Fox News Channel Interview - Transcript

Interview

MS. SKINNER: And joining us now is California Congressman Brad Sherman. He's a Democrat and he is a skeptic, part of what's now being called the skeptics caucus on the Hill there. He has major concerns.

Congressman, thanks for being here. Let's start out -- want to give you the first 30 seconds to succinctly tell me how you will be voting and why?

REP. SHERMAN: I'll be voting no. The latest argument in favor of this bill is somehow because it's so unpopular with our constituents that it's a great act of courageous patriotism to vote for it. My view is that just because the bill is unpopular doesn't mean it's a good bill. This bill will allow million dollar a month salaries to continue at bailed out firms and even increase.

It will involve hundreds of billions of dollars going to foreign investors. The Bank of Shanghai will simply transfer its bonds to its little office in Los Angeles and then that office will sell the toxic securities to the Treasury and the idea that in some future decade Congress is going to pass a law hitting the financial services industry and Wall Street with some future tax of some future dimension and that's why the taxpayers aren't going to be paying for something, that's pie that isn't even in the sky.

MS. SKINNER: Congressman, I know there's so much pressure in so many ways to get this thing passed. The timeline that we've been hearing as Neil was talking about from a lot of people who know a lot about this financial system has been we've got to do it quickly, we should have done it yesterday.

I want to read you though a quote from one of your Democratic colleagues who said, Ellen Tauscher from California who said, "Nobody likes this. It's one thing to be against something. It's another to spin it up into something it isn't." Talking about you she said, quote, "He can't have his own set of facts."

Can you respond to that?

REP. SHERMAN: She can't refute any of the facts. The fact is million dollar a month salaries will continue. Hundreds of billions of dollars will go to offshore, to rather foreign investors and we'll never get any of this back from Wall Street. When somebody can't answer my detailed, footnoted, five, six, eight-page documents, each one citing different parts of the bill, then they can attack me personally.

MS. SKINNER: Congressman, what happens -- what would make you comfortable, I guess, is how I want to ask the question? Would you be comfortable blowing this thing up and starting over?

REP. SHERMAN: Four hundred eminent economists, including three Nobel laureates have written to us saying, please, please do not rush. Please have hearings. Take your time and do it right. Wall Street demands the money now. The economists tell us we should do this right. I'm with the economists.

MS. SKINNER: Congressman, we just have ten seconds literally, but will this thing be passing in the House as we see this vote coming up?

REP. SHERMAN: The establishment wants it. Wall Street can taste the money and the bill has been mischaracterized in ways to make it sell. I think that it will probably pass, but we're still working.

MS. SKINNER: Congressman Brad Sherman, Democrat of California, part of as we said a group being called the skeptics caucus there on Capitol Hill. We expect a vote, probably in under 90 minutes. Thanks, congressman.

REP. SHERMAN: Thank you.

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