Barney Frank

Congressman Barney frank who's been in the midst of the scrum that's the best actress the midst of this two to three weeks scrub down they -- finally they got a 700 billion dollars. Bill passed last week good morning congressman. Okay thank you for joining us. Congressman you were speaking on this yesterday in new -- as well as in Boston. I'm wondering all all asked with hindsight obviously from here at the studio and RKO. What if anything and knowing what you know now what if anything would you do. Differently. To prevent this type but episode from ever recurring.

Well -- suspected. Oh. I don't -- And by that went on what. We did. It. -- By the rebels broke. That is effective but we're. It's not that the that there are. But it's -- if it was. That's where where. But if they -- they -- money but I think Britain that's what it's a little bit but of course as they've built that receive.

It's all upside for them but any.

are they. Right very hard to sit and think that most of practically means more. -- market. Topic but point but. What is. That's what -- Our urban neighborhoods -- it's like the bank. --

Which a lot of people don't understand but but. -- this question because. There's been so much. -- over the last weeks since we asked. About that did so many different variables that contribute. So patent you know my my ticket is enough land to go around until you come to the passage of the bill. End and I have to ask you what a lovely people asking me and I just don't have an answer. Can you tell us in rough terms. What exactly is that money going to go there -- 700 billion.

Whether or. If it was. But. We hit a that was that. Don't -- don't. -- Regular bank but. They would one. The paperback it would mean by the bank. The intensity that -- at this point it is. The only thing. And at the spot the bad -- There are covered by the event but it went through what looked like debate on it would support. So I haven't -- It's. That is right. Is book like that and that that the government not. A and everything he does that the view that the operation. It is a that it is the body up. That we think are in the world war -- there were but it. Market -- that there there are at that report written on what appealed. That. -- someday that not now. That he's not -- body. -- it is. Not going to buy things that work. You can buy things that. Well but we both were more or ballot this by. Here -- opening. Up -- that are. That's right but what these are only network bank but it. But -- happened but -- Like here we have. We're partnered with -- that we also have -- Which is that if the government -- and the company they. Oh. It's up and the hope. -- What is system. If indeed it. That the credit -- Repeated but they don't think the.

A barrel on the other McConnell and I.

I think you shutting down but since I. By appealed you know throw. Anything out -- court -- What. By his. Knowing that equipment that. -- Oh. -- reputable market. At that we sell -- Buy we figure out what and that's what what. -- the government. And at that point a -- up that that the president -- will be right. Not out of a -- it at this that the oh. -- in -- back into the back. Update on the that it that it affects -- through congress to protect what -- all of us. -- that there are also. I think people look like it's. Oh -- that. But a million dollars -- put up that we wanted to it but -- the war. It that would benefit of the.

Money and -- and that he supervisory and regulatory structure that UC emerging in the aftermath of again of this you know this this episode. Will the congress specifically -- in. Things such as no document loans and other interests aren't don't.

And what. Europe. And by United quote. Party at a restaurant that. -- look all want that accident and -- at the Federal Reserve. So -- but it's where that quote. But I. The bank and credit that regularly. They did not make the mistake. -- The of the bank thought that it. Then detonate them. It would have been regulated but they had. -- they were able. Money that work -- did we hear the -- regular Alan -- it oh the market. Megabyte what. Evidence. Of the -- a bipartisan basis. I think it'll all there. Were started the band -- that -- but. But on the way. It struck in. And committees that are. On. The part so they'll 2000 that the we did that but one in the what -- But. -- acting -- our boundaries were needed now obligated rules -- one. -- think it. I don't know that it the global role in helping your people as. Of yet. On what people and they will --

Any -- first introduce congressman Barney frank who's that -- that banking committee. Is it that -- at 718. Attempt and -- records here's here's my question. You have all of these attempts to regulate those entities that sort of formed themselves and tortured themselves into places where they can avoid the regulations that existed. And there was no new regulation to tell them that they had to be capitalized appropriately -- America. And it's my belief is just -- believe in my gut sense. That a number of these companies that have gone under including Lehman and others. Into the -- CEOs. Should be subject to criminal investigations. Because they do tart in the steep crap easiest sixty minutes -- ecstasy -- dad now. Really began to suggest that they knowingly knew when they repackaged all of these subprime loans. And sold them to investors as sort of side by side with these credit defaults pops. That said if it goes belly up eel like an insurance policy but the audience and I.

About it Bob put it up today. In the process that the department. But it -- A -- collective. We in the book. They -- adding that. -- The maker people with a look at this but it's what they could make money not because -- there was like. -- At the open it won't ever. But -- help. We've. Done -- it but the -- partners. They -- If thirty years reported though the though that of that and go with. What better with the acting. With an Arctic -- it. These 1 they are. Up the -- art open people. What the and the big thing that the who'd -- Thirty years ago about Monica -- the bank and that they expect the fact that their development and we've been a -- at. The un speculated that for the they can with a -- spoke outside the regulatory. But the investments there. And then he told the right to be paid so at that point of error whether or if they beat the outlawed. What we need to do now is that the it was. Oh. With the regular but -- about it. That publicly you know. But I got you know -- whatever the -- but -- it.

Pop pop pop pop pop. That body you've got -- absolutely got to -- credit default swaps they ruled arise but they know BS web yeah when it's being peddled to the right.

I the number of people on. The -- it means that. I the as they make that threat. And that they don't want that regulating the and it's going to but it benefit by people who -- that the third. -- step of the the market puppet. Who went there -- people don't want that I think there that it is that we're. But mandate which they that the about the people of both of that. And that's the debate but we don't have weight of the world by the but it. We are in the back here are all but over their support. That's step it it would all -- topic but that we need they regulate it. That I excited by the bank and an excellent department equity and in that respect the -- it hope that the statistic if I've. 3. That's what -- they that.

As the face a model -- body will definitely take some calls congressman frank is indicated that this side -- and caused by a part two part question and maybe -- the -- I got a lot of emails last week from people who are required about PM by private mortgage insurance. We all operate under the assumption that if you put down less than 20%. They have they have EMI's of people saying gee why wasn't -- in my available to make good these loans that went so and then the second out of the question. My recollection is in June July is the congress passed about a 300 billion dollar mortgage rescue package but how does that mesh with well this --

The back it though right went into by. The way that the that's -- it won't work. And it. But the OPEC that if they've -- that the point with -- We will not -- that article. In the so a lot of people are over and over that it. That it. Of people that it. Equipment and people. Quote or. What if your.

So 300 billion is like an insurance guarantee ducked behind FHA.

If that -- that's the act equipment that. The maximum amount but yet they. -- like this. At the base that they ought a billion at -- protect them the equipment -- ought to really. About. It is -- or what but but but. -- A so that but the but the effect that the -- out what the bill we got them. That -- bill. Now the federal government. The only reported. But that is by up to support and you'd brought it in this built in exactly that. All right into the private. -- Right now it will work will vote -- federal government that the Apollo. Improvement in that one in its people are -- to do this. Oh.

And I take it from -- remarks by that the PM by aspect of my question. That that they -- the reserves the insurance reserves as opposed backed that up would just totally inadequate.

I yet in this by the all about it under a commitment weight on -- it and it appeared as a split up but up. I think quote that was.

we've got a question on the line here that I'm fascinated by as well George Bush and had his way on privatizing Social Security. And other federal programs. What impact with today's economic debacle be having on them.

Well we're hurting. -- I'll -- out. There. That they went -- set up now would now support money. But it would be a good one over the but it but it would take part of the book written -- And instead of putting them into the there. -- It. And buy dot. And -- but yet the answer is that it but it been -- without hurting. They're not getting up.

Congress and by frank is I guess the Iran parents for a what Marjorie clap -- n.'s Tom Finneran. Delighted to have he's been in the Senate -- the arena these last few weeks the biggest bill of ever seen it's really when you think of its 700 billion last week the 300 billion mortgaged the stabilization when you're already at a -- this case and who know.

I think it got dark -- They'll figure that -- book it.

Mark is calling front end of a box thank you -- and on your on the alive with congressman Barney frank.

Good morning representative frank good morning talk -- Congressman I don't mean to be contentious but I have a question for you -- Might help and -- respect democracy. Honesty in congress iceberg on -- stand up on the floor of the house. And admit that congress has a responsibility for creating a situation that allows these firms. To live directs. I'm tired of hearing both both parties created this problem both parties of pointing fingers at the other party. But the bigger issue for many years in 20042005. House banking committee had hearings. On the solvency in the burgeoning problem that anime. And your committee representative chain. Not I'm -- rebel -- representative Larry. All. Called it a political lynching of Franklin right when initiated. The underlying issue was the fundamentals he financial fundamentals -- which.

It. But Britain like this. Where in the -- that that the maker. -- And I equipment and that it is -- that by the way but up. -- What -- a note that that -- but like with the idea that the belt. -- a -- that they were. Of the the apartment. But but the different. What's going on without looking at the political party but by that I. That is that. I was in the -- our way to the work of art. In oh. I won't build replied. Regulate. Like not with that. They'll. Go outside with helpful. -- But that. It. In the open up with a quick. But it. Anyway -- but -- What that. At the opera -- but it. And Martin. -- I buy tickets that were. That the economic and respect that. Oh -- that the people were both I put. Record what. Are the attitude. Of the.

Nobody holds -- for a for a -- partisan politics excuse me just as an editorial comment. Where an election scared and some party politics. More for the platform. Congressman I think. Is very relevant to.

But. -- It. -- A bipartisan way and at that that I. -- Eight. Oh up on the market -- But apart. It. -- By equity and investment bank and on. But. What are. -- This is that what democracy.

Congressman let's if we get one -- two -- calling it. OK got -- John has taught from Westwood John you are on the thanks for hanging on your on the York congressman frank.

lodging and question for you congressman. Frank has. Do you really think that this is going to make money for the government because it seems to me. That if these investments -- such a good idea the government went -- step that civic sector would be doing this anyway I don't get it.

requested I don't think it. And make money that that. At the end we have a -- in the it was a -- but for the federal government president at the fine -- and it. -- the commitment to say that that book but it is certain that it hit a government civilian. But -- close to Britain. It's the argument. That -- market now are like we know that. And NATO equipment to. I -- I would we don't know it would write music that north think about it but they have all. They couldn't they -- report to -- at the that this that the suspect. Topic. The only. Market. But a a report but it. A puppet that they them but I suspect -- That. Puppet in the what. Or profit a group. At what if we were -- Not yet that would by the but that -- the result the uploading it to a they then that the federal. -- want him back reclaiming need that will make you keep him. But that was noted and if he. We're here that it that it one other and it broke up as a we are big enough to fight that that will. What that -- let nobody at inopportune all right we -- I the the -- in a book.

You know in front possibility of maronite and I'm guessing that this is going to be central point one for the you know or tonight I -- denies it.

And written a letter to congressman frank we know -- you today will -- just wondered if you have a dinner date with Bill O'Reilly -- an update columns stuff. There are no weapons. We take -- as a compliment thank you congressman frank but -- joining thanks.