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Happens next is still a mystery nobody knows and joining us tonight for presidential candidate Fox's contributor and host of Huckabee Mike Huckabee as well -- thank you governor for being was appreciate your time.
We did show the Democrats and I also have a tape -- -- take too long play of every Republican.
In that hearing warning of the consequences.
For the economy for the taxpayer to financial institutions.
If in fact they don't fix Fannie and Freddie why isn't this discussed in the mainstream media.
Because they don't want to tell the truth the truth is that Democrats control the ability to fix this it was their harsh regulation under the community reinvestment act.
That started this ball rolling downhill.
And when you start loaning money to people who can't fight back.
And then you regulate and force banks to continue that ridiculously.
Stupid regulatory practice and predatory loan practice though the result ultimately is gonna catch up.
Oh he's so I'll just have to explain -- so they forced to regulation thanks to make bad loans.
They were bought up by Freddie and Fannie Yahoo!'s chief executives now our economic advisors for Barack Obama.
In the case of Franklin Raines he made -- -- -- million dollars shouldn't -- under six years.
And that they brought this up they cooked the books.
And they ended up getting big bonuses for themselves while doing it the taxpayers you know held.
You know holding the bag we -- warning warned about a -- -- Republicans in 2004 and now the Democrats play in the Republican.
It's well and even worse if you looked at them campaign contributions and and one of the rules of thumb.
Follow the money when all else fails follow the money.
Look how much money went to Chris Dodd to Barack Obama.
And look there -- some dirty Republican hands -- -- I want to be fair there's plenty of blame in terms of the -- but this is important relationship but the point about the regulation.
That's a Democrat deal they forced the banks to get -- money out to people who could not pay it back.
And -- -- that -- an and then there was a kick back because through there was no regulatory oversight.
-- the people of America that I got to pay millions and billions of dollars here.
They need to know that the reason there was -- regulatory oversight of Fannie and Freddie is because these democratic fat cats we'll kick -- back money.
To people like Chris Dodd and Barack Obama the second largest recipient in a nine year period -- only been there three years.
And then Nancy Pelosi goes out we just play the comments have her saying Republicans are unpatriotic.
-- Nancy Pelosi -- comments are totally over the top I mean this is a lady that don't know the difference between the punch bowl and the toilet bowl she's trying to get people -- to come to the party.
And get everybody around the table and instead.
-- Flushes the toilet bowl on top of the Republicans you can't do that and expect people assailed thank you mrs.
-- that's what we wanted to be yeah.
Unpatriotic governors are kind of a band -- -- -- -- like tenured job sorry about that do you play anything Alan not much you know I'm really sorry a lot of cash right now anyway they get advance.
Like this is ridiculous -- you want to blame the Democrats for this I think the American people I think I'll speak for at least some of them.
We're tired of this blame game this point fingers back and forth Republicans want to deregulate.
Phil Gramm the -- -- regulator.
That led to the savings and loan scandal he's chief economic advisor has been to John McCain you -- -- blame Democrats for this -- John McCain has been argued the regulator.
Day after day week after week year after year.
-- you had your headphones on my said while ago there are dirty Republican hands in this is well.
But on the point of regulation it was not deregulation that brought this about.
It was over regulation forcing banks into a situation on the community reinvestment act and the market to market kind of accounting methods.
Which created devaluing.
Of companies' portfolios.
That's a complicated issue but if you look at what that did it cause a lot of companies' values and assets to be lowered.
And that's part of what created the mess but look here's one of the things that I think we've got to remember.
Here's a situation that is just outrageous and I want to say Neil Cavuto of this network.
And a Fox Business channel has really I think -- on target he's called it right.
People America are fed up and the very people who burned at the Thanksgiving Turkey are now asking us to let them cook Christmas dinner.
And -- a whole lot of us who are saying no thanks the -- -- messed it up to begin with and the last thing we want is for you guys -- -- -- reinvestment act era since 1977.
The people you're asking Democrats to bail out bush it was Paulson and Bush's plan -- blaming Democrats for not.
Passing something that.
They think the Republican leadership couldn't get votes on their own side and because they their feelings were hurt by something Nancy Pelosi said -- just like twelve congress.
People didn't vote for apparently there were a lot of Democrats -- feelings were hurt because 94 of them wouldn't go with their own leader I mean if the Democrats who wanted to pass this they have the votes they have the majority.
What this thing smelled up in the capital and there were a lot of people had the courage to recognize it and they weren't going to be held at gun point.
And forced to vote for a lousy piece -- legislation on the spot.
Because somebody told them they had to and I want to say I'm grateful for the money for Democrats.
And for the over 200 Republicans who listen to the people who sent them to Washington what a rare thought.
What an unusual idea actually representing the people who elected you gosh if we keep that up.
Will have a country one day.
Our governor stay right there Governor Huckabee let us -- -- first joining us on our phone.
Is Indiana Republican congressman -- -- so he was on the house floor when the bailout bill was in fact defeated.
Congressman thanks for being with us you -- you don't fight the first of all there's a myth and -- -- is is that Republicans -- the ones that defeated us now.
For example there were 95 Democrats that voted against this.
Himself complained about the -- let's roll that -- We don't believe they have a vote and I think they are covering up the embarrassment of not having to -- but think about this.
Somebody hurt my feelings so why would punish the country -- that's hardly plausible and -- are twelve Republican members who were ready to -- Stand up for the economic engines of America.
But none of anybody's -- and I'll make -- I'll make an offer.
Give me those twelve people's names and I will go talk uncharacteristically.
Nicely to them.
People they aren't.
And then we know now think about the country.
I -- -- congressman let me just point out for the rest of the country now he is in fact the head of the house financial services committee.
Twelve of the 37 Democrats.
On Frank's own committee voted against this bill so -- -- a lecture Republicans about not having the votes congressman.
Well -- I think that's -- let you know let me say this a very serious crisis.
And I -- I -- take issue with with there's something that's.
Many underpinning of your discussion look -- I.
It today congress took a stand for the American taxpayers for free markets mean and that he was a speech by speaker Pelosi.
He wasn't a blame game it was to the American people rejected this corporate bailout and today the people's house did likewise.
No I really do believe by a reporter asked me the other day -- -- Why they -- the administration.
What's been wrong with their communication I've just been just fine the American people understand the administration thinks we should nationalize every bad mortgage in America.
The American people inundated the capital.
With telephone calls and emails not to do it and and -- A majority of Republicans.
In many Democrats sided with the American taxpayer.
Well -- the you know what do you make up for example Nancy Pelosi is comment she gives this speech and -- -- -- -- win the election a lot about not being able to call or suggest.
Democrats that say the war is lost the surge has failed.
And that -- arm our own troops that are in fighting in Iraq Barack Obama saying our troops air raiding villages and bomb civilians.
You know the question people's patriotism.
Nancy Pelosi does it she politicized -- in the speech.
And it's acceptable now in the democratic world thirty some odd days before an election.
You haven't yet you know be honest with you you know welcome to the NFL I mean in -- in this has been a very heavy handed Democrat.
Imperial majority where -- the Democrats if he's hot rhetoric.
And closed rules to move legislation and so I I really don't believe what the speaker said the day was very different than most -- she gives.
In which he denounces the administration and denounces Republicans I am amen -- -- to go against just -- stream here today.
It may have had some impact on some members but I think what really happened here is the American people rejected this corporate bailout in the people's house did likewise.
Congressman -- contacted ownership and I get our free marketer you've been against this plan from day one yup this is not because of Nancy Pelosi it failed not because of Democrats -- -- the American people as you say people call -- we couldn't get through to book congress people in some cases there's a -- -- busy all day.
That people were calling your offices and saying we don't want this that was the revolt that was going on here right.
If it really is I mean a lot of times it is an inside the building political game but I gotta be honest with you.
The American people rose up with one voice and says we need -- to fix this problem the crisis is real.
The Paulson plan is not the answer but let me be clear on this if if I can't.
The Republicans have.
That would make Wall Street.
Paid for the recovery instead of main street Republicans have an alternative that would release the power of the American economy.
Rather than releasing the resources of the treasury.
My hope is in the next several days.
While we we respect a very important Jewish holiday.
That you will see the American people have an opportunity to unpack what is -- a pro free market pro taxpayer Republican alternative.
We can bring that to the floor we -- -- that and along with the kind of reforms that Governor Huckabee just described in mark to market.
I really believe that we can steer our way confidently through this -- -- -- -- do you tell us exactly what will have a moment here but basically what does that look like -- you get.
The -- to come not from taxpayers from corporations where the people responsible for this mess in the first place.
Yeah well he ordered the FDIC is -- out of him not a new organization and -- -- we basically would set up.
This apart a conservative like me -- like but I'd -- -- it.
-- set up -- government insurance program like the FDIC.
You make the Wall Street firms that are -- -- bad paper pay an insurance premium won't provide a backstop premium.
And then you deal with the liquidity.
By eight a couple of fast acting.
Tax policies like a holiday on the repatriation tax.
That would bring hundreds of billions of dollars into the economy -- you change mark to market as well and I guarantee you guys.
That would release an enormous amount of energy into this -- we can do this without asking taxpayers.
Still fork over 700 billion dollars to nationalize every bad mortgage in America.
All right congressman Mike Pence thanks for being with us so we continue now -- -- governor Mike Huckabee is with -- -- governor of the timing of this cannot be ignored.
We're only it's five or so weeks now outside of this elections it's -- timing is very very important here and my question is in many ways -- -- as I'm observing this.
As Barack Obama's been missing in action it's sort of the modern day his modern day equivalent of voting present.
He said well if you need me call me -- you know I'll be there in a hurry no matter where you are.
And at what he is allowed to happen he -- allowed all as democratic allies all his political supporters.
To viciously and personally.
Attacked John McCain because that's where their attacks event that you -- as far Friday night which I think people need to know.
-- early Friday afternoon so we have a deal.
But the Senator McCain had not arrived yet and they didn't want him to appear to be even a part of the negotiations.
To make this successful.
How if you're -- Senator McCain how do you counter this.
I think Senator McCain needs to do two things first of all he needs to just squarely look at the camera tell the American people that the -- this is greed.
That it's -- the result of people who wanted to make a fast buck and often do it off the backs of poor people it's unacceptable he's gonna fight it.
I think also he's got to explain specifically.
That we can get our way out of this in the free market way just like Mike Pence said in god bless Mike Pence and the Republicans like him.
Cut the capital gains tax create insurance instead of buyouts on this bad paper.
Change the market to market rules.
There are ways in which this can be done and it doesn't have to necessarily mean let's just see how deep we can reach into a welfare state -- one thing I don't want to point out.
Republicans were the ones who ended welfare.
For people who wouldn't work back in 1995.
Now we're about to be asked to engage in corporate welfare for people who didn't work very smartly but told us they -- the Smart.
Guys I want to when -- -- this politically isn't this John McCain galloping into DC think he's gonna save -- thing.
Gums up the works then ahead of time takes credit for a deal which never happened anyway it's got to hurt John McCain terribly here.
Well what -- was so the fact that the Democrats have where's John McCain needs to get back here he needs to show up any -- in the moment he did.
John McCain's just really muck this up he needs to get out of here they can't have a -- whenever I got back he wanted to come back with a seven meeting with the president -- that he needed to come back and ask him to leave all right governor thanks severe weather.
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