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Just Jack!

Title:

Just Jack!

Published: Tue, 30 Sep 2008

Description: Jack Kemp on the bailout!

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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."

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