House Proceeding 03-24-09 on Mar 24th, 2009 :: 2:06:15 to 2:11:35
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2:05:59 to 2:06:19( Edit History Discussion )

Peter A. DeFazio: gentleman from oregon rise? >> ask unanimous consent to address the house. the speaker pro tempore: without objection, so ordered. mr. defawse: we've been told -- mr. defazio: we have been told

2:06:15 to 2:11:35( Edit History Discussion )
Speech By: Peter A. DeFazio

2:06:20 to 2:06:42( Edit History Discussion )

Peter A. DeFazio: this would be the most tranarent presidency in history and they are better than the bush administration. their single greatest faing cos in the area which is biggest with most americans today, the economy and bailouts on wall street. treasury secretary geithner has now proposed a new plan, it's a

2:06:43 to 2:07:03( Edit History Discussion )

Peter A. DeFazio: pretty good deal. taxpayers put up 95 cents of every dollar, investors will put up between five cents and seven cents. it's called a nonrecourse loan. that is these speculators will put down five cents on the dollar tbet on certain packages of so-called toxic

2:07:04 to 2:07:24( Edit History Discussion )

Peter A. DeFazio: assets from the banks, buying them from the banks, and they will share evenly in the profits with the american taxpayers, except the american taxpayers put up 95 cents and they put up a nickel. it's certain to perpetuate what's been going on on wall street, which is making some people very rich and

2:07:25 to 2:07:47( Edit History Discussion )

Peter A. DeFazio: impovishing average americans and this time through the tax system, putting taxpayers on the hook. the program is reported, according to "the washington times," to he been designed by two prominent wall street firms, blackstone a private

2:07:48 to 2:08:08( Edit History Discussion )

Peter A. DeFazio: equity group, and pimco, who have large positions in these toxic assets. it's reported by "the washington times" that they suggested this to their insider buddies in the administration who presented this to secretary geithner who has been floundering around, trying to

2:08:09 to 2:08:30( Edit History Discussion )

Peter A. DeFazio: put details in hislan. so wall street has written the details. pimco and blackstone are not knowledge a position to wash some toxic asset and gamble with mostly taxpayers money on other toxic assets, but they'll be hired by the government to administer the program. what a beautiful sort of

2:08:31 to 2:08:52( Edit History Discussion )

Peter A. DeFazio: circular little system this is. we need accountability and transparency. we need a commission akin to the commission named after the collapse in the great depression to investigate every aspect of what has gotten us to this point, who has been involved, what laws have been broken, with subpoena power so some of these people can enjoy, instead of federal handouts,

2:08:53 to 2:09:14( Edit History Discussion )

Peter A. DeFazio: they can enjoy federal hospitality in a maximum security prison somewhere. plain and simply, i believe the american people are being taken to the cleaners yet again with this particular plan. what's wrong with actually taking a.i.g. and winding it down? it's a so-called zombie.

2:09:15 to 2:09:37( Edit History Discussion )

Peter A. DeFazio: we're being tolin vague terms it's too big to fail. i asked secretary geithner about 10 days ago, i read in the "wall street journal," mr. speaker, that we're shovel -- mr. secretary, that we're shoveling money in the front door because it's too big to fail, the taxyers are $150

2:09:38 to 2:09:59( Edit History Discussion )

Peter A. DeFazio: billion to the a.i.g. and apparently they're shoveling money out the back door to some other firms that are getting money in the front door, notably goldman sachs, who has been getting direct infusions of cash from the federal government and now they're going to be made 100% whole on their bets with a.i.g., betting against other people's securities with these so-called

2:10:00 to 2:10:20( Edit History Discussion )

Peter A. DeFazio: credit default swaps. instead of saying, tough, we'll give you back your bet but we're not going to give you 100% of the amount they were betting on, they're getting 100% of the amount they were betting on and we're subsidizing on both ends through this black box that's called a.i.g. and it's too complicated to explain why it's

2:10:21 to 2:10:42( Edit History Discussion )

Peter A. DeFazio: too big to fail and why we couldn't unwind the zombie corporation in an orderly way. had we done that last fall or ea have had to pay the bonuses because it would have been clear the company was bankrupt and it could have been taken care of and untpwhound a much but we're not being given the information about why it's too

2:10:43 to 2:11:03( Edit History Discussion )

Peter A. DeFazio: big to fail and why this is the way to do it, when i asked the secretary, is it true we're giving money to a.i.g. and they're giving to it goldman sachs, i asked if there was something called a naked credit default swap, he said, don't believe everything you read in the "wall street journal," it's not true.

2:11:04 to 2:11:25( Edit History Discussion )

Peter A. DeFazio: now the treasury has revealed it was indeed true. the same huge firms benefiting from a direct bailout are getting a second-level indirect bailout on bad debts and some of these are foreign banks. we're not only bailing out the likes of goldman sachs but deutsche bank and other foreign interests. this is outrageous.

2:11:26 to 2:11:36( Edit History Discussion )

Peter A. DeFazio: we need a full investigation, an explanation of what has gone on, what is going on. we need to take legal steps to prosecute any who broke the laws and we have to have stiff