FOX News Business: Bilbray On Financial Crisis

" Probably congress in this time Brian Bilbray he was at this morning's hearing with -- mr. Greenspan because I got a -- money now I know it's passable for Alan Greenspan to say. I did not thing and all that the."

" Again he with that finally had to say look. I wasn't on top but as -- as much as I should -- and I think people might want it more but. I thought crack there we saw him say that yes he had made mistakes which is something I don't think we've seen before and I think a lot because. When he prayed that it might have been a momentary United. Fallen asleep yeah you let anybody do that someone said don't you think you've -- out of a better job don't you think your mistaken he admitted yes site I think I could have been there were things that I underestimated. I think the biggest one was that he he really admitted that. -- the depth of the sub prime the the wave that. Fannie and Freddie Mac was able to shake the foundation of everything that the bottom of the pile -- the smallest component that those. The sub primeloans going to people shouldn't be getting them could shake the whole thing I think he admitted he didn't realize. That that that was beaten an iceberg that there was a whole lot more there than what he saw and when that the good ship. Economy hit it. Is it shocked him that if -- write to him it was yeah."

" And it is technology now I mean I could talk about TI had no idea that if I kept eating you know no -- and -- and companies that might get fat but eventually realists say you know. That's what happens that he must have known and must've said and must have acknowledged. That he Fed the -- intact he inspired Easton propelled -- and I didn't see a lot of folks you know saying you know. We're glad -- maybe it's a little bit remorse and that was the point I gotta take ours maybe redness but yeah I was I was it'd just say you know chuckle -- you've -- Bashing everybody and his uncle since they got in the power including your successor. You know you're not all --"

" Now I think I think the problem as as it was someone there that long."

" And you know and let's face it Leo we -- we incorporate these. You know gods of economic you're exactly right we -- great and that all they know all the answers they also much more than we do. And the fact that the average citizen really has the genius that we kind of and Washington people Washington sort of just. Absolutely ignored that and think it just because you've been around around Washington for a long time you're somehow smarter than everybody else."

" That's a very good point guards and if you think about it the geniuses from the best schools. With the with the best MBAs. That got us into this mess -- certainly didn't see it. And the man who is revered as the financial -- of all time. Sort of -- the process along Soviet real."

" We should be we should be really concerned about the fact that when we get in trouble we go to the same people we expect Washington. You have all the answers and we've got a fine and."

" Well that's what he was advising today congress and impart those answers more regulations more government role more government oversight I thought I was listening to you know Karl Marx was."

" I think I think one of the things this but the guess paying attention more that my guess the thing that came out was that when you squeezed off. And put regulations at one place it created a bubble the other way the economy and and everybody was move it over and taken advantage of openings. And the fact is is there there's no regulation that's perfect you've got to at least keep your mind opening your eyes open and and be able to be respond to -- Ed Royce from Orange County he was trying to warn us and all four or five that Freddie and -- was ready to blow up and he was. I attacked he was ridiculed and that is exactly right you're and even he should be given a lot of credit that he said he would try to warn us in the senator's. On the -- I think a lot of going to come around why the Senate wasn't willing to move analysts and I wasn't in the house at that time. -- I would you know welcome player but I. I think that history's going to prove that. A guy like Ed -- tried to warn him he was attacked as being punitive against poor people and somehow some kind of conspiracy when he said look if you can't afford to make a loan. You if you're not. The ones doing you any favor by giving you along -- over your head."

" Yeah I always remember my father and -- on wanted to get a home when those guys -- you know. You couldn't afford this right now it was a simple question but I remember that because in retrospect congressman I couldn't but it was just a lesson in life congress and thank you."