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[0:00] ..." We're talking with Boston University professor Cornelius Hurley a former legal counsel to the Fed board of governors. About plans for a possible auto bailout know whether they seem to make sense to him when looking at"...
[0:37] ..." this -- sit in that process we've missed one and speaking of Lehman Brothers that probably was. Too big to fail and by big I don't mean to date I mean complex are interconnected. So but I think we got to step back and -- from a national policy perspective. Whether it's financial institution or even an automobile manufacturer. What national best interests are bound up in what institutions and what industries. And try to deal with that on a I'm"...
[0:00]" We're talking with Boston University professor Cornelius Hurley a former legal counsel to the Fed board of governors. About plans for a possible auto bailout know whether they seem to make sense to him when looking at the big picture."
[0:14]" I think we shouldn't. Treats. Too big to fail like like. You know we have. Identified. Several institutions through our policy actions over the last so the nine months. The 69 months. As too big to fail without really articulating why they were too big to fail. And did that this -- sit in that process we've missed one and speaking of Lehman Brothers that probably was. Too big to fail and by big I don't mean to date I mean complex are interconnected. So but I think we got to step back and -- from a national policy perspective. Whether it's financial institution or even an automobile manufacturer. What national best interests are bound up in what institutions and what industries. And try to deal with that on a I'm looking forward basis rather than continuing crisis a crisis that is."
[1:13]" You just brought it up I have to ask you about it your opinion of any proposed. Bail out of the auto industry."
[1:21]" Well I would I would feel better about that is the leaders -- auto industry who won me. Appeared before congress last week had brought with them and there. So pocket so letters of resignation. To -- It seems to me that. Making four billions of dollars of taxpayers' money. -- capitulation events. And I think the good faith should have been comfort company. Tendering -- of resignation what are we that was accepted or not. There is another matter. I think before we go forward now I think pop. Possibly this is what president elect Obama -- looking for -- it when he asks for a business plan from these companies I think that's part of what he's looking forwards. What is the management that is going to lead us through into the next --"
[2:14]" What do you think about former governor Romney's. Assertions that -- publicized threat. Rather extensively in the Detroit -- that maybe it's time for somebody to fail up there."
[2:24]" I think I don't normally agree with governor Romney but I think in this case. Probably don't know."
[2:32]" You think that that will sort of shake things up then and an an an and redistribute the market."
[2:40]" Let -- too -- to the extent of the same players are in place place -- perhaps. A well timed. Failure of an institution. As opposed to handing the same management. You know billions of dollars to pursue. The same failed strategies. Probably. Preferable route. Obviously that's used to be got out before hand that you can just you know throw to the winds but. I think a modified failure. Probably used would. Mike Mike -- the right message."
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