Spurring Investor Confidence?

" Okay I'm proposing that the Federal Reserve. Be granted new authority and accountability. For regulating the bank holding companies and other large firms that pose a risk to the entire economy in the event to fail."

" Arnold the president laying out his rules of the road as we've been -- about clamping down today. On the nation's financial system -- he says it's going to spur investor confidence my next guest of -- the opposite. Republican -- Scott Garrett a member that the financial services committee. Congress and what do you make of that that this is a way of kind of streamlining what we've got and making everyone more accountable when -- that."

" Well it's good words I think that much of what he said both Republicans and Democrats would agree on we want to have more accountability you want to have more transparency. The question is how you get there and unfortunately wants to begin reading -- document you realize that basically he's stuck on square one -- that is he's stuck on the philosophy we're gonna have. And in statute and a law perpetuate the bailout mentality that we've had in Washington over the last year. And we're gonna have more regulation more government to try to solve the problem and putting taxpayers on the hook and into perpetuity and that --"

" Let's -- another rap against Republicans that you guys haven't come up with a new smart and you say rely on the system and instructors we have now. But many -- those systems and structures failed they failed. The average investor today to help the average. Bank stockholder the average bank deposit -- the average mortgage holder so your solution. Is no better."

" Well actually we we we rolled out a plan we can go Thursday's that we are actually ahead of the game ahead of the curve with regard this administration rolling out a multi point plan on how to addresses -- question. If that this that we agree that there are problems in the marketplace -- need transparency and accountability. We shall we say. Let's draw a line in the sand and say all this idea bail -- in the past has got to -- going forward. We don't need a resolution authority like the president talks about where you're gonna continue bailouts we say allow the Bankruptcy Courts to hand."

" A little I didn't -- that we I know this wasn't your mobile why didn't you say that last -- then when. President Bush was looking at these same balance these same rescue as many in your party -- right along -- that narrowly right off the cliff."

" Down around unfortunately many of us my party did as you know I was one of leading -- charge in the other direction against the president's thing that we cannot do -- did not -- TARP one -- 2345. Border up to. We were saying that the president was leading us in the wrong direction and the poll numbers in the November elections -- showed what the American public agreed. But the problem now is -- that Obama has bought into so much of what President Bush was doing it that the bailout idea to say that the government can be the solution. -- say that more regulation of the things I've regulations regulations that -- banks. Which didn't solve the problem they want to extend the rest of corporate America and hedge funds for the that they can solve the problem for the banks whether they think it's -- and an area. That didn't really."

" You you've bottom -- I was giving it another layer regulation or another let's -- consumer protection watchdog agency whatever they're calling it. Another that would be in charge of handling Nextel if and when one comes -- is just Larry and -- on right."

" It's doing two things one it's layer upon layering and actually could be doing more harm than good if you've -- this consumer financial product safety commission that he wants to set up that could. All the bankers all the experts say that's going to bring more problems that separate the two functions just so many problems whether our congressman thank you."