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Quite normal didn't -- recovery -- the third quarter starting where the second quarter ended.
With stocks falling on worries about jobs and housing and the -- for the big June employment report now the Labor Department reporting initial jobless claims.
Rose last week surprising economists who had expected a decline and President Obama keeps saying his policies are creating jobs but.
Former house majority leader Tom DeLay begs to differ he joins us now.
-- great to see you thank you for coming and so the administration said that -- stimulus plan was actually gonna keep unemployment.
At 8% -- -- -- of course that never happened.
But David everything they've done is it is designed to that drive down our jobs numbers.
Hurt our economy.
Let's just face reality real quick the reason we got in this mess is because of the government.
Greenspan and the Federal Reserve driving down interest rates which started the housing bubble Freddie Mac and -- and Fannie Mae.
Which completely unrestricted.
Going and now and making long -- -- people can't afford.
The government itself not enforcing its own regulations that's what got us into this mess now what is -- -- do over the last eighteen months more spending hired huge debts.
More government and they just pastor.
Health Care Reform bill taking over the health care industry here that passed yesterday out the house this banking regulatory reform which is not reform and all.
Is government takeover are banking system.
They haven't done one thing to create jobs -- driving.
I mean this is insane it's insane what they're doing.
You know congressman I don't know if you saw -- -- GE's Jeffrey Immelt made some very candid remarks to the Financial Times.
He's saying that new regulation could hurt.
A very tepid recovery he also had this to say he think we are pathetic exporter he also said we have to become an industrial powerhouse again -- you don't do this.
When government an entrepreneur awards are not in sync what do you make of those -- I think he's absolutely right and -- finally somebody is talking about our trade deficit.
No one seems to want to pay attention that trade deficits over sixty billion dollars every month.
That that -- having a huge impact on our economy.
And this banking reform codified as all the bad decisions that have been made since 2008.
Starting with the TARP program -- even puts tart.
And as a permanent fixture.
-- and the government.
And it -- controls.
And all the way down to it to meant that as saying what -- -- financial institution -- as salaries will be.
If it's just it's crazy it's it as -- say it's insane.
Well plus -- create seven new bureaucracies it's -- we're going to be spending nineteen billion dollars at Dartmouth bottom line though you know what the rhetoric is like the president.
Really -- -- up the rhetoric saying the Republicans can say no but they don't supply any answers of their own what are Republicans saying we do about.
Well the Republicans offered an alternative -- banking.
Reform bill they're saying get the government out of the way.
Do the things that are free market.
Instead of taking all the risk.
-- from the banks and the especially these large institutions.
Again institute a Chapter Eleven bankruptcy -- process so that they can fail.
One of the worst things that happened with Fannie -- -- Freddie Mac and Fannie Mae.
Was the government was is the last resort so they had no fear no Rios then they can do any thing and not worry about where the money's coming from as well.
What's happening right now so what do we do we do the same thing with this banking bill.
The Republicans are saying now let them fail.
Don't put the taxpayers a last resort set it up so that creditors and investors.
When these institutions fail and the worst thing is don't start over regulating mainstream financial institutions.
Does and and most important of all.
Is to reform.
Freddie Mac and Fannie Mae and there's no -- -- Freddie Mac you pay Fannie -- just the printing presses are.
We're paying for all that bad decisions get stale.
Former house majority leader Tom like good to see you sir thanks for being here.
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