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Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 2:54:56 to 3:06:57
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Jim DeMint

2:54:56 to 2:55:07( Edit History Discussion )

Jim DeMint: quorum call: the presiding officer: the senator from connecticut. mr. dodd: mr. president, i'd ask unanimous consent that the call of the quorum be vitiated. i would ask the senate to come to order.

Jim DeMint

2:54:56 to 3:06:57( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

2:55:07 to 2:55:19( Edit History Discussion )

Jim DeMint: the presiding officer: widill the senate cteletext ome to order. the senate come to order. without objection a senator: mr. president? the presiding

Jim DeMint

2:55:19 to 2:55:37( Edit History Discussion )

Jim DeMint: officer: the senator from south carolina. mr. demint: thank you, mr. president. i have friends and colleagues who i respect deeply who are on all sides of this bailout issue. one of them just spoke.

Jim DeMint

2:55:37 to 2:55:57( Edit History Discussion )

Jim DeMint: we all want to do what's right for america and i believe that those who have crafted this plan have pure and noble motives. they want this country to succeed. they want prosperity i just do not believe

Jim DeMint

2:55:57 to 2:56:11( Edit History Discussion )

Jim DeMint: this bill gets thege job done. in fact, in the long term, i'm convinced that it will do more harm than good. we're the nation that has been called the brassian -- bastion of freedom, we have fought communism,

Jim DeMint

2:56:11 to 2:56:26( Edit History Discussion )

Jim DeMint: dictators and tyranny. we helped establish democracies and free market economies across the globe. a senator: mr. president, i believe we need order in the senate. the senator has a hard time being heard.

Jim DeMint

2:56:26 to 2:56:41( Edit History Discussion )

Jim DeMint: the presiding officer: the senate will come to order. mr. demint: i thank the senator. because of america, millions of people are now electing their leaders and millions have been taken out of poverty

Jim DeMint

2:56:41 to 2:56:51( Edit History Discussion )

Jim DeMint: and enjoy prosperity. yet, as the blood of our young men and women fall on foreign soil in the defense of freedom, our own government appears to be leading our country into the pit of socialism. we've

Jim DeMint

2:56:51 to 2:57:05( Edit History Discussion )

Jim DeMint: seen this government socialize our education system and make our schools among the worst in the world. we've seen this government take over most of our health care system, making private insurance

Jim DeMint

2:57:05 to 2:57:21( Edit History Discussion )

Jim DeMint: less and less affordable. we've seen this government socialize our energy resources and bring our nation to its knees by cutting the development of our own oil and natural gas supplies. and now we

Jim DeMint

2:57:21 to 2:57:33( Edit History Discussion )

Jim DeMint: see this congress yielding its constitutional obligations to a federal bureaucracy giving it the power to control virtually our entire financial system. americans understand this and they're angry. they're

Jim DeMint

2:57:33 to 2:57:49( Edit History Discussion )

Jim DeMint: our judge and our jury. they're watching what we're doing and they will render their verdict based on our actions. if we were honest with the american people and explained the failures that have led

Jim DeMint

2:57:49 to 2:58:05( Edit History Discussion )

Jim DeMint: to this financial crisis, we might have the credibility to ask our citizens to allow us to borrow another $700 billion in their name to try to fix this problem. but we're noteing honest. this problem

Jim DeMint

2:58:05 to 2:58:20( Edit History Discussion )

Jim DeMint: was not created by a free enterprise system. it was created by us, the united states congress and the federal government, with good intentions, we made a mess of things. we wanted our economy to grow

Jim DeMint

2:58:20 to 2:58:33( Edit History Discussion )

Jim DeMint: faster, so we allowed the federal reserve to create easy and cheap credit but this allowed people to borrow and lend irresponsiblably. we wanted to help the poor, so we forced banks to make loans to

Jim DeMint

2:58:33 to 2:58:49( Edit History Discussion )

Jim DeMint: people who could not afford to pay them back. we wanted every american to own a home, so we have fannie mae and freddie mac to encourage mortgages for more people who could not afford them. in all of these

Jim DeMint

2:58:49 to 2:59:02( Edit History Discussion )

Jim DeMint: easy mortgages, many of which required no downpayment, it inadvertently increased the -- price of homes to unsustainable levels and created a massive supply of unsold homes. now the value of homes has fallen;

Jim DeMint

2:59:02 to 2:59:17( Edit History Discussion )

Jim DeMint: has as the value of mortgages attached to them. we allowed and even encouraged fannie mae and freddie mac to bundle up these risky subprime mortgages so they could be sold at securities to investors in america

Jim DeMint

2:59:17 to 2:59:31( Edit History Discussion )

Jim DeMint: and all over the world. we guaranteed these institutions with the full faith and credit of the government so their securities could be sold at above-market rates, allowing them to borrow huge amounts

Jim DeMint

2:59:31 to 2:59:45( Edit History Discussion )

Jim DeMint: an fuel an explosion in subprime mortgage lending. we also allowed these mortgage giants to use their taxpayer supported profits to spend over $200 million lobbying congress to keep us quiet even

Jim DeMint

2:59:45 to 3:00:00( Edit History Discussion )

Jim DeMint: when we saw our brain child can become a financial frankenstein. all of our good intentions are now blowing up in our face, and we are asking the american people to bail us out. we must also plead

Jim DeMint

3:00:00 to 3:00:15( Edit History Discussion )

Jim DeMint: guilty to other misguided policies that have made the situation even worse. our foolish energy policies have created a huge financial burden on every american family and severely damaged our economy.

Jim DeMint

3:00:15 to 3:00:27( Edit History Discussion )

Jim DeMint: by not opening up our own energy supplies, we are now spending nearly $700 billion a year to other countries to buy oil. this is dried up capital at home and made us dependent on foreign countries for

Jim DeMint

3:00:27 to 3:00:40( Edit History Discussion )

Jim DeMint: our credit. we have squandered and wasted hundreds of billions of hard-earned tax dollars on unnecessary and ineffective federal programs an thousands of wasteful earmarks. just last week we passed a bill

Jim DeMint

3:00:40 to 3:00:53( Edit History Discussion )

Jim DeMint: with the highest rate of pork spending in history. while our talk of gloom and doom has hatenned the financial panic here and around the world and while we're asking americans to bail us out, we're

Jim DeMint

3:00:53 to 3:01:06( Edit History Discussion )

Jim DeMint: still spending money like there's no tomorrow. years of wasteful spending and bad policies have resulted in a huge national debt of nearly nearly $10 trillion. much of this debt is held by china

Jim DeMint

3:01:06 to 3:01:20( Edit History Discussion )

Jim DeMint: and saudi arabia and other foreign countries that some now say are particular tating our -- dictating our financial policies. we know that americans are the victims of our misguided good intentions,

Jim DeMint

3:01:20 to 3:01:32( Edit History Discussion )

Jim DeMint: along with our free enterprise system that has been severely damaged and weak eened. we know that our bad policies have taken the accountability out of our markets by artificially insulating investors from normal

Jim DeMint

3:01:32 to 3:01:52( Edit History Discussion )

Jim DeMint: risk. this has led to careless lending, careless investing, many bad decisions an possible criminal activity on wall street. while many are blaming americans and our free enterprise system for the

Jim DeMint

3:01:52 to 3:02:07( Edit History Discussion )

Jim DeMint: crisis, we know that the government is root cause of this crisis. i believe this congress should admit its guilt an improve from our mistakes and correct the mistakes that caused these problems. we

Jim DeMint

3:02:07 to 3:02:21( Edit History Discussion )

Jim DeMint: should repeal the laws that require -- requires our banks to make risky loans and fix the accounting requirements that force banks to under value their assets. we should have a plan to break up fannie

Jim DeMint

3:02:21 to 3:02:33( Edit History Discussion )

Jim DeMint: mae and freddie mac and sell them to private investors. we should reduce corporate an capital gains taxes to encourage capital formation an boost asset values. we should also repeal the section of sarbanes-oxley

Jim DeMint

3:02:33 to 3:02:47( Edit History Discussion )

Jim DeMint: that has trifn billions of dollars of capital overseas and we should do even more to grow our economy and lessen our dependence on foreign countries. we should immediately pass a law that expedites the development

Jim DeMint

3:02:47 to 3:03:02( Edit History Discussion )

Jim DeMint: of our oil and natural gas reserves to help relieve the burden of high prices and gas shortages from our families. we should immediately adopt a freeze on nonsecurity discretionary spending and pass a

Jim DeMint

3:03:02 to 3:03:15( Edit History Discussion )

Jim DeMint: moratorium on earmarks until we fix this wasteful and corrupting system. we shoul sacrifice our political pork as we ask taxpayers to sacrifice for our mistakes. we have caused a terrible financial

Jim DeMint

3:03:15 to 3:03:32( Edit History Discussion )

Jim DeMint: mess and we must honestly tell the american people that whether we pass this huge bailout or not, there will likely be suffering and pain for our great country but americans and our free market

Jim DeMint

3:03:32 to 3:03:48( Edit History Discussion )

Jim DeMint: economy are resilient. and with fewer misguided laws and less onerous regulations, we will get through this crisis like americans have many times before. but we must tell americans the truth. congress

Jim DeMint

3:03:48 to 3:04:02( Edit History Discussion )

Jim DeMint: says it was deregulation an capitalist greed that has run wild and undermine our financial system. instead of reducing our role in the economy, we are trying to use this across toys expand our --

Jim DeMint

3:04:02 to 3:04:15( Edit History Discussion )

Jim DeMint: expand our role. we arere here saying that our banks and mortgage have stopped lending money and people can't get loans to buy a home, car, or run a business and our economy is on the verge of collapse.

Jim DeMint

3:04:15 to 3:04:25( Edit History Discussion )

Jim DeMint: but we're telling people not to worry because we're going to rescue them with their own money. congress is going to allow the secretary treasury to take $700 billion from taxpayers to buy bad loans and

Jim DeMint

3:04:25 to 3:04:38( Edit History Discussion )

Jim DeMint: investments from anyone he chooses anywhere in the world. this, he says, will free up capital, get the markets working again and put our economy back on track. but this congress refuses to change

Jim DeMint

3:04:38 to 3:04:52( Edit History Discussion )

Jim DeMint: our nation's monetary policy that created the cheap money and inflated the housing bubble. we refused to change the accounting laws and regulations even though they're making the problem worse. we refused

Jim DeMint

3:04:52 to 3:05:02( Edit History Discussion )

Jim DeMint: to lower capital gains and other taxes to attract capital and promote growth. we refused to repeal sarbanes-oxley even though it has not worked and cost our economy billions. we refused to expedite the

Jim DeMint

3:05:02 to 3:05:16( Edit History Discussion )

Jim DeMint: development of america's energy resources even though it would help every american and grow our economy. none of these things are even on the table for discussion. we're just telling the american people

Jim DeMint

3:05:16 to 3:05:28( Edit History Discussion )

Jim DeMint: to hand over $700 billion or the world economy's going to collapse. mr. president, this is why people are so upset. it's because congress is being dishonest an arrogant. we're not being honest with them

Jim DeMint

3:05:28 to 3:05:41( Edit History Discussion )

Jim DeMint: about how we got into this mess and we're not being honest with them about what we need to get out of it. mr. president, i strongly oppose this legislation. it takes our country in the wrong direction.

Jim DeMint

3:05:41 to 3:05:53( Edit History Discussion )

Jim DeMint: it forces innocent taxpayers to bail out government policies and wall street mistakes. it asks the american people to take a leap of faith and trust people who have consistently misled them. mr.

Jim DeMint

3:05:53 to 3:06:05( Edit History Discussion )

Jim DeMint: president, i am deeply saddened by the tone of this debate. i'm afraid that many of the supporters of this bill have bullied people into supporting it and using fear. there may be good reason for

Jim DeMint

3:06:05 to 3:06:17( Edit History Discussion )

Jim DeMint: fear. but i think that most people will agree that some of the statements have been reckless an irresponsible. mr. president, i hope i'm wrong. and this bill will truly solve the problem. let me say again i know

Jim DeMint

3:06:17 to 3:06:28( Edit History Discussion )

Jim DeMint: every one of my colleagues are doing what they believe is right for america. but based on what i know i cannot in good conscience support it. i know that the senate will pass it tonight. i can only

Jim DeMint

3:06:28 to 3:06:42( Edit History Discussion )

Jim DeMint: hope that the house will defeat it so we can pursue better alternatives. i thank the chair and yield the floor. a senator: madam president? the presiding officer: the senator from vermont. a senator: would

Jim DeMint

3:06:42 to 3:06:57( Edit History Discussion )

Jim DeMint: the senator yield for a unanimous consent request? mr. sanders: yes mr. dodd: i ask unanimous consent that a colloquy between myself an senator -- a senator: i ask that a colloquy between myself an

Bernard Sanders

3:06:57 to 3:07:08( Edit History Discussion )

Bernard Sanders: senator dodd be entered into the record. mr. sanders: i have a consent for immediate consideration. the clerk: mr. sanders proposes amendment 4687. mr. sanders: i ask that the reading of the amendment be suspended.

Bernard Sanders

3:06:57 to 3:25:04( Edit History Discussion )
Speech By: Bernard Sanders

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