MSNBC Interview - Transcript

Interview

MS. O'DONNELL: Today, President-elect Obama announced his new economic team, but he did not specify the size of the massive stimulus package he wants. Some in Congress say it should be between $500 (billion) and $700 billion and Obama has signaled he wants it on his desk by January 20th so he can immediately sign it into law.

Will it work? Well, joining me now, Congressman Gregory Meeks, Democrat from New York and member of the House Financial Services Committee.

Congressman, good to see you. Thanks so much for joining us.

REP. MEEKS: Good being with you always.

MS. O'DONNELL: You know, it was noteworthy that Barack Obama did not say specifically how much he wants in this stimulus package, but he did say he thinks it's going to have to be big. Are Democrats in Congress going to go along with a package that's $500 (billion), $700 billion?

REP. MEEKS: Well, I think we have to. I think that, you know, as important and it is very important that we save many of our financial institutions as we're doing with Citi, but it's also important to do some big items and the big item is to create stimulus so that we can get out of the problem. The problem is not just the failing banks; it's the economy. It's getting the confidence back in the markets and it's getting people spending and the only way that we can do that is to have a large stimulus package to stimulate the economy again.

MS. O'DONNELL: You know, President Bush addressed today the issue about the government's plan to rescue Citigroup. He said it was necessary to, quote, "safeguard the financial system and help the economy recover," and he also said there could be more such moves if other institutions need help.

Congressman, answer that question. When is this going to end? I mean, what does it mean too big to fail? We talked about this with AIG and it sounds like every couple of weeks we need a new bailout.

REP. MEEKS: Well, too big to fail simply means that if you look at the devastation that that institution would have on Main Street, for example, how with no credit available or anything of that nature people trying to have -- get mortgages, your ordinary credit cards, et cetera, it is too big to fail in that regard. So we've got to make sure that we keep it and shore it up, but -- and I think this what Senator Obama is talking about, we can't just focus on saving institutions. We've got to have this large stimulus package and we've got to make sure that we're doing other things to keep people in their homes to stop the foreclosure issue problem because if you look at that, that is really what is causing, that's the base of the problem.

MS. O'DONNELL: But how does -- so congressman, how does bailing out Citigroup help a homeowner who is facing foreclosure?

REP. MEEKS: Well, when you look at what happens, for example, by bailing out Citigroup, Citigroup owns many other mortgages and credit that may be available, as well as, for example, I've had Citigroup in my office recently to talk about how we've got to sit down to negotiate with many of the individuals who are being foreclosed upon so that we can redo their mortgages and I think that, to a degree, the government, you know, and some of the money that we put in with the bailout, we should have and be able to utilize the leverage that we have in a greater way to make sure that we are addressing the foreclosure issue and I wish that Secretary Paulson, for example, was more aggressive in that and do the program that the chair of the FDIC, Sheila Bair wants and I think we need to do that and if you talk about Barack Obama and you look at the team that he's putting in place, I think you're going to see those issues focused on as soon as he becomes the 44th president.

MS. O'DONNELL: Finally, congressman, Senator Hillary Clinton has signaled that she is willing to accept an offer by Barack Obama to be Secretary of State. Anyone you'd like to see take her spot in the Senate there from the State of New York?

REP. MEEKS: Well, you know, that's a decision that will be made by the governor of the State of New York, and I think that he will make a careful consideration and whoever he selects, I'm sure that people will rally around him and support him. It's going to be a tremendous loss if Senator Clinton decides to become the Secretary of State, tremendous loss to the State of New York because she's been such a great senator for us, but I think it will be the nation's gain.

MS. O'DONNELL: Do you think Nita Lowey would take the seat?

REP. MEEKS: Well, I think that she would do a great job if the governor chose her. Nita is one that we respect in Washington, DC, member of the Appropriations Committee and Nita stepped aside a few years ago when Senator Clinton was talking about running.

So there are several great people and I think that one of the things that we have in New York, we have a number of individuals who are ready to step in and I know will do a great job on behalf of the state and represent the nation well.

MS. O'DONNELL: Congressman Gregory Meeks, great to have you on. Thanks so much for joining us.

REP. MEEKS: Thank you. Good being with you.

Source