Fox News "Fox & Friends" - Transcript

Interview

Fox News "Fox & Friends" - Transcript

MR. KILMEADE: Hi everyone.

CEOs from the big three automakers made their final cases to both the House and the Senate in hopes they'll get that $34 billion they need. Now, the vote is scheduled for later this week, so what lies ahead and why is everyone talking about a breakthrough happening today?

California Congressman Brad Sherman and Tennessee Congresswoman Marsha Blackburn both join us. Thanks to both of you.

First off, Congressman Sherman, do you agree that within 24 hours -- that was yesterday, as Senator Levin said with Chris Wallace -- there will be some type of legislation signed and we can move forward with a bailout?

REP. SHERMAN: Well, I don't think we're going to sign the legislation. I think they may write it within the next 24 hours. And I look forward to reading it, particularly to see if we're going to get the warrants that give taxpayers the upside if these companies pull through.

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MS. CARLSON: We are back with California Congressman Brad Sherman and Tennessee Congresswoman Marsha Blackburn.

Let's talk a little bit about the car czar, because some names being floated about -- I think Brian was mentioning Jack Welch. Do you guys think that there would be anyone else that you can think of off the top of your head who would, number one, want that position or be so inclined to be good at it?

Brad?

REP. SHERMAN: I think a lot of people would want it. I'm not sure that we want somebody from the corporate executive world where perks and enormous pay packages are thought to be standard. But we would want to take a look at someone like Jack Welch.

I think it's important that we get the advantages or the process that we would get in a bankruptcy reorganization without the pejorative word "bankruptcy", because if we put these companies into bankruptcy, who's going to buy a car from them? If instead there's a car czar that can insist upon contributions and sacrifices from shareholders, workers, creditors, suppliers, then we get the same reorganization process we would get at chapter 11 bankruptcy without the pejorative.

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MR. DOOCY: Brad, what do you think? He knows where the bodies are buried, but he helped create this hole they're in.

REP. SHERMAN: He buried the bodies.

REP. BLACKBURN: Yes. (Laughter.)

REP. SHERMAN: Look, I'm not an executive consultant to corporations. I haven't looked at all --

MR. DOOCY: That's never stopped somebody in Congress from giving an opinion! (Laughter.)

REP. SHERMAN: Usually I like to study things adequately before I give an opinion. My one run-in with Wagoner is this whole corporate jets thing and I think that showed -- my one run-in with him showed a lack of good sense on his part.

MS. CARLSON: Yeah, but that was an amazing question, Sherman. I mean, that was an amazing question that you had, Congressman, I have to say, during those whole hearings. It blew the whole thing right out of the water.

REP. SHERMAN: He'd been told not to fly his corporate jet and he did it anyway.

MS. CARLSON: Really?

REP. SHERMAN: I know on good authority.

MS. CARLSON: More information!

REP. SHERMAN: He made a mistake.

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