everyone here within the sound of my voice should understand a minute ago there was a big victory. The people on Wall Street are high-fiving. They won again. The big banks won again. Mortgage bankers won again. There are a few losers out there, such as millions of consumers, millions of people whose homes are going into foreclosure or about to go into foreclosure. They lost. But there has been a victory. There has been a victory. Anyone within the sound of my voice who does not understand what took place should understand what took place. I had one of my Democratic Senators walk over to me and say Well, they are doing that because you filled the tree. That is wrong. It is not true. In fact, it is quite the opposite. I said: What do my friends have to lose by allowing us to proceed to legislate on this most important piece of legislation, housing stimulus? If, in fact, they do not like what happens with the legislating aspect of this--there are 49 of them--they would not give us cloture on the bill. But why not attempt to legislate this? I indicated I have been told there are Republicans who wish to offer amendments. I, before this vote took place, said I think it is a good idea what they want to offer. One of them was by Johnny Isakson--a tax credit for housing purchases, a pretty good idea. I may not agree on the $5,000 number; maybe it would be $4,000. But I think it is a pretty good idea he came up with.
Editor's note · Context
Discussing the housing stimulus legislation and its implications for consumers and banks.
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