Metavid

Video archive of the US Congress

Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 0:51:08 to 0:56:08
Total video length: 4 hours 40 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:1,452 Duration: 0:05:00 Discussion

Previous speech: Next speech:

Max Baucus

0:40:47 to 0:51:08( Edit History Discussion )
Speech By: Max Baucus

Max Baucus

0:50:53 to 0:51:08( Edit History Discussion )

Max Baucus: will never happen again. the lesson of the cloud must lead to us build a strong financial framework that will not falter again. and the lesson of the cloud must lead us to seek a brighter future for

Johnny Isakson

0:51:08 to 0:51:18( Edit History Discussion )

Johnny Isakson: every american family who helps to useather the storm. mr. president, i yield the floor. the presiding officer: the senator from georgia. mr. isakson: would the chair notify me when seven minutes have expired?

Johnny Isakson

0:51:08 to 0:56:08( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

0:51:18 to 0:51:29( Edit History Discussion )

Johnny Isakson: the presiding officer: the chair will notify. mr. isakson: madam president, i stand before you today prepared later on this evening to cast what is without question the most important vote and most

Johnny Isakson

0:51:29 to 0:51:42( Edit History Discussion )

Johnny Isakson: challenging vote i've ever been asked to cast in 30 years as an elected official. i'm going to vote in favor of the economic stabilization bill because it does precisely the one thing that we can do to help

Johnny Isakson

0:51:42 to 0:51:54( Edit History Discussion )

Johnny Isakson: unlock the credit markets and help the average working georgian, the average georgia retiree, the average georgia child who is looking to the future to benefit from what right now is a very difficult

Johnny Isakson

0:51:54 to 0:52:05( Edit History Discussion )

Johnny Isakson: situation. i want to commend senator dodd for his leadership and senator gregg for his leadership. they have expended countless dollars in terms of political capital and countless hours to come up with

Johnny Isakson

0:52:05 to 0:52:16( Edit History Discussion )

Johnny Isakson: a solution that works. and there's so many misunderstandings in the public about what this is and what this isn't. just for the few minutes that i have, i want to talk about the core of it, why

Johnny Isakson

0:52:16 to 0:52:30( Edit History Discussion )

Johnny Isakson: it's so important, why it makes sense, and why in the end we as a country will not only benefit, but more likely than not, we will profit from the investment our treasury makes. the core of this

Johnny Isakson

0:52:30 to 0:52:41( Edit History Discussion )

Johnny Isakson: is the $700 billion authorization to buy mortgage-backed securities that are on the books of banks, savings and loans, insurance companies, and other entities in the united states of america. the first misconception

Johnny Isakson

0:52:41 to 0:52:59( Edit History Discussion )

Johnny Isakson: that's out there is the money's going to wall street. wall street's not being bailed out. i think everybody's forgotten that lehman brothers went broke. rrill lynch sold itself for 30 cents on the

Johnny Isakson

0:52:59 to 0:53:20( Edit History Discussion )

Johnny Isakson: dollar. bear stearns sold itself for 10 kr-pbts on the dollar and -- 10 cents on the dollar. those are no bailouts. what this money goes to are those who purchase the securities that were underwritten

Johnny Isakson

0:53:20 to 0:53:33( Edit History Discussion )

Johnny Isakson: by moody's and standards & poors. as the skrerbry comes in -- as the treasury comes in and scare paulson buys these securities, he will make a market in these securities. once he makes the market

Johnny Isakson

0:53:33 to 0:53:45( Edit History Discussion )

Johnny Isakson: there will be other investors to jump in. i don't know what price they will establish, but say it's 50 cents, 60 cents or 70 cents on the dollar, a lot of people don't realize that most of these

Johnny Isakson

0:53:45 to 0:53:57( Edit History Discussion )

Johnny Isakson: securities, though some of them are in trouble, are not in trouble to the extent of 30% or 40%. the worst foreclosure rate in the united states of america is the state of nevada. 19%. if you had a mortgage-backed

Johnny Isakson

0:53:57 to 0:54:12( Edit History Discussion )

Johnny Isakson: security that was 100% mortgages in the state of nevada, then with a 19% foreclosure rate, if those foreclosures sold for nothing at sale, that bond would be worth 81 cents on the dollar at maturity.

Johnny Isakson

0:54:12 to 0:54:24( Edit History Discussion )

Johnny Isakson: if somebody paid 50%, 60% or 70%, they would have an 11%, 21% or 31% margin in that security. the power to hold it to its maturity and the power to buy the security and make a market is what makes

Johnny Isakson

0:54:24 to 0:54:37( Edit History Discussion )

Johnny Isakson: this a genius proposal from a standpoint of getting to the heart of the american problem. and then what it does is it establishes three things. one, it establishes a floor. and i want to go back

Johnny Isakson

0:54:37 to 0:54:47( Edit History Discussion )

Johnny Isakson: to what senator gregg said just a few minutes ago. inaction on the part of the congress this week on this plan will continue a downward spiral that will accelerate, will deepen and will touch every life

Johnny Isakson

0:54:47 to 0:55:01( Edit History Discussion )

Johnny Isakson: of every american citizen and it will touch it and harm it for a long, long period of time. if we're able to pass it and quickly go to the marketplace and establish the market for these securities,

Johnny Isakson

0:55:01 to 0:55:08( Edit History Discussion )

Johnny Isakson: we create a foundation from which over time we can grow out of this. americans' credit will be back again, albeit much tighter than it's been before. and it should be because we should have learned a lesson

Johnny Isakson

0:55:08 to 0:55:21( Edit History Discussion )

Johnny Isakson: from some of the excesses of lending operations before. but credit will return. what will happen, people will continue to have their jobs. what will happen is people who need to sell a house will now

Johnny Isakson

0:55:21 to 0:55:34( Edit History Discussion )

Johnny Isakson: see that people are coming back into the marketplace so they can sell it. all in all, by loosening up what is now a clogged credit system at mainstream banks and savings and loans all over the united

Johnny Isakson

0:55:34 to 0:55:45( Edit History Discussion )

Johnny Isakson: states of america, we will return a sense of normalcy to the american economy. the failure of the congress to do that will establish a continued downward spiral that will be a disaster and disastrous

Johnny Isakson

0:55:45 to 0:55:58( Edit History Discussion )

Johnny Isakson: for the individual, average american -- whatever state they live in. for me, madam president, this is a difficult vote because you never like to find yourself in this situation but tonight is not

Johnny Isakson

0:55:58 to 0:56:08( Edit History Discussion )

Johnny Isakson: a night to say no to the future of the american people. tonight is not a night to say no, we don't have a respondibility to help. tone is not a night to find philosophical way to find out how someone

Barbara Mikulski

0:56:08 to 0:56:26( Edit History Discussion )

Barbara Mikulski: else should do it. it is on the shoulders of the congress of the united states of america. the people affected are our citizens who voted for us and sent us here t is critical we unclog the financial

Barbara Mikulski

0:56:08 to 1:02:55( Edit History Discussion )
Speech By: Barbara Mikulski

Personal tools

MetaVid is a non-profit project of UC Santa Cruz and the Sunlight Foundation. Learn more About MetaVid

The C-SPAN logo and other servicemarks that may be found in video content are the property of their respective trademark holders. None of these trademark holders are affiliated with Metavid