Rep. Elijah Cummings (D-MD) Voices His Opinion on the American Economy Facing Recession

Rep. Elijah Cummings (D-MD) voices his opinion on the recession-faced American economy at Joint Economic Committee hearing concerning rising unemployment rates. (0:37)
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If We Paid Congress the Way We Pay CEO's, We Would Have More Legislation, Not Better

The House Oversight and Government Reform Committee held a hearing on “Executive Compensation II: Mortgage CEO Severance Packages,” focusing on CEOs involved in the ongoing subprime mortgage crisis.

Nell Minow, editor of The Corporate Library, says that the pay packages given to executives contributed directly to the economic crisis because they created incentives to produce more business rather than better. (0:45)
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Chairman of the Board of Governors of the United States Federal Reserve Ben Bernanke Discusses Housing Foreclosure Problems at House Financial Services Committee Hearing

Chairman of the Board of Governors of the United States Federal Reserve Ben Bernanke discusses housing foreclosure problems at House Financial Services Committee hearing on monetary policy and the state of the American economy. (0:25)
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Federal Reserve Chairman Bernanke Discusses the Global Response to Worldwide Economic Troubles at Senate Banking Committee Hearing

Chairman Ben Bernanke talks about the global nature of the current downward trends in housing and credit markets and describes the types of efforts being made jointly by the U.S. and other nations to address and correct them. (1:00)
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At Senate Banking Committee Hearing, Senator Robert Menendez (D-NJ) Says Government Officials Should Have Acted Sooner On Foreclosure Crisis

Senator Menendez says that instead of a wake up call from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson, the nation got a 'wait and see' attitude. (1:00)
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Treasury Secretary Paulson Addresses Senate Banking Committee on the 'Heartrending' Effects of the Current Economic Turmoil

Responding to questions from Senator Robert Casey (D-PA), Secretary of the Treasury Henry Paulson discusses the 'heartrending' effects of predatory lending in the housing and credit markets as well as his efforts to mitigate them.
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Treasury Secretary Paulson Addresses Senate Banking Committee on the Way Forward Through Economic Turmoil

Treasury Secretary Henry M. Paulson, Jr. states that in this necessary contraction of the housing market and the associated economic crisis, firms must accept their losses and move on to building up capital. (1:00)
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Senator Max Baucus (D-MT) Argues That President's Goal for Achieving Surplus Is Unrealistic at Senate Committee on Finance Hearing

Senator Max Baucus (D-MT) argues that the Bush Administration's plan for having the economy achieve surplus by 2012 is unrealistic during today's Senate Committee on Finance hearing. The hearing questioned President Bush's budget proposal for the fiscal year 2009. (0:59)
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Senators Gregg and Conrad Discuss the Economic Stimulus Package at Senate Finance Committee Hearing

Judd Gregg (R-NH), ranking member of the Senate Finance Committee calls the package a "feel-good event." Chairman Kent Conrad (D-ND) claims it is more than that, while expressing reservations.
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Dr. Daniel Mitchell of the Cato Institute Tells the Senate Budget Committee that Fiscal Policy Cannot Fix the Economy

Dr. Mitchell claims that fiscal policy cannot restore the economy and goes on to argue against Keynesian theory in general.
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Rep. Marcy Kaptur States Opposition to Stimulus

Following the President's State of the Union Address, Representative Marcy Kaptur (D-OH9) expressed her lack of faith in the "stimulus plan" implemented by the Bush Administration.
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Congressman Kucinich Calls Stimulus Package "a Band-Aid"

After the State of the Union Address, Congressman Dennis Kucinich (D-OH) warns of the seriousness of the current economic crisis and claims the president isn't taking necessary steps to correct it.
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Congressman Cohen Critiques Stimulus Package

Responding to the President's State of the Union Address Monday night, Congressman Steve Cohen (D-TN) discusses the shortcomings of the economic stimulus package pending in the congress, stating that the tax rebates agreed to do not follow the principles of "timely, targeted, and temporary" suggested by leading economists. (0:29)
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Jason Furman Recommends Fix for Economy

Speaking before the Senate Finance Committee, Jason Furman of the Brookings Institution imparted three suggestions for policy initiatives that could reverse recent negative economic trends. (0:46)
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Senator Bunning (R-KY) Calls for Congressional Independence in Combatting Recession

At a hearing of the Senate Financial Committee, Senator Jim Bunning (R-KY) asserts Congress' independence from the Federal Reserve, blaming Chairman Ben Bernanke for the current state of the U.S. economy.
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Dr. Orszag Allays Fears of Senate Finance Committee

Testifying to the Senate Finance Committee on possible solutions to the current economic crisis, Dr. Peter R. Orszag responded to questions regarding the recent dip in the stock market. Here he reassures Chariman Max Bauchus (D-MT) that financial markets should remain separate and that the stock market is not an indicator of future trends in the real economy.
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Lawrence Summers Encourages Swift Congressional Action to Combat Recession

During questioning by the Joint Economic Committee (JEC), Charles Eliot University Professor Lawrence Summers stressed the gravity of the current economic crisis and encouraged the Congress to quickly pass a corrective stimulus policy package. (0:27)
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Senator Edward Kennedy Declares Need for Bipartisanship in Fixing the Economy

At a hearing of the Joint Economic Committee (JEC) today, Senator Edward Kennedy (D-MA) emphasized the impact of economic downturn on American workers and announced intentions to work with together with both the President and congressional Republicans to solve the current economic crisis. (0:40)
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