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Senate Proceeding 09-26-08 on Sep 26th, 2008 :: 0:07:02 to 0:20:44
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0:06:45 to 0:07:02( Edit History Discussion )

street that bush, paulson and bernanke propose. from richmond, vermont. dear bernie, my wife and i are both 65 years of age. we both retired this past january. for the past eight years, we have lived under

Jeff Sessions

0:07:02 to 0:07:20( Edit History Discussion )

Jeff Sessions: one of the worst administrations in u.s. history. this administration is now asking congress just a few weeks shy of one of our most important national elections to approve a massive financial bailout without

Jeff Sessions

0:07:02 to 0:20:44( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

0:07:20 to 0:07:42( Edit History Discussion )

Jeff Sessions: strong protections for the american people. as two people who have worked hard all of our lives and who have saved for our retirement, we strongly urge you not to get caught up in this panic attack and

Jeff Sessions

0:07:42 to 0:07:57( Edit History Discussion )

Jeff Sessions: to ensure that you give taxpayers strong protections before appraoufpg henry paulson's bailout. as always, we appreciate your support. newport, vermont, right near the canadian border. dear bernie, thanks

Jeff Sessions

0:07:57 to 0:08:12( Edit History Discussion )

Jeff Sessions: for all you do for vermonters and the nation. i'm sure that you know if this bailout plan is rushed there, it will make it that much more difficult for the next administration to address our already

Jeff Sessions

0:08:12 to 0:08:34( Edit History Discussion )

Jeff Sessions: dire problems, such as education and health care. down in the south, the other end of the state, please vote against any bailout of these investment concerns that have been made risky -- please vote against

Jeff Sessions

0:08:34 to 0:08:55( Edit History Discussion )

Jeff Sessions: any bailout of these investment concerns that have made risky, unwise actions and now expect us to cover their mistakes. the bush administration began with the enron debacle and it now seems that scheme to deprive

Jeff Sessions

0:08:55 to 0:09:09( Edit History Discussion )

Jeff Sessions: hard-working americans of their money is being applied to the country use a whole. congress has already given away sizable authority to the executive branch via the patriot act in the wake of 9/11. it

Jeff Sessions

0:09:09 to 0:09:34( Edit History Discussion )

Jeff Sessions: has no right to give the white house and its secretary of the treasury the power to transfer the people's money to the richest bankers in this country. vote "no" on the bailout legislation. burlington,

Jeff Sessions

0:09:34 to 0:09:50( Edit History Discussion )

Jeff Sessions: vermont, the largest city in the state. we know that you are a leader in this -- and are very appreciative. we are very concerned about the bush administration's proposed bailout legislation. we don't

Jeff Sessions

0:09:50 to 0:10:07( Edit History Discussion )

Jeff Sessions: believe that extremely wealthy investment bankers who engaged in irresponsible, risky behavior deserve to be bailed out. we would like to see you craft or support legislation that provides relief

Jeff Sessions

0:10:07 to 0:10:24( Edit History Discussion )

Jeff Sessions: to homeowners facing foreclosure and middle-class people about to retire, for example. please do not force middle-class folks in general to pay for the efforts of the wealthiest people among us to further

Jeff Sessions

0:10:24 to 0:10:38( Edit History Discussion )

Jeff Sessions: enrich themselves. we hope congress will not rush to pass legislation that it and the american peopleic will regret for a generation. st. albans, vermont. senator sanders, i know you're busy, but i

Jeff Sessions

0:10:38 to 0:10:52( Edit History Discussion )

Jeff Sessions: want to express my opposition to the latest bailout of the mortgage industry. while i don't want to see the economy crash and burn, i also don't want to see the banks and bankers responsible just

Jeff Sessions

0:10:52 to 0:11:10( Edit History Discussion )

Jeff Sessions: be able to wash their hands and walk away while leaving generations of americans paying for their mess. i feel as if we need to purchase these bad debts, we should do so in true venture capitalist fashion

Jeff Sessions

0:11:10 to 0:11:29( Edit History Discussion )

Jeff Sessions: and offer pennies on the dollar. just enough so that the banks don't fail, but not enough for them to show any type of profit. in addition, there should be a proviso denying any officer of even of the banks

Jeff Sessions

0:11:29 to 0:11:45( Edit History Discussion )

Jeff Sessions: that accept this bailout any sort of bonus. mr. president, these are just a hand full of the e-mails that my office has received. and i know that my office is not alone. i don't know how many hundreds

Jeff Sessions

0:11:45 to 0:12:03( Edit History Discussion )

Jeff Sessions: of thousands of these e-mails have come to capitol hill, but they are enormous. and i think what most of them are saying, what the vast majority of them are saying, that after eight years of bush's

Jeff Sessions

0:12:03 to 0:12:17( Edit History Discussion )

Jeff Sessions: economic policies which have benefited the wealthy and the powerful at the expense of the middle class, it would be immoral, it would be absurd to ask the middle class to hav to pay for this bailout.

Jeff Sessions

0:12:17 to 0:12:36( Edit History Discussion )

Jeff Sessions: mr. president, i would hope that members of the congress would be listening to their constituents, would be showing the courage to stand up to the wealthy financial campaign contributors who have

Jeff Sessions

0:12:36 to 0:12:54( Edit History Discussion )

Jeff Sessions: so much influence over what we do here, and to say to the upper 1%, upper 1%, "you are the people who have benefited from bush's policies. you are the people who are going to have to pay for this

Jeff Sessions

0:12:54 to 0:13:10( Edit History Discussion )

Jeff Sessions: bailout. not the middle class." mr. president, with that, i would yield the floor and note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call:

Jeff Sessions

0:13:10 to 0:13:26( Edit History Discussion )

Jeff Sessions: the presiding officer: the senator from georgia. zach i rise to talk about the current state of affairs. the presiding officer: the senator will suspend. the senate is in a quorum call. mr. isakson:

Jeff Sessions

0:13:26 to 0:13:44( Edit History Discussion )

Jeff Sessions: i ask unanimous consent the call of the quorum be vitiated. the presiding officer: without objection, so ordered. mr. isakson: i have listened to so many speeches, today, yesterday, this week,

Jeff Sessions

0:13:44 to 0:13:58( Edit History Discussion )

Jeff Sessions: about our problems, our plight in this country economically. i've listened to a lot of blame and quite frankly there is a lot of blame to go around including on the shoulders of each and every one of

Jeff Sessions

0:13:58 to 0:14:11( Edit History Discussion )

Jeff Sessions: us. but i think the american people are interested not in in the past but in the future. our leaders have appointed designees to hopefully what will be a successful package it is now time to start

Jeff Sessions

0:14:11 to 0:14:28( Edit History Discussion )

Jeff Sessions: talking about what can be rather than what was. and what can be is a return to prosperity and confidence in the united states of america. and i think there are four component parts to that that

Jeff Sessions

0:14:28 to 0:14:40( Edit History Discussion )

Jeff Sessions: must be part of this package and i believe our leadership is working on: first and for most, we have to worry about main street and not wall street. in my state, main street is slapy boulevard in albany;

Jeff Sessions

0:14:40 to 0:14:56( Edit History Discussion )

Jeff Sessions: abercorn highway, in savannah, and peach tree street in downtown atlanta. the people that live on those state whose have life savings and 401(k)'s and i.r.a.'s. the prospects for the future right now

Jeff Sessions

0:14:56 to 0:15:09( Edit History Discussion )

Jeff Sessions: are quite grim without an arrangement or an agreement to deal with the current financial stress that is taking place in our financial institutions, we're going to have some protracted, difficult times.

Jeff Sessions

0:15:09 to 0:15:20( Edit History Discussion )

Jeff Sessions: but if we rise to the occasion, if we, in fact, do the things we need to do in the next 48 hours, we can change the future for the better. and that's our responsibility. it's our job. first of all

Jeff Sessions

0:15:20 to 0:15:33( Edit History Discussion )

Jeff Sessions: in looking after those main streets in hour home states and our hometowns we need to return confidence first of all by having our financial institutions strengthened. what secretary paulson proposed

Jeff Sessions

0:15:33 to 0:15:45( Edit History Discussion )

Jeff Sessions: and what is now being currently debated in terms of a $700 billion authorization to purchase assets that are troubled from financial institutions is an important part of that solution. it also, and

Jeff Sessions

0:15:45 to 0:16:03( Edit History Discussion )

Jeff Sessions: little has been said about this, it is an opportunity for the united states of america to stabilize the physical markets -- the financial markets and overtime to recover the cost of stabilizing them but

Jeff Sessions

0:16:03 to 0:16:17( Edit History Discussion )

Jeff Sessions: actually a return. for example, if the treasury is authorized to purchase mortgage-backed securities that s today are on the books at mark down market value to zero, at 50 cents on the dollar, hold

Jeff Sessions

0:16:17 to 0:16:32( Edit History Discussion )

Jeff Sessions: those to maturity and if the default rates on the mortgages which today is only somewhere between 9% and 12%, hold, the margins could be as high add 25% to 38% in terms of held to maturity. as the market

Jeff Sessions

0:16:32 to 0:16:42( Edit History Discussion )

Jeff Sessions: returns, those securities could, in fact, be sold by the treasury at a margin above the 50% on the dollar that was paid for. it is an opportunity that can work and financially an opportunity that

Jeff Sessions

0:16:42 to 0:17:01( Edit History Discussion )

Jeff Sessions: will make our financial markets much stronger. will it bail out wall street? no. wall street has taken its hits. lehman brothers is broke. a.i.g. is liquidating. the remaining investment bankers

Jeff Sessions

0:17:01 to 0:17:14( Edit History Discussion )

Jeff Sessions: on wall street asked to come under fdic regulation and bear stearns lost 90% of its value. wall street has taken a hit and a significant one. we don't want main strt to take it. in this proposal, there

Jeff Sessions

0:17:14 to 0:17:30( Edit History Discussion )

Jeff Sessions: is the opportunity to solidify the balance sheets of the local savings and loan and the local bank that your customers and citizens on main street deal with every day which right now are under stress.

Jeff Sessions

0:17:30 to 0:17:44( Edit History Discussion )

Jeff Sessions: second, we need to be sure the american people understand we have the oversight over the treasury during the disposition of these funds so we know the funds are being done in an accountable way.

Jeff Sessions

0:17:44 to 0:17:59( Edit History Discussion )

Jeff Sessions: and our leaders are negotiating right new precisely that type of oversight. so the congress knows not on a quarterly basis but on a daily basis, what the treasury is doing and how the program is

Jeff Sessions

0:17:59 to 0:18:17( Edit History Discussion )

Jeff Sessions: working. and third, it has to include and address the fact that a lot of c.e.o.'s and a lot of troubled companies have runaway with large packages of money that has been very offensive to the american

Jeff Sessions

0:18:17 to 0:18:38( Edit History Discussion )

Jeff Sessions: people and, quite frankly, offensive to me, the most recent of which took place last night with washington mutual. it is appropriate, if financial institutions come to the treasury of the united states

Jeff Sessions

0:18:38 to 0:18:56( Edit History Discussion )

Jeff Sessions: and the taxpayers of our country, and ask for assistance in the purchase of these securities in order to stabilize their balance sheet that there be accountability in terms of executive compensation

Jeff Sessions

0:18:56 to 0:19:07( Edit History Discussion )

Jeff Sessions: to those taxpayers that are funding that bill. and then, fourth, we need to start talking about the greatness of this country and the confidence we have that we can return. our difficulties now

Jeff Sessions

0:19:07 to 0:19:27( Edit History Discussion )

Jeff Sessions: are somewhat a crisis of confidence in our country and its financial system. as the elected officials, republicans and democrats alike, in these next 48 hours it is critical for us to understand that

Jeff Sessions

0:19:27 to 0:19:44( Edit History Discussion )

Jeff Sessions: nothing is more important in the financial markets than the confidence of the consumer. the american consumer is the person that resides on main street, and is the person i was elected to represent and

Jeff Sessions

0:19:44 to 0:19:58( Edit History Discussion )

Jeff Sessions: will. and we need to recognize also there's a second phase to this recovery after we finally do get the financial markets substantiallyized and i think the proposal by the secretary has the opportunity to

Jeff Sessions

0:19:58 to 0:20:13( Edit History Discussion )

Jeff Sessions: do that we need to understand three things have to happen: first, this country has to get its arms and our energy crisis and solve it. i've enjoyed working with the presiding officer on programs

Jeff Sessions

0:20:13 to 0:20:29( Edit History Discussion )

Jeff Sessions: like that and when we return in january we should open all of our resources, lessen our dependence and become until from foreign-imported oil and independent on our own resources of energy whether it be

Jeff Sessions

0:20:29 to 0:20:44( Edit History Discussion )

Jeff Sessions: biodiesel, whether it be ethanol, whether it be nuclear, whether it be coal-to-liquid, it all to be them all. we are a great enough with enough natural resources to be independent. second, we have

Daniel Akaka

0:20:44 to 0:20:57( Edit History Discussion )

Daniel Akaka: to get a handle on our debt and this package being negotiated has the opportunity to do that. because part of it should ensure that the proceeds that we receive if return for the assets that we buy

Daniel Akaka

0:20:44 to 0:23:05( Edit History Discussion )
Speech By: Daniel Akaka

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