Feb. 8, 2010 : Rep. Stephen Lynch

>> Rooney: TONIGHT ON GREATER
BOSTON....
>> YOU HAD EVERY OPPORTUNITY,
EVERY OPPORTUNITY, TO WEIGH IN
ON BEHALF OF THE AMERICAN
PEOPLE AND MAKE THESE PEOPLE
TAKE A NEW DEAL.
>> Rooney: CONGRESSMAN STEPHEN
LYNCH ON HIS RECENT SHOWDOWN
WITH THE TREASURY SECRETARY
OVER THE BAILOUT OF A.I.G.,
PLUS KRIS FRIESWICK ON HOW
CONSUMERS ARE REDEFINING
LUXURY IN A DOWN ECONOMY.
MEET THE DOCTOR WHO WANTS TO
BE GOVERNOR.
JILL STEIN.
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>> Rooney: GOOD EVENING.
EXTRAVAGANT BONUSES AND
SWEETHEART DEALS.
THAT'S BEEN THE CONTINUING
CRITICISM LEVELED AT TREASURY
SECRETARY TIM GEITHNER IN THE
$180 BILLION BAILOUT OF
INSURANCE GIANT A.I.G.
GEITHNER HAS BEEN SCOLDED FOR
NOT CUTTING A BETTER DEAL WITH
TAXPAYER MONEY.
IT LED TO THIS TESTY MOMENT
BETWEEN GEITHNER AND
CONGRESSMAN STEPHEN LYNCH AT A
RECENT HEARING ON CAPITOL
HILL.
>> THIS STINKS TO THE HIGH
HEAVEN WHAT HAPPENED HERE.
THE DISCLOSURE WAS NOT THERE
AT THE PROPER TIME TO TELL THE
AMERICAN PEOPLE AND TELL THIS
CONGRESS WHAT WAS GOING ON.
THAT IS JUSTIN EXCUSABLE.
IT MAKES ME DOUBT YOUR
COMMITMENT TO THE AMERICAN
PEOPLE.
I THINK THE COMMITMENT TO
GOLDMAN SACHS TRUMPED THE
RESPONSIBILITY THAT OUR
OFFICIALS HAD TO THE AMERICAN
PEOPLE.
>> Rooney: JOINING ME NOW IS
CONGRESSMAN STEPHEN LYNCH.
WELCOME.
WELL, CONGRESSMAN, YOU WERE
YOU SAW, OF COURSE THE "NEW
YORK TIMES" BASICALLY WHERE
BASICALLY NOW THEY'RE SAYING
THAT GOLDMAN SACHS MIGHT HAVE
EVEN PRECIPITATED THIS
FINANCIAL CRISIS BY BETTING
AGAINST THE HOUSING MARKET AND
MAKING ANTIBIOTIC PAY FOR IT
TO THE TUNE OF BILLIONS OF
DOLLARS SENDING THEM TO THE
BRINK OF DISASTER.
HERE WE ARE BAILING OUT BOTH
OF THEM.
>> JUST FOR STARTERS MY WIFE
PUT ME ON THE DECAF AFTER
THAT.
>> Rooney: NO, THAT WAS....
>> I THINK IF PEOPLE REALLY
UNDERSTAND-- AND YOU DO
OBVIOUSLY....
>> Rooney: NO, I DON'T.
I GOT THE BASICS.
>> ONCE YOU UNDERSTAND HOW
THIS WHOLE THING WORKED, THE
MONEY THAT WE WERE PUMPING IN
TO A.I.G. WENT DIRECTLY TO
GOLDMAN SACHS.
IT WAS... TREASURY SECRETARY
PAULSON, THE FORMER CEO OF
GOLDMAN, THERE WERE NO CHECKS
AND BALANCES, NO ONE WAS THERE
TO PROTECT THE AMERICAN TAX
PAYER.
THERE WERE FOUR PARTIES
INVOLVED.
THERE WERE THE REGULATORS,
THERE WERE THE BANKS.
THERE WERE THE SHAREHOLDERS
AND THERE WERE THE TAX PAYERS.
THESE THREE, THE FIRST THREE,
THEY ALL MADE OUT.
REGULATORS TOOK A WALK.
THE BANKS GOT BAILED OUT.
GOLDMAN SACHS GOT $12.9
BILLION OF TAXPAYER MONEY.
THE ONLY ONE WHO LOST OUT WERE
THE TAXPAYERS.
>> Rooney: GEITHNER WAS
FOLLOWING THE BALL.
THE BALL THAT PAULSON HAD PUT
IN PLACE.
SHOULD HE HAVE STOPPED
SOMETHING?
YOU TOOK YOUR FRUSTRATION OUT
ON HIM.
THE DEAL HAD SORT OF....
>> SURE.
HE ACTUALLY WAS A BIG PART OF
THIS.
THEY HAD USED ONE MODEL WITH
BEAR STEARNS.
YOU KNOW, BEAR STEARNS, LET'S
PUT IT THIS WAY.
THE STOCK WAS AT $172 IN
JANUARY.
THEN BY SEPTEMBER, IT WAS DOWN
TO $2 A SHARE.
BUT GOLDMAN SACHS GOT 100
CENTS ON A DOLLAR.
THEY GOT EVERY SINGLE THING
THAT THEY WANTED.
THEY MADE OUT GREAT.
THERE WAS NO ATTEMPT THERE TO
SAY, HEY, LOOK, THE AMERICAN
TAXPAYER IS BAILING THIS
COMPANY OUT.
IT WOULD BE A BANKRUPT BUT FOR
THE AMERICAN TAXPAYER.
GIVE THEM A BREAK.
NO ONE INTERVENES.
NOBODY DID THAT.
>> Rooney: WHY NOT?
>> I DON'T KNOW.
I THINK THE INTEREST WAS FOR
GOLDMAN SACHS AND SOCIETY
GENERALE, THIS FRENCH COMPANY.
>> Rooney: IS IT TOO LATE?
>> NO, WE'RE GOING TO
INVESTIGATE THIS.
I THINK THIS MADE THIS THING
HAPPEN THIS WAY.
THEY KNEW THERE COULD BE A
BAILOUT.
THEY KNEW WHERE THE MONEY
WOULD GO.
I DON'T THINK THEY THOUGHT
THAT PEOPLE WOULD LOOK THROUGH
THIS.
IT'S A VERY COMPLICATED DEAL
WITH THESE CREDIT DEFAULT
SWAPS AND THE WAY IT WORKS.
THIS WAS ALL COLLATERAL THAT
A.I.G. HAD TO POST BECAUSE OF
THESE, EXCUSE ME, THE DEFAULT
SWAPS.
THE CREDIT DEFAULT SWAPS.
NOW THAT WE'RE LOOKING INTO IT,
YOU KNOW, WE'RE GOING TO HAVE
TO HAVE MORE SUBPOENAS AND
DRAG PEOPLE IN FRONT OF
CONGRESS.
I HOPE THAT THE ATTORNEY
GENERAL WILL GET INVOLVED.
I KNOW THAT THE NEW YORK
ATTORNEY GENERAL WHO WAS
ACTUALLY RESPONSIBLE FOR
OVERSEEING ANTIBIOTIC AT THE
TIME IS VERY INTERESTED IN
THIS.
WE'LL SEE WHAT HAPPENS.
>> Rooney: A LOT OF STUFF
GOING ON ON CAPITOL HILL
INCLUDING THIS HEALTH CARE
BILL JUST AS A SIDE BAR TO GET
INTO THAT.
OF COURSE THE ELECTION OF
SCOTT BROWN TO THE UNITED
STATES SENATE.
LAST WEEK PATRICK KENNEDY FROM
RHODE ISLAND TOOK A SWIPE AT
HIM ON THE HILL BLOG SAYING
THAT HIS CANDIDACY WAS A JOKE
BECAUSE IT LOOKED LIKE HE
MIGHT VOTE FOR THIS GUY CRAIG
BECKER.
YOU ACTUALLY APOLOGIZED ON
BEHALF OF, WELL, DEMOCRATS AND
THE DELEGATION.
WHY DID YOU FEEL YOU NEEDED TO
APOLOGIZE?
>> WELL, LOOK, I KNOW PATRICK
KENNEDY.
I SPOKE TO HIM WEDNESDAY OR
THURSDAY.
HE'S HAVING A HARD TIME RIGHT
NOW BECAUSE OF HIS DAD'S
DEATH.
THIS IS PERSONAL.
HE HAS NOT BEEN HIMSELF
LATELY.
I THOUGHT THAT WAS SO OUT OF
CHARACTER FOR HIM.
I THOUGHT IT WAS SO WRONG.
LOOK, SCOTT BROWN WAS ELECTED
THROUGH THE SAME DEMOCRATIC
PROCESS AS EVERY OTHER MEMBER.
WHICH VIRTUE OF HIS ELECTION,
WE GIVE HIM FULL CREDIT AND
FULL RESPECT THAT HE IS DUE
REGARDLESS OF WHERE WE ARE ON
THE ISSUES.
THAT MAN WAS ELECTED.
WE SHOULD RECOGNIZE THAT.
>> Rooney: BY 1.1 MILLION
PEOPLE.
>> HELLO!
I JUST THINK IT WAS VERY POOR
JUDGMENT.
>> Rooney: WHY DIDN'T HE
APOLOGIZE?
>> WHAT'S THAT.
>> Rooney: WHY DIDN'T HE
APOLOGIZE?
>> I DON'T KNOW.
>> Rooney: MAYBE HE DOESN'T
FEEL BAD.
>> I'M NOT SO SURE ABOUT THAT.
I THINK THERE ARE OTHER ISSUES
GOING ON THERE STHEM WE WON'T
GET INTO THAT.
THE HEALTH CARE BILL.
YOU WERE ORIGINALLY AGAINST
THE PUBLIC OPTION.
YOU DID END UP VOTING FOR THIS
VERSION THAT WENT THROUGH THE
HOUSE.
>> IT WAS... IF THE STATE
WANTED A PUBLIC OPTION, THEY
COULD OPT IN.
IF THEY DIDN'T WANT IT, THEY
DIDN'T HAVE TO.
THAT WAS SORT OF THE
COMPROMISE.
>> Rooney: WHAT'S GOING TO
HAPPEN NOW?
DO YOU THINK THIS THING WILL
GO BACK TO THE DRAWING BOARD?
>> I HALF HOPE SO.
HERE'S WHAT I THINK.
I THINK THE MISTAKE THAT WAS
MADE AND THE ARGUMENT THAT WE
PUT FORWARD AT THE BEGINNING
OF THIS WHOLE DEBATE WAS I
FELT THAT YOU DON'T HAVE TO
CHANGE EVERYBODY'S HEALTH CARE
ALL AT ONCE.
HOW ABOUT IF WE WORK ON THE
THINGS THAT ARE BROKEN AND
JUST FOCUS ON THOSE AND THEN,
YOU KNOW,... AND THAT WOULD BE
GOOD ENOUGH.
THEN WE COULD START WORKING ON
SOME OF THE OTHER THINGS LATER
ON.
SPEAKER PELOSI AND OTHERS
THOUGHT WE NEEDED THIS WHOLE
GRAND BARGAIN TO GET THINGS
GOING.
I THINK THEY'RE COMING BACK TO
MY ORIGINAL SUGGESTION WHICH
IS TO TRY TO WORK ON SOME
THINGS THAT WE CAN AGREE ON.
AND GO FROM THERE.
>> Rooney: THE ELECTION OF
SCOTT BROWN.
THIS WAS LIKE A BARRELING
TRAIN.
WAIT A SECOND.
MAYBE IT IS TOO MUCH AND TOO
FAST AND TOO ONEROUS AND TOO
EXPENSIVE.
>> I THINK IT WAS GOOD FOR
DEMOCRACY.
SOMETIMES CONGRESS GETS INTO
THIS GROUP-THINK.
WHERE THEY DON'T REALLY LISTEN
TO THE AMERICAN PEOPLE.
THEY LISTEN TO EACH OTHER.
I THINK THE ELECTION OF SCOTT
BROWN INTERRUPTED THAT.
YOU KNOW, I THINK IT'S GOOD
FOR DEMOCRACY WITH A SMALL D.
PEOPLE ARE TAKING A STEP BACK
AND NOW LISTENING MORE CLOSELY.
I THINK IT'S BETTER FOR
AMERICA THAT WE DO THAT.
>> Rooney: ONE OF THE MOST
OUTSPOKEN MEMBERS OF CONGRESS
AGAINST THE IRAQ WAR DIED
TODAY, CONGRESSMAN JOHN MURTHA
OF PENNSYLVANIA.
DO YOU HAVE ANY PERSONAL
MEMORIES OF HIM?
>> YEAH.
JACK IS A TRUE AMERICAN HERO.
I THINK HE HAD 30 YEARS WITH
THE UNITED STATES MARINE CORPS
BEFORE HE CAME TO CONGRESS.
HE WAS A THROWBACK.
HE WAS SORT OF OLD SCHOOL,
JACK WAS.
YOU KNOW, REALLY A SWEETHEART.
BUT HAD THIS GRUFF....
>> Rooney: HE DID.
>> A GRUFF EXTERIOR.
I'M VERY SORRY FOR HIS FAMILY.
HE'S IN MY PRAYERS.
THIS WAS A SHOCK.
HE WENT IN FOR....
>> Rooney: GALLBLADDER
SURGERY.
>> ...GALLBLADDER AND CAME OUT
AND HAD COMPLICATIONS AND WAS
TAKEN BACK IN.
MY PRAYERS ARE WITH HIS
FAMILY.
>> Rooney: ONCE AGAIN THOUGH,
HE MAY BE PROVEN TO BE RIGHT.
HE CALLED FOR THE WITHDRAWAL
OF TROOPS FROM IRAQ IN THREE
YEARS, FIVE YEARS.
THAT SEEMS INCREDIBLE ALREADY
THAT THE WAR IS EIGHT YEARS
OLD.
YOU JUST GOT BACK FROM
CONGRESSIONAL FACT-FINDING
MISSION TO AFGHANISTAN.
WHAT DID YOU SEE THERE?
>> WELL, WE STARTED OUT IN
PAKISTAN.
WE SPENT A LOT OF TIME IN
AFGHANISTAN UP IN KANDAHAR,
DOWN BY THE PAKISTANI BORDER.
I THINK WITH THE ADDED TROOPS
IN THERE IT IS HAVING THE
DESIRED EFFECT.
WE SEEM TO HAVE PUSHED BACK
THE TALIBAN.
HOWEVER, I WISH I HAD GREATER
CONFIDENCE IN THE AFGHAN
GOVERNMENT.
BECAUSE IT DOES INCREASINGLY
LOOK LIKE EITHER THE KARZAI
GOVERNMENT IS INVOLVED
DIRECTLY IN CORRUPTION OR
THEY'RE TURNING A BLIND EYE TO
THESE WARLORDS THAT ARE
OPERATING IN SOME OF THESE
MORE REMOTE AREAS WHERE OUR
TROOPS ARE LOCATED.
>> Rooney: I MEAN, THAT'S THE
WAY IT'S ALWAYS BEEN.
THAT'S PROBABLY THE WAY IT
WILL BE.
THAT'S SOME OF THE ARGUMENTS
ABOUT PULLING OUT OF THERE.
IT'S NEVER GOING TO CHANGE.
>> LOOK, THERE'S A DIFFERENCE.
YOU CAN USE IRAQ AND
AFGHANISTAN.
THAT'S A GOOD COMPARISON.
IN IRAQ, THE GOVERNMENT, THE
NEW GOVERNMENT AND THE PEOPLE
HAVE REJECTED TOTALLY THE
BATHIST REGIME.
THAT IS NOT ACCEPTED.
IT IS TOTALLY REJECTED.
ON THE OTHER HAND, IN
AFGHANISTAN YOU HAVE AT THE
LONDON CONFERENCE LAST WEEK
PRESIDENT KARZAI SAYING WE'RE
GOING TO WELCOME THE TALIBAN
BACK IN.
WE'RE GOING TO ALLOW THEM TO
BE PART OF THIS SOCIETY AND
PERHAPS PART OF THE
GOVERNMENTAL STRUCTURE THERE.
TRIBAL AS IT IS.
AND THAT JUST WON'T WORK.
I DON'T THINK AMERICANS SHOULD
BE SENDING ITS SONS AND
DAUGHTERS TO SUPPORT SHALL
SOME GOVERNMENT THAT ACCEPTS
THE TALIBAN.
THESE PEOPLE ARE ABSOLUTELY
RUTHLESS.
IF YOU'RE A WOMAN IN
AFGHANISTAN-- AND I HAD DINNER
WITH TWO OF THE FEMALE MEMBERS
OF THE AFGHAN PARLIAMENT.
THEY ARE OFF THE HOOK ABOUT
THIS.
THE FACT THAT KARZAI IS DOING
THIS APPEASEMENT PROGRAM WITH
THE TALIBAN, ALLOWING THEM TO
COME BACK IN.
WE DROVE THROUGH SOME OF THE
VILLAGES IN SOUTHERN, LIKE IN
KANDAHAR RIGHT NEAR THE
BORDER.
IF YOU SEE A THOUSAND PEOPLE
ON THE STREET, YOU MIGHT SEE
THREE WOMEN.
THE TALIBAN HAVE INTIMIDATED
THE PEOPLE IN THOSE VILLAGES
SO MUCH THAT THESE WOMEN HAVE
BASICALLY... THESE WOMEN ARE
BASICALLY BANNED.
>> Rooney: HOUSE BOUND.
THEY CAN'T GO TO SCHOOL.
>> THAT'S EXACTLY RIGHT.
IF THEY SHOW THEMSELVES IN
PUBLIC WITHOUT A MALE FROM THE
FAMILY, I MEAN THERE ARE
HORRENDOUS STORIES ABOUT A
WOMAN'S JOB SLIPPING AND THEY
WHIP WITH HER AN ANTENNA.
THERE ARE VERY, VERY BRUTAL
EXAMPLES OF THE TALIBAN'S
REGIME.
I DON'T THINK WE SHOULD EVER
SURRENDER AFTER WOMEN, MOTHERS,
DAHERS, GRANDMOTHERS TO THE
CONTROL OF THE TALIBAN.
I DON'T THINK THAT AMERICA
SHOULD BE PART OF THAT.
>> Rooney: CONGRESSMAN STEPHEN
LYNCH ALWAYS A PLEASURE.
>> MY PLEASURE, EMILY.
>> Rooney: WHEN WE CONTINUE
OUR BUSINESS SEGMENT.