Steve Syre

" The bill requires the establishment of a guarantee program. That will ensure assets at no cost the taxpayer. Bill provides strong bipartisan oversight. So Americans can be certain that their tax dollars are used carefully. And wisely. Bill ensures that failed executive should not receive a windfall. From your tax dollars."

" That's the voice of President Bush's statement uttered just moments ago from the -- lawn of the White House. -- you know while radio listeners know that everyday at this time we do -- business report with the Boston Globe Steve sire. And that today's edition of the business report with Steve's site is being brought to -- SP allies savings bank life insurance is Tedy Bruschi -- for insurance okay. United States senate is Steve sire what did you think of President Bush's statement moments ago. Well I -- have done at this point. It sounds that way out Pollyanna -- rubber show warrants all the -- we've been kicking this around their kind of and it's parallel discussion. With the debate on Friday night. In the day you and I had talked on Friday about how we expected to have people to be working how we get along its names that they did."

" Absolutely I think in terms of and addressing the issues that people or issues that. If people on the hill work or aggravated about -- resistant about that. They -- they got the best deal they were going to get out of this sort of weekend. Negotiations and and it is far from my deal and that but in terms of doling out the money the sort of you know kind of executive compensation -- things like that. You know they'll get something I don't I don't frankly think it's. That big -- deal one way or another but. You know it just for a one short example. You know on the executive compensation caps put in its sound like something in it and it certainly is something. But this. If there's an entire industry as executive compensation consultants that's out there that is is does exist only that -- big to get yes for executives and figure out how that they can make their money it's that the trip is that the much harsher reality for executives they get trouble. He is it will remain in in the open market went. Your stock goes down by forty or fifty or 60% because you're caught up -- You don't. Get a cut his salary get fired and you know we've seen. The most severe cases certainly with. Companies taken over going under the that's happened but. Executive exits are going to be sort of agenda a general theme throughout the next year's. At this idea that the government has sort of put their foot down and they've come up with this ironclad way to you know cut down on compensation for executives of companies that we -- giving and -- I think this sort of a little red Herring."

" Steve and we're gonna talk about it at some length with some people locally tomorrow you know home bankers and mortgage lenders alike look forward to that because our audience is really really bad focused on that. For a all of our conversations these past couple weeks. You're you know you're a general sense at this point don't know markets are impossible to predict. But do you think this is. Enough in terms of its scale and scope. -- and sufficient in terms of its kind. To at least begin to. And remove some of the volatility that you've been writing about we've been reading about."

" in terms of volatility it's big -- and it you know again when people complained about you know at this particular plan and I guess my -- my answer is I I don't like it either but what's plan B and no one ever came up with a a very viable plant these sort of the conservative. Republicans at this insurance idea that. That they never articulated very well in Everett dance very for the widgets were. Putting their foot down more than anything else so I think this plant. Will have an impact. Being a calming influence but you know it. Whether it affects the entire issue is is much more doubtful you know there's. There's a lot of steps stories in the paper today a lot of people commenting today about. How you know -- economic issue is bigger than all -- and you know what you're you're not avoiding a recession by doing this your avoiding sort of a really really. Drastic reaction. All over the economy that's going to affect every one and you know it. Before we we got a I got on the radio -- of the the Bob there was we're. Somebody had mentioned. You know that -- or even stretching the dollar by you know going longer between Erica that what are you guys in the studio is that."

" I don't I would you know half day. Battle to get rewarded noticed -- put -- in the -- question Steve -- In a state of by the way I think everybody agrees this is better than we're we were the question is is it good enough -- it along those lines I -- You know conservative Republican Walter Jones -- North Carolina saying no in in in the -- Dennis Kucinich the liberal Democrat of Ohio saying no and I sort of very thoughtful in my opinion Democrat from what's the -- a government saying I don't know and and isn't clear that there are going to be enough Republicans to jump on board to support this along with Democrats seem to get this to the finish line."

" Are this is something that got its start -- it -- said last week that the further you get away from the market the more you get into Washington politics that that. It that's your guy's territory more than -- I suspect. The answer is yes but I don't really know and and I think I would defer to other people on. Political. Vote counts in head counting."

" is Steve you think going forward after we kind of do this bail -- where ever going to be able to get government out of Wall Street. After it now get going in the future are we going to continue to be that back up for a for Wall Street so that they don't have failures."

" Well Wall Street as it existed in the past has been blown up it doesn't exist today. Wall Street was among other things dominated by five gigantic. Broker -- company. None of those five companies exist. In their own form Bear Stearns. God -- JPMorgan Chase who went on bought by Bank of America."

" I'm almost worried a vote. Government and Wall Street in getting Wall Street out of the government and and that's where you know in the next couple years I hope that happened -- quickly."

" Now I think you know that the the question you know. Presumably we -- that we get this bailout program would get a rolling and we get through the election I think that the big question for Washington is how do you approach. Regulation clearly. There was a huge problem with what people commonly call. Shadow banking system that grew up completely unregulated. That existed for awhile but really became a big -- this decade and what do you do about that to create a safer more secure. Finance system with the economy that has not been regulated at all before and is really the root causes of of this problem and just because you know believe into the world that the current Wall Street. Firms that existed now are -- doesn't mean that something is going to pop up in the future could take its place and be just as reckless and just as. You responsible."

" I think the safest prediction coming out of all this right now is that either one of these presidential candidates is going to be quite amenable if not actually forceful. On the whole issue of regulation and supervision. You write the landscape is changed it's littered with wreckage. Can you imagine all those young bright kids out of Princeton and but it -- who thought they were going to go off to an investment banking firm up in New York that has really been. Kind of the next dot for a lot of these talks I think we're going to BC in the down at the FA no hall fruit stands and that'll be that will be a nice little bit. Yeah I thought I should note here as well as the Steve I'll look forward to to -- and you chat about this with some real local leaders and about what the impacts will be and what do that most of the day tomorrow but this is fabulous stuff and you have been a great guide for everybody. Every listen up and appreciate it very much we'll look reconnect with Steve's site tomorrow he's going to be a central part of Russia tomorrow. At today's edition however the Boston business today with Steve says -- brought to -- SP allies savings bank life insurance is Tedy Bruschi straits collect insurance."