Get Adobe Flash Player to see this content.

About This Video

Just Jack!

Title:

Just Jack!

Published: Tue, 30 Sep 2008

Description: Jack Kemp on the bailout!

-

Automatically Generated Transcript (may not be 100% accurate)

" How come you see so clear from the west coast in the United seeing it or release or you're on the west coast."

" Oh you -- I'm army in Washington that got back to my large -- second birthday Lal. Patents -- I see it. How could he sees a clear the Republicans still. Well you know I think this 700 billion dollar appeal quote unquote display headlines every single day on every radio -- you know. And I'm not accused anybody -- bad faith. But when you say something like 700 billion dollar bail out quote unquote over and over and over again people say what my tax money is going to bailout. Wall Street. If it in my opinion it is not a bailout -- rescue mission. Two stabilize. Value added that. So that we can began to recapitalize. These banks better under water -- the price. -- dollar of stock in the Wachovia it one day. And one day. Went from twenty dollars. A share to one dollar this year."

" But but that is the fault of over lending by a Wachovia what they deserve to fail when they do that."

" Now your ears -- Answered. -- I don't mind failure are clearly if you're gonna succeed you've got to have failure and marketplaces that you and I both believe them. But when everything is is that is falling when the whole value of our financial structure is hemorrhaging. And the credit markets had been shut down and you lost literally one day yesterday it was glossed over a trillion dollars of financial capital. This -- ability comes in the perspective -- So EU we have no investment banks left Goldman Sachs and Morgan Stanley have both converted from investment banks -- commercial banks. The government has taken over Fannie and Freddie which is half of all the market paper and it actually took America. We've had to bail out Bear Stearns to 1028 billion the government today 80% say she."

More Videos From FOX News

The End of Wall Street

The End of Wall Street

The era of investment banks is over.

Video|Tue, 23 Sep 2008|More from Tom Sullivan
|Fannie Maefound at1:19, 2:08

Guaranteed no actually act I -- corrected because lived up Fannie Mae and Freddie Mac R&R GS -- equivalence. Government security equivalents and they everybody and anybody in the investment business news that those were not. Backed by the full faith and credit of the United States government they are now but that wasn't that wasn't the way they were marketed.
because they were the only one of all of the Sallie Mae Fannie Mae Freddie Mac all the groups that came along. That had a government guarantee their government guaranteed loans everything else. Was -- implied but not. It was never written in fact we were required in the investment business to make sure and disclosed this is not guaranteed by the United States government.
Wall Street in Crisis

Wall Street in Crisis

'Journal Editorial Report' panel on what's behind the crisis

Video|Sun, 21 Sep 2008|More from News
|Lehman Brothersfound at0:23, 1:49, 5:19

The Journal Editorial Report I'm Paul -- Wall Street plunged deeper into crisis this week as anxieties about the stability of the financial system sent stocks on a roller coaster ride. The week began when Merrill Lynch the world's. Largest brokerage selling itself to Bank of America on Sunday in a last ditch effort to avoid failure that was followed by Monday's news. That the investment bank Lehman Brothers had filed for bankruptcy. And on Tuesday the US government extended an 85 billion dollar lifeline to crippled insurance giant AIG. In the hopes of avoiding a broader financial collapse that late Thursday. The Bush Administration asked congress for new money and new power to buy ailing securities from financial companies as much as 500 billion dollars. Here to tell us what's happening why it's happening and what we might -- acts. Wall Street Journal columnist Mary Anastasia O'Grady assistant editorial page editor James Freeman Washington columnist Kim structural. And senior economics writer Steve Moore Mary.
they say. -- to the entire financial system exactly and because Lehman Brothers went bankrupt that's a perfect example of a an institution. That. Now is affecting other institutions in the system because I trade
can't fail without. Destroying the American economy. What we learn from the Lehman Brothers failure is. One of these banks can fail in life goes on in the case of AIG they could have raised twenty
Journal Editorial Report, October 11

Journal Editorial Report, October 11

Journal Editorial Report, October 11 edition

Video|Tue, 14 Oct 2008|More from Politics
|Senator Obamafound at13:18

Country. Senator Obama said he was just a guy in the neighborhood. We know that's not true. We need to know the full extent of their relationship because of what they're Senator Obama is telling the truth to the American people are not.