Congressman DeFazio: We're Going to Be in the Repo Business!

September 23, 2008, U.S. House of Representatives. Congressman Peter DeFAZIO [D-OR] says NO to welfare checks for Wall Street.


TRANSCRIPT:
Mr. Speaker, 2007 was a great year on Wall Street, 2007, bonuses of $38 billion to themselves. Secretary Paulson came to us just having received a $39 million bonus from Goldman Sachs, came here to the applause of the Wall Street elites and others.

His first crisis was Bear Stearns. He bailed out Bear Stearns, or he had them acquired with Federal guarantees. But he said, don't worry, the fundamentals of our economy are sound. Then along came Fannie Mae and Freddie Mac. He wanted Congress to give them an unlimited line of credit, but don't worry, it's only a crisis of confidence. Their fundamentals are sound. They probably won't even need the line of credit. Congress went along with that. I voted ``no.'' The fundamentals of America are sound,
he said.

A month later he had to take over Fannie Mae and Freddie Mac, unprecedented, accumulating maybe $5 trillion of debt onto the books of the Federal Government all at once. But not to worry. We'll work our way through it. The fundamentals are sound.

Then came Lehman Brothers. It's just one firm, he says. Let 'em go, let the market work. Our fundamentals are sound. Two days later AIG, a big company, a lot of money in insurance, annuities, other things, too big to fail, broke a 50-year precedent, put Federal money into an insurance company. But not to worry, this is just a little blip. Our fundamentals are sound.

Then Thursday night he has a closed-door meeting with congressional leadership, and he says, if we don't do a bailout plan tomorrow, the economy is going to collapse.

Now, wait a minute. This guy has been consistently wrong and out of touch or he has been lying to Congress and the American people about how sound our fundamentals are.
(...)
[ http://www.c-spanarchives.org/congress/?q=node/77531&id=8893536 ]

---------------------------------------------------

THE AUTO REPOSSESSION BUSINESS
http://www.pimall.com/nais/n.repo.html

Category:

News & Politics

Tags:

• defazio
• us
• congress
• no
• bail
• out
• bailout
• dollar
• inflation
• federal
• reserve
• bernanke
• paulson
• constitution
• 2008
• ron
• paul

[wherecanIfindutube]

Well said Congressman DeFazio.

[4120Wade]

Gold and silver backing is not what gives the dollar what value remains to it. Nations like China, India, and Saudi Arabia hold hundreds of billions, even trillions, of US dollars. If they lose faith in the integrity of the US economy and financial markets, the dollar becomes asswipe.

[FreelancePatriot76]

@skorchedutopia

He is a noble character indeed. He does stick up for America... except that one time.

[skorchedutopia]

@work4aliving1: That he's one helluva guy?

[skorchedutopia]

@FreelancePatriot76: Yes. He did. He also took on the logging industry. Now he's sitting on the Homeland Security Council. DeFazio is one of the best congressmen we have. He's one of the only that can overcome billions of dollars in campaign funds for the opposition.

Take a long heavy swig of this character. You won't find him anywhere else.

[FreelancePatriot76]

Then DeFazio votes yes on health care.

[HayyyChristiann]

I love love love how people who dont like Mr. DeFazio take the time to watch his video and make long rude comments about him. Somewhat hypocritical, no?

[work4aliving1]

I shagged golf balls for rich people. I carried golf clubs for rich people, and I learned very early on, when I was pretty young, that this was a group of people that had nothing special to offer to me or to society. -Rep. Pete DeFazio. This tells us all we need to know about DeFazio

[girardbcp]

"I wouldn't be surprised if somehow this got turned around and they ended up canning DeFazio" - You can't fire congressmen

[LauranceCWright]

I wouldn't be surprised if somehow this got turned around and they ended up canning DeFazio. Now don't get me wrong I DO NOT want this to happen but at the rate things are going and how easily Wall street's been able to sway our government I can see this as a possibility in the near future if Obama and congress don't do something.

[Perceiving]

It's too bad that congress didn't listen.

I wonder if they ever will. Go to Peter Shiff for senate website, also google his videos "Peter Schiff was right"

Help put more people in government that will agree with Defaizo's view presented here.

We can stop this insanity but we must act!

[DoubleDutchBust]

Congressman DeFazio

OfCourseits a love hate relationship

Congressman DeFazio

Because it is Big Buisness.

Congressman DeFazio

ok-ok