Kent Conrad: “I submit we will not save people's jobs or their homes unless we have a comprehensive strategy to address both. The…”

“I submit we will not save people's jobs or their homes unless we have a comprehensive strategy to address both. The problem with the economic recovery package is there is precious little in here that does anything about the housing crisis. We hear the assurance that we can take the money from the TARP. The problem is the TARP, by testimony before the Budget Committee, is oversubscribed as it is. Let's do the math. There is about $300 billion left in the TARP. The testimony before the Budget Committee is, we need $300 to $500 billion on top of that $300 billion just to deal with the financial crisis. That doesn't leave any money for the housing crisis. Here we have before us a vehicle to face up to foreclosures. Senator Dodd is absolutely right. I remember well his holding a hearing on foreclosures. I remember well his coming to this floor with legislation. I remember well filibuster after filibuster against dealing with it. Now is the time. We should not wait to take on the foreclosure crisis in America. More foreclosures, more homes lost, more people unable to pay, more banks have their capital impaired, fewer loans being made, more jobs lost. This is an opportunity to deal with the housing crisis and to have it paid for and to have it paid for out of economic recovery funds. I don't know how I would explain to my constituents that housing wasn't a key part of an economic recovery package.”