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Republican senator Judd Gregg of New Hampshire for the fall behind -- soon.
-- -- you may have -- some of the discussion a moment ago.
How about you do you feel you've got real confidence in the Obama administration's.
Economic policies leave.
You know obviously I don't.
First off they're growing the government rate which is unsustainable and adding deficit and debt to the government did.
His Prius in a position where we're headed towards Greece's status I mean we're gonna double the debt five years and triple -- in ten years.
Our debt to GDP ratio is heading towards a 100% which is basically junk bond status and that's that's really serious and their -- aggravating it dramatically almost every day.
And then this financial reform bill -- turned into a populist rant.
It no longer reflects a constructive effort to try to.
Address the issues is systemic risk and they care system more -- and stronger.
Rather just has no right attack.
People and and organizations which.
Members of left field -- the avenue on the enemy -- -- -- down -- 182.
Points on the Dow Jones average in the first two and a half minutes of trading now -- back at the backdrop.
Plus yesterday's failure to close off debate on financial regulation here's my question -- you -- your right in the middle of financial reform right in the middle.
-- we'd gone to a bill.
The bill that was presented yesterday if that was in place.
Wouldn't have prevented the chaos in Europe.
And a spillover Kia wouldn't have prevented about 1000 point drop on the -- we could go -- No it wouldn't in fact it would actually aggravate I think the situation significantly because it would totally disrupt the derivatives market.
Make it less transparent less.
And in fact I would throw it into into confusion.
And would force a massive contraction in credit as a result.
Spinning off the swap deaths in the capital which it would take to do that.
Yes and it is about because of the trillion dollar.
Reduction in credit in this country and it would move a lot of the derivative action overseas.
Undermine our regulatory capability of -- -- it and would obviously reduce our competitiveness.
In the consumer area you you're creating this massive consumer agency which is basically an agency for social justice it's got.
Virtually no relationship to safety and soundness which is very critical as part of the consumer.
-- you should have.
Banks the -- -- consumer protection.
Not only looked at the consumer side -- the effect it will have on the safety -- especially small and medium sized banks.
So -- it's a real problem piece of legislation as far as I'm in ten seconds would this.
I'm gonna call it pay -- in the financial markets the -- do you think it's possible to get any kind of financial reform through real fast.
Yes of course is going to pass is not going to be very good.
All right senator Judd Gregg always a pleasure and thank you so much for joining us again.
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