod Brown

1:29:31 to 1:29:45( Edit History Discussion )

Sherrod Brown: have betrayed the middle class and betrayed the values that we, as a nation, that we, as state, find so important. all you have to do is look at what happened yesterday with the banking committee

Sherrod Brown

1:29:45 to 1:29:58( Edit History Discussion )

Sherrod Brown: with secretary paulson and chairman bernanke. i have a lot of respect for chairman bernanke. he has moved as quickly as a fed chairman can on dealing with the housing crisis. certainly compared to his

Sherrod Brown

1:29:58 to 1:30:11( Edit History Discussion )

Sherrod Brown: predecessor who helped to set the table for a lot of these problems. i have a lot of respect for him. secretary paulson, the two of them testified before our committee. they had interesting ideas, as senator

Sherrod Brown

1:30:11 to 1:30:24( Edit History Discussion )

Sherrod Brown: cornyn mentioned, i don't buy their solution of give me $700 billion and a blank check and i'll figure out what to do with it. buying these troubled assets without any rules to it is simply dead on

Sherrod Brown

1:30:24 to 1:30:33( Edit History Discussion )

Sherrod Brown: arrival. it -- my belief here -- in my belief here. what my colleagues don't bring up when we have the terrible, terrible problem with wall street now is how we got there it is this betrayal of the middle

Sherrod Brown

1:30:33 to 1:30:45( Edit History Discussion )

Sherrod Brown: class that has been brought to us by the bush administration. the deregulation of wall street. wall street people are always going to be aggressive. they're all going to look for money-making opportunities.

Sherrod Brown

1:30:45 to 1:31:00( Edit History Discussion )

Sherrod Brown: they're all going to play sometimes on the edge and take risks. but until the bush years, we haven't -- there have been rules in place that -- that keep wall street from -- from going over the

Sherrod Brown

1:31:00 to 1:31:17( Edit History Discussion )

Sherrod Brown: line. to keep wall street in check. that still capture the energy and dine mitch of -- dynamism of capitalism and don't allow them go overboard and what they did. that's what brought us here today.

Sherrod Brown

1:31:17 to 1:31:33( Edit History Discussion )

Sherrod Brown: coupled with the tax cut -- so that wall street -- the incredible profits of wall street firms, the incredible bonuses, eight-figure bonus, that means $10 million and up that too many executives have

Sherrod Brown

1:31:33 to 1:31:45( Edit History Discussion )

Sherrod Brown: while inflicting damage in maple heights, garfield heights, in norwood and places all over my state suffering from the foreclosure crisis. and so we got to this place where wall street overreached. where

Sherrod Brown

1:31:45 to 1:32:00( Edit History Discussion )

Sherrod Brown: their greed overcame all other sentiments and we got to this place because of the bush deregulation of wall street, because of the tax cuts, because of this trade policy that has betrayed the middle

Sherrod Brown

1:32:00 to 1:32:13( Edit History Discussion )

Sherrod Brown: class. as far as i'm concerned, three strikes and you're out. the deregulation, the tax cuts and trade policy clearly have put us in a place where my state has lost 200 manufacturing jobs -- 200,000

Sherrod Brown

1:32:13 to 1:32:31( Edit History Discussion )

Sherrod Brown: manufacturing jobs. i see the pain around my state. even though the initial trip around the state that i took my colleagues on, people in my state are hurting in. in the last -- hurting. in the

Sherrod Brown

1:32:31 to 1:32:46( Edit History Discussion )

Sherrod Brown: last year and a half since i have been sworn in in 2007 i've had town hall meetings from ash ta beulah to middle town from gallon police to toledo. i will invite 15 or 20 people from the community

Sherrod Brown

1:32:46 to 1:33:01( Edit History Discussion )

Sherrod Brown: or 15 or 20 farmers or 15 or 20 veterans and talk about their hopes and dreams. i see increasingly, mr. president, fear. i see increasingly, mr. president, anxiety about the future. because they know that

Sherrod Brown

1:33:01 to 1:33:15( Edit History Discussion )

Sherrod Brown: the government has not been on their side. so when i think about this degreg ration -- deregulation, we know that our colleague senator mccain has not been here very much in the last year and a half because

Sherrod Brown

1:33:15 to 1:33:31( Edit History Discussion )

Sherrod Brown: of the presidential campaign. senator mccain has pushed for deregulation. he has in the last few months become a raging populous. sounds like some of the great populous that sat in this senate in the last couple

Sherrod Brown

1:33:31 to 1:33:43( Edit History Discussion )

Sherrod Brown: of years. almost sounds like paul wellstone or sounds like senator laguardia from new york, people who fought for the common man. but this is a sort of new john mccain as he was for the tax cuts, before

Sherrod Brown

1:33:43 to 1:33:59( Edit History Discussion )

Sherrod Brown: them he was for them. he was for deregulation before he was against it. it is hard to say. more importantly senator mccain has been one of the prominent cheerleaders on deregulation that got us into

Sherrod Brown

1:33:59 to 1:34:12( Edit History Discussion )

Sherrod Brown: this position on wall street. now he's saying that the president should fire chairman cocks. he is say -- c -- chairman cox, he said that we have to go after the -- after wall street. more to the point

Sherrod Brown

1:34:12 to 1:34:26( Edit History Discussion )

Sherrod Brown: senator mccain said in the past that he doesn't know much about economics and what he does know he learned from another one of our colleagues, phil gramm. phil gramm was the architect, john mccain's

Sherrod Brown

1:34:26 to 1:34:39( Edit History Discussion )

Sherrod Brown: mentor in the senate, particularly on economic issues, but one of the architects of the deregulation scheme that put us behind the 8-ball, that is so troubling with the direction that we're going

Sherrod Brown

1:34:39 to 1:34:49( Edit History Discussion )

Sherrod Brown: in. i think that if we didn't have the deregulation on wall street, we couldn't be in the position that we're in. and i don't know that senator gramm gets this bill. senator gramm said that americans

Sherrod Brown

1:34:49 to 1:35:02( Edit History Discussion )

Sherrod Brown: are in a mental recession. when people complained about that statement, just look around, all you have to to, they complained about that statement, phil gramm said that the american people should quit

Sherrod Brown

1:35:02 to 1:35:15( Edit History Discussion )

Sherrod Brown: whining. it is easy for him to say as a major bank executive or lobbyist, he is -- you know, has made so much money. as the senator that supported enron and all of its problems, we know that following

Sherrod Brown

1:35:15 to 1:35:31( Edit History Discussion )

Sherrod Brown: his economic advice is not the way the country should go. but i come to the floor today for one more purpose, mr. president, and that is to sort of sound the alarm on what this -- this privatization

Sherrod Brown

1:35:31 to 1:35:45( Edit History Discussion )

Sherrod Brown: deregulation scheme is all about. imagine, mr. president, if we had followed what senator mccain had said in 2005. in 2005 president bush was sworn in for a second term, january 20th, two weeks before

Sherrod Brown

1:35:45 to 1:35:57( Edit History Discussion )

Sherrod Brown: that the house and senate began their session, i was sworn in the house in those days. when we were sworn in soon after our swearing in and the president's swearing in, the president unveiled his major

Sherrod Brown

1:35:57 to 1:36:08( Edit History Discussion )

Sherrod Brown: domestic policy issue and that is to private ice social security, to set up the private accounts. democrats in a unified way opposed them in the congress and the house and senate almost every single

Sherrod Brown

1:36:08 to 1:36:20( Edit History Discussion )

Sherrod Brown: democrat, maybe every single democrat opposed them. and people in the country said no. democrats said no. independents said no. republicans said no, this is a bad idea. could i ask unanimous consent for three

Sherrod Brown

1:36:20 to 1:36:34( Edit History Discussion )

Sherrod Brown: disht minutes? -- three additional minutes? the presiding officer: is there objection? without objection. mr. brown: thank you. i thank my colleague from florida. imagine what would happen if we had gone

Sherrod Brown

1:36:34 to 1:36:48( Edit History Discussion )

Sherrod Brown: along, if the country hadn't said no to this bush-cheney-mccain privatization scheme, that americans would now find that these private accounts weren't quite what they were billed to be. they were risky

Sherrod Brown

1:36:48 to 1:36:59( Edit History Discussion )

Sherrod Brown: as many of us said. because of the promises of let us put our private accounts, our hard-earned social security dollars, let's have wall street manage the private social security accounts. we know what

Sherrod Brown

1:36:59 to 1:37:11( Edit History Discussion )

Sherrod Brown: would have happened with the volatility of the stock market. my last point is senator mccain, recently -- he called himself fundamentally a deregulator. he's sort of the deregulator in chief in the united

Sherrod Brown

1:37:11 to 1:37:25( Edit History Discussion )

Sherrod Brown: states senate. he has come up with something else that -- and he wrote in this month's issue of a magazine, health magazine, that it would be a good idea to deregulate the health market -- quote

Sherrod Brown

1:37:25 to 1:37:36( Edit History Discussion )

Sherrod Brown: -- "as we have done over the last decade in banking." i don't get it how any member of this body when she goes home or she goes home when they talk about deregulation of banking, deregulation of health

Sherrod Brown

1:37:36 to 1:37:49( Edit History Discussion )

Sherrod Brown: care, let's give more power to wall street, let's give more power to the health insurance, deregulation of the health insurance that it would make any sense at all. i think that perhaps more than any

Sherrod Brown

1:37:49 to 1:38:03( Edit History Discussion )

Sherrod Brown: shows the fork in the road that we're at in this country. in this senate and the house, in the election that's we really have a choice. do we want to continue down the path of deregulation, betrayal of

Sherrod Brown

1:38:03 to 1:38:14( Edit History Discussion )

Sherrod Brown: the middle class by a government that has turned this government over to interest groups, medical care -- the drug companies writing the medicare law, the oil companies dictating energy policy, wall

Sherrod Brown

1:38:14 to 1:38:22( Edit History Discussion )

Sherrod Brown: street pushing through the job-killing trade agreements. do we want to go in that direction or go in a different direction that will put the middle class first? i think that the choice is clear. i

Sherrod Brown

1:38:22 to 1:38:36( Edit History Discussion )

Sherrod Brown: think that we will see that in the upcoming weeks. i yield the floor and thank the senator from florida. a senator: mr. president? the presiding officer: the senator from florida. a senator: mr. president,

Sherrod Brown

1:38:36 to 1:38:48( Edit History Discussion )

Sherrod Brown: i have some remarks that i want to make about the pending matter of the financial crisis that we're facing. but before i do, i guess i have to make some -- some comments about some of the things that

Mel Martinez

1:38:48 to 1:39:00( Edit History Discussion )

Mel Martinez: my -- that the distinguished senator from ohio had to say. it was a great stump speech for the presidential race. but i don't think it touched on the very important issues that our country is facing

Mel Martinez

1:38:48 to 1:54:49( Edit History Discussion )
Speech By: Mel Martinez

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