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-- GOP colleagues including House Minority Leader representative John Boehner voiced strong opposition to what the president is suggesting in terms of backing this.
What you think is the resolution.
Or the prop up or the solution to a problem that frankly you really know if existed a hundred.
Alexis I think what we need to do now is take a deep breath and get all of the information on the table after all what we're talking about.
Is potentially exposing the American taxpayer.
To an additional five trillion dollars worth of -- this isn't a small issue remember the senate just took this -- up yesterday morning.
We will meet in the house with chairman Bernanke today.
Which I'm extremely grateful he'll be there.
But this is this is not a small thing this is a big issue if we ask the American taxpayer.
Traditionally exposed themselves to five trillion dollars -- breast.
I think this warrants a little bit of hearing and vetting before we put the taxpayer on the hook for that kind of money.
You know congressman cleaver we were just talking to some economists from across the country our professors at different universities.
One of -- and said.
And she is she into congressman -- point listening and we're talking about five trillion in in underpinning of the of mortgage assets.
But we're not being told from either Paulson or Bernanke how being the losses on those portfolios are -- You -- need more transparency.
Before the American public can support a move in congress.
Well there's no question we always -- the highest level of transparency but look what we.
We've got to created an atmosphere in this country where people have some confidence.
In the financial management.
Office -- spending.
And also the ability of your -- congress to step behind -- there's an implicit.
Agreement has been for quite awhile now about forty years.
That the government is the -- We we need to declare that again of Fannie and Freddie.
Or really going to get.
About to a quarter of billion dollars.
A lot of credit line right.
And then that's as anything going to say too many of the consumers around the country.
And and then the constitution that does that it is they are solvent.
Yeah and you don't that is the level of confidence what he is my concern about this you know congress back from -- -- -- Bachmann might let me ask you about this mean.
My concern is there was all the talk about whether or not the -- -- bailed out there Esther and they say you know wasn't a bailout then they say Fannie and Freddie isn't a bailout scenario.
But there was this perception in the marketplace that -- another bank were to fail.
Or broker dealer that there would be support because the last time around it caused a major catastrophe.
There's a glowing feeling that if there is another problem the government may not be able to handle it because.
What were pretty good money to stay afloat here what how you respond to that.
Alex I think that you're putting your finger exactly on the nervous what the problem is because you're right it's an -- -- influence the timing on events.
When you look at Bear Stearns and the federal government and that really the taxpayers -- the backstop.
To a private investment firm then you look at Indy Mac and the FDIC have become and with indymac and potentially.
Other things that may pale in the coming months now you're looking for instance at Freddie and Fannie.
Where does this Soledad and the one thing that congressman -- mention is that there's been an implicit assurance that the American taxpayer would be the backstop.
For Freddie and Fannie that's part of the problem.
Everyone thinks that's -- the federal taxpayer will be the -- with the end of the day will pay the bill.
And the American taxpayers think look I mean having a tough enough time with my own mortgage buddy I'm having an up -- -- to problems with paying.
Four dollars a gallon hurt my guests -- why don't I have to pay for borrowers who were irresponsible.
And banks who blended when they shouldn't have been lending so I think it's important to always take into account the forgotten man.
And the forgotten man in this situation is that American taxpayer.
Who was not a part of these contract right but who is being brought in to -- the -- -- that's unfair.
And I don't think any of us believe that the forgotten man at the end of the day have to pay the bill for other people's mistake.
All right I apologize congressman cleaver no year wait until everybody that I apologize but unfortunately we have to go out wanna think it to -- so much for joining me this morning.
And not best of luck.
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