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In his first cable interview since losing the presidential election John -- tells the business holds -- spots for a very good reason not only because we -- Enormous clout of course but because business.
And the economy getting back to business is his biggest concern and right now.
It's his biggest worry -- even as the man who beat him and won the election gets ready to move into the White House.
All this pomp and pageantry getting ready for the big event that the -- It's a tough now all the really isn't it's what.
In coming in elected president -- send its.
Sparked an agreement -- Diaz in that we've seldom seen I understand there -- very record numbers of people that are coming to town himself.
I I think most Americans and you and they are hoping and for the best in these very difficult times I.
I think you'd have to go a long way back in history may -- to the inauguration of Abraham Lincoln.
To look I just thought this to look at if president taking office -- more challenging times maybe Franklin Delano Roosevelt.
You know -- right -- in the depression.
Certainly you have to there's not many times in history let me put it that way that a president has come.
-- office -- this many challenges as the president elect does and that's incumbent -- upon all of us to try and do what we -- to work with.
Are you mentioned Franklin Roosevelt many argue that doesn't the president elect -- his -- out to FDR in terms of and stimulating and spending our way out of this the earliest estimates are senator.
800 billion at a minimum maybe you'll get up to a trillion -- -- to congress.
Are you worried that this is a process run -- yes but.
I also think there are some things we might do.
Such as -- of president elect is already committed to.
No earmarks but may be as importantly perhaps Neil and I I strongly recommend this.
That we could have a break point here that say after two quarters.
Positive economic growth.
That a kind of aid Gramm Rudman would kick in a requirement to for balanced budgets put us back on the path and eliminate wasteful and unnecessary spending.
I know that you know that's a phrase around here.
But if you had a they.
And -- amendment in this package if you have provisions package once the economy recovered then we are required.
To reduce spending and getting on the road to a balanced budget within a certain reasonable length of time.
I think that might restore a little bit of confidence there is a concern and I mean those -- -- ever -- them.
I think that they will do things that they've never done before in light of the pressure they're feeling from their constituents right now.
You say it every day in Australia is most challenging times.
-- in our lifetimes in our lifetime.
And I'm not saying it's -- parallel with a Great Depression we haven't reached nearly those numbers she -- unemployment of 25%.
Check but they're certainly far worse and worse than any recession you and I and oversee what -- -- -- this type of money that we've already spent.
Trillions senator between the financial rescues.
And what we're doing an -- guys -- going.
Well -- my my point is it if it I think so drastic that we can't even wait to see the results of that before we.
-- And he can make a strong argument to -- most economists including -- for -- That unusual.
Action -- required in these most unusual times.
The question is who we do it right I'm very disappointed in the first 350 billion.
-- -- There's not -- accountability transparency.
And apparently you we have shifted priorities.
From time to time and I never voted for a bill that would bail -- the auto industry.
So -- you weren't for that I'm certainly not -- do not see any provision that.
Bailout that calls for why did you Gloria for that by the way when it went when you know you knew that there was still no oversight in place.
Well we were told there would be oversight and transparency etc.
we should learn that lesson we should have that in place before.
We give the money from now on but the second point -- we watched you watch America watch.
Point drop in one day of the Dow Jones average of one point two trillion dollar.
Disappearance of American savings and retirement etc.
that -- -- that your knee jerk reaction to that was.
You were against it it was against everything in your DNA.
And that that those in the administration approached US that the Republican presidential candidates that you gotta be for this because there could be serious held today.
If our standard -- rejects this is a true.
No I think the argument and it was initiated by them -- Carl Paulson Bernanke Accenture.
That I was told by them and I think they're still correct.
And in -- we take some action.
That you can see a precipitous.
And calamitous situation evolve quickly in the markets and that was happening and -- ripple effect we are just feeling today unemployment.
Seven point 21 was obviously the collapse of the market and the ripple effects that are still going to be.
Felt in the months ahead but you know sending your critics and saying.
All the more reason to who have opposed this because and -- perspective it was to help all the things you just mentioned it clearly has not.
Well I wish also committed and remained committed to the proposition that it was a housing market that was the catalyst for this fire.
And it's going to be the housing market when values home values stabilize that we will begin to see the end of this severe recession.
Secretary of the treasury announced his first priority was a housing market and -- Usually this time senate -- he -- Look senator if we don't do this there's going to be a global credit freeze we're gonna go including lives in my equipment but.
In retrospect now many thought he overplayed -- -- -- hand and then you went along with that in that just don't -- senator known for me and I earmark.
Was was -- competing with a guy on on how to trump the earmark but I don't think.
If you and I -- mystery today I don't think there's one out of -- hundred Americans know whether I voted for or against bail -- okay.
But there are many -- -- -- he could affect millions of Americans were feeling.
The impact of this incredible.
Scenario which you if you -- novel nobody would read it I mean this is incredible housing bubble that we created with the complicit.
Behavior of congress people like in all due respect congressman frank and senator Dodd and others that are now.
In charge you put out of my -- think of a life I think it was unconscionable.
That we would really put so much pressure.
I'm the industry -- prop up Fannie and Freddie to them and encourage them to be.
Engaged in this reckless behavior I don't know anybody that disagrees with that and -- -- Reaction throughout but now you're -- mortgage relief for helping the very folks and I am deeper look I have always been for.
A thing that we did in in the depression in the -- -- ownership homeownership loan corporation.
I get these loans I understand that city is doing something like that now they buy up these these home mortgages and give them back to people at rates they can afford.
-- your response to that is what about that person and family who are making their payments.
What is their home value gonna let that be affected if that house -- stores empty.
Okay has -- already been that's in the markets right yes so we got to stop.
We've got to stop the slide in home values so that we can stabilize it.
And do a lot of other things now but certainly.
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