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You could say the words fiery and feisty you are -- statements when talking about yesterday's hearing where the house financial services committee.
Blasted those eight bank chiefs take a look at what representative Michael couple out of Massachusetts have to send -- Who created the Nashville area and not the only ones they'll get it wrong you -- that to be the ones here today.
Although most -- you engaged in all or at least some of the activities actually created this crisis -- -- Because every one of those activities especially the SIVs.
Especially the -- to me I think every illegal.
I cannot believe no -- prosecuting US.
Basically you come to us today.
On -- bicycles after buying Girl Scout Cookies and helping out Mother Teresa.
Telling us we're sorry we didn't mean.
We won't do it again trust us.
Well you get NA Bergeron I -- joining us now from Capitol Hill representative Michael -- a lot of Democrat of Massachusetts thanks for coming on represented them.
Happy to -- him well.
Listen I have to tell you when you started talking it did get a lot of people in our newsroom with their ears pricked up watching and and I think that you struck a note certainly for people who know that it's their taxpayer money going toward these banks and their somebody questions about the alphabet soup of CD doesn't CBS's.
But where was the question in all of that I know earlier you -- to raise their hands on certain things but we're just trying to find some answers here to the top.
I did do it I didn't have a real question because honestly I think most -- series you're not gonna get real good answers to the real serious questions -- questions I have.
A much more detailed and and they can't be done and five minutes.
I think the questions I had really have to be asked by the regulators.
-- at some point by some process is the most of the regulators.
And we will ask those questions and we'll come meetings at a later time.
Because I think that's -- -- get real work done yesterday it was it was simply the meat away to express my outrage some of these have been done some things have not been done.
What are you hearing from your constituents about their tax money paying to bail out some of these -- everybody I know including the is concerned about the things that happen.
We all know that we need to take some action and -- -- very.
None of us really know exactly what to do well kind of you know going through this for the first time -- And trying to figure it out I know myself I've asked a lot of economist at home.
A lot of business people who what do they think we should be doing how they think we should balance -- everybody has different opinions.
My constituents all my constituents of the same thing we all know that they -- tough times here.
We all know that we need dramatic action we're all struggling to find the right answers.
All right I hear from a lot of viewers who felt that that -- the word disgrace was thrown out there to where they felt that.
The questioners -- you and your brother in in congress and your sisters there did not even ask the right questions because they don't understand exactly what's going on in fact you yourself when you said.
I can't believe these things are legal you know structured investment vehicles -- actually approved by congress.
When they were voted for but the commodities futures modernization act of 2000.
That's not correct that would that were approved by regulators and even -- you've always been able to have subsidiaries.
The question is whether they should be regulated not the regulators are the ones who decided not to regulate -- that was not -- of the law.
The law did other things but we never told the regulators not to regulate.
How do we move forward representative I think if we don't tiresome to look back how do we move forward.
Well yeah I think you have to know what you we've come from if we move forward but I agree with you have -- much.
Looking to move backwards.
At the same time we have to understand exactly what happened we have -- to see exactly what we're doing to the best of our ability and then move.
I believe that the next step after we get through this next stimulus which hopefully will be today and tomorrow.
That would be able to move on to what is the appropriate amount of regulation to have and exactly how it should be structured that's a very difficult question and it would be balanced question.
And we'll take some -- to find the answers but to me.
That's the next most serious question he had let me just jump to the stimulus and she just brought it up I believe you said that you feel a fair amount of the spending won't actually stimulate the economy but you've supported it why.
Why do you say that I said that there -- some of -- that I don't think -- economy well because I've never voted for perfect -- have never voted against an imperfect bill.
Every -- -- a vote on is some good some bad.
Much in my judgment in this particular bill most of it is good some bad and -- do you think and I don't appreciate Hillary plus million jobs.
I don't have a number I certainly know -- create a lot of jobs it will save a lot of jobs people with the job.
I think I think to saving jobs just as important as creating -- new -- so yes I do I don't put a number to it because that's you know makes it easy but the truth is if it's only a million.
Whatever the -- is that still a lot of jobs in -- manner -- you look at it will be a lot of jobs created.
And a lot of jobs saved by this bill well for 800 billion -- were hoping it's more than one million jobs right.
Yeah I agree to come back and continue this conversation thank you so much.
Thank you Michael couple -- Democrat of Massachusetts joining us live from capitol.
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