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[0:00] ..." We're speaking with senator Judd Gregg was on the Senate banking committee thanks for being here on WBZ what do you think the chances that -- the house can get some votes"...
[1:00] ..." one of the with things that people universally seem to like about the Senate version of the bill. Including several house members that we spoke to is the FDIC. Capped at 250000. Dollars that the raising"...
[2:05] ..." Well bill passed 93 to something or other in the Senate and I treated to or something about. A month ago which had all this language in it and and if it's basically the tactics and their languages a lot of taxes that are deductions that are about to expire that are important for people for example they are -- tax credits for wind and solar tax credits and if we don't pass this bill twenty million people will be it was the alternative minimum tax and that was never the plan that was -- the attacks on millionaires not basic ordinary Americans. Especially to CME's -- we"...
[3:58] ..." to be attached to that bill in order -- to start in the Senate and we want to go first to show that there was support for the recovery."...
[4:09] ..." being asked to pay 700 billion dollars in essence to bail out Wall Street that this might send the wrong message to them that they might not get the political -- that you're going to create"...
[4:22] ..." people are outraged because -- they were paying seven billion dollars below Wall Street which is a gross misrepresentation. Of what's happening here practice totally inappropriate to make that statement because it's totally factually inaccurate. What's"...
[0:00]" We're speaking with senator Judd Gregg was on the Senate banking committee thanks for being here on WBZ what do you think the chances that -- the house can get some votes behind the scenes this morning to bring this up for vote on the Florida because they said they don't have the votes is not going to come up for debate on the house -- all."
[0:16]" Well first -- it shouldn't come devoted to don't have the votes that's the proper way to approach this. I presume they're going to have produced in goats they saw what happened last time that sailed past this which -- one point two trillion dollars in American wealth was lost including lot of pension funds siren for a one -- to tremendous hits. People about to retire really. But threw a scare factor that should have been put put through. And it's very clear that it that would happen again that this package were to go down this. The markets would tumbled dramatically again and -- because the simple fact is that this goes down in. Credited going to draft around Americans -- virtually impossible by car. Paid make payroll just as little things that if people do was by using credit."
[0:59]" Senator one of the with things that people universally seem to like about the Senate version of the bill. Including several house members that we spoke to is the FDIC. Capped at 250000. Dollars that the raising of the cap I should say. But isn't that something that the Bush Administration could do we -- without this bill."
[1:20]" Actually know that that it does take legislative. Authority to either raise the cap in the way that we're raising it it's a one year increase and I think it's very important because it means that people won't have to move their accounts around it you know small businesses get up 200000 dollars and then after opening another account. To cover payroll for example to cover paying for their inventories. That's especially affects the small business person the main street merchant for example so it is important that we racist caps of people can be comfortable that when they put their money in the bank it's safe it's insured by the federal government."
[1:51]" Let's talk about the sweeteners or what some on the hill are calling that the piglets. The port that was added run for the Virgin Islands wouldn't -- heads for kids race track money. What's this all about."
[2:05]" Well bill passed 93 to something or other in the Senate and I treated to or something about. A month ago which had all this language in it and and if it's basically the tactics and their languages a lot of taxes that are deductions that are about to expire that are important for people for example they are -- tax credits for wind and solar tax credits and if we don't pass this bill twenty million people will be it was the alternative minimum tax and that was never the plan that was -- the attacks on millionaires not basic ordinary Americans. Especially to CME's -- we have both couples working. Some of those -- smaller items some are probably not justified but some are just by frequently arrowhead this total misrepresentation that's been unlocked for years years years -- an attempt to avoid having the boy scouts were made by -- up having to -- attacks."
[2:52]" Why attracted to this very crucial bill doesn't it almost diminish the the gravity. Of what's facing the nation right now by adding these small things."
[3:01]" Well this isn't a small saying that the tax packages a very large tax package with the big items in it being -- tax credit not making peace so people who -- the -- Shouldn't be paying it don't have to. -- wind and -- deductions and other -- such as the big package it has passed the -- we have to pass before we -- And we're about to -- and -- it was a logical vehicle and because of the constitution of course the -- cannot start -- revenue item under the -- under the constitution therefore when we do something like the recovery plan which has revenue -- in order for it to be effective as it starts -- has to be attached -- house bill which -- revenue -- is -- the hospital. This -- the revenue bill that we knew we -- past -- senate. And it's passed the house is different form but it's got vast support and almost. Unanimous support and so we attached of that sort. The first tactical reasons had to be attached to that bill in order -- to start in the Senate and we want to go first to show that there was support for the recovery."
[4:04]" I see what you're saying but aren't you concerned that given some of the outrageous the American public that that they're being asked to pay 700 billion dollars in essence to bail out Wall Street that this might send the wrong message to them that they might not get the political -- that you're going to create more anger."
[4:21]" Well. I guess people are outraged because -- they were paying seven billion dollars below Wall Street which is a gross misrepresentation. Of what's happening here practice totally inappropriate to make that statement because it's totally factually inaccurate. What's happening here is we're going to take 700 billion dollars -- going to buy assets for the American taxpayer. At some point we're probably gonna resell those assets which -- called mortgage backed securities and we're probably going to make money for the American taxpayers of this effort is probably not going to talk -- American taxpayer anything. What is going to cost the American taxpayers something is if we do not act. Credit walks up and main street is basically shut down that if you want to talk about serious cost American taxpayers that's -- hit talent portion there's been a lot of misrepresentation a lot of lot of hyperbole. A lot of aggrandizing and of this issue for personal reasons that people had but the -- fact is this proposal does not cost a whole lot of money may not cost any money may make the taxpayer money but if we don't do it the taxpayer and America working Americans are going to be just -- going to be disruptive fundamentally."
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