i asked marchionne why the new jeep is important for chrysler. >> well, it's the first new car that chrysler is producing after having come out of bankruptcy. it reflects all of the best and -- all of the best that exists in terms of manufacturing high end quality. the car is, in my view, probably the best quality car that chrysler has ever built. >> susie: governor jennifer grande prairie, what does it mean for the state of michigan. >> it means that the auto industry is back, and chrysler is back, and 1100 new jobs, which was announced today. a second shift at this plant. and it means for us here in michigan, we're going to be producing, as sergio marchionne, a new jeep. >> susie: sergio marchionne, what kind of sales do you expect from this jeep, and how does it stack up against the competition? >> i mentioned earlier, it is the best vehicle in its class. we don't normally announce projected volumes. roughly 75% of the volumes of the grand cherokee will be in the u.s., and the rest will be outside. as the governor mentioned, we're adding on a second shift. obviously, we have additional pr

still, about 250 dealers are in arbitration with chrysler. as of today, the automaker has won three of its past four cases. a dozen or so hearings will take place in the next week with another 50 the week after. >> susie: in the "money file" tonight, redefining what it means to be financially secure. here's jonathan pond, author of "safe money in tough times." >> reporter: the great recession has altered the way individuals and families think about money and financial security. the new affluence is a redefinition of what it means to be financially comfortable. it is becoming clear that new approaches to personal financial planning are essential. you and i seek new ways to protect what we have and make prudent money decisions in the future. we yearn for certainty in an uncertain world. therefore, we seek more safety, simplicity, and predictability in our financial lives. safety involves opting for financial strategies that will protect our financial futures, even if it requires lower investment returns or higher costs. examples include guarant

chrysler is one of the few automakers that saw sales rise between march and april. and it says just a day to paint but only eight minutes to sell. picasso's nude green leaves and bust sold at auction tuesday for a record $106.5 million. the number's so big i can't even say it. the buyer was not identified. the figure lying down is supposed to be picasso's mistress while the artist himself looks over her. that was painted in 1932, michelle. just shows you if there's a good work of art, someone will buy it. >> let's get cracking. >> yes. >> all right, emily in new york, thanks. >>> just ahead on the "cbs morning news," tracking the giant oil spill in the gulf. but this uplifting story for a bear stuck in a tree. >>> first katie couric has a preview of tonight's "cbs evening news." >> his vision to bring better eye care to people in some of the world's most remote places. you'll meet the doctor whose kindness and generosity has literally opened the eyes of so many. he's the focus of tonight's "american spirit." only on the "cbs evening news." only on the "cbs evening n

chrysler would have been sold in pieces in 2008 or early 2009 if the u.s.ernment had not stepped in with billions of dollars. a company losing money but not as much as in the past. >>> money saving tip of the day. this is a free perk for military families for summer and i will explain that coming up. >>> today more officials in the obama administration will get a first-hand look at the disaster in the gulf. they'll fly over louisiana's shoreline. about 65 miles of the state's coast now has oil washing on to the beaches. bp says a mile-long tube is not sucking up as much oil as when first installed and they have postponed plans to block the pipe on the ocean floor until wednesday. >> we will have a series of activities of attempts to kill the well for good. >> it is clear the resources needed to protect our coast are still not here. >> the louisiana governor and other local officials are not waiting on best bp and the federal government anymore. they have begun to build sand barriers to protect the coast and the fragile ecosystem. >>> bill clinton hit a bump

then we saw general moto tores and chrysler taken over by the federal government. general motors, the federal government bought up 61% of the shares, canadian government 21 1/2%, the unions got 17 1/2%s even though the secured bondholders got iced out. they had the secured collateral and still were iced out in the leverage negotiations that took place. so we've seen 1/3 of the private sector activity taken over by the federal government and along came a $787 billion economic stimulus plan and then along came the resurrection of the dead obamacare and the dead obamacare was brought to life, barely squeezed out of it on life support, limped through this congress, put on the president's desk in a fashion it could not have passed this congress on the day because the senate would not have approved it, madam speaker, so we saw 1/3 of the private sector profits swallowed up in the bank the a.i.g., fannie, freddie, general motors and chrysler. another 1/6 of the economy swallowed up in obamacare where the most sovereign and private thing we have, our own bodies, our skin a

often to help and all of us couldn't speak tonight so on behalf of sears and general motors and chrysler and ford and hallmark and johnson & johnson and shell and bet and ups and essence and black enterprise and wal-mart and ups i'm representing them because all of corsi interpol and she called us early and often. [laughter] and we always said yes because she was doing the heavy lifting. she was doing god's work and all the we had to do was follow and we knew everything would be all right. so in closing let me just say that dorothy irene height helped us off hour game, each one of us when we were with her. she was on commonly concerned about all the fuss. in closing i will use my favorite quote from john henry clark and i know that irene dory irene height knew him. she said history is the clock people use to tell their time of day. it tells them who they are and what they are. it helps them find themselves on the map of human geography. those who live their lives well know that is what they do every day that writes the history of of tomorrow. dorothy irene height wrote a lot of history a

president, you helped revive the banking industry, you saved g.m., chrysler. what about the news business? i say, hey, i'm just the president. i'm not a miracle worker here. so i am glad the only person whose ratings fell more than mine is here tonight. great to see you, jake. i'm also glad i'm speaking first, because we've all seen what happens when somebody takes the team slot after leno. by the way, all of the jokes here tonight are brought to you by our friends at goldman sachs. so you don't have to worry. they make money whether you laugh or not. we we do have a number of notable guests in attendance here tonight. obviously mostly michelle accompanied me. she doesn't always go to these things. and there are few things in life that are harder to find and more important to keep than love. well, love and a berth certificate. the jones as brothers are here. they're out there somewhere. sasha and malea are huge fans. but boys, don't get any ideas. i have two words for you -- predators. you will never see it coming. you think i'm joking. speaking of tween heart

looking at the park -- tarp tax proposal, gm and chrysler are responsible for about $30 billion of projected losses and not subject to the president's proposed tax. and also, fannie and freddie are not subject to the tax. in hedge funds, like the one involved in a recent scandal are not subject. companies that did not take money are subject to a proposed tax and companies that were not eligible to take any money are subject to the proposed tax. when asked to bear the burden of the tax, they said that one of the groups that would bear the burden would be consumers. one of the purposes stated by the president was to reduce risky behavior by financial institutions. however, the cbo stated in their letter to me that the tax would not have a significant impact on the stability of financial institutions or significantly alter the risk that government outlays will be needed to cover future losses. one area i am concerned about, the tax on small business lending. cbo stated in that same letter that it will reduce small- business lending. this comes at a time when the president and everyone else in t

chrysler says it's limited to a small number of suvs, appears to be mechanical, not electronic. so far there's been no recall. we'll keep you updated. jon: any moment now ahmadinejad gets the podium, he is expected to fight against new sanctions against his nuclear program. john bolton tells us why we'd better get ready to deal with a nuclear-armed iran. jane: we want to show you live pictures from the united nations in a few minutes. we're expecting a speech by the iranian president mahmoud ahmadinejad, often as you probably know when he gets in front of a microphone he makes headlines. this nuclear nonproliferation conference is being set up as a showdown with the united states, the united states and our allies, we fear that tehran is trying to develop a nuclear weapon. new york senator charles schumer says iran must be stopped. take a listen. >> i am asking that the united nations secretary general, as well as all the countries of the world, condemn ahmadinejad if he doesn't come clean and say that he will stop producing nuclear weapons to sort of give him a pass and let him

information center, and rear cross path detection system, now available in the safety tech package, the chryslerown & country is a safe bet to make. ♪ in 2005, we had our first free camp for children with cancer. one of our young girls, she gets up and says, "my magical moment is knowing that i'm not alone. "that there's other children out there who have cancer and i'm not going through this by myself." this is my purpose in life. i'm here to be able to offer this camp for children who have cancer. [ female announcer ] mutual of omaha. proud sponsor of life's aha moments. >> pelley: with the life jacket, mike williams, the chief electronics technician aboard the deep water horizon jumped feet first off the deck and away from the inferno. he had witnessed key events before the disaster but if he was going to tell anyone, he would have to survive a ten storey drop into the sea. >> i went down way below the surface, obviously. when i popped back up, i felt-- i felt like okay, i've made it. but i feel this god awful burning all over me. and i'm thinking am i on fire. you know, i just don't know. so

does not apply to the companies that benefited the most, betty mae -- fannie mae, freddie mac, gm, chryslerome of these firms have paid out bonuses to their executives have met some of the bonuses paid by the largest financial institutions. i do not want to go into those, but you can look at them. their names and dollars in those bonuses -- you do not believe that there should be an exemption -- tell me why you do not do this to fannie mae and freddie mac and gm. >> of very good question. we thought about this very carefully. and fannie and freddie, it would be one hand of the government paying the other. we would be paying the fee. >> they are a separate entity. >> as you know when congress authorized my predecessor to put them into a form of conservatorship, that put us into the position where their gains are our games, their losses are our losses. if that were to pay for the fee, we would be paying for the it. >> you're simply saying they are vulnerable. >> no, i don't think that i am. congress did the right thing in keeping them a stable to the crisis so that we can reform them. the aud

the government is the largest owner of general motters and chrysler and the largest funder of aig. they nationalized student loans. they are trying to find the backroad to a government run healthcare system and if you look at the recent reports that in 2014 many major corporations are going to dump their health insurance. >> chris: the secular part. >> if you look at his appointments and an equal employment opportunity commissioner who says religion has to -- the democratic candidate for the senate in massachusetts who says if you are a practicing catholic maybe you shouldn't work in emergency rooms. two state legislators in connecticut. there is a continuous relentless antireligion bias. to reached a decision that a day of prayer is unconstitution it will which if he weren't so serious would be laughable. >> chris: you also write this and let's put it up on the screen. mr. speaker, respectfully, isn't that wildly over the top? >> not if by america you mean that historic contract we have had which says your rights come from your creator, they are unaislable. you are allowed to purs

the government is the largest owner of general motters and chrysler and the largest funder of aig. they nationalized student loans. they are trying to find the backroad to a government run healthcare system and if you look at the recent reports that in 2014 many major corporations are going to dump their health insurance. >> chris: the secular part. >> if you look at his appointments and an equal employment opportunity commissioner who says religion has to -- the democratic candidate for the senate in massachusetts who says if you are a practicing catholic maybe you shouldn't work in emergency rooms. two state legislators in connecticut. there is a continuous relentless antireligion bias. to reached a decision that a day of prayer is unconstitution it will which if he weren't so serious would be laughable. >> chris: you also write this and let's put it up on the screen. mr. speaker, respectfully, isn't that wildly over the top? >> not if by america you mean that historic contract we have had which says your rights come from your creator, they are unaislable. you are allowed to purs

ford and chrysler reported sales were up 25% from a year ago. toyota was up 24%. and general motors sales rose about 6.5%. despite the gains, sales were actually much slower than in march, when incentives attracted buyers in droves. wall street rallied on upbeat reports about consumer spending and factory activity. the dow jones industrial average gained 143 points to close above 11,151. the nasdaq rose 37 points to close at 2498. actress lynn redgrave died today after fighting breast cancer for years. she joined her family's acting dynasty and burst into public view as the title character in "georgy girl" in 1966. she earned one of her two oscar nominations for the film. in 2002, redgrave performed in the musical "company," part of a salute to stephen sondheim at the kennedy center in washington. ♪ a toast to that invincible bunch ♪ ♪ the dinosaur surviving the kruferng ♪ let's hear it for the ladies who lunch ♪ ♪ everybody , rise ♪ >> sreenivasan: redgrave also earned three tony nominations for broadway roles over the years. and more recently, she appeared in a

. >> lehrer: chrysler remade 1.5 billion out of a $4 billion loan, the rest was erased in bankruptcy proceedings. wall street went down hard today, then came back swinging. the dow jones industrial average fell more than 180 points over concerns about the falling value of the euro. later, as the euro rallied, so did the dow. it ended up gaining 5 points to close above 10,625. the nasdaq rose 7 points to close at 2354. and the price of oil kept falling to $70 a barrel. it's down 20% in two weeks. protesters in bangkok, thailand offered a cease-fire today after five days of violence and 37 deaths. the government said it would accept, but only if street battles end. in the meantime, the protesters defied an ultimatum to go home. we have a report from nick paton walsh of independent television news. >> reporter: these men donned democratic grad laters seemed to have guts if little else in the face of what could be an advancing army. but inside civilians grieve the death this morning of one of their more combative leaders, praying to wish his soul a safe journey. this shows the moments wh

my next question to you is, what would have happened if we had let gm and chrysler go under? lot of people would have gone unemployed, including the suppliers. host: there are several folks on twitter who want to hear some specificity from you on those cuts. guest: house republicans have started an effort called youcut. we are going to go to america to help us identify the waste in government. we often talk about waste in government, but it is always difficult to pinpoint. even within medicare, it is estimated that a third of medicare is waste, fraud, and abuse. every president of up to president obama has talked about eliminating the waste in medicare. but it is harder when you actually start to identify that waste. government is not an efficient delivery of services. part of what needs to happen is, instead of continuing to add to the goatgovernment -- last yeare had an increase in federal government employment by 120,000 people when the private sector is having to cut people. we lost 3 million jobs in the last year but the government is continuing to hire. the federal gove

we have chrysler. now that chrysler has been bought by fiat, many other cars will be made here.e have nissan, we have a board, we have bmw. we have a huge automotive industry. we have a huge chemical industry. we have it processed foods industry. you probably know a little bit about that. in short, the state of mexico is a very influential state. many people are very proud to be from there. the chief of international affairs, which is like the secretary of state, deals with migration issues. we have about 1.2 million people from the state of mexico living in the united states. we do international economic promotion so, that is the state of mexico. i want to get into today's topic. i think it has generated a lot of interest. i think part of the interest that mexico causes today comes from a huge mystery. the mystery is, why is it that such a great nation -- because i think we all know that mexico is much more than what we see in the news today -- why does it go through so much? what is happening with the border that we have with mexico? how can we help or change or whatever? i th

and chrysler. as a matter of fact, it may be the largest bailout in history.the united states through nasa spent a half a century, mr. chairman, learning what we didn't know, finding answers to questions we weren't smart enough to ask at the time. developing technology that was needed to meet a challenge and get the job done. we came from the flight in 1961 to the space shuttle and the international space station today. by the way, with the side trip or two to the moon along the way. the evolution of this learning process was not without cost. not just in dollars, but in the lives of our friends and our colleagues. it took the courage, the effort, the dedication and the self-sacrifice of thousands of americans out there who allowed us to come this far, this quickly. and although we paid dearly for our mistakes, it is testimonial to their commitment and american ingenuity that everyone who went to the moon came home. therein is a lesson we cannot afford to ignore, and i ask the question, is this the nasa we want to transform? for the sake of time, i will not go

we lost the chrysler plant and the general motors plant. we subsequently lost the refinery and these were thousands of very good paying jobs. we actually had a positive outcome for all three in the case of the chrysler plant, the university of delaware had purchased it. they're putting people to work doing research. general motors was purchased -- that plant was purchased by a company called this core automotive which is making a plug in hybrid and in the refinery will be opening with new leadership. but in the case of general motors plant, for instance, the automotive have literally dozens of places they could go to manufacture their cars. they were required under the terms of the federal department of energy loan to manufacture their cars and a shattered american automobiles. one to leave could leave to the eckert doesn't have shuddered automobiles. and they chose delaware. we have certain this going for us just by where we are. we've got access to tens of millions of customers with a couple of hours' drive and a strong transportation str

commercial work including quote, bailing them out, even if that would mean a bigger bailout ben chrysler and gm blasco what did you mean by that? >> i'm not sure i said that senator. i'm not sure what-- who was in the room but as i have always said i will do everything in my power to facilitate the success of the commercial entities in access to orbit. i have to have that. the defense has to have it and our intelligence community has to have it work of the budget today does not allow me to continue to build and operate in lower orbit if i want to go explore. the contingency that i continue-- i am a. i have to look at the possibility that the commercial sector may have difficulty, and we will do everything in my power to facilitate their success. that is what i meant when i said anything. >> mr. bolden what i have read is a lot more specific and different than what you just said. did you say, did you use the sort of language i used? >> i don't remember using the sort of language you used. i don't remember that. this was just days ago. >> it had quite an impact on other folks in the conver

and chrysler was never the central part of the administration's job creation program. they're just too small. as i said, they end up with fewer jobs than they did when they started out. the main ideal is basically a combination of rescuing the financial system so that banks could lend and stimulating overall spending through the stimulus program so that people would go out and spend stuff. and that would create demand. the jobs that we have -- first of all, we've only started creating jobs in the last three, four months so it's premature to talk about what jobs are we creating. such as there has been employment gains in the last year or so it's been predominantly in health and education p and, in fact -- education. and in fact, most people believe those are going to be the dominant new jobs, reflecting the age of population and our increased demand for medical services. i am optimistic that manufacturing, which has been shrinking for decades now -- in fact, the number of manufacturing jobs is the lowest it's been in decades. i don't expect that to come back rapidly, pa

still remaining at $5.5 trillion in contingent liability and the takeover of general motors and chrysler, both of them now under the control or influence of the federal government being managed now exactly off the socialist website, run for the benefit of the people affected by them, close quote? the unions who made no concession whatsoever except to concede future claims that they think are going to be paid anyway by obamacare. and the student loan program, taken over completely, exactly within the mold of what happened when we had federal flood insurance that came in to provide one more competitor for the private market back in 1963, now there is no private market. now the federal government runs it all. when the federal government steps in to compete on student loans, people said, well, you know, we need to keep these people honest. somebody is making money off these students. now the federal government runs it all. and the president's idea was that he would set up one more insurance company to provide health insurance for americans to compete against these insurance company whoms he

president, you saved the banking industry and gm and chrysler. what about the news business?e to explain, hey, i'm just the president, i'm not a miracle worker here. [laughter] >> though i'm glad that the only person whose ratings fell more than mine. great to see you, jay. [cheers and applause] >> i'm glad that i'm speaking first, because we have all seen what happens when somebody takes the time slot after leno. [laughter] [cheers and applause] >> by the way, all of the jokes here tonight are brought to you by our friends at goldman sachs. so you don't have to worry, they make money whether you laugh or not. [laughter] >> we do have a number of notable guests in attendance here tonight. obviously, i'm most pleased that michelle accompanied me. she doesn't always go to these things. [applause] >> and there are few things in life that are harder to find and more important to keep than love . well, love and a birth certificate. [laughter] >> the jonas brothers are here. they're out there somewhere. sasha and ma lea are huge fans, but boys, don't get any ideas. i have two words

and the case of the chrysler plant, the university of delaware has purchased a.ll be putting people to work doing research. general motors was purchased, that plant was purchased by a company called pfister automotive which will be making a plug-in hybrid. then the refinery will be opening with new leadership. but in the case of the general motors plant, for instance, pfister automotive had dozens of places that they could go to manufacture their cars. they were required under the terms of the federal department of energy loan to manufacture their cars and a shattered on a mobile plant. unfortunate there are dozens of those plans. and after looking throughout the country they chose delaware. we have certain things going for us just by sort of where we are. we have access to tens of place of customers within a couple hours tries. we have strong transportation for such. we have the port of wilmington which is important to them because they want to export many of their cars. we had a great workforce, but we were also very response. my standard is for us to be ridicu

competitive with the rest of the world so we don't have to go through a general motors bankdk a chrysler bankruptcy or some of the disruption that we just went through? >> i don't think i sharry your premise that it was workers who had to be threatened with nationalization in order to make concessions. collective bargaining actually works both ways. it is flexible mechanism deciding how to sharry the pain in cases like auto industry and sharry the benefits when the economy and company are growing. i would, the other problem there is of course we have some of the skilled auto workers in the world. they contest that in germany and japan but i still think we do. they don't run these companies and they don't design these cars. they have to build the cars that they're asked to design and these companies were terribly managed and corporate culture that were completely conflicted and ossified that is the reason why it took crisis at kind that it was in order to force changes that took place. you will notice when the decisions had to be made, collective bargaining delivered the results. now they

and general motors and chrysler. and you look at the new fedatory bill that will expand fannie mae and fannie mac. you see this expansion of politicians and bureaucrats and the shrinking of free enterprise and entrepreneurs and the small working people. so the socialist part is pretty straightforwa straightforward. our american system is different, our declaration of independence said that we are endowed by our creator, with certain rights. power comes from god to you. and you loan power to the state. but america like no other state, the center of the power is the citizen, it's not the state. and then you have a democratic in massachusetts, if you are catholic, maybe you don't work in the emergency room. and you have two democratic legislators in connecticut. and you have a judge in wisconsin that says that the day of prayer is unconstitutional. you can go to item after item and having a march of secularism driving god out of public l and a judge ruled that indiana legislator couldn't open up their daily meeting with

often to help and all of us couldn't speak tonight so on behalf of sears and general motors and chryslerrk and johnson & johnson and shell and bet and ups and essence and black enterprise and wal-mart and ups i'm representing them because all of corsi interpol and she called us early and often. [laughter] and we always said yes because she was doing the heavy lifting. she was doing god's work and all the we had to do was follow and we knew everything would be all right. so in closing let me just say that dorothy irene height helped us off hour game, each one of us when we were with her. she was on commonly concerned about all the fuss. in closing i will use my favorite quote from john henry clark and i know that irene dory irene height knew him. she said history is the clock people use to tell their time of day. it tells them who they are and what they are. it helps them find themselves on the map of human geography. those who live their lives well know that is what they do every day that writes the history of of tomorrow. dorothy irene height wrote a lot of history and allowed us to ger

fannie mae, freddie mac, got all the student lens swallowed up in america, and general motors and chrysler, taken over by the federal government with 61% of the shares of general motors owned by the federal government. that's taxpayers' investment. when general motors is running an ad that says they paid off their loans, they did that, all right. they paid off a loan. i don't remember the exact amount of that, but it was in the low few billions of dollars. meanwhile, the taxpayers are still holding 61% of the shafers, the canadian government has 12 1/2%, the unions were gifted 17 1/2% of the shares of general motors and we're watching ads saying that general motors paid us back. well, then, why didn't tim geithner sell those shiferse general motors into the open market? why doesn't he di vest the federal government from owner -- divest the federal government from ownership in general motors. if this administration doesn't believe they should be in the private sector, why are they running banks, insurance companies, why did they take over fannie and freddie, why did they take over the stude

and general motors and chrysler which shared $77 billion. banks received $205 billion, of which $136 billion has been repaid. fannie and freddie continue to operate deeply in the red with no end in sight. the congressional budget office estimated that if their operating costs and subsidies were included in our accounting of the overall federal deficit, as properly they should be, the 2009 deficit would be greater by $291 billion. the op-ed continues, "all of this happened in the name of the american dream of homeownership, but there is no evidence that fannie and freddie helped much to make this dream come true. despite initiatives in the early 1970's shortly as they were incorporated as private korpgs protected by government charters, the percentage of american households owning homes has increased by merely four percentage points to 67%. according to a 2004 congressional budget office study, the two g.s.e.'s enjoyed $30 billion in subsidies in 2003 primarily in the form of lower borrowing costs and exemption from state taxation, but they p

current ownership of a.i.g., the largest insurance company in the uted states, general motorsers chrysler, if you look at the new federal relatory bill that will dramatically expand politicians' power and look at fannie mae and freddie mac the largest unfunded liability we have on the books d basically run by politicians for politicians, aga and again you see this expansion of politicians and bureaucrats and shrinking of free enterprise and entrepreneurs and small business leaders and people who work and pay tabses. -- pay taxes. the second kau similar part is -- the secular part is tied into socialism. it is you believe the state can control and define. our declaration of independence says we are endowed by our creator with certain unalien able rights which you mean power comes from god to you. you th loan power to the state. but america unlike any other country the center of sovereignty is the citizen, not the state. that is abhorrent to a true socialist and you end up with for example the democratic candidate for the senate in massachusetts saying if you are catholic maybe you should n

look at what happened to gm and chrysler with all of their health concerns and the things that they negotiatehe drive up the cost so high. host: what kind of business and do you own? guest: service station, gasoline and repairs. you know how volatile that is -- caller: service station, gasoline and repairs. you know how volatile that is. paying 6 cents per gallon on every credit card that you take, there is not much left over. guest: what you are talking about with the tax treatment is a tremendous issue that very few leaders in this town understand. despite what we have done to try to make them understand. when we talk about people that make $250,000 per year or above often what you get are just would you describe. small businesses where revenues and expenses are passed through to the personal income statement. they are paying a lot of taxes in addition to the business. you are absolutely right. when they talk about limits like $250,000 per year they're mostly talking about small businesses with a lot of bills to pay. host: our guest is david chavern. boston, mary, in the pan and line. -- in

when you think about it in the last two years we have bailed out wall street, g.m., chrysler, fannie mae, freddie mac, and now the obama administration is proposing $8 billion for gree and over $50 billion for the european union that has been borrowing and spending beyond its means. yet america is following in these same footsteps. mr. speaker, we need a budget. and just last week, my friend, congressman pens, and i introduced a resolution asking for this congress to take a stand in opposition to u.s. tax dollars being used for the bailout. we cannot afford a too big to fail strategy to a global level. the only thing too big to fail is america itself. we owe it to the american people to have this vote. . the speaker pro tempore: for what purpose does the gentlewoman from california seek recognition? >> to address the house for one minute and to revise and extend. the speaker pro tempore: without objection, the gentlewoman from california is recognized for one minute. ms. harman: mr. speaker, my district makes most of our intelligence satellites. i devote enormous attention for helpin

current ownership of a.i.g., the largest insurance company in the united states, general motorsers chrysler, if you look at the new federal regulatory bill that will dramatically expand politicians' power and look at fannie mae and freddie mac the largest unfunded liability we have on the books and basically run by politicians for politicians, again and again you see this expansion of politicians and bureaucrats and shrinking of free enterprise and entrepreneurs and small business leaders and people who work and pay tabses. so -- pay taxes. the second kau similar part is -- the secular part is tied into socialism. it is you believe the state can control and define. our declaration of independence says we are endowed by our creator with certain unalien able rights which you mean power comes from god to you. you then loan power to the state. but america unlike any other country the center of sovereignty is the citizen, not the state. that is abhorrent to a true socialist and you end up with for example the democratic candidate for the senate in massachusetts saying if you are catholic maybe y

general motors and chrysler are emerging from bankruptcy only with taxpayer help, owning significant amounts of those companies as well. the finance financial sector was the epicenter. recession. between 2,000 and 2007, 27 banks failed. since then 215 have failed. the largest savings and loan failure in american history happened in july of 2008 when indy m.a.c. received. the largest bang failer happened two months later when washington mutual in existence for more than 100 years collapsed, threatening its customers, $3.7 billion in assets. the largest insurance company failure in history, a.i.g., also occurred in late 2008. only the troubled asset relief program initiated under president bush and it's more than $170 billion taxpayer funded bailout kept a.i.g. from actual collapse. it's important to ensure that taxpayer funds are never again used to bail out private companies. we must have a procedure in place that not only ends the concept of too big to fail but prevents the financial abuses from endangering the economy in the first place. the value of the derivatives market as of oc

general motors, ford, chrysler -- [applause] >> they all have bright futures now, we're of one year agonk you, mr. president, for supporting our economy. last august, a vice president joe biden came to michigan to announce 1.3 $5 billion in federal grants to spur our advanced battery and electric vehicles sector, insuring that the electric car would be researched, designed, and built in america, in michigan -- no other state. [applause] >> no other state received a larger number of grants, and as a result, mr. president, in just the past nine months, 17 advanced battery companies and projects have located in michigan, including one your with in the rose garden yesterday, and with the possibility here of creating 60,000 jobs over the next few years. we hope many for wolverines. because we know that our wolverines want to contribute to making america independent of foreign oil. we could not transform michigan from being the rust belt to the greenbelt without your support, mr. president. while i am at it, i want to thank you for fighting as well for a clean energy jobs built in the months

and chrysler to the tune of $80 billion, many franchises were taken away from these dealerships. jobs supported by these dealerships were eliminated, and this lost income continues to plague american families. in addition, the lost tax revenue and absence of those dealerships that played an important civic role in their communities has further strained local communities. when the auto market recovers, these dealerships should be given an opportunity to reclaim their franchises as manufacturers expand their distribution channels. i'd like to commend congressman green and congressman hensarling for their leadership on this issue. i support the resolution, urge my colleagues to support it and reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlewoman from california is recognized. mrs. capps: i reserve the balance of my time. i have no further speakers. the speaker pro tempore: the gentlewoman reserves the balance of her time. the gentleman from pennsylvania. mr. pitts: madam speaker, i have no further request for time. i

freddie mac and fannie mae exceed -- exceed the government's losses on a.i.g., general motors and chrysler. yet, the current legislation here in the senate is completely silent on these two entities. madam president, that is outrageous. we cannot continue to funnel unlimited amounts of taxpayer money into freddie and fannie and have no plan to end this siphon. at a time we're faced with crushing debt and out-of-control deficits we're willing to turn a blind eye to a $145 billion problem which is going to only magnify over time to the point that last christmas eve the administration lifted the cap of $400 billion, which is what initially was put in place that would limit the amount of taxpayer exposure. what we're now saying is that may not be enough. yet, we do nothing, nothing in this legislation to remedy this problem. obviously the administration knew there was more bad news ahead when they decide to lift the cap on government assistance on christmas eve of last year. the obama administration decided the taxpayers could afford unlimited funding for freddie and fannie rather than keep a

supported the takeover of the banks, the insurance company, fannie and freddie, general motors, chrysler. by the way, the student loan program. not to mention obamacare. and now we have the financial world that is -- our effort to take that over. i'll stand and oppose these changes. i'll stand and oppose them for a lot of reasons, perhaps an opportunity i can get into a little bit later in this hour, mr. speaker. the federal government should not be making arbitrary decisions on which businesses succeed and which ones fail. it should not be in position evaluating, and if there is credible evidence of an entity, a corporate entity, financial credit entity, credible evidence as to whether or not they might be in trouble, that would give the secretary of the treasury the authority to pull the plug on the company, take it over by the federal government, bring regulators in to intimidate them before or after the fact. this is -- it gives this bill, this chris dodd bill or barningy frank bill, it gives -- barney frank bill, it gives the federal government the authority to take over any busines

that's far more than a.i.g., which absorbed $70 billion of government largess, and general motors and chryslerich shared $77 billion. banks received $205 billion of which $136 billion has been repaid. fannie and freddie continue to operate in the red with no end in sight. the congressional budget office estimated that if their operating costs and subsidies were included in our accounting of our overall federal deficit, as they properly should be, the 2009 deficit would be greater by $291 billion." well, mr. president, the point is simple: this bill is alleged to be focused on trying to solve the problem of bailouts. you'll hear senators on this floor say day a and day out that this bill will end the bailouts and stop too big to fail. yet the two largest enter prices, which were at the core of the financial crisis, are exempt from the provisions of legislation. they're into the even mentioned in the legislation. and apparently they are too big to fail. because we in this senate will not put them into a track of being resolved properly. as indicated earlier, i'm concerned that the same outcome i

current ownership a.i.g., the largest insurance company in the united states, general motorsers chrysler, if you look at the new federal regulatory bill that will dramatically expand politicians' power and look at fannie mae and freddie mac the largest unfunded liability we have on the books and basically run by politicians for politicians, again and again you see this expansion of politicians and bureaucrats and shrinking of free enterprise and entrepreneurs and small business leaders andeople who work and pay tabses. so -- pay taxes. the second kau similar part is -- the secular part is tied into socialism. it is you believe the ste can control and define. our declaration of independence says we are endowed by our eator with certain unalien able rights which you mean power comes from god to you. you th loan power to the state. but ameca unlike any other country the center of sovereignty is the citizen, not the state. that is abhorrent to a true socialist and you end up with for example the democratic candidate for the senat in massachusetts saying if you are catholic maybe you should n