caused a terrible economic shutdown or they paid off all the doefts aig and kept it in business. our law says no more of that. if a big company or bank comes to the federal government and says we can t pay our debts and they re so indebted because the law permitted them to be irresponsible, they can t do that anymore. under the law, the federal government would say okay, fine. you re out of business. here is the door. we re taking over your operation. and if we have to pay any federal money to reduce those debts, we re going to assess the other big banks to pay it off. there is this whole set of rules that we put in to make sure that people do not get indebted beyond what they can pay off. because it was that that caused the crisis. and patiently that s what he wants to repeal. and again, the hypocrisy of this man saying i m for the little guy. wall street hasn t been this happy since herbert hoover made andrew mellon secretary of the
we guarantee that people will be protected. so it is a reversion essentially to 2008. now you re right. it s not going to be easy. i don t think there are a lot of republican members of congress who want to vote to get rid of the consumer bureau or say let s get back to the situation where derivatives are totally unrelated d people can incur enormous debts in the hundreds and hundreds of billions, and if they go bad, this ten federal government has to step in. in his confirmation hearing in the finance committee, steve mnuchin is going to have a lot to answer for, including his own past business practices involving foreclosures. he was described by some as one of the kings of foreclosures. and clearly, that s going to be a relevant issue. he bought a troubled bank by the way, for the republicans, and that is relevant to talk about, they don t like bailouts. under the bush administration, not to criticize them, because that s the way the world was at the time, they had two choices