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There are gonna take vows on the rest it was very controversial I -- -- -- added distinction as well.
Between his -- of the rescue money.
Thirty billion more that came under his administration.
-- the roughly twenty billion that came under the administration by saying.
And focusing on his portion of that bailout the thirty billion in that follow -- rescue GM.
By that at -- as we have come close to making ourselves hole on that.
On that rescue.
Reaction at the democratic congress and data front New York -- -- out congressmen aren't.
Will listen -- more such bailouts you think you'd think it's justified to consider them down.
Well I hope there are necessary if god forbid another catastrophe occurs we're gonna lose -- industry.
Then yes I think this this this shows that it can be done I mean this -- this bailout.
It was gonna end up not -- the American people any tax any revenues because they'll pay for itself.
As it turns out.
And then we'll save a whole industry in a few million jobs of course it was worth it hopefully nothing like that is going to be necessary again but it got to -- where we should do it again.
-- I think that's kind of worries some in the financial community congress and that.
-- be users excuse for the governments of sort of strong arm its way over corporate America -- the -- Gaza.
The government is not strong -- its way into corporate America.
It saves a business that would have been totally.
Couple that every channel now -- -- -- in on that and if it does -- -- because it was -- it could have come out on its.
It did not look that way at all I think if you read the papers of the period a year ago -- have to go.
They were gonna be totally and it out of -- and it's a -- it's saved a million jobs at two million jobs.
We don't know that congress with a overspent I didn't I don't know how I did -- very close and reported on it almost on the hour when it was going on and and one of the things that was -- here is that.
The -- would provide with some of the stringent efforts that they wouldn't have to take under bankruptcy when -- fact that it's what they ended up doing what the they shuttered a lot of plants close a lot of factors disputed a lot of cars laid off a lot of people -- that's what you do but that's what you do when bank.
Yes it is and that's the way the economy at a function and we didn't permit banks and companies to get so big it -- that it that they are too big to fail which is a whole different question I don't think the ought to be allowed to be that big.
They are anti -- policy doesn't exist anymore.
Then you wouldn't have to rescue them but the way it was going.
With the injection of -- -- how many billions of government dollars they managed to come out of it and the government gets its money out and we save those jobs.
So you brought distinction on -- -- you draw a distinction between.
A bank that might be too big to fail vs -- -- car company about to.
I'm not sure I mean here we had the whole industry.
Of them might -- our class and we couldn't admit that.
I guess what -- as concerns that.
Let's say GM does come back the stock does come back.
Robert Gibbs the White House says you know we might be made whole again all our money back by sometime it's when it's well.
Okay what if that does not happen and what it you know it may be -- -- -- just Chrysler or G apple of them were living in misery in the economy.
That we really just propped up a loser.
Well sometimes you -- up.
What is something that might have been a loser we may not get all the money back although -- apparent fears that we well but.
Even if we don't get on the money back he saved a 1000002 million jobs and you -- in and that's not just from GM -- from all the suppliers and -- The whole industry and that's a worthwhile investment now hopefully we'll never get into that situation again and we -- through.
Comport ourselves that we aren't in that situation again the who was designed to minimize the likelihood that we never have to bail out Wall Street again we don't want to do that obvious.
Right and I'm switch gears well I have your congress and ended the debate over what happens in this lame duck session in the bush tax cuts.
Can you update me.
Well I don't know what's gonna happen at this point they're replaying game of chicken with Republicans right now.
The Democrats want to extend the tax cuts for the middle class.
And after the millionaires and billionaires the Republicans are saying all or nothing if you extended -- the millionaires and billionaires.
Or to nobody.
Even Harry Reid is saying.
-- it means of millionaires and billionaires are -- it's doing is okay -- that argue.
No I'm not okay with that because -- -- -- the year two.
You probably get into extending it permanently so that's a nonstarter for three.
That's a nonstarter for me personally I can't speak for anyone else.
So that doesn't need different -- congress and between yours and what Nancy Pelosi is sank.
Whatever redesigned so it's a very hard position among Democrats in the house -- those in the senate -- my industry.
Well I think it's a -- position and in the house right now.
Because we don't wanna be in a position of -- about having a permanent extension.
Of the tax cuts to millionaires and billionaires that'll increase the deficit by 700 billion dollar and.
Always say millionaires and billionaires and alliance -- -- -- In your district in particular goes to those earning his moves to recognize and that that's not actually it -- -- -- -- first of all the lion's share of the money go to people over million dollars.
If you increased its two.
Talk had a number of individuals congress and the numbers -- well know there have worn out individuals that you wanted I wanted to -- I am in favor -- proposed raising that 250 I think it should be raised and and we should pay for the rays having a -- -- expect it to people make you say ten million dollars.
-- but the fact is.
Didn't lion's share of that 700 billion dollars comes from millionaires and billions.
It's always good seeing -- and thank you very much you're welcome turnout but what.
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