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More Regulation & Investigation

BEGIN TRANSCRIPT

RUSH: You want to hear how bad it's going to get? Barney Frank last night on MSNBC. Question: "Should these banks be constrained by doing those things by rules rather than shamed when they don't do them?"

FRANK: We will very soon be adopting a set of regulations. Eh, eh, eh, we're going to be doing essentially now what Franklin Roosevelt had to do in the New Deal, what Theodore Roosevelt and Woodrow Wilson had to do around the turn of the last century. I think by the summer we're going to have a set of rules in place. It's going to be comparable I think to what FDR did with the Securities Exchange and Commission and other rules. We will not depend on their goodwill. We will put some tough rules in place.

RUSH: He's talking about the private sector banking industry. Whether they pay back these loans or not, they're going to have brand-new rules. We're going to roll FDR, Teddy Roosevelt, and Woodrow Wilson into one now by this summer with new rules from Barney Frank's committee -- and Jack Reed this afternoon on MSNBC. Andrea Mitchell, NBC News, Washington, said to Jack Reed (Democrat senator, Rhode Island) "Two-thirds of those polled by USA Today saying that there should be investigations into torture under the Bush administration. Senator Leahy and others are suggesting there should be a Truth Commission. There doesn't seem to be a whole lot of support for that in the White House? Where do you stand?"

REED: I think we have to seriously investigate allegations of torture. I don't, uhhh, know if we require a formal new commission to do that. We have the Department of Justice. We have federal attorneys. But we cannot simply ignore the credible allegations. They have to be investigated. I think our political system, as well as our judicial system is strong enough to conduct these investigations fairly and then to bring those people who might have violated the law to justice. I don't think we should be afraid of that.

RUSH: Jack Reed gearing up to investigate the George Bush administration. So I say: they're going to build up this big, powerful government, and they're going to lose control of it at some point, and we are going to get it back and we're going to start investigating Jack Reed and we're going to investigate Barney Frank and we're going to investigate Chris Dodd, because they committed a lot more heinous acts that destroyed our economy than Bush ever did winning the war in Iraq.

END TRANSCRIPT

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