House Proceeding 09-22-08 on Sep 22nd, 2008 :: 1:49:49 to 1:52:33
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1:47:02 to 1:53:12( Edit History Discussion )
Speech By: Michelle Marie Bachmann

1:49:37 to 1:49:49( Edit History Discussion )

Michelle Marie Bachmann: fact was passed. in the early 1990's there were amendments made to the act. what did that d do? it suspended for the first time in american historyy 200 years' worth of sound financia

1:49:49 to 1:50:03( Edit History Discussion )

Michelle Marie Bachmann: ol loan making. so before when you b and your wife, congressman latta, if you went to buy a loan torques buy a house, or my husband and i got a loan to buy a a house, we had to show that we t were

1:50:03 to 1:50:18( Edit History Discussion )

Michelle Marie Bachmann: creditworthy risks. under the communityth reinvestment act, the banks were ordered under o penalty of fi ne and lawsuit, you don't make loans anymore to people who are creditworthy. now

1:50:18 to 1:50:31( Edit History Discussion )

Michelle Marie Bachmann: you're forced to make loans to people who are not creditworthy. it turned the world upside-down. so the world of bankingki became like alice in wonderland whereer banging rules were turnedne

1:50:31 to 1:50:44( Edit History Discussion )

Michelle Marie Bachmann: topsy-turvy on their heads and banks were fined or threatenedea with lawsuits if they did not n make loans. a certain quota of loans too people who weren't creditworthy. guess what? that's

1:50:44 to 1:51:01( Edit History Discussion )

Michelle Marie Bachmann: when aew product called subprime loans started to be made. and unfortunately now we all kn ow what subprime loans are. they were made to people who weren't creditworthy, who in other words

1:51:01 to 1:51:17( Edit History Discussion )

Michelle Marie Bachmann: had no means to pay those loans back. so what's happeningha today? today the markets have melted down and now the american taxpayer's being told, you t, mr. speaker, the amerispcan people are beingar

1:51:17 to 1:51:27( Edit History Discussion )

Michelle Marie Bachmann: told that they have to pay for what private companies agreed to in contracts. so the beleaguered taxpayer is the forgotten man in this eq uation. the american taxpayer didrin't act --

1:51:27 to 1:51:47( Edit History Discussion )

Michelle Marie Bachmann: a sk to be a partar of these subprime contracts. they didn't receive any of the a benefit. they didn't receive any of the profits when profits were beneing made. but now that lossest are

1:51:47 to 1:52:01( Edit History Discussion )

Michelle Marie Bachmann: on the horizon, now the american taxpayers are being asked, not asked, forced to pony up at minimum $700 billion of new taxes which ironically, $700 billion, is the exacthe amount of money

1:52:01 to 1:52:14( Edit History Discussion )

Michelle Marie Bachmann: that you in essence, mr. speaker, the american people e have been taxed by these artificially high prices of ga soline. there's no reason why gas prices would be $4 right4 now. no reason if

1:52:14 to 1:52:23( Edit History Discussion )

Michelle Marie Bachmann: we would legalize american energyic production. so had we been legalizing american energy production andy we had prices low for the american people tico pay whether it's through heating

1:52:23 to 1:52:40( Edit History Discussion )

Michelle Marie Bachmann: oil or whether it'whs through natur tal gas that they pay orr through electric ity or at the a pump, we wouldn't have been enriching ng all these foreign countries. we would have had