Steve Syre

" Welcome back Tom Finneran did you are listening to parents forum on AM six AD WRKO with -- Wendy Murphy right coast via. We were doing eight green hills of Wednesday. And listeners know that everyday at this time we throughout feature known as the Boston business report. With the Boston Globe's Steve -- Today's edition destruction by piggybacking -- remember of the -- stopped -- today -- for a safe. High yield CD stay inside a Weber and I we're gonna digits."

" Hey let's move in the world -- yeah fine yeah. Should be honest man a man I what you might want to talk fine any name. Am I happy answer who had taken notes be answered the whale."

" Yeah. Yeah."

" Steve siren is on his game Hayes Steve I'm reading in the Financial Times that the paper that you Peru's on a regular basis. Republican and -- quote. Financial. Socialism. Elizabeth dole Jim Bunning Richard Shelby. All of the Mitch McConnell expressing great great skepticism at the president's. Proposal what the heck is going on."

" Well did you know I think the administration probably expected a lot of push back from. Democrats when they went to the hell yesterday but you know we have the role that Dick Cheney mr. diplomacy does this. Go up and and start talking Republicans I think got I think that was more of of -- and they were expecting."

" It's an amazing thing -- David -- want to take cause you know people love after the tackle always get the colonists say -- I -- stock going to Steve's site at what about this what about that so if you're okay with Deborah what are we take a call to. We did David -- an interview David are going to connect you write on here -- Steve -- from the globe."

" Morning good morning Dan wanted it vital altered -- other banks it's how I don't think it'll last a while longer. The -- things. -- here -- GPO. Which you call the resignation Barney frank secret side if they were bound to be it root cause they've started to be a contributing factor to leave things."

" Well you know I don't hear that this sort of you know the Barney Chris -- at that fault line about Democrats and and sort of pushing homeownership through Fannie and Freddie and is being the cause of it and irritated. We've we've talked about kind of the blame -- before and Fannie and Freddie are certainly a substantial part of that but. -- I I agree with you -- in the end that the core of this problem has to do with. Wall Street firms borrowing enormous amount of money to Jack. This whole system up and didn't invent incredibly complex. Financially engineered products where. Even their client didn't know what they were buying half the time and and shame on them but that was the truth and it did that again I I I think that's where the real root of the cause a problem isn't as Fannie and Freddie and it is it is is took a big part of the problem as well not the -- and Democrats. Including Bahrain Chris -- you know are certainly guilty of pushing the homeownership button but got it you know of Fannie and Freddie spent a lot of their lobbying money on Republicans as."

" Well there's no question about -- like -- right -- relevant vessel Steve -- I take that -- I think from so many years of Reading Steve says excellent an -- just common sense -- If you can understand that. Don't invest -- and at no matter how many triple MBA degrees these what nit -- head as they -- as they come it came up with convoluted investment vehicles it's ridiculous if you don't understand that to put your money and added that in these guys were doing its duty and forty. Thirty and forty times leveraged let's go to Mike -- from Winfield Mike you're on here with Steve -- all about the big bailout Donald Washington heard."

" Morning ST common -- are talking about this I think the hoping to scam I'm I'm my part of that wall. I think all the politicians are heavily into the real state in this whole thing was just -- big -- to push the price to real estate. Because that's basically what happened by providing all the cheap money through Fannie Mae Freddie Mac. All the my look my own my own house it would I -- scratching my head why my health sport so much for several years ago before the bubble bursts. And never made I'm."

" America -- pick -- a -- money you should call you shameless and I have talked about the run -- didn't in real estate around here particularly and its impact on the how to develop the economy Steve how you respond does somebody like Mike who says hey you know it's it's all built on now. You know. Didn't see him currents aren't here but apparently after yeah."

" Welcome little -- like comedian now what now all they know they're wanting they want to push effectively want lead before they put on fire and I got burned by."

" Bella are I think there's an element a trip that yeah we just talked about sort of on the investment side who's default it's fault not on the ground there you know that the court -- it is. You know -- speculative real estate market which has happened before it happens it gave me this time around. Here in Massachusetts it wasn't as bad because in part. We were still recovering from the wildly speculative time we had twenty years ago that we got actually cratered by and so I mean this says and don't phenomena it's happened before and cheap money is the real feel to it as you point out correctly but. You know I I don't hear people calling him on the show all the time and talking about. It essentially you know poor people buying homes and CRA being hit at at the root cause of this said and you know a lot of people on the margin didn't get homes and didn't get into trouble but. You know there was. The speculation that you don't just wildly hit it's damaging speculation throughout the entire market from that level up to the -- mansions. And -- so you know I think absolutely. There's there was a bubble in real estate created by. Cheap money whether it's a conspiracy you're not I I don't think I want to get on that wagon but absolutely in terms of the other side of kind of the Wall Street investing. Our problem is -- on the ground. Real estate speculation by cheap money."

" one quick question we gotta go I'm. What when do you think congress make a decision and -- don't get these guys CEO. Salary cap Serb you know bonus -- think they'll get those through."

" Well it's today the body -- it was eight in the Senate and it looked just the house were -- frank is in charge and you know the longer this story stays in Washington it away from the market. The last side value I had -- and I'm no expert how to ask congress is going to move I think -- don't -- if you ask me to guess I would say. That we're gonna get real progress at the end of the week whether that means something done or not I don't know but. I'm sorry forgot yeah. Constitution decapitation -- absolutely I think I don't know exactly what it's gonna look like and I think -- going to be some version of compromised -- but Judy you know it does the the the populist reaction of that in the commons sense element of it it is is overwhelming you know and walk away."

" That's three for three so senate a -- as senator Murphy is senator Federer or I'll vote for that and -- Steve's -- we will let you go today's Boston business report with the -- Steve's site has been brought to -- TD -- north to remember the F the FDIC. Sorry about that FDIC stopped by today for a safe high -- CD with TD bank to north back in a moment dot AM six AB WRKO."