Tuesday, October 7, 2008

Question 2

Oliver Clark (young black man): What does the bailout package do to actually help people out?

JM: Not bailout, but rescue... WS greed and DC caused this problem for Main Street... I suspended my campaign to go back to DC... catalyst - match that lit this fire - FM/FM (!!!)... HOORAY!!!! ... Lays blame at feet of Congressional Dems and BO... getting money from FM/FM... BO getting money from cronies at FM/FM... 2nd biggest recipient... Fannie and Freddie were the match that lit the fire, and I called for change and others took a hike

BO: Talks to Oliver about the credit crunch and how it affects the economy... Correct Senator McCain's history... big problem was deregulation of the financial system... I said we had a subprime lending crisis two years ago... I wrote letters (you're a Senator, Senator, you legislate, you don't write letters)... deregulate, deregulate, deregulate... this wasn't McCain's bill; he just jumped on to it a year after it was introduced... You're not interested in politicians pointing fingers (like I just did!)... authority is there for Treasury Sec'y to get moving on the credit crisis

TB: Are you saying that the economy is going to get worse before it gets better?

BO: No, even though I just said it would. Lots of airy talk.

JM: Depends on what we do. If we act effectively, stabilize the housing market, get rid of the cronyism in DC so that we can act more effectively. I'd like to show you a letter I wrote with other senators (Sen Obama's name isn't on it). We have the best workers in the world, we have to give them a chance. They are innocent bystanders and we have to help them.

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