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Seven point eight billion American dollars that's the latest funding request from government backed mortgage giants Fannie -- And Freddie Mac to cover their losses for just three months and this is power play where we have much lower overhead so don't worry about that.
And we are joined now.
From the Russell rotunda of the US capitol senator Mike leave from Utah senator how we do it.
Just fine thank you very much.
Senator do you guys have that kind of money over there can you -- Fannie and Freddie up with seven point eight billion dollars to get them I'd get them over -- -- -- -- we dealt and we can't and frankly we shouldn't unless -- until we have some kind of an exit strategy some kind of a long game plan.
-- with regard to what we do in the future.
-- -- this sets a dangerous precedent forest just to say we're gonna have this program.
And every time the get into trouble will bail them out to the tune of billions of -- hours at a time with no questions asked.
I I think we need to start asking some very difficult questions including why is this a good idea to have this kind of program in place in the first place.
Why is it that this is an industry that should operate with fifth full backing of the US government every time it gets into trouble.
But now senators do Obama administration vendors Fannie Mae and Freddie Mac have said that if there was any.
Threat at all to Fannie and Freddie going away that it would wipe out an already miserable housing market isn't that a danger.
Well it certainly it is a danger and that's why we don't act instantaneously.
-- perhaps if we went.
From a hundred miles an hour down to zero there would be some real problems.
And that's why there's no serious discussion of just shutting these things down.
-- overnight as they now exist but I think it does need to be a transition plan that they could transition could be carried out in a way that would be orderly and that the economy could.
Respond favorably to.
How does it is it says that there's been a lot of frustration expressed.
Democrats and Republicans both that the executives of Fannie Mae and Freddie Mac have just gotten some pretty sweet bonuses.
Following or at the same time that do the these what we call government subsidized entities.
-- are continuing to -- these deep losses do you join their number is being concerned about those bonuses.
Of course look this is poor performance -- timing.
And did it's indicative of -- policy across the board that includes but is not limited to the funding of these kinds of exorbitant bonuses.
If you're going to do government work you shouldn't be getting that kind of government funding.
And again they did the bigger picture is here what we're looking at a program whose purpose it is.
To service a US government backstop to the entire.
Home loan industry -- and I'm just not sure that's a good idea.
To put the federal government on the -- it creates a sort of moral hazard -- it gives rise to the sort of bubbles we've seen in recent years.
Right now about moving on right now as Thanksgiving draws nearer.
We draw near to the first deadline for the debt ceiling super committee six Republicans and six Democrats drawn from both houses of congress.
Who are tasked with the job of finding costs were revenue increases to cover the remaining.
1 point two trillion dollars in the debt ceiling increase grain -- President Obama.
In the in the executive branch in August.
Their work is if you listen to some people -- -- going to be fine if you listen to others like senator Chuck Schumer from New York they are bound to fail.
Where do you stand on the spectrum of pessimism and optimism.
From day one I've been a little more and they found that failed camp now I wanna be clear -- I appreciate those.
Twelve members of this committee they've got a thankless job but it's a tough one I appreciate your willingness to serve and putting all those hours but look look bad things happen when you take.
A 100 member senate in a 435 member house you boil all of that down to 112 member committee.
Whose job it is to find at least one point two trillion dollars in cuts.
To do so not in the open put under cover of darkness behind closed doors.
And come up with something that not only includes unprecedented cuts.
But something that's going to have to survive.
On an up or down vote with no opportunity for amendment that is a process that by its very nature is doomed to fail.
And -- I think it's an unfair cast that we've given them and I think I think it's unreasonable force to expect.
That anything -- is going to come of that that -- if they can come up with something that actually cuts that moves us in the right direction all -- The first to applaud them for.
Is there a concern I have I have heard concerns from some Republicans.
That the the failure of this.
Body and another countdown to shutdown -- default or whenever anybody calls it if this indeed goes -- -- Is exactly what President Obama wants -- will make the Republicans look like a bunch of obstructionist jerks.
That's a fear that is being increasingly expressed.
Do you share that fear.
Well of course I do this one of the concerns that we have and it works in tandem with another concern which is.
That the deadline for congress responding to this is December 23 two days before Christmas.
They know darn well that members of congress in both houses and both political parties want to get back home to their families during the holiday season.
And that's -- they put this deadline right where was.
So the holiday concern coupled with the partisan attack concern really makes this.
A perfect storm.
And I I hope that the president and I hope that my party will behave responsibly in not engaging in ad hominem attacks.
Questioning people's motives.
I do want to make sure that we keep this focused on the issue.
Can't -- which is out of control federal spending we're spending money we don't have it in its crippling our economy.
The senator we are very grateful to you for your help today enjoy the rescue Wednesday.
Thank you said you.
Okay Internet we -- back on -- briefly.
With our our dear friends Tony Welch blue team gentry Collins red team.
A question for you that neither views went one answer I predict power play predicts.
Fifteen cent tax on Christmas trees.
Fifteen cent tax on Christmas trees so.
I don't use the Internet is all abuzz over the story today the US front of agriculture in order to fund.
A Borg -- to promote the use of live Christmas trees.
Is going to -- fifteen cent tax on each individual Christmas trees are the hardest question I would go with first real or fake for those who view where do you stand.
-- I'm glad to -- that we love real OK your real Christmas eulogy before we get to the that we can agree on this were -- Europe think Christmas tree -- sold.
Outrageous -- that that outraged that I standards work that I can't believe that OK -- -- what is it debt democratic rationale for why we need -- fifteen -- Christmas -- tax I don't.
Purport to know if you were -- now what -- Massive tax -- I don't and that makes you tax dodger right you're not even buying real Christmas trees -- -- a democratic rational for evidence and -- mystery text heavy duty in the government's got to control everything under the it's not quite there shouldn't be a second term since joining he won't sign off on that is incredibly rational about.
I think well our players are real Christmas tree kind of Internet show okay that's where we stand we thank you gentlemen very much for being with this it's always fun and now we want to leave -- as we like to do every day.
With the word from our friend Charles.
It is unfortunate very -- Herman Cain who is claiming that to be.
Could himself have accused of Perry campaign and now the Democrat machine.
Something -- that any evidence whatsoever and crash our statement herself.
She says that the tape came from the NRA.
Implying it wasn't the political operative so I would say -- person -- Position I know I'm not in any way doubting his defense I'm simply saying it's not -- good if you are the victim of accusations saying that you say are baseless.
To be making the same thing against others.
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