Senate Proceeding on Sep 26th, 2008 :: 2:29:58 to 2:32:05
Total video length: 4 hours 44 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:59 Duration: 0:02:07 Discussion

Previous speech:

Next speech:

2:27:03 to 2:29:58( Edit History Discussion )
Speech By: Wayne Allard

2:29:41 to 2:29:58( Edit History Discussion )

Wayne Allard: rise to speak about the current economic situation in the bailout bill that will soon be coming to the floor of the u.s. senate. let me start out by saying that i am just as concerned about what is

2:29:58 to 2:30:15( Edit History Discussion )

Thad Cochran: going on in the financial markets and the economy as everyone else. i know there are extreme tensions in the credit markets, and those problems could soon have an impact on businesses and individuals

2:29:58 to 2:32:05( Edit History Discussion )
Speech By: Thad Cochran

2:30:15 to 2:30:30( Edit History Discussion )

Thad Cochran: who had nothing to do with the mortgage mess. however, i do not agree that the bill that we have been discussing and would probably come to the floor of the senate will fix those problems. i also

2:30:30 to 2:30:48( Edit History Discussion )

Thad Cochran: strongly disagree with the senators that have come to the floor and declared that this crisis is a failure of the free markets. no, the root of the crisis is the failure of government. it comes

2:30:48 to 2:31:06( Edit History Discussion )

Thad Cochran: from a failure of regulation and, most importantly, monetary policy. in the long term we certainly need to update our financial regulations to reflect the realities of our modern economic system. but it is

2:31:06 to 2:31:26( Edit History Discussion )

Thad Cochran: just plain wrong to ame failures of our regulation and regulators on the markets. a little history is in order here. our financial regulations are based on structures put in place during the great

2:31:26 to 2:31:43( Edit History Discussion )

Thad Cochran: depression. our laws simply do not reflect the current landscape of the financial markets. once upon a time, banks may have been the only instruments that were a danger to the ente financial system,

2:31:43 to 2:32:05( Edit History Discussion )

Thad Cochran: but it is now clear that other institutions are now so big and connected that we cannot ignore them in the future. also, many of today's common financial instruments did not even exist 20 years ago, much

2:32:05 to 2:32:20( Edit History Discussion )

less when our laws were written. but our regulatory structure is not the only problem. the real fuel on the fire of this crisis has been the monetary policy of the federal reserve. i have been a vocal