the bill would end government bailouts by establishing an industry financed winddown mechanism to put out of their misery banks that are failing. that is how we would deal with future meltdowns. no more taxpayer bailouts, no more a.i.g.'s. the republicans amazingly assert that this industry-financed resolution fund to put an orderly end to banks that have gotten in trouble will actually perpetuate government bailouts. that doesn't even make sense, so why are they saying it? well, they're saying it because a republican pollster named frank luntz determined that if you call a bill a bailout bill, the public will be alarmed and confused and upset and against it. so they're saying it because the polling shows that that is what will concern americans. we have gotten to the point where it is no longer important in american debate for words to be true. it only matters that they have the requisite effect. words that are used for their effect without regard to whether they are true have a name. it's called propaganda. frankly, it is beneath proper debate in this forum. the bill would also crea

that any taxpayer money would be used during a winddown of a failed company. it's a prepayment. much as we do with the federal deposit insurance corporation with assessments on banks, should the bank fail, those dollars and those resources that are collected are prepayments so that we can handle the wind down of those banks intelligently. so that's what this is all about. now, candidly, there are other ways of doing this other than a prepayment fund. and the point is,xd whatever we do, we should not expose the taxpayer to the costs that they had to bear as a result of this economic failure. this is one way of doing this. bob corker who's worked on this more so than anyone else along with mark warner, the democrat and the republican on the committee, spent literally weeks crafting these two sections of the bill. they're the ones who came up with this idea so we would avoid taxpayer exposure. but, again, there are other ways of achieving that result. again, consider the source of this video you showed, this ad that are being run by the republican national committee. does anyone re

one is how you pay for this winddown fund. do you raise the money before or after a firm fails. do you make big banks give up their derivatives deck, some of these complicated instruments kelly o'donnell was talking about and the senate bill would require them to give up those debts, sell off those items. the third thing is consumer protection. on two of those, the administration agrees with industry and republicans. they're not in favor that have senate provision on districts desk. they're not in favor of advance funding. there's certainly the groundwork for a deal there. >> i know aides think there will abe deal. in the meantime they're going to vote and vote to keep the pressure on. thanks. >>> in arizona, the battle over that new immigration law is only getting hotter. civil rights leaders are spearhead ageighth straight day of protests against that law. demonstrators used refried beans to paint swastikas on windows of the state capitol. opponents are circulating a petition to put the measure to a public vote and urging the white house to step in, too. there are also calls f

secretary paul wallison, if you do that, -- secretary paulson, if you do that, there can be no orderly winddown, there will be massive repercussions in the swab and derivatives market that you will not be able to control and this will be a disaster. >> do you believe that there were people inside the lehman organization fighting for government help besides your conversation that you had with paulson? >> not that i'm aware of, sir. >> the gentleman's time has expired. >> thank you, mr. chairman. thank you, mr. fuld. >> thank you, mr. chairman. mr. lee, at the end of every quarter, transactions were temporarily removed from the balance sheet. when were they put back on? >> it's a continuous probable zest, we peaked at the end -- process, which peaked at the end of the reporting period, so if you read the examiner's report, it's like a 10-day stretch. there's not a set number of days and there was always a level base, one if five, that was on all month long. >> so, mr. fuld, with you were talking about any given day, there were a number of sales transactions. is it fair to say that at the end of t

seems at this point they are debating small things having to do with the issue of how you do the winddowntoo big to fail aspect. and so -- and obviously they had this initial argument on the, quote, bailout fund, but that seemed to be discredited, a lot of what the republicans were saying or what mitch mcconnell was saying and it turned out it wasn't a taxpayer bailout fund and wasn't clear everybody was on board for this thing. that in itself seems to be shoved aside. the roll of the dice the republicans are playing here, though, is can they keep all 41 republicans from moving this bill on the floor? it doesn't seem to me they know for sure they have all 41. olympia snowe, corker. corker sound like he's going to be on the team but snowe, collins, maybe scott brown, they're sit tlougt as well. >> chuck, jim cramer. what are the republicans really fighting for, the right for the banks to continue to rip off the customer or the right for the customers to be able to manipulate treasuries and manipulate interest rates? i'm trying to figure out what the cause celeb is for republicans? is it be