| 00:00:00 | YOU ALL KNOW HOW AWFUL IT IS. |
| 00:00:02 | I DIDN'T COME HERE TO DO THIS. |
| 00:00:04 | I DIDN'T COME HERE TO VOTE FOR BILLS LIKE THIS. |
| 00:00:08 | BUT LET ME TELL YOU THIS, I BELIEVE CONGRESS HAS TO ACT. |
| 00:00:11 | AND THAT MEANS EACH AND EVERY ONE OF US HAS TO ACT. |
| 00:00:17 | THESE ARE THE VOTES THAT SEPARATE THE MEN FROM THE BOYS AND THE GIRLS FROM THE WOMEN. |
| 00:00:23 | THESE ARE THE VOTES. |
| 00:00:27 | THESE ARE THE VOTES THAT YOUR CONSTITUENTS SENT YOU HERE TO DECIDE ON THEIR BEHALF. |
| 00:00:32 | THEY DIDN'T TELL YOU IT WAS GOING TO BE EASY. |
| 00:00:34 | THEY DIDN'T TELL YOU, NO, IT'S GOING TO BE BLACK AND WHITE AND YOU WON'T HAVE ANY SHADES OF GRAY. |
| 00:00:40 | THESE ARE THE KIND OF VOTES THAT WE HAVE TO LOOK INTO OUR SOUL AND UNDERSTAND AND ASK OURSELVES THE QUESTION, WHAT IS IN THE BEST INTEREST OF OUR COUNTRY. |
| 00:00:54 | . I BELIEVE WHAT'S IN THE BEST INTEREST OF OUR COUNTRY, AS I STAND HERE TODAY, IS TO VOTE FOR THIS BILL. |
| 00:01:00 | WHILE IMPERFECT, WHILE NOT HAVING EVERYTHING EVERYBODY WANTS, I BELIEVE THAT WE HAVE TO VOTE FOR THIS BILL AND DO OUR VERY BEST TO KEEP OURSELVES FROM THE BRINK OF AN ECONOMIC DISASTER THAT WILL HARM ALL OF OUR CONSTITUENTS. |
| 00:01:15 | SO I ASK ALL OF YOU, BOTH SIDES OF THE AISLE, WHAT'S IN THE BEST INTEREST OF OUR COUNTRY? |
| 00:01:24 | NOT WHAT'S IN THE BEST INTEREST OF OUR PARTY, NOT WHAT'S IN THE BEST INTEREST OF OUR OWN RE-ELECTION, WHAT'S IN THE BEST INTEREST OF OUR COUNTRY? |
| 00:01:36 | VOTE YES. |
| 00:01:38 | THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. |
| 00:01:52 | THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED. |
| 00:01:57 | HE HAS ONE MINUTE REMAINING. |
| 00:01:58 | MR. |
| 00:01:59 | FRANK: MADAM SPEAKER, I NOW HAVE THE PRIVILEGE TO THE REGRET OF ABSOLUTELY NOBODY OF CLOSING OUT THIS DEBATE BY YIELDING ONE MINUTE TO THE VERY ABLE MAJORITY LEADER WHO HAS PLAYED SUCH A CONSTRUCTIVE ROLE, THE GENTLEMAN FROM MARYLAND, MR. |
| 00:02:14 | HOYER. THE SPEAKER PRO TEMPORE: THE GENTLEMAN FROM MARYLAND IS RECOGNIZED FOR ONE MINUTE. |
| 00:02:18 | MR. HOYER: I THANK THE GENTLEMAN FOR YIELDING. |
| 00:02:21 | WE SWORE AN OATH TO PROTECT THIS COUNTRY, TO PROTECT OUR CONSTITUTION AND PROTECT OUR PEOPLE. |
| 00:02:30 | MOST DAYS IN THE HOUSE OF REPRESENTATIVES, WE MAKE JUDGMENTS. |
| 00:02:50 | THOS CONSEQUENCE, LET US MEET THE CHALLENGE, LET US ACT, LET US CONFRONT THIS CRISIS, LET US BE THE BEST OF THE PEOPLE'S HOUSE. |
| 00:11:32 | AND I YIELD BACK THE BALANCE OF MY TIM . |
| 00:26:41 | THERE IS ONLY ONE MAN IN THIS ELECTION WHO HAS EVER REALLY FOUGHT FOR YOU. |
| 00:26:48 | HE IS A GREAT MAN. |
| 00:27:05 | [APPLAUSE] >> USA! USA! USA! USA! >> OHIO, HE IS THE ONLY GREAT MAN IN THIS RACE. |
| 00:27:20 | THE ONLY MAN IN THIS ELECTION READY TO SERVE YOU AS THE 44TH PRESIDENT. |
| 00:27:26 | I AM HONORED TO INTRODUCE TO YOU SENATOR JOHN MCCAIN. |
| 00:27:53 | [APPLAUSE] >> THANK YOU. |
| 00:27:55 | THANK YOU, THANK YOU FOR THAT WONDERFUL OHIO WELCOME. |
| 00:28:01 | I KNOW THAT YOU KNOW THAT HISTORY SHOWS THAT THE PRESIDENT OF THE UNITED STATES GOING ALL OF THE WAY BACK TO 1960 IS THE LAST TIME SOMEBODY WAS ELECTED WITHOUT CARRYING THE STATE OF OHIO. |
| 00:28:16 | WE WILL WIN THE STATE OF OHIO WITH YOUR HELP AND I WILL BE THE NEXT PRESIDENT OF THE UNITED STATES. |
| 00:28:23 | WE NEED TO WIN HERE. |
| 00:28:25 | WE NEED TO GET OUT THE VOTE. |
| 00:28:27 | I AM HAPPY TO BE INTRODUCED BY SARAH PALIN FROM THE GREAT STATE OF ALASKA. |
| 00:28:35 | SHE IS A BIT OF A MAVERICK HERSELF. |
| 00:28:39 | SHE WILL BE MY PARTNER REFORMING EVERYTHING THAT IS BROKEN IN WASHINGTON AND SHE IS A LEADER THAT KNOWS WHAT IT MEANS TO PUT HER COUNTRY FIRST. |
| 00:28:56 | [APPLAUSE] SHE HAS A DEBATE THIS WEEK AGAINST MY FRIEND AND COLLEAGUE JOE BIDEN. |
| 00:29:01 | HE IS A GOOD MAN, BUT HIS IS NOT THE HEART OF A REFORMER. |
| 00:29:06 | IF THERE IS ONE THING EVERY VOTER I HAVE MET THIS YEAR AGREES ON IS THE NEED FOR BIG, TOUGH REFORMS. |
| 00:29:18 | [APPLAUSE] WE NEED THE KIND OF REFORM THAT REQUIRES US TO RUFFLE FEATHERS, TAKE ON THE ENTRENCHED SPECIAL INTEREST, AND THAT IS THE GOVERNOR ' S SPECIALTY. |
| 00:29:34 | [APPLAUSE] WHETHER IT IS TAKING ON BIG OIL OR MEMBERS OF HER OWN PARTY, SHE RAN AGAINST AN INCUMBENT REPUBLICAN GOVERNOR BECAUSE SHE KNEW WHAT WAS BEST FOR ALASKA AND SHE KNOWS WHO SHE WORKS FOR. |
| 00:29:48 | SHE WORKS FOR YOU. |
| 00:29:55 | [APPLAUSE] MY FRIENDS, SARAH AND I HAVE SOME TALK FOR THE SMALL TALKING, ME FIRST, A COUNTRY SECOND, CROWD IN WASHINGTON AND ON WALL STREET. |
| 00:30:09 | CHANGE IS COMING. |
| 00:30:12 | CHANGE IS COMING, MY FRIENDS. |
| 00:30:14 | IT IS COMING. |
| 00:30:20 | [APPLAUSE] YOU KNOW WE NEED REFORM IN WASHINGTON AND WALL STREET. |
| 00:30:24 | YOU KNOW THAT WE HAVE SUFFERED -- WHO HAS SUFFERED BECAUSE WE NEED IT, THE MAIN STREET. |
| 00:30:30 | THE FINANCIAL CRISIS THREATENS THE ECONOMIC SECURITY OF ALL AMERICANS. |
| 00:30:35 | I LAID OUT PRINCIPLES TO PROTECT ALL AMERICANS. |
| 00:30:38 | I BELIEVE THAT IN ACTION WAS NOT AN OPTION. |
| 00:30:42 | I PUT MY CAMPAIGN ON HOLD FOR A COUPLE OF DAYS. |
| 00:30:54 | [APPLAUSE] I PUT IT ON HOLD LAST WEEK TO FIGHT FOR A RESCUE PLAN THAT PUTS YOU ENDURE ECONOMIC SECURITY AND YOUR FAMILY AND WORKING AMERICANS FIRST. |
| 00:31:03 | THAT IS WHY I WANT TO BE PRESIDENT. |
| 00:31:07 | I WANT THEM TO BE FIRST. |
| 00:31:11 | I FOUGHT FOR A PLAN THAT PROTECT THE TAXPAYERS, HOMEOWNERS, CONSUMERS, AND SMALL BUSINESS OWNERS. |
| 00:31:21 | I WENT TO WASHINGTON LAST WEEK TO MAKE SURE THAT THE TAXPAYERS OF OHIO AND ACROSS THIS GREAT COUNTRY CANNOT LEFT FOOTING THE BILL FOR MISTAKES MADE ON WALL STREET WITH EVIL AND GREED IN WASHINGTON. |
| 00:31:44 | [APPLAUSE] REMARKABLY, SOME PEOPLE HAVE CRITICIZED MY DECISION TO PUT MY COUNTRY FIRST. |
| 00:31:49 | I WILL NEVER BE A PRESIDENT WHO SITS ON THE SIDELINES WHEN THIS COUNTRY FACES A CRISIS. |
| 00:31:55 | I WILL NEVER DO THAT. |
| 00:32:04 | [APPLAUSE] I KNOW THAT MANY OF YOU HAVE NOTICED IT IS NOT MY STYLE TO SIMPLY PHONED IT IN. |
| 00:32:18 | [APPLAUSE] I AM 8 TEDDY ROOSEVELT REPUBLICAN. |
| 00:32:20 | I BELIEVE THAT OUR LEADERS ALONG IN THE ARENA WHEN OUR COUNTRY FACES A CHALLENGE, NOT ON THE ROAD. |
| 00:32:30 | I HAVE NEVER BEEN AFRAID OF STEPPING IN TO SOLVE PROBLEMS FOR THE AMERICAN PEOPLE AND I AM NOT GOING TO STOP NOW. |
| 00:32:45 | [APPLAUSE] IT IS A MATTER OF RECORD, SENATOR OBAMA TO GIVE VERY DIFFERENT APPROACH TO THE CRISIS OUR COUNTRY FACED. |
| 00:32:54 | AT FIRST HE DID NOT WANT TO GET INVOLVED. |
| 00:32:58 | THEN HE WAS MONITORING THE SITUATION. |
| 00:33:04 | THAT IS NOT LEADERSHIP, THAT IS WATCHING FROM THE SIDELINES. |
| 00:33:15 | [APPLAUSE] WATCHING FROM THE SIDELINES IS EXACTLY WHAT GOT US INTO THIS MESS. |
| 00:33:20 | IT WAS THE LACK OF ACCOUNTABILITY AND OVERSIGHT THAT PUT YOUR WORKING FAMILIES TAX DOLLARS ON THE LINE. |
| 00:33:28 | IT SHOULD NOT BE SURPRISING THAT SENATOR OBAMA IS NOT INTERESTED IN PROTECTING YOUR TAX DOLLARS. |
| 00:33:35 | SENATOR OBAMA HAS PROPOSED MORE THAN $860 BILLION IN NEW SPENDING. |
| 00:33:44 | [APPLAUSE] DID YOU NOTICE IN THE DEBATE ON FRIDAY THAT HE WAS ASKED TO NAME A SINGLE PROGRAM HE WOULD CONSIDER CUTTING TO HELP OUR COUNTRY THROUGH THIS CRISIS. |
| 00:33:56 | HE COULD NOT NAME A SINGLE PROGRAM AND IN HIS RESPONSE HE STARTED TO NAME PROGRAMS YOU WANTED TO INCREASE SPENDING ON. |
| 00:34:06 | YOU KNOW WHAT? |
| 00:34:07 | HE IS A FAN OF ALL OF THAT SPENDING BECAUSE HE IS ALWAYS CHEERING FOR HIGHER TAXES OR AGAINST TAX RELIEF. |
| 00:34:16 | HE VOTED 94 TIMES EITHER TO RAISE YOUR TAXES OR TO RAISE SPENDING. |
| 00:34:22 | MY FRIENDS, HE NEVER VOTED TO CUT YOUR TAXES. |
| 00:34:28 | TWO TIMES AND MARCH 14, 2008, AND JUNE 4, 2008, IN THE DEMOCRATIC BUDGET RESOLUTION HE VOTED TO RAISE TAXES ON PEOPLE MAKING JUST $42,000 A YEAR. |
| 00:34:44 | HE SAID AT THE TIME THAT THIS VOTE FOR HIGHER TAXES ON THE MIDDLE CLASS WAS GETTING OUR NATION'S PRIORITIES BACK ON TRACK. |
| 00:34:55 | THEN SOMETHING HAPPENED AMAZING. |
| 00:34:59 | ON FRIDAY NIGHT HE INVOKED THE AMERICAN PEOPLE IN THE EYE AND SAID IT NEVER HAPPENED -- LOOK TO THE AMERICAN PEOPLE IN THE EYE AND SAID IT NEVER HAPPENED. |
| 00:35:08 | WE NEED A PRESIDENT WHO WILL ALWAYS TELL THE AMERICAN PEOPLE THE TRUTH. |
| 00:35:23 | [APPLAUSE] SENATOR OBAMA'S RECORD OF HIGHER TAXES AND MORE SPENDING IS NOT GOING TO HELP 95% OF AMERICANS. |
| 00:35:30 | IT IS GOING TO HURT 100% OF AMERICANS BY GROWING GOVERNMENT, SLOWING GROWTH, AND DESTROYING JOBS. |
| 00:35:38 | BY THE WAY, HE ALSO SAID THAT HE HAD SUSPENDED HIS YEAR MARKED, -- EARMARK, PORK BARREL REQUESTS. |
| 00:35:53 | HE DID NOT WANT TO TALK ABOUT THE ALMOST $1 MILLION A DAY PORK BARREL PROJECTS HE WAS ASKING FOR ILLINOIS. |
| 00:36:04 | ALMOST A MILLION DOLLARS A DAY OF TAXPAYER MONEY THAT HE ASKED FOR PORK BARREL SPENDING. |
| 00:36:11 | TIMES ARE TOUGH FOR OUR ECONOMY. |
| 00:36:14 | I AM CONFIDENT THAT AMERICA AND AMERICANS WILL EMERGE STRONGER THAN BEFORE. |
| 00:36:20 | I WILL DO MY PART. |
| 00:36:22 | MY COMMITMENT TO THE AMERICAN PEOPLE IS THIS, I WILL CLEAN UP THE WALL STREET MESS, REFORM WASHINGTON, AND FOCUSED THE ENTIRE FEDERAL GOVERNMENT ON A PRO-GROWTH AGENDA THAT CREATES JOBS. |
| 00:36:47 | [APPLAUSE] THAT CREATES JOBS AND GETS THIS COUNTRY BACK TO WORK AND BACK ON TRACK. |
| 00:36:52 | THAT IS WHAT I PROMISE. |
| 00:36:59 | [APPLAUSE] TIMES ARE TOUGH FOR AMERICA. |
| 00:37:02 | TIMES ARE TOUGH FOR WORKING FAMILIES. |
| 00:37:04 | TIMES ARE TOUGH. |
| 00:37:06 | THEY ARE PAYING THE PENALTY FOR THE GREED AND EXCESS IN WASHINGTON. |
| 00:37:11 | THE OLD BOY NETWORK THAT I HAVE NEVER BEEN A PART OF. |
| 00:37:17 | [APPLAUSE] LET ME GIVE YOU SOME STRAIGHT TALK ABOUT THIS ELECTION. |
| 00:37:21 | IN 36 DAYS, YOUR VOTE, THE STATE OF OHIO, WILL DETERMINE THE NEXT PRESIDENT OF THIS GREAT COUNTRY THAT WE ALL LOVE. |
| 00:37:32 | I THINK THE DIFFERENCES BETWEEN SENATOR OBAMA AND MYSELF ARE PRETTY CLEAR. |
| 00:37:37 | A VOTE FOR ME WILL GUARANTEE IMMEDIATE PRO-GROWTH ACTION. |
| 00:37:44 | STRONG SUPPORT FOR SMALL BUSINESSES, WHICH ARE THE BACKBONE OF THE ECONOMY. |
| 00:37:59 | [APPLAUSE] AN END TO PORK-BARREL CORRUPTING SPENDING IN WASHINGTON D. |
| 00:38:10 | C.. [APPLAUSE] THE NEXT TIME ONE OF THESE BILLS COME ACROSS THE DESK AS PRESIDENT OF UNITED STATES I WILL VETO IT, I WILL MAKE THEM FAMOUS, AND YOU WILL KNOW THEIR NAMES. |
| 00:38:30 | [APPLAUSE] A VOTE FOR BARACK OBAMA WILL GUARANTEE HIGHER TAXES, FEWER JOBS, AND AN EVEN BIGGER FEDERAL GOVERNMENT. |
| 00:38:40 | THESE POLICIES WILL DEEPEN OUR RECESSION. |
| 00:38:43 | A VOTE FOR ME WILL GUARANTEE THAT THE FORCES THAT HAVE BROUGHT DOWN OUR ECONOMY WILL BE OUT OF BUSINESS. |
| 00:38:50 | I WILL END THE CORRUPT PRACTICES ON WALL STREET AND THE BACK ROOM DEALS IN WASHINGTON D. |
| 00:39:02 | C. [APPLAUSE] I WILL HOLD THOSE ACCOUNTABLE FOR THOSE RESPONSIBLE FOR THE OVERSIGHT AND PROTECTION OF CONSUMERS, TAXPAYERS, AND HOMEOWNERS. |
| 00:39:12 | A VOTE FOR SENATOR OBAMA WILL BE THIS COUNTRY AT RISK DURING ONE OF THE MOST SEVERE CHALLENGES TO AMERICA'S ECONOMY SINCE THE GREAT DEPRESSION. |
| 00:39:22 | WHEN IT COMES TO GROWING THE ECONOMY AND PROTECTING YOU FROM THE CORRUPTION OF WALL STREET AND WASHINGTON, SENATOR OBAMA AND JUST DOES NOT GET IT. |
| 00:39:38 | [APPLAUSE] AMERICANS HAVE HAD ENOUGH BUSINESS AS USUAL. |
| 00:39:41 | AMERICANS HAVE HAD ENOUGH OF THE COZY RELATIONSHIP BETWEEN POLITICIANS AND POWER BROKERS. |
| 00:39:49 | THE STATUS QUO WILL END ON NOVEMBER 4 WITH A VOTE FOR ME AND SARAH PALIN. |
| 00:40:10 | [APPLAUSE] MY FRIENDS, WE HAVE MADE THE TOUGH CHOICES THAT MAKE US ON POPULAR AND OUR OWN PARTY. |
| 00:40:19 | WE HELPED PUSH FOR REFORMS THAT LEAVE SPECIAL INTERESTS ON THE SIDELINES AND GIVE THE LITTLE GUY IS SEAT AT THE TABLE. |
| 00:40:26 | WE WILL NEVER FORGET WHO WE WORK FOR. |
| 00:40:30 | WE WORK FOR YOU. |
| 00:40:39 | [APPLAUSE] THAT IS HOW WE SEE THIS ELECTION. |
| 00:40:43 | COUNTRY FIRST OR OBAMA FIRST. |
| 00:40:45 | I HAVE A FEELING I KNOW WHICH SIDE YOU ARE ALL ON. |
| 00:40:57 | [APPLAUSE] WHEN IT COMES TO CUTTING TAXES FOR SENIORS, FOR WORKING FAMILIES, FOR SMALL BUSINESSES, MY OPPONENT DID NOT PUT THE HARD-WORKING PEOPLE OF THIS COUNTRY FIRST. |
| 00:41:09 | WHEN IT CAME TIME TO SUPPORT OUR TROOPS FIGHTING TO PROTECT OUR FREEDOMS AND WAY OF LIFE, MY OPPONENT SAID HE WOULD NEVER DEPRIVE THEM OF THE FUNDS THAT THEY NEEDED TO FIGHT. |
| 00:41:21 | THEN IT DID JUST THAT. |
| 00:41:26 | SENATOR OBAMA VOTED AGAINST FUNDING THE EQUIPMENT ARE TROOPS RELY ON AS THEY FIGHT TO PROTECT US. |
| 00:41:33 | THAT IS NOT PUTTING THE MEN AND WOMEN OF OUR MILITARY FIRST. |
| 00:41:37 | BY THE WAY, FRIDAY NIGHT, DID YOU EVER HEARD THE WORD VICTORY FROM SENATOR OBAMA? |
| 00:41:48 | WHEN WE CONTINUE THIS SURGED UNDER THIS GREAT GENERAL, WE WILL COME HOME AND OUR TROOPS WILL COME HOME WITH VICTORY AND HONOR AND NOT IN DEFEAT. |
| 00:42:12 | [APPLAUSE] >> USA! USA! USA! USA! >> WHEN IT COMES TIME TO REACH ACROSS THE AISLE AND WORK WITH MEMBERS OF BOTH PARTIES TO GET THINGS DONE FOR THE AMERICAN PEOPLE, MY OPPONENT CANNOT NAME A SINGLE OCCASION IN WHICH HE FOUGHT AGAINST HIS PARTY'S LEADERSHIP TO GET SOMETHING DONE FOR THE COUNTRY. |
| 00:42:37 | THAT IS NOT PUTTING THE INTERESTS OF THE COUNTRY FIRST. |
| 00:42:42 | THE COUNTRY IS LOOKING FOR LEADERSHIP AND THE COUNTRY IS HUNGRY FOR CHANGE. |
| 00:42:48 | THEY WANT A LEADER WHO WILL STAND UP TO ENTRENCHED SPECIAL INTERESTS IN WALL STREET. |
| 00:42:56 | THEY DESERVE A PRESIDENT WHO KNOWS WHEN TO PUT ASIDE POLITICS AND ACT IN THE BEST INTEREST OF THIS NATION. |
| 00:43:16 | [APPLAUSE] THE CHOICE IS CLEAR, YOU HAVE MY WORD, I WILL ALWAYS, AS I HAVE MY ENTIRE LIFE, PUT THIS COUNTRY FIRST. |
| 00:43:26 | THANK YOU AND GOD BLESS YOU. |
| 00:43:28 | WE NEED YOUR VOTE. |
| 00:43:30 | THANK YOU. |
| 00:43:40 | [APPLAUSE] [CAPTIONING PERFORMED BY NATIONAL CAPTIONING INSTITUTE] |
| 00:43:45 | [CAPTIONS COPYRIGHT NATIONAL CABLE SATELLITE CORP. |
| 00:47:20 | 2008] (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) (music) >> NOW WE WILL HEAR FROM PRESIDENTIAL NOMINEE BARACK OBAMA. |
| 00:47:25 | HE TALKS ABOUT THE FINANCIAL MARKETS AND BILL AND THAT FAILED IN THE HOUSE OF REPRESENTATIVES. |
| 00:47:31 | IT IS ABOUT 40 MINUTES. |
| 00:47:57 | [APPLAUSE] >> HELLO, EVERYBODY. |
| 00:47:58 | HELLO, COLORADO. |
| 00:47:59 | THANK YOU. |
| 00:48:05 | [APPLAUSE] THANK YOU VERY MUCH, EVERYBODY. |
| 00:48:09 | THANK YOU, PLEASE. |
| 00:48:10 | THANK YOU. |
| 00:48:12 | THANK YOU. |
| 00:48:14 | THANK YOU, EVERYBODY. |
| 00:48:17 | PLEASE, EVERYBODY HAVE A SEAT. |
| 00:48:19 | THANK YOU SO MUCH. |
| 00:48:21 | THANK YOU. |
| 00:48:22 | FIRST OF ALL, I HAVE GOT SOME SPECIAL THANK YOU IS THAT I HAVE TO MAKE. |
| 00:48:28 | AND -- A THANK-YOU FOR ALL OF YOU FOR YOUR RECEPTION. |
| 00:48:32 | PLEASE GIVE HER A GREAT ROUND OF APPLAUSE FOR THE INTRODUCTION. |
| 00:48:41 | A M SO GLAD TO HAVE THE SUPPORT OF ONE OF THE BEST YOUNG GOVERNORS IN THE COUNTRY. |
| 00:48:47 | HE IS DOING OUTSTANDING WORK AND -- EACH AND EVERY DAY. |
| 00:48:52 | GOVERNOR BILL RITTER. |
| 00:48:57 | JUST AS OUTSTANDING, THE LIEUTENANT GOVERNOR BARBARA O'BRIEN. |
| 00:49:05 | TO THE HOUSE SPEAKER, ANDREW. |
| 00:49:11 | WHERE DID HE GO? |
| 00:49:13 | HE IS AROUND HERE SOMEWHERE. |
| 00:49:17 | TO THE STATE SENATE PRESIDENT. |
| 00:49:19 | THANK YOU, EVERYBODY. |
| 00:49:26 | I APOLOGIZE FOR THE DELAY. |
| 00:49:31 | YOU FORGIVE ME IF YOU SAY? |
| 00:49:38 | THANK YOU. I WAS ON THE PHONE WITH SECRETARY PAULSON AS WELL AS THE SPEAKER OF THE HOUSE AND CONGRESSIONAL LEADERS BECAUSE THEY ARE STILL TRYING TO WORK THROUGH THIS RESCUE PACKAGE. |
| 00:49:53 | OBVIOUSLY, THIS IS A VERY DIFFICULT THING TO DO. |
| 00:49:56 | IT IS DIFFICULT BECAUSE WE SHOULD NOT HAVE GOTTEN HERE IN THE FIRST PLACE. |
| 00:50:08 | [APPLAUSE] WE MEET HERE AT A TIME OF GREAT UNCERTAINTY FOR AMERICA. |
| 00:50:15 | THE ERA OF GREED AND IRRESPONSIBILITY ON WALL STREET AND IN WASHINGTON HAS LED US TO A FINANCIAL CRISIS AS SERIOUS AS ANY WE HAVE FACED SINCE THE GREAT DEPRESSION. |
| 00:50:28 | THEY SAID THEY WANTED TO LET THE MARKET RUN FREE, BUT INSTEAD, THEY LET IT RUN WILD. |
| 00:50:37 | IN THE PROCESS, THEY HAVE TRAMPLED ON OUR AMERICAN VALUES OF FAIRNESS AND BALANCE AND RESPONSIBILITY TO ONE ANOTHER. |
| 00:50:52 | [APPLAUSE] NOW, BECAUSE AS SPECULATORS TO GAIN THE SYSTEM AND SPECULATORS TO LOOK THE OTHER WAY, YOUR JOBS IN YOUR LIFE SAVINGS AND THE STABILITY OF OUR ENTIRE ECONOMY IS AT RISK. |
| 00:51:07 | WE HAVE BEEN LEFT WITH NO GOOD OPTIONS. |
| 00:51:13 | TODAY DEMOCRATS AND REPUBLICANS IN WASHINGTON HAVE A RESPONSIBILITY TO MAKE SURE THAT AN EMERGENCY RESCUE PACKAGE IS PUT FORWARD THAT CAN AT LEAST STOP THE IMMEDIATE PROBLEMS THAT WE HAVE SO THAT WE CAN BEGIN TO PLAN FOR THE FUTURE. |
| 00:51:34 | THIS IS A HARD THING TO DO. |
| 00:51:41 | DEMOCRATIC AND REPUBLICAN LEADERS HAVE AGREED, BUT MEMBERS HAVE NOT YET AGREED. |
| 00:51:46 | THERE WILL BE SOME BUMPS AND TRIALS AND TRIBULATIONS BEFORE WE GET THIS RESCUE PACKAGE DONE. |
| 00:51:54 | IT IS IMPORTANT FOR THE AMERICAN PUBLIC AND THE MARKETS TO STAY COLUMN. |
| 00:52:03 | -- CALM. |
| 00:52:04 | THINGS ARE NEVER SMOOTH IN CONGRESS. |
| 00:52:08 | IT WILL GET DONE. |
| 00:52:09 | WE WILL MAKE SURE AN EMERGENCY PACKAGE CAN BE PUT TOGETHER. |
| 00:52:14 | IT IS REQUIRED FOR US TO STABILIZE THE MARKETS. |
| 00:52:18 | WE WANT TO MAKE SURE WHEN A SMALL BUSINESS PERSON WAKES UP TOMORROW MORNING, HE IS GOING TO BE ABLE TO MAKE PAYROLL. |
| 00:52:27 | YOUR 401K AND ALL OF THE PLANNING YOU HAVE DONE FOR YOUR RETIREMENT, THAT WILL STILL BE THERE. |
| 00:52:33 | WE'RE NOT GOING TO BE A LOSING JOBS AT AN EVEN FASTER CLIP THAN WHAT WE'RE DOING RIGHT NOW. |
| 00:52:40 | IT WILL BE A LITTLE BIT ROCKY. |
| 00:52:44 | IT IS LIKE FLYING INTO DENVER. |
| 00:52:46 | YOU KNOW YOU ARE GOING TO LAND, BUT IT IS NOT ALWAYS FUN GOING OVER THOSE MOUNTAINS. |
| 00:53:04 | [APPLAUSE] JUST SOME BRIEF REMARKS ON THE DEAL THAT WAS ARRIVED AT LAST NIGHT. |
| 00:53:10 | OR THE NIGHT BEFORE LAST. |
| 00:53:12 | I THINK IT IS IMPORTANT FOR PEOPLE TO UNDERSTAND WHAT IS CURRENTLY ON THE TABLE. |
| 00:53:19 | IT MAY GO THROUGH MORE MODIFICATIONS. |
| 00:53:22 | IT IS A PLAN THAT HAS IMPROVED A GREAT DEAL FROM THE TIME IT WAS INTRODUCED BY THE BUSH ADMINISTRATION. |
| 00:53:30 | THE ADMINISTRATION STARTED OFF BY ASKING FOR A BLANK CHECK OF $700 BILLION TO SOLVE THE PROBLEM. |
| 00:53:38 | I SAID, ABSOLUTELY NOT. |
| 00:53:44 | I SAID IT WAS UNACCEPTABLE TO EXPECT THE AMERICAN PEOPLE TO HAND THIS ADMINISTRATION OR ANY ADMINISTRATION A BLANK CHECK OF THAT SIZE WITH NO CONDITIONS AND NO OVERSIGHT WHEN A LACK OF OVERSIGHT IN WASHINGTON AND ON WALL STREET IS EXACTLY WHAT GOT US INTO THIS MESS. |
| 00:54:14 | [APPLAUSE] IF THE AMERICAN PEOPLE ARE BEING ASKED TO HELP SOLVE THIS CRISIS, THEN YOU HAVE A RIGHT TO MAKE SURE YOUR TAX DOLLARS ARE PROTECTED. |
| 00:54:28 | THE DAY THAT SECRETARY PAULSON PUT FORWARD HIS INITIAL PLAN, I LAID OUT A FEW CONDITIONS FOR WASHINGTON. |
| 00:54:36 | I SAID WE NEED AN INDEPENDENT BOARD TO PROVIDE OVERSIGHT AND ACCOUNTABILITY FOR HOW AND WHERE THIS MONEY IS SPENT EVERY STEP OF THE WAY. |
| 00:54:47 | I SAID THAT IF AMERICAN TAXPAYERS ARE FINANCING THE SOLUTION, THEN YOU SHOULD BE TREATED LIKE INVESTORS. |
| 00:54:55 | YOU SHOULD GET EVERY PENNY OF YOUR TAX DOLLARS BACK ONCE THIS ECONOMY RECOVERS AND WALL STREET SHOULD HELP FOOT THE BILL. |
| 00:55:12 | [APPLAUSE] I SAID THAT WE CANNOT AND WILL NOT SIMPLY BAILOUT WALL STREET WITHOUT HELPING THE MILLIONS OF INNOCENT HOMEOWNERS WHO ARE STRUGGLING TO STAY IN THEIR HOMES. |
| 00:55:30 | AND THEY DESERVE A PLAN, TOO. |
| 00:55:34 | [APPLAUSE] I SAID I WOULD NOT ALLOW THIS PLAN TO BECOME A WELFARE PROGRAM FOR THE WALL STREET EXECUTIVES WHOSE GREED AND RESPONSIBILITY GOT US INTO THIS MESS. |
| 00:55:58 | [APPLAUSE] THANKS TO THE HARD WORK OF DEMOCRATS AND REPUBLICANS AT THE LEADERSHIP LEVEL, THE PROPOSAL THAT WE HAVE ON THE TABLE NOW INCLUDES THESE TAXPAYER PROTECTIONS. |
| 00:56:14 | A PACKAGE HAS NOT YET PASSED. |
| 00:56:17 | ONE OF THE MESSAGES THAT I HAVE TO CONGRESS IS, AND GET THIS DONE. |
| 00:56:25 | DEMOCRATS, REPUBLICANS, STEPPED UP TO THE PLATE, AND GET IT DONE, AND UNDERSTAND THAT EVEN AS YOU GET IT DONE TO STABILIZE THE MARKETS, WE HAVE MORE WORK TO DO TO MAKE SURE THAT MAIN STREET IS GETTING THE SAME KIND OF HELP THAT WALL STREET IS GETTING. |
| 00:56:42 | WE CANNOT FORGET WHO THIS IS FOR. |
| 00:56:46 | THIS IS FOR THE AMERICAN PEOPLE. |
| 00:56:48 | THIS SHOULD NOT BE FOR A FEW INSIDERS. |
| 00:56:51 | I PROMISE YOU, IF I AM PRESIDENT, -- [APPLAUSE] |
| 00:57:23 | I AM SUPERSTITIOUS. |
| 00:57:25 | IF I AM PRESIDENT, I WILL REVIEW THE ENTIRE PLANT ON THE DAY I TAKE OFFICE TO MAKE SURE IT IS WORKING TO SAVE OUR ECONOMY AND THAT YOU GET YOUR MONEY BACK. |
| 00:57:43 | LET ME BE ABSOLUTELY CLEAR ABOUT ONE THING. |
| 00:57:46 | AT A TIME LIKE THIS, A TIME WHEN 600,000 WORKERS HAVE LOST THEIR JOBS SINCE JANUARY, WHEN HOME VALUES ARE FALLING, WHEN PAYCHECKS ARE FLAT, WHEN IT HAS NEVER BEEN HARDER TO SAVE OR RETIRE, TO BUY GAS OR GROCERIES, AT A TIME WHEN AMERICANS ARE DROWNING IN DEBT, OFTEN TIMES BECAUSE THEY CANNOT KEEP UP WITH THE RISING COSTS OF EVERYTHING, AT A TIME WHEN AMERICANS ARE WORKING SO MUCH HARDER FOR SO MUCH LESS, THE FACT THAT YOU ARE BEING CALLED UPON TO HELP CLEAN UP WALL STREET'S MESS IS AN OUTRAGE. |
| 00:58:34 | [APPLAUSE] IT IS AN OUTRAGE THAT WE ARE IN A POSITION WHERE WE ARE CONSIDERING PUTTING MONEY AT RISK THAT COULD HAVE BEEN INVESTED AND THAT CAN STILL BE INVESTED IN AFFORDABLE HEALTH CARE OR RENEWABLE ENERGY OR BETTER SCHOOLS FOR OUR CHILDREN. |
| 00:58:55 | IT IS AN OUTRAGE THAT WE ARE IN THIS MESS. |
| 00:59:01 | WE ARE HERE TO MAKE SURE THAT IT NEVER HAPPENS AGAIN. |
| 00:59:07 | THIS MOMENT DID NOT ARRIVE BY SOME ACCIDENT OF HISTORY. |
| 00:59:11 | THIS IS NOT JUST A NORMAL PART OF THE BUSINESS CYCLE. |
| 00:59:15 | THIS WAS NOT JUST A FEW BAD APPLES ON WALL STREET. |
| 00:59:19 | IT IS NOT A MATTER OF JUST FIRING COUPLE OF PEOPLE. |
| 00:59:23 | THIS CRISIS IS A DIRECT RESULT OF A PHILOSOPHY THAT THE PEOPLE WHO HAVE BEEN RUNNING WASHINGTON FOR THE PAST EIGHT YEARS HAVE BEEN FOLLOWING. |
| 00:59:33 | THEY HAVE BEEN FOLLOWING IT FOR DECADES. |
| 00:59:37 | A PHILOSOPHY THAT SAYS WE SHOULD GIVE MORE TO THOSE WITH THE MOST AND HOPE THAT PROSPERITY TRICKLES DOWN ON EVERYONE ELSE. |
| 00:59:46 | A PHILOSOPHY THAT SAYS THAT EVEN COMMON-SENSE REGULATIONS ARE ALWAYS ON NECESSARY, ALWAYS UNWISE. |
| 00:59:54 | THAT THEY CONSTRAIN THE MARKET. |
| 00:59:56 | AND IS A PHILOSOPHY THAT LETS LOBBYISTS SHRED CONSUMER PROTECTIONS AND PUT THE NEED TO SPECIAL INTERESTS AHEAD OF WORKING PEOPLE. |
| 01:00:06 | IT IS A PHILOSOPHY THAT SAYS THAT WE DO NOT NEED ADULT SUPERVISION. |
| 01:00:13 | WHERE EVERYBODY IS JUST THINKING SHORT-TERM ALL OF THE TIME, WHAT IS IN IT FOR ME? |
| 01:00:19 | WHAT IS IN IT FOR THE COUNTRY? |
| 01:00:22 | WHAT IS GOOD FOR THE AMERICAN PEOPLE? |
| 01:00:36 | [APPLAUSE] IT IS A PHILOSOPHY THAT PREFERS SCORING POLITICAL POINTS TO SCOPE -- SHOWING LEADERSHIP. |
| 01:00:45 | WHAT WE HAVE SEEN OVER THE PAST FEW WEEKS IS THE FINAL VERDICT ON THIS FAILED PHILOSOPHY. |
| 01:00:54 | THIS IS THE CONSEQUENCE OF EIGHT YEARS OF IRRESPONSIBILITY. |
| 01:01:02 | IT IS TIME THAT WE HAD SOME ADULTS SUPERVISION TO THE WHITE HOUSE. |
| 01:01:06 | THAT IS WHY I AM RUNNING FOR PRESIDENT OF THE UNITED STATES. |
| 01:01:11 | IT IS TIME TO TURN THE PAGE. |
| 01:01:29 | [APPLAUSE] THAT IS THE CHOICE IN THIS ELECTION. |
| 01:01:34 | LET'S BE AS CLEAR AS WE CAN BE. |
| 01:01:38 | SENATOR MCCAIN HAS FALLEN THIS FAILED PHILOSOPHY FOR 26 YEARS IN WASHINGTON. |
| 01:01:44 | HE IS NOW RUNNING TO GIVE US ANOTHER FOUR. |
| 01:01:51 | HE HAS FOUGHT AGAINST COMMON- SENSE REGULATIONS FOR DECADES. |
| 01:01:57 | HE HAS CALLED FOR LESS REGULATION 20 TIMES THIS YEAR. |
| 01:02:05 | HE SAID THIS YEAR THAT HE THOUGHT THAT THE REGULATION HAS GROWN TO OUR ECONOMY. |
| 01:02:15 | -- DEREGULATION HAS HELPED GROW OUR ECONOMY. |
| 01:02:20 | WHEN THE ECONOMY ARE YOU TALKING ABOUT? |
| 01:02:26 | THEY ARE PUTTING BILLIONS OF TAX DOLLARS ON THE LINE. |
| 01:02:34 | SENATOR MCCAIN WANTS TO SPEND $200 BILLION ON TAX BREAKS FOR THE BIGGEST CORPORATIONS IN AMERICA. |
| 01:02:42 | HE WANTS TO GIVE -- LISTEN TO THIS. |
| 01:02:46 | YOU NEED TO PAY ATTENTION TO THIS ONE. |
| 01:02:49 | HE WANTS TO GIVE AN AVERAGE OF A $700,000 TAX BREAK TO THE AVERAGE FORTUNE 500 CEO. |
| 01:03:02 | NOT ONE DIME OF TAX RELIEF TO MORE THAN 100 MILLION MIDDLE- CLASS AMERICANS. |
| 01:03:10 | SENATOR MCCAIN? |
| 01:03:12 | TO TALK ABOUT HOW HE IS GOING TO TAKE ON THE CORPORATE LOBBYISTS IN WASHINGTON CURRENT HE PUT SEVEN OF THEM IN CHARGE OF HIS CAMPAIGN. |
| 01:03:26 | [APPLAUSE] IF YOU THINK THOSE LOBBYISTS ARE WORKING DAY AND NIGHT TO LET MY OPPONENT JUST TO PUT THEMSELVES OUT OF BUSINESS, I HAVE A BRIDGE TO SELL YOU IN ALASKA. |
| 01:03:56 | [APPLAUSE] I WANT TO BE CLEAR ABOUT THIS. |
| 01:04:01 | THE MOMENT IS IMPORTANT. |
| 01:04:04 | WE HAVE GOT TO UNDERSTAND WHAT IS GOING ON. |
| 01:04:10 | NO ONE IS AT FAULT IN THIS CRISIS. |
| 01:04:13 | THERE IS A LOT OF BLAME TO BE SPREAD AROUND. |
| 01:04:16 | AT THIS MOMENT IN TIME, IN SOLVING THIS IMMEDIATE CRISIS, ALL OF US, DEMOCRATS AND REPUBLICANS, EVERYONE HAS TO PULL TOGETHER TO GET THIS DONE. |
| 01:04:28 | IT IS IMPORTANT AS YOU THINK ABOUT WHO IS GOING TO HELP NAVIGATE THIS STORM? |
| 01:04:34 | WHO IS GOING TO BE ABLE TO GET THE SHIP INTO PORT TO UNDERSTAND WHAT PEOPLE HAVE BEEN SAYING IN THE PAST? |
| 01:04:43 | YOU CANNOT UNDERGO A CRISIS CONVERSION. |
| 01:04:48 | YOU CANNOT AFTER 26 YEARS OF SAYING LET'S KEEP BY DOING WHAT GEORGE BUSH HAS BEEN DOING SUDDENLY SAY, I AM NOT FOR THAT. |
| 01:04:57 | YOU CANNOT REVERSE YOURSELF LIKE THAT. |
| 01:05:01 | IT IS NOT THAT HE DOES NOT CARE, I THINK HE DOES CARE, I THINK HE DOES NOT GET IT. |
| 01:05:12 | I THINK HE DOES LIKE GET THAT THIS CRISIS ON WALL STREET HIT MAIN STREET A LONG TIME AGO. |
| 01:05:21 | I THINK HE IS OUT OF TOUCH WITH WHAT IS GOING ON IN PEOPLE'S DAY TO DAY LIVES. |
| 01:05:29 | THAT IS THE ONLY WAY HE COULD HAVE GIVEN KATZ'S FIRST RESPONSE TO THE GREATEST FISCAL MELTDOWN IN GENERATIONS, THAT IS THE ONLY WAY SHE DID SAY, THE FUNDAMENTALS OF THE ECONOMY OR STRONG. |
| 01:05:44 | -- ONLY WAY HE COULD SAY, THE FUNDAMENTALS OF THE ECONOMY ARE STRONG. |
| 01:05:50 | NOT ONCE IN THE DEBATE DID HE MENTION THE WORDS MIDDLE-CLASS OR WORKING FAMILIES. |
| 01:06:05 | [APPLAUSE] I READ THE OTHER DAY THAT HE LIKES TO GAMBLE. |
| 01:06:08 | HE LIKES TO ROLL THE DICE. |
| 01:06:11 | THAT IS OK. |
| 01:06:15 | I ENJOY A FRIENDLY GAME OF POKER MYSELF ONCE IN A WHILE. |
| 01:06:19 | THE ONE THING I KNOW IS THIS. |
| 01:06:22 | WE CANNOT AFFORD TO GAMBLE ON FOUR MORE YEARS OF THE SAME DISASTROUS ECONOMIC POLICIES THAT WE HAVE HAD THE LAST EIGHT. |
| 01:06:35 | I KNOW THAT WHEN SENATOR MCCAIN SAYS THAT HE WANTS TO BRING THE SAME KIND OF THE REGULATION TO OUR HEALTH CARE SYSTEM THAT HE HELPED BRING TO OUR BANKING SYSTEM, WE CANNOT AFFORD THAT. |
| 01:06:49 | WE CANNOT AFFORD TO TAKE A GAMBLE ON PRIVATIZING SOCIAL SECURITY. |
| 01:06:55 | WE CANNOT WAGERED THE NEST EGGS OF MILLIONS OF AMERICANS ILLUSTRATE. |
| 01:07:00 | WE CANNOT AND GAMBLE ON MORE OF THE SAME TRICKLE DOWN ECONOMICS. |
| 01:07:06 | WE HAVE TRIED THAT. |
| 01:07:07 | IT DOES NOT WORK. |
| 01:07:10 | WE CANNOT DOUBLE DOWN ON THE SAME THING THAT HAS NOT WORKED. |
| 01:07:13 | WE HAVE TO TRY SOMETHING NEW. |
| 01:07:16 | THAT IS WHY I AM RUNNING FOR PRESIDENT OF THE UNITED STATES. |
| 01:07:46 | [APPLAUSE] WE NEED SOMETHING NEW. |
| 01:07:51 | WITH SO MUCH AT STAKE AND OUR ECONOMY AT RISK, OUR CHILDREN'S FUTURE IN THE BALANCE, THE GREATEST RISK IN THIS ELECTION IS TO REPEAT THE SAME MISTAKES OF THE PAST. |
| 01:08:04 | WE CANNOT TAKE A CHANCE ON THAT. |
| 01:08:07 | WE NEED A PRESIDENT WHO WILL CHANGE THIS ECONOMY SO IT FINALLY WORKS FOR YOUR FAMILY. |
| 01:08:13 | WE NEED A PRESIDENT THAT WILL FIGHT FOR THE MIDDLE CLASS EVERY SINGLE DAY. |
| 01:08:18 | FROM THE TIME HE WAKES UP TO THE TIME HE GOES TO BED IS GOING TO BE THINKING ABOUT YOU AND HOW TO MAKE YOUR LIFE BETTER. |
| 01:08:26 | HOW TO LIVE OUT YOUR AMERICAN DREAM. |
| 01:08:29 | THAT IS WHAT I INTEND TO DO WHEN I AM PRESIDENT. |
| 01:08:37 | BECAUSE JOHN MCCAIN AND I HAVE A DIFFERENT WAY OF MEASURING THE FUNDAMENTALS OF OUR ECONOMY. |
| 01:08:45 | WE KNOW THAT THE FUNDAMENTALS WE USE, THE FUNDAMENTALS I USED TO MEASURE ECONOMIC STRENGTH DO NOT JUST HAVE TO DO IF THE DOW JONES AVERAGE. |
| 01:08:55 | IT HAS TO DO WITH WHETHER WE ARE LIVING UP TO THE FUNDAMENTAL PROMISE OF THIS COUNTRY. |
| 01:09:01 | THAT AMERICA IS A PLACE THAT YOU CAN MAKE IT IF YOU TRY. |
| 01:09:05 | I WOULD NOT BE STANDING HERE TODAY WITHOUT THE PROMISE. |
| 01:09:09 | IT IS A PROMISE THAT WE MUST KEEP ONCE MORE. |
| 01:09:12 | WHEN I TALK TO THE FORENSIC COME BACK FROM IRAQ AND AFGHANISTAN, I SEE MY GRANDFATHER AND UNCLE TO SIGN UP AFTER PEARL HARBOR AND WAS REWARDED BY A GRATEFUL NATION WITH A CHANCE TO GO TO COLLEGE ON THE GI BILL. |
| 01:09:29 | THOSE WHO DESIGNED THE GI BILL UNDERSTOOD THAT THIS IS NOT JUST GOOD FOR THE VETERAN, IT IS GOOD FOR AMERICA. |
| 01:09:36 | IF WE ARE GIVING YOUNG PEOPLE WHO HAVE SERVED THIS NATION AND EDUCATION, THEN THEY ARE GOING TO CREATE A MIDDLE-CLASS. |
| 01:09:45 | THAT IS GOING TO LIFT EVERY BOAT. |
| 01:09:47 | IN THE FACE OF THAT YOUNG STUDENT THAT'S THE LEAST 3 HOURS JUST BEFORE WORKING THE NIGHT SHIFT BECAUSE THEY ARE GOING TO HAVE TO GO TO WORK TO SUPPORT A FAMILY MEMBER OR TO SUPPORT THEMSELVES, I THINK ABOUT MY MOTHER. |
| 01:10:02 | SHE RAISED MY SISTER AND ME ON HER OWN, EVEN AS SHE WAS WORKING AND GOING TO SCHOOL AT THE SAME TIME. |
| 01:10:09 | A COUPLE OF TIME SHE HAD TO TAKE OUT FOOD STAMPS. |
| 01:10:13 | SHE WAS NOT HAPPY ABOUT IT. |
| 01:10:15 | IF SHE WANTED TO MAKE SURE THAT HER KIDS GOT ENOUGH TO EAT. |
| 01:10:19 | SHE WAS ABLE TO SEND HER CHILDREN TO THE BEST SCHOOLS IN THE WORLD. |
| 01:10:24 | I THINK ABOUT THE WISDOM OF THE PEOPLE WHO PUT IN PLACE THE FEDERAL COLLEGE LOAN PROGRAMS TO ENSURE THAT PEOPLE FROM A MODEST BACKGROUND WOULD STILL BE ABLE TO ASPIRE TO THEIR DREAMS. |
| 01:10:36 | WHEN I LISTEN TO A WORKER TELLING ME THAT HIS FACTORY SHUTDOWN, I REMEMBER THE WOMEN AND MEN ON THE SOUTH SIDE OF CHICAGO THAT I STOOD BY FOR TWO DECADES AFTER THE LOCAL STEEL PLANT CLOSED. |
| 01:10:50 | THEY TOLD ME WHAT IT FEELS LIKE TO LOSE A JOB. |
| 01:10:55 | NOT JUST LOSING A JOB, NOT JUST AS IN HEALTH CARE, OR PENSIONS, BUT THIS IN A SENSE OF DIGNITY AND SELF-WORTH. |
| 01:11:05 | THEY WERE ABLE TO REDISCOVER THAT SENSE OF DIGNITY AND WERE ABLE TO DEMAND THE KINDS OF SERVICES THAT COULD GET THE COMMUNITY BACK ON ITS FEET. |
| 01:11:16 | THEY ARE MY HEROES. |
| 01:11:18 | THOSE STORIES ARE WHAT SHAPED ME. |
| 01:11:21 | THOSE STORIES ARE WHAT GOT ME INTO POLITICS. |
| 01:11:28 | I DID NOT GO TO MEET WORKING PEOPLE AFTER I HAD GOTTEN INTO POLITICS. |
| 01:11:34 | WORKING PEOPLE LEAD ME INTO POLITICS. |
| 01:11:38 | THEY TAUGHT ME WHAT IT MEANS TO STAND UP FOR YOURSELF. |
| 01:11:43 | THEY TAUGHT ME THAT ORDINARY PEOPLE CAN DO EXTRAORDINARY THINGS WHEN THEY COME TOGETHER. |
| 01:11:48 | IF IT IS ON THEIR BEHALF AND YOUR BEHALF THAT I INTEND TO WIN THIS ELECTION AND KEEP THE PROMISE FOR THE NEXT GENERATION. |
| 01:11:56 | THAT IS THE CHANGE THAT WE NEED RIGHT NOW. |
| 01:11:59 | THAT IS THE KIND OF CHANGE I WILL BRING TO WASHINGTON. |
| 01:12:06 | COLORADO, I WILL FIGHT EVERY DAY OF THIS CAMPAIGN AND EVERY DAY OF MY PRESIDENCY TO MAKE SURE A CRISIS LIKE THIS NEVER EVER HAPPENS AGAIN. |
| 01:12:20 | [APPLAUSE] THAT MEANS TAKING ON THE LOBBYISTS AND SPECIAL INTERESTS IN WASHINGTON. |
| 01:12:25 | THEY HAVE NOT FUNDED MY CAMPAIGN AND THEY WILL NOT RUN BY WHITE HOUSE AND THEY WILL NOT DRY OUT THE VOICES OF THE AMERICAN PEOPLE WHEN I AM PRESIDENT. |
| 01:12:53 | [APPLAUSE] THAT MEANS TAKING ON THE GREED AND CORRUPTION ON WALL STREET. |
| 01:12:58 | NOT BECAUSE I DO NOT BELIEVE IN THE MARKET. |
| 01:13:01 | I THINK THE MARKET IS CRITICAL. |
| 01:13:03 | FREE ENTERPRISE IS WHAT HAS BUILT THIS COUNTRY. |
| 01:13:06 | IT WORKS WHEN WE HAVE RULES OF THE ROAD IN PLACE, COMMON-SENSE REGULATIONS THAT ENSURE THAT IT IS FAIR AND IT IS BALANCED. |
| 01:13:17 | THE FINANCE SYSTEM WORKS NOT ONLY FOR THE INSIDERS, BUT FOR EVERYBODY. |
| 01:13:22 | I HAVE BEEN CALLING FOR THIS SINCE LAST MARCH. |
| 01:13:26 | REGULATIONS THAT WILL MAKE OUR MARKETS OPEN, HONEST, AND TRANSPARENT. |
| 01:13:31 | THAT IS THE CHANGE THAT WE NEED. |
| 01:13:36 | WE NEED TO MOVE WITH THE SAME SENSE OF URGENCY. |
| 01:13:42 | WE DO NOT JUST NEED A PLAN FOR BANKERS AND INVESTORS. |
| 01:13:47 | WE NEED A PLAN FOR TEACHERS AND SMALL BUSINESS OWNERS. |
| 01:13:52 | WE NEED TO PASS, AFTER THIS IMMEDIATE CRISIS IS OVER, AND EMERGENCY ECONOMIC STIMULUS PLAN. |
| 01:14:01 | FOR WORKING FAMILIES. |
| 01:14:02 | A PLAN THAT WILL HELP PEOPLE COPE WITH RISING FOOD AND GAS PRICES. |
| 01:14:07 | IT CAN SAVE 1 MILLION JOBS BY REBUILDING OF OUR SCHOOLS AND ROADS AND HELP THEM AVOID TAX INCREASES PLAN THAT WOULD EXTEND UNEMPLOYMENT BENEFITS FOR THOSE AMERICANS WHO HAVE LOST THEIR JOBS AND HAVE BEEN WORKING HARD TO FIND A NEW ONE BUT HAVE NOT FOUND ONE YET. |
| 01:14:25 | THAT IS PART OF THE CHANGE THAT WE NEED. |
| 01:14:28 | AFTER THIS IMMEDIATE PROBLEM, WE HAVE THE LONG-TERM VAUNT -- FUNDAMENTALS. |
| 01:14:34 | CHANGE MEANS A TAX CODE THAT DOES NOT REWARD THE LOBBYISTS WHO WROTE IT, BUT THE SMALL BUSINESSES AND THE AMERICANS WHO DESERVED IT. |
| 01:14:46 | I WILL ELIMINATE CAPITAL GAINS TAXES FOR SMALL BUSINESSES AND START-UPS. |
| 01:14:52 | THAT IS HOW WE WILL GROW OUR ECONOMY AND CREATE THE HIGH-TECH JOBS OF TOMORROW. |
| 01:14:59 | [APPLAUSE] I WILL CUT TAXES, BUT NOT THE WAY JOHN MCCAIN DOES THINGS. |
| 01:15:06 | I WILL CUT TAXES FOR 95% OF ALL WORKING FAMILIES. |
| 01:15:14 | 95% OF THE AMERICAN PEOPLE. |
| 01:15:16 | MY OPPONENT DOES NOT WHEN YOU TO KNOW THIS. |
| 01:15:20 | UNDER MY PLAN, TAX RATES WILL BE LESS THAN WHAT THEY WERE UNDER RONALD REAGAN. |
| 01:15:24 | IF YOU MAKE LESS THAN A QUARTER MILLION DOLLARS A YEAR, YOU WILL NOT SEE YOUR TAXES INCREASE ONE DIME. |
| 01:15:36 | IN AN ECONOMY LIKE THIS, INSTEAD OF RAISING TAXES ON WORKING PEOPLE, WE NEED TO GIVE YOU A LITTLE BIT OF RELIEF TO DEAL WITH RISING FOOD PRICES AND GAS PRICES. |
| 01:15:47 | LET YOUR KIDS BUY A COMPUTER FOR SCHOOL OR PUT AWAY SAVINGS FOR YOUR RETIREMENT. |
| 01:15:54 | I WILL FINALLY KEEP THE PROMISE OF AFFORDABLE, ACCESSIBLE HEALTH CARE FOR EVERY SINGLE AMERICAN. |
| 01:16:06 | [APPLAUSE] IF YOU HAVE HEALTH CARE, MY PLAN WILL LOWER YOUR PREMIUMS. |
| 01:16:12 | IF YOU DO NOT, YOU WILL BE ABLE TO GET THE SAME KIND OF COVERAGE THAT MEMBERS OF CONGRESS GIVE THEMSELVES. |
| 01:16:22 | BECAUSE I HAVE SEEN WHAT IT IS LIKE ONE IN LOVE ONE SUFFERS, I HAVE SEEN MY MOTHER ON A HOSPITAL BED HAVING ARGUMENTS WITH INSURANCE COMPANIES ABOUT WHETHER HER CANCER IS A PRE- EXISTING CONDITION. |
| 01:16:37 | WE WILL MAKE SURE THAT INSURANCE COMPANIES STOP DISCRIMINATING AGAINST THOSE WHO ARE SICK AND NEED CARE THE MOST. |
| 01:16:46 | WE MUST MAKE SURE THAT THE SICK HAVE A CHANCE TO GET DECENT HEALTH CARE. |
| 01:17:03 | [APPLAUSE] AT THE FEDERAL LEVEL WE WILL TAKE A PAGE OUT OF THE GOVERNORS' AGENDA. |
| 01:17:08 | WE ARE GOING TO CREATE JOBS OF THE FUTURE BY TRANSFORMING OUR ENERGY ECONOMY. |
| 01:17:15 | WE ARE GOING TO BREAK IN NEW ENERGY ECONOMY, NOT JUST IN COLORADO, BUT ACROSS THE COUNTRY. |
| 01:17:21 | WE WILL TAP OUR NATURAL GAS RESERVES. |
| 01:17:24 | WE WILL INVEST IN WAYS TO MAKE COAL CLEAN AND WE WILL HARNESS NUCLEAR POWER IN A WAY THAT IS SAFE. |
| 01:17:32 | THERE ARE STILL CONCERNS. |
| 01:17:34 | WE HAVE TO PUT TECHNOLOGICAL SOLUTIONS TO WORK. |
| 01:17:38 | THE BEST THING THAT WE CAN DO IS TO WEAN OURSELVES OFF OF SOME OF THESE OLD TECHNOLOGIES. |
| 01:17:44 | THE BEST THING THAT WE CAN DO IS TO HELP OUR AUTO COMPANIES RETOOL THAT -- SO THAT EFFICIENT CARS ARE READY TO GO. |
| 01:17:57 | THEY NEED TO BE BUILT RIGHT HERE IN THE USA. |
| 01:18:07 | [APPLAUSE] LET'S PROVIDE INCENTIVES TO MAKE IT EASIER FOR THE AMERICAN PEOPLE TO AFFORD THESE NEW CARS. |
| 01:18:13 | I AM GOING TO INVEST $15 BILLION A YEAR OVER THE NEXT DECADE. |
| 01:18:22 | $15 BILLION A YEAR OVER 10 YEARS AND AFFORDABLE, RENEWABLE SOURCES OF ENERGY. |
| 01:18:28 | WHEN POWER, SOLAR POWER, THE NEXT GENERATION OF BIOFUELS, GEOTHERMAL, THAT IS AN INVESTMENT THAT WILL LEAD TO NEW INDUSTRIES AND 5 MILLION NEW JOBS THAT PAY WELL AND CANNOT EVER BE OUTSOURCED. |
| 01:18:43 | THAT OLD PLANT WILL BE OPEN MAKING WIND TURBINES. |
| 01:18:48 | THE FACILITY OVER HERE, WE WILL HAVE THE MAKING SOLAR POWER -- SOLAR PANELS. |
| 01:18:54 | THE FARMER IS THE GROWING SWITCH GRASS TO MAKE ETHANOL. |
| 01:19:00 | THAT IS OUR FUTURE. |
| 01:19:03 | IN OUR CITIES WE CAN TAKE SOME OF THOSE YOUNG MEN OFF OF THE STREET CORNERS WHO HAVE NO PROSPECTS AND NO FUTURE AND TRAIN THEM TO INSULATE HOMES SO THAT THEY ARE MORE ENERGY, EFFICIENT. |
| 01:19:16 | THAT IS THE FUTURE. |
| 01:19:18 | WE HAVE GOT TO STOP LOOKING TO THE PAST. |
| 01:19:22 | WE HAVE GOT TO LOOK FORWARD. |
| 01:19:24 | THAT IS WHAT THIS ELECTION IS ALL ABOUT. |
| 01:19:47 | [APPLAUSE] NOW IS THE TIME TO MEET OUR MORAL OBLIGATION TO PROVIDE A WORLD-CLASS EDUCATION FOR EVERY CHILD IN AMERICA FROM THE DATE THEY ARE BORN TO THE DAY THAT THEY GRADUATE FROM COLLEGE. |
| 01:20:03 | I HAD THE CHANCE TO MEET THE PRINCIPLE OF THIS SCHOOL. |
| 01:20:10 | AN EXTRAORDINARY WOMAN WHO CAME OUT OF THE CLASS AND WAS A MATH TEACHER. |
| 01:20:15 | SHE TALKED ABOUT THE INNOVATIONS TAKING PLACE IN THE SCHOOL AND HOW THIS COMMUNITY HAS BEEN SO SUPPORTIVE OF THE SCHOOL SYSTEM AND MAKING SURE THAT THEY ARE DOING EVERYTHING THAT WE CAN TO PREPARE OUR CHILDREN. |
| 01:20:29 | THAT HAS TO BE IN EVERY DISTRICT. |
| 01:20:32 | IT WILL TAKE NOTHING LESS TO COMPETE IN THE GLOBAL ECONOMY. |
| 01:20:36 | WE WILL DO WHAT IS REQUIRED. |
| 01:20:39 | WE WILL INVEST IN EARLY CHILDHOOD EDUCATION TO CLOSE THE ACHIEVEMENT GAP. |
| 01:20:45 | I WILL RECRUIT AN ARMY OF NEW TEACHERS. |
| 01:20:49 | I WILL PAY THE HIGHER SALARIES AND WE WILL GIVE THEM MORE SUPPORT. |
| 01:20:59 | [APPLAUSE] AND EXCHANGE, WE WILL ASK FOR HIGHER STANDARDS AND MORE ACCOUNTABILITY. |
| 01:21:04 | WE WILL NOT HAVE TEACHERS TEACHING TO THE TEST. |
| 01:21:07 | WE WANT OUR STUDENTS LEARNING EVERYTHING, ART, MUSIC, SCIENCE, AS WELL AS MATH AND READING. |
| 01:21:15 | WE WANT THEM LEARNING HISTORY AND CIVICS SO THAT THEY UNDERSTAND THE HISTORY OF THIS COUNTRY AND THEY UNDERSTAND THEIR ROLE IN IT AS CITIZENS. |
| 01:21:24 | WE WILL KEEP OUR PROMISE TO EVERY YOUNG AMERICAN. |
| 01:21:28 | IF YOU COMMIT TO SERVING YOUR COMMUNITY OR YOUR COUNTRY, IF YOU JOIN THE MILITARY OR THE PEACE CORPS. |
| 01:21:34 | IF YOU'RE WORKING IN AN INNER- CITY HOSPITAL OR A VETERANS' HOME, WE WILL MAKE ABSOLUTELY SURE THAT YOU CAN AFFORD TO GO TO COLLEGE. |
| 01:21:45 | WE WILL PROVIDE YOU THE MONEY THAT YOU NEED SO THAT NOBODY IS LEFT OUT OF THE GLOBAL ECONOMY. |
| 01:21:50 | THAT IS A COMMITMENT THAT WE CAN MAKE. |
| 01:21:53 | WE INVEST IN YOU, YOU INVEST IN AMERICA. |
| 01:21:57 | TOGETHER WE WILL GROW THIS COUNTRY. |
| 01:22:07 | [APPLAUSE] THAT IS THE CHANGE THAT WE NEED, COLORADO. |
| 01:22:11 | THE KIND OF BOTTOM UP GROWTH AND INNOVATION THAT WILL ADVANCE THE AMERICAN ECONOMY BY ADVANCING THE DREAMS OF ALL AMERICANS. |
| 01:22:21 | TIMES ARE HARD. |
| 01:22:25 | I KNOW A LOT OF PEOPLE ARE NERVOUS. |
| 01:22:27 | A LOT OF PEOPLE IN THIS AUDIENCE AND SOME PEOPLE WHO MAY BE WATCHING TODAY. |
| 01:22:33 | NOW IS NOT THE TIME FOR FEAR. |
| 01:22:36 | NOW IS NOT THE TIME FOR PANIC. |
| 01:22:42 | THE TIME IS GOING TO COME FOR COSTS. |
| 01:22:45 | WE ARE GOING TO HAVE TO ACHIEVE MANY OF THESE THINGS IN A FISCALLY RESPONSIBLE WAY. |
| 01:22:50 | WE MAY NOT BE ABLE TO DO EVERYTHING OVERNIGHT. |
| 01:22:54 | IT TOOK US A LONG TIME TO DIG US INTO THE HOLE THAT WE ARE IN? |
| 01:23:00 | I WANT YOU TO UNDERSTAND, WE ARE GOING TO HAVE TO OVERCOME OUR DOUBTS. |
| 01:23:11 | WE ARE -- WE CANNOT PLAY THE SAME POLITICS THAT SETS US AGAINST EACH OTHER, THE DEMOCRATS VS. |
| 01:23:26 | NON IMMIGRANT. REPUBLICANS AGAINST DEMOCRATS, OLD VERSES YOUNG. |
| 01:23:30 | WE ARE GOING TO HAVE TO SET THIS POLITICS ASIDE. |
| 01:23:38 | WE WILL HAVE TO SET OURSELVES AGAINST THE POLITICS AND SPECIAL INTERESTS. |
| 01:23:46 | WE ARE GOING TO HAVE TO DO THIS. |
| 01:23:51 | I AM RUNNING FOR PRESIDENT BECAUSE YOU KNOW AND I KNOW, WE CANNOT AFFORD FOUR MORE YEARS OF AN ECONOMIC PHILOSOPHY THAT DOES NOT WORK FOR YOU. |
| 01:24:02 | THAT DOES NOT WORK FOR WALL STREET AND DOES NOT WORK FOR MAIN STREET. |
| 01:24:08 | IT ENDS UP DEVASTATING BOTH. |
| 01:24:10 | I DO NOT WANT TO WAKE UP AND FOUR YEARS TO FIND MORE AMERICANS FELT UP OF THE MIDDLE CLASS AND MORE AMERICANS LOST THEIR SAVINGS. |
| 01:24:19 | I DO NOT WANT TO SEE OUR COUNTRY FELL FURTHER BEHIND IN HOW WE EDUCATE TERRORIST -- CHILDREN IN SCIENCE, AND MATH, AND ENGINEERING. |
| 01:24:31 | I DO NOT WANT TO FIND THAT WE'RE PUTTING UP MORE AND MORE DEBT AND MORTGAGING TO OUR CHILDREN'S FUTURE. |
| 01:24:38 | I DO NOT WANT TO FIND OUT THAT OUR FINANCIAL MARKETS HAVE FAILED TO FIND THIS? |
| 01:24:45 | WE HAVE THE CHANCE TO STAND UP AND SAY ENOUGH. |
| 01:24:48 | ENOUGH IS ENOUGH. |
| 01:24:54 | [APPLAUSE] WE CAN DO THIS. |
| 01:24:57 | WE CAN DO THIS BECAUSE AMERICANS HAVE DONE THIS BEFORE. |
| 01:25:00 | TIME AND AGAIN WE HAVE BATTLED BACK FROM ADVERSITY. |
| 01:25:04 | FROM CIVIL WAR. |
| 01:25:07 | FROM DISCRIMINATION. |
| 01:25:08 | FROM GREAT DEPRESSIONS. |
| 01:25:10 | WE HAVE STRUGGLED BY REALIZING THAT WE HAVE A COMMON STAKE IN EACH OTHER'S SUCCESS. |
| 01:25:16 | THAT IS WHY OUR ECONOMY HAS NOT JUST IN THE WORLD'S GREATEST WEALTH GENERATOR, IT HAS INSPIRED THE WORLD BECAUSE IT HAS CREATED JOBS, BUT IT HAS ALSO MADE THE DREAM OF OPPORTUNITY TO REALITY FOR GENERATION AFTER GENERATION. |
| 01:25:32 | PEOPLE COMING FROM DISTANT SHORES SAYING, MAYBE I CAN NOT MAKE IT HERE, BUT I CAN MAKE IT IN AMERICA. |
| 01:25:41 | THAT IS NOT A MESS. |
| 01:25:44 | IT IS SOMETHING ALL OF US KNOW AND OUR OWN LIVES. |
| 01:25:47 | EVERY SINGLE ONE OF YOU, YOU HAVE A PARENT OR GRANDPARENT THAT SAID, MAYBE I CANNOT GO TO COLLEGE, BUT IF I WORK HARD, MAYBE MY CHILD CAN. |
| 01:26:01 | MAYBE I HAVE TO WORK THE NIGHT SHIFT. |
| 01:26:05 | MAYBE I HAVE GOT TO WORK THE NIGHT SHIFT AND IT IS HARD WORK. |
| 01:26:09 | IT IS BACKBREAKING WORK, BUT MAYBE MY CHILD COULD HAVE HER OWN BUSINESS. |
| 01:26:15 | I MAY HAVE TO RENT IN A COLD WATER FLAT, BUT MAYBE MY CHILDREN WILL HAVE A HOME THAT THEY CALL THEIR OWN. |
| 01:26:28 | MAYBE I LIVE IN A COUNTRY THAT DOES NOT BELIEVE IN FREEDOM OF SPEECH OR FREEDOM OF EXPRESSION, BUT IF I AM WILLING TO TAKE THE RISK AND GO TO AMERICA, MAYBE I CAN FIND THAT FOR MY CHILDREN OR GRANDCHILDREN. |
| 01:26:44 | I MAY NOT HAVE A LOT OF MONEY, BUT MAYBE MY CHILD WILL RUN FOR THE UNITED STATES SENATE. |
| 01:26:50 | I MIGHT LIVE IN A SMALL VILLAGE, BUT MAYBE MY SON OF ONE DAY CAN BE PRESIDENT OF THE UNITED STATES OF AMERICA. |
| 01:27:01 | [APPLAUSE] THAT IS WHAT THIS ELECTION IS ABOUT. |
| 01:27:05 | IT FALLS TO US. |
| 01:27:07 | THIS IS OUR MOMENT. |
| 01:27:09 | AND THIS IS OUR TIME. |
| 01:27:13 | COLORADO, I WILL NOT JUST ONE COLORADO. |
| 01:27:16 | WE WILL WIN THIS GENERAL ELECTION. |
| 01:27:19 | YOU AND I WILL FULFIL THIS AMERICAN DREAM FOR EVERY SINGLE CHILD, EVERYBODY IN AMERICA. |
| 01:27:26 | THANK YOU VERY MUCH. |
| 01:27:28 | GOD BLESS YOU. |
| 01:28:29 | IF GOD BLESS YOU. [APPLAUSE] (music) (music) (music) (music) >> THURSDAY, THE ONLY VICE- PRESIDENTIAL DEBATE BETWEEN JOE BIDEN AND SARAH PALIN. |
| 01:28:35 | COVERAGE BEGINS LIVE AT 7:00 P. |
| 01:28:38 | M. EASTERN WITH YOUR PHONE CALLS. |
| 01:28:40 | THE DEBATE AT 9:00 AND THE SPIN ROOM AND MORE PHONE CALLS FOLLOWING THE DEBATE. |
| 01:28:45 | VISIT THE DEBATE TUB, AN ONLINE RESOURCE FOR PRESIDENTIAL AND VICE PRESIDENTIAL DEBATES. |
| 01:28:54 | FOLLOW THE LATEST ONLINE DEBATE NEWS AND ANALYSIS WITH THE BLOG AND TWITTERS ROUND UP. |
| 01:29:08 | YOU CAN ALSO USE OUR WORD TREE OF THE CANDIDATES' RESPONSES TO GET A VISUAL SUMMARY OF THE ISSUES DISCUSSED MOST. |
| 01:29:15 | THE BIG TUB IS ONLINE NOW AT C- SPAN. |
| 01:29:23 | ORG/POLITICS. >> ON THIS MORNING'S "WASHINGTON JOURNAL" WE WILL LOOK AT THE FINANCIAL MARKETS BILL. |
| 01:29:28 | OUR GUESTS ARE AT A FINANCIAL TIMES REPORTER AND MARTIN REGALIA OF THE U. |
| 01:29:35 | S. CONGRESS AND THEN AT MARCY KAPTUR. |
| 01:29:40 | WASHINGTON JOURNAL BEGINS AT 7:00 A. |
| 01:29:45 | M. EASTERN WITH YOUR PHONE CALLS. |
| 01:29:50 | >> A GROUP OF HOUSE REPUBLICANS SPOKE WITH REPORTERS -- SHORTLY AFTER THE FINANCIAL BILL FAILED ON THE HOUSE FLOOR. |
| 01:29:58 | WE WILL HEAR FROM REPUBLICAN LEADERS. |
| 01:30:23 | >> GOOD AFTERNOON, WE ARE OBVIOUSLY DISAPPOINTED THAT THIS BILL DOES NOT MUSTER THE BILLS TO PASS. |
| 01:30:29 | WE ARE COMMITTED TO WORKING ON A BIPARTISAN BASIS TO BRING A BILL THAT WOULD GARNER THE NECESSARY VOTES TO AVOID A FINANCIAL COLLAPSE. |
| 01:30:38 | I WAS DISAPPOINTED THAT A PROCESS THAT HAS YIELDED A BIPARTISAN PRODUCT INVOLVED NEGOTIATORS FROM BOTH SIDES OF THE BUILDING AND BOTH SIDES OF THE AISLE TOOK A VERY PARTISAN TURN AT THE END OF THE DEBATE WHICH WAS VERY DIFFERENT THAN THE RHETORIC THAT WE HEARD OUT OF CHAIRMAN FRANK, STENY HOYER, OR JOHN BOEHNER. |
| 01:31:02 | I WOULD LIKE TO INTRODUCE OUR LEADER WHO HAS BEEN FROM THE COURTEOUS STAGES COMMITTED TO WORKING WITH BOTH SIDES OF THE AISLE TO PRODUCE A PRODUCT THAT IS GOOD FOR AMERICA. |
| 01:31:15 | >> AMERICANS ARE ANGRY AND SO ARE MY COLLEAGUES. |
| 01:31:18 | THEY DO NOT WANT TO HAVE TO VOTE FOR A BILL LIKE THIS. |
| 01:31:23 | I ENTER STAND THAT. |
| 01:31:25 | I HAVE CONCERNS ABOUT WHAT THIS MEANS FOR THE AMERICAN PEOPLE, WHAT IT MEANS FOR OUR ECONOMY AND WHAT IT MEANS FOR PEOPLE'S JOBS. |
| 01:31:34 | WE NEED TO RENEW OUR EFFORTS TO FIND A SOLUTION THAT CONGRESS CAN SUPPORT. |
| 01:31:39 | I DO BELIEVE THAT WE COULD HAVE GOTTEN THERE TODAY. |
| 01:31:43 | I HAVE NOT BEEN FOR THIS PARTISAN SPEECH THAT THE SPEAKER GAVE ON THE FLOOR OF THE HOUSE. |
| 01:31:50 | WE PUT EVERYTHING WE HAD INTO GETTING THE VOTES TO GET THERE TODAY. |
| 01:31:55 | THE SPEAKER HAD TO GIVE A PARTISAN VOICE THAT PARTISAN OUR CONFERENCE, CAUSED A NUMBER OF -- CAUSED A NUMBER OF MEMBERS THAT WE THOUGHT THAT WE COULD GET TO GO SOUTH. |
| 01:32:08 | IT IS NOT ABOUT THE DEMOCRATS OR THE REPUBLICANS, IT IS ABOUT OUR ECONOMY AND WHAT IS BEST FOR THE AMERICAN PEOPLE. |
| 01:32:15 | WE HAVE NO CHOICE. |
| 01:32:17 | WE HAVE TO WORK TOGETHER TO TRY TO FIND A SOLUTION TO MAKE SURE THAT WE SAVED OUR ECONOMY AND OUR CONSTITUENTS. |
| 01:32:26 | ROY BLUNT. |
| 01:32:27 | >> WE DID THINK THAT WE HAD A DOZEN MORE VOTES THAN WE HAD. |
| 01:32:32 | WE THOUGHT WE HAD A DOZEN MORE. |
| 01:32:35 | TO MANY OF OUR MEMBERS WERE ALREADY ON THE FLOOR WHEN THEY HEARD THAT LATE SPEECH WITH THE SPEAKER. |
| 01:32:42 | DURING THE PROCESS THE TONE IN THE ROOM WAS SO MUCH BETTER THAN THE TONE OUTSIDE OF THE ROOM. |
| 01:32:48 | WE WORK TOGETHER WELL TO TRY TO COME UP WITH A COMPROMISE THAT WOULD PASS TODAY THAT THE PRESIDENT COULD SIGN. |
| 01:32:56 | EVERYTIME YOU TURN ON TELEVISION OR READ AN ARTICLE ABOUT THE PRESS REPORTS OF WHAT THE OTHER SIDE WAS SAYING, IT WAS ALL ABOUT HOW REPUBLICANS WERE UNPATRIOTIC OR THEY'RE TOO LATE. |
| 01:33:09 | WE ARE GOING TO REACH BACK OUT TO THEM. |
| 01:33:12 | WE ARE GOING TO REACH BACK UP TO OUR MEMBERS. |
| 01:33:15 | WE WILL DO OUR BEST TO FIND A SOLUTION THAT WORKS FOR THE AMERICAN PEOPLE. |
| 01:33:20 | NO MATTER HOW MANY TIMES I SAID OR MR. |
| 01:33:25 | BOEHNER SAID OR MR. |
| 01:33:27 | FRANK SAID, WE HAVE TO PUT PARTISANSHIP ASIDE, THERE WAS STILL TOO MUCH OF THAT GOING ON AND A CLOCK THAT CAN CONTROL. |
| 01:33:36 | NEEDING TO RESPECT THE JEWISH HOLIDAYS OF THIS WEEK MEANT THAT WE HAD TO RUSH THINGS IN A WAY THAT MADE THAT JOB VERY HARD. |
| 01:33:44 | IT WAS MADE HARDER BY SO MUCH PARTISAN DISCUSSION AND WHAT SHOULD HAVE BEEN A BIPARTISAN EFFORT TO SOLVE THIS PROBLEM FOR THE AMERICAN PEOPLE. |
| 01:33:54 | WE WILL REACH BACK OUT TO THEM. |
| 01:33:57 | WE WILL BE TALKING TO OUR MEMBERS AND SEE HOW WE CAN COME TOGETHER IN THE LAST FEW DAYS TO REVERSE WHAT EVER NEGATIVE IMPACT MAYBE. |
| 01:34:06 | CONGRESS HAS FAILED TO ACT. |
| 01:34:09 | WE ARE NOT IN THE MAJORITY OF THE CONGRESS THAT FAILED TO ACT TODAY. |
| 01:34:13 | WE ARE GOING TO HAVE TO REACH OUT TO THAT MAJORITY AND HOPEFULLY THEY WILL ALLOW US TO BE A PART OF THAT SOLUTION RATHER THAN CONTINUE TO BE A PART OF THE DISCUSSION. |
| 01:34:25 | >> THIS IS THE REASON WHY I BELIEVE THIS VOTE FAILED. |
| 01:34:29 | THIS IS THE SPEAKER'S SPEECH THAT STRUCK THE TOWN OF PARTISANSHIP THAT WAS INAPPROPRIATE IN THIS DISCUSSION. |
| 01:34:38 | THERE WERE SEVERAL MEETINGS OF MEMBERS ON BOTH SIDES OF THE AISLE TRYING TO GET UP TO SPEED ON THIS ISSUE OF THE ECONOMY AND ON THE CAPITAL MARKETS. |
| 01:34:49 | THERE WAS A LOT OF AGREEMENT. |
| 01:34:51 | I THINK THIS IS A CASE OF A FAILURE OF SPEAKER POLICY NOT ONLY TO LISTEN TO HER MEMBERS, BUT TO OUR MEMBERS AND THE COMMON BONDS THAT BROUGHT TO OUR MEMBERS TOGETHER ON THIS VERY IMPORTANT ISSUE FACING THE AMERICAN PEOPLE. |
| 01:35:06 | THIS IS NOT A PARTISAN CRISIS. |
| 01:35:09 | THIS IS AN ECONOMIC CRISIS FACING EVERYONE IN THIS COUNTRY. |
| 01:35:14 | TO LOOK AT THE VOTES TODAY, 94 DEMOCRATS VOTED NO. |
| 01:35:19 | WHEN WE WERE IN THE MAJORITY, I THINK WE WOULD MAKE A DECISION THAT WE WOULD BE ABLE TO COME TO THE FLOOR AND BRING IT TO THE AMERICAN PEOPLE AND PASS IT. |
| 01:35:29 | THEY MADE A DECISION TO LEAVE 94 VOTES ON THE TABLE. |
| 01:35:34 | A MAJORITY OF OUR VOTES THAT WOULD NOT GO ALONG. |
| 01:35:38 | THIS IS AN INSTANCE WHERE YOU SEE SPEAKER PELOSI'S FAILURE TO LISTEN AND TO LEAD. |
| 01:35:43 | THIS HAS BEEN A YEAR THAT HAS BEEN THE MOST UNPRODUCTIVE YEAR AND THE U. |
| 01:35:50 | S. CONGRESS THAT I HAVE SEEN IN MY LIFETIME. |
| 01:35:52 | NO PRODUCTION OF ANY BAILOUT BILL. |
| 01:35:55 | NO ENERGY BILL, NO APPROPRIATIONS PROCESS, VERY LITTLE TO SHOW THE AMERICAN PEOPLE. |
| 01:36:01 | WE ARE GOING TO GO BACK TO THE DRAWING TABLE AND SEE WHERE WE CAN PRODUCE A SOLUTION FOR THE AMERICAN PEOPLE. |
| 01:36:15 | >> ABSOLUTELY NOT. |
| 01:36:16 | I WOULD ARGUE THAT I HAD NOT STOOD IN THE WAKE OF THE ORIGINAL PAULSON PLAN. |
| 01:36:23 | THERE WOULD HAVE BEEN FAR LESS OF VOTES ON BOTH SIDES OF THE AISLE. |
| 01:36:26 | THE FACT IS THAT THAT WHILE WE WERE ABLE TO MOVE THE BILL DRASTICALLY TO THE RIGHT, IT WAS NOT GOOD ENOUGH FOR A LOT OF OUR MEMBERS. |
| 01:36:36 | WE HAVE TO FIND A TRUE MIDDLE GROUND THAT WILL BRING A ENOUGH VOTES IN ORDER TO AVERT ANY CRISIS. |
| 01:36:44 | >> YOU DESCRIBE WHAT THE SPEAKER SAID AS VERY PARTISAN. |
| 01:36:50 | YOU SAID THAT SHE HAD A FAILURE TO LEAD. |
| 01:36:55 | IS THAT NOT PARTISAN ON YOUR BEHALF? |
| 01:36:56 | >> IT IS APPARENT THAT WHEN SHE LOST 93 OF HER COLLEAGUES AS WELL OF ALL OF THE VOTES THAT WENT NO ON OUR SIDE OF THE AISLE. |
| 01:37:06 | THERE WAS SOMETHING LACKING IN THE LEADERSHIP THAT WOULD BRING THE BILL TO THE FLOOR THAT CANNOT -- ME TO THAT MANY MEMBERS. |
| 01:37:16 | FORGET THE PARTISAN STUFF. |
| 01:37:17 | LET'S SEE WHERE MEMBERS CAN COME TOGETHER AND BEGIN TO PROVIDE A SOLUTION TO THIS TOUGH ECONOMIC CHALLENGE. |
| 01:37:33 | >> DOES MR. |
| 01:37:35 | PAULSON NEED TO RESTART NEGOTIATIONS? |
| 01:37:36 | >> I DO NOT KNOW IF I KNOW THE POWER FORWARD AT THIS POINT. |
| 01:37:43 | WE NEED MEMBERS FROM BOTH SIDES TO WORK AFTER THIS. |
| 01:37:45 | WE NEED EVERYONE TO CALM DOWN AND RELAX AND GET BACK TO WORK. |
| 01:37:52 | >> WHY COULD YOU NOT DELIVER MORE REPUBLICAN VOTES? |
| 01:37:56 | >> WE HAD MORE REPUBLICAN VOTES GOING TO THE FLOOR. |
| 01:38:00 | SOMEWHERE RELUCTANTLY THERE. |
| 01:38:02 | IT DID NOT TAKE MUCH TO TURN THEM OFF. |
| 01:38:04 | ALMOST ALL OF THE REPUBLICANS REMEMBER THE RESPONSIBILITY THAT THE MAJORITY HAD WHEN WE WERE IN THE MAJORITY. |
| 01:38:13 | IT IS THEIR MAJORITY. |
| 01:38:14 | THEY HAVE TO BRING A BILL PROCESS TO THE FLOOR IN A TIMELY WAY THAT WORKS. |
| 01:38:20 | WE HAD A VERY SHORT TIME AFTER WE WILL ABLE TO GO TO OUR MEMBERS WITH THE BILL. |
| 01:38:25 | WE WOULD LIKE TO FIND A WAY TO DELIVER ENOUGH REPUBLICAN VOTES TO MAKE THIS HAPPEN. |
| 01:38:31 | MOST PEOPLE IN THIS PROCESS HAVE REALLY REACHED OUT AND TRY TO FIND A BIPARTISAN SOLUTION. |
| 01:38:38 | A BIPARTISAN SOLUTION IS ONLY AS GOOD AS THE LAST PERSON THAT IS A BOMB INTO THE ROOM. |
| 01:38:44 | WE HAVE TO BACK AWAY FROM THAT. |
| 01:38:47 | THE IMPACT THIS CAN HAVE ON THE MARKETS WILL HAVE A BIG IMPACT IN GETTING PEOPLE BACK TO WANTING TO WORK TOGETHER AND GET THIS PROBLEM SOLVED. |
| 01:38:57 | WE ARE GOING TO REACH OUT TO THEM. |
| 01:38:59 | I HOPE THEY REACH OUT TO US AND FIND A SOLUTION THAT CONGRESS CAN GET DONE. |
| 01:39:11 | [CAPTIONING PERFORMED BY NATIONAL CAPTIONING INSTITUTE] |
| 01:39:15 | [CAPTIONS COPYRIGHT NATIONAL CABLE SATELLITE CORP. |
| 01:39:20 | 2008] >> WE WILL NOT HEAR FROM HOUSE SPEAKER NANCY PELOSI AND OTHER DEMOCRATS ON THE VOTE OF THE BILL TO STABILIZE FINANCIAL MARKETS. |
| 01:39:29 | THIS IS ABOUT 20 MINUTES. |
| 01:39:45 | >> GOOD AFTERNOON. |
| 01:39:47 | ABOUT A WEEK AND A HALF AGO THE ADMINISTRATION VISITED THE CAPITOL HILL AND DESCRIBED THE CRISIS IN THE ECONOMY. |
| 01:39:55 | A COUPLE OF DAYS LATER THEY PRESENTED US WITH THEIR LEGISLATION. |
| 01:40:00 | WE HAVE WORKED IN A BIPARTISAN WAY TO APPROVE THE LEGISLATION. |
| 01:40:03 | WE HAVE ENTERED INTO AS CONVERSATIONS IN A SPIRIT OF BIPARTISANSHIP. |
| 01:40:09 | WE UNDERSTOOD THAT EACH SIDE WOULD HAVE THE VOTES TO PASS THE BILL. |
| 01:40:16 | WHEN THE LEGISLATION CAME TO THE FLOOR, THE DEMOCRATIC SIDE MORE THAN THE UP TO ITS SIDE OF THE BARGAIN. |
| 01:40:22 | OF THE LEGISLATION MAY HAVE FAILED, THE CRISIS IS STILL WITH US. |
| 01:40:28 | SOME OF THE ISSUES THAT WE WORK WITH TO IMPROVE THE INITIAL LEGISLATION LED TO OVERSIGHT AND PROTECTING THE TAXPAYER AS WE STABILIZE THE MARKET. |
| 01:40:37 | IT WAS ABOUT OWNERSHIP AND EQUITY OF SOME OF THE RETURN FOR SOME OF THE INVESTMENTS THAT WERE MADE. |
| 01:40:46 | IT HELPS HOMEOWNERS STAY IN THEIR HOMES. |
| 01:40:48 | IT WAS ABOUT CORPORATE PAY AND HOW THAT HAD NO MORE GOLDEN PARACHUTES. |
| 01:40:54 | IT WAS ABOUT OVERSIGHT, OVERSIGHT, OVERSIGHT. |
| 01:40:58 | THESE ARE MAJOR IMPROVEMENTS. |
| 01:41:01 | THEY WERE BIPARTISAN. |
| 01:41:03 | THE ADMINISTRATION PRESSED UPON US THE SERIOUSNESS OF THIS CRISIS IN TERMS OF THE MARKETS. |
| 01:41:09 | WE KNOW HOW SERIOUS THIS IS IN TERMS OF THE MIDDLE CLASS AND OUR COUNTRY. |
| 01:41:15 | WHETHER IT IS A QUESTION OF SMALL BIT -- CREDIT FOREST MALL BUSINESS, PROTECTING SAVINGS, THEIR PENSIONS FOR THEIR RETIREMENT, FOR THE EDUCATION AND THEIR CHILDREN. |
| 01:41:33 | AMERICA'S COMMUNITIES HAVE BEEN FEELING A DOWNTURN IN THE ECONOMY FOR A LONG TIME. |
| 01:41:38 | IN ANY EVENT, FROM WHERE WE GO FROM HERE IS WHERE WE STILL HAVE THOSE CONCERNS ABOUT EVERYDAY AMERICANS, ABOUT THE CONCERNS OF THE MIDDLE CLASS AND HOW THEY MAY BE AFFECTED BY WHAT IS HAPPENING WITH THE CRISIS ON WALL STREET. |
| 01:41:54 | WE WANT TO PROTECT THEM FROM THAT. |
| 01:41:57 | THE LINES OF COMMUNICATION REMAIN OPEN. |
| 01:42:00 | I SPOKE WITH SECRETARY PAULSON. |
| 01:42:04 | I SAID, MR. |
| 01:42:05 | SECRETARY, WE DELIVERED ON OUR SIDE OF THE BARGAIN. |
| 01:42:08 | YOU IMPRESSED OUR MEMBERS ABOUT THE GRAVITY OF THE SITUATION. |
| 01:42:14 | ACTION IS NECESSARY TO STABILIZE THE MARKETS AND PROTECT THE TAXPAYER. |
| 01:42:20 | CLEARLY, THAT MESSAGE HAS NOT YET BEEN RECEIVED BY THE REPUBLICAN CAUCUS. |
| 01:42:27 | WE EXTEND A HAND OF COOPERATION TO THE WHITE HOUSE AND THE REPUBLICANS SO THAT WE CAN GET THIS ISSUE RESOLVED FOR THE BENEFIT OF AMERICA'S WORKING FAMILIES, STRENGTHEN OUR ECONOMY, AND THERE FOR STRENGTHENING OUR COUNTRY. |
| 01:42:42 | WE WORK TOGETHER AS A BIPARTISAN TEAM. |
| 01:42:46 | I WANT TO ACKNOWLEDGE THE WORK OF BARNEY FRANK. |
| 01:42:51 | HE HAS GREAT KNOWLEDGE OF THE SUBJECT. |
| 01:42:54 | A GREAT INTELLECT TO DEAL WITH THE CHALLENGES. |
| 01:43:01 | NEVER HAVE THE INTELLECT AND KNOWLEDGE THE MORE HELPFUL TO THE AMERICAN PEOPLE. |
| 01:43:07 | RUMMY MANUAL HAS BEEN IN AND OUT OF POLITICS. |
| 01:43:13 | -- ROMNEY MANUAL HAS BEEN IN AND OUT OF POLITICS. |
| 01:43:16 | WE COULD FIND ARE COMING GRANT SO WE COULD SALUTE THEM IN TAKING MR. |
| 01:43:24 | HOYER AND ARE DISTINGUISHED WHIP DESERVE A GOOD DEAL OF CREDIT FOR THESE PROCEEDINGS CONCLUDED GETTING 60% OF THE HOUSE DEMOCRATS TO SUPPORT A BILL. |
| 01:43:39 | THIS IS THE PRESIDENT'S PROPOSAL ACT UPON IN A BIPARTISAN WAY AND IMPROVED ON IN THAT MATTER BUT NOT VOTED UPON THAT WAY. |
| 01:43:48 | THE LEGISLATION HAS FAILED. |
| 01:43:51 | THE CRISIS HAS NOT GONE AWAY. |
| 01:43:55 | IT MUST WORK AND A BIPARTISAN WAY TO HAVE ANOTHER BITE AT THE APPLE IN TERMS OF SOME LEGISLATION. |
| 01:44:02 | THAT MAY BE FOR YOU, MR. |
| 01:44:08 | HOYER. >> I SAID ON THE FLOOR THAT THIS WAS WAS A VERY CONSEQUENTIAL DAY AND WE NEED TO COME TOGETHER NOT AS REPUBLICANS OR DEMOCRATS BUT SUPPORT THE PRESIDENT'S REQUEST TO RESPOND TO A VERY DIFFERENT CHALLENGE. |
| 01:44:29 | THE EFFORT THAT WAS MADE TODAY WAS SUPPORTED BY 60% OF THE DEMOCRATS, NOT WITHSTANDING A RESERVATIONS. |
| 01:44:38 | MANY HAVE GREAT RESERVATIONS ABOUT THE BILL. |
| 01:44:45 | THE MINISTRATION AND MANY OTHERS ON BOTH SIDES OF THE AISLE, CONSERVATIVE AND LIBERAL ECONOMISTS HAVE SAID THAT THE FAILURE TO ACT WHEN NOT BE ACCEPTABLE ALTERNATIVE. |
| 01:44:56 | I REGRET THAT THE BILL DID NOT PASS TODAY. |
| 01:44:59 | WE WILL CONTINUE TO WORKED AS THE BILL HAS FAILED, THE CRISIS HAS NOT DISAPPEARED. |
| 01:45:09 | IT IS INCUMBENT UPON US TO CONTINUE TO WORK IN A BIPARTISAN FASHION, WHERE EQUITY IN MINISTRATION, WORK WITH OUR REPUBLICAN COLLEAGUES IN THE HOUSE AND THE SENATE AND WORK WITH THE SECRETARY TO TRY TO ADDRESS THIS VERY SERIOUS ISSUE THAT CONFRONTS OUR ECONOMY AND THE AMERICAN PEOPLE. |
| 01:45:28 | WE WILL DO THAT. |
| 01:45:44 | MANY OF YOU HAVE HEARD ME TALK ABOUT THE DIVERSITY OF OUR CAUCUS. |
| 01:45:50 | MANY ARE FORMED BECAUSE OF THE EXPERIENCES THAT PEOPLE HAVE HAD IN LIFE. |
| 01:45:55 | ALL OF THESE EXPERIENCE WITH SUCH EXPERIENCES WERE BROUGHT INTO THIS DISCUSSION. |
| 01:46:02 | I WANT TO THANK ROMNEY MANUAL AND CHAIRMAN FRANK FOR BRINGING ALL OF -- RAHM EMANUEL AND CHAIRMAN FRANK FOR BRINGING ALL OF THIS. |
| 01:46:16 | WE CAME TODAY WITH A PIECE OF LEGISLATION THAT THE MEMBERS OF OUR CAUCUS DECIDED WAS IN THE BEST INTEREST OF THE COUNTRY. |
| 01:46:26 | 60% OF THEM PUT ASIDE THEIR OWN INDIVIDUAL FEELINGS, AND VOTED FOR THIS BILL. |
| 01:46:40 | 67% OF THE REPUBLICAN CONFERENCE DECIDED TO PUT POLITICAL IN THE ALREADY AT THE INTEREST OF OUR GREAT NATION. |
| 01:46:53 | I AM HOPEFUL THAT AS WE MOVE FORWARD THAT WE CANNOT OF -- WE CAN CALL AND -- A JOINT AND SET ASIDE OUR PARTISANSHIP AND DO WHAT IS IN THE BEST INTEREST OF OUR COUNTRY. |
| 01:47:10 | I HOPE THAT WILL HAPPEN IN THE NEXT FEW DAYS. |
| 01:47:14 | I YIELD TO AIR CHAIRMAN. |
| 01:47:18 | >> I AM DISAPPOINTED. |
| 01:47:21 | I WILL SAY THIS. |
| 01:47:23 | I WOULD LIKE NOTHING BETTER THAN TO BE PROVEN WRONG IN THE NEXT COUPLE OF DAYS PRINT ALL I AM PERSUADED BUT WHAT I HEAR AND READ AND SEE. |
| 01:47:34 | THE HEAD OF THE FEDERAL RESERVE AND THE SECRETARY, WE DO HAVE A FEDERAL CRISIS AND WE ARE THREATENING WITH THE SHUTDOWN OF THE CREDIT SYSTEM. |
| 01:47:50 | IN LARGE NUMBER OF MEMBERS OF THE HOUSE DO NOT BELIEVE THAT. |
| 01:47:54 | SOME HAD A DIFFERENT VIEW. |
| 01:47:55 | SOME SAID THAT THERE WAS NO GREAT CRISIS. |
| 01:48:03 | IF THAT TURNS OUT TO BE THE CASE OVER THE NEXT. |
| 01:48:07 | , THEN I WILL CHEERFULLY ADMIT ERROR. |
| 01:48:12 | I AM NOT CONFIDENT THAT WILL HAPPEN. |
| 01:48:16 | WE HAVE BEEN WORKING VERY HARD TO NEGOTIATE A BILL THAT WOULD GO TO THE HOUSE. |
| 01:48:28 | SOMEBODY TOLD THE SECRETARY THAT HE HAD A FEW THINGS IN MIND. |
| 01:48:32 | WHAT WOULD WORK ON WALL STREET GIVEN THE PSYCHOLOGY? |
| 01:48:36 | I THINK PART OF OUR PROBLEM IS THAT HE HAD NOT FULLY ACCEPTED THAT. |
| 01:48:44 | WHAT WE ADDED TO THE BILL WAS NO PART OF THE REASON FOR THE DEFEAT. |
| 01:48:51 | THAT IS NOT WHY IT WAS DEFEATED. |
| 01:48:55 | THERE IS A WING OF THE REPUBLICAN PARTY WHO BELIEVE VERY DEEPLY IN THIS FREE MARKET IN IDEOLOGY. |
| 01:49:02 | HE SAID, WE UNDERSTAND THAT THERE WILL BE ECONOMIC PAIN, BUT WE THINK IT IS WORTH PRESERVING FREEDOM. |
| 01:49:09 | THEY THINK THAT FREEDOM WOULD BE IMPINGE BY A DISCOVERY OR INTERVENTION. |
| 01:49:16 | >> WE ARE READY TO CONTINUE TO WORK ON THIS. |
| 01:49:20 | AS A PRACTICAL MATTER, THE INITIATIVE WILL FINALLY COME BEFORE THE MINISTRATION. |
| 01:49:26 | I HOPE THAT THE MINISTRATION WOULD BE IT WILL TO WORK MORE CLOSELY WITH MEMBERS OF THEIR OWN PARTY. |
| 01:49:34 | IT SHOULD NOT PASS AS A ONE- PARTY BILL. |
| 01:49:40 | I AM READY TO WORK. |
| 01:49:45 | TOMORROW MORNING BEING RUSHED SHAWN NOT, I WILL NOT BE AVAILABLE FOR GOVERNMENT TO WORK. |
| 01:49:51 | THE CONVERSATION CAN GO ON. |
| 01:49:54 | I STILL BELIEVE IS IMPORTANT FOR THE COUNTRY TO COME UP WITH A PIECE OF LEGISLATION THAT WILL ALLEVIATE THIS CREDIT CRISIS. |
| 01:50:05 | WE HAVE TO ASK THE ADMINISTRATION TO COORDINATE WITH THEIR MUSINGS -- THERE WAS A BILL PROPOSED BY SOME REPUBLICANS AS A SUBSTITUTE FOR THE PAULSON PLAN. |
| 01:50:21 | IT WAS THE A MINISTRATION TED SAID THIS IS NOT A SUBSTITUTE FOR A PLAN. |
| 01:50:28 | WE WANT TO ACCEPT A MODIFIED VERSION OR A PART OF IT. |
| 01:50:33 | THE ADMINISTRATION SAID THAT THIS WOULD NOT WORK. |
| 01:50:35 | WE ARE READY TO KEEP WORKING. |
| 01:50:38 | IF WE WERE ALL PROVEN TO BE CHICKEN LITTLE'S AND THERE IS THE PROBLEM WITH THE ECONOMY, THEN OK. |
| 01:50:47 | IF THAT IS NOT TRUE AND THERE IS A CRISIS, I AM AVAILABLE, OTHER MEMBERS OF CONGRESS ARE AVAILABLE TO CONTINUE CONVERSATIONS. |
| 01:50:58 | WE DO ASK THAT THERE BE SOME BETTER COORDINATION ON THE REPUBLICAN SIDE SAID THAT WE HAVE A CHANCE TO PUT SOMETHING TOGETHER THAT CAN PASS CONGRESS. |
| 01:51:08 | >> I WOULD BE PLEASED TO TAKE ANY QUESTIONS THAT YOU MAY HAVE. |
| 01:51:15 | >> AT THE REPUBLICAN PRESS CONFERENCE SPEAKER BOEHNER AND BLUNT SPECIFICALLY POINTED TO YOUR SPEECH ON THE FLOOR SAYING THAT THEY FELT THEY HAD AN EXTRA DOZEN REPUBLICAN VOTES AND HE HELD UP YOUR SPEECH AND SAID THIS IS THE REASON WHY THEY LOST AS VOTES. |
| 01:51:36 | >> I WILL ADDRESS THAT. |
| 01:51:38 | THAT IS AN ACCUSATION AGAINST MY REPUBLICAN COLLEAGUES I NEVER WOULD HAVE THOUGHT OF MAKING. |
| 01:51:44 | THERE IS A TERRIBLE CRISIS AFFECTING THE AMERICAN ECONOMY. |
| 01:51:48 | WE HAVE COME TOGETHER ON A BILL TO WE ALLEVIATE THE CRISIS. |
| 01:51:52 | BECAUSE SOMEONE HURT THEIR FEELINGS, THEY DECIDED TO PUNISH THE COUNTRY. |
| 01:51:57 | I HAVE NOT COMPUTED THAT DEGREE OF PETTINESS AND HYPERSENSITIVITY. |
| 01:52:03 | WE HAVE A LEADER THAT HAS BEEN WORKING WITH THEM, WHICH DO NOT BELIEVE THEY HAVE THE VOTES AND I THINK THEY'RE COVERING UP THE EMBARRASSMENT. |
| 01:52:12 | SOMEBODY HURT MY FEELINGS, SO I WILL PUNISH THE COUNTRY. |
| 01:52:17 | THAT IS HARD TO BE PLAUSIBLE. |
| 01:52:20 | THERE WERE 12 REPUBLICANS WERE ABLE TO STAND UP FOR AMERICA, BUT NOT ANY ONE SOUTHERN. |
| 01:52:31 | GIVE ME THOSE 12 NAMES AND I WILL GO TALK UNCHARACTERISTICALLY NICE TO THEM AND TELL THEM WHAT KIND OF WONDERFUL PEOPLE THEY ARE AND MAYBE THEY WILL THINK ABOUT THE COUNTRY. |
| 01:52:42 | >> YOU SAT IN THAT ROOM WITH THEM FOR HOURS AND HOURS ON SATURDAY NIGHT. |
| 01:52:48 | YOU TOLD US WHO WAS IN ACCORD. |
| 01:52:52 | WHAT WAS IT -- WHAT DID ROY BLUNT TO YOU ON SATURDAY NIGHT? |
| 01:52:56 | WHAT DID JOHN BOEHNER TO YOU ABOUT THEIR VOTE LEVEL. |
| 01:53:00 | >> I WANT TO TAKE THAT QUESTION WITH THE PRIOR QUESTION. |
| 01:53:05 | THIS GOES BACK TO LAST YEAR'S STATE. |
| 01:53:09 | WHEN SECRETARY PAULSON AND CHAIRMAN BERNANKE ME INDICATED THE MAGNITUDE OF THE SITUATION FACING THE AMERICAN ECONOMY, NOBODY POINTED FINGERS. |
| 01:53:21 | EVERYBODY TOOK THE SERIOUSNESS OF THAT WARNING FROM TWO INDIVIDUALS AND RESPONDED TO DEVELOP A PLAN. |
| 01:53:30 | THEY SEND THEIR PLAN. |
| 01:53:34 | WE MET THAT WITH WHAT WE NEEDED TO DO TO PROTECT THE TAXPAYERS. |
| 01:53:40 | AT NO POINT DID ANYONE EVER SAY OR DO ANYTHING THAT WAS CONTRARY TO THE INTERESTS OF THE COUNTRY OR SAY THAT THEY DID NOT LIKE THE TONE OF THE SPEECH. |
| 01:53:52 | APPOINTEES OF THE A MINISTRATION CAME AND TOLD US OF THE DIRE CONSEQUENCES. |
| 01:53:58 | WE RESPONDED AS AMERICANS. |
| 01:54:00 | THE NOTION THAT THE SPEECH, THAT THIS MOMENT WAS NOT A CALL FOR A PROFILE OF COURAGE IS BEYOND ME. |
| 01:54:13 | EVERY STEP OF THE WAY, BOTH THAT THURSTON NIGHT AND LAST SATURDAY NIGHT, WE SAT THERE UNTIL 1:00 IN THE MORNING. |
| 01:54:24 | IT WAS AN ATTEMPT TO FIND THAT COMMON GROUND. |
| 01:54:28 | IT WAS STATED THAT THAT COMMON GROUND BY SENATOR GREGG AND ROY BLUNT THAT WE THOUGHT THAT WE HAVE FOUND THE VERY BASIS OF BOTH PRINCIPAL AND POLITICS. |
| 01:54:43 | THE PRINCIPLE BEING THAT WE WERE GOING TO CALM THE MARKETS AND WHAT WE SAW AS LEGISLATORS, THE INSURANCE TO PROTECT THE TAXPAYERS AND THAT WE WOULD JOIN HANDS AND GET THIS DONE. |
| 01:54:57 | THAT IS WHY WE PRODUCED 140 VOTES, WHICH WAS TWO-THIRDS OF THE DEMOCRATIC CAUCUS TO MEET THE NATION'S CHALLENGE. |
| 01:55:10 | AT EVERY STEP OF THE WAY FROM THE THURSDAY MEETING TO SATURDAY NIGHT, WE SAW THE VOTE ON THE FLOOR NOT AS DEMOCRATS, BUT WE MEANT THAT EVERY STEP OF THE WAY, DRAFTING THE LEGISLATION AND VOTING ON IT AS PEOPLE MEETING THE CHALLENGE IN THEIR COUNTRY. |
| 01:55:29 | >> PART OF THAT WAS ALSO EVERY STEP OF THE WAY THAT WE WOULD HAVE PASSED THE VOTES AND THEY WOULD HAVE HAD THE MOST. |
| 01:55:39 | WE BELIEVE THAT THIS HAD TO BE BIPARTISAN. |
| 01:55:42 | MEMBERS TO NOT SEE THE BILL IN ITS FINAL FORM UNTIL YESTERDAY AFTERNOON. |
| 01:55:49 | THAT IS HOW WE FOUND OUT HOW MANY VOTES THAT WE HAD. |
| 01:55:54 | >> IN ONE OF THE TRULY GREAT COINCIDENCES' IN THE HISTORY OF NUMEROLOGY, THE NUMBER OF DEEPLY OFFENDED REPUBLICANS TURN THAT TO BE EXACTLY THE NUMBER YOU WOULD HAVE NEEDED TO REVERSE THE VOTE. |
| 01:56:11 | >> IT IS UNTITLED THE MORTGAGE MITIGATION EFFORTS. |
| 01:56:15 | IN A CASE OF A RESIDENTIAL LOAN, MODIFICATIONS CAN BE MADE INCLUDING A REDUCTION IN INTEREST RATES AND SIMILAR MODIFICATIONS. |
| 01:56:25 | DO YOU THINK THAT SHOULD BE IN THE BILL OR NOT? |
| 01:56:28 | >> IT IS ESSENTIAL THAT THAT IS IN THE BILL. |
| 01:56:31 | IT WAS NOT OBJECTED TO BY THE SECRETARY OF THE TREASURY. |
| 01:56:36 | WE ARE SAYING THAT BECAUSE OF THE CRISIS WAS FORECLOSURES. |
| 01:56:40 | THIS IS NOW THE FEDERAL GOVERNMENT AS THE OWNER. |
| 01:56:44 | THAT DOES NOT APPLY TO THE FEDERAL GOVERNMENT TELLING ANOTHER OWNER OF THE MORTGAGE WHAT TO DO. |
| 01:56:51 | WE OWN THESE MORTGAGES. |
| 01:56:53 | WE BELIEVE IS IN THE INTEREST OF THE ECONOMY TO REDUCE THIS. |
| 01:56:59 | IT IS AN EMBODIMENT OF THE PRINCIPAL THAT WE PUT INTO THE PREVIOUS BILL THAT WE PASSED. |
| 01:57:07 | THAT -- AND THERE WE WERE TRYING TO INDUCE PRIVATE MORTGAGE HOLDERS TO DO IT. |
| 01:57:16 | >> LET ME ADD ONE OTHER THING. |
| 01:57:19 | THAT VERY SECTION WAS AS YOU IMPROVE PEOPLE'S ABILITY TO PAY THEIR MORTGAGES, THE VALUES OF YOUR SECURITIES IMPROVED IN VALUE TO MAKE SURE THAT TAXPAYERS WILL GET A RETURN OUT OF THE INVESTMENT. |
| 01:57:36 | IT IS NOT THAT THEY WERE TROUBLED AND WE ARE TRYING TO HELP THEM. |
| 01:57:40 | IF YOU HELP THE PEOPLE STAY IN THEIR HOME AND CONTINUE TO PAY, THE VALUE OF WHAT THE GOVERNMENT OWNED INCREASED IN VALUE. |
| 01:57:49 | IT WAS HELPING HOLD WE'RE DOING. |
| 01:57:52 | NOT ONLY KEEP PEOPLE IN THEIR HOMES, BUT TAXPAYERS MAKING MONEY ON THEIR INVESTMENT. |
| 01:58:02 | >> DID THEY EVER GIVE YOU A VOTE ON HOW MANY VOTES YOU HAD. |
| 01:58:07 | >> I NEVER HAD AN EXACT NUMBER. |
| 01:58:10 | NOBODY REQUESTED ME TO MOVE THE BILL TO THE FLOOR. |
| 01:58:15 | THE ADMINISTRATION, LAST THURSDAY NIGHT SECRETARY PAULSON AND SHERMAN BERNANKE SAT WITH ME AND SAID THAT SPEED IS OF THE ESSENCE TO RESPOND THIS CRISIS SO THAT WE CAN STABILIZE THE MARKETS. |
| 01:58:31 | MR. |
| 01:58:32 | BOEHNER SAID THAT HE AGREED WITH THAT. |
| 01:58:35 | WE HAVE MOVED THIS AHEAD. |
| 01:58:38 | WE WERE SUPPOSED TO ADJOURN ON THE 26 WHERE HE WORKS FOR THE WEEKEND. |
| 01:58:44 | HE SAT WORKS TOGETHER IN MEETINGS THAT YOU HAVE HEARD ABOUT AND KNOW ABOUT. |
| 01:58:48 | YOU NEED TO BE ABLE TO RESPOND TO THIS CRISIS. |
| 01:58:52 | THAT IS EXACTLY WHAT WE DID. |
| 01:58:56 | IN TERMS OF VOTES, WE INDICATED THAT WE PROBABLY HAD 125. |
| 01:59:06 | WE CAN PASS THIS BILL AND MAKE IT HAPPEN. |
| 01:59:12 | NO DEMOCRAT THAT WE COULD GET TO VOTE FOR THE BUILD TO NOT VOTE FOR THE THE. |
| 01:59:18 | THIS WAS NOT OUR ADMINISTRATION'S REQUEST, IT WAS THE REPUBLICAN ADMINISTRATION'S REQUEST. |
| 01:59:25 | WE TRIED TO DO EVERYTHING IN OUR POWER TO MEET THE ADMINISTRATION REQUEST. |
| 01:59:30 | PRESIDENT BUSH WAS ON THE TELEVISION IN THE RISK ON INTO AT 7:35 THIS MORNING ASKING ALL OF US TO VOTE FOR THIS BILL. |
| 01:59:41 | THE SPEAKER MINORITY LEADER AND MINORITY WHIP CAUGHT ON THE FLOOR TODAY AND ASK ALL OF THEIR MEMBERS TO VOTE FOR THIS BILL. |
| 01:59:52 | UNFORTUNATELY, AS BARNEY FRANK INDICATES, THEY DID NOT GET CLOSE TO HALF OF THE NUMBERS THAT THEIR EXPECTATION WAS THAT THEY WOULD BE ABLE TO DO. |
| 02:00:04 | >> WE ARE GOING TO HAVE TO GO NOW. |
| 02:00:06 | THANK YOU ALL FOR YOUR INTEREST. |
| 02:00:09 | STAY TUNED. |
| 02:00:12 | AND THE WHITE HOUSE AND THE MINISTRATION DESCRIBED A PROBLEM, WE WORKED A BIPARTISAN WAY TO HAVE A LEGISLATION THAT WOULD HELP STABILIZE THE MARKETS. |
| 02:00:24 | WE CONTINUE TO DO SO. |
| 02:00:30 | WHAT HAPPENED TODAY CANNOT STAY AND. |
| 02:00:33 | WE MUST MOVE FORWARD. |
| 02:00:36 | OTHER THAN THAT, THE AMERICAN PEOPLE KNOW THAT WE ARE HERE TO PROTECT THE TAXPAYER AS WE STABILIZE THE MARKETS AND OUR WORK WILL NOT BE FINISHED INTO IT IS DONE. |
| 02:00:49 | THANK YOU ALL VERY MUCH. |
| 02:01:01 | >> REACTION FROM HOUSE REPUBLICANS ON THE FINANCIAL MARKETS LEGISLATION. |
| 02:01:05 | THE BILL FAILED ON A VOTE OF 205-205. |
| 02:01:14 | >> I WANT TO THANK YOU ALL FOR BEING WITH US. |
| 02:01:19 | BY MD COMMUNICATIONS CHAIR FOR THE REPUBLICAN STUDY COMMITTEE. |
| 02:01:25 | WE ARE COMMITTED TO FINDING A SOLUTION. |
| 02:01:28 | WE APPRECIATE YOUR BEING HERE. |
| 02:01:33 | THE CHAIRMAN OF THE REPUBLICAN STUDY COMMITTEE HAS SOME COMMENTS THAT HE WOULD LIKE TO MAKE. |
| 02:01:39 | >> THANK YOU. |
| 02:01:41 | CLEARLY THERE IS NO DOUBT THAT THERE IS A CRISIS ON WALL STREET. |
| 02:01:47 | THAT CRISIS IS THAT GOING TO MEAN STREET. |
| 02:01:50 | WE CAN LOOK AT WHAT HAS HAPPENED ON THE DOW. |
| 02:01:55 | THE WANTED TO SEND A VERY STRONG MESSAGE -- MESSAGE TO ALL AMERICANS. |
| 02:02:00 | WE WANT YOU TO BE READY TO WORK AROUND THE CLOCK HOWEVER LONG IT TAKES TO FIND A SOLUTION TO THIS CRISIS. |
| 02:02:08 | ONE THAT IS WORKABLE AND CAN ATTAIN A MAJORITY OF THE VOTES IN THE UNITED STATES HOUSE OF REPRESENTATIVES. |
| 02:02:17 | WE WANT TO MAKE SURE THAT AS IMPORTANT AS IT IS TO FIND A SOLUTION TO THIS CRISIS, THIS IS SOMETHING THAT WE ARE GOING TO HAVE TO LIVE WITH FOR GENERATIONS TO COME. |
| 02:02:30 | IT IS IMPORTANT TO GET IT DONE QUICKLY. |
| 02:02:33 | IT IS MORE IMPORTANT TO GET IT DONE CORRECTLY. |
| 02:02:37 | THE RAMIFICATIONS OF THIS LEGISLATION WILL BE FELT FOR GENERATIONS TO COME. |
| 02:02:42 | ALL AMERICANS SHOULD TAKE SOME SOLACE IN THE FACT THAT ALL THOSE -- THIS BILL CANNOT PASS, IT IS A HUGE BOMB ON THE ROAD. |
| 02:02:52 | I BELIEVE THAT MEMBERS FROM BOTH SIDES OF THE AISLE ARE COMMITTED TO DOING WHAT IS NECESSARY TO ENSURE THAT WE HAVE OUR CAPITAL MARKETS CRISIS SALT AND YOU BRING MORE CAPITAL INTO NEW MARKET. |
| 02:03:09 | HOUSE CONSERVATIVES ARE BRINGING FORD'S BOARD -- WE HAVE INTRODUCED A BILL TODAY THAT WOULD -- ALONG WITH TRACKS -- A TAX PROVISIONS TO BRING MORE CAPITAL IN THE MARKET. |
| 02:03:28 | THEY ARE PUTTING MORE IDEAS ON THE TABLE AT EVERY MOMENT. |
| 02:03:33 | WE LOOK FORWARD TO WORKING WITH A LOT OF THE MEMBERS IN THEIR CONFERENCES AND MEMBERS IN THE HOUSE. |
| 02:03:41 | WE CAN GET THROUGH THIS CRISIS IN -- IN THE CREDIT MARKETS. |
| 02:03:51 | >> I AM FROM THE SIXTH CONGRESSIONAL DISTRICT. |
| 02:03:53 | IT WAS SUGGESTED BY THE SPEAKER OF THE HOUSE AND BARNEY FRANK THAT THE REASON THIS BILL WENT DOWN IS BECAUSE REPUBLICANS WERE INSULTED AND VOTED NO. |
| 02:04:04 | I WANT TO ASSURE YOU THAT THIS IS THE CASE. |
| 02:04:07 | WE HAVE VERY PRINCIPLED REASONS FOR VOTING IT WAS DEMOCRATS WHO IN IS IN -- SIGNIFICANT WAY VOTED NO. |
| 02:04:18 | THIS IS A DEMOCRAT-CONTROLLED CONGRESS. |
| 02:04:21 | IF NANCY PELOSI AND HARRY REID WANT TO PASS THIS BILL, WE HAVE BEEN MEETING OVER THE WEEKEND. |
| 02:04:31 | WE WANT TO GET THIS BILL RIGHT. |
| 02:04:34 | WE DO NOT BELIEVE THAT THE ADMINISTRATION'S PLAN IS A WAY TO GO. |
| 02:04:39 | WE DO NOT BELIEVE THIS IS THE WAY TO GO. |
| 02:04:42 | WE HAVE HAD VERY GOOD PROCESS ON THE MEETINGS. |
| 02:04:46 | WE HAD A PRIOR PARSON MEETING OF REPUBLICANS AND DEMOCRATS NEEDING THE RANK AND FILE ON A POSITIVE SOLUTION. |
| 02:04:55 | IT IS NOT TERRIBLY SEXY. |
| 02:04:57 | IT HAS TO DEAL WITH CHANGING NICOLA OF RULES AT THE S E C. |
| 02:05:05 | ALSO, SHORT SELLING RULES. |
| 02:05:07 | YOU COULD HAVE NET ACCESS CERTIFICATES. |
| 02:05:11 | YOU COULD HAVE A LETTER GOING OUT FROM THE HK -- FROM THE FDIC. |
| 02:05:22 | WE LOOKED TO ADVICE FROM PEOPLE WHO HAVE DONE THIS BEFORE. |
| 02:05:26 | WE ARE EXCITED ABOUT THE REAL POSSIBILITIES. |
| 02:05:29 | THE REAL ISSUE IS THE CREDIT CRISIS. |
| 02:05:33 | WE DO NOT BELIEVE THAT THIS BILL THAT WE VOTED ON SOLVES THE CREDIT CRISIS. |
| 02:05:38 | WE ARE EXCITED TO STAY ON THIS. |
| 02:05:41 | WE ARE NOT GIVING OUT. |
| 02:05:43 | WE WILL CONTINUE TO WORK. |
| 02:05:48 | >> I REPRESENT THE SIXTH DISTRICT OF GEORGIA. |
| 02:05:52 | WE ALL APPRECIATE THAT THERE ARE REMARKABLE CHALLENGES THAT FACE US. |
| 02:05:57 | WE ARE HERE TO WORK IT THROUGH THIS CHALLENGES. |
| 02:06:01 | AND THE RISK OF STATING THE OBVIOUS, THE BILL THAT CAME TO THE FLOOR CANNOT PREVAIL BECAUSE IT DID NOT GET THE SUPPORT FROM A MAJORITY OF THE MEMBERS OF THE HOUSE OF REPRESENTATIVES. |
| 02:06:12 | IT DID NOT GET IT BECAUSE IT DID NOT EMBRACE THE KIND OF FUNDAMENTAL AMERICAN PRINCIPLES THAT HAVE TO GUIDE US IN THIS HOUSE AND IN THIS NATION. |
| 02:06:21 | THERE IS A BILL THAT WILL GET THE SUPPORT OF THE MAJORITY OF THE MEMBERS OF THE HOUSE OF REPRESENTATIVES. |
| 02:06:28 | WE LOOK FORWARD TO WORKING WITH THE SPEAKER, MAJORITY LEADER, MINORITY LEADER, IN A BIPARTISAN WAY TO COME UP WITH A BELL THAT WILL INCREASE AS FUNDAMENTAL AMERICAN PRINCIPLES. |
| 02:06:45 | WE STAYED AT THAT THREE FUNDAMENTALS PLACE. |
| 02:06:50 | THE PRIVATE MARKETPLACE HAD AND ARE " -- OPPORTUNITY TO GET INTO AN ASSISTANT FIXING THIS. |
| 02:06:56 | THERE WAS AN EXIT STRATEGY SAID THAT WE DID NOT END UP WITH A LARGE BUREAUCRACY THAT WAS CONTINUING FOR EVER AND EVER. |
| 02:07:05 | NONE OF THOSE PRINCIPLES WERE FELT. |
| 02:07:08 | I AM PROUD TO STAND WITH MY COLLEAGUES AND LOOK FOR IT TO WORKING WITH EVERY MEMBER OF THE HOUSE THAT IS INTERESTED IN BRINGING TO THE FLOOR A BILL THAT WOULD DO THAT. |
| 02:07:22 | >> I AM STEVE KING. |
| 02:07:26 | YOU LISTEN TO THE BLAME GAME BEING PLAYED OUT HERE. |
| 02:07:32 | YOU DID NOT SEE VOTES CHANGED LIKE YOU WOULD IN A VERY CONTESTED VOTE. |
| 02:07:39 | SHE ALLOWED HOWEVER THE MEMBERS VOTED TO VOTE. |
| 02:07:43 | THE FINGERS BEING POINTED AT REPUBLICANS DO NOT STICK IF YOU WATCH HOW THAT HAPPENED. |
| 02:07:48 | THIS IS ABOUT FREE-MARKET SOLUTIONS. |
| 02:07:51 | THIS IS WHY WE STAND ON THE SAME SQUARE. |
| 02:07:55 | THE MAJORITY OF THIS CONGRESS IS FOR FREE-MARKET SOLUTIONS. |
| 02:08:01 | I BELIEVE THE CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION HAS THE AUTHORITY TO SUSPEND MARK AND PUT A FAIR VALUE ON THE ASSETS THAT WOULD BE EVALUATED. |
| 02:08:13 | THE FDIC HAS THE AUTHORITY TO GO IN AND PROTECT THESE BANKS. |
| 02:08:18 | THOSE ARE TWO THINGS SECOND HAPPEN. |
| 02:08:23 | WE ARE AT A DIVIDE TODAY. |
| 02:08:26 | THAT IS WHETHER WE ARE GOING TO HAVE A SOCIALIZED ECONOMY AND GOVERNMENT GUARANTEEING THE ASSETS OF THOSE THAT WERE SPECULATING. |
| 02:08:38 | WHERE DO WE GO WITH A RISK AND PROFIT TO THE PEOPLE THAT TAKE THE RISK. |
| 02:08:44 | WE ARE GOING TO GOODELL ONE SIDE OR THE OTHER. |
| 02:08:47 | I WILL GO DOWN ON THE FREE MARKET SIDE. |
| 02:08:52 | >> UNFORTUNATELY, GOING LAST, I CAN SOUND AS INTELLIGENT AS POSSIBLE. |
| 02:08:57 | I CERTAINLY DO. |
| 02:09:00 | SOMEONE SAID ONCE THAT HISTORY MAY NOT EXACTLY REPEAT ITSELF, BUT SOMETIMES IT RHYMES. |
| 02:09:06 | WE HAVE BEEN HERE BEFORE. |
| 02:09:09 | AND THE 1980'S WE GOT WAS SOME S&L CRISES. |
| 02:09:13 | WILLIAM ISAAC PRESIDED OVER THE FDIC AT THE TIME. |
| 02:09:18 | HE IMPLEMENTED SOME STRATEGIES. |
| 02:09:20 | IT WAS NOT A MASSIVE TAXPAYER BAILOUT THAT HE IMPLEMENTED. |
| 02:09:24 | I TRULY BELIEVE WE HAVE TWO WAYS TO ADDRESS THIS ISSUE. |
| 02:09:28 | WE WILL ADDRESS IT PRIMARILY WITH TAXPAYER FUNDING OR WE WILL ADDRESS IT WITH THE PRIVATE CAPITALIZATION THAT IS OUT THERE EVERYWHERE WATCHING TO SEE WHAT WILL HAPPEN. |
| 02:09:41 | . WITH TAXPAYER MONEY, IT COMES FROM PEOPLE THAT OFTEN DO NOT HAVE ANY CHOICE IN THE MATTER THAT CANNOT DIRECT THE OUTCOME OF THOSE FUNDS. |
| 02:09:52 | IT IS OFTEN TIMES CAPTAIN BY THOSE WHO DID NOT HAVE THE SAME STAKE IN THE MATTER. |
| 02:09:58 | ALL TAXPAYER MONEY AND ALL CAPITAL ALL COMES FROM THE PRIVATE SECTOR. |
| 02:10:03 | I DO NOT KNOW WHY WE DO NOT UNDERSTAND THAT. |
| 02:10:07 | GOVERNMENT IS THAT GREAT FICTION THROUGH WHICH EVERYONE ENDEAVORS TO LIVE AT THE EXPENSE OF EVERYONE ELSE. |
| 02:10:14 | IT DOES NOT WORK. |
| 02:10:17 | EVEN THOUGH IT IS A DIFFICULT CHALLENGE TODAY, TO PRESERVE A TEMPORARY FAILURE IN THE PURSUIT OF LONG-TERM SUCCESS INSTEAD OF PURSUING A TEMPORARY SUCCESS IN SOMETHING WHERE YOU WILL ULTIMATELY FAIL. |
| 02:10:33 | IT IS BUILT ON TRUST. |
| 02:10:36 | WE ABSOLUTELY HAVE TO MAINTAIN THAT TRUST WITH THE AMERICAN PEOPLE. |
| 02:10:40 | WE HAVE TO MAINTAIN THE TRUST AS PUBLIC SERVANTS SO THAT WE CAN SET THE EXAMPLE THAT WE ARE COMMITTED TO DEALING WITH THIS CRISIS IN THE WAY THAT WILL CALL UPON THE PRIVATE SECTOR TO SOLVE THE PROBLEM AND THEREFORE BE A LONGER-TERM SOLUTION. |
| 02:10:55 | I HAVE GREAT HOPE. |
| 02:10:57 | I BELIEVE WE WILL COME BACK TOGETHER. |
| 02:11:00 | I THINK THIS TEMPORARY SETBACK WILL BE TO SOMETHING BETTER. |
| 02:11:07 | JOHN MCCAIN EMPOWERED HOUSE REPUBLICANS TO MAKE THIS BETTER. |
| 02:11:12 | EVEN THE ONE WE VOTED ON TODAY. |
| 02:11:17 | I BELIEVE WE ARE HEADING IN THE RIGHT DIRECTION. |
| 02:11:21 | WE ARE AMERICANS. |
| 02:11:22 | IN NOT ONLY HAVE THEY APPLY TO BE GRATEFUL FOR, BUT WE HAVE OVERCOME CHALLENGES IN THE PAST. |
| 02:11:31 | >> I THINK WE ALL COMMEND OUR LEADERSHIP FOR THE OUTSTANDING JOB THEY HAVE DONE. |
| 02:11:42 | THOSE TWO GUYS FOR THEIR DILIGENCE AND TAKING A BAILOUT PLAN AND TURNING IN-IT INTO ORCA A PLAN. |
| 02:11:53 | HE SUSPENDED HIS CAMPAIGN AND RETURN TO WASHINGTON TO ADDRESS THE ISSUE AT HAND. |
| 02:12:01 | HE SAID, WE HAVE OPTIONS ON THIS TABLE. |
| 02:12:06 | MR. |
| 02:12:07 | BARTON HAS SOME LEGISLATION. |
| 02:12:09 | I HAVE LEGISLATION FOR ACROSS THE BOARD. |
| 02:12:12 | IT CUTS THAT WOULD BE IT $103 BILLION A YEAR IN SAVINGS. |
| 02:12:18 | THIS IS ONE STEP IN THE PROCESS TO THE RIGHT SOLUTION FOR THE AMERICAN PEOPLE. |
| 02:12:23 | BUT US TAKE YOUR QUESTIONS. |
| 02:12:27 | >> WHAT SINGLE TO YOU NEED SAY YOU HAVE TO ACT IMMEDIATELY. |
| 02:12:30 | OTHER BANKS WERE TAKEN OVER LAST NIGHT. |
| 02:12:33 | WHEN IS TIME OF THE ESSENCE? |
| 02:12:37 | >> I CANNOT OVERSTATE THAT IT IS MORE IMPORTANT TO DO IT RIGHT THAN TO DO IT QUICK. |
| 02:12:44 | WE SAW THE MARKET: 400 POINTS THE OTHER DAY. |
| 02:12:48 | THERE IS LOTS OF VOLATILITY AND GYRATIONS. |
| 02:12:51 | ONE OF THE REASONS THAT HOUSE CONSERVATIVES ARE APPEARING BEFORE YOU TODAY. |
| 02:12:57 | WE WANT TO LET THE AMERICAN PEOPLE KNOW THAT WE'RE PREPARED TO STAND HERE AND GET THE JOB DONE. |
| 02:13:03 | I WOULD HOPE THAT THE PROGRESSIVE CAUCUS, THE CONGRESSIONAL BLACK CONFERENCE, THE DEMOCRAT CONGRESS, THAT PEOPLE FROM ANY PART OF THE HOUSE OF REPRESENTATIVES WOULD SEND THE SAME SIGNAL. |
| 02:13:19 | IT IS MOST UNFORTUNATE TO HAVE A DROP OF THIS MAGNITUDE. |
| 02:13:23 | I DO NOT KNOW WHETHER IT WILL BE IN THREE OR FOUR DAYS. |
| 02:13:28 | CONGRESS SHOULD NOT ACT IN A PIECE OF LEGISLATION THAT MAY CAUSE PEOPLE $700 BILLION AND FUNDAMENTALLY CHANGE THE ROLE OF THE FEDERAL GOVERNMENT IN AND FREE ENTERPRISE SYSTEM FOR GENERATIONS TO COME BASED ON WHAT THE DOW DID IN ONE DAY. |
| 02:13:47 | I CANNOT OVER EMPHASIZE, WE HAVE TO GET IT RIGHT. |
| 02:13:53 | >> MR. |
| 02:13:54 | HOYER JUST SAID THAT HE THOUGHT IT WOULD BE POSSIBLE TO GET SOMETHING CRAFTED. |
| 02:14:02 | DO YOU THINK THERE WILL BE A TIME FRAME THAT YOU CAN WORK WITH? |
| 02:14:09 | >> I REMAIN OPTIMISTIC THAT MAYBE SOMETHING COULD BE DONE. |
| 02:14:14 | HOUSE CONSERVATIVES HAVE CONCERNS. |
| 02:14:17 | YOU KNOW THAT WE WANT TO NEGOTIATE IN GOOD FAITH. |
| 02:14:21 | IF WE WERE WRITING THE PLAN, YOU KNOW IT WOULD BE VERY DIFFERENT. |
| 02:14:26 | YOU CAME HERE TODAY SAYING THAT YOU WERE WILLING TO SWALLOW HARD, BUT WE CANNOT SWALLOW EVERYTHING. |
| 02:14:33 | MANY OF US STILL BELIEVE THAT FUNDAMENTALLY TO DEAL WITH THE CRISIS, SOME PART OF THE FULL FAITH AND CREDIT OF THE CARROT AND WILL HAVE TO BE BEHIND IT. |
| 02:14:45 | -- OF THE GOVERNMENT WILL HAVE TO BE BEHIND IT. |
| 02:14:50 | WE DO NOT FILL THE OTHER MODELS SUCH AS LOANS SECURED BY ASSETS AND THE INSURANCE MODEL. |
| 02:14:59 | THAT RECEIVE THE ATTENTION IT WAS DUE. |
| 02:15:02 | ON ANY NORMAL DAY, CONSUMERS WOULD RUN FROM THE TEXAS FROM EITHER OF THOSE PLANTS. |
| 02:15:08 | THESE ARE ACTUAL ORDINARY TIMES. |
| 02:15:12 | WE ARE WILLING TUNICATE -- NEGOTIATE IN GOOD FAITH. |
| 02:15:17 | THE DEMOCRATS ARE THE MAJORITY PARTY. |
| 02:15:20 | THEY KEPT -- THEY CAN -- IF THEY WANT TO RECEIVE A MAJORITY OF REPUBLICAN VOTES, WE NEED TO SIT DOWN AND NEGOTIATE FURTHER. |
| 02:15:34 | >> IN THE PROPOSAL THAT WAS VOTED ON, CAN YOU EXPLAIN HOW THIS MARK TO MARKET-HE'S COMING UNDER SAN WHAT TO -- WHAT YOU WANTED TO DO IT THIS DIFFERENCE. |
| 02:15:48 | >> THE LEGISLATION THAT WAS VOTED DOWN, I BELIEVE IT SIMPLY BELIEVED A STUDY OVER AND MANY DAYS -- UNSTATED A STUDY OVER 90 DAYS. |
| 02:16:06 | IT IS NOT WHAT MANY PROFESSIONALS BELIEVE IS REALLY A SERIOUS HURDLE FROM US REGAINING IN THE CAPITOL MILK THEN WE HAVE NOW. |
| 02:16:22 | >> ARE THERE OTHER WAYS THIS COULD BE INCORPORATED INTO SOMETHING THAT IS ALREADY ON THE TABLE THAT FAILED TO DATE? |
| 02:16:31 | DO YOU NEED TO START OVER FROM A COMPLETE DIFFERENT PREMISE. |
| 02:16:37 | >> HOUSE CONSERVATIVES BELIEVE THAT ANY MODEL THAT ESSENTIALLY HAS TAXPAYERS HAVING TO BELOW WALL STREET IS PROBABLY A FUNDAMENTALLY FLAWED MODEL. |
| 02:16:51 | HAVING SAID THAT, WHEN WE ARE NEGOTIATING, I DO NOT THINK IT DOES ANY GOOD TO DROP OUR BUT -- ARBITRARY LINES IN THE SAND. |
| 02:17:00 | SAYING THAT WE WILL REFUSE TO NEGOTIATE IF SOMETHING IS ON THE TABLE. |
| 02:17:05 | THAT IS A MODEL THAT HOUSE CONSERVATIVES FUNDAMENT REALLY FEEL IT IS FLAWED. |
| 02:17:13 | >> LET ME ADD ONE THING TO THAT. |
| 02:17:15 | I THINK IT IS IMPORTANT TO NOTE , HOUSE CONSERVATIVES ARE COMMITTED TO FINDING A SOLUTION. |
| 02:17:24 | AS THE CHAIRMAN SAID, IF IT MEANS STAYING HERE AND WORKING, WE STAND READY TO WORK. |
| 02:17:30 | WE HAVE OPTIONS ON THE TABLE. |
| 02:17:33 | WE WANT THIS TO BE SOMETHING THAT WILL PROTECT THE TAXPAYERS' POCKET BOOK. |
| 02:17:38 | WE KNOW IT IS GOING TO BE A DIFFICULT PROCESS. |
| 02:17:41 | WE HAVE SEEN HOW FAR IT HAS COME IN A WEEK. |
| 02:17:45 | WE ARE COMMITTED TO THE AS PRINCIPALS MAKING SURE THAT THIS IS SOMETHING THAT IS FAIR. |
| 02:17:52 | >> I JUST WANT TO ADD TO THIS. |
| 02:17:56 | THE LEADERSHIP AND THE SPEAKER KNOWS THAT THERE ARE A MAJORITY OF VOTES FOR A FREE MARKET SOLUTION. |
| 02:18:02 | THAT IS WHY THERE WAS NO MOTION TO RECOMMIT. |
| 02:18:05 | IT WOULD HAVE BEEN A FREE-MARKET SOLUTION AND IT WOULD HAVE PASSED. |
| 02:18:11 | WE WANT TO NEGOTIATE WITH ANYONE WHO WANTED TO DEAL WITH THAT THE VOTES. |
| 02:18:22 | I BELIEVE THE SECRETARY OF THE SEC HAS THE AUTHORITY TO SUSPEND OR MODIFY IT MARK TO MARKET RULES. |
| 02:18:30 | IF HE DOES THAT, IF HE CAN LIFT THIS CAPITAL CRISIS OF THE MARKET RIGHT AWAY. |
| 02:18:35 | I DO NOT KNOW WHY HE HAS DONE THAT UNLESS HE WAS WAITING FOR VOTES TODAY. |
| 02:18:49 | >> HOW IS IT IT FAILURE OF THE DEMOCRATS THAT THEY COULD NOT DELIVER A CERTAIN AMOUNT OF VOTES THAT THEY SAID THAT THEY WHAT? |
| 02:18:57 | >> IT SOUNDS LIKE EUROPE TAKING SOMEONE ELSE'S WORD FOR WHAT EVER THE DEAL WAS. |
| 02:19:03 | I PERSONALLY WAS NOT PRIVY TO THE DEAL. |
| 02:19:07 | THE MAJORITY IN THE UNITED STATES HOUSE OF REPRESENTATIVES, THEY ARE THE DEMOCRATS. |
| 02:19:12 | IN THE SENATE IS THE DEMOCRATS. |
| 02:19:15 | THEY CAN PASS A BILL IF THEY SO PLEASE. |
| 02:19:18 | I BELIEVE IT WAS 40% OF THE DEMOCRATS THAT REJECTED THIS LEGISLATION. |
| 02:19:26 | THE MAJORITY PARTY HAS A RESPONSIBILITY TO GOVERN. |
| 02:19:29 | THEY ARE THE ONES THAT HAVE THE RESPONSIBILITY TO FIND LEGISLATION THAT WILL WORK THAT CAN RECEIVE A MAJORITY OF VOTES. |
| 02:19:38 | THEY CLEARLY DID NOT DO THAT. |
| 02:19:40 | THEY DID NOT FIND THAT POINT THAT WOULD MEET THAT TEST. |
| 02:19:45 | THAT IS ONE OF THEIR RESPONSIBILITIES OF GOVERNING. |
| 02:19:51 | THEY STAND READY TO NEGOTIATE IN GOOD FAITH. |
| 02:19:55 | THIS IS CLEARLY A BIG POT HOLE IN THE ROAD. |
| 02:19:59 | THIS IS HOW LEGISLATION WORKS. |
| 02:20:02 | ON THURSDAY WE WOULD HAVE BEEN WILLING TO WORK WORK TODAY. |
| 02:20:09 | HOUSE IS IN RECESS LUKA AND -- WE WILL COME BACK THURSDAY. |
| 02:20:15 | WE SHOULD BE THINKING ABOUT THE NEXT GENERATION, AND NOTHING ELSE OF ELECTION. |
| 02:20:25 | >> WHAT KIND OF CONNECTION IS THERE BETWEEN HOUSE CONSERVATIVES? |
| 02:20:42 | >> REACTION FROM TREASURY SECRETARY HENRY PAULSON ON THE FINANCIALS MARKET BILL THAT FAILED EARLIER. |
| 02:20:50 | HE SPOKE AT THE WHITE HOUSE FOR FIVE MINUTES. |
| 02:21:15 | >> GOOD EVENING. |
| 02:21:16 | I AM VERY DISAPPOINTED AT THE DAY'S VOTE. |
| 02:21:19 | LEADERS ON BOTH SIDES HAVE WORKED VERY HARD. |
| 02:21:22 | I KNOW THAT THEY SHARE MY DISAPPOINTMENT. |
| 02:21:26 | WE HAVE EXPERIENCE IN IT -- SIGNIFICANT TURMOIL IN THE FINANCIAL MARKETS INCLUDING THE COLLAPSE OF WASHINGTON MUTUAL AND WACHOVIA AND THE FAILURE OF TWO MAJOR FINANCIAL INSTITUTIONS IN EUROPE. |
| 02:21:41 | MARKETS AROUND THE WORLD ARE STRESSED. |
| 02:21:44 | THAT REDUCES THE LINE OF CREDIT THAT BUSINESSES ENJOY TO CREATE A ROLE AND INVENTORIES. |
| 02:21:52 | FAMILIES FEEL THE CRUNCH AS A BECAUSE MORE DIFFICULT TO GET CAR LOANS OR STIMULANTS. |
| 02:21:59 | I AND MY COLLEAGUES CONTINUE TO ADDRESS THE MARKET CHALLENGES THAT WE ARE FACING ON A DAILY BASIS. |
| 02:22:07 | I AM COMMITTED TO CONTINUE TO WORK WITH MY FEDERAL REGULATORS TO USE ALL OF THE TOOLS AVAILABLE TO PROTECT OUR FINANCIAL SYSTEM AND ECONOMY. |
| 02:22:18 | OUR TOOL KIT IS SUBSTANTIAL, BUT INSUFFICIENT. |
| 02:22:21 | I WILL CONTINUE TO WORK WITH CONGRESSIONAL LEADERS TO TRY FOR -- TO FIND A WAY FORWARD TO PASS A COMPREHENSIVE PLAN TO STABILIZE OUR FINANCIAL SYSTEM AND PROTECT THE AMERICAN PEOPLE BY ELIMINATING PROSPECTS OF FURTHER DETERIORATION IN OUR ECONOMY. |
| 02:22:39 | WE HAVE MUCH TO DO AND THIS IS MUCH TOO IMPORTANT TO SIMPLY LET IT FAIL. |
| 02:22:48 | >> HOW LONG DO YOU ESTIMATE IT WILL TAKE IT THERE IS NO ACTION BEFORE THE GOVERNMENT -- [INAUDIBLE] |
| 02:22:59 | >> WE NEED TO WORK AS QUICKLY AS POSSIBLE. |
| 02:23:03 | WE NEED TO GET SOMETHING DONE. |
| 02:23:05 | I WILL CONTINUE TO CONSULT WITH CONGRESSIONAL LEADERS TO GET THINGS DONE. |
| 02:23:11 | WE NEED TO GET IT DONE. |
| 02:23:16 | >> DO YOU STILL THINK YOU COULD PUT SOMETHING CLOSE TO YOUR ORIGINAL PLAN BACK TOGETHER? |
| 02:23:22 | >> WE NEED TO PUT SOMETHING BACK TO ADD -- TOGETHER AS A WORKS. |
| 02:23:28 | IT IS SOMETHING THAT WE'VE DEALT WITH THE CONGRESSIONAL LEADER AND WORK SO HARD COAL IT IS A PLAN THAT WORKS. |
| 02:23:37 | >> HOUSE IN DO YOU NEED IT? |
| 02:23:40 | >> WE NEED IT AS SOON AS POSSIBLE. |
| 02:23:43 | WE ARE CREDITED WITH WORKING WITH CONGRESSIONAL LEADERS TO GET IT DONE. |
| 02:23:48 | >> WHAT WOULD YOU LIKE TO SEE IN THERE? |
| 02:23:52 | >> WE HAD A PLAN THAT WE WORKED VERY HARD ON THAT DID THE JOB, GIVE US THE TOOLS WE NEED TO PROTECT THE FINANCIAL MARKETS, TO PROTECT THE AMERICAN PEOPLE. |
| 02:24:06 | WHERE WE CO FROM HERE IS SOMETHING WE WILL BE WORKING ON WITH CONGRESSIONAL LEADERS. |
| 02:24:12 | WE ARE GOING TO BE WORKING HARD ON THIS. |
| 02:24:19 | >> OUR BANKING SYSTEM HAS BEEN HOLDING UP VERY WELL CONSIDERING ALL OF THE PRESSURES. |
| 02:24:26 | THERE HAS BEEN A LOT OF WORK THAT HAS BEEN DONE. |
| 02:24:30 | YOU HAVE SEEN US FOR A PERIOD OF MONTHS AND WEEKS TAKING STRONG ACTIONS AND ACTIONS THAT ARE ESSENTIAL IN ORDER TO PROTECT THE BANKING SYSTEM AND THE ECONOMY. |
| 02:24:44 | AS I SAID TO YOU, WE HAVE SIGNIFICANT TOOLS IN OUR TOOL KIT. |
| 02:24:49 | THEY ARE NOT SUFFICIENT. |
| 02:24:51 | WE WILL CONTINUE TO WORK WITH " WE HAVE UNTIL WE GET FROM CONGRESS " WE NEED. |
| 02:25:00 | IN >> THURSDAY, THE ONLY VICE PRESIDENTIAL DEBATE BETWEEN JOE BIDEN AND SARAH PALIN. |
| 02:25:24 | THE DEBATE IS AT 9:00 AND THE SPIN ROOM AND MORE CALLS FOLLOWED THE DEBATE. |
| 02:25:30 | A VISIT C-SPAN'S NEWEST WEBSITE TO LET THE BIG HUB. |
| 02:25:35 | IT IS AN ONLINE RESOURCE FOR THE PARK -- DEBATE HELD -- HUB. |
| 02:25:45 | USE THE INTERACTIVE TIMELINE TO WASH THE QUESTIONS THAT YOU CARE ABOUT. |
| 02:25:51 | SHARE VIDEO USING OUR VIDEO PLAYER. |
| 02:25:54 | YOU COULD USE THE WORD TREE FOR CANDID RESPONSES TO GET A VISUAL SUMMARY OF THE ISSUES DISCUSSED MOST. |
| 02:26:03 | DEBATE HUB IS ONLINE AT C- SPAN. |
| 02:26:11 | ORG/PAULETTE EXPERIAN -- C- SPAN. |
| 02:26:16 | ORG/POLITICS. >> A "WASHINGTON JOURNAL" IS NEXT ON C-SPAN. |
| 02:26:21 | LATER, A DISCUSSION ON THE USE OF DIPLOMACY IN THE NEXT ADMINISTRATION. |
| 02:26:27 | THAT IS LIVE FROM THE GEORGE WASHINGTON UNIVERSITY AT 2:00 P. |
| 02:27:19 | M. . HOST: TODAY ON THE PROGRAM WE WILL BE JOINED BY MARTIN REGALIA, CONTINUING THE CONVERSATION ON THE MARKET BILL, ALONG WITH REPRESENTATIVE MARCY CAPTOR, WHO VOTED NO ON THE BILL. |
| 02:27:33 | WE WILL WRAP UP THE PROGRAM WITH DAVID WEAVER OF "MARKET WATCH. |
| 02:27:39 | " HE IS A REPORTER THERE. |
| 02:27:43 | WE WILL BE TALKING ABOUT WALL STREET'S REACTION TO THE VOTE YESTERDAY. |
| 02:27:47 | IN THAT FIRST HALF THINK ABOUT THE VOTE AND WHAT YOU EXPECT WILL COME NEXT. |
| 02:27:54 | OBAMA SUPPORTERS, 202-737-0002. |
| 02:28:04 | -- DEMOCRATS, 202-737-0002. |
| 02:28:10 | REPUBLICANS, 202-737-YEAR 001. |
| 02:28:17 | INDEPENDENCES -- THIS ARTICLE, THE AUTHORS WILL BE WITH US IN A FEW MINUTES, BOTH LEADERS REBUFFED THE RESCUE PLAN ON MONDAY, "MARKETS PLUNGED, TOP LAWMAKERS WERE GROPING FOR RESOLUTION. |
| 02:28:42 | THE STUNNING DEFEAT OF THE PROPOSAL AFTER MARATHON TALKS BY SENIOR CONGRESSIONAL AND BUSH ADMINISTRATION OFFICIALS LOWERED A FOG OF UNCERTAINTY OVER ECONOMIES AROUND THE GLOBE. |
| 02:28:55 | ITS AUTHOR SAID THAT IT WAS ESSENTIAL TO PROVIDING -- PREVENTING WIDESPREAD ECONOMIC CALAMITY. |
| 02:29:05 | 65 REPUBLICANS, ONE-THIRD OF THOSE VOTING, THAT THE PLAN DESPITE PERSONAL PLEAS FROM THEIR PRESIDENT AND JOHN MCCAIN. |
| 02:29:16 | BY CONTRAST, 140 DEMOCRATS VOTED IN FAVOR, MANY AFTER VOICING GRAVE MISGIVINGS. |
| 02:29:24 | BARACK OBAMA ALSO BACKED THE BILL. |
| 02:29:26 | AMONG OPPONENTS OF THE RESCUE PLAN, REPUBLICANS DECIDED IDEOLOGICAL OBJECTIONS. |
| 02:29:34 | LIBERAL DEMOCRATS SAID THEY WERE OF NO MIND TO A WALL STREET TYCOONS. |
| 02:29:40 | THEIR CRITICS COMPLAIN ABOUT HATE IN SECRECY IN ASSEMBLING THE PLAN. |
| 02:29:45 | LAWMAKERS ON BOTH SIDES WANTED AN OUTPOURING OF OPPOSITION AS A FUNDAMENTAL REASON THAT THE HOUSE MEASURE WAS DEFEATED. |
| 02:29:59 | HOUSE MEMBERS IN POTENTIALLY TOUGH RACES AND THOSE SEEKING SENATE SEAT LEFT THE PLANT IN DROVES. |
| 02:30:09 | -- PLANE IN A IN DROVES. |
| 02:30:23 | " "EARLIER, AND GOVERNMENT NATIONALIZED OR BROKERED RESCUE TAKEOVERS FOR FOUR EUROPEAN BANKS AND ONE U. |
| 02:30:31 | S. BANK, WACHOVIA, WHILE CENTRAL BANKS UNLEASHED A GIGANTIC OPERATION. |
| 02:30:40 | HANK PAULSON SAID THAT HE WOULD WORK WITH CONGRESS TO REVIVE THE LATEST ON THE LEGISLATION. |
| 02:30:55 | " SO, WE WANT TO GET YOUR OPINION, YOUR THOUGHTS ON WHAT COMES NEXT AFTER THE HOUSE REJECTS THE MARKET'S BILL. |
| 02:31:02 | OUR FIRST CALL COMES FROM HAMMOND, INDIANA, REPUBLICAN LINE. |
| 02:31:07 | GOOD MORNING. |
| 02:31:08 | CALLER: I HAVE TO SAY, I DO NOT KNOW WHAT IS WRONG WITH THESE PEOPLE. |
| 02:31:13 | I AM VERY ASHAMED OF MY PARTY. |
| 02:31:16 | I CANNOT BELIEVE THAT THEY WOULD PUT BEING ELECTED OVER THE COUNTRY. |
| 02:31:23 | THIS IS A BIG DISGRACE, IN DISGRACE WITH THE REPUBLICAN PARTY THIS MORNING. |
| 02:31:30 | I DO NOT EVEN KNOW IF I CAN VOTE REPUBLICAN THIS YEAR. |
| 02:31:35 | THIS IS NOT ABOUT WALL STREET, THIS IS ABOUT EVERYDAY PEOPLE. |
| 02:31:41 | SO MANY PEOPLE HAVE LOST THEIR HOMES, IT IS NOT ALL ABOUT BIG BANKS, SO MANY PEOPLE WERE TRYING TO MAKE MONEY BY DOING INVESTMENTS, THEY GOT CAUGHT UP, NOW I HAVE HOMES BEING FORECLOSED ON. |
| 02:31:57 | THIS IS A SAD DAY FOR AMERICA. |
| 02:31:59 | I AM VERY DISGRACED BY THIS PARTY TO SAY THAT THEY DID NOT VOTE BECAUSE OF SOMETHING NANCY PELOSI SAID, THAT IS IRRELEVANT, THIS IS ABOUT THE COUNTRY. |
| 02:32:12 | FOR OUR PRESIDENTIAL PARTY TO SAY COUNTRY FIRST, WHAT WILL HE DO WHEN HE BECOMES PRESIDENT? |
| 02:32:21 | HE CANNOT GET THESE PEOPLE TO LISTEN TO HIM NOW. |
| 02:32:24 | THIS IS A SAD DAY. |
| 02:32:28 | HOST: THIS NEXT CALL COMES ON THE DEMOCRATIC LINE FROM STERLING, VA. |
| 02:32:34 | CALLER: GOOD MORNING, THANK YOU FOR TAKING MY CALL. |
| 02:32:38 | HOST: GO AHEAD. |
| 02:32:40 | CALLER: I HAVE THREE POINTS OUT WANT TO MAKE. |
| 02:32:43 | I WILL TRY TO BE AS QUICK AS I CAN. |
| 02:32:47 | FIRST, ABOUT THIS VOTE, TO ME IT SEEMED AS THOUGH THE REPUBLICAN CONSERVATIVES, IT WAS A SECTION OF THEIR PARTY THAT WAS DETERMINED TO DESTROY THE VOTE AND EVERYTHING IN IT NECESSARY TO GET IT PASSED. |
| 02:33:10 | I HAVE BEEN WATCHING THE NEWS BRIEFING THAT THE REPUBLICAN CONSERVATIVES HELD. |
| 02:33:17 | THE PARTY IS STARTING TO MELT THEM LIKE THE ECONOMY. |
| 02:33:20 | THEY ARE TELLING LIES ABOUT EACH OTHER. |
| 02:33:23 | THEY WILL NOT EVEN SUPPORT THEIR PRESIDENT. |
| 02:33:28 | THEY STOOD UP TO VOTE FOR THE WAR, PUSHING THEIR CHESTS OUT, SAYING THAT THEY WANTED TO TAKE MORE OPINIONS, WE WOULD NOT BE IN THE MESS WE ARE IN NOW. |
| 02:33:40 | THE REASON WE ARE IN THIS MESS, EVERYONE WANTED TO LOOK AT TERRORISM AS A WEAPON OF MASS DESTRUCTION, BUT WHEN AL QAEDA CAME AFTER US THEY HIT THE TWIN TOWERS, THEY CAME AFTER OUR ECONOMY. |
| 02:33:55 | WE ARE LOSING THE WAR BECAUSE THEY CAME AFTER THE STRONGEST COUNTRY IN THE NATION, WE HAD THE STRONGEST ECONOMY IN THE 1990'S. |
| 02:34:05 | WHEN GEORGE BUSH WAS ELECTED WE HAD A SURPLUS. |
| 02:34:11 | REPUBLICANS HAVE TRASHED THE HOUSE, THEY HAVE CRASHED CONGRESS. |
| 02:34:15 | THEY WANTED DOMINANCE UP THERE AND DEMOCRATS HAD TO WALK LOCKSTEP WITH THEM TO GET ANYTHING THEY WANTED. |
| 02:34:23 | HOST: THANK YOU. |
| 02:34:26 | BROOKLYN, NEW YORK. |
| 02:34:27 | INDEPENDENT LINE. |
| 02:34:30 | CALLER: THE WAY THAT I FEEL IS, IN LOOKING AT THE WHOLE THING AS FAR AS PRIVATIZING PROPERTY AND SOCIAL LAWS AND LAWS, I WAS ACTUALLY HAPPY -- SOCIALIZING LAWS, I WAS ACTUALLY HAPPY BECAUSE REPUBLICANS SEEM TO ME RIGHT NOW TO BE READY THAT WALL STREET WILL CORRECT ITSELF, WHICH THEY ALWAYS SAY IT WILL. |
| 02:34:57 | TO LET TAXPAYERS AND SAY THAT WE WERE MAKING MONEY ALL OF THESE YEARS -- TO LOOK AT TAXPAYERS AND SAY THAT THEY WERE MAKING MONEY ALL OF THESE YEARS, I AM ACTUALLY HAPPY THAT THEY VOTED DOWN THE BILL AND THEY WILL LOOK FOR A SOLUTION THAT WILL MAKE WALL STREET HELPED ITSELF. |
| 02:35:16 | HOST: I WANT TO SHOW YOU, IF YOU DID NOT HAVE A CHANCE TO LOOK AT IT YESTERDAY, THIS IS WHAT SPEAKER PELOSI SAID ON THE FLOOR OF THE HOUSE BEFORE THE VOTE. |
| 02:35:33 | >> $700 BILLION. |
| 02:35:34 | A STAGGERING NUMBER BUT ONLY A PART OF THE FAILED BUSH ECONOMIC POLICY TO OUR COUNTRY. |
| 02:35:41 | POLICY THAT WAS BUILT ON BUDGET RECKLESSNESS WHEN PRESIDENT BUSH TOOK OFFICE. |
| 02:35:49 | HE INHERITED PRESIDENT CLINTON'S SURPLUSES. |
| 02:35:53 | ON A TRAJECTORY OF 556 TRILLION DOLLARS IN SURPLUS, WITH HIS -- 5. |
| 02:36:03 | 6 TRILLION DOLLARS IN SURPLUS, WITH HIS RECKLESS STRATEGY AS HE TURNED THAT AROUND AND THIS FINANCIAL IRRESPONSIBILITY COMBINED WITH AND ANYTHING GOES ECONOMIC POLICY HAVE TAKEN US TO WHERE WE ARE TODAY. |
| 02:36:20 | THEY CLAIM TO BE FREE MARKET ADVOCATES WHEN IT IS AND ANYTHING GOES MENTALITY. |
| 02:36:26 | NO REGULATION. |
| 02:36:28 | NO SUPERVISION. |
| 02:36:29 | NO DISCIPLINE. |
| 02:36:31 | IF YOU FAIL, YOU WILL HAVE A GOLDEN PARACHUTE AND THE TAXPAYER WILL BAIL YOU OUT. |
| 02:36:40 | THOSE DAYS ARE OVER. |
| 02:36:42 | HOST: THIS IS THE LEAD EDITORIAL IN THIS MORNING'S "DAILY NEWS. |
| 02:36:48 | " THE RIGHT "IN THE RUBBLE LEFT BY THE PLAN'S DEFEAT, SOME SAY THAT NANCY PELOSI HAD GENERATED RESISTANCE BY DELIVERING A PARTISAN ATTACK SPEECH AFTER EARLIER DESCRIBING REPUBLICANS ACT -- AS UNPATRIOTIC. |
| 02:37:05 | THOSE WHO VOTED DOWN THE MEASURE BECAUSE THEY WERE OFFENDED BOUGHT TO BE DRAWN AND QUARTERED. |
| 02:37:11 | AS FOR NANCY PELOSI, HER REMARKS WERE A GROSS EXAMPLE OF WASHINGTON PARTISANSHIP AND HER MANAGEMENT OF THE BILL WAS DOWNRIGHT ABYSMAL. |
| 02:37:20 | THERE WAS TOO MUCH AT RISK IN SUFFERING A SURPRISE LOSS, AS WAS MADE PAINFULLY CLEAR BY THE MARKET'S REACTION. |
| 02:37:29 | " LONG ISLAND, NEW YORK. |
| 02:37:33 | YOU ARE ON "WASHINGTON JOURNAL. |
| 02:37:36 | " CALLER: THANK YOU FOR TAKING MY CALL. |
| 02:37:40 | NANCY PELOSI TOLD THE BIGGEST LIE. |
| 02:37:43 | IN 99 B LINE -- 1999, "THE NEW YORK TIMES" HAD AN ARTICLE, SAYING THAT IT WAS THE CLINTON ADMINISTRATION, IN THE ATTEMPT TO GET MORE MORTGAGES FOR POOR PEOPLE BECAUSE THEY WANTED TO GET THEM INTO HOUSES. |
| 02:38:09 | FANNIE MAE HAS EXPANDED HOMEOWNERSHIP -- HOME OWNERSHIP BY REDUCING REQUIREMENTS, YET THERE ARE TOO MANY BORROWERS WHOSE CREDIT IS BELOW WHAT OUR UNDERWRITING REQUIRES. |
| 02:38:25 | FANNIE MAE, THE NATION'S BIGGEST UNDERWRITER OF MORTGAGES HAS BEEN UNDER INCREASING PRESSURE FROM THE CLINTON ADMINISTRATION TO EXPAND MORTGAGE LOANS AT ALL AMONG MODERATE AND LOW-INCOME PEOPLE AND TO MAINTAIN PRESSURE -- IT WAS FANNIE MAE UNDER THE ADMINISTRATION OF THE CLINTONS OF GIVING PEOPLE MORTGAGES WHO DID NOT DESERVE IT. |
| 02:38:48 | BANKS MANIPULATED IT AND MADE MONEY OFF OF IT. |
| 02:38:51 | HOST: WHERE DO WE GO FROM HERE? |
| 02:38:54 | CALLER: WE STOP BLAMING EACH OTHER. |
| 02:38:58 | EVERYONE IS TO BLAME. |
| 02:39:02 | DEMOCRATS, REPUBLICANS, BUSH AND CLINTON, WE HAVE TO DO SOMETHING WHERE EVERYONE PAYS THEIR FAIR SHARE. |
| 02:39:10 | BANKS DO NOT GET OFF THE HOOK THAT EASILY. |
| 02:39:15 | BUT TAXPAYERS, THEY ARE THE ONES WHO TOOK ADVANTAGE OF IT. |
| 02:39:18 | THEY GOT THREE CREDIT CARDS WHEN THEY WERE NOT SUPPOSED TO. |
| 02:39:23 | EVERYONE IS TO BLAME IN THIS COUNTRY. |
| 02:39:26 | IT STARTED UNDER THE DEMOCRATS. |
| 02:39:28 | OBAMA'S CAMPAIGN MANAGER, I WOULD LIKE TO SEE THEM ADDRESS WHY HE IS WORKING FOR THEM. |
| 02:39:39 | BANKS HAVE MADE A LOT OF MONEY ON THIS. |
| 02:39:42 | HOST: THANK YOU FOR YOUR CALL, SIR. |
| 02:39:46 | DEMOCRATIC LINE, JACKSONVILLE, NORTH CAROLINA. |
| 02:39:50 | CALLER: GOOD MORNING. |
| 02:39:52 | HOST: GO AHEAD. |
| 02:39:54 | CALLER: I WILL NOT GIVE YOU A HISTORY LESSON, I WILL GIVE YOU THREE THINGS THOUGH, THE LAST ONE BEING WHY THAT BILL SHOULD NOT HAVE PASSED. |
| 02:40:04 | ONE, THE GOLDEN PARACHUTE THING, THEY HAVE TO PASS SOMETHING IN THERE, WORKING IT SAID THAT PEOPLE ALREADY IN THOSE POSITIONS WILL NOT GET THEIR PARACHUTES, OTHERWISE THERE WILL BE GREAT LOSSES FOR THE CONTRACTORS THEY ARE WITH BECAUSE THEY PROMISED THOSE PACKAGES TO THEM. |
| 02:40:29 | TWO, THEY USE BUZZWORDS ON THE AMERICAN PEOPLE. |
| 02:40:32 | THEY CALL US THE AMERICAN PEOPLE. |
| 02:40:36 | IT IS A BUZZWORD, IT MEANS CERTAIN PEOPLE. |
| 02:40:41 | THEY SAY THAT WE ARE THE POOR FOR THE MIDDLE CLASS, I CAN TELL YOU RIGHT NOW THAT I FOUND A BUSINESS, I PAY MY PAYROLL OF OF WHAT I MAKE, I DO NOT HAVE LINES OF CREDIT TO DO THAT. |
| 02:40:58 | -- I PAY MY PAY ROLL OUT OF WHAT I MAKE, I DO NOT HAVE LINES OF CREDIT TO DO THAT. |
| 02:41:04 | IF THEY WANT TO HELP THE AMERICAN PEOPLE, THEY NEED TO ARRANGE TO CHANGE THE MORTGAGES OF ANYBODY WHO HAS AN ARM RATE. |
| 02:41:16 | HOST: THANK YOU. |
| 02:41:21 | IN "THE WASHINGTON POST CLOSE " STOCKS ARE SENT PLUMMETING -- IN "THE WASHINGTON POST" STOCKS ARE SENT PLUMMETING, "NOW TALKS SCHEDULED AFTER U. |
| 02:41:36 | S. FINANCIAL MARKETS CLOSED WITH THE DOW JONES INDUSTRIAL AVERAGE DOWN A RECORD 7%, TREASURY SECRETARY HENRY PAULSON TRIED TO CALM FRAZZLED TRADERS BY ASSURING THEM THAT WORK ON A MARKET INTERVENTION WOULD RESUME. |
| 02:41:54 | " FLORIDA, INDEPENDENT LINE. |
| 02:41:55 | HELLO? |
| 02:41:57 | GOOD MORNING, GO AHEAD. |
| 02:42:00 | CALLER: YOUR CALLER WAS RIGHT ABOUT THE BLAME GAME. |
| 02:42:03 | WE HAVE TO LOOK IN THE MIRROR AND BLAME OURSELVES AS WELL. |
| 02:42:08 | WE ARE OVER CONSUMING. |
| 02:42:10 | IF WE HAVE TO GO BACK TO THE GREAT DEPRESSION, SO BE IT. |
| 02:42:15 | WE HAVE GOT TO LET THE CLOCK SWING TO SEE WHAT TIME IT REALLY IS. |
| 02:42:22 | THE BEST THING TO COME OUT OF THIS IS THAT PEOPLE HAVE WRITTEN THEIR SENATORS, SHOWN WHAT THEY WANT TO HAVE DONE. |
| 02:42:30 | IF WE KEEP DOING THAT, THE COUNTRY WILL COME TOGETHER. |
| 02:42:34 | UNTIL WE COME TO GATHER, WASHINGTON WILL NEVER COME TOGETHER, YOU KNOW WHAT I'M SAYING? |
| 02:42:42 | HOST: HENDERSON, NORTH CAROLINA. |
| 02:42:47 | REPUBLICAN LINE. CALLER: A GOOD DAY, " THE BANKS AND CROOKED POLITICIANS LOST -- CROOKED BANKS AND CROOKED POLITICIANS LOST. |
| 02:42:56 | NANCY PELOSI IS THE BIGGEST WELFARE QUEEN IN AMERICA. |
| 02:43:02 | TAKING MILLIONS OUT OF THE STOCK MARKET. |
| 02:43:05 | PAULSON LEFT THAT STREET WITH $500 MILLION. |
| 02:43:08 | THANK YOU. |
| 02:43:09 | POST OF DEMOCRATIC LINE, THANK YOU FOR WAITING. |
| 02:43:14 | -- HOST: DEMOCRATIC LINE, THANK YOU FOR WAITING. |
| 02:43:17 | CALLER: I USED TO BE A DEMOCRAT BUT I AM CHANGING MY MIND AS I LOOK AT THIS MESS THEY HAVE CREATED WITH THIS CRISIS, STARTING UNDER BILL CLINTON, WHICH HAS CONTINUED. |
| 02:43:29 | I AM SO HAPPY THAT THIS BAILOUT WILL NOT GO THROUGH. |
| 02:43:34 | I HOPE THAT IT DOES NOT HAPPEN, EVEN WITH ALL OF THE NEGOTIATIONS, I HOPE THAT THEY NEVER PASSED IT. |
| 02:43:42 | THE MAIN REASON FOR THAT IS THAT BY NOT PASSING A BAILOUT, AMERICANS WILL HAVE A CHANCE TO GET AT THE HEART OF WHAT HAPPENED. |
| 02:43:54 | IT IS NOT THE REGULATION THAT CAUSES, IT WAS THE OPPOSITE. |
| 02:44:01 | -- IT WAS NOT THE REGULATION THAT CAUSED IT, IT WAS THE OPPOSITE. |
| 02:44:06 | NOW WE HAVE TO FACE THE CONSEQUENCES. |
| 02:44:10 | HOST: IN "THE BALTIMORE SUN" J HANCOCK WRITES "CONGRESSMEN ARE LOATH TO TELL THEIR CONSTITUENTS THAT THEY BAILED OUT THAT CATS, BUT THEY WILL BE EVEN LESS EAGER TO EXPLAIN WHY THEY TRIGGERED WHAT MIGHT BE A TITANIC STOCK COLLAPSE, A LENDING BY SAGE AND THE WORST ECONOMIC DOWNTURN SINCE THE DEPRESSION. |
| 02:44:41 | IF THEY NEED MARKETS AS POLITICAL COVER TO PLACATE VOTERS WHO DO NOT SEEM TO GET HOW MUCH DANGER WE SEEM TO BE IN, SO BE IT. |
| 02:44:55 | ." AMARILLO, TEXAS. |
| 02:44:57 | WHAT IS ON YOUR MIND? |
| 02:44:58 | CALLER: PEOPLE ARE TALKING ABOUT THE CLINTON ADMINISTRATION, THOSE BILLS WERE NOT PASSED TO BE ABUSED THE WAY THAT THEY WERE. |
| 02:45:09 | THESE FOLKS COME IN, CAMPAIGNING FOR THE REPUBLICAN PARTY, THEY NEED TO CUT OUT THIS NONSENSE ABOUT WHO IS ON OBAMA'S TEAM. |
| 02:45:21 | ANYWAY, I AM GLAD THAT THE BILL DID NOT PASS IN ITS PRESENT FORM. |
| 02:45:27 | I DO NOT KNOW IF THIS IS TRUE OR NOT, I HEARD THAT WALL STREET GOT ITS NAME YEARS AGO BECAUSE THE PEOPLE WOULD AUCTION OFF NAKED PEOPLE ON THE BLOCK, A BEEPER PEOPLE WERE SO APPALLED THEY NEED TO -- THEY MADE THEM PUT UP A WALL SO THEY COULD NOT SEE WHEN I WALKED BY. |
| 02:45:53 | I DO NOT KNOW IF THAT IS TRUE OR NOT, BUT I HAVE BEEN READING THIS BOOK ABOUT THE TITANIC AND THE ICE AGE CALLED "THE SECRET TERRORIST. |
| 02:46:05 | " IT LOOKS LIKE ALL OF OUR TROUBLES WILL GO BACK TO ROME. |
| 02:46:10 | HOST: REPUBLICAN MINE, SOUTH CAROLINA. |
| 02:46:12 | CALLER: GOOD MORNING. |
| 02:46:15 | WE NEED FINANCIAL EXPERTS TO PERFORM SURGERY THAT IS DESPERATELY NEEDED TO REMOVE THESE BAD CREDIT LINES OR BAD DERIVATIVES OUT OF THE SYSTEM. |
| 02:46:27 | THOSE PEOPLE WHO ARE MAKING THOSE TOUGH CALLS DO NOT NEED 500 CONGRESSMAN YELLING AT THEM, ASKING WHY THEY DO NOT DO THAT POLITIC -- WHY THEY DID NOT DO THAT POLITICALLY CORRECT THING. |
| 02:46:45 | NANCY PELOSI, YAPPING HER MOUTH OFF, MAKING POLITICS OVER THIS, WITH OVER-LEGISLATION HAVING A SAY, RATHER THAN PEOPLE DOING THEIR JOB IN SHOWING WHAT HAPPENS TO GET THROUGH THIS PROCESS. |
| 02:47:01 | POLITICIANS ARE BUYING VOTES BY SAYING THAT YOU CAN GET NO MONEY DOWN LOANS, NOW THE ROOSTER IS COMING HOME, PEOPLE ARE HURTING THE PROCESS BY NOT LETTING IT GO FORWARD, BY TYING ALL THESE OTHER THINGS TO THE BILL THAT ARE RIDICULOUS, PAMPERING EVERYONE IN GIVING THEM THINGS THAT THEY CANNOT HAVE. |
| 02:47:24 | HOST: RICHARD COHEN HAS THIS OF BED IN "THE POST CLOSED BOOK THIS MORNING. |
| 02:47:39 | -- OP-ED IN "THE POST CLOSE "" THIS MORNING. |
| 02:47:50 | "GREED IS BLAMED AS IF IT IS SOMETHING NEW OR CONTROLLABLE, AND THE ENTIRE PROBLEM IS DISCUSSED AS A FAILURE WOULD DO NOTHING BUT IN GINGER SOME RICH INSTITUTIONS AND THEIR EQUALLY RICH MANAGERS. |
| 02:48:02 | THE GREAT DEPRESSION TEACHES OTHERWISE. |
| 02:48:08 | FASCISTS ROSE IN THE GREAT DEPRESSION. |
| 02:48:14 | ELSEWHERE, COMMUNIST PARTIES WERE EMBOLDENED, PEOPLE WERE DESPERATE AND THEY LOOK FOR DESPERATE SOLUTIONS. |
| 02:48:19 | " BACK TO THE PHONES, SAVAGE, MD. |
| 02:48:25 | . WHAT IS ON YOUR MIND THIS MORNING? |
| 02:48:29 | CALLER: I JUST GOT OUT OF THE MILITARY LAST YEAR, I AM ONLY 23. |
| 02:48:35 | I VIEW THIS SITUATION IN A DETRIMENTAL WAY. |
| 02:48:41 | I JOINED THE MILITARY AFTER 9/11, IN THE 12TH GRADE. |
| 02:48:48 | BUT THINGS STARTED TO CHANGE. |
| 02:48:51 | WE STARTED WARS WITH COUNTRIES THAT WERE NOT NECESSARY. |
| 02:48:55 | OUR ECONOMY STARTED TO FLUTTER. |
| 02:48:58 | THESE OTHER COUNTRIES FELT THEY NEEDED PROTECTION. |
| 02:49:03 | NOW, THIS IS MY POINT, WHY DID WE START A WAR AND THE CONTINUING ON THIS BILLION, TRILLION DOLLAR WAR? |
| 02:49:12 | WE WONDER WHY WALL STREET HAS COLLAPSED, NO ONE IS BUYING U. |
| 02:49:18 | S. PRODUCTS BECAUSE WE ARE MESSING WITH EVERYONE ELSE. |
| 02:49:22 | WE AS A PEOPLE VOTED OUR COMMANDER IN CHIEF IN TWICE. |
| 02:49:30 | HOST: IN "THE USA TODAY" THIS MORNING, "THE HISTORIC CARNAGE ON WALL STREET REVERBERATED ACROSS ASIA TODAY, WITH STOCK MARKETS IN THE REGION PLUNGING AFTER U. |
| 02:49:46 | S. LAWMAKERS REJECTED A 700 UP BILLION DOLLAR BANK RESCUE PLAN AIMED AT STABILIZING THE U. |
| 02:49:53 | S. FINANCIAL SYSTEM. |
| 02:49:54 | ALL MAJOR ASIAN STOCK MARKETS IN THE REGION TUMBLED ACROSS THE BOARD. |
| 02:50:01 | " ATLANTA, GEORGIA. |
| 02:50:02 | INDEPENDENT LINE. |
| 02:50:03 | WHAT COMES NEXT IN YOUR OPINION? |
| 02:50:06 | CALLER: THE POINT THAT I WOULD LIKE TO MAKE THIS MORNING IS THAT THIS IS A GOLDEN OPPORTUNITY TO MAKE REAL CHANGES. |
| 02:50:15 | THE PUBLIC HAS BEEN BROKEN FROM THEIR LETHARGY, FROM EATING HAMBURGERS AND GOING TO MOVIES AND FINDING OUT WHAT THE LADY -- LATEST BRITNEY SPEARS ADVENTURE IS INTO ACTUALLY BEING UPSET AT THEIR CONGRESS PEOPLE. |
| 02:50:32 | THE BEST OPPORTUNITY THAT WE HAVE IS TO FORCE HER -- FORCE TERM-LIMITS ON TO THESE SCUM ELITISTS, PEOPLE WHO THINK THEY ARE LIVING ON MOUNT OLYMPUS, TALKING DOWN TO THE PEOPLE. |
| 02:50:45 | IF WE CAN FORCE POLITICIANS TO BE IN POWER FOR MORE THAN -- NO MORE THAN TWO FOUR YEAR TERMS, WE HAVE THE OPPORTUNITY TO BRING IN NEW PEOPLE EVERY EIGHT YEARS TO STOP GERRYMANDERING AND POWER GRAB FROM PEOPLE IN SENIORITY. |
| 02:51:09 | HOST ": "OFFICIALS CONSIDER THE RECORD PLAN AS A LAST-DITCH EFFORT TO COME UP WITH A SYSTEMATIC APPROACH TO DEALING WITH THE TREASURY PRICES. |
| 02:51:27 | STEPS CAN BE TAKEN, LIKE A PACKAGE TO BUY MORTGAGE-BACKED SECURITIES, OR USING OTHER ADMINISTRATIVE TOOLS, BUT NONE OF THEM WOULD BE AS COMPREHENSIVE AT TACKLING THE PROBLEMS AT THE HEART OF THE FINANCIAL SYSTEM. |
| 02:51:44 | TREASURY IS LIKELY TO REVERT TO ADDRESSING PROBLEMS -- PROBLEM INSTITUTIONS BY INSTITUTION, ACCORDING TO A PERSON FAMILIAR WITH THE PROBLEM, THE GOVERNMENT IS LIKELY TO CONTINUE TRYING TO EXTINGUISH FIRES BY LENDING MONEY TO TROUBLED INSTITUTIONS. |
| 02:52:05 | THAT COULD RESULT IN THE GOVERNMENT TAKING ON THE SAME TOXIC ASSETS THROUGH A DIFFERENT ROUTE. |
| 02:52:15 | BANKS COULD PLAY A GREATER ROLE. |
| 02:52:19 | " JACKSONVILLE, WHAT IS ON YOUR MIND THIS MORNING? |
| 02:52:24 | CALLER: HELLO, DEAR. |
| 02:52:26 | I AM A REPUBLICAN, I AM GLAD THAT THE BILL FAILED. |
| 02:52:31 | HOST: WHY IS THAT? |
| 02:52:33 | PLEASE TURN DOWN YOUR TELEVISION. |
| 02:52:35 | CALLER: WE HAVE A FREE MARKET SYSTEM FOUNDED BY OUR FOREFATHERS AND IT WORKS. |
| 02:52:40 | LEAVE IT ALONE AND THAT IT WORKED. |
| 02:52:43 | WHEN THE DEADWOOD IS GONE WE WILL BE SOLID. |
| 02:52:49 | THANK YOU VERY MUCH. |
| 02:52:51 | HOST: TULSA, OKLAHOMA. |
| 02:52:54 | DEMOCRATIC LINE, YOU ARE UP. |
| 02:52:56 | TULSA? |
| 02:52:59 | GO AHEAD, MA'AM. |
| 02:53:01 | CALLER: I FEEL LIKE THEY SHOULD HAVE PASSED THE BILL BECAUSE RIGHT NOW OUR COUNTRY IS IN TROUBLE. |
| 02:53:10 | IT DOES NOT MATTER IF YOU ARE A REPUBLICAN OR A DEMOCRAT. |
| 02:53:16 | WE NEED OUR MARKETS FREED UP FOR OUR COMPANIES CAN GET CREDIT. |
| 02:53:21 | IF WE HAD A GREAT DEPRESSION, PEOPLE IN AMERICA WOULD NOT NOW HAVE TO LIVE. |
| 02:53:27 | PEOPLE TALK, BUT THAT THEY REALLY EXPERIENCE IT? |
| 02:53:31 | THEY WOULD BE FLYING -- BUT HAVE THEY REALLY EXPERIENCED IT? |
| 02:53:37 | THEY WOULD BE CRYING. |
| 02:53:42 | HOST: THE LEAD EDITORIAL IN "THE BALTIMORE SUN" THIS MORNING SAYS THAT "HOUSE MAKERS NEED TO COME UP WITH ENOUGH SUPPORT TO PASS THE BEST TO PLAN THAT ALLOWS FOR THE PURCHASE OF THE FINANCIAL SECTOR'S TANK ASSETS. |
| 02:54:03 | IT IS NOT A PERFECT PLAN, IT GIVES THE TREASURY SECRETARY UNPRECEDENTED POWER TO INTERVENE IN THE FINANCIAL MARKETS AND IT DOES NOT DO NEARLY ENOUGH TO ENSURE THAT AMERICANS WERE STRUGGLING CAN KEEP THEIR HOMES, NOR CAN ANYONE, LIKE HENRY PAULSON, GUARANTEE THAT IT WILL STABILIZE THE FINANCIAL MARKETS. |
| 02:54:24 | IT OFFERS THE BEST HOPE TO ALLOW FINANCIAL MARKETS TO SLIDE AND FREE UP CREDIT, PAVING THE WAY FOR THE GOVERNMENT TO RENEGOTIATE HIGH RISK MORTGAGES SO THAT PEOPLE CAN MEET THEIR PAYMENTS. |
| 02:54:38 | MOUNT VERNON, OHIO. |
| 02:54:40 | IN THE PAN AND LINE. |
| 02:54:41 | WHAT SHOULD COME NEXT AFTER YESTERDAY'S VOTE IN THE HOUSE -- INDEPENDENT LINE. |
| 02:54:47 | WHAT SHOULD COME NEXT AFTER YESTERDAY'S VOTE IN THE HOUSE? |
| 02:54:52 | CALLER: I AM INDEPENDENT. |
| 02:54:54 | EVERYONE NEEDS TO STAND UP AND VOICE THE MAJORITY OPINION THAT THIS IS THE WRONG BILL. |
| 02:55:00 | THEY WANT IT REVISED. |
| 02:55:02 | THEY HAVE NOT GOTTEN THE POINT. |
| 02:55:03 | WE UNDERSTAND, WE ARE NOT STUPID, WE UNDERSTAND THAT THERE IS A PROBLEM, WE WANTED FIXED BUT WE WANTED FIXED IN AN APPROPRIATE WAY. |
| 02:55:13 | THERE HAVE BEEN SEVERAL MEASURES OFFERED AS ALTERNATIVES THAT HAVE NOT BEEN CONSIDERED OR INCLUDED. |
| 02:55:20 | GENERALLY SPEAKING, THAT WE ARE GOING TO HAVE THE ABILITY TO DO SOMETHING, IT DOES NOT MEAN THAT IT IS A REQUIREMENT. |
| 02:55:30 | THAT IS WHAT THEY ARE FORGETTING. |
| 02:55:33 | WE NEED TO PENALIZE FINANCIAL INSTITUTIONS THAT ARE DOING THE WRONG THING. |
| 02:55:39 | WE HAVE PROGRAMS IN PLACE TO STOP FORECLOSURES, WE CAN INCREASE FDIC LIMITS SO THAT PEOPLE WILL SEE THAT THERE WILL BE MORE CONFIDENCE IN THE ECONOMY AND, FROM INSTITUTIONS NEED TO GIVE MONEY TO THEM THAT ARE DOING THE RIGHT THING TO THE MAKING OF LOANS TO BUSINESS PEOPLE WHO NEED TO MEET PAYROLL AND PAY FOR RAW MATERIALS, THE NEED TO BUY A CAR, ALL OF THOSE THINGS THAT WE AMERICANS HAVE AS GOALS. |
| 02:56:17 | SOME PEOPLE HAVE FORGOTTEN THAT THE GOAL THAT CONGRESS HAD FOR THIS BILL WAS TO OPEN " STABILIZE THE MARKET. |
| 02:56:26 | " -- WAS TO "STABILIZE THE MARKET. |
| 02:56:31 | " HOST: THANK YOU, MA'AM. |
| 02:56:34 | REPUBLICAN LINE, OKLAHOMA. |
| 02:56:37 | CALLER: LAST NIGHT THERE WERE FOUR DIFFERENT PEOPLE ON DIFFERENT PROGRAMS WHO SAID THAT WHAT THEY ARE DOING RIGHT NOW IS MARKET TO MARKET, NONE OF THEM ARE CONNECTED BUT IT WAS NEWT GINGRICH, STEVE FORBES, AND TWO OTHER MEN WHO I DO NOT REMEMBER. |
| 02:56:55 | HERE IS ONE OF THE THINGS, THEY SAID THAT ALL WE HAVE TO DO IS CALL CHRIS COX, TELL HIM TO CHANGE THAT TODAY AND SEE WHAT HAPPENS. |
| 02:57:07 | NEWT GINGRICH SAYS IT WILL WORK, SO DID THOSE OTHER GENTLEMAN. |
| 02:57:12 | ONLY THAT, ON WARCHALLANGE. |
| 02:57:21 | CORG, DAVID WILKSON WROTE ABOUT A FINANCIAL HOLOCAUST THAT WAS COMING 10 YEARS AGO. |
| 02:57:30 | HOST: THANK YOU FOR YOUR CALL, MA'AM. |
| 02:57:33 | WE ARE GOING TO SHIFT GEARS, IN A FEW MINUTES WE ARE GOING TO BE TALKING WITH A REPORTER FROM "THE NEW YORK TIMES. |
| 02:57:42 | " HE HAS THE LEAD STORY THIS MORNING, HE WILL BE HERE TO TALK ABOUT WHAT HAPPENED ON CAPITOL HILL YESTERDAY IN WHAT WILL BE HAVING IN NEW YORK. |
| 02:57:52 | FIRST, WE WANT TO CHECK IN WITH AMY WALTER, EDITOR IN CHIEF OF "THE HOT LINE" FOR TODAY'S POLITICAL FIX. |
| 02:58:05 | >> IT SEEMS THAT EVERY OTHER DAY WE START WITH ALASKA, WE ARE THERE AGAIN TODAY. |
| 02:58:10 | THE ONGOING TROOPER-GATE SCANDAL INVOLVING THE MURDER SARAH PALIN -- INVOLVING GOV. |
| 02:58:22 | SARAH PALIN. |
| 02:58:26 | TODAY, A GROUP OF REPUBLICANS WHO HAVE HIRED A LAWYER, THAT LAWYER IS GOING TO COURT TO ARGUE THAT THE LEGISLATURE DOES NOT HAVE STANDING TO SUBPOENA THESE FOLKS IN THIS CASE. |
| 02:58:39 | WHAT IT MEANS ULTIMATELY, IF THIS CASE CONTINUES, DEPENDING ON ITS OUTCOME, WE KNOW THAT IT WILL BE IN THE NEWS FOR THE NEXT COUPLE OF WEEKS. |
| 02:58:53 | THE OTHER PERSON INVOLVED IN A TRIAL FROM ALASKA IS TED STEVENS, RIGHT HERE IN WASHINGTON, D. |
| 02:59:03 | C. YESTERDAY THERE WAS CONTENTIOUSNESS IN THE COURTROOM, THE JUDGE WAS NOT HAPPY THAT THE PROSECUTION SENT HOME ONE OF THE WITNESSES WITHOUT LETTING THEM BE BRIEFED BY THE DEFENSE. |
| 02:59:16 | THE PROSECUTION ARGUES THAT THERE WAS NOTHING NEW THERE, HE HAD TO BE SENT HOME BECAUSE OF REASONS OF HEALTH. |
| 02:59:24 | THE JUDGE, AFTER SCOLDING THE PROSECUTION, THEY DID NOT ALLOW FOR A MISTRIAL. |
| 02:59:31 | WE DO KNOW THAT TODAY OR TOMORROW, THE LEAD WITNESS FOR THE PROSECUTION, THE EX-VICO CEO, BILL ALLEN, WILL PROBABLY BE ON THE STAND. |
| 02:59:45 | THAT IS THE DAY WHERE ANYONE WATCHING WILL BE LOOKING FOR FIREWORKS. |
| 02:59:51 | THEY EXPECT TO WRAP UP THIS CASE VERY SOON. |
| 02:59:54 | STEVENS HAS ARGUED FOR A SPEEDY TRIAL SO THAT HE CAN GET BACK TO HIS STATE AND CAMPAIGN. |
| 03:00:00 | FROM NEW MEXICO, WE KNOW THAT THAT'S THE ATTORNEY GENERAL GONZALES IS BACK IN THE NEWS TODAY -- EX-ATTORNEY GENERAL THE GONZALES IS BACK IN THE NEWS TODAY. |
| 03:00:18 | WHITE IS A SHERIFF IN ALBUQUERQUE MISNAME SHOWED UP YESTERDAY ON THE U. |
| 03:00:25 | S. JUSTICE DEPARTMENT REPORT ON THE DISMISSAL OF ONE OF THE FEDERAL PROSECUTORS. |
| 03:00:34 | EARLIER THIS YEAR, INVESTIGATORS CONCLUDED THAT COMPLAINTS FROM REPUBLICANS, POLITICIANS, AND ACTIVISTS, INCLUDING THE RETIRING SENATOR PETE, OVER HIS HANDLING OF COMPLAINTS IN CORRUPTION CASES LED TO HIS FIRING. |
| 03:00:57 | WHITE SAYS THAT HE HAD NO INVOLVEMENT IN THIS AT ALL. |
| 03:01:02 | HE HAD SENT A LETTER TO IGLESIAS ABOUT CONCERNS OVER VOTER FRAUD THAT WERE IN HIS COUNTY, BUT HE WAS NOT INVOLVED IN THE SCANDAL EMBROILING IGLESIAS LAST YEAR. |
| 03:01:17 | DEMOCRATS HAVE BEEN QUICK TO POUNCE ON THIS. |
| 03:01:21 | WE EXPECT TO SEE A SHOW UP ON THE CAMPAIGN TRAIL VERY SOON -- WE EXPECT TO SEE IT SHOW UP ON THE CAMPAIGN TRAIL VERY SOON. |
| 03:01:32 | HOST: AMY, THANK YOU VERY MUCH. |
| 03:01:36 | JOINING US NOW AT THE C-SPAN CABLE IS A REPORTER FROM "THE NEW YORK TIMES" WHO WILL HOPEFULLY BE ABLE TO EXPLAIN TO US WHAT HAPPENED ON CAPITOL HILL AND WHY IT ALL WENT THE WAY THAT IT WENT. |
| 03:01:51 | GUEST: MEMBERS OF CONGRESS, WEEKS AWAY FROM THE ELECTION, HAVE TO DO A VERY UNPOPULAR BILL THAT IS HARD TO EXPLAIN TO THEIR CONSTITUENTS. |
| 03:02:01 | THE SAFER THING WAS TO VOTE NO. |
| 03:02:04 | GUEST: I AM PUTTING THIS TO -- HOST: IN PUTTING THIS TOGETHER, THEY WERE PROBABLY COUNTING HEADS. |
| 03:02:12 | COULD WE NOT SEE IT COMING? |
| 03:02:14 | GUEST: WE KNEW THAT IT WOULD BE A TOUGH VOTE, WE DO NOT KNOW HOW CLOSELY THEY WOULD BE COUNTING. |
| 03:02:22 | ALL ALONG, SPEAKER PELOSI TOLD THE REPUBLICANS THAT IT HAD TO BE A SOLID BIPARTISAN VOTE. |
| 03:02:33 | THE REPUBLICANS, IN THE END THEY THOUGHT THEY WOULD GET 75. |
| 03:02:40 | IN THE MORNING, THEY GOT 65. |
| 03:02:43 | THEY CAME UP SHORTER THAN EXPECTED, BUT NO ONE THOUGHT IT WOULD BE EASY, THEY THOUGHT THEY WOULD SQUEAK THROUGH AND THEY DID NOT. |
| 03:02:52 | HOST: THERE WAS TALK IN THE MORNING BEFORE THE VOTE PERHAPS TAKING IT OFF THE TABLE AND RECONSIDERING IT AFTER THE BREAK THIS WEEK. |
| 03:03:01 | WHEN DID THAT CHANGE? |
| 03:03:03 | WHEN DID THEY SAY THAT THEY WERE GOING TO GO WITH WHAT THEY HAD DONE? |
| 03:03:06 | GUEST: I HAD NOT HEARD THAT CALCULATION. |
| 03:03:09 | THEY NOW HAVE A NUMBER OF DIFFERENT OPTIONS. |
| 03:03:16 | REALLY, WITH THE CALENDAR SET UP THE WAY THAT IT IS IN THE NOVEMBER ELECTION PRESSURING A LOT OF THINGS, THERE WAS NOT MUCH INTEREST IN WAITING. |
| 03:03:24 | THEY THOUGHT THAT CONGRESS WOULD ADJOURN LAST WEEK, HOME IN THEIR DISTRICTS RUNNING FOR REELECTION. |
| 03:03:32 | THERE IS A PERFECT STORM OF DIFFERENT FACTORS THAT DID NOT LEND IT TO A DELAY. |
| 03:03:40 | HOST: THESE DYNAMICS OF THE HOUSE VOTE ON THE EMERGENCY ECONOMIC STABILIZATION ACT, WHY IT FAILED AND WHO THE PLAYERS ARE, IF YOU WOULD LIKE TO GET INVOLVED IN THE CONVERSATION, 202-737-0002, DEMOCRATS. |
| 03:04:04 | 202-737-0001, REPUBLICANS. |
| 03:04:11 | 202-628-0205, INDEPENDENTS. |
| 03:04:16 | WHAT HAPPENS NOW? |
| 03:04:18 | GUEST: THERE ARE A NUMBER OF ACTIONS THEY CAN TAKE. |
| 03:04:24 | THE SENATE CAN SUPPORT THE BILL, ALTHOUGH THAT MIGHT NOT BE THE BEST WAY TO GO. |
| 03:04:29 | THEY CAN COME BACK AND ASK WHERE THE BLOCKS OF VOTES ARE WHERE THEY CAN PICK UP SUPPORT. |
| 03:04:34 | BUT THIS IS A TOUGH BILL. |
| 03:04:36 | IF YOU DO THINGS TO APPEASE LIBERAL DEMOCRATS, YOU WILL LOSE REPUBLICANS. |
| 03:04:41 | IF YOU MOVE IT MORE TO THE RIGHT, YOU'LL LOSE DEMOCRATS. |
| 03:04:46 | IT NEEDS TO HAPPEN IN THE CENTER. |
| 03:04:49 | THERE NEEDS TO BE A DEEP, FULL EXPLANATION OF HOW THIS WORKS AND WHY IT MATTERS FOR MAIN STREET AMERICA. |
| 03:04:58 | HOST: WOULD PASSAGE BY THE SENATE GIVE HOUSE MAKERS YESTERDAY COVER TO VOTE FOR IT IN SUBSEQUENT ELECTIONS? |
| 03:05:05 | GUEST: IT MIGHT NOT. |
| 03:05:06 | THAT IS PART OF THE REASON WHY IT MIGHT NOT BE THE BEST ROUTE TO GO. |
| 03:05:11 | YOU HAVE NOT NECESSARILY CHANGED ANYTHING, ONLY ONE-THIRD OF THE SENATE IS UP FOR REELECTION COMPARED TO THE A FIREHOUSE. |
| 03:05:19 | I THINK THAT THEY ARE LOOKING AT A NUMBER OF OPTIONS, AS OF LATE LAST NIGHT THEY DID NOT KNOW THE WAY FORWARD. |
| 03:05:26 | GUEST: OUR FIRST CALL COMES FROM GLANCING, NORTH CAROLINA, YOU ARE ON "THE WASHINGTON JOURNAL. |
| 03:05:38 | " GUEST: A TRUE AMERICAN CAN BUY SOMETHING MADE IN AMERICA BECAUSE THAT IS JUST ANOTHER WELFARE PLAN FOR THE RICH, IS ALL THAT IS. |
| 03:05:49 | THERE'S NO DIFFERENCE IN GOING UP THERE IN GETTING FOOD STAMPS. |
| 03:05:56 | THE GAS PRICES ARE AFFECTING EVERYTHING. |
| 03:06:03 | IT IS DOWN ON THE WHOLESALE MARKET BUT THEY DO NOT DROP IT AT THE PUMPS. |
| 03:06:15 | THIS CROWD IN WASHINGTON, THEY SHOULD KNOW BETTER THAN TO VOTE FOR THE SAME ONE TWO . |
| 03:06:22 | YOU KNOW HOW CROOKED -- TWO TIMES. |
| 03:06:27 | YOU KNOW HOW COULD THEY ARE TO START WITH. |
| 03:06:31 | GUEST: THIS CALLER RACKET -- REFLECTS A LOT OF THE ANGER FELT ALL OVER THE COUNTRY. |
| 03:06:37 | THERE IS A DISCONNECT. |
| 03:06:40 | TREASURY SECRETARY HANK PAULSON, BEN BERNANKE, THEY ARE SEEING THEM AT A LEVEL THAT IS INVISIBLE TO IT EVERY DAY AMERICANS. |
| 03:06:49 | IT IS AS IF YOUR HOME COMPUTER SEEMS TO BE WORKING JUST FINE, BUT SOMEWHERE SERVERS ARE HAVING TROUBLE. |
| 03:06:57 | TECHNICIANS CAN SEE THAT EVERYONE IS ABOUT TO GO DOWN, AND YOU SAY THAT YOU ARE OK. |
| 03:07:03 | THEY HAVE NOT FOUND A WAY TO CONVEY TO FOLKS IN NORTH CAROLINA OR IN GEORGIA OR ANY PLACE HERE IS WHY THIS IS NOT JUST A GIVEAWAY TO WALL STREET TYCOONS. |
| 03:07:16 | WHY THE FREEZING OF THESE CREDIT LINES AND WHY THESE HUGE NUMBERS MAKE ANY DIFFERENCE TO FOLKS BACK HOME. |
| 03:07:27 | HOST: NEXT UP, BLACK HAWK, SOUTH DAKOTA. |
| 03:07:32 | REPUBLICAN LINE. |
| 03:07:34 | CALLER: I HAVE CONTACTED MY REPRESENTATIVES REPEATEDLY, I AM ADAMANTLY AGAINST IT. |
| 03:07:40 | IT IS A BAILOUT. |
| 03:07:42 | HONESTLY, BANKS HAVE TO ACTUALLY PAY SOMETHING, IT IS NOT A GIVEAWAY. |
| 03:07:48 | AS FAR AS I AM CONCERNED I DO NOT APPRECIATE THESE REPRESENTATIVES TELLING ME THAT WE WILL NOT BE ABLE TO GET MONEY FROM OUR BANKS, IT IS NOT RIGHT AT ALL, THEY ARE TRYING TO SCARE US. |
| 03:08:00 | HOST: WHO IS YOUR REPRESENTATIVE? |
| 03:08:04 | HOW DID THEY VOTE? |
| 03:08:06 | CALLER: STEPHANIE HERSET, SHE VOTED AGAINST IT. |
| 03:08:14 | HOST: IF SHE HAD VOTED FOR IT, WOULD YOU HAVE VOTED FOR HER IN NOVEMBER? |
| 03:08:22 | CALLER: NO. |
| 03:08:23 | GUEST: THERE IS YOUR EXAMPLE RIGHT THERE. |
| 03:08:28 | THAT IS EXACTLY THE KIND OF DISCONNECT I WAS JUST DESCRIBING, WHERE IT DOES APPEAR THAT THIS IS SOME KIND OF A BAILOUT JUST FOR WALL STREET FIRMS AND THE FACT THAT YOU WOULD GO TO YOUR ATM AND THE MONEY WOULD NOT BE THERE SOUNDS LIKE A SCARE TACTIC. |
| 03:08:46 | THERE NEEDS TO BE A BETTER EXPLANATION. |
| 03:08:49 | THERE WAS A DISCUSSION AFTER 9/11 OF WHAT HAPPENED IF AMERICANS ALL TRIED TO TAKE MONEY OUT OF THE BANK AFTERWARDS. |
| 03:08:58 | THERE ARE LIMITS HERE THAT PEOPLE ARE NOT UNDERSTANDING, THERE ARE REASONS WHY -- THESE FOLKS ARE PRETTY SMART. |
| 03:09:06 | BEN BERNANKE WAS A UNIVERSITY PROFESSOR. |
| 03:09:10 | SPEAKER PELOSI WAS TALKING ABOUT HOW THE SCARY THING TO HER WAS THAT HE WAS ONE OF THE FOREMOST EXPERTS ON THE GREAT DEPRESSION IN THE COUNTRY. |
| 03:09:17 | THESE ARE NOT PEOPLE WHO ARE STUPID. |
| 03:09:20 | ON LIKE HANK PAULSON, SOME PEOPLE HAVE SUSPICIONS ON HIM BECAUSE HE CAME FROM WALL STREET, THERE ARE FOLKS WHO HAVE REASON TO SAY THERE IS A BIG PROBLEM, THEY ARE NOT EXPLAINING IT WELL ENOUGH TO CONSTITUENTS. |
| 03:09:35 | HOST: NEW YORK, INDEPENDENT LINE. |
| 03:09:38 | GO AHEAD. |
| 03:09:39 | CALLER: I REALLY DO NOT THINK THAT THIS BILL WILL BE ABLE TO PASS, NOT REALLY BECAUSE OF THE POLITICIANS BUT MORE TO THE POINT THAT THE PEOPLE IN GENERAL THINK THAT THEY WILL GET HOSED IN THE LONG RUN ON OLD DEAL. |
| 03:09:56 | -- WHOLE DEAL. |
| 03:09:59 | INSTEAD OF INVESTING IN WALL STREET, INVEST IN THE PEOPLE. |
| 03:10:05 | I DO NOT ON A MORTGAGE, BUT I FIND IT EASIER TO FOLLOW IF YOU SAID THAT WE ARE GOING TO PAY OFF 25% OF EVERYONE'S MORTGAGES, BLOWING ALL OF THEM, GIVING THEM MORE MONEY TO SPEND IN THE MARKET, GIVING THE BIG GIVING THEM THE ABILITY TO PAY OFF SAID THAT IS NOT BAD DEBT, SOMETHING THAT PEOPLE CAN SWALLOW. |
| 03:10:25 | POLITICIANS WILL NOT BE AFRAID OF BEING VOTED OUT OF OFFICE. |
| 03:10:29 | HOST: THANK YOU FOR YOUR CALL. |
| 03:10:31 | GUEST: LET'S TRY TO EXPLAIN SOME OF THIS RIGHT NOW, THAT IS AN INTERESTING POINT. |
| 03:10:37 | EVERYONE SAID THAT WE DID NOT DO THIS, WALL STREET DID THIS. |
| 03:10:41 | EVERYONE KNOWS THAT MORTGAGE FORECLOSURES ARE AT THE HEART OF THIS. |
| 03:10:47 | WHO IS OUT THERE BUYING THESE NO MONEY DOWN, ADJUSTABLE RATE MORTGAGES? |
| 03:10:53 | AT BOTTOM, WE ARE ALL RESPONSIBLE, ALL AMERICANS ARE RESPONSIBLE FOR WHAT IS GOING ON. |
| 03:10:58 | THE GOVERNMENT WAS NOT TELLING PEOPLE WHAT HOUSE TO BUY OR WHAT TERMS TO AGREE TO. |
| 03:11:02 | THERE WAS FRAUD, THERE WAS DECEPTION, NO QUESTION ABOUT IT, BUT EVERYONE IS IN THIS TOGETHER. |
| 03:11:09 | IF YOU DID SOMETHING LIKE WHAT YOU WERE DESCRIBING IN PAID OFF PEOPLE'S MORTGAGES, YOU ARE PUTTING MONEY IN THE POCKETS OF THE LENDERS, OF THE BANKS, YOU ARE GIVING IT TO THEM AND THEY DO THAT DO IT BACK. |
| 03:11:21 | THAT IS IT. |
| 03:11:22 | YOU HAVE PAID THEIR INTEREST AND THERE IS NO RETURN. |
| 03:11:26 | PART OF WHAT HENRY PAULSON HAS STRUGGLED TO EXPLAIN IS THAT THE CREDIT MARKETS ARE FREEZING UP, MONEY IS NOT MOVING. |
| 03:11:35 | WHAT THE GOVERNMENT NEEDS TO DO IS TO CONVINCE A LOT OF THESE BIG FIRMS TO SELL TO THE GOVERNMENT AT A BARGAIN PRICE, NOT SOMETHING THAT IS NECESSARILY TOTAL JUNK BUT THAT MIGHT BE REALLY VALUABLE, THAT MIGHT HAVE A HIGH VALUE DEL . |
| 03:11:52 | -- DOWN THE LINE. |
| 03:11:56 | THE GOVERNMENT IS GOING TO COME IN AND BUY IT AT A BARGAIN PRICE. |
| 03:12:01 | YOU HAVE THESE FIRMS THAT OWN THESE MORTGAGE-BACKED SECURITIES SAYING THAT I DO NOT KNOW IF I WANT TO SELL, THIS IS POSSIBLY VALUABLE IF I DO NOT SELL IT. |
| 03:12:12 | THIS IS WHERE THE FREEZE IS. |
| 03:12:16 | THE GOVERNMENT HOLDS IT, THINGS STABILIZE, PEOPLE SEE BARGAINS IN PURCHASING HOMES. |
| 03:12:22 | NOW, THE GOVERNMENT TURNS AROUND AND SELLS THAT INSTRUMENT TO THE MARKET AND TAXPAYERS HAVE MADE A PROFIT. |
| 03:12:29 | AS OPPOSED TO PAYING OFF MORTGAGES, WHICH SOUNDS MORE POPULIST, THE TAXPAYER DOES BETTER IF THE FORMULA THEY DESCRIBED PLAYS OUT. |
| 03:12:44 | AGAIN, THEY HAVE NOT EXPLAINED WELL, AND IS A CHALLENGE FOR US IN THE MEDIA AS WELL. |
| 03:12:50 | HOST: THERE WERE SEVERAL NEWS CONFERENCES AFTER WORDS YESTERDAY, WE WILL TAKE A LOOK AT ONE AND GET YOUR REACTION. |
| 03:12:58 | >> THIS IS THE REASON WHY I BELIEVE THE VOTE FAILED, SPEAKER PELOSI'S SPEECH, IT STRUCK THE TOWN OF PARTISANSHIP AND WAS INAPPROPRIATE IN THIS -- TONE OF PARTISANSHIP AND WAS INAPPROPRIATE IN THIS DISCUSSION. |
| 03:13:17 | THERE WERE SEVERAL MEETINGS DAY IN AND DAY OUT ON BOTH SIDES OF THE AISLE TRYING TO GET CAUGHT UP ON THE ISSUE, THERE WAS A LOT OF AGREEMENT. |
| 03:13:25 | THIS IS A CASE OF THE FAILURE OF SPEAKER PELOSI TO LISTEN NOT ONLY TO HER MEMBERS BUT CERTAINLY TO OUR MEMBERS AND THE COMMON BOND THAT BROUGHT OUR MEMBERS TOGETHER ON THIS VERY IMPORTANT ISSUE FACING THE AMERICAN PEOPLE. |
| 03:13:39 | THIS IS NOT A PARTISAN CRISIS, THIS IS AN ECONOMIC CRISIS FACING EVERYONE IN THIS COUNTRY. |
| 03:13:49 | 94 DEMOCRATS VOTED NO. |
| 03:13:51 | 94. |
| 03:13:54 | WHEN WE WERE IN THE MAJORITY, WE WOULD MAKE A DECISION THAT WOULD BRING A SOLUTION TO THE AMERICAN PEOPLE AND PASS IT. |
| 03:14:02 | THEY DECIDED TO LEAVE MANY OF THEIR VOTES OFF THE TABLE, AS YOU CAN SEE A MAJORITY OF OUR VOTES WOULD NOT GO ALONG AS WELL. |
| 03:14:10 | THIS IS CLEARLY AN INSTANCE WHERE YOU SEE THIS SPEAKERS FAILURE TO LISTEN AND BLEED, CAPPING OFF A YEAR THAT HAS BEEN THE MOST UNPRODUCTIVE -- LISTEN AND LEAD, CAPPING OFF A YEAR THAT HAS BEEN THE MOST UNPRODUCTIVE I HAVE EVER SEEN IN MY LIFETIME. |
| 03:14:30 | THERE'S VERY LITTLE TO SHOW THE AMERICAN PEOPLE. |
| 03:14:33 | HOST: YOUR RESPONSE? |
| 03:14:37 | GUEST: LOOK, HE IS A TERRIFIC LEGISLATOR, BUT NO ONE BELIEVES THAT. |
| 03:14:42 | NO ONE BELIEVES THAT NANCY PELOSI'S SPEECH HURT THE FEELINGS OF SOME MEMBERS OF CONGRESS SO THEY CHANGED THEIR VOTE. |
| 03:14:51 | IF THEY WERE GOING TO CHANGE THEIR VOTE BASED ON THE RHETORIC OF THE OTHER SIDE, THEY WOULD BE ALL OVER THE MAP. |
| 03:14:57 | WHAT YOU ARE SEEING THERE IS A WHOLE LEVEL OF POLITICS, POLITICS ABOUT THE THE GARAGE OF OF THE REPUBLICAN CONFERENCE. |
| 03:15:05 | MR. |
| 03:15:06 | KANTOR IS A POTENTIAL CANDIDATE TO REPLACE THE MINORITY LEADER DEPENDING ON HOW THINGS SHAKE OUT IN NOVEMBER. |
| 03:15:13 | THERE WAS NO QUESTION THAT NANCY PELOSI'S SPEECH WAS TOUGH ON REPUBLICANS AND GEORGE BUSH, BUT THAT IS A DIFFERENT FROM WHAT SHE HAS BEEN SAYING FOR THE LAST EIGHT DAYS. |
| 03:15:25 | -- THAT IS NO DIFFERENT FROM WHAT SHE HAS BEEN SAYING FOR THE LAST EIGHT DAYS. |
| 03:15:29 | IN SOME WAYS, IT WAS RAMBLING. |
| 03:15:32 | IT IS A GOOD THING TO HOLD UP AND SAY, BUT IT WAS NOT MOVING BOTH. |
| 03:15:38 | HOST: DAVID HAS BEEN COVERING CONGRESS FOR "THE NEW YORK TIMES" FOR 17 YEARS. |
| 03:15:46 | BACK TO THE PHONES, LOS ANGELES, CALIFORNIA. |
| 03:15:50 | DEMOCRATIC LINE. |
| 03:15:52 | YOU ARE ON "THE WASHINGTON JOURNAL. |
| 03:15:57 | " LOS ANGELES? CALLER: I GUESS THAT IS ME. |
| 03:15:59 | MY NAME IS CHARLIE. |
| 03:16:01 | I WAS TRYING TO FIND ALL OF THE STUFF LISTED ON THE BAILOUT, TRYING TO FIND EMPLOYMENT AND UNEMPLOYMENT NUMBERS. |
| 03:16:09 | I DID NOT KNOW IF THEY HAD ANYTHING IN THIS BILL FOR EXTENDING UNEMPLOYMENT BENEFITS OUT HERE IN LOS ANGELES WE ARE, OUTSIDE OF LOS ANGELES, WE ARE AROUND 8. |
| 03:16:23 | 7% UNEMPLOYMENT. |
| 03:16:27 | IF EVERYBODY WHO GOT THE EXTENSION A FEW MONTHS BACK IS RUNNING OUT NOW, THIS WILL BE A GOD AWFUL CHRISTMAS SEASON. |
| 03:16:37 | THE RETAIL BUSINESS WILL BE IN THE TOILET. |
| 03:16:40 | I WONDERED IF YOU HAD HEARD WHETHER OR NOT THERE WAS ANYTHING IN THE BILL TO EXTEND THE UNEMPLOYMENT BENEFITS AGAIN SO THAT WE WOULD HAVE A HOLIDAY SEASON. |
| 03:16:52 | GUEST: THE QUICK ANSWER IS NO. |
| 03:16:54 | THERE WAS A SEPARATE STIMULUS PACKAGE UNDER CONSIDERATION THAT WOULD HAVE EXTENDED UNEMPLOYMENT BENEFITS, INCREASING FOOD STAMPS AND SPENT MONEY ON INFRASTRUCTURE THAT MIGHT HAVE CREATED JOBS. |
| 03:17:09 | ONE OF THE THOUGHTS UNDER CONSIDERATION, IF WE ADD ON SOME OF THE STIMULUS PROVISIONS TO THE ECONOMIC RESCUE PACKAGE, WITH THAT ENCOURAGE MORE DEMOCRATS TO VOTE FOR IT? |
| 03:17:22 | THE ANSWER IS YES. |
| 03:17:23 | PROBABLY FOR EVERY DEMOCRATIC VOTE THAT HE PICKED UP, YOU WOULD LOSE A REPUBLICAN VOTE OPPOSED TO THE INCREASE IN GOVERNMENT SPENDING. |
| 03:17:32 | IT SHOWS YOU THAT THIS IS A TOUGH PIECE OF LEGISLATION TO MOVE THROUGH, WE WILL HAVE TO BUILD SUPPORT AT THE CENTER. |
| 03:17:40 | YOU MENTIONED UNEMPLOYMENT IN CALIFORNIA. |
| 03:17:43 | THE SECRETARY OF THE TREASURY WOULD TELL YOU THAT THIS IS EXACTLY WHAT WE'RE WORRIED ABOUT. |
| 03:17:48 | IF REGULAR AMERICANS HAVE TROUBLE GETTING CREDIT CARDS, THEY CANNOT GO BY TELEVISION'SS AND INTEREST RATES, AUTOMOBILES ARE NOT AVAILABLE, PEOPLE WILL BE LOSING JOBS IN ISRAEL -- RETAIL SPACES. |
| 03:18:10 | NOW, UNEMPLOYMENT IS RISING AND IT IS A VICIOUS CYCLE. |
| 03:18:15 | ARE THEY TOTALLY ACCURATE? |
| 03:18:18 | HOW BAD WOULD IT BE AND HOW FAST? |
| 03:18:20 | THESE ISSUES ARE DEFINITELY INTERCONNECTED. |
| 03:18:24 | HOST: WHERE DOES THAT $700 BILLION NUMBER COME FROM? |
| 03:18:28 | MIGHT IT HAVE BEEN EASIER FOR THE HOUSE MEMBERS TO SELL THIS IF THAT NUMBER WAS SMALLER? |
| 03:18:36 | GUEST: IT MIGHT HAVE BEEN. |
| 03:18:37 | THERE WAS CONCERN ABOUT THAT NUMBER RIGHT AWAY. |
| 03:18:40 | NO QUESTION ABOUT IT. |
| 03:18:42 | TALKING ABOUT NANCY PELOSI IS SPEECH, IT IS STAGGERING -- NANCY PELOSI'S SPEECH, IT IS STAGGERING. |
| 03:18:50 | IT IS AS MUCH AS WE HAVE SPENT ON THE ENTIRE IRAQ WAR. |
| 03:18:55 | WE SAW THE SECRETARY CHAIRMAN AND THE FED CHAIRMAN TRYING TO COME UP WITH A NUMBER, AS IF THEY WERE GOING TO COME OUT INTO THE MARKET, TRYING TO CONVINCE FINANCIAL FIRMS TO GET THIS ILLIQUID DEBT OFF THEIR BOOKS AND FLOWING AGAIN, THAT IS THE POTENTIAL MONEY THAT COULD BE NEEDED. |
| 03:19:18 | THAT IS WHY YOU SAW DEMOCRATS AND REPUBLICANS WARMING UP TO AN IDEA OF PARCELING THE MONEY IN DISBURSEMENTS, AN INITIAL $250 BILLION, $100 BILLION AT THE DISCRETION OF THE PRESIDENT, AND AN ADDITIONAL $350 BILLION THAT CONGRESS COULD STOP IF THE PROGRAM WAS NOT WORKING. |
| 03:19:39 | THERE IS NO DOUBT THAT THE SIZE OF THE NUMBER PLAYED A FACTOR. |
| 03:19:45 | HOST: REPUBLICAN LINE, NEW YORK. |
| 03:19:48 | YOU ARE ON THE "WASHINGTON JOURNAL. |
| 03:19:52 | " CALLER: I WAS WATCHING C-SPAN WHEN THEY VOTED, THANK GOD THEY VOTED IT DOWN. |
| 03:19:59 | I READ THE ROLL CALL AT FIRST, THEY SAID THAT IT PASSED, THEY HAD TO GO COUNT THE VOTES, THAT WAS THE BEST OUTCOME OF ALL. |
| 03:20:15 | NOW, WHAT I LOOK AT, NO ONE HAS A CLUE WHAT IS GOING ON. |
| 03:20:22 | ONLY RON PAUL THOSE, HE TOLD AN INKY -- KNOWS, HE TOLD BEN BERNANKE AND THESE PEOPLE IN CONGRESS WHAT THEY SHOULD THINK ABOUT THIS COUNTRY. |
| 03:20:42 | THE AMERICAN PEOPLE, WHEN THEY FIND OUT WHAT WE HAVE DONE TO THIS COUNTRY, WE WILL BE DRAGGED INTO THE SPEECH. |
| 03:20:49 | GUEST: FOR PEOPLE WHO DO NOT TO IN OFTEN, IT IS NORMAL PROCEDURE ON AN OFFICE FOR THE ACTING SPEAKER AND CHAIR TO CALL FOR THE VOTES BY VOICE. |
| 03:21:01 | TYPICALLY, THE MAJORITY CONTROL IN THE PROCEEDINGS, IF SHE SAID THAT THE AYE'S HAVE IT, SOMEONE WILL STAND UP FOR A RECORDED VOTE, THEN YOU COUNT UP A TALLY. |
| 03:21:15 | THERE WAS NOT -- NOTHING UNUSUAL ABOUT THAT PROCEEDING. |
| 03:21:20 | ONE THING I LOVE ABOUT BEING IN THE NEWSPAPER BUSINESS IS THAT WE DO NOT TAKE SIDES. |
| 03:21:26 | HOW DO YOU KNOW THAT THIS WAS A GOOD THING THAT THIS WAS VOTED DOWN? |
| 03:21:31 | I DO NOT THINK OF THE KNOW THAT YET. |
| 03:21:34 | IT SEEMS TO ME -- I DO NOT THINK THAT WE KNOW THAT YET. |
| 03:21:38 | PEOPLE ARE JUMPING UP AND DOWN SAYING THAT WE SHOULD SUSPEND MARKET TO MARKET ACCOUNTING RULES, BUT HOW DO YOU KNOW? |
| 03:21:45 | DO YOU HAVE A DEGREE IN ACCOUNTING? |
| 03:21:49 | THIS WAS CAUSED BY A LACK OF RULES, BUT PEOPLE ARE SAYING THAT WE SHOULD GET RID OF MORE RULES. |
| 03:21:56 | AS EVERYONE JUMPS FROM ONE SIDE TO THE OTHER, MY QUESTION TO EVERYONE IS HOW DO YOU KNOW? |
| 03:22:05 | HOST: TENNESSEE, GOOD MORNING. |
| 03:22:12 | CALLER: PROJECTED OUT TO EVERY CAUSE OUT THERE, EXCEPT FOR COMING BACK TO REST ON THE CONGRESS OF THE UNITED STATES. |
| 03:22:27 | THIS BILL, TO ME, SOUNDS AS IF IT HAS SPECIAL-INTEREST SPONSORING IT. |
| 03:22:37 | BECAUSE IT IS SPONSORED BY A TAX, THEY TORE DOWN A GLASS CEILINGS AND OPENED UP THE FLOODGATES FOR THIS. |
| 03:22:49 | HOST: THANK YOU, SIR. |
| 03:22:51 | WHAT KIND OF SPECIAL INTERESTS OR LOBBYING INFLUENCES MIGHT HAVE COME TO BEAR YESTERDAY? |
| 03:22:58 | GUEST: OBVIOUSLY, THERE ARE ALWAYS LOBBYISTS TRYING TO BRING SOME INFLUENCE TO BEAR ON ANY BILL. |
| 03:23:05 | CERTAINLY SELL ON THIS ONE, ALTHOUGH TO SOME DEGREE THAT IT WAS SO BIG, STAKES SO HIGH, YOU SAW LESS LOBBYING THAN YOU NORMALLY WOULD. |
| 03:23:15 | OBVIOUSLY THERE ARE TAX PROVISIONS INVOLVED, BANKING AND LENDING INDUSTRIES THAT HAVE CONCERNS, LIKE A PROVISION THAT WOULD ALLOW FOR A CHANGE IN THE BANKRUPTCY LAW, BUT LOBBYING ON THAT HAVE ALREADY HAPPENED. |
| 03:23:31 | SENATE REPUBLICANS WERE SAYING NO, THAT IT WAS A DEAL BREAKER FOR THEM. |
| 03:23:37 | WE SAW LESS LOBBYING THAN NORMAL, ONLY BECAUSE PHYSICIANS WERE WELL KNOWN. |
| 03:23:45 | -- POSITIONS WERE WELL KNOWN. |
| 03:23:49 | WHAT DO YOU THINK OR MEMBER OF CONGRESS WAS TRYING TO ACCOMPLISH HERE? |
| 03:23:53 | WERE THEY TRYING TO SAVE THEIR OWN JOB? |
| 03:23:55 | DID THEY SUCCEED? |
| 03:23:57 | WOULD THEY HAVE VOTED THE SAME WAY THEY DID YESTERDAY AT HIS BOAT HAD TAKEN PLACE FIVE WEEKS AFTER THE ELECTION INSTEAD OF FIVE WEEKS BEFORE? |
| 03:24:08 | POSTCODE DEMOCRATIC LINE, HOUSTON, TEXAS. |
| 03:24:12 | CALLER: THE HOST: DEMOCRATIC LINE, HOUSTON, TEXAS. |
| 03:24:18 | -- HOST: DEMOCRATIC LINE, HOUSTON, TEXAS. |
| 03:24:21 | CALLER: WE ARE LIVING IN AMERICA, EVERYONE COMES HERE TO DO BETTER AND TO LIVE THE AMERICAN DREAM. |
| 03:24:29 | EXPLAIN -- NO ONE HELD A GUN TO THESE BANKS HEADS AND MADE THEM PUT OUT LOANS. |
| 03:24:37 | I TRIED TO PURCHASE A HOME AFTER GETTING DIVORCED. |
| 03:24:44 | I HAD A PROBLEM, $1,600 IN FEES TRYING TO GET A LOAN. |
| 03:24:52 | WHEN I DID GET A LOAN, THEY WANTED TO CHARGE ME -- IT WAS GOING TO BE LIKE $700 THE FIRST YEAR, THEN ONCE THEY SHOWED THE HOME ON THE PROPERTY THROUGH TAXES, IT WOULD HAVE DOUBLED. |
| 03:25:08 | I REJECTED THAT MUM BECAUSE I KNEW I COULD NOT PAY THAT. |
| 03:25:13 | -- I REJECTED THAT LOAN BECAUSE I COULD NOT PAY THAT. |
| 03:25:20 | -- BECAUSE I KNEW I COULD NOT PAY THAT. |
| 03:25:25 | WHY WOULD YOU PAY THAT MUCH IN A LOAN WHEN YOU COULD BUY IT ON THE COURTHOUSE STEPS? |
| 03:25:33 | IF THE GOVERNMENT BUYS UP BAD SECURITIES, BASICALLY WHAT THEY ARE BUYING IS, WHAT, HOMES THAT HAVE BEEN FORECLOSED ON? |
| 03:25:43 | HOST: THANK YOU, MA'AM. |
| 03:25:45 | GUEST: THE ANSWER TO THAT QUESTION IS PART OF IT IS WE DO NOT KNOW. |
| 03:25:50 | IT IS AMONG ONE OF THE BIG POINTS OF CONFUSION. |
| 03:25:53 | WHEN THEY SAY BAD DEBT, IT IS THE VALUE AT THE MOMENT IT HAS DROPPED. |
| 03:26:01 | NO ONE WANTS TO BUY OR SELL ON SOME OF THESE INSTRUMENTS. |
| 03:26:06 | PRIMARILY, WE ARE TALKING ABOUT A WIDE ARRAY OF DIFFERENT FINANCIAL INSTRUMENTS. |
| 03:26:11 | MOSTLY EVERYONE AGREES WHAT WE'RE TALKING ABOUT ARE MORTGAGE-BACKED SECURITIES. |
| 03:26:17 | YOUR MORTGAGE AND MINE WOULD BE BUNDLED TOGETHER, HUNDREDS OF THOUSANDS OF MORTGAGES BUNDLED TOGETHER, SOLD AS AN INVESTMENT PRODUCT BECAUSE THEY KNOW THAT WE ARE PAYING AN INTEREST RATE AND THERE IS A RETURN ON THE MONEY THAT HAS BEEN LOANED OUT. |
| 03:26:32 | WHEN THEY SAY BAD DEBT, IT IS WEIGHING ON THE BOOKS OF FINANCIAL FIRMS RIGHT NOW. |
| 03:26:37 | IF YOU GAVE IT TIME, THOSE FIRMS COULD SURVIVE. |
| 03:26:41 | IF YOU BELIEVE THAT THE AMERICAN ECONOMY WILL EVENTUALLY TURN AROUND, THAT PRICES WILL RISE, IT WILL NOT BE BAD DEBT, IT WOULD BE GOOD DEAD. |
| 03:26:52 | AT THE MOMENT IS BAD DEBT, BUT THAT IS THE CATCH, NO ONE HAS DONE A GOOD JOB IN EXPLAINING THAT THESE ARE VALUABLE ASSETS AND NOT JUST TOILET PAPER. |
| 03:27:41 | . THE MINORITY LEADER IN CONGRESS SAYS WE WILL STAY HERE UNTIL WE GET IT FIXED. |
| 03:27:45 | WHAT THAT WILL BE AND WHEN IT WILL BE, WE DO NOT KNOW. |
| 03:27:51 | HOST: THEY'VE BEEN HERDED -- DAVID HERSZENHORN OF "THE NEW YORK TIMES," THANK YOU FOR BEING WITH US THIS MORNING. |
| 03:27:59 | WE WILL BE BACK TO TALK ABOUT THE HOUSE DECISION YESTERDAY. |
| 03:28:06 | WE WILL BE RIGHT BACK. |
| 03:28:32 | >> WE WILL COVER A DISCUSSION TODAY LOOKING AHEAD TO THE NEXT ADMINISTRATION. |
| 03:28:38 | PANELISTS WILL TALK ABOUT THE POTENTIAL PUBLISHED -- PUBLIC DIPLOMACY AGENDAS. |
| 03:28:42 | FROM GEORGE WASHINGTON UNIVERSITY, OUR COVERAGE STARTS AT 2:00 P. |
| 03:28:48 | M. EASTERN ON C-SPAN. LATER, ADVISERS TO PRESIDENTIAL CANDIDATE JOHN MCCAIN AND BARACK OBAMA WILL DISCUSS THE ROLE OF LATINO VOTERS IN THIS YEAR'S RACE AT THE AMERICAN UNIVERSITY SCHOOL OF PUBLIC AFFAIRS LIVE AT 6:00 EASTERN. |
| 03:29:02 | ALSO ON C-SPAN RADIO, AVAILABLE NATIONWIDE. |
| 03:29:11 | >> THURSDAY, THE ONLY VICE PRESIDENTIAL DEBATE BETWEEN SENATOR JOE BIDEN AND GOV. |
| 03:29:16 | SARAH PALIN. |
| 03:29:18 | COVERAGE BEGINS LIVE IT 7:00 EASTERN, FOLLOWED BY YOUR PHONE CALLS. |
| 03:29:25 | VISIT C-SPAN'S NEWEST WEB SITE, DEBATE HUB. |
| 03:29:30 | GO TO C-SPAN. |
| 03:29:35 | ORG/POLITICS AND CLICK ON DEBATE HUB. |
| 03:29:39 | USE THE INTERACTIVE TIMELINE TO IDENTIFY AND WATCH THE QUESTIONS YOU CARE ABOUT. |
| 03:29:45 | AND SHARE VIDEO USING OUR AND DOUBLE VIDEO PLAYER. |
| 03:29:50 | YOU CAN GET AN IMMEDIATE BEJEWEL SUMMARY OF THE ISSUES DISCUSSED MOST. |
| 03:30:04 | >> WASHINGTON JOURNAL CONTINUES. |
| 03:30:07 | HOST: WE'RE CONTINUING OUR DISCUSSION ON THE HOUSE VOTE YESTERDAY REGARDING THE BILL. |
| 03:30:16 | WITH -- WHAT THE TO THE PROGRAM. |
| 03:30:19 | THE HEADLINE THIS -- "VOTE HIS WALL STREET LIKE HURRICANE. |
| 03:30:27 | " IS THAT AN ACCURATE DESCRIPTION? |
| 03:30:32 | GUEST: ABSOLUTELY. |
| 03:30:33 | THE MARKET SOLD OFF 1. |
| 03:30:36 | 2 TRILLION DOLLARS IN HOUSEHOLD WEALTH YESTERDAY, AND THAT QUALIFIES AS A MARKET HURRICANE. |
| 03:30:42 | HOST: HOUSE UPRISING WAS THIS? |
| 03:30:48 | GUEST-- HOW SURPRISING WAS THIS? |
| 03:30:51 | GUEST: IT WAS SURPRISING THAT THE BILL FAILED. |
| 03:30:54 | I THINK IT WAS A VERY GOOD, HONEST ATTEMPT TO COME TO GRIPS WITH A VERY DIFFICULT PROBLEM. |
| 03:31:00 | IT WAS NOT A SURPRISE, HOWEVER, THAT THE MARKETS TOOK THE NEWS THAT BADLY BECAUSE THEY UNDERSTAND, AS UNFORTUNATELY I GUESS MANY AMERICANS DO NOT, JUST HOW SERIOUS THIS PROBLEM IS THAT WE ARE FACING. |
| 03:31:14 | HOST: ANOTHER HEADLINE, "MARKET PLUMMET AS HOUSE REJECT ECONOMIC BAILOUT. |
| 03:31:20 | " WHAT IS THE WAY FORWARD FOR WALL STREET AND THE BUSINESS COMMUNITY? |
| 03:31:25 | GUEST: WE HAVE TO REDOUBLE OUR EFFORTS TO EXPLAIN WHAT IS ACTUALLY HAPPENING TO THE AMERICAN PEOPLE. |
| 03:31:30 | WE HAVE A PROBLEM IN OUR FINANCIAL MARKETS. |
| 03:31:34 | WE HAVE A LOT OF BAD DEBT, AND IT IS DEPRESSED, IT IS NOT LIQUID, AND IT IS SITTING THERE CLOGGING UP THE SYSTEM. |
| 03:31:43 | BANKS ARE UNWILLING TO LEND. |
| 03:31:44 | WE HAVE INSTANCES IN THE FINANCIAL MARKETS WERE TREASURY BILLS HAVE SOLD AT EIGHT-PRICE, WHICH IS A VERY ODD OCCURRENCE. |
| 03:31:52 | -- AT A VERY NEGATIVE PRICE. |
| 03:32:00 | THERE IS SUCH A HIGH DEMAND FOR LIQUIDITY. |
| 03:32:03 | THESE ARE ANOMALOUS EVENTS THAT ARE VERY INDICATIVE OF MARKETS IN CRISIS, AND WE HAVE GOT TO EXPLAIN THAT BOTH TO THE AMERICAN PEOPLE AND TO THE CONGRESSMEN THAT VOTED AGAINST THIS BILL SO THAT THEY CAN FEEL -- SEE THEIR WAY TO VOTE FOR IT. |
| 03:32:20 | I THINK THEY VOTED THEIR CONSCIENCE, BUT AT THIS PARTICULAR POINT I DO NOT THINK THEY UNDERSTAND FULLY THE RAMIFICATIONS OF THEIR VOTE. |
| 03:32:30 | HOST: WE'RE TALKING ABOUT THE BUSINESS COMMUNITY'S RESPONSE TO THE BILL. |
| 03:32:40 | WITH MARTIN REGALIA. |
| 03:32:45 | FOR DEMOCRATS, CALL 202-737- 0002. |
| 03:32:49 | FOR REPUBLICANS, 202-737-0001, AND FOUR INDEPENDENTS, 202-628- 0205. |
| 03:33:04 | GUEST: HENRY PAULSON HAD BEEN WITNESSING FOR QUITE SOME TIME, AND IT WAS ACCELERATING. |
| 03:33:09 | IT WAS GETTING MORE SERIOUS. |
| 03:33:11 | HE AND THE FEDERAL RESERVE CHAIRMAN WENT TO CONGRESS TO EXPLAIN WHY IT NEEDED A PLAN, WHY THE NEEDED VERY QUICKLY. |
| 03:33:17 | I MEAN, IT WAS NOT WELL-RECEIVED BY MANY IN CONGRESS. |
| 03:33:21 | THEY FELT THEY DID NOT HAVE ENOUGH TIME TO FULLY DIGEST IT, BUT IN THIS PARTICULAR INSTANCE, TIME IS OF THE ESSENCE. |
| 03:33:28 | WE REALLY DO NOT HAVE A LOT OF TIME. |
| 03:33:30 | WE DID NOT HAVE A LOT OF LEAD TIME, AND WE DO NOT HAVE A LOT OF TIME NOW TO RESPOND TO IT. |
| 03:33:36 | CONGRESS IS MAKING EVERY EFFORT POSSIBLE TO COME UP TO SPEED ON THE PROBLEMS OF THE MARKETS SO THAT THEY CAN FULLY EVALUATE THIS PARTICULAR RESCUE PLAN. |
| 03:33:46 | HOST: SO THE REJECTION YESTERDAY BY THE HOUSE IS STRICTLY A POLITICAL FAILURE, OR COULD SECRETARY PAULSON AND CHAIRMAN BERNANKE DONE A BETTER JOB OF EXPLAINING THE SITUATION TO CONGRESS IN ORDER TO GET THEM TO APPROVE THE BAILOUT? |
| 03:34:01 | GUEST: THAT IS LIKE ASKING WHETHER THE STUDENT'S FAILURE IS THE TEACHER'S FAILURE. |
| 03:34:07 | THERE IS ALWAYS A LOT OF RECRIMINATIONS AFTERWARDS. |
| 03:34:10 | I THINK SECRETARY PAULSON AND CHAIRMAN BERNANKE DID AN ADMIRABLE JOB OF TRYING TO EXPLAIN A VERY DIFFICULT PROBLEM IN A VERY SHORT PERIOD OF TIME. |
| 03:34:19 | THAT HAVING BEEN SAID, INDIVIDUALS THAT ARE NOT FULLY VERSED IN THE FINANCIAL MARKETS THAT DO NOT DEAL WITH THEM ON A DAILY BASIS WHICH LEGITIMATELY FIND THIS PARTICULAR PROBLEM AND THE -- WOULD LEGITIMATELY FINE THIS PARTICULAR PROBLEM AND THE SOLUTIONS HARD TO DIGEST. |
| 03:34:38 | IT IS A VERY, VERY DIFFICULT PROBLEM THAT REQUIRES A VERY DEFT TOUCH WHEN YOU EXPLAIN TO PEOPLE WHO DO NOT HAVE FINANCIAL BACKGROUNDS. |
| 03:34:50 | HOST: ST. |
| 03:34:51 | MARY'S COUNTY, MD. |
| 03:34:54 | , OUR FIRST CALL FOR MARDI GRAS GALTY REGALIA. |
| 03:35:05 | CALLER: CHAIRMAN ISAACS SAID WE DO NOT NEED ANY MONEY TO BAIL OUT THE BANK. |
| 03:35:09 | ALL WE HAVE TO DO IT IS ISSUE CERTIFICATES SHOWING THE INSURANCE POLICY CAN BAIL US OUT. |
| 03:35:17 | THAT IS WHAT HAPPENED IN THE 1980 COST TO BAIL OUT THE SAVINGS-AND-LOAN, AND WE DO NOT NEED A -- IN THE 1980'S TO BAIL OUT THE SAVINGS-AND-LOAN, AND WE DO NOT NEED A BAILOUT NOW. |
| 03:35:30 | THE CHAMBER OF COMMERCE HAD OVER $400 MILLION TO CONGRESS AS LOBBYISTS. |
| 03:35:41 | WHY DO YOU HAVE THIS GUY ON RIGHT AFTER THE OTHER ONE? |
| 03:35:44 | WHAT IS GOING ON WITH C-SPAN? |
| 03:35:47 | WHY ISN'T THERE A LITTLE BIT OF EQUALITY GOING ON RIGHT HERE? |
| 03:35:55 | THAT IS MY COMMENT. GUEST: WELL, I WILL BE HAPPY TO TACKLE THE FIRST QUESTION, AND I WILL LET YOU HANDLE THE SECOND ONE. |
| 03:36:00 | I ACTUALLY WORK AT THE FDIC WHEN BILL ISAACS WAS CHAIRMAN AND THE WITH FINANCIAL CRISES AT THAT TIME. |
| 03:36:12 | WE WERE SOUNDLY CRITICIZED WITH HOW WE HANDLE THAT PROBLEM WITH THE THRIFT INSTITUTIONS. |
| 03:36:17 | THEN IT TURNED OUT THAT THE PRICE TAG ON THE THRIFT FAILURES OF THE EARLY 1980'S WAS SIGNIFICANTLY LESS THAN WOULD HAVE BEEN ADVERTISED. |
| 03:36:26 | IN THE AND IT COST ABOUT $150 BILLION. |
| 03:36:30 | THAT IS STILL A LOT OF MONEY, BUT THE ESTIMATES OF THIS PARTICULAR RESCUE PLAN THAT I HAVE SEEN SUGGESTS THAT THE BALLPARK FIGURE OF AROUND $150 BILLION IS LIKELY TO BE A FIGURE THAT MAY COVER THIS PARTICULAR PLAN AS WELL. |
| 03:36:46 | THE $700 BILLION OF ASSETS THAT WILL BE PURCHASED WILL HAVE A RESIDUAL VALUE, AND IF THE ECONOMY RECOVERS AS WE EXPECT IT WILL, WE WILL SEE THAT THESE ASSETS DO HAVE VALUE AND DO REDUCE THE TAXPAYER COMMITMENT. |
| 03:37:01 | THAT HAVING BEEN SAID, I CAN UNDERSTAND TAXPAYERS FRUSTRATION AND ANGER OVER THIS SITUATION. |
| 03:37:07 | BUT THE POINT IS THAT WE ARE NOW IN THE SITUATION, AND IF WE DO NOT DO SOMETHING TO GET OUT OF IT, IF WE DO NOT DO SOMETHING TO GET THE ECONOMY GROWING AGAIN, WE ARE VERY LIKELY TO EXPERIENCE A DEEP AND PROLONGED RECESSION. |
| 03:37:20 | I HAVE ALREADY SEEN ESTIMATES FROM A NUMBER OF FORECASTERS THAT HAVE CUT THEIR RECENT ESTIMATES OF WHAT IS GOING TO HAPPEN WITH THE ECONOMY, AND THAT WAS BEFORE THIS PARTICULAR PLAN FELL. |
| 03:37:33 | I THINK WE ARE ALL GOING TO FEEL THE PAIN ON MAIN STREET AS WELL AS THE FINANCIAL MARKETS. |
| 03:37:40 | HOST: TO THE COLLAR'S OTHER CONCERN, WE HAVE MARTY REGALIA ON TO TALK ABOUT THE BILL'S REJECTION EFFECT ON WALL STREET IN THE BUSINESS COMMUNITY. |
| 03:37:54 | LATER IN THE COMMITTEE, WE WILL HAVE MARCIE CASTER ON FROM OHIO, EXPLAINING WHY SHE VOTED AGAINST THE BILL. |
| 03:38:04 | NEXT UP, RICHMOND, VA. |
| 03:38:07 | , ON OUR LINE FOR REPUBLICANS. |
| 03:38:10 | CALLER: GOOD MORNING, C-SPAN. |
| 03:38:12 | I HAVE GOT SEVERAL COMMENTS. |
| 03:38:14 | BACK THIS SPRING, CONGRESS, THE HOUSE OF REPRESENTATIVES AND THE SENATE, PASSED AN ACT WHICH FOR GAVE ONE TRILLION DOLLARS IN DEBT OWED BY THESE COUNTRIES, WHICH IS U. |
| 03:38:30 | S. TAXPAYERS' MONEY. |
| 03:38:32 | PRESIDENT BUSH WANTS TO SEND $1 BILLION TO GEORGIA FOR AID, WHICH IS STILL OCCUPIED BY RUSSIAN TROOPS. |
| 03:38:41 | I AM A SENIOR CITIZEN. |
| 03:38:43 | I HAVE SEEN MY RETIREMENT ACCOUNT WIPED OUT COMPLETELY BY THE ECONOMY. |
| 03:38:50 | AND YET OUR POLITICIANS WANT TO PLAY POLITICS WITH THE ECONOMY. |
| 03:38:54 | IF YOU READ -- I THINK THE FIRST COUNTRY UNDER THE EURO, EUROPE IS STARTING TO HAVE A BIG RECESSION, AND THEY SAY POSSIBLY 15 COUNTRIES ARE GOING TO BE HIT OVER THERE. |
| 03:39:10 | NOW, WHY IT IS IN IT THAT POLITICIANS THAT PEOPLE -- POLITICIANS DO NOT LOOK AT POLITICIANS -- A LESS MOVE AMERICA FORWARD. |
| 03:39:27 | GUEST: WELL, I THINK THAT -- I AM NOT AN EXPERT ON FOREIGN POLICY OR FOREIGN AID. |
| 03:39:33 | THERE ARE MANY GOOD REASONS WHY THOSE EXPENDITURES ARE MADE BY THE CONGRESS AND THE ADMINISTRATION. |
| 03:39:40 | I THINK THE SECOND PART OF THE CALLER'S STATEMENT IS IMPORTANT FOR PEOPLE TO UNDERSTAND, THAT THE FAILURE TO ACT ON THIS PARTICULAR PROBLEM HAS TRIGGERED ALREADY SIGNIFICANT DECLINES IN THE STOCK MARKET. |
| 03:39:56 | WE HAVE SEEN THE MARKET DROPPED ABOUT 1. |
| 03:40:01 | 2 TRILLION DOLLARS JUST IN YESTERDAY'S SELL-OFF ALONE. |
| 03:40:04 | WE HOPE WE WILL MAKE SOME OF THAT BACK AGAIN TODAY, BUT 1. |
| 03:40:08 | 2 TRILLION DOLLARS IS AN AMOUNT OF MONEY THAT IS CERTAINLY NOTICEABLE. |
| 03:40:12 | AND PEOPLE WILL SEE IT IN THEIR 401K ACCOUNTS. |
| 03:40:16 | THE QUARTERLY CLOSE IS COMING UP TODAY. |
| 03:40:18 | SO IN THE NEXT 10 DAYS OR SO, WE WILL GET YOUR 401K STATEMENTS THAT SHOW WHY YOUR STOCK PORTFOLIO IS NOW WORTH, AND IT WILL BE CONSIDERABLY LESS THAN THE LAST TIME, AND CONSIDERABLY LESS THAN LAST YEAR. |
| 03:40:35 | AS I SAID, 1. |
| 03:40:38 | 2 TRILLION DOLLARS YESTERDAY ALONE. |
| 03:40:39 | SO I THINK THAT WHILE THERE IS A LOT OF ANGER OVER THE GOVERNMENT HAVING TO STEP IN IN THIS CASE TO COVER UP MISTAKES BY A LOT OF PEOPLE -- BORROW WORDS AND LENDERS ALIKE -- THAT IS THE ROLL UP -- BORROWERS AND LENDERS ALIKE -- THAT IS THE ROLE OF THE GOVERNMENT, TO STEP IN WITH LIQUIDITY SO THAT THE ECONOMY CAN FUNCTION. |
| 03:41:04 | WITHOUT THEM STEPPING IN IN THIS INSTANCE, I AM QUITE FEARFUL THAT WE WILL SEE THE ECONOMY RESPOND VERY POORLY TO A LACK OF ACTION. |
| 03:41:11 | HOST: WHEN CONGRESS GETS BACK LATER THIS WEEK, WOULD YOU PREFER TO SEE THE SENATE TAKE A CRACK AT THIS, OR WOULD YOU LIKE TO SEE THE HOUSE GET A DO-OVER? |
| 03:41:22 | OR DOES IT MATTER? |
| 03:41:25 | GUEST: IF IT GETS THROUGH BOTH HOUSES, IT DOES NOT MATTER WHICH ONE GETS TO GO FIRST. |
| 03:41:30 | THERE IS CONCERN IN BOTH HOUSES THAT THEY'RE BEING ASKED TO TAKE A VERY TOUGH VOTE WHILE THE OTHER SIDE TAKES A PASS. |
| 03:41:38 | THAT IS, YOU KNOW, A BIPARTISAN, BY CAMPBELL STATEMENT. |
| 03:41:42 | I AM NOT POINTING FINGERS AT DEMOCRATS REPUBLICANS -- BICAMERAL STATEMENT. |
| 03:41:48 | I'M NOT POINTING FINGERS AT DEMOCRATS, REPUBLICANS, THE HOUSE, OR THE SENATE. |
| 03:41:53 | WE WOULD HOPE THAT THE MEMBERS OF CONGRESS WOULD STAND UP, TAKE A COURAGEOUS VOTE, AND GET THIS ROADBLOCK AND JAM TO GET IT MOVING FORWARD. |
| 03:42:02 | I REALLY DO NOT KNOW WHO DOES THAT BETTER, THE HOUSE OR THE SENATE VOTING FIRST. |
| 03:42:12 | HOST: ORLANDO, FLA. |
| 03:42:14 | , YOU ARE ON NEXT ON OUR LINE FOR DEMOCRATS. |
| 03:42:19 | CALLER: I AM NOT AN EXTREMELY INTELLIGENT PERSON WHEN IT COMES TO POLITICS. |
| 03:42:24 | HOWEVER, I AM SEEING A REPETITION WITH WHAT IS GOING ON IN GOVERNMENT RIGHT NOW. |
| 03:42:29 | I SEE, FOR INSTANCE, KATRINA, FOR INSTANCE -- THE INEFFECTIVENESS OF OUR GOVERNMENT TO HANDLE SOMETHING OF THAT SCOPE, AND YOU SEE A SIMILARITY IN HOW WE HAVE SEEN THIS COMING FOR SOME TIME. |
| 03:42:48 | THE MARKETS FOR REAL-ESTATE HAVE BEEN TAKING A DIVE. |
| 03:42:51 | PEOPLE HAVE BEEN LOSING THEIR JOBS, THINGS LIKE THAT, THAT INDICATE THAT PEOPLE HAVE SEEN IT COMING AND HAVE IGNORED IT. |
| 03:43:01 | IT IS LIKE A HEALTH PROBLEM, A PERSONAL HEALTH PROBLEM. |
| 03:43:04 | YOU IGNORE THAT, YOU KNOW YOU ARE SICK, BUT THEN YOU GET WORSE AND WORSE, AND ALL OF A SUDDEN WE ARE SCRAMBLING TO TRY TO FIX A PROBLEM. |
| 03:43:14 | AND THE AMERICAN PEOPLE ARE INDEED ANGRY, AND I THINK IT IS TIME YOU LOOK AT CONGRESS AND YOU SEE THEM BICKERING BACK AND FORTH ACROSS THE AISLE. |
| 03:43:24 | THEY ARE BASICALLY NOT EVEN SURE THEMSELVES ABOUT HOW TO SOLVE THE PROBLEM. |
| 03:43:31 | THERE IS JUST NOT ENOUGH -- THERE IS TOO MUCH BICKERING GOING BACK AND FORTH, AND NO ONE REALLY KNOWS WHICH WAY TO GO. |
| 03:43:41 | I THINK SOMEONE NEEDS TO STEP THEN AND REALLY HELP OUT, AND I THINK THE AMERICAN PEOPLE NEED TO ASK FOR MORE ACCOUNTABILITY. |
| 03:43:53 | GUEST: WELL, I MEAN, IT IS FRUSTRATING AT TIMES WHEN YOU SEE THE INACTION IN CONGRESS. |
| 03:44:00 | THAT AT THE SAME TIME, YOU WATCH THEIR REPRESENTATIVES AND SENATORS TO THINK THROUGH IMPORTANT ISSUES BEFORE THEY VOTE. |
| 03:44:07 | YOU DO NOT WANT THEM TO VOTE WITHOUT A SOUND UNDERSTANDING OF THE ISSUES. |
| 03:44:13 | IN THIS PARTICULAR CASE, THE ISSUES ARE NOT WITHOUT A CERTAIN AMOUNT OF COMPLEXITY. |
| 03:44:20 | SO I THINK THAT WHAT WE HAVE TO HOPE IS THAT IN THE END, AFTER DISCUSSING THE PROBLEMS, THAT CONGRESS WILL SIT DOWN AND TAKE THE PROPER ACTION AND MAKE THE PROGRAM VOTES. |
| 03:44:36 | THE INACTIVITY IS FRUSTRATING TO US WHO WANTED TO SEE THIS LEGISLATION PASSED AND SIGNED INTO LAW, AND WANTED TO SEE THE HEALING PROCESS IN THE FINANCIAL MARKETS STARTED. |
| 03:44:46 | AT THE SAME TIME, WE UNDERSTAND THE CONGRESS HAS TO UNDERSTAND THE ISSUES BEFORE THEY ARE GOING TO SIGN ON THE DOTTED LINE. |
| 03:44:56 | SO WE UNDERSTAND SOME OF THE PROBLEMS THAT THEY ARE FACING, BUT WE JUST WISH THAT THEY WOULD COME BACK, DISCUSS THE PROBLEMS THOROUGHLY, RAISED SPECIFIC QUESTIONS, AND GET SPECIFIC ANSWERS THAT WILL ALLOW THEM TO MAKE THIS PACKAGE HAPPEN. |
| 03:45:13 | HOST: SOME OF THE FRUSTRATION ON CAPITOL HILL AND ALSO ALBION THE BELTWAY IS THAT THERE ARE A LOT OF STOCKS AND ALSO OUT BEYOND THE BELTWAY IS THAT THERE ARE A LOT OF PEOPLE -- AND NOW CONGRESS AND THE AMERICAN PEOPLE ARE BEING ASKED TO TRUST THEM OUT OF THIS TO -- TO GET THEM OUT OF THIS SITUATION. |
| 03:45:35 | GUEST: THAT IS AN INTERESTING OPERATION -- THAT IS AN INTERESTING OBSERVATION, AND I THINK THAT IS TRUE. |
| 03:45:41 | THERE WERE A LOT OF SO-CALLED SMART PEOPLE THAT GOT INVOLVED IN THIS AND MADE THE MORTGAGES THAT SHOULD NOT HAVE BEEN MADE. |
| 03:45:47 | AND IN TURN PACKAGED AND SOLD THOSE MORTGAGES TO PEOPLE THAT PROBABLY SHOULD HAVE BEEN MORE CIRCUMSPECT IN THEIR PURCHASE AND SHOULD HAVE LOOKED MUCH MORE CLOSELY AT THE UNDERLYING ASSETS. |
| 03:45:58 | THAT HAVING BEEN SAID, IT TAKES A CERTAIN EXPERTISE TO WORK IN THE SECONDARY MARKETS. |
| 03:46:03 | IT TAKES A CERTAIN EXPERTISE IN TERMS OF MORTGAGE SERVICING. |
| 03:46:07 | IT TAKES A CERTAIN EXPERTISE IN TERMS OF MORTGAGE PACKAGING, IN TERMS OF BUYING AND SELLING SECURITIES. |
| 03:46:17 | ONCE HAVING BEEN BURNED BY THEIR, SAY, IN ABILITY TO DISCERN ALL THE MACHINATIONS OF THE PRICING, YOU STILL NEED THEIR EXPERTISE TO CONDUCT THE TRADES AND CONDUCT THE SALES, SO YOU CANNOT ALLOW AND HIRE SOMEBODY WHO'S VERY SMART -- A SURGE IN GREAT DEGREE, GREAT SKILLS, GREAT HANDS, TO DO SOMETHING NOBODY ELSE CAN DO. |
| 03:46:47 | BUT SOMETHING THEY CANNOT DO IS BUY AND SELL MORTGAGE-BACKED SECURITIES AT AN APPROPRIATE PRICE. |
| 03:46:52 | IT IS GOING TO TAKE SOME OF THOSE SAME PEOPLE TO GET OUT OF THIS. |
| 03:46:57 | THAT IS A DIFFICULT PROPOSITION TO SELL TO THE AMERICAN PUBLIC. |
| 03:47:00 | THEY LIKE TO SEE RESPONSIBILITY AND BLAME ASSIGNED, AND THEN THEY WANT TO SEEK RETRIBUTION ENACTED FOR THOSE PEOPLE WHO ARE GUILTY. |
| 03:47:09 | IN THIS PARTICULAR CASE, WE HAVE TO MAKE SURE WE USE THE EXPERTISE IN THE FINANCIAL MARKETS TO GET THE ECONOMY MOVING AGAIN. |
| 03:47:17 | HOST: MARTY REGALIA IS THE CHIEF ECONOMIST AT THE CHAMBER OF COMMERCE. |
| 03:47:27 | OUR NEXT CALL COMES FROM ALL CLAIRE, WISCONSIN. |
| 03:47:30 | YOU ARE ON "WASHINGTON JOURNAL. |
| 03:47:35 | " CALLER: GOOD MORNING. |
| 03:47:36 | WHAT I WOULD LIKE TO KNOW IS, AFTER LOOKING AT ALL THE DIFFERENT ECONOMIC RESOLUTIONS THAT HAVE BEEN MADE TO PASS THIS BILL, WHY DOES THE FED NOT STEP IN AND REPEAL THE SARBANES OXLEY LAW FOR A MATTER OF WEEKS AND PUT SOME LIQUIDITY BACK INTO THE AMERICAN ECONOMY? |
| 03:48:01 | IT JUST SEEMS TO ME THAT, YOU KNOW, THE COMMON PRACTICE IS THAT THEY ARE USING TODAY IS SO COMPLICATED AND SO ARCANE, THAT IF THEY WOULD JUST REPEAL THIS LAW FOR A PERIOD OF A COUPLE OF WEEKS, IT WOULD PUT THE LIQUIDITY BACK INTO THE ECONOMY. |
| 03:48:25 | GUEST: IT IS AN INTERESTING QUESTION. |
| 03:48:28 | CERTAINLY THE ACCOUNTING ISSUES HAVE BEEN ADDRESSED IN THIS PARTICULAR PROPOSAL, THAT THERE IS A PROPOSAL TO ALLOW THE SEC CHAIRMAN TO WAIVE MARKET VALUE ACCOUNTING IN CERTAIN CIRCUMSTANCES FOR CERTAIN TYPES OF INSTITUTIONS. |
| 03:48:43 | YOU KNOW, REPEALING THE SARBANES-OXLEY ACT IS SOMETHING -- IT WAS A 700-PAGE ACT THAT WAS VERY CONTROVERSIAL WHEN IT WAS PASSED. |
| 03:48:54 | ADDED BY THE WAY WAS PASSED VERY QUICKLY. |
| 03:48:56 | IT WOULD BE MUCH MORE DAUNTING TASK AND EXPLAINING THIS PARTICULAR PROBLEM AND GET CONGRESS TO FOCUS ON THIS ACTION. |
| 03:49:06 | I THINK WE ARE PICKING THE EASIER -- NOT EASY, BUT EASIER -- ROAD TO HOE IN THIS CASE. |
| 03:49:13 | IT IS A GOOD QUESTION BECAUSE THE ACCOUNTING INDUSTRY HAS CHANGED RECENTLY. |
| 03:49:18 | IT HAS BEEN UNDER FIRE SINCE THE FALL OF ENRON, AND IN SOME CASES, THE PENDULUM MAY HAVE SWUNG TOO FAR, AND THERE IS A LEGITIMATE DISCUSSION ABOUT WHETHER ASSETS WHICH ARE GOING TO BE HELD TO MATURITY SHOULD BE SUBJECT TO MARKET VALUE ACCOUNTING, ESPECIALLY WHEN THE MARKETS ARE NOT FUNCTIONING. |
| 03:49:37 | BECAUSE TRYING TO ESTIMATE THE MARKET VALUE WHEN THERE REALLY IS NOT AN ACTIVE MARKET IS IN MANY CASES ACT OF FAILURE. |
| 03:49:46 | HOST: NEXT UP, RICHMOND, VA. |
| 03:49:52 | , ON OUR LINE FOR REPUBLICANS. |
| 03:49:55 | CALLER: GOOD MORNING. |
| 03:49:59 | I WORK IN THE FINANCIAL, REAL ESTATE, CREDIT CARD INDUSTRY. |
| 03:50:06 | I WANTED TO ASK MR. |
| 03:50:11 | REGALIA -- MY INDICATION IS THAT AMERICANS DO NOT THINK THIS IS A GOOD DEAL, AND THAT IS THE SO-CALLED STOCK WARRANTS THAT ARE GOING TO BE PART OF THIS DEAL. |
| 03:50:25 | THAT IS WHAT WE USED TO CALL THEM IN THE BROKERAGE BUSINESS, A KICKER, IF YOU MAKE THE SALE. |
| 03:50:31 | NON-VOTING SHARES ARE WORTHLESS. |
| 03:50:33 | WARREN BUFFETT BOUGHT PREFERRED SHARES LAST WEEK FROM GOLDMAN SACHS 49%. |
| 03:50:40 | HE WILL GET PAID 9% ON THE PREFERRED SHARES -- FOR 9%. |
| 03:50:50 | FOR VOTING SHARES OF GOLDMAN SACHS STOCKS AT $120 A SHARE, WHICH RIGHT NOW WOULD GET HIM APPROXIMATELY ABOUT $10 A SHARE. |
| 03:51:02 | SO THAT LITTLE TIDBIT, WHICH I HAVE NOT HEARD ANYBODY TALK ABOUT, THAT IS A SCAM. |
| 03:51:10 | AND THE AMERICAN PEOPLE ARE NOT DUMB, BUT EVERYBODY IS TRYING TO SAY THEY ARE. |
| 03:51:18 | WALL STREET'S -- THE BANKS ARE NOW TRYING TO SCARE THE PUBLIC, AND ALSO I HEARD THEY DO NOT TRUST THAT THEY'RE GOING TO CUT OFF ANY BIT OF CREDIT TO MAKE THE SITUATION WORK TO THEIR ADVANTAGE. |
| 03:51:37 | WOULD YOU COMMENT, PLEASE? |
| 03:51:39 | GUEST: CERTAINLY, I WOULD LIKE TO COMMENT. |
| 03:51:45 | THE WARRANTS WERE ATTACHED TO PROVIDE A SECOND OR THIRD TIER OF TAXPAYER PROTECTION, THAT IN THE EVENT THAT A FINANCIAL INSTITUTION ENTERED INTO AN AGREEMENT WITH THE TREASURY AND PROFITED SIGNIFICANTLY BY THAT AGREEMENT AND RETURN TO PROFITABILITY WAS MAKING MONEY FOR THEIR STOCKHOLDERS, THAT THEY OUGHT TO MAKE SURE THAT THE FEDERAL GOVERNMENT WAS MADE WHOLE OR MORE HOLES IN THE PROCESS, AND THAT THESE WARRANTS COULD THEN BE EXERCISED TO RECLAIM AND FALL BACK SOME OF THE PROFITS ONCE THERE WERE RECOVERED. |
| 03:52:17 | ONCE THE INSTITUTIONS DO NOT RECOVER, THAT A WARRANT ISSUED TO A FIELD INSTITUTION IS CONSIDERABLY MORE WORTHLESS. |
| 03:52:27 | BUT TO CALL THEM WORTHLESS IS AN OVERSTATEMENT, SO I DO NOT REALLY AAGREE WITH THAT. |
| 03:52:38 | WHEN THE TREASURY AND THE FED COME IN AND THEY RELATE TO THE CONGRESS AND TO THE AMERICAN PUBLIC, WHICH UNFORTUNATELY I DO NOT THINK WAS LISTENING, WHAT EXACTLY WAS HAPPENING IN THE FINANCIAL MARKETS TO ANYBODY WHO HAS OPERATED IN THOSE MARKETS -- AND I WORKED AT THE FED AND FDIC IN MY CASTOR REAR -- THESE ARE SHOCKING DEVELOPMENTS. |
| 03:53:05 | WHEN WE SEE GOVERNMENT INSTITUTIONS, SALLIE MAE AND THE LIKE, EXPERIENCING DIFFICULTY RAISING MONEY TO FUND COLLEGE LOANS -- THESE ARE DIRE EVENTS, NOT NORMAL. |
| 03:53:17 | AT THE SAME TIME, YOU DO NOT NECESSARILY WANT TO COME IN AND ACT OVERLY DYER, BECAUSE YOU CAN TRIGGER A PANIC. |
| 03:53:29 | OBVIOUSLY THE FINANCIAL MARKETS BOUGHT THE VOTE YESTERDAY -- THOUGHT THE VOTE YESTERDAY WAS A NEGATIVE FOR THE U. |
| 03:53:39 | S. ECONOMY BECAUSE THEY JUST DID NOT SELL OFF WALL STREET INSTITUTIONS, BUT THEY SOLD OF STOCK OF MAIN STREET INSTITUTIONS AND BUSINESSES. |
| 03:53:50 | SO THIS IS A COST THAT WAS LEVIED ON THE AMERICAN SYSTEM IN A VERY BROAD, EVEN-HANDED, AND PUNISHING BRUSH. |
| 03:54:04 | THAT SUGGESTS THAT THERE ARE PEOPLE OUT THERE PAYING A PRICE FOR THIS, EVEN THOUGH THEY DO NOT REALIZE IT AT THIS PARTICULAR POINT. |
| 03:54:15 | HOST: "THE WALL STREET JOURNAL THIS MORNING," "EU PROPOSED REGULATORY OVERHAUL. |
| 03:54:26 | " WILL PROPOSE CHANGES THAT INCLUDE GROUPS OF NATIONAL REGULATORS TO SUPERVISE BANKS DOING BUSINESS A FAST INCREASING SHARE OF THE CONTINENT'S BANKING. |
| 03:54:38 | " IS THERE A LESSON THAT WE MIGHT LEARN COMING HERE IN THE UNITED STATES, FROM WHAT THEY ARE DOING OVERSEAS, OR ARE THEY TRYING TO GET THEMSELVES READY FOR THE NEXT WAVE OF WHAT IS GOING TO BE HAPPENING HERE IN THE UNITED STATES? |
| 03:54:53 | GUEST: WELL, I THINK THAT IN THE PAST FEW YEARS THERE HAS BEEN A LOT OF BASHING ABOUT AMERICA SLIPPING IN TERMS OF ITS ROLE IN THE WORLD ECONOMY. |
| 03:55:01 | WE SEE CHINA GROWING, WE SEE IN THE GROWING, AND WE ASK IS THE U. |
| 03:55:07 | S. TAKING A BACK SEAT? |
| 03:55:08 | I THINK THIS IS AN OBJECT LESSON, THAT WHEN THE U. |
| 03:55:12 | S. HAS A SIGNIFICANT PROBLEM, THE REST OF THE WORLD DOES AS WELL. |
| 03:55:15 | MANY OF THESE SECURITIES WERE PACKAGED AND SOLD ABROAD. |
| 03:55:19 | THERE WERE MANY FOREIGN INSTITUTIONS THAT HAVE SIGNIFICANT PRESENCES IN THE UNITED STATES -- MAKE LOANS, CREATE JOBS IN THIS COUNTRY. |
| 03:55:27 | THE WORLD ECONOMY IS INTERTWINED AND VERY INTERCONNECTED. |
| 03:55:30 | SO WHEN WE ARE EXPERIENCING A DIRE SITUATION, SO ARE THEY. |
| 03:55:35 | AND I THINK THEY ARE TRYING TO FIGURE OUT AGAIN HOW TO TRY AND DEAL WITH ANY POSSIBLE CONTAGION, IF WE DO NOT DEAL WITH THE PROBLEM THAT REALLY DID ORIGINATE HERE IN OUR MORTGAGE MARKETS. |
| 03:55:48 | HOST: MARTY REGALIA IS WITH THE U. |
| 03:55:53 | S. CHAMBER OF COMMERCE AND HAS BEEN WITH US FOR THE LAST HALF- HOUR. |
| 03:55:57 | THANK YOU FOR BEING ON THE PROGRAM. |
| 03:55:59 | GUEST: THANK YOU VERY MUCH. |
| 03:56:02 | HOST: WE WILL CONTINUE WITH REPRESENTATIVE MARCY HEFTER, WHO VOTED AGAINST THE BILL. |
| 03:56:08 | WE WANT TO CHECK BACK WITH EXECUTIVE EDITOR JOHN MERCURIAL O. |
| 03:56:18 | >> BIG NEWS OUT OF OHIO TODAY. |
| 03:56:21 | STATE AND FEDERAL COURTS IN THE STATE CLEARED THE WAY FOR A WEEKLONG PERIOD DURING WHICH THE VOTERS CAN REGISTER AND CAST ABSENTEE BALLOTS ON THE EXACT SAME DAY. |
| 03:56:33 | THIS IS A DEFEAT FOR REPUBLICANS WHO HAD CHALLENGED THE DECK -- THE DEMOCRATIC SECRETARY OF STATE, WHO HAD VOTED THIS PLAN. |
| 03:56:42 | IT BECAME A PARTISAN BATTLE IN THIS SWING STATE. |
| 03:56:45 | THE COURT DECISIONS WERE A VICTORY FOR THE SECRETARY OF STATE JESSICA BRUNNER. |
| 03:56:57 | THE REPUBLICAN PARTY OF THE STATE DID NOT SAY WHETHER OR NOT THEY WOULD APPEAL. |
| 03:57:01 | WHY IS THIS A PARTISAN BATTLE? |
| 03:57:03 | BECAUSE EARLY VOTERS ARE TYPICALLY MORE CONSIDERED TO BE PEOPLE LIKE COLLEGE STUDENTS, THE HOMELESS, THE POOR, MINORITIES, PEOPLE LESS FLEXIBLE WITH THEIR SCHEDULES, LESS ABLE TO VOTE ON A SPECIFIC DAY AT A SPECIFIC TIME. |
| 03:57:18 | DEMOCRATS AROUND THE COUNTRY AND IN OHIO MAKING IT EASIER FOR LARGER GROUPS OF PEOPLE TO VOTE. |
| 03:57:23 | THIS IS JUST IN OHIO, OF COURSE, BUT IT IS AN IMPORTANT STATE IN THIS PRESIDENTIAL CAMPAIGN. |
| 03:57:31 | THIS NEWS OUT OF THE OBAMA CAMPAIGN THAT WE GOT LAST NIGHT -- FOR THE FIRST TIME SINCE OBAMA CLINCHED THE DEMOCRATIC PRESIDENTIAL NOMINATION IN JUNE, FORMER PRESIDENT BILL CLINTON WILL HIT THE CAMPAIGN TRAIL FOR OBAMA THIS WEEK. |
| 03:57:49 | HE WILL HOST TWO EVENTS IN FLORIDA, IN ORLANDO AND FORT PIERCE. |
| 03:57:59 | HE WILL BE URGING FOR MERIDIANS' TO BE REGISTERING TO VOTE BY OCTOBER -- HE WILL BE URGES -- HE WILL BE |
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