Congressman DeFazio: We're Going to Be in the Repo Business!

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Congressman DeFazio: We're Going to Be in the Repo Business! Video Clips. Duration : 4.98 Mins.

We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Best Auto Insurance Companies . September 23, 2008, US House of Representatives. Congressman Peter DeFAZIO [D-OR] says NO to welfare checks for Wall Street. TRANSCRIPT: Mr. Speaker, 2007 was a great year on Wall Street, 2007, bonuses of billion to themselves. Secretary Paulson came to us just having received a million bonus from Goldman Sachs, came here to the applause of the Wall Street elites and others. His first crisis was Bear Stearns. He bailed out Bear Stearns, or he had them acquired with Federal guarantees. But he said, don't worry, the fundamentals of our economy are sound. Then along came Fannie Mae and Freddie Mac. He wanted Congress to give them an unlimited line of credit, but don't worry, it's only a crisis of confidence. Their fundamentals are sound. They probably won't even need the line of credit. Congress went along with that. I voted ``no.'' The fundamentals of America are sound, he said. A month later he had to take over Fannie Mae and Freddie Mac, unprecedented, accumulating maybe trillion of debt onto the books of the Federal Government all at once. But not to worry. We'll work our way through it. The fundamentals are sound. Then came Lehman Brothers. It's just one firm, he says. Let 'em go, let the market work. Our fundamentals are sound. Two days later AIG, a big company, a lot of money in insurance, annuities, other things, too big to fail, broke a 50-year precedent, put Federal money into an insurance company. But not to worry, this is just a little blip. Our ...

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