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5th District Congressman Chris Murphy
Where We Live - with John Dankosky
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In this episode:

A conversation with Connecticut's 5th District incumbent, Democrat Chris Murphy.


Episode Audio

52:00 minutes (24.97 MB)
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Congressman Chris Murphy in WNPR's Studio 3: Photo by Marie KuhnCongressman Chris Murphy in WNPR's Studio 3: Photo by Marie KuhnFifth District Congressman Chris Murphy is heading into his first re-election campaign, after his upset of Nancy Johnson two years ago.

Murphy is running against Republican David Cappiello and Green Party candidate Harold Burbank.  He's raised more than twice as much as Cappiello, but has said that the strain of constant fundraising is a big eye-opener for a freshman congressman.

Today, where we live, we'll continue our series of conversations with candidates for congress and welcome in chris murphy.  We'll talk about the Wall Street bailout package, which he voted for and his plans for the economy, energy, health care and Iraq.

Tomorrow, you'll have a chance to ask questions of David Cappiello, and we hope to have Harold Burbank on the program as well before election day.   Join the conversation, email [email protected]!

Check out pictures of Where We Live's in-studio guests on WNPR's Flickr site.


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Email from Listener Colin McWay

Good morning John, I am a long time listener to your show and today I tried to call in but time ran out. I would challenge you to think about the term Bailout when describing the $700B package passed last week. I do not know if I am for or against it; there are good arguments on either side. However, I don't believe that it is a "bailout" and I feel that you may be doing a disservice to listeners who do not take the time to understand the details of the act from both the bank's

perspective and the government's. This act is a purchase of Bank

Assets by the Government. From the Bank Balance sheet perspective it is an asset exchange (cash for distressed mortgage instruments). If those assets are purchased for less than they are marked at it will result in further losses on the bank's income statement and a reduction in shareholder equity on the balance sheet. From the Gov't perspective it is almost completely balance sheet neutral, the exception being interest and the US Gov't has the lowest available borrowing costs. The Gov't will raise cash (asset) by selling bonds (Liability) and the cash will be swapped for the Bank's mortgage securities. This is not spending.

This is the very definition of investment. The likely fact is that the banks are selling at the worst time possible and the government will profit. I just hope those profits come back to those who actually paid for it. I strongly believe that these are not esoteric accounting principles and the best service you could do to your listeners is to truly educate them on what is transpiring. I love your show, even if I get agitated, or maybe because I get agitated. I recommend the writings of Nicholas Nassim Teleb Fooled by Randomness and Black Swan. One more thought... Please keep in mind that there are always two sides to the trade, a little focus on the winners could add some balance.