Royale
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indeed... that was my first thought. That would be called as "politicizing on it" which is usually looked down upon. It's funny people's first thought are a cop out.
I agree with former President Bill Clinton's statements about the bailout plan.
CNN.com - Transcripts
BILL CLINTON, FORMER PRESIDENT OF THE UNITED STATES: First of all, we should all be here. No one knows for sure what all the answers are. No one knows for sure what is going to work. No one knows for sure whether any of us who were in positions of responsibilities in the past could have done something we didn't do to change the outcome of this.
But I will tell you what I think.
First of all, I think we do have to do something to rescue the financial system. And it's not Wall Street versus Main Street now. More than half the American people have a direct or indirect stake in the stock market. So we need the basic -- and we need -- all of us want steady money market firms -- funds and stable bank accounts and the availability of credit.
So this is about saving the very financial system.
So, in general, I would give marks to Secretary Paulson and Chairman Bernanke for getting out here and fighting all this political heat and when people are mad, frustrated and disoriented and trying to figure out what to do.
Secondly, I do believe the bill they have presented is not detailed enough in terms of the citizens of the country. Over a year ago, Hillary tried to get a moratorium on home mortgage foreclosures and then a mechanism in place to do individual mortgage workouts, because you save money by losing less if you rewrite a mortgage down a little bit and keep a person in their home than if you have to foreclose on the house. That costs the economy a quarter million dollars.
So I think what she has said, using this Depression-era mechanism isn't always a good thing. And we're already doing it on a smaller with a few banks.
The third thing is, there should be Congressional oversight so we can keep asking questions.
And the fourth thing I would say is it would be a good thing -- I think there's a fair chance, if this is done right, the taxpayers will get all their money back, maybe even run a profit. Keep in mind, when I loaned Mexico money, you remember that? KING: Yes, I do.
CLINTON: We got paid back three years early and made $600 million. When we bailed out Chrysler, we made money. And in the Depression, when we saved a million homeowners, we made money. Because America will come back.
So I think it has to be done, but it ought to be done in the right way.
They are very well-said!