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00:00Amid this discussion of costs and prices and affordability, how does a $20 billion bailout of Argentina help Americans?
00:10You're the president's point person on that.
00:12Can you explain to those here who are feeling the pinch, including America's farmers, why the United States is helping out Argentina?
00:19Well, do you know what a swap line is?
00:22It's a currency swap, yes.
00:23Yes, but what is that?
00:25You're the Treasury Secretary.
00:26Yes, but why would you call it a bailout?
00:28In most bailouts, you don't make money.
00:32The U.S. government made money.
00:34We used our financial balance sheet to stabilize the government.
00:39One of our great allies in Latin America, during an election, the president there won in a landslide.
00:47The government's going to make money.
00:49And I would rather use peace through economic strength than have to be shooting at narco boats coming offshore if the government collapsed.
00:59We have a generational opportunity in Latin America to create allies.
01:05As we just saw an election in Bolivia, we're probably going to see an election in Colombia.
01:09We've seen them in Ecuador.
01:10We're going to see them in Chile.
01:14So by stabilizing the economy there and making a profit, then that's a very good deal for the American people.
01:24And there's a lot we could have been doing for American farmers, but Democrats closed the government.
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