OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Discussing the Rejected Financial Recovery Plan on CBS
September 29, 2008

... I THINK THE DUST HAS TO SETTLE HERE THIS EVENING AND THEN WE'LL HAVE A BETTER CHANCE LATER ON TONIGHT AND TOMORROW TO MAKE SOME DETERMINATIONS ABOUT HOW BEST TO PROCEED AND PROCEED TOGETHER. >> COURIC: HOUSE MINORITY LEADER JOHN BOEHNER. CONGRESSMAN, THANK YOU VERY MUCH. >> THANK YOU. >> COURIC: DEMOCRATIC CONGRESSMAN STENY HOYER OF MARYLAND IS THE HOUSE MAJORITY LEADER. CONGRESSMAN HOYER, WHY WEREN'T YOU ABLE TO DELIVER MORE DEMOCRATS SO YOU COULD PREVENT THIS MAJOR FAILURE OF AMERICAN GOVERNMENT TODAY? >> WELL, YOU KNOW, KATIE, WE DELIVERED TWO-THIRDS OF THE DEMOCRATS FOR A PROPOSAL BY THE REPUBLICAN PRESIDENT AND REPUBLICAN SECRETARY OF STATE. ... SECRETARY OF THE TREASURY. SO WE THINK WE DID OUR JOB AND WE WORKED VERY HARD AT MAKING SURE THAT WE HAD THAT TWO-THIRDS VOTE. >> COURIC: WHY DO YOU THINK PRESIDENT BUSH, JOHN MCCAIN, THE REPUBLICAN LEADERSHIP, COULDN'T DO MORE TO CONVINCE THEIR MEMBERS? >> BECAUSE I THINK THE REPUBLICAN IDEOLOGY OVERCAME THEIR COMMON SENSE, OVERCAME THEIR SENSE OF CRISIS AND THEIR REQUEST BY THE LEADERS TO ACT SO THAT THIS CRISIS COULD BE-- IF NOT AVERTED, AT LEAST DIMINISH >> COURIC: SPEAKER PELOSI MADE SOME REMARKS TODAY. SHE TALKED ABOUT THE COST OF THE BUSH ADMINISTRATION'S FAILED ECONOMIC POLICIES, POLICIES BUILT ON BUDGETARY RECKLESSNESS. APPARENTLY A LOT OF HOUSE REPUBLICANS WERE REALLY PUT OFF BY HER REMARKS. >> KATIE, OF COURSE, AS YOU MAY KNOW, I GAVE CLOSING STAMENT ON OUR SIDE OF THE AISLE AND TALKED ABOUT THE NEED TO WORK IN A BIPARTISAN FASHION. >> COURIC: DO YOU THINK PEOPLE ARE COMPLAINING ABOUT HER SPEECH AS AN EXCUSE FOR NOT SUPPORTING THIS? >> ABSOLUTELY. BARNEY FRANK SAID IT BEST. THIS WAS A VOTE OF GREAT CONSEQUENCE. THISAS A VOTE TO STABILIZE THE ECONOMY OF THIS COUNTRY. IF MEMBERS ARE GOING TO BASE THEIR VOTE ON WHAT ONE MEMBER OR THE OTHER SAYS AS OPPOSED TO THE FACTS THAT CONFRONT OUR COUNTRY AND OUR ECONOMY, PERHAPS THEIR CONSTITUENTS OUGHT TO RECONSIDER SENDING THEM TO THE CONGRESS. >> COURIC: CONGRESSMAN STENY HOYER. CONGRESSMAN, THANK YOU. >> KATIE, THANK YOU VERY MUCH. >> COURIC: NOW TO WALL STREET WHERE THE CLOSING BELL DIDN'T RING TODAY, IT TOLLED FOR STOCK LOSSES TOTALING 7%. NOW TO GIVE YOU SOME PERSPECTIVE THAT WAS FAR LESS THAN THE MORE THAN 20% DROP ON BLACK MONDAY BACK IN 1987. BUT, OF COURSE, THAT'S LITTLE CONGRESS LAGS FOR ANYONE WITH MONEY IN THE MARKET TODAY. HERE'S OUR BUSINESS CORRESPONDENT ANTHONY HAY SON. >> REPORTER: WALL STREET WATCHED WASHINGTON WITH SHOCK AND FEAR. >> NOBODY COULD BELIEVE IT. >> REPORTER: AS THE BAILOUT PACKAGE WENT DOWN ON CAPITOL HILL, THE DOW WENT DOWN LIKE A SUB. >> THE FACT THAT IT DIDN'T GET DONE IS, I THINK, JUST KIND OF MIND-BOGGLING. >> REPORTER: A HISTORY-MAKING $777-POINT NOSEDIVE. THE NASDAQ PLUNGED ALMOST 10%. >> WALL STREET IS OF THE VIEW THAT SOMETHING NEEDS TO BE DONE AND I THINK MOST INVESTORS ARE OF THE VIEW THAT SOMETHING NEEDS TO BE DONE AND IT DIDN'T GET DONE. >> REPORTER: THE FINANCIAL CRISIS, MEANWHILE, CONTINUED TO SPREAD. WACHOVIA, BURDENED WITH BAD MORTGAGE LOPES, AVERTED DISASTER BY SELLING OUT TO CITIGROUP. CLEVELAND-BASED NATIONAL CITY, HIT BY FEARS IT COULD BE THE NEXT VICTIM, SAW ITS STOCK PLUNGE MORE THAN 60% TODAY. OVSEAS THEY ALSO FELT THE REVERBATION. THE BRITISH GOVERNMENT HAD TO SEIZE A DISTRESSED MORTGAGE BANK WHILE THE BELGIAN-DUTCH BANK FORTHYS WAS RESCUED IN A $16 BILLION BAILOUT. >> THE CLOCK IS TICKING AND WE NEED TO SEE SOME RELIEF VERY RAPIDLY. >> REPORTER: ECONOMIST MARK ZANDI SAYS THE CREDIT MARKETS ARE STILL FROZEN AND MAIN STREET COULD FEEL THE EFFECTS WITHIN WEEKS. >> IF THEY DON'T GET RELIEF FROM THEIR BANKERS SOON, MEANING IN THE NEXT FEW DAYS, COUPLE OF WEEKS, THEY WILL BE LAYING OFF WORKS AND SHUTTING OPERATIONS. >> REPORTER: AMONG 160 COMPANIES IN DANGER OF DEFAULTING OVER THE NEXT 12 MONTHS, ACCORDING TO STANDARD & POOR'S, ARE UNITED AIRLINES PARENT U.A.L., GENERAL MOTORS, SIX FLAGS, AND TRUMP ENTERTAINMENT RESORTS. SO, AS BAD AS THE STOCK MARKET WAS TODAY, WHAT'S REALLY WORRYING WALL STREET ARE THE CREDIT MARKE IF THEY DON'T GET HELP SOON IT COULD BE ONLY A MATTER OF WEEKS BEFORE THIS FINANCIAL CRISIS MOVES FROM HERE ON WALL STREET TO MAIN STREET. KATIE? >> COURIC: ANTHONY MASON, THANKS A LOT, ANTHONY. MEANWHILE, THE PRESIDENT PRESIDENTIAL CANDIDATES AGREED ON ONE THING TODAY: CONGRESS HAS TO GET BACK TO WORK SO IT CAN PASS THE FINANCIAL BAILOUT >> IT'S IMPORTANT FOR THE AMERICAN PUBLIC AND FOR THE MARKETS TO STAY CALM BECAUSE THINGSS ARE NEVER SMOOTH IN CONGRESS AND TO UNDERSTAND THAT IT WILL GET DONE. THAT WE ARE GOING TO MAKE SURE THAT AN EMERGENCY PACKAGE IS PUT TOGETHER BECAUSE IT IS REQUIRED FOR US TO STABILIZE THE MARKETS. >> NOW IS NOT THE TIME TO FIX THE BLAME. IT'S TIME TO FIX THE PROBLEM. I WOULD HOPE THAT ALL OUR ...