Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 4:17:46 to 4:25:58
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4:13:07 to 4:17:46( Edit History Discussion )
Speech By: Bill Nelson

4:17:25 to 4:17:46( Edit History Discussion )

Bill Nelson: ultimately this bill forces taxpayers to bailout investment banks that caused the crisis in the first place and it does nothing to address the real problem which is home foreclosures and a resuscitation

4:17:46 to 4:18:06( Edit History Discussion )

Lindsey Graham: back to life of the housing market. and until we stop the record level of foreclosures, this crisis is going to continue to worsen whether we pass this bill or not. for these reasons i oppose this

4:17:46 to 4:25:58( Edit History Discussion )
Speech By: Lindsey Graham

4:18:06 to 4:18:22( Edit History Discussion )

Lindsey Graham: bill. i think that congress can do better and i think congress can come up with a better, more targeted solution to this complex crisis. and it is -- it saddens me that i would oppose so many of my colleagues

4:18:22 to 4:18:30( Edit History Discussion )

Lindsey Graham: who have offered very koaj enter -- cogent reasons. it's true that we have to do something. but this particular legislation is not the right solution. i yield the floor. a senator: madam president?

4:18:30 to 4:18:44( Edit History Discussion )

Lindsey Graham: the presiding officer: the senator from new hampshire. a senator: i understand that we have some time left on our side. i would ask unanimous consent that senator from south carolina be recognized

4:18:44 to 4:18:56( Edit History Discussion )

Lindsey Graham: for seven minutes, the senator from florida be recognized for seven minutes and for the balance of the time i be recognized. the presiding officer: without objection. obviously we would go back and forth.

4:18:56 to 4:19:08( Edit History Discussion )

Lindsey Graham: the presiding officer: the senator from south carolina. thank you, madam president. before we get too far into explaining the problems that we face with this bill, i think we need to acknowledge the

4:19:08 to 4:19:21( Edit History Discussion )

Lindsey Graham: hard work on behalf of those who have brought us to this point. we know it's not perfect, you know it's not perfect, but i think you've done the country a great service. to the senators who negotiated

4:19:21 to 4:19:32( Edit History Discussion )

Lindsey Graham: this with their house colleagues, to the staff who has been working night and day, from my point of view, you stepped up to the plate, you've done the country a great service. do more we will. gram gram

4:19:32 to 4:19:45( Edit History Discussion )

Lindsey Graham: make -- mr. graham: do more, we will. will more follow? yes. there will be more corrective action following in the congress. please understand after we take this decisive action, there will be more

4:19:45 to 4:19:57( Edit History Discussion )

Lindsey Graham: troubles lying ahead for america. but we have two choices as far as i'm concerned, a bad choice we all recognize, and a catastrophic choice if we do nothing. now, there's a lot of people getting phone

4:19:57 to 4:20:08( Edit History Discussion )

Lindsey Graham: calls. i'm the king of the phone calls. i've been involved in immigration, gang of 14, you name it. people have called my office and you're always welcomed to call and i will listen to what you've got to

4:20:08 to 4:20:26( Edit History Discussion )

Lindsey Graham: say. the people who are against this -- who are the people? that's the first thing you have to decide as a member of the senate. who do you represent? you represent every corner of society, republicans,

4:20:26 to 4:20:38( Edit History Discussion )

Lindsey Graham: democrats, independents, libertarians and vegetarians. mad phone call can help you only so much. there are only so many people who will call my office and tell me what i can't do. i think it is up

4:20:38 to 4:20:58( Edit History Discussion )

Lindsey Graham: to me to have a broader view of what i can do. i challenge you to come to south carolina and walk up and down main street and not find concern on the faces of people in business. i challenge you

4:20:58 to 4:21:10( Edit History Discussion )

Lindsey Graham: to go to the retirement communities in south carolina and see the fear on the people who depend on their 401(k) plans. this is not about investment banks. this is about sonic drive-in to expand their

4:21:10 to 4:21:25( Edit History Discussion )

Lindsey Graham: franchise. but more importantly it is about the plumber who can't make payroll because he can't get credit. it is about the woman who owns a diner, second generation in geneville, who wants to expand

4:21:25 to 4:21:35( Edit History Discussion )

Lindsey Graham: and can't get money. it is about people who want to buy a car and can't buy a car and the dealerships in south carolina are about to fold. is about you, the average american, if we don't act to

4:21:35 to 4:21:48( Edit History Discussion )

Lindsey Graham: be able to exercise your hopes an dreams because you will not be able to borrow money. borrowing money responsibly is the heart and soul of a free-market economy. the reason we're here today is people

4:21:48 to 4:22:03( Edit History Discussion )

Lindsey Graham: have borrowed money irresponsiblably and all of us are to blame. if this was about an investment bank and a few c.e.o.'s, i don't think that 70 senators would vote for this legislation. this is

4:22:03 to 4:22:15( Edit History Discussion )

Lindsey Graham: about something more fundamental. this is about a problem that has started an infiltrated our economy to the point that if we can't muster the political courage and tell -- courage to listen to the

4:22:15 to 4:22:31( Edit History Discussion )

Lindsey Graham: phone calls and tell people that you disagree, average every day people will lose what they have worked for throughout their lives. people will not be able to send their children to school an small

4:22:31 to 4:22:46( Edit History Discussion )

Lindsey Graham: businesses and big businesses will fold next week. i said next week. if you told me that wachovia bank, one of the largest banks in america would have sold at 10 cents on the dollar, i wouldn't have believed

4:22:46 to 4:22:56( Edit History Discussion )

Lindsey Graham: it. it will happen and continue to happen until we have a proposal. you all who crafted this proposal has done a very good job. it allows intervention that will protect the taxpayer. to those who say that

4:22:56 to 4:23:08( Edit History Discussion )

Lindsey Graham: $700 billion of taxpayer money will be spent and it's gone, you don't know what you're talking about, you're scaring people. that's absolutely not true. i am a wined we're going to get most of the

4:23:08 to 4:23:26( Edit History Discussion )

Lindsey Graham: money back, if not all of it back by the way that we've crafted this proposal. i'm equally convinced if we do nothing, we're headed to recession, maybe a depression. and you think it costs a lot now,

4:23:26 to 4:23:40( Edit History Discussion )

Lindsey Graham: just do nothing and see what it costs. nobody wants to be in this spot. but if you don't want to be in these spots, don't run for office. so to the people of south carolina on main street to the

4:23:40 to 4:23:52( Edit History Discussion )

Lindsey Graham: car dealerships to the small business enterprises to the manufacturers, to the retired community, to those that i have met over the last day or so, i've got your message too. i've got the phone call, but

4:23:52 to 4:24:09( Edit History Discussion )

Lindsey Graham: i've also got the message. and at the end of the day i've got to rely upon what good sense god may have given me. and sometimes i doubt how much sense i have. a lot of people obviously doubt it

4:24:09 to 4:24:21( Edit History Discussion )

Lindsey Graham: because they call me a lot. but i'm convinced that a lot of smart people are telling me things that i can visualize and see with my own eyes. that it is no longer about rack deema -- rack deema. i

4:24:21 to 4:24:36( Edit History Discussion )

Lindsey Graham: have been home. i have seen people not get loans to make payroll. i know what will happen if i -- if i don't act, if i don't take a risk. if i'm not willing to take a political risk, i know what

4:24:36 to 4:24:47( Edit History Discussion )

Lindsey Graham: happens to the people i represent in large numbers. they're going to lose a lot more than i'll lose. you know, we can stand replacing a few senators, we can't stand being unable to borrow money at the

4:24:47 to 4:25:01( Edit History Discussion )

Lindsey Graham: most basic level in the country. this is not about an investment bank. this is about banks and investment banks, small an large banks and lending institutions that are locked down and can't loan money.

4:25:01 to 4:25:18( Edit History Discussion )

Lindsey Graham: this is about the availablity of credit that is going to be so high that no average working person will be able to borrow a dime. tbhs main street. this is about the people i grew up. and i didn't grow

4:25:18 to 4:25:29( Edit History Discussion )

Lindsey Graham: up on wall street. the people i grew up with -- and i'm the first person to go to college in my family -- my dad own add licker store. everything i learned about politics, i learned in a liquor store.

4:25:29 to 4:25:42( Edit History Discussion )

Lindsey Graham: pretty good place to learn from. we borrowed money to make inhave en trivment we owned a restaurant right next door. my mom worked 18 hours a day. i know what it's like to see my parents work hard

4:25:42 to 4:25:58( Edit History Discussion )

Lindsey Graham: and can't afford to get sick because there's no money coming in. the presiding officer: senator's time has expired. mr. graham: i know this is not a perfect bill. i also know from my common seansdz

4:25:58 to 4:26:07( Edit History Discussion )

Christopher Dodd: my life experiences that i need to act and i need to act now, and i will. mr. dodd: madam president? the presiding officer: the senator from connecticut. mr. dodd: i just want to ask consent that eric