The Cody Word
  • March 23, 2009 11:53 AM EDT by Cody Willard

    Gimme Your Thoughts Before I Go on Air About -- What to Ask Senator Judd Gregg

    I mean...the Republicans can't be serious about pretending they care about deficits and dollar responsiblity now, can they?

    Sen. Gregg says Obama budget will bankrupt US

    WASHINGTON (AP) — The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation's financial system.

    But Sen. Judd Gregg of New Hampshire also says President Barack Obama's massive budget proposal will bankrupt the country.

    Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies.

    The senator said Obama's spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.

    Gregg appeared Sunday on CNN's "State of the Union."

    Oh, yes, the Republican/Democrat Regime is serious.  Even when just three months ago the same people were saying:

    GREGG: ADDITIONAL TARP FUNDS ARE CRITICAL FOR OUR ECONOMY DURING THESE CHALLENGING TIMES

    January 16, 2009

    Washington—United States Senator Judd Gregg (R-NH) today voted against a measure that would have deterred the release of additional funds under the Troubled Asset Relief Program (TARP) to help bolster the nation’s shaken economy.  S.J. Res 5, a resolution of disapproval, failed by a vote of (42-52).  Defeat of this measure ensures that the remaining TARP funds will be accessible, should it be deemed necessary to help stabilize the U.S. financial markets, increase the flow of credit, and address the growing foreclosure crisis.

    Sen. Gregg stated, “During these challenging times, I understand the public’s concern about the TARP program.  That said, the first release of TARP funds has been a critical step toward helping to stabilize our financial markets and preventing a catastrophic collapse of our economy.  Even with that significant federal intervention, the nation’s economy still remains in significant danger, and the financial system is going to continue to face rough times ahead.  It is therefore essential that the incoming administration has the flexibility and the resources necessary for addressing severe crises that could devastate our financial system.

    “Also, the Obama administration has pledged to Congress and to the American people to be more transparent and accountable with how it invests TARP funds and has laid out some guidelines for what it intends to do with these resources, including additional focus on foreclosure mitigation. While this is a positive step, Congress must remain vigilant to ensure that TARP funds are invested wisely and remain focused on the important goal of stabilizing our financial markets.

    “Lastly, we cannot forget that this is not just a Wall Street issue.  A healthy financial system is critical for protecting retirement savings, jobs, home prices, and Main Street businesses.  TARP therefore is critical for getting the nation’s economy moving again for all Americans.  This vote is an important step, and I will continue working with my Senate colleagues on other policies that will help us weather these trying economic times.”

    -

    It's up to free-thinkers everywhere to stop either of those fascist parties who are clearly owned by the banking and corporate syndicate in this country from claiming freedom and contract law as their platform.

    The Republican/Democrat Regime have truly gone too far in the last year...and their games are over.

    We're gonna talk to Senator Judd Gregg about his comments this weekend, about Geithner, about the bailouts in principle and more later today on Happy Hour.

    PS.  Make sure you watch America's Nightly Scoreboard with my mentor David Asman the next two weeks. I'm on almost every night and tonight I'll have be doing my best John Madden at the teleprompter explaining how the banks are actually getting another $1 trillion in welfare from Geithner's latest proposal.  Yeah, I'm serious.

Frank Johnson

Cody--enjoy your show immensly. Ask Senator Greg if we will ever see an investigation into the role Congress played in the financial meltdown.

March 23, 2009 at 1:49 pm

Steve

Sharam... They are prolonging the pain for you and I and the rest of the country, which they could give a flip about. What they do give a flip about is protecting their cronies. They know that being butt boys for the bankers ensures lots of money for reelection. Can you imagine if any of these clown congressmen were to get fired by the voters? What would they do? From what I can see, they're not even qualified to flip burgers.

March 23, 2009 at 1:42 pm

Eric

Cody, make sure you tell him what you think (I'm sure you will)

March 23, 2009 at 1:40 pm

JohnC

How do we get our country and constitution back?

March 23, 2009 at 1:39 pm

Steven Cunningham

Please ask the Senator, if we know that these are the incorrect moves; TARP, TALF, PPIP, etc, then why are we making them? The people have had it with the arguement that X-corporation is too big to fail, and if we don't do this the sky will fall. The Congress passed TARP, and the sky, and the market fell anyway. We are tired of being lied to. It is time for sound leadership to make their presense known, and it is time for economic sense to take hold, not academic theory.

March 23, 2009 at 1:30 pm

Dan

Ask him how this program will solve the insolvency probelm at these financial institutions. If the financial ististutions sell these assets they will need to futher right thenm down. That means more direct captial injections to fill the void on top of the cost of the program. All funded by the taxpayers.

March 23, 2009 at 1:25 pm

KEVIN REA

Cody, Doesn't all this spending mean, that we will be looking at either massive inflation or tax rates that will be approaching 70 to 80 percent when we add up federal, state, and local taxes? How are they going to keep the value of the dollar from simply collasping?

March 23, 2009 at 1:23 pm

ronhen

Have you stoped taking comments from me? Every time I respond to anything I never see it on this section.

March 23, 2009 at 1:12 pm

d clapsadle

Are freddie and Fannie going to give backtheir bonuses even thoughthey we exempt? If not are the house and senate going to give back the donations to show they are going to work to imporve the economy or are thye goin to keep it to make sure they can keep theor power and continue to hurt the guy on the strees at every chance they can think of?

March 23, 2009 at 1:11 pm

ronhen

I'm not sure what to ask him, but you can let him know that many, many people around our country are praying for this country. We have got to stop bleeding money and take the situation in hand in a sensible way that will leave us viable when all is said and done.

March 23, 2009 at 1:10 pm

Charles Houston

Does the senator (or you) ever confuse Rahm Emmanuel with Dr. Kevorkian?

March 23, 2009 at 1:03 pm

D-Town Doug

Code, you gotta ask him if printing more money, hence inflation, is it not going to value the long-term debt 2X, 3X, 10X what the predictions are today? Printing money and giving it to AMERICANS would be a better plan than PRINTING money and giving it to the BAILOUT BOYS!! WTF is going on????

March 23, 2009 at 12:48 pm

Mark

If I understand this latest plan correctly, the government is going to essentially shift the toxic debt from the wall street bankers to the taxpayers through government spending, and again to the taxpayers through our pention plans, 401ks. etc ( they are going to get private sector involvement as well). How is this happening!? That would be my question to Senator Gregg.

March 23, 2009 at 12:13 pm

about this blog

  • Cody Willard is an anchor on the FOX Business Network. Willard is also the principal of an investment management company. He was a long-time featured columnist for the Financial Times and TheStreet.com as well as a regular featured economist and stock picker on CNBC's ''Kudlow & Company."

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