House Proceeding 05-07-09 on May 7th, 2009 :: 1:06:35 to 1:08:20
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1:05:50 to 1:08:30( Edit History Discussion )
Speech By: Melvin L. Watt

1:06:29 to 1:06:49( Edit History Discussion )

Melvin L. Watt: i'm not going to vote for the earned income tax credit because it doesn't deal with all of what caused poverty in america. you can't deal with every subject in every bill. we passed a bill that has dealt with fannie and freddie. been sitting over there in the

1:06:50 to 1:07:10( Edit History Discussion )

Melvin L. Watt: senate for a long time. and we are going to pass some other legislation to deal with fannie and freddie at some point. but it's not addressed in this bill just like the whole totality of poverty is not addressed when we passed an earned income tax credit or when

1:07:11 to 1:07:31( Edit History Discussion )

Melvin L. Watt: we passed health care or -- that's just a nonsec which ter -- none sec which ture as far as i'm concerned. we didn't deal with disclosure so i'm not going to vote for the bill. everybody in america that got a loan that's in

1:07:32 to 1:07:53( Edit History Discussion )

Melvin L. Watt: everybody who is in default now got full disclosures of what the terms of their loans were. . and they were i prevent the kind of predatory lending and policies that this bill addresses.

1:07:54 to 1:08:16( Edit History Discussion )

Melvin L. Watt: so i don't know what the gentleman's talking about when he says we didn't deal with disclosure. we intenonally didn't deal with disclosure because we acknowledge that disclosure and telling people that we're giving you a bad loan is not enough to protect them any more than

1:08:17 to 1:08:31( Edit History Discussion )

Melvin L. Watt: disclosure that a doctor may not be the best doctor in america is going to stop people from going to the doctor. so now that i've dealt with