Bachus on the Bailout

" August joins us out of Birmingham Alabama and takes -- I guess partisan it's this push back on the giving rights on some of these countries and their ministers. Are quibbling about whether it just throwing a lot of money at a problem solves the problem what do you make it."

" I don't think -- option problem in fact I think it makes it worse. You know America is about competition. And if you put capital and a accompanies it should change. You're rewarding failure and you're really taking capital that could go -- companies that are. Doing well. And it to me. That there are several things wrong with what we're doing. Want it as I said we're rewarding failure and punishing success."

" Combination of that argument though I had fair I understand artisan but the argument is -- the the president said this it was apparently opened this on sort of not auto bailouts but maybe making it easier to get loans. On. Is that still objectionable. To you or are or what would you say."

" Well I think the American people and then a lot of people in congress including myself have bailout for T. We want to know where this will end. Now there's another problem and that's a fairness issue. First that the grassroots mail. People who are making fifteen dollars an hour and 25 dollars an hour are saying why should my money ago. To prop up. Wage -- our company -- page -- wage earners 75 dollars an hour shouldn't they make the concessions want Iraq have to make the sacrifices. So you've you have a fairness issue now you also have fairness issue. They goes for GL men and Ford and Chrysler and that's if you do it for the financial firms. Why would you do it for the auto firms. And that's probably why we're considering this in fact but you know where does that AM didn't believe we really need an action sure at a -- here because."

" Don't have much further arms I didn't I we we don't have one we don't have one and and I know part of the White House is. Four point plan is to identify how we got here most of those nations I think couldn't tell yet and and furthermore. They have no idea even how to address that they sharp divisions over whether you provide more stimulus where you provide these huge sums of money to. Bailout whatever of this beleaguered industry is sure. It was reason enough for Gordon Brown a liberal to say that it is this socialistic than that concerns them when you make --"

" Black -- in fact I think we're going towards social. Socialism in this country. Now what we're doing is we're taking away from people who are doing well and and have live within their -- and we're transferring that. Two of to people who taken too much risk has taken too much debt. And I thank you don't nailed to a three years ago. We were saying this country's going down the road who were borrowing too much we're taking too much risk. And we're live on above our means are beyond our minds. Now we're talking about you know the government borrowing money and throwing out there to encourage people live up to us band. And what we need is savings would not not spending and I know that that. Everyone is saying get the money out -- give them consumers he spent. But ultimately we've got to save and I'm not sure you just don't kick the can down the road -- forward."

" All right but do you think the signal is here that we're going to. Keep paying for cans and keep getting kicked."

" Well I hope this thing only as that in the case should G -- or Chrysler's. UA deadliest sit down with the management. And might come up with a right to a white two reinvent themselves. Addressed some of these ways issues they're not competitive in the global economy because of the way usually -- Yes they began to address that last year and yes one day they'll. Become competitive but actually say. That if we and I am I'm not saying that we won't. But getting them continuing to give them money when they're hemorrhaging money it's a risk to the taxpayers. -- only in my colon you want to expect to get it back and if you expect to get it back we better be asking. GM to and and all these companies. To change your ways now with the banks they had stopped making. Loans they had stopped making some of the sub prime loans."

" Okay my congressman thank you bet I understand I don't -- a little at a time your -- thank you."