Rep. Kucinich Rejects Bailout Bill for Second Time

This is a rush transcript from "America's Election HQ," October 3, 2008. This copy may not be in its final form and may be updated.

MARTHA MACCALLUM, HOST: Let's go to Dennis Kucinich, who is standing by on Capitol Hill as well. He was never in favor of this bill.

Congressman, welcome. Good evening. Thanks for being here.


MACCALLUM: Are you concerned this bill is going to leave us in worse shape than we might have been otherwise?

KUCINICH: Yes, because it didn't solve the problem. And I think that's probably why Wall Street responding the way that it is. What we should have been doing is addressing the massive foreclosure problem that exists at the grassroots of the United States, and do something about that.

Video: Watch Martha MacCallum's interview

I advocated that we get the treasury or another government agency to buy controlling interested in mortgage-backed securities and then do workouts for the millions of Americans who are in danger of losing their homes. That would have helped to prime the pop (ph) with the economy; money starts percolating upwards; that and a jobs program. We have 760,000 people out of work. That's the kind of thing that gets America going again.

What we passed is wrong. I mean, and the market seems to be agreeing that that is wrong.

MACCALLUM: So, what do we do now? What are you going to do now to try to fight to make sure that this program works as best as humanly possible?

KUCINICH: Well, you know, that's a big order. I mean, you got the treasury secretary who basically is going to pick winners and losers. From a capitalist economic standpoint, this thing is the dumbest thing I've ever seen. It actually destroys the idea of a free market economy.

And the treasury secretary can pick winners and losers to reward speculators, bailout speculator from all over the globe. Come on now. America needs real help now. And we can get the money moving at grassroots by focusing on housing and employment. That will help us. We should be able to get a bipartisan consensus on that.

MACCALLUM: All right. Congressman Kucinich, thank you very much for joining us this evening.

KUCINICH: Always a pleasure. Thank you very much. Thank you.

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