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Now we've got the cost of -- you know about 700 billion dollar program to -- -- -- -- banks and financial institutions well it came -- 200 billion dollars less that was fool us.
There is talk abusing some about selfless to create more jobs is -- walk -- was really all about out.
Here is senator Judd Gregg of New Hampshire this to helped write the top provision and senator -- -- I'm not mistaken.
It was not supposed to be used the public does want job creation of supposed to backstop the banks would -- feel about things.
It's violates the law.
But you know the purpose -- TARP was to settle out the financial industry when we -- On the verge of a calamity I mean it was about to meltdown we would have gone in as chairman Bernanke says into a depression like situation.
So it did actually -- jobs a lot of help main street helped settle out the situation relative to the ability of our banks to survive in us.
People like rather blunt and credit in the country but.
It was not -- is not supposed to be a piggy bank for members of congress to spend on whatever this special interest issues of the day or their constituency that they want to influence and and take care in the next election but under the law because I wrote that -- I know it.
Under the -- the money is when it comes back in.
Remember was borrowed money is supposed to go to reduce the debt and that's the only thing is supposed to be used for when it comes back it.
Now can you stop it because the Democrats.
Want to use seventy billion dollars to find -- on -- towards building new roads and bridges and a making more loans available to the Small Business Administration.
And the president tomorrow morning it's gonna talk about job creation maybe using this top money you site -- bid on.
Will they do it anyway.
-- you know it really is it.
Outrageous I mean whenever these folks around here -- -- they wanna spend I think this is this congress' spending money like there's no tomorrow it's passing.
Massive debt on to our kids trillions of dollars of deficits every year taking the public debt for.
35% GDP up to 8090% of GDP.
Basically leaving our kids a country that they can afford.
And it should be another example of that I mean.
None of this money should go to anything other than what its purpose was which was to stabilize the financial industry so that we would have a solid financial industry.
And then use the money as it's payback and by the way we're making money and this money taxpayers actually making some money here.
Use the money to reduce the deaths of Iraqis don't have a have a bigger deficit -- on which they have to pay for that's what it's supposed to use for now can they do it if they changed a lot they can do it.
Elections have consequences they got super majority so.
And they can't pick and they love to spend money around here.
I want to ask you about Health Care Reform -- that's currently on the debate in the senate chamber.
What about -- cats savings.
As I understand it that Democrats so want to save money in medi -- and then spend it.
You are opposed to that can you explain this one to us.
Well the Medicare cuts in this bill are about foreign sixty billion dollars over ten years and then when it's fully phased in -- about a trillion dollars.
And that money's not being used to stabilize Medicare which is as we know basically headed towards insolvency.
That money's going to be taken to create a new entitlement to expand other programs that have nothing to do it seniors and it's totally inappropriate and he hits really is inappropriate.
Take Medicare money which you guys been paid into the fund these that is there by seniors through their hospital insurance.
And spend it on creating a new entitlement program for people who don't pay into that -- -- aren't seniors but that's the plan here now I have an amendment to stop that.
I won't stop the healthcare bill it simply says that you can't use the Medicare money for anything other than Medicare.
You know senate that you sound rather exasperated you got a smile on your face but you do sound exasperated almost throw one more thing into the mix and see how you -- sorry I'm worried about our future you know you very honestly worried about this country's future -- spend so much money around so much debt.
I'm with this but what about the EPA finding of that CO2 emissions.
Talk a health.
That doesn't that open up a whole new field of regulation and fines and punishment for business.
This is this is incredible I mean basically.
You've got a regulatory agency -- now populated obviously by folks who.
Have a very definite ideological view.
Ability of industry in this country and business to expand by saying that they're going to subject a large percentage of business in this country to massive new regulations.
Without a congressional approval it's.
I guess they have the legal authority do it as you said the Supreme Court made this ruling but it.
It's going to have.
Consequences that are very significant for our economic recovery -- up.
A lot of economic period expansion is going to be put on hold pending what happens with these regulations and we really can't afford that right now we want we need to -- some certainty to those folks are willing to take -- create jobs out there.
We shouldn't be hitting him with a new bills -- health care that they can't probably afford and we certainly shouldn't be creating a massive new regulatory scheme is gonna.
Kill their ability to expand they're they're businesses and -- create new jobs this well have an effect on the economic recovery heavily.
What one last one it would if I made that senator one last one.
How do you feel about President Obama site that we will pay out -- -- Of a ten billion dollar fund that will go to India and China and the developing -- to help them go green I feel about that.
Well we already do pay.
We've got already in the budget about a billion dollars.
More than billion dollars in that account.
I think that's enough.
You know we're we're really gonna end up paying and is that we're gonna end up bearing the -- of most of these changes that are gonna occur because.
Where the country is gonna comply in east China's writing and -- -- I'm not going to comply so we're gonna have we're gonna bear the burden here and I think we got to account for that is basically our contribution primarily.
We plotted I have it senator Judd Gregg thank -- very much indeed the very latest on exasperating night we appreciate your presence.
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