Thaddeus' Take

" Thankfully. We have. -- representative that is McConnell went back to discuss all this -- out nation. So I'm so glad you could join after the first thing we got it on if this holds in bankruptcy and no you can't comment on it summit -- right you."

" Well thank you --"

" First thanks for having me on I heard the word -- I assume Cody is with you. Not say exactly that happened Cody -- of course you see there. Carr's great to see. -- her -- maybe. If we need to get your thing what they wanna go ahead please. Thanks the win Michigan have -- optimism tempered by concern we have a clear sense of where the destination for Chrysler and GM is. We also know -- our road ahead as you know following this Tracy. The auto companies have had job losses announced the dealerships have been announced closures we've seen supply -- getting smaller by a lot of the job loss has not actually occurred. So while we're looking forward we believe that the companies meet the challenges allowed to meet consumer demand. We're also very concerned about people who are still going to lose their jobs. --"

" I don't think happy -- the right word we're very realistic about and we're determined to make sure that these companies survive. We wanna keep people employed and we wanna make sure the taxpayers who repay. We understand it's going to be very difficult. Was in store consumer confidence and make good products. But we're prepared for that so it's not really happy it's just we have an understanding where we are we know we have to move."

" Cole Benoit and initially bill for those. Vote for most of those bailouts that -- that permeated his belt but today but -- the ones for. They auto companies that basically kept their shareholders afloat for a few more months -- 4050 billion dollars. Of money and I guess the question bit. That that the question is here. We've already lost hundreds of thousands of jobs despite that in the auto industry. And now you're telling us that even that's even with all of these bailouts and taxpayer infusion of these companies were still going to lose yet more jobs were. For half million down to a 100000 already what. But we're trying to keep some of these jobs in this country."

" We weren't as we've talked about before -- the problem has always been. To try to get the company's to a viable future through restructuring some of that occurred prior to the meltdown the credit markets. Lot of it has occurred since the -- bankruptcies prepackaged bankruptcies in many ways it occurred. But to get to those marketable numbers to get the viability the companies have gotten smaller. But the question I've -- the loans not -- who have lost entire domestic auto industry much of supply chains with the exception of four and obviously. But that type of damage again as we've talked about would have been over 200 billion dollars referring to Moody's and cost the taxpayers that again would not have been in the form of loans from the forms of expenditures."

" Along -- stepped in bought those assets up for pennies on the dollar and started growing those companies and adding more people to the factories. Because they wouldn't have the legacy costs in the latest feed bankruptcy. That that can change that keep them battle now. -- the legacy cost issues is."

" that the has been very painful for all involved white collar and blue collar workers in fact even after the bankruptcy which is our people adelphi. That are worried about their retirement -- seeing members of organized labor that have worked with the companies that have lost their health care and have nothing. So what we're starting to see is when you see these companies and talk about legacy costs to talk about people who worked a lifetime to -- something. And the companies do not provided they will then be put on the social safety net where. That we'll have to be provided for them although obviously it less cost but certainly a higher cost you --"

" All -- auto companies are in the toilet front you know Toyota Hyundai you name it. For actually doing relatively okay -- basically all kind of right now aren't letting level playing field. By the US autos now out of bankruptcy get going through bankruptcy they relatively cleaner balance sheets and they have position com through this you think come through this on top -- very honest I'm looking cars. Not to say I'm looking at some Americans never thought I'd be saying that. But aren't you think representative that they can they can really pull this off and honesty."

" I think they can but I think the outstanding question for both Chrysler and GM is saying that if you rightly point out raised you affects all the car companies. And obviously affects every business in America is what's going to happen with in this economy. Is this economy going to be allowed to -- the American people to -- itself back to a resurgence or is government going to commenting continue to take policies seem to retard the growth. Of the economy and actually deepen the recession. The key to the car companies -- Chrysler GM Toyota Indy car company is moving product off the lot and this economy with a Credit Suisse still continuing and not tightening. You're seeing people be unable to afford cars even if they feel comfortable enough in their own economic position to buy one. If they'll start to move up a lot these economies -- very very hard for all carmakers especially crisis here."

" Brings us anything that that's part of the reason I would. Our resident passes Cody non -- have had an effect backhander that. Myself did you don't resent -- that you have represented -- do you. Acting like to use. It basically you just said get me. This adds up."

" No no I don't think we do -- wide. The old saying is absolutely true very wise two wrongs don't make a right. What we're seeing is a fundamental belief that the president has expressed this. That only government can get us out of this situation. With that traps them into was -- have the government spend our way to prosperity that's not going to work no sound economy is built upon government spending. Ultimately the prosperity United States comes from the taxpayers comes from workers that comes from employers that comes from entrepreneurs. The more the government tries to work on the faulty premise that only the government can help make you employable or can only help you grow your economy. The worst are going to see it becomes -- situation where you're having dug a hole they're going to now try to get a second shovel dig even deeper that would be a poor decision to make."

" that's just it didn't you mentioned digging that hole and you don't want to get deeper and things that -- hit on theirs this is where if we're going to have yet another stimulus package. It would indeed be the third outright stimulus package that was the 160. Billion dollars of the Republican regime. And it was in power borrowed from my grandkids in order to prop themselves up into the election just in 2008."

" He talked about that. Political one not a fundamental difference Ryan Wright actually disagree with you on the first round is done under President Bush and a democratic congress bipartisan support. To me that's actually that was allowed to the American people to keep their hard earned money in the pockets. The problem that made it after regardless of the government didn't come along with a company spending cuts. In government and in programs and appropriations to match it. That is why I supported that is his allowing people to keep their money problem we're seeing now is you're not talking about people keeping them money at this point -- about more. Expenditures for the federal government did just spent in a rush job. It trillion dollar stimulus by their own admission this administration has not worked. And the way I look at this is quite simple you now have a salt marsh harvest mouse that is received sixteen million dollars to protected. As you guys now Steve Austin with a fully -- out of man and the only cost six million dollars that's what's happening now is who. We're not creating jobs now we're growing government it was a government stimulus bill. And goes back to what we talked about they believe only government can make this better I believe that the exact wrong approach and we're seeing the bitter result of that now."

" Every minute of what -- counts as a pleasant -- news -- well or is that. I'd GOP strategist actually also worked on that -- and a presidential campaign writes. We were -- letter writing goes."

" Oh well -- I -- yeah actually end it's more that you aren't and it involves the grave and gathering today as well. Your governor is that your governor -- supporting this talk another stimulus. And it is so why."

" Well first -- let's be fair what presidential campaign for Republicans to go well last year. Secondly in terms of my governor. She is not at least to my knowledge is not contacted me personally about the support or opposition to a new stimulus. But what you're seeing out of governors generally across the country is understanding that the last one. What they really government's stimulus bill in many ways to state package designed for them. You're gonna see governors want more money. That's what happens that's generally what will happen I expect that to happen but I can't say -- passivity. Whether my governor's going to do this and fact -- I know from living in Michigan but we've seen there is money from. The stimulus package that went to the government then being diverted from things such as Medicaid to plug other holes in the budget that actually nothing to do with -- intended purpose. Indeed even the intended purpose was not to help create jobs in the United States for real people work."

" Got the health care plan that's on the floor right now."

" I've been fascinated by this because I remember that in 2008 we were told by the Obama administration that they were never going to tax people's private health care. Plans -- is that back on the table. We see that we're told we have to take on special interest and yet they will not take on the trial bar. Well I think that we're going to start seeing through their attempt to put a government monopoly into the private sector provision of health -- your legacy costs go up. You're going to see quality go down -- you're -- jobs -- her as a result of but we have to do in this country decreases supplied health care we can do things immediately -- will get the government out of the constriction of healthcare allow people to be consumers allows to be patient driven. But instead of your goals of the United States federal government and inter Korea political competition. Within this sector. Like so much and so this -- seeing the stimulus this sounds good up front when you see the details you see it implemented you have the exact opposite well."

" need to increase supply say we -- a 160 billion dollars back that you guys use for a quote unquote. Stimulus package that obviously didn't work as we still have 10% unemployment just. Fifteen months later you wish you a 160 billion dollars back that you just -- that we were talking about the rough reference in there earlier with the with the -- aspect of 2008 because you know that money could have been used here."

" My argument that -- would be it doesn't come back to the government it came from those people originally through the -- of their -- their hard earned efforts of the government taxes from. For the government to give them to actually at that point in time and it was -- appropriate because of the first things to do that inspire consumer confidence to get this kind of removing. It's -- people's family budgets be more stable of them have more sense that there. -- comes going to remain in their hands as they go through very difficult time which are also missing is that in the interim between the two. Stimulus that -- what you saw was a fundamental meltdown in the American credit market. -- threw everything off. Caused an enormous problem deepen what Michigan was RD reception borderline depression. Caused a great recession throughout the country. So you have to have the intervening event to judge. To go back and judge the -- without an intervening event is wrong I think to say that it's government money and somehow people get to keep it in our week at our whim it's absolutely accurate way to you actually think. That they set a five dollar check to people we did follow it through -- now we return tax return five punt return 500 dollars of that money that it not hanging them in the first place I. We're coming worry a little make sure that you get on the mailing."

" I think I -- and accurate I have to at least applaud your efforts I think you are trying very hard to keep. The government out of most things and I know that your kind of one man show down there when it comes to that because that is so. Somebody else seems -- they should get their sticky fingers everything else but what I've got an assailant as you question data sources executive vice president of got -- government relations."

" Did it I have represented -- you know we talked about all these areas now that the government is saying and the government wants to try to regulate it over regulate hedge funds all of a sudden they're gonna get that hedge funds. Business that hedge fund didn't take any more money -- it. Funds is not what closed this banking. Institutional breakdown at the bank itself so why are now gonna try to blame it on the hedge funds and try to over regulate hedge funds. "

" Well first let me credit Tracy for one before Rolling Stones reference. In a remote -- last year remarkably drafting right one of the fundamental problems of the way Washington works is where you have a specific problem that needs to be addressed. They tend to over broad -- in the punish the innocent. The fundamental meltdown in the credit markets was not caused by the hedge funds and we're going to do is if we expand that that. To punish people who did not cause the problem and interfere in the way that credit is created the way investment comes the United States. Or let alone is operating within the United States we're gonna just actually deepen this recession."

" Representative imaginative. Not punishing. People who didn't cause this how about we start punishing the people did cause this I always have to wonder. What are you guys going to go prosecute Ken Lewis the liar who's ahead of Bank of America who looked us in the -- repeatedly. Throughout the -- quote unquote crisis and told us his balance sheet was great. When indeed he needed 45 billion dollars just to make payroll."

" My my colleagues got here from New Jersey a signed his letter that -- sent to the administration demanded we have hearings into what happened with the VOA Merrill Lynch merger. We really need is a fundamental review what went down. Within -- caused the meltdown the credit markets who is responsible and what kind of culpability there is not only to the taxpayers to see if there is any criminality. Obviously we're not going to sit here accuse anyone of that without this country's about oh we do need is an honest investigation by congress to learn. Not just what we did wrong for the purposes of punishing individuals or. Or that may need punishment for news service. But what you wanna do is make sure that you learn from the lessons of the past and greater regulatory system as you heard. Here earlier doesn't punish the innocent a lousy economy to move and fixes the problems that put us here today."

" So I said we -- you for a very long time and then you gotta run by album -- you can you. Address the corporate tax issue we have one -- I -- just -- corporate tax rate in the world next to Japan. Lowering the corporate tax street would make a world of difference to our financial system -- really patented dual lack of a lot normally stick you know -- Anything to lower the corporate tax credit that we would increase job growth. Why don't -- hear enough about that down."

" I think you look at the political difficulty of there's two things one the president has said he wants to look at lowering the corporate tax rate -- close political loopholes in short what he means is no change. As Ronald Reagan taught us corporations are not taxpayers their tax collectors because their money is earned from the marketplace from individuals. We have to make the case because it's a true case there -- corporate tax relief for her not only do we get investment the United States not only -- we get economic growth. But what happens is that's a relief to the people he has the goods and services of those corporations because the cost than was originally passed out for taxation is now lower. Which means what they're buying what they're using is possible also be lower if not just the tax relief for corporations that becomes tax relief. And spending relief for the average American consumer."

" Part and just don't targeted to specific industries he got no problem for me about the across the board of all businesses I want everybody I know. Equal playing -- no no tax deductions and I got a boat that's taken Botswana you name it."

" Well just keep up one honey does that add any tactic -- this thing now opening where. And that he's got to thank you so much time and today it how about an alcoholic I love that I love the rulings that. Different but yeah I. --"