NBC "Today" - Transcript

Interview

NBC "Today" - Transcript

MS. VIEIRA: Senator Schumer, if I can start with you, when you were asked about this bailout yesterday you said, quote, "Why are we signing a blank check for that? We don't even know what's in it." You want to fund the bailout in stages instead, with oversight every step of the way. Why is that? What are you concerned about?

SEN. SCHUMER: Well, there are so many concerns, but I'd say three. When Secretary Paulson presented his plan, it was basically a blank check. We care about, first, taxpayers, putting them first. If this is going to get a return on money, it should go to the taxpayers before bond-holders, shareholders, executives.

Second, homeownership. The average American homeowner has seen his or her values sink. And even Bernanke says unless we bring a floor to the values of homes, we're not going to solve the financial crisis.

And maybe most important, oversight. We have to have someone looking over the Treasury secretary's shoulder. Make no mistake, we do have to act. To not act at all would be irresponsible and risk a cataclysm, a heart attack.

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MS. VIEIRA: Yes, but Senator DeMint and Senator Schumer, right now we're in a crisis situation. They say if we don't act, and act immediately, we face a worsening recession.

SEN. SCHUMER: Right.

MS. VIEIRA: Senator Schumer.

SEN. SCHUMER: Yeah, Senator DeMint sounds a little like Herbert Hoover in 1929. There is a serious crisis here. It's as if, you know, the patient's arteries are clogged and he'll get a heart attack unless we do something. Now, we shouldn't do the wrong thing. We shouldn't act hastily. But to use Jim's analogy, the car has real problems. To say not to fix it is just as wrong as fixing it in the wrong way.

MS. VIEIRA: Do you expect, before we go to recess, or before you go to recess, that you will have some sort of compromise?

SEN. SCHUMER: Yes.

MS. VIEIRA: Because you're going to recess this Friday. You believe by Friday you will?

SEN. SCHUMER: Yes. And the one good thing I'd say here, we have different ideas, both Democrats and Republicans, than Secretary Paulson. But the secretary has shown an openness to negotiate with us and compromise. And I do think we have to get something done before we recess, but it shouldn't be a blank check.

MS. VIEIRA: And finally a question to both of you, a yes or no; FBI investigating these financial institutions right now to determine whether there's any criminal behavior. Do you think that people should go to jail for this massive failure? Senator DeMint, can I start with you?

SEN. DEMINT: Well, if they've broken the law, they should. And I think that includes politicians who presided over this mess and caused the problem. I agree we have a problem, but the way to fix it is not more government.

MS. VIEIRA: Senator Schumer?

SEN. SCHUMER: Yes, if they broke the law, they certainly should go to jail.

MS. VIEIRA: Including politicians.

SEN. SCHUMER: Whoever. You bet. (Laughs.)

MS. VIEIRA: All right, Senators Chuck Schumer and Jim DeMint, thank you both for your time.

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