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Why we're here now is Alabama senator Richard Shelby ranking Republican on the Senate banking committee senator welcome to having her to thank you.
In you look at the situation having a lot of Americans are started shaking their -- they say yes in the first 700 plus billion dollar bailout of financial industry.
But a lot of folks -- that they you know very unhappy.
With this deal and it wasn't reassurances if they do get help specifically how that money will be is what can you tell them.
Well I can tell you I think it's a fundamental error to do this.
General Motors Ford and Chrysler their model is already failed.
They have him -- billions and billions of dollars in the last.
For five years trying to right themselves but they got management they need to get rid they've got to -- Restructured their working conditions they've got to put products on the market that people by just like anybody else.
And what they see is this the government intervening in the marketplace.
And and I believe it's just money to know where money down arapahoe.
And I hope it's not.
But I'm not going to support it because if we're going to bail them out where do we stop is.
What about not the individuals all over the country bottom probably have more -- the college season of motor companies have becomes they have failed models they have spent billions and billions of dollars and this will be more money.
-- -- -- -- And senator this is Trace Gallagher urged want to jump in and appointed Neil Cavuto Lott made earlier saying the last time we said yes to this bailout which was 700 billion dollars since then the Dow has dropped some 2000 points.
Not post that bail out.
I say they've got to be a better way and a lot of economists in this country said it lies and nobody would listen at least not enough.
And now we're going to spend a trillion dollars and we don't know -- in the auto once you cross that line.
You put 25 billion or fifty billion on hundred billion people of them say gosh we just need a little more time.
-- be they would be better off in a lot of people's judgment.
A lot of people of expertise if they went into chapter eleven reorganized got rid of the management.
Got rid of all the bloated payroll and and and workers.
And say gosh we can save these companies if they let it be safe.
Senator you know.
How many folks in what is your gut feeling about how many people on Capitol Hill feel the way you do or how many are starting to lean in the direction.
That you're leaning because obviously there's and number of folks there are very supportive of this bill how does it feel like this is moving -- Well I think most of the Democrats obviously.
-- can speak while -- would probably.
Tend to support this I haven't done with camp some Republicans.
But I think it's it's it's a long road to go down I hope that we will.
And not do it now hope we will never do it got to be a better model -- heard the other day in and is hearsay because I didn't hear him say to me.
But that some of the executives in Detroit said fascinating world of money if they were not going to be in charge well if we're going to leave those people in charge.
That have brought these companies these.
To the residents there is we're wasting money let's don't do that Fairfield senator -- thank you as always good attacking.
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