Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 1:49:56 to 1:58:24
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1:41:01 to 1:49:56( Edit History Discussion )
Speech By: Tom Coburn

1:49:40 to 1:49:56( Edit History Discussion )

Tom Coburn: the presiding officer: the senator from connecticut isne recognized. mr. dodd: madam president, i want to recognize -- my colleague from north dakota. a senator: madam president? the presiding officer:

1:49:56 to 1:50:10( Edit History Discussion )

Kent Conrad: the senator is recognized for five minutes. mr. conrad: can i ask for an additional five? madam president, first i want to thank chairman dodd for his extraordinary leadership. let me just say to every

1:49:56 to 1:58:24( Edit History Discussion )
Speech By: Kent Conrad

1:50:10 to 1:50:30( Edit History Discussion )

Kent Conrad: member we are fortunate to have chris dodd at this critical position at this important time. he has conducted himself as a superb professional. thank you, chairman dodd, for the leadership you have provided to

1:50:30 to 1:50:45( Edit History Discussion )

Kent Conrad: our country. and to the rest of the negotiating team from the senate, senator gregg, who did such a strong job in those negotiations, senator schumer, senator baucus, senator jack reed, all of whom

1:50:45 to 1:51:02( Edit History Discussion )

Kent Conrad: made significant contributors. certainly our own leader, harry reid, who insisted that we stay at it until the job was done. colleagues and countrymen, this is a defining moment. history is being written.

1:51:02 to 1:51:22( Edit History Discussion )

Kent Conrad: our economy is threatened. we all understand that the heart of this matter is a housing crisis compounded by a fiscal crisis, compounded by an energy crisis, all of them closing in on the country at this

1:51:22 to 1:51:41( Edit History Discussion )

Kent Conrad: moment. home foreclosure rate, the highest level ever. and we have seen the stock market respond down 22% since its peak. with the most recent activity the day before yesterday falling 777 points

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in one day. we all know that. even more important is what is happening in the credit markets. credit enters a lockdown and wheels of congress -- of commerce frees up. but -- freeze up. but in this story in

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"the new york times" on september 26, are these two paragraphs. "with the economy already suffering, the strns of plunging housing prices, growing joblessness and newfound as you tatie of debt saturated

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consumers, many experts fear that the frame of the financial system could pin the nation in distress for years. without a mechanism to shed the bad loans on their books, financial institutions may

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continue to horde their dollars and starve the economy of capital. americans would be depved of financing to buy houses, send children to college, and start businesses. that would slow economic activity

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further souring more loans and making banks tighter still. in short, a downward spiral." madam president we can see the beginnings of precisely that dynamic in the credit markets. this is a measure

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of the risks banks see in lending to each other. it has shot up in these last 72 hours. madam president, that means credit being choked up. that means credit being locked up. that means the economy

1:53:18 to 1:53:38( Edit History Discussion )

Kent Conrad: being locked down. what is the result of all of this? well, we have already seen major financial institution after institution fail. fannie mae, freddie mac, bear stearns, lehman brothers, washington

1:53:38 to 1:53:55( Edit History Discussion )

Kent Conrad: mutual, the largest bank in the country, a.i.g, the largest insurance company in the world, wachovia, merrill lynch. overseas four other major finance institutions and fortis over the weekend. colleagues,

1:53:55 to 1:54:13( Edit History Discussion )

Kent Conrad: we can connect the dots. something dramatic and serious is occurring and the chairman of our own federal reserve said this to us: if we fail to act, unemployment could rise to 8% to 9% in the next

1:54:13 to 1:54:29( Edit History Discussion )

Kent Conrad: six months. what would that mean? that would mean between three million and four million americans would lose their jobs in the next six months. colleagues, let's focus on that point. the chairman

1:54:29 to 1:54:47( Edit History Discussion )

Kent Conrad: of the federal reserve is telling us absent our action three million to four million of our countrymen could lose their jobs in the next six months. madam president, the truth is none of us know if this

1:54:47 to 1:55:01( Edit History Discussion )

Kent Conrad: package will be enough. but it is a beginning. it is a solid beginning. it is a bipartisan beginning. we may need to do more. but much has already been done. let's look at the package that was sent us. the

1:55:01 to 1:55:18( Edit History Discussion )

Kent Conrad: administration sent us a package with no equity stake for taxpayers. that meant no upside for taxpayers. $700 billion was provided in a lump sum. all of the power in the hands of one person, the secretary

1:55:18 to 1:55:36( Edit History Discussion )

Kent Conrad: of treasury, and no limits on executive compensation or golden parachutes. in this negotiation from thursday until now, we have dramatically changed this package. taxpayers received an equity stake so they

1:55:36 to 1:55:52( Edit History Discussion )

Kent Conrad: have a potential profit when markets recover. funding is released in three stallments, not just one lump sum, allowing for additional congressional oversaoeufplgt and an oversight board has been created

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Kent Conrad: to insure that the treasury's actions protect taxpayers and are in the nation's economic interest. no golden parachutes are allowed. executive compensation is capped. and, in addition, f.d.i. insurance

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Kent Conrad: is raised from $100,000 in account to $250,000 in account. madam president, how much time do i have? the presiding officer: four minutes. mr. conrad: madam president, this is a defining moment.

1:56:31 to 1:56:48( Edit History Discussion )

Kent Conrad: all of us understand the anger of our constituents and our own anger. i must say, as i have been part of this effort over this last week, my own anger level has risen as i have heard descriptions of the

1:56:48 to 1:57:07( Edit History Discussion )

Kent Conrad: extraordinary risky, reckless behavior of people all throughout the chain that have helped create this crisis. we will hold them to account. already the f.b.i. has launched four investigations.

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Kent Conrad: people will be criminally charged, i believe, before this is over. madam president, today we have a decision to make. do we support a package to soften the blow, to try to prevent this downward spiral

1:57:28 to 1:57:53( Edit History Discussion )

Kent Conrad: from accelerating and intensifying? that is our challenge. that is our charge. this is our best chance. this is our best chance. i ask my colleagues to support it. again, we understand this is

1:57:53 to 1:58:07( Edit History Discussion )

Kent Conrad: a tough vote. but our country needs us now. our country is counting on us now. let's not miss the chance to do something important for our nation, to prevent this crisis from intensifying. i thank the

1:58:07 to 1:58:24( Edit History Discussion )

Kent Conrad: chair. i especially want tho to thank the chairman of the banking committee who has really given his all to this effort. i yield the floor. ms. collins: madam president? the presidin g officer: the

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senator from maine. ms. coins: thank you, madam president. madam president, i rise to speak in support of o the bipartisan legislation that we will vote on tonight that will help to stabilize our financialal