DJOU ON CNBC’s “WORLDWIDE EXCHANGE”
Washington, DC — Congressman Charles K. Djou (HI-01) appeared on the CNBC program “Worldwide Exchange” this morning to discuss, among other things, the flawed financial regulatory reform bill that passed the U.S. Congress, the ballooning national deficit and debt, and Congress’ failure to pass a budget.
On the flawed financial regulatory reform bill: (Watch clip HERE)
“There’s no disagreement that there is some need for financial service regulation reform here in our nation. The problem is the bill that the Congress passed is at best inadequate and incomplete. I’m concerned that a large part of what triggered the financial meltdown we had in the fourth quarter of 2008 was from the housing market, and the fact that we did not reform Fannie Mae or Freddie Mac is a big gaping hole in this measure.
“Even worse though, this bill dramatically expands the size of our government and expands the reach of the government with further regulation, that’s not necessarily the right way to approach this. I think what we should have been looking at is dramatically reforming the bankruptcy code so we have an orderly liquidation of banks when they fail. I think it would have been a better approach to look at, rather than what the Congress put forward.”
What investors are saying to the United States Congress: (Watch clip HERE)
“I think the big concern out there is a lack of confidence in the American economy, and more importantly, the lack of confidence right now in the direction the United States Congress is taking our nation. The American people are very legitimately concerned about these ballooning budget deficits, enormous national debt, and the fact that the U.S. House of Representatives, for the first time in modern history, is failing to pass a budget this year.
“So there’s a lot we can do, there’s a lot of work that Congress needs to have done, and I think the investors are telling the U.S. Congress loud and clear that the current direction we’re taking our nation is wrong and we need to recalibrate.”
On Congress’ refusal to pass a budget: (Watch clip HERE)
“Since the modern budgeting rules were adopted in 1974, the U.S. House of Representatives—in every year—has at least passed some form of a budget. We’ve had continuing resolutions, but a budget sets the overall framework of how much we should spend and where. This year, for the first time since modern budgeting rules were adopted, we’re refusing to pass a budget, compounding already fiscally irresponsible behavior on Capitol Hill.”
On reckless spending in the past: (Watch clip HERE)
“What the previous Administration did was wrong. Running up a half-trillion dollar budget deficit is wrong. But you don’t make it right by running up a 1.5 trillion dollar budget deficit. And I also want to make the point here that what Warren Buffett is saying here is nice, but the real, true key marker is: ‘What do the American people feel?’ And what the American people see is the national unemployment rate approaching nearly 10%.”
On Chinese currency revaluation: (Watch clip HERE)
“I like the idea of Chinese yuan floating a little bit, but what I am concerned about here is the Chinese government is still seeking to intervene and manipulate its market, and—by extension of course—the U.S. market. Overall, the most important thing for individual Americans is what’s happening here in our own nation. The Chinese are important, but it’s not going to be nearly as important as what the U.S. Congress does.”