Barney Frank: Here's The Point

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying in the second panel were Mr. G. Richard Wagoner, Jr., Chairman and Chief Executive Officer, General Motors Corporation, Mr. Robert Nardelli, Chief Executive Officer, Chrysler, LLC., Mr. Alan Mulally, President and Chief Executive Officer, Ford Motor Company, and Mr. Ron Gettelfinger, President, United Auto Workers.

For the full archived hearing video or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml

Barney Frank: "No, we haven't declared that no one can go bankrupt. We have a criterion. Is this of a magnitude that it will threaten the entire economy and particularly at a time of great vulnerability for the economy?

If we were at four percent unemployment, as we were in the Clinton administration, if things were going well, this would be a different thing to contemplate.

We have an economy already staggering both because of our credit crisis and problems in the real economy. Adding to this enormous disruption at this point would be an awful idea."

Category:

News & Politics

Tags:

• Barney
• Frank
• Congress
• Democrats
• Auto
• GM
• Ford
• Chrysler
• UAW
• TARP
• Economy

[slyfoxx7]

we need a constitutional amendment abolishing bailouts. if we go into a depression, so be it. i'm sick of subsidizing people who can't earn a living. myself and many others are at the point of just giving up and living under an overpass. just try to get your bailout when i refuse to work. the gov will then have to decide if they want to feed me, shoot me, or sell me into slavery. more and more americans already feel they're in financial slavery serving various special interests.

[buckiemohawk]

Barney you need to be in jail and indicted on your criminal intent. You let the American people down. You should be ashamed of yourself

[TheNostalgiaSpot]

@bigbluemik NPR? :P

[bigbluemik]

your right barney MSNBC CNN ABC are bias. at least we have one media outlet that presents the news fair and balanced.

[john51880]

Please vote for Sean Bielat!

[bambam8541]

@judyleasugar97 Why dont you answer my questions. How are YOU such a Fannie Freddie know it all? Have you been to Iraq? What think tank (specifically) do I draw my propaganda from? You just have to have common sense, personal responsibility and deal in facts because thats where you draw your opinions (deductive reasoning). Do you even have an education?

[judyleasugar97]

@bambam8541: Where do you get your information? Fox Channel? You draw from a Republican propaganda think tank.

[bambam8541]

@judyleasugar97 I guess George Bush is a GENIOUS! He fooled everyone in the world and now that we have reduces our presence in Iraq look at all that black gold we are stealing. I mean gas prices has never been cheaper and all the dead soldiers did us a favor to save a few dollars at the gas tank. I think I'm going to buy that big gas guzzling SUV and tour the nation. Have you even been to Iraq? or do you just get all your info from MSNBC?

[judyleasugar97]

@bambam8541: Oh give me a break. How stupid do you think I am? The CIA knew damn well what they were doing. There is evidence the War in Iraq was decided on long before we went there.

[bambam8541]

@judyleasugar97 Have you been to Iraq or Crapistan?

[bambam8541]

@judyleasugar97 Did the CIA lie or did they say what they believed; what Saddam wanted them to believe? All avenues to get the truth were exhausted. Original intention? Thats your opinion. what facts do you have to back it up? If we wanted their oil we would have their oil. We have enough oil here in our own land. But oil is EVIL! Global warming! Al Gore is a crazed sex poodle!

[judyleasugar97]

@bambam8541: Oh come on. We all know Presidents are advised by think tanks. Bush is an idiot but he had smart people around him. The point is not Saddam but that THE CIA LIED. The original intention was get a foot in the middle east to gain access to oil whether it worked out that way in the end of not.