Also in this playlist...
This transcript is automatically generated
Senator Jon Kyl of Arizona joins me right now from -- in his take on all of this of course a close friend and -- colleague.
A Senator John McCain senator what happens now.
Well we're working and we're gonna keep working no action is not an acceptable result.
As you were just noting with the market to doing what it did today I think that.
And -- our colleagues in the house or senate who didn't think that this was serious we'll certainly see that validated so.
For our part senate Republicans are here we're gonna continue to work for their house counterparts and and frankly -- in a bipartisan way to try to be able to move forward with this as quickly as possible.
What do you do in the senate -- now it was Wednesday or Thursday at the latest that you would come up with something I was assuming that the house was going to give you an approved package.
It is not unusual for the house to vote one way as it did on a stimulus plan that it rejected and the senate to vote another way as it did on the stimulus plan that it did not reject.
And then you guys I guess work out the differences what happens now in the senate.
There are several different ways this could go and because we're in minority party I don't wanna suggest that I know what the majority party would do it to their call.
They could bring up the same bill in the House of Representatives again and expect a different result because of the circumstances.
It could be modified.
Perhaps slightly to try to bring along a -- -- swing which would -- -- it.
It could start here in the senate we would hope potentially pass something and sent it over the house and that's less likely but again those -- -- calls from majority.
Can I guess you'd you'd be so -- -- -- want to stick around and take a quick break we'd love to come back with you get your take on the political for a lot of long list.
I continue with us senator John Kyle on the day Washington and Wall Street will long remember after the us.
I will ignore that man behind the little garden well actually -- because this John McCain and he's gonna come out very shortly and talk about options now how to deal.
With this financial crisis since some saying it's not a control with the Dow.
Surrendering about seven and eighty points today -- the single biggest point hit in market history for the Dow.
On not so in percentage terms not by far.
Jon Kyl his colleague in the senators -- right now senator what are we expect to hear from your -- I'm gonna wait and see as well John was very much hoping that we could get something worked out here.
I know he wanted to avoid the kind of day that we had on Wall Street today for the benefit of all of America.
And I'll be anxious to see what he has to say the key thing that I wanted to say were you talking about.
What happened is not to affix blame.
We have to act constructively and I I think was interesting that in the short period of time that we had.
Republicans and Democrats from both houses and the administration worked together to produce a product that we fulfill.
We could live with the would do the job you know none of us wanted to.
Take the action in the first place.
And to suggest that anybody in particular -- to blame it would not be constructive.
We all have a responsibility I think to just keep working on it until we can get accomplished.
What does -- think then senator when Barney Frank was blaming Republicans and having their egos hurt.
And then you guys -- -- -- -- a Republican representatives not senators.
-- It is tempting to respond in kind and hoping to perhaps break of that cycle of blame I'm going to say again.
Barney Frank was very helpful in putting together the package as well as speaker Pelosi -- -- my doing okay on the bipartisanship here.
My point is people work together and they got a good product.
And I think at this point.
To start pointing fingers of blame is not constructive but will simply take -- back to a point that'll make its but make it much harder force to actually get something that we can pass.
-- I'm hoping we can continue to work together.
And -- the initial temptation to be partisan and blame someone.
We'll give way to the appreciation of the fact that.
We just lost a huge percentage of our people lost millions of dollars in the market today people on retirement lost thousands of dollars that a lot of sober us up to the fact.
The politics ought to go out the window and we need to work together.
It's not happening it's not -- -- we've got a statement from the Obama campaign on this gonna read this to.
This is a moment of national crisis today is an action in congress as well as the angry and hyper partisan statement released by the McCain campaign exactly why the American people.
Are disgusted with Washington -- -- time for Democrats or Republicans to join together and act in a way that prevents an economic.
Catastrophe what do you make of that.
Well that's pointing the finger in and say let's work together but just -- report don't point the finger in the first place may be enough.
People say you know what I think Kyle's right stop pointing fingers.
Give credit on both sides and get the problem solved quickly if they will send that message to everybody who is pointing a finger.
Then maybe they'll stop pointing fingers and we can get it -- do you think they'll let it the American people.
What we were told it.
In these so called safe democratic districts.
For congress and senate.
That the rage over this measure is such that even their seats -- -- And that there might be a pox on every incumbent house stand it's kind of weird that Republican -- you are the incumbent.
You're you're in trouble what do you make of that.
This is where leadership comes in and it's up to people who are elected to take a chance.
To exert leadership.
To explain the situation.
To teach you know Ronald Reagan and Bill Clinton.
We're good teachers they explained the problem.
Secretary Paulson President Bush.
And the Democrats have all come forward try to explain the catastrophe that awaits us if we don't get something done.
The market reacted today to the initial action of the house or inaction of the House of Representatives.
That ought to demonstrate that we have a huge problem that we've got to work together to solve -- -- To do what I -- you know winning you know -- -- your free market guy senator maybe maybe I could be wrong.
The markets have gone knots because of what was coming out he was not to their liking and maybe maybe.
The message here is do nothing let the markets do their thing.
That that could be the message I'm not good at that really reading the controls of the market -- camp perhaps it's not a monolithic message.
Perhaps are a lot of different people read different messages right in the buying and selling that they did today.
But I believe based upon the information that's been conveyed to me not just by secretary Paulson and chairman Bernanke for example -- folks back in my state of Arizona.
Who had very good credit just a week ago and now don't have credit.
Or well -- I've -- -- wanna get too specific about folks have contacted me but the reality is it's beginning to affect folks back home.
And they are going to see that this is impacting all across the country it's not just a Wall Street phenomenon.
And whatever the message out of Wall Street was I believe that we do need to do something and do a quick.
Senator Kyl always a pleasure thank you very much thank you deal.
Filter by section