Sep 26, 2008 6:28 pm US/Eastern
MA Congressmen Sound Off On Financial Crisis
WASHINGTON (WBZ) ―
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Rep. Barney Frank speaks with Jack Williams about the financial crisis.
WBZ
Congress was told by Pres. Bush to pass legislation that would bail out the struggling financial system.
Congressional negotiators are now behind closed doors trying to hammer down a deal to rescue the U.S. economy. The talks were quickly revived after the initial $700 billion financial bailout was rejected.
Massachusetts Rep. Barney Frank, who has been a key Democrat in the eight days of up-and-down talks, says he believes a resolution will be reached before the
weekend is over. "I'm convinced that by Sunday we will have an agreement that people can understand on this bill.
WBZ's Jack Williams traveled down the Washington, D.C. to talk with members of the Massachusetts Congressional Delegation, including Frank, and asked them all when they thought of the ongoing talks and the financial crisis.
Rep. Barney Frank
"This is a momentous decision we are making," said Frank. "This is a new thing for our country. If it's done with one significant chunk of a party saying it's not a good idea, then it won't work. This needs to be done cooperatively."
Watch Jack's full interview with Rep. Barney Frank.Rep. Stephen Lynch"I'm concerned about what the market is doing today, and I honestly believe a rescue plan has to be developed, otherwise it's going to start affecting main street, regular credit markets… People's ability to get loans for cars, and homes, and sending their kids to school, so there's a lot a stake here," said Congressman Stephen Lynch.
Watch Jack's full interview with Lynch.Rep. Michael Capuano
"In my estimation, we got into this by the lack of regulations and the lack of enforcement of existing regulations. We allowed human greed to go unfettered for 20 years and the inevitable results is we just took too many risks and now the system is having a difficult time," said Rep. Michael Capuano.
Watch Jack's full interview with Rep. Michael Capuano.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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