mr. garamendi: excuse me. mr. kagen: yes. mr. garamendi: are you telling us that the banks own more homes than the individual families? mr. kagen: the bags own more homes today than -- the banks own more homes today than individual banks do. those would be banks who have created these derivatives to somehow gin up the mortgage market to $63 trillion when it was down to $13 trillion. the banks own more homeness that people do but people need to be in -- homes than people do but people need to be in their own homes at a price they can afford to pay. secondly, executives on wall street are having incomes that are 300 times that of the worker on the factory floor. 300 to one. 25, 30 years ago it was 20 to 25 to one. now it's 300 to one. so things have been tilted in wall street's favor. again, whose side are you on? wall street or main street? third, these numbers are pretty frightening. mr. garamendi: if the gentleman would yield. the wall street reform act goes to the heart of both of those issues. there was significant reform of th

mr. garamendi: well, let me just -- mr. perlmutter: let me yield to my friend from california. mr. garamendi: i want to set a couple of things in place. before i arrived here, my three colleagues and the democrats in this house passed an energy policy that puts america on the track to renewable energy and puts us on the track to end our addiction to foreign oil. that bill passed this house. it is a fundamental policy direction. we're moving this nation to renewables. we're moving the nation away from its dependence on oil. i wish i were here to vote for it, but the special election occurred after that. there will be some followups. one follow-up -- and this is something that just drives me crazy -- that policy to build renewables in america actually runs up against our tax policy. the american tax policy allows our tax dollars to be used to buy wind touchins, fote -- turbines, fote owe volume take systems -- photo vole stayic -- photovoltaic systems. we're buying solar panels that is made anywhere but america? that's stupid. we are trying to change american policy here so our tax mo

mr. garamendi: conservation. mr. ellison: putting a lot of people back to work making homes and buildings energy efficient you put that together with renewable energy, that's an employment driver. that's an economic driver. that's an environment driver. mr. garamendi: let's bring the issue you just raised right back to this chamber in the present moment. we have voted here three times, i believe, on what are called programs for energy conservation. one thosme was called cash for clunkers. -- for cash for caulkers. we had cash for clunkers which helped the auto industry. now we have cash for caulkers, it is bringing about energy conservation. in doing that, two good things happen. we're employing people, taking our tax dollars, get this back up here. we don't have conservation on here but if we were to add conservation, taking our tax dollars, instead of giving them to coal and oil companies, ive it to men and women in the communities that are doing the insulation. doing the window caulking. and as that's done, homeow

mr. garamendi: a compromise. mr. wilson: that being said, i truly believe we have taken the risk away from the taxpayers having to pay for the really reckless gambling and things that went on with the derivatives and how they accounted for them and how they were being able to be manipulated and really oversight is now on wall street and it needed to be there all along. i truly believed we would not have had the meltdown we had in the first place. it is there now and will continue to help us in the future. mr. garamendi: i was back in the district and somebody said, well, it's kind of like an nfl football game and i said what do you mean by that? he said you used to play play in the university of california but you decided to go in the peace corps. he said this wall street bunch before your reform, it was like an nfl football game without any rules and the referees were sent into the locker room. and you can kind of imagine what the outcome would be, wild chaos and mayhem. the regulators during the bush period stepped

mr. garamendi: the gentleman is absolutely right. i know i see this in my own district and in fact in my own neighborhood and in the families of my staff. we have, on my staff, members of families who have lost their homes, who have had to do the short sale who got into these mortgages that they couldn't possibly pay that had these readjustments. all those things. now what was causing that? it was wall street. wall street was making it happen by creating these collateralized debt obligations by the fancy financial ma nip lailingses, and all that was going on, why were they doing it? to make a big profit -- and they did. now, today, on this floor, on this floor today, we took up the wall street reform act and consumer protection act. . it's interesting how the republican leader characterized the members of this house, democratic leaders and the senate have made to address the excesses of wall street. this is the most substantial reform in adjustment of the horrendous wall street practices that took this country to the very edge of an

mr. garamendi is recognized for 60 minutes as the designee of the majority leader. mr. garamendi: madam speaker, thank you. following on congressman lungren's, my colleague from the neighboring district, i didn't realize that senator dave cox had died and i join him in the eulogy that he so graciously gave here on the floor. an extraordinary individual, represented my mother in the mountain counties and was dedicated, as was said to the betterment of california. so i'll start with that. but i had -- what i had intended to discuss here today was jobs. american jobs. what the situation we're faced with today and the extraordinary burden placed upon so many americans who have lost their jobs in the last years of this great recession. but i wanted to really start with, was to try to get a sense of what has happened over the last thee years, 2 1/2, almost three years -- three years, 2 1/2, almost three years now. the great american recession began during the george w. bush period. and we began to lose jobs, largely as a result of the subprime mortgage, the lack of regulation

mr. garamendi, is recognized for 60 minutes as the designee of the majority leader. mr. garamendi: mr. speaker, i thank you very much. i want to spend this evening talking about manufacturing. manufacturing matters. it is the foundation of any solid economy. it's the one part of the american economy that is seriously hurting, and with the great recession, the manufacturing sector in america has even further weakened. i'd like to just start this discussion with just a quick review of what's happened with regard to jobs over the last three years. if you look here on this diagram, you notice that beginning in 2007, jobs in america slowed down and began to decline. so much so that between 2007 and november of 2009 some 700,000 jobs a month were being lost in the fall and early winter of 2009. when the obama administration came in it was at the lowest possible point of some over nearly 800,000 jobs lost in december and january. as the administration came in, very strong action was taken. the american recovery and reinvestment act in february, and that was an effort to move the economy, to p

mr. garamendi: it's always good to go back to the district. i was there over the weekend. among those is a wedding. my 85-year-old mother came up to me and said, john, does that republican colleague of yours want to cut social security to pay for the war? i said, i guess so, mom. no way, no how will the republicans get their way, either privatizing social security or cutting it to pay for the war. that's not going to happen. the democrats are been for social security since 75 years ago when it was first established and we remain strong to that commitment. it is there. it is the fundamental opportunity for retirees to have a foundation. no privatization and no cutting of social security despite what the republican leader might say. i yield back my time. the speaker pro tempore: for what purpose does the gentleman from texas rise? >> to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: the gentleman is recognized. mr. hensarling: mr. speaker, under this administration and this congress we have now seen the largest deficits in hist