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A build it would release what's left of that 700 billion dollars in bailout money could hit the floor of the US house tomorrow.
President Bush and president elect Obama teaming up to request the second 350.
Obama economic advisor Larry Summers promises more accountability limits on executive pay and at least forty billion dollars to help people keep their homes.
Republican leaders are warning Democrats not to rush the process.
Alabama congressman Spencer Bachus is the ranking Republican on the house financial services committee.
Representative bachus do you have some concerns about -- this extra three certain about this the final 350 billion out the door.
-- John I think we're sort of repeating what we did in September.
Beyond September we were presented was doomsday scenario that if we didn't act immediately.
Our financial markets would melt down and I think there was some reason to believe that.
That could have happened in September.
But I say no reason.
To rush this -- we have an Intel -- I think there's is stability in our financial markets obviously we own our economy suffering.
People -- -- a war.
We really need time to look at this and study -- And we're not we're not getting that opportunity.
Well I know I know Republicans have been pressing Barney Frank the chairman of the committee.
To slow down just just you know don't push this money out the doors so quickly.
The argument coming from the democratic side is that you know that this money's got to get out there these banks need it.
How do you argue against that.
Well -- you know we talked to the banks and by and large the regional banks to community banks.
-- they were supposed to be in line for that first money and they've either gotten it.
All they -- -- so we're not really hearing from the financial institutions that they know ensure they'd like to have and I mean who would turn.
Cheap money down but.
We're we are saying this in fact I think chairman frank you know he's putting accountability -- -- he's putting transparency -- -- But he's also turning it into what -- column grab bag.
All a bunch of different groups.
And that's this thing is really.
Turning and it was it was to prop up the financial markets and I think it did that.
And a successful fairly safe -- the first 350 billion.
We we said let's come back and see if the other 350 is needed.
And I'm not insured the case has been made I don't know the American people don't think -- Yeah -- government wants it to bureaucrats want it but the American people want us out they won't connection strategy not a -- -- Iowa.
Well and here's the complaint that I hear from ordinary folks you know they go apply for -- -- mortgage or they go apply for a auto -- and banks are turning down even.
Long term long standing good customers they're saying no you don't meet our qualifications it seems like the banks even though they've gotten all this tax -- money.
They're not letting go of it.
A guy here today every day and you know why when you know and we rushed the thing before why would -- repeat that again.
Yeah and I as I said before they're there was maybe some justification.
In September and October you know the market -- you know we're going up and down a thousand.
They're not doing that today there is more credit coming back in the market but as you say the banks aren't loaning.
Even to some credit worthy people so -- a lot of questions need to be answered you know.
The other thing is people are just lining up.
The number of lobbyists that are bill and -- booming business here in the capital city.
It's a good time for lobbyist or even in the makeup room a few minutes ago the ladies there were warm enough they can get a ballot.
Congressman Spencer Bachus good -- thank you.
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