Senate Proceeding on Jan 15th, 2009 :: 5:15:25 to 5:35:25
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5:15:21 to 5:15:41( Edit History Discussion )

clerk will call the roll. mr. inhofe: i ask that this both sides. the presiding officer: a quorum call is in progress. okay. quorum call: mr the presiding officer: a quorum call is in progress. mr. dodd: i ask that the call

5:15:42 to 5:16:02( Edit History Discussion )

of the quorum be the presiding officer: the senator from connecticut isw? recognized. without objection, so ordered. mr. dodd: thank you, madam president. about an hour or so now we're going to be voting on matter. i know there are several members that want to be heard on this discussion, although there's been a lot said about this matter since the problem first

5:16:03 to 5:16:23( Edit History Discussion )

request it first emerge in september 18 of this year when the secretary of the and the chairman of the federal reserve came before the leadership of the congress and announced that within a matter of days we'd be facing a meltdown of the financial sector of this country as well as maybe globally. found oselves in this situation. as i said a little while ago in

5:16:24 to 5:16:44( Edit History Discussion )

brief r single member -- at least i don't believe there is any -- who takes any pleasure in being involved in this debate, involved in a vote we're about to cast here, knowing that the problems that have created this situation preventible. and had the administration been paying more attention when they weresked to more than two

5:16:45 to 5:17:05( Edit History Discussion )

years ago about the foreclosure cris in this country, that is the root cause of the problems we're now dealing with, then we would not have to be here today. thapbd tphofts hyperbole -- and that's not hyperbole. that's not speculation. that's a fact. the realities were it was denial after denial after denial, that the economy was sound and was

5:17:06 to 5:17:27( Edit History Discussion )

solid and things were going to be in great shape no matter what happened. today we find ourselves with 17,000 people a day losing their jobs in america. between 9,000 and 10,000 homes are going to foreclosure every day in the country. retirement accounts are being dwindled down to almost nothing in too many cases. the cost in other matters are rising for many people.

5:17:28 to 5:17:50( Edit History Discussion )

and we are in economic shape depression. and it's this senate, this congress at this hour, with the transfer of power coming in the executive branch in a hours from literally yards from where i'm speaking it will hefully provide a new direction for our nation.

5:17:51 to 5:18:11( Edit History Discussion )

and the outgoing president in unique moment, i suppose historic khreurbgs along with the incoming -- historically, along with the incoming president have asked us to provide a tool that might very well do something to make a difference in the lives of those 17,000 peopl who may lose a job or maybe one of those thousands of families who lose their home.

5:18:12 to 5:18:32( Edit History Discussion )

we can say look, we're not going to do this. i don't like this part, i don't like that part. i'd like more specificity here and there. we can try tell

5:18:33 to 5:18:54( Edit History Discussion )

tweu -- we can treud dell our -- twiddle our thumbs. somehow great going to organize this in some fabulous way to serve the interests of people. this is a dreadful moment. it is a sad moment that here in the first hours of the congress, instead of talking about resource that go to

5:18:55 to 5:19:17( Edit History Discussion )

building bridges and roads or schools, making a difference in the health care of people, providing decent retirement and hope for other americans, we're talking about providing resources to stabilize our economy to, get our credit system working again so you don't find the squandering of resources to, see if we might make a difference in putting a

5:19:18 to 5:19:39( Edit History Discussion )

tourniquet on the hemorrhaging of foreclosures occurring in one area of this country to the next. it is more dire in some areas than others. obviously the state of florida and california are seeing tremendous consequences of this. i know in minnesota, i know connecticut as well, while it's not as other state it's getting worse.

5:19:40 to 5:20:02( Edit History Discussion )

and it's not an economist that anyone has listened to over the last couple of weeks better overnight. i don't know if it's adequate enough or not, madam president.

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this much i can tell hraufs we've all of us we've been disappointed over the resources that have been provided. i agree some of those resources worked t today we had five diffe witnesses before the senate banking committee, nominees for various posts, most of them very distinguished economists who have spent years in this field.

5:20:25 to 5:20:46( Edit History Discussion )

to a person, everyone said they can't predict with absolute certainty that had we not acted in september, then this economy would be i today. that's always difficult to prove a negative. it's obvious who can stand here and say i told you so or we shouldn't have done this because it is impossible to go back and say

5:20:47 to 5:21:07( Edit History Discussion )

what would have happened with any great certainty had we not acted. i think much can be said today. when you have an outgoing republican president and administration and incoming democratic president and administration with very different views, i think it is important we listen and we act. that's what i'm

5:21:08 to 5:21:29( Edit History Discussion )

colleagues to do. this is not going to win you parades. you're not going to get a plaque or medal for doing this. iave great respect friend from oklahoma, but i would predict the opposite from what he has suggested. i think history will judge us, just as they judged two generations ago when a new congress gathered in the winter of

5:21:30 to 5:21:51( Edit History Discussion )

1932, and 5,000 banks closed their doors. 27% of the american people were out of work. there was no hope whatsoever. and because people got together and institutions, the 5,000 of them in the spring of 1933 and creative people sat down and

5:21:52 to 5:22:13( Edit History Discussion )

worked and tried to come up with imaginative ideas to get this country moving an american president stood on the east ont of this capitol and said to the american "you have nothing to fear but fear itself," and hope began to springs in of people across this country because suffering terribly, they knew they needed a government to roll

5:22:14 to 5:22:35( Edit History Discussion )

up its sleeves, keep them in mind every single day to try to get this country moving again. i would say to my colleagues today that i believe that on next tuesday, the 20th of january, the the united states will remind the american people once again that the oy thing thawe have to fear is fear own words, and reason to be hopeful and optimistic.

5:22:36 to 5:22:57( Edit History Discussion )

this is a great country with great resources. talented, bright, energetic americans who want to see our country get back on its feet again. but you need to have the to do it. you can't wish it well. you have to provide the resources in order to make it possible for us to get moving again. that is what this country has asked for, both the outgoing and

5:22:58 to 5:23:18( Edit History Discussion )

incoming one, to give this president the tools necsary move forward. i know there is going to be far more transparency. foreclosure mitigation is going to be a part of this effort. in a letter from larry summers to the majority leader, i'll unanimous consent, to be -- which i'll ask unanimous consent

5:23:19 to 5:23:39( Edit History Discussion )

be included in the record. the presiding officer: without objection, so ordered. mr. dodd: provides far greater spes if ity, and i welcome that, detailing specifically how this will work, how it will be monitored, how important the intervention of foreclosures will be, and focusing on the flow of credit, which is obviou going to get back on our feet and that letter, i think, ought

5:23:40 to 5:24:01( Edit History Discussion )

to provide some confidence to members who are concerned about how this program will be managed and run and will it in fact be run differently than the previousr present administration is doing it. so, this is a tough vote to cast, as it was in september -- in october. and i listened that night as the majority leader asked every single member to vote from their

5:24:02 to 5:24:22( Edit History Discussion )

desk, something we don't do with great frequency here. and i listened to several of our colleagues who are no longer here. and i suspect that that vote they cast, that maybe that had something to did with the outcome of their elections. i'm sorry that happened to them. and it may have happened because of that vote. but for united states senators this is not a place just to come

5:24:23 to 5:24:43( Edit History Discussion )

to give speeches. and we happen to be here in one of the most our nation's history. there are wars raging around the globe and people are suffering here at home. and we have a obligation to them. make aren't always the most popular ones in the moment they're given. we've learned that throughout history too, that congresses in the past have c

5:24:44 to 5:25:04( Edit History Discussion )

had the courage to stand up and face the realities of their day, have enjoyed the good judgment of history because they had the intestinal fortitude to do there is not a single knows the right vote to cast. we all know how we can gain favor overnight, by casting a vote against this.

5:25:05 to 5:25:26( Edit History Discussion )

my hope is there will be at least 50 of us here that will stand up and cast a better vote for your children and your grandchildren, who won't know the outcome of your vote because they probably aren't alive yet or couldn't read but someday they're going to look back and ask what we did at this critical time to make a difference in our nation. and i believe we're in such a moment. we're in such a time.

5:25:27 to 5:25:47( Edit History Discussion )

it's not just this moment. in the coming weeks and months. that's why you sought this office, i presume, to be a part of history and making a difference. i would urge my colleagues, no one is arguing perfection here at all. no one certainty at all about the outcome

5:25:48 to 5:26:09( Edit History Discussion )

we are in unchartered waters because of these issues. but to sit back and do nothing -- to do nothing, to me, would be an indictment and a failure of responsibility. so i'm determined, as i know my colleagues will be, if this in fact goes forward, to monitor it, to insist upon accountability, to demand we see lenders do what they should be

5:26:10 to 5:26:31( Edit History Discussion )

doing, insisting to it that the leaders of these institutions not gouge or hoard and do everything possible to make sure that our economy get moving in the right direction. on that note, madam president, i urge my colleagues to reject this motion of disapproval and to give this new young american president a chance to get our country back on its feet again

5:26:32 to 5:26:56( Edit History Discussion )

as he desperately wants to do and to give america once again that sense of hope and optimism that we deserve as a people. madam president, i yield the floor. i'll note the absence of a quorum and ask that it be jointly charged to the presiding officer: without objection, the clerk will call the roll.

5:29:22 to 5:29:42( Edit History Discussion )

Barbara Boxer: quorum call: quorum call: mrs. boxer: the presiding officer: the senator from california is recognized. mrs. boxer: i ask unanimous consent the call of the quorum be dis the presiding

5:29:35 to 5:35:25( Edit History Discussion )
Speech By: Barbara Boxer

5:29:43 to 5:30:06( Edit History Discussion )

Barbara Boxer: objection, so ordered. mrs. boxer: thank you very much. madam president, you and i have discussed this issue that's on the floor before us now. the next tranche of funds for the tarp program. now, all you have to do is listen to what tarp stands for:

5:30:07 to 5:30:29( Edit History Discussion )

Barbara Boxer: toxic assets -- t.a -- and your fit instinct is, i don't want to go near it; i don't want to touch it; i don't want to have anything to do with it. and i could tell you from the bottom of of issues i know what i'm going to

5:30:30 to 5:30:50( Edit History Discussion )

Barbara Boxer: because it's a clear path for me. i find it not that difcult to make a decision. but on tarp that first vote that we had after a phone call with secretary paulson and ben bernanke where they said "our

5:30:51 to 5:31:11( Edit History Discussion )

Barbara Boxer: system is on economic collapse," that if we don't get them the billion our nation would face economic rue in, i rember, i was on that phone call with about 30 other senators and we

5:31:12 to 5:31:35( Edit History Discussion )

Barbara Boxer: were asked henry paulson. he wanted dollars. he wanted it then, tha minute, that second. he wanted no strings. he distant want to tell the bankers they couldn' bonus payment and he didn't want to be reasonable, he didn't want to tell the

5:31:36 to 5:31:59( Edit History Discussion )

Barbara Boxer: he didn't want to use it for housing -- it was a horrible conversation and we said "you're not g we're not going to we put some strings on it." we put a few strings set up a commission to oversee it and i just want to see that

5:32:00 to 5:32:20( Edit History Discussion )

Barbara Boxer: mr. paulson, in my view, did not live uto the spirit of what this senate and this congress wanted him to live up to. what they did was not transparent; what they did did not ease the credit crisis; what they it is kind of ignore the problem of the housing crisis which got us into this mess in

5:32:21 to 5:32:44( Edit History Discussion )

Barbara Boxer: the first so let me be clear, madam president, and let me clear to my henry paulson was going to get of money, if administration was going to continue to dole out this money,

5:32:45 to 5:33:05( Edit History Discussion )

Barbara Boxer: i wouldn't i wouldn't give them 30 cents. i wouldn't give them three cents. but i have to say, to all those within the sound of my voice, as som

5:33:06 to 5:33:26( Edit History Discussion )

Barbara Boxer: up voting for the first tranche and feeling since, when president-elect obama tells us that it would be irresponsible for him in the face of this worse crisis since the great depression to not have

5:33:27 to 5:33:47( Edit History Discussion )

Barbara Boxer: the ability to tap into these funds, when he tells us that he is fearful that there could be a greater crisis, that there could be an emergency; when he asks us to trust him on this and put our confidence in

5:33:48 to 5:34:08( Edit History Discussion )

Barbara Boxer: going to use these funds in a different way. he is going to use these funds to address the housing crisis. he is going to be transparent, and to quote him, every pny they spend, the public will know about it, i have a choice.

5:34:09 to 5:34:29( Edit History Discussion )

Barbara Boxer: i have a choice, madam president. i can say, sorry, it was a horrible experience the first time and i'm not going to give you this chance. i could say that. that's the easy that's the easy vote. voting "no" is the easy vote. then i can go home and not worry

5:34:30 to 5:34:53( Edit History Discussion )

Barbara Boxer: about it. but how i could walk away from this president at this time when he says to me and he says to us, he needs a chance here; h needs this tool in his pocket to bring itut if he's a crisis worse than the one now, i cannot walk away from that. so i say to my constituents, i

5:34:54 to 5:35:14( Edit History Discussion )

Barbara Boxer: will vote it because of the assurances i got from the president-elect hielf that it will be different, that heel -- he will use these funds judicially and he needs to make sure he has this tool in his pockets and i hope that my constituents understand that after hearing

5:35:15 to 5:35:26( Edit History Discussion )

Barbara Boxer: that from this president who got more than 60% of the vote in my state, that i feel he deserves my trust at this time. thank yo