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FOX News "Your World" - Transcript

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FOX News "Your World" - Transcript

MR. CAVUTO: With us now, one of the biggest hold outs on the bailout. Some say it was her early opposition that got this sort of cascade on the right to move out. The Republican Senator Elizabeth Dole, a member of the Banking Committee, joining me now.

SEN. DOLE: Hi, Neil.

MR. CAVUTO: Very good to have you, ma'am. What do you make of what Senator McCain wants to do?

SEN. DOLE: Well, I think that he's doing the right thing to come off the campaign trail and to address this issue. You know, we had five and a half hours of hearings in the Banking Committee yesterday. And I have great concerns about this $700 billion. I'd like to see us rather than going top down looking at how we could go just sort of flip the formula from the ground up, so to speak. It really just seems to be too much money going to the wrong place, the wrong people at the wrong time.

MR. CAVUTO: So was it an issue, Senator, of the amount of money or where it's being earmarked or the fact that the Treasury had almost exclusive oversight, what?

SEN. DOLE: Well, you know, I'm looking at all aspects of it. But I think that there is a concern that we've got one person overseeing the entire thing, that it is such a huge amount, $700 billion. And Neil, what concerns me, and this really kind of infuriates me, in 2003, I introduced legislation as a freshman senator to rein in Fannie Mae and Freddie Mac. I wanted to have a first- class, world-class regulator. They were involved in scandals. I introduced the same legislation in 2005 along with Mel Martinez and Chuck Hagel and John Sununu and again in 2007.

And I think a lot of this, most of it, could have been prohibited, we wouldn't be in this mess today if that legislation had been passed. You know, red flags were up.

MR. CAVUTO: Well, you're right, you're right. It is a done deal. And my hat's off to you. You were early on it. But I've got to ask you this, Senator, because we're pressed for time here.

SEN. DOLE: Yeah, but let me just mention one other thing.

MR. CAVUTO: Real quickly, ma'am, I've got to ask you. The president is going to make a speech to the nation tonight essentially pitching this same bill. Are you saying he's wasting his time?

SEN. DOLE: Well, I'm saying that I'm looking at all of the aspects of this and that I have grave concerns about it. And you know, the fact that we were able to get the Fannie-Freddie legislation finally in July of this year, just in time, because two months later they're in conservatorship. And that would not have been possible had we not passed that legislation. But the red flags were up a long time ago and only a little handful of people, it was like David fighting Goliath.

So I do have grave concerns. I'm looking at it very carefully. And I think that, you know, in talking with people -- I answered my phones this morning, and it was amazing the number of people calling in from North Carolina saying --

MR. CAVUTO: Yeah, they're concerned. They're concerned.

SEN. DOLE: Yeah. There's no question.

MR. CAVUTO: Senator, thank you. Thank you very much, ma'am.

SEN. DOLE: You bet. Thank you, Neil.

MR. CAVUTO: Always a pleasure.


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