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Rep. Dennis Kucinich, (D-Ohio), on why the government can help the housing market by spending more money to help homeowners rather than banks.
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And in Washington well not all liberal media outlets leaving the president the -- times all the doubling down on the president.
Arguing -- a front page story today that the president didn't spend too much when it comes to rescue housing you didn't spend it hasn't spent nearly enough.
He -- have been -- to clean -- the times writes of the housing crash.
Rejecting unpopular proposals were -- -- homeowners facing foreclosure in favor of a limited aid program.
Well -- democratic congressman Dennis Kucinich says the times as -- right.
We should be spending more he joins us out of Los exempt -- That argument always flabbergasted me congressman and -- respect back patio but I don't think it was a matter not spending enough I think we we spent more than enough you say -- A well Clinton the question -- male and by the -- happy anniversary of the question -- Is -- -- -- -- -- I mean that the banks got to bail out the Fed gave debate banks trying to dollars homeowners are left behind it would have been in the country's interest.
To -- modification of mortgages and even now at this point if the Fed.
Could essentially -- bank equity and enable a write down on on principal and interest keep people on our progress -- -- -- -- program we did ultimately failed a lot of the people we helped out.
Still went belly up -- -- admit I don't argue the good intentions.
But we really didn't see any good results -- so I half a dozen different attempts to shore up up up folks who were in arrears on their own.
And they still got cut -- kicked in the rear from their -- when he -- -- The times is right to visit -- but here's a tank if if you if you have a leaky -- Don't spend 101000 dollars to build a new garage -- takes -- -- -- rough we still have leaky roofs we have to fix and in this country and that.
Means we have you know got -- would -- spent that money where we should know maybe we got so distracted with healthcare.
At a time there where it was there's leaky roof we sort of address.
Called jobs that would have helped everything out including housing may -- the administration -- ass backwards.
It's not either or as matter of fact I could argue that we should have not giving the banks any bail -- And at all that we should have.
Worked on mortgage modification we -- -- -- bank equity through the Fed and and help to protect the banks against erosion of their bottom line.
Wouldn't do that did you don't tell your story Tim Geithner came to democratic clockers.
Right after the administration.
Took office and he told the -- millions of people are gonna lose their homes I'm concerned that.
Debt that mr.
Geithner never even tried to save people's homes that's what I'm concerned about -- I -- -- I at Sears at a big is it about inordinate by the way as you and I go back aways artisan.
I wasn't for those bank rescues and either on not for any laws -- that I -- -- -- this story so I think it's distorts the markets.
And I think it drags out the inevitable and I -- any amount of money you spend is gonna be money you regret these bailouts.
Themselves have to be bailed out rescues and -- -- to be rescued slippery slope stop writing to check by the way we don't even have the money to write the checks and stop.
Wait a minute picking winners and losers among banks is one thing I led the effort against the -- -- helping keep people in our homes so destabilize the economy that's another.
No where -- you draw the line got a jobs permanently away that the economy has tested to do.
To keep them in their -- and -- extend jobless benefits where people then look to the government's not jobless creditors got jobs.
-- we create jobs not I'm not talking my giveaways.
I'm saying.
-- the American people a chance to keep the homes that they -- their lifetime for.
500 and -- every time we've done so we've made this situation worse when we do not really don't know what is that you're arguing that if we double down tripled outspend I don't know I don't know if our results.
I'm not talking up -- money at a problem I'm saying that we need to help keep people and our homes.
What did we did what was pleased and we -- -- doesn't -- -- -- grants to the tune of about -- 450.
Million dollars -- you can try to make it a billion make it to be Omega three -- you know what else -- argue that more money did you get it is okay.
Why is it okay to give hundreds of billions even trillions of dollars to the banks and that help -- Joey and make their mortgage payments to keep them in their home lower their -- I don't know.
Whether -- color on what we're giving money to anyone and upper rescues or credits to favor one industry over other one individual over and other.
Fat women aren't we status -- -- local congressman and we're going to get so high it's not.
The slippery slope was the corruption on Wall Street the mortgage backed securities not listen.
Appraisal well there's I was -- out and not enough the slippery slope -- five trillion dollars in more debt congressman.
That's what you're little rise leaving the -- look at that hacks get all our February taxpayers.
Everyone is paying that still not just those -- arrears on their own every one.
How do we get out of this -- I got -- -- happens when governments and our abilities -- got that we get out money for just a ballot -- -- down.
Get America back to -- and people could pay taxes and you can lower the debt I mean this is not rocket science well obviously we spent a lot of money and a news flash of the rocket science of the Werner Von -- everywhere.
Not a result.
-- -- -- -- -- -- -- -- -- -- actually that's never happened but I was say.
Give the banks added equity to offset a loss of of money.
And then also -- great jobs I mean then we can get the economy moment I wanna see this on our country be brought.
The congressman always good having -- thing.
