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America to struggling banks -- already received a combined fifty billion dollars in TARP funds.
They're expected to get another piece of the TARP -- help offset big fourth quarter losses.
The -- vice presidential candidate for the Libertarian Party says this potential move could bankrupt the country and that the -- was hurt he needs to go out.
Even has just announced plan of his own joining me now is Wayne -- -- of the tackles this is all in destroyed the Fed.
But for -- fed destroys us on his blog -- as always good to see you.
Hi Alexis -- -- all right we want to get destroyed tell me why.
Listen I'm a small business and I heard the last -- well I was sitting here talking about how they -- what's so terrible and there's no transparency and hedge funds.
Where's the transparency at the fat where's the transparency with this bail out.
Where's the transparency would cover that.
I don't think hedge funds the -- but our country that's called private enterprise I think the problem -- government.
-- government employees and the Fed the Fed can prevent the 1929 Great Depression they were in effect.
They were founded before 1929.
They prevent it.
And they didn't solve -- they can prevent or see it coming in 2008.
And -- not solved in this one either it's getting worse every day Alexis and it's obvious the Fed is right in the middle that perhaps they're not the solution of the problem.
OK so we look there's a lot of people who would agree with you that the tools that have been put in place right now.
Are not sixteen that transparency is lacking in fact we're actually we filed.
A motion to get some real disclosure on these tar basket but there's some little also suggest though.
That wait a second it's like national security.
If the Federal Reserve Bank exposes too much information about their balance sheet they -- the risk.
That private investors or institutions out there will bet against that.
We cannot afford to do that -- to show some of that because is the central bank of the United States what do you say that.
I understand the argument but I see the bank wouldn't show me my bank account -- -- I wouldn't bank without.
And here it's my money that saving DNA and Citibank and Merrill Lynch and all these other deals that I -- -- -- the country down with them.
The fact is it's taxpayer money.
Therefore every single dollar of the bailout and I need every dollar should be posted on line where it's going.
What's happening with it and how are we getting it back -- -- none of that.
Up OK so I agree with you -- -- here's a question.
If the Federal Reserve Bank does nothing mortgage rates would be down to 5%.
At the Federal Reserve Bank does nothing.
One could argue from the biggest banks in this country might had failed.
If the Federal Reserve doesn't get involved with the FDIC your deposit insurance on your deposit.
May not be up to 250000.
Dollars don't they do some things right.
Well first of all they are fallible not infallible because they're human beings that run the -- Why not go back to the gold standard that's infallible the gold standard doesn't allow politicians.
To make promises with our -- And therefore wastes taxpayer money.
Because it puts it a standard the dollar is attached to -- and you can't just print money at the Fed and give taxpayers money.
Anyway so I think you're better off with -- in the fallible system called the gold standard that -- fallible system converts to Alexis number two I do want to state.
Some of the reasons for what's happening right now if not most of them.
Is that government cause the problem in the first place whether it was the Fed instituting an easy money policy that caused all this government.
Backing up Fannie Mae and Freddie Mac which caused all the big investment allies might tip to back the mortgages have put money in it.
I think welcome it's going to be back so we can't lose so they have the leverage it -- it thirty to one of -- yeah.
Hit it through our health -- community reinvest all of that caused by government.
I thought we look bear slinky of people who agree with you I mean look.
The -- but what we've seen over the past six months to a year has been nothing but.
Disaster but but the jury is still out and we need to give it time to see how some of these things will work their way through this system.
One of the things it's working its way through congress right now as president elect Obama's stimulus package -- -- -- -- what you think about it and -- you've got around to tell people what did it.
Well first of Bush's stimulus package was a failure last year at best at best it was a -- hit on the economy.
But it gives away taxpayer money here's the iron it.
Okay -- in the last guy that was -- was writing for time.
But -- dot com -- -- -- said yeah he was riding on our behalf of all the people that lost -- with Bernie Madoff.
I should be writing for time dot com on behalf of taxpayers -- small business people because it's bad out there.
It's the worst you've ever seen for small businesspeople as a -- right now I got driven to the studio in a limousine.
And the limousine driver last year 02 restaurants they're both out of business now he's a limo driver you don't know how bad it is out there.
Small business that like me are getting crushed and the irony is you won't even give the stimulus check to be right.
Obama -- worries about his voters poor the poor and the guys who belong to unions and federal and state government employees.
Who's worried about small bits that -- within that.
I don't like -- these -- place okay but -- let's also be fair.
President elect Obama is not the root cause of these -- -- is he is receiving legacy issues that have lasted for years in years.
Which both have a lot of -- and Democrats outlets agreeable what if -- -- vision you need to do something.
I'm -- -- you don't like what he's doing but he's gotten some then.
Hey listen my new book comes out and -- called the conscience of the libertarian.
At and you'll love the subtitled it's empowering the citizen revolution with god guns gambling -- tax cuts.
-- -- -- If you asked my answer to how you steadily.
You give everyone in America every what up pays taxes a one year income tax vacation stop.
The income tax for one year and you'll see an economic explosion that -- on the way to put money in the hands of the people don't know how to create jobs there is.
Nobody like you that is for sure Wayne as always it's and fertilizer -- seeing you and -- went back on that I'm using guns gambling and what.
It's god guns gambling and tax cuts -- -- Howard since revolution but Koch at the libertarian and the last thing I wanna say it's.
If you gave every taxpayer eight income tax vacation for -- year no taxes it would add up to one point three trillion dollars that's about the statement.
About that doesn't have a house economic I slept all right weighed down -- You -- too much.
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