Well, it is. And then when my wife came down with cancer, and the neurosurgeon implanted into her spine this marvelous titanium brace, to think that that is a medical device and could be subject to a tax. Now--
Donald Manzullo
The Public Record
U.S. policy in this part of the world must refocus to the challenges of the twenty-first century.
I do not believe we should start a whole new consumer agency to protect the consumer on financial products.
The Federal Reserve had the authority to do two things that could have stopped this collapse in America.
I found it interesting that some of you there think that you can ask the Federal Government for so much, but in your own wisdom stop it, and then you will be in a position later on, when you're complaining, that the Federal Government went…
So the life insurance side of AIG has always been sound, in terms of--you would have to have all the insureds, life insureds, die in one day or in a week in order to threaten the solvency of the insurance end.
you cannot separate and bifurcate consumer standards, consumer safety standards, from solvency regulation.
Whatever system of regulation that you come up with, you must give companies the ability to fail.
Well, given the size and the systemic risk, like it or not, we need a systemic regulator.
It was $700 billion was supposed to buy up the bad assets. They still haven't been bought up.
We would not be in this problem, had not people bought homes that they couldn't afford in the first place.
And I think that is just a lack of foresight on the part of the people who came up with the regulations.
But the real mess has to do with the fact that people bought homes who couldn't afford them in the first place. Isn't that correct?
I mean, your rules can purposely devalue a home that somebody is trying to sell because you have so much bureaucracy tied up in it.
If municipalities say it is no longer reliable to invest in U.S. securities, because of the way the Federal Government treats bondholders by taking over companies, firing their executives, that is pretty scary.
The Federal Government better think again before it goes in there and devaluates bonds and prefers people in subordinate positions to bond-holders.
The other question is, community banks back home are really complaining over a tightening of lending standards by the regulators to long, long-time customers, people that have never been in default.
The requirements are so onerous and so restrictive that they have ready, willing, eligible people willing to lend to that they are not going to take the TARP money.
I appreciate your perseverance and also your candor, and I want to thank you for the service that you are lending to our country at this very difficult time.
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