Sen. Isakson Takes a Ride on ABC's 'Subway Series'

The GA republican talks foreclosure, tax increases and jobs
3:00 | 10/18/11

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Transcript for Sen. Isakson Takes a Ride on ABC's 'Subway Series'
OK you are. One of those members of congress -- got real. Experience in the real estate distributor -- -- that it. What was your sense. At this really the root of the crisis. Is realistic but its winds that housing market combat and we'll -- what's your view this -- -- got it actually knows it. First of all I went through 68 recession 74 recession. Housing 8182 and 1991. I'm not an expert -- anything but I am -- real -- recession and asked. And what brings them back is a positive policy the federal government the award went off about problem. We got way too -- -- abusive lending standards way to -- -- the underwriting standards. And now we have over reacted with Dodd-Frank some of the legislation where you can't get -- -- financing or if you do yet -- -- -- three times during the course of deliberations have to have. Triple documentation lenders are afraid to even make -- the pendulum swung too far. Kay Hagan -- Democrat and I've introduced legislation calling quality residential mortgage. To define what a well underwritten mortgages and acceptance from Bob price risk -- Until we do some things like that this market is not coming back. Until the rules like mark housing and they come back you're not to get on -- one employed -- half percent so are all still does come back to the -- rules. Look at what it's still it's still -- and -- the -- My accounting Cobb County Georgia where I live in Georgia you have advertise -- fourth successive Fridays for the first -- them on foreclosures. Last Friday when I got on his favorite. There were 76 pages of foreclosures and that didn't like. And that's it thirteen to play that type thing is unsustainable and unsatisfactory. And -- taking -- break in the housing market. And bring values -- what's gonna continue to put the American family's greatest asset. Worth toward Souza former real estate agent somebody spends much of his life in the real estate business. You see this. Residential real estate market still is -- It is and I've got friends all over the country and do quite a bit of -- around the country on real estate issues and finance related issues. When Georgia's one of the top seven there are lots of places in this country -- terribly. Bigger picture that the president's jobs bill. Just -- obviously it went down here in the senate and other don't piecemeal you see anything in the in the. President's proposal -- The highway vision out roads and bridges that is -- -- old construction that does create jobs. Unfortunately this is kind of stimulus life though it reproduces what we did two years ago that didn't work but you support it. Its board won't hurt -- more money for infrastructure have been on the environment public works committee -- -- has been. And -- you know infrastructure -- roads and bridges and highways as they revenues component to it back to the United States government. From the standpoint of the motor fuel tax and other taxes told the company those roads so that's an economic engine catalyst that makes sense. Give -- the two biggest components of the president's jobs bill terms of money -- the payroll tax cut. And infrastructures. Could you see yourself supporting those two payroll tax cut puts. Money in the pockets the American people and the American people will spend at that helps the roads bridges and highways make sense but those are the minority. The overall proposal would charge of bank teachers mercy medical personnel the folks -- -- the responsibilities. And local government and state government. Or building school buildings which is not recognized as government at all but the dollar down here -- mean that the construction. The infrastructure can make it and in the payroll tax cut. So why can't. You guys sit down why can't there be a bipartisan agreement on -- bill the release does what there's consensus on what you know we've tried three times. We've brought to present job all we're gonna have a chance probably tomorrow vote one more time resolute. Then you'll probably see it come back piecemeal at a time when it does we're gonna have a point counterpoint for each -- -- -- we will -- you see any. Room for compromise on the taxes them. Well you know. Most of the democratic party's. It's really embedded -- this idea of taxing the rich for the upper 1% of people paying their fair share the fact. Matter is the rich create jobs. There corporate America agrees the jobs where we've got lots of capital sitting on the silent we've got two trillion dollars in overseas profits stranded. Because we can't repatriate -- because of the president of taxation in diocese taxes so if we did what president had recommended to him and He rejected -- -- We went through tax expenditures and deductions and call them out like Reagan did -- they use those savings to reduce the rates so business new predictably what the right. Was going to that you had stopped having so many in the -- we could raise revenues and -- prosperity -- job 44. And -- and this. If Saturday about partisan letter to the select -- we're ready for significant cuts -- ready to back it bipartisan. Get our economy get our debt deficit back -- that's. Unprecedented problems is to be clear you can see a compromise. Increase tax revenues absolutely it's time we looked at those select -- benefits that would -- in the code because something positive happen that hasn't happened. -- -- why do we keep doing the same thing over and over. The -- that insanity is doing the same thing over and over -- expecting a different result. This time we have horrible what seems obvious that you need to do something like that to get a compromise but around here -- -- -- the obvious is becoming impossible. Well politics and describe everything -- here for right now with the election season looming. When -- well first Tuesday I think from the standpoint of a lot of rest leadership and the White House politics is driving what do. And right now we've got the inspiration desperate country -- -- Our economy is struggling we have a lot of Americans out of work foreclosure rates are. Yeah like my generation they're -- early Social Security net they'll have a job. We need to turn this thing around and bring America back we can do it now we've done it before Iowa this is our stops and rush to your right -- -- -- every --

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