and anybody doing the math, this is what s going to happen when you bail out a bailout. brenda: why shrink when you know you re getting more money from uncle sam? absolutely. this is like bailing out in a sense part of the government. the government-sponsored enterprises, look, if you re working at fannie and freddie mac, rather, your whole mission in life is to grow your power base, you don t care about the bottom line, you care about growing bigger and bigger and bigger. that s exactly what the companies are doing. they want more and more money. it will finally choke and starve, the housing sector unless they are dealt with by being removed. brenda: julian, what s your take on this? i think just a push back on toby for a second. i think the tarp rescue and the auto industry rescue worked out pretty well both for the industries and taxpayers. these are apples and oranges, let s distinguish apples from the oranges.
in securities in u.s. stocks and later on in asia, what have you, could be some concern are it looks like this might be falling through. remember, a short-term reaction to any deal is just that. keep in mind after the stock market fell close to 800 points in october 2008, greg, when we didn t get a tarp deal or tarp rescue through congress when president bush was in the white house then we hastily reconvened, got a new tarp deal, more to its liking just to try to prevent another selloff. we did prevent a one day panic but just a few months later the dow had lost close to 4,000 points. so, there is such a thing as a short-term reaction and a long-term reaction. and we don t even have a short-term deal right now. it is funny how a near market crash can concentrate the minds of politicians in washington almost overnight. look, help me out here.
on tonight, 6:00, 7:00, 8:00 when you start seg the first signs of futures trading in securities in u.s. stocks and later on in asia, what have you, could be some concern are it looks like this might be falling through. remember, a short-term reaction to any deal is just that. keep in mind after the stock market fell close to 800 points in october 2008, greg, when we didn t get a tarp deal or tarp rescue through congress when president bush was in the white house then we hastily reconvened, got a new tarp deal, more to its liking just to try to prevent another selloff. we did prevent a one day panic but just a few months later the dow had lost close to 4,000 points. so, there is such a thing as a short-term reaction and a long-term reaction. and we don t even have a short-term deal right now. it is funny how a near
tantrum out of wall street, let s say the market sells off a big deal on monday or tuesday and they russia bad deal, it is not going to be the victory they think. i only want to go back to october of 08 when then president bush saw his first rescue for the financial industry, tarp u as you might recall, rejected in the house and the street fell close to 800 points. record point decline at the time. now, everyone straightened up and flew right after that and got another tarp rescue passed. i hate to end note regardless a couple of months later the dow was down 4,000 more points. so, sometimes when wall street has a hissy fit, i m not minimizing a big sell-off, if you respond to that at the moment and rush together something that might not be thought out you could roux the day. longer term will be just as rattled. harris: you are the calmest person to talk about this kind
tantrum out of wall street, let s say the market sells off a big deal on monday or tuesday and they russia bad deal, it is not going to be the victory they think. i only want to go back to october of 08 when then president bush saw his first rescue for the financial industry, tarp u as you might recall, rejected in the house and the street fell close to 800 points. record point decline at the time. now, everyone straightened up and flew right after that and got another tarp rescue passed. i hate to end note regardless a couple of months later the dow was down 4,000 more points. so, sometimes when wall street has a hissy fit, i m not minimizing a big sell-off, if you respond to that at the moment and rush together something that might not be thought out you could roux the day. longer term will be just as rattled. harris: you are the calmest person to talk about this kind