Charlie Rose

Preston  10/09/2008 01:39 AM Report

By quick, I don't mean panic. Actually he shouldn't feel rushed... I don't know. Maybe it's this Barney Frank page that's making me get in touch with my feminine side.

Dr. Altaf  10/04/2008 11:56 PM Report

I never found yet of any one who is not greedy on this planet. Only difference is the essence or nature of greediness. If talk about the king to the normal citizens of any country on this planet- all are this way or that way greedy. May be the rate varies from human to human due to his/her chance or boldness to take advantage of greed. Can any one tell of a man or woman in present time who is not greedy? Whether it is a priest or a saint (of course unknown saints or religions- not applicable)- you will not get one who does not expect to be greedy.

regards,

http://www.citicell.com

sock puppet  10/01/2008 12:05 AM Report

P - You queried: "I have a question, are you and Ralph Nader the ONLY human beings on the planet who CANNOT be accused of being greedy?" Answer: No! Also, yo asked: "When did you discover that people are greedy?" Answer: Can't pinpoint it. An imprecise "early on," is the best I can do. But thank you for the "friendly gesture and acknowledgement."

Preston  09/29/2008 09:53 PM Report

Now there's the "unintelligible" sock puppet I'm used to ignoring, just like the mentally disturbed bum in front of 7-11.------------- But this I admit is an exception, because, in your comment you say, "They didn't enforce the laws. Laws that were THERE, and on the books.". And so on and so on. Making the case that it's stupid to assume MORE regulations is the answer to everything. Also pointing out that the Democrats and liberals happen to be just as GREEDY as any Conservative Republican.---------- So, then your response to my friendly gesture and acknowledgment, is to "accuse" me of "excusing the greed". Which is typical liberal, head up the ass, sissy-whining. I have a question, are you and Ralph Nader the ONLY human beings on the planet who CANNOT be accused of being greedy? When did you discover that people are greedy? Wow! Eureka! People are greedy. People have noses. I figured that out by myself, now I must shout it from the mountain top, and save the people from themselves...

sock puppet  09/29/2008 09:14 PM Report

Preston - I've obviously got to review my perspective if you agree. (Afterthought, do you ever embarrass yourself re TABS?) --- > I obviously put more emphasis on the last sentence than you (or your soul mate), which is repeated here, "No, it doesn't excuse the greed, and the exploitation. It did, however, cause it." You appear to me in your defense of conservatism and deregulation(?) want to 'excuse the greed,' whereas I (and many others based on the flood of mail to congress in defeating the bailout bill - today) want to hold their feet to the fire. Incarceration for the abject misery they have caused would only be a start. Their outsized compensation should allow us to expect wisdom and restraint, rather than the puerile egregious greed we got. Roll over and tell TABS 'Hi.'

Preston  09/29/2008 07:42 PM Report

Amen, sock puppet. That comment was so objective and matter-of-fact truthful, I would swear it came from TABS.

sock puppet  09/29/2008 11:51 AM Report

Plagiarized from ed. Repeated here: "...it went like this: Clinton and his HUD increased QUOTAS for minority and "less fortunate" home ownership. When the banks complained at having to make these risky loans, Clinton put Raines in Freddy so they could "back" the ensuing subprimes (which, back then, were hailed as "evolutionary" mortgages). Then in '99 the Reps repealed Glass-Steagall, letting banks securitize the bad loans. Greenspan ducked rates for waywayway too long after the tech bubble, drastically expanding the global market for these horrible securities, and spurring the real estate bubble at the same time. The dirty little secret is that EVERYONE LET THIS HAPPEN. They didn't enforce the laws. Laws that were THERE, and on the books. Why? Because EVERYONE WAS MAKING MONEY. Now everyone, including Frank who's guiltier than everyone else in all this, is pointing fingers. Everywhere. There will be no real Government investigation because 8-out-of-10 of the reasons this whole mess happened were directly caused by THE GOVERNMENT. No, it doesn't excuse the greed, and the exploitation. It did, however, cause it."

Al R  09/29/2008 11:22 AM Report

Barney Frank is merely practicing what is commonly known as transferance. Blame the other side. The facts ARE known it wasn't Reagan, it was Carter's CRA in 1977 bolstered in Clinton's era. What we are experiencing is the "leftover" economics of these two losers.

http://www.youtube.com/watch?v=H5tZc8oH--o&eurl=http://www.washingtontimes.com/weblogs/joe-curl/2008/ Sep/26/whos-blame-crisis/

Where is an oversight committee that oversees campaign contributions to the banking committee? I'd like to see Chris Dodd removed as well as Barney Frank, do you leave the foxes in the chicken house after all the foul is dead?

Leslie Hand  09/25/2008 02:05 PM Report

Im not sure if you saw the Charlie Rose show were Barney Frank recently spoke on the current crisis. I feel I have a lot to offer working as a troubleshooter for 20 years, with 15 of that in banking. I currently own and manage 550 apartment units and am well aware of the banking shenanigans that have plagued us. In my many years as a consultant I have found there are many ways to approach a problem and I would like to share mine with you from my letter to Barney Frank:

_______________________

Dear Mr. Frank

My father and I watched you on Charlie Rose and I want to tell you we were very impressed.

We are real estate investors and I was amazed at the last decade of the Banks' "free for all". We thankfully always stuck to principles of putting at least 20% down and using fixed rate mortgages in all of our deals, as well as only buying properties that positive cash flow so thus far we are doing ok. For 15 years I worked as a troubleshooter consulting many times to banks that had made bad lending decisions in Australia, the UK, etc. This has all happened before to some degree and it's amazing that we have gotten ourselves into problem.

Having heard now that the government is planning to bail the banks out, I have to say I object to many of the actions that are planned. Although I understand that we need to do something, and do something fast, like everything there are multiple alternatives that can be employed to reduce the crisis' impact that may not use the significant funds that are currently planned.

All of the plans seems to involve bailing out the banks. Why not turn this around and bail out the individuals instead? If someone is behind 6 months on their payments and facing foreclosure, wouldnt it be much cheaper for the goverment to get these individuals current on their mortgages and maybe even pay a portion of their future payments than for the government to buy out the whole mortgage from the banks. In many ways buying the bad debt from the banks directly is just rewarding the wrong behavior. Plus what will the government now do with all these properties?

It much akin to the Katrina disaster and now trying to get the people out of the FEMA housing years and years later. The government should not EVER be a landlord. It will mean that the government will have to hire thousands and thousands of people to manage the process until the market corrects itself and then what will you do when the properties are going to be sold back into private hands - fire all these governmental workers and create unemployment issues as a result?

In addition, Im not sure who these people are that think these properties are going to be increasing in value. Im sure the foreclosed properties around your area are not much different than mine. We have entire neighborhoods of boarded up buildings, with maybe one or two neighbors trying to make it thru without being looted or the like. The properties are stripped out, burnt out, water flooded as a result of stealing the pipes, and generally not in rentable or saleable condition without $100,000 or more in repairs. The banks have excacerbated this situation by doing nothing to protect their assets. Most buildings in my town are not boarded up until the damage is already done and the bank only puts a simple doorknob lock (not a deadbolt) on the door which even a simpleton can unlock. This is in the city, but it's now happening the the suburban and rural areas as well. As an investor I have looked at 100's of properties and have yet to find many that the investment needed to get them up to even rentable condition makes sense. And this is why a 3-plex with an original $350,000 mortgage that the banks are now asking $20,000 for will sit and sit and sit on the market. My market is flooded with these. And just how much is the government going to pay the bank for this property? The original $350,000? The $20,000? Even at $20K it's not worth it and will require $200,000 just to get it rentable. And when it's the government paying, well we know it's more like $500,000.....

So my feeling is that the government should focus on stemming the flow of the current pipeline of potential foreclosures coming up by finding a way to keep these people in their homes - but not by the government buying the homes themselves. Just get them current and force the banks to work out deals to make it affordable - rework the terms, which so many banks seem to refuse to do! Maybe they have an interest only 3 year ARM, that is now freefloating and the pricipal payment has kicked in - work with the people to see what is doable. Maybe they give them a 40 year term mortgage or maybe they knock 1/3 of the mortgage balance and the government helps to subsidize that - it sure would be cheaper than owning a soon to be burnt out house and more importantly it keeps people in their homes. Many many people are upside down in their homes as far as value goes, but it doesnt matter if we can find a way to keep them in it until the values increase again. I have met more people thru my rentals that are people you would NEVER expect to see renting. They had $1200 mortgages that went to $3500 overnight - the banks have created this problem by creating these products. I feel very strongly that we should be focusing our efforts on the homeowners first and the banks second since they created the problem and now wont bend at all since the declined appraised values (from ridiculously high fake values) eliminate the opportunity for a homeowner to refinance and continue on with life.... If people dont have to sell, then the issue of being upside down becomes a moot point when they are able to make their monthly payments.

Then the only issue is the current inventory of REO homes. I still dont agree that the government should buy these. Read this Wall Street article:

http://wsj.com/article/SB122222286574070071.html

This is a private for-profit company that can't make it work, how the heck is the government going to do it? Can you spell "Ongoing Disaster" - it will suck us dry of every penny we ever make in the future. We will have the world's largest deficit and will NEVER recover.

So this is what I propose. Every day when I am at my properties I see many many investors pulling in to look at foreclosed properties that surround me. But they arent buying because they dont have the funds. When I go to Home Depot or Lowes, there are tons of carpenters that come up to me looking for work. In RI we are at 8.5% unemplyment but really the number is much. much higher because these carpenters, plumbers, electricians, etc are self-employed and dont collect. People need to eat, and yet with all these houses in horrible condition there is no work! Instead of bailing out the banks by purchasing these properties that are in terrible shape, create an incentive for these Investor's to purchase them and let them take the risk of getting them back to rentable condition and managing them. If you motivate the investor's, the offers will come. With the offers come jobs and the prices will once again increase, offsetting the losses the banks are now experiencing. Lest we forget, the losses that the banks have created by their foolishness and GREED....

cheaplaborcapitalist  09/21/2008 11:38 PM Report

Umm Ed,

Today Barney proposed some oversight and Paulson showed his true loyalty.

Representative Barney Frank, put forward the Democrats’ proposed changes to the administration’s plan. They would give the Treasury secretary the authority to set “appropriate standards” for compensation of senior executives whose companies sell troubled assets to the government.

Under a so-called claw-back provision, the secretary would have the power to force companies to recoup previous payments to executives of companies involved in the program. And Mr. Frank’s plan would give broad authority for the Government Accountability Office, an investigative arm of Congress, to audit and oversee the program.

But Mr. Paulson said that he was concerned that imposing limits on the compensation of executives could discourage companies from participating in the program.

DISCOURAGE COMPANIES FROM PARTICIPATING?

Good let them give up their golden parachutes or go belly up! Who do they think they are?

http://www.nytimes.com/2008/09/22/business/22paulson.html?src=linkedin

ed  09/21/2008 10:29 PM Report

Barnie is out of his tree. ...it went like this:

Clinton and his HUD increased QUOTAS for minority and "less fortunate" home ownership. When the banks complained at having to make these risky loans, Clinton put Raines in Freddy so they could "back" the ensuing subprimes (which, back then, were hailed as "evolutionary" mortgages). Then in '99 the Reps repealed Glass-Steagall, letting banks securitize the bad loans. Greenspan ducked rates for waywayway too long after the tech bubble, drastically expanding the global market for these horrible securities, and spurring the real estate bubble at the same time.

The dirty little secret is that EVERYONE LET THIS HAPPEN. They didn't enforce the laws. Laws that were THERE, and on the books. Why? Because EVERYONE WAS MAKING MONEY. Now everyone, including Frank who's guiltier than everyone else in all this, is pointing fingers. Everywhere.

There will be no real Government investigation because 8-out-of-10 of the reasons this whole mess happened were directly caused by THE GOVERNMENT.

No, it doesn't excuse the greed, and the exploitation. It did, however, cause it.

Preston  09/21/2008 02:56 PM Report

Does that mean the party's over?

Marilyn  09/21/2008 01:10 PM Report

So we've seen the beast of uncontrolled development of sprawling McMansions everywhere, built on spec., on farmland and open spaces now covered with blight. The developers have been paid, the houses are either foreclosed upon, never sold, or squattors live in them, the CEO's took the $$ and ran. And now the gov't rushes to bail out the trail of destruction. I smell a rat. They tell us 'we' would suffer if this were not done, but just like the rush to war in Iraq, this "medicine" is toxic and built on deception, lies and manipulation. I agree with you Lance on all fronts here. We are being raped, watch out! Watch as those in control keep their wealth. A few heads will roll in sacrifice to pacify the populace, of course. But they are dooming us here, not saving us.

Preston  09/21/2008 08:58 AM Report

Rob on Sat. Sept. 20 at 7:38pm, add the crash of 1929 to that list.

Mary M.  09/20/2008 09:50 PM Report

Greenspan (I'm thinking CROOK)

He benefited mightly from all he did or neglected to do...

read more on Greenspan, the real Greenspan

http://www.nakedcapitalism.com/2008/01/greenspan-to-join-hedge-fund-paulson-co.html

excerpt-

Mr Greenspan will join the advisory board of the credit specialist investment house. Paulson will be the only hedge fund that Mr Greenspan will work with under the terms of the agreement.

Paulson was propelled into the spotlight last year as perhaps the biggest known winner in making aggressive bets against US subprime home loans. Investors estimate that its funds racked up profits of $12bn.

frank  09/20/2008 08:38 PM Report

I do not understand why interest rates were so low for so long that Greenspan had to issue his warning against "irrational exuberance", but at the same time encourage it with Fed policy.

Rob  09/20/2008 07:38 PM Report

Let's think a moment ... Savings and Loan Crisis, Hedge Fund Crisis, Worldcom, Enron, Anderson Consulting, Bear Stearns, Lehman Brothers, Merril Lynch, AIG ... What do they all have in common? Leverage? Perverse Incentives? Derivatives/Options Leverage? Lobbying Dollars and Influence?

Follow the money and follow the people behind it ... a small crowd of specialists drawing in vast amounts of speculative money for derivative-leveraged "investing."

Could it be the next shoe to drop is the public and private firms in the US and around the world who trusted their money in these highly leveraged schemes, and have not yet come forward to disclose the impact on their balance sheets?

cheaplaborcapitalist@gmail.com  09/20/2008 03:24 PM Report

BushCo Inc. Decree.

"No court or government agency could review the secretary's decisions."

If the congress rubber stamps the administrations proposal, it would be a dictatorship worse than the federal reserve.

What would stop emperor Hank from buying crap paper at a premium to what the banker crooks paid giving the robber barons a profit?

Than Lord Paulson can sell it to speculators at pennies on the dollar with a potential of big profits?

This would still leaving the people with predatory crap mortgages still in the hole.

Preston  09/20/2008 09:49 AM Report

McCain's "sudden inappropriate" lunge at the SEC guy after his "ignorant assertion" of what should be done. Is making him look a bit like Ron Paul running out of ideas to impress. I have to wonder, is he listening to George Allen?--------- McCain needs to "clarify" who he will be putting in charge of the economy, and he needs to do it quick.

Preston  09/20/2008 07:56 AM Report

I hate to say it, but so far John McCain has been less than inspiring on this "ISSUE". And it's nobody's fault but his own. I thought he had learned something from the Keating-5 thing whatever. And I do trust his integrity; I'm just starting to worry about WHOSE INTEGRITY HE TRUSTS. His focus on the SEC guy at this point seems to me to be kind of a diversion. I could be wrong though. I hope he proves me wrong. And NOT by doing something stupid.

TABS  09/20/2008 03:30 AM Report

Folks there is a lot of blame to go around. It is time to stop the bickering and realize we had better start swimming cause we are sinking fast. However late the US govt, Fed and SEC are they finally realized hopefully in time that the water was rising quick.------------------------------------------Mark these words--------If the US DOES NOT start to get a handle on the Federal, State and Trade deficits the US will be faced with another crisis of liquidity (probably in 2 to 3 years). Only this time it will involve the US government itself and the value of the USD. This time there will not be anyone to step up and save the USA. The USA will either be faced with a Conservator ship mandated by the world or the USA and the Global economy will collapse into chaos.

Bill Parks  09/19/2008 10:21 PM Report

People do not understand the basic banking system; seeing the difference between symptoms and disease, between causes and effects, is impossible without a basic understanding of our money system.

Please ask some basic questions:

1. Who creates the US money supply?

2. How is it created?

3. How are Federal Reserve notes different from US notes?

4. What is fractional lending?

5. What are bank reserves?

6. Where does the money bank lend come from?

7. Why doesn’t the US government issue all the money for the economy?

8. Why do we have a national debt when the government can issue its own money debt free?

9. If the banking system creates only the principal of government bonds and private debts, where is the source of money needed to pay the interest on these contracts?

sock puppet  09/19/2008 04:41 PM Report

Populating current conversations with this comment at risk of irritating some, which for those (types) so inclined my profit will compound. This is another (wildly) vivid case for regulation. Even Kosher meat processing is dishonored. Religions don't temper our baser instincts - from carnage to egregious greed. Corporate greed via their lobbying pimps and Congressional venal whores promote the human debasement depicted in the video cited below. Corporate greed to maximize profits dehumanize employees (they of necessity have to overcompensate with an anger at their dumb victims) abuse, torture the dumbest yet the most innocent amongst us. Other earthlings. All slaughter houses need regulating and oversight - particularly corporate ones. They mock Kosher proceedings, but most of all they mock and dishonor common decency. Please pass it on. Why hell if we would do this to dumb animals we might even justify torture of humans, err I mean water-boarding err sensory deprivation err . . . . I repeat, please pass it on. A kernel of humanity towards the humbler (but nobler?) among us might help transfer similar sentiments to ourselves. (A variation of Pogo's revelation.) The link: (it ain't pretty - largely because our values are refracting (magnified) right back at us.) Thanks for your time. N.B.: It's important! _____________________________________________________________________________________________________ ______________________________________________________________ http://video.google.com/videoplay?docid=-1282796533661048967&hl=en _____________________________________________________________________________________________________ _____________________________________________________________ Attribution and kudos to "Marilyn!"

Preston  09/19/2008 11:49 AM Report

Why is everybody so surprised? It's been a well known fact, as long as I can remember, that in America, life is a shit sandwich, the more bread you have, the less shit you eat... Economics 101. Bee-och!

Lance Dugger  09/19/2008 11:34 AM Report

Where was I? Oh yea, I won't bore you with all the reasons why we, the tax-payer should be incredulous that such a proposition could even be seriously advanced. Or point out the warp speed at which this fat-cat bailout was proposed in contrast to the still suffering mortgage holders in this soap opera. I will only suggest that no actions should now be taken until the failure of this now disgraced financial model has been adequately explained and digested and the responsibilities for such a melt down, meted out. We surely should not be placing our financial future into the hands of those who have so recently failed us.

cheaplaborcapitalist@gmail.com  09/19/2008 11:33 AM Report

The fox's ate the chickens and now want us to give them more.

Lance Dugger  09/19/2008 11:21 AM Report

Now I'm really pissed off. I just awoke to find that Treasury and the Fed on their own, overnight have decided that we tax-payers should be on the hook for all the bad paper in the financial universe. I also see Rep.Pelosi in and various other members of congress in the picture, also Sen. McCain has done a 180 apparently about bailing out fat cats(only took him a day-bet thats a new record),and Barney Frank got the ball rolling on this idea only the night before. Wall street voted yes in a big way yesterday with a big D.J. gain, all these signs suggest that the tax payer is in for big, BIG headaches. Are we the lowly tax payer supposed to support this latest stupid, insane, immoral, proposition of the monied elite? Eat shit

cheaplaborcapitalist@gmail.com  09/19/2008 10:40 AM Report

Can any of you "whiners" explain why DE-regulation is "good for America"?

Where does the Supply Side, Trickle Down, tax breaks for corporations, Reaganomic Theory explain the part about private profits and socialized losses?

The pump don't work cause the vandal stole the handle.

Bob Dylan.

jj  09/19/2008 03:07 AM Report

i love that this guy blames greenspan for lack of regulation. i guess school house rocks was wrong about how new laws are made. Congress doesn't draft bills that become laws. Apparently Congress asks the Fed Chairman to enforce currently existing regulations in differnet ways. Frank was out about town when he should have been drafting better regs for disclosure, capital requirements, and restructuring brokerage fees.

Stop giggling Charlie, this man's actions and lack of action are in part respoonsible for what might be a Depression.

jj  09/19/2008 02:52 AM Report

i'm the same position byravin. and the joker in this interview is responsible.

jj  09/19/2008 02:45 AM Report

this is unbelievable. Frank has been blocking Shelby's (ala-R) call for more regulation of GSE's for the last 8 years and then has the gall to get on this show and complain that there hasn't been enough regulation of the financial industry.

The reason he gave for thwarting Shelby's bill was that the bill LIMITED the size of Freddie and Fannie's portfolios. Ostensibly his reason was that limiting the size of Freddie and Fannie would hurt the poor because it would make them less able to get loans to buy homes (apparently missing the point that by definition "the poor" couldn't afford loans to by homes). Of course the more likely reason he wanted Fannie and Freddie to be bigger (and reason he ignored Shelby's warnings about systemic risk and the potentially huge cost those companies' failure would cause the american economony--both of which have proven prophetic with Freddie and Fannie being put into conservatorship and the cost being put on our taxpaying; bad getting worse job market having; no chance of ever receiving ss or medicare shoulders)is because Freddie and Fannie were the chief fundraisers of the DNC. That's also why he defended the crook CEO of Fannie Franklin Raines. This is an utter joke. He should go back to doing what he does best in his personal life.

Dave Levy  09/19/2008 12:45 AM Report

I'm back. The budget for 2008-09 is about 3 trillion (Federal). Interest is about 8% on the debt. In my bookish head, that's about 240 billion..(no principal, just interest). And who owns the debt, China, Japan, Britain, the Arab states, etc. We are mortgaging our lives, future and fortune to them, thanks to the Democrats and some Republicans. Who will pay for it, our children and grandchildren. But give Obama the opportunity, and we haven't seen anything yet. The Fed prints money. It has 800 billion to bail US out. Who ultimately pays for all of this, you and me., hard working, decent, responsible taxpayers. Nothing comes free folks. Look at the military budget..over 600 billion including Iraq and Afghanistan. Iraq has 5 trillion in oil wealth, Afghanistan billions in opium plants. Yet who pays for it, you and me. Let's not forget the state budgets..and my states shortfall of 15 billion still unresolved. Get the US out of the UN and the UN out of the US, I say. Get the government out of our lives..as well, except to protect the country from our enemies and maintain the Federal highway system. Frank is your typical liberal, tax more and spend much more. I mean no child left behind, is leaving all of US behind, with thousands of schools failing despite huge Federal funding. Don't they get it, some students don't want to become scientists or engineers. We need a change all right, but not the kind Obama is advocating. While we are at it, end the credits for working parents AND food stamps (ever hear of charity). And what about that exemption on capital gains..for home owners of 250,000 and 500,000? Let's end that immediately. You asked about medicare and social security..what is Frank's remedy for those two entitlements I wonder?

cheaplaborcapitalist@gmail.com  09/19/2008 12:26 AM Report

Regulation?

We don't need no stinkin government regulation.

Can anyone explain why democracy is somehow dependent on UNregulated free markets?

Barney was right. The problem started with de-regulation. The front man was Reagan.

Now the crooks are getting them to socialize the losses. Our tax money, not theirs, well spent?

hd  09/18/2008 10:55 PM Report

I'm so tired of hyperbole. Asking for regulation of brokerages parallel with what applies to banks amounts to "socializing the market" and a comparison to Russia?! What a joke.

bayravin  09/18/2008 08:46 PM Report

I did not buy a house for the past 9 years because I could not afford the payments. I resisted all the offers that came my way, and I saw folks around me get rich by getting into all these loans. They have cashed out, and now I am hung to dry to rescue all these institutions that lent. Moreover, I still cannot afford a house, nor get a loan since the prices have gone so high.

TABS  09/18/2008 07:49 PM Report

Let us talk about some regulation here. Simply there should be some. The SEC under Mr COX has failed America and the world badly.Do we even need to use those adjectives that describes their failure? They should NEVER have suspended the Uptick Rule nor the Naked Shorts. Those rules as it turns out were put in place by men far wiser than the current crop of leaders. As with Mr Rubin either you were too dumb to see it coming, or you were in on it, either way your out. You lose credibility and respect.-----------------------------------------Anyway, as in any human society there are rules that have to be complied with. Virtually no one questions a stop sign or stop light when driving an automobile. One can discern that it for ones own safety as well as that of others. Call it a need for the rules of the road if you will.

will  09/18/2008 07:28 PM Report

Barney Frank has no credibility. Neither do Waxman or Pelosi.

We could use some honest people in government

TABS  09/18/2008 07:25 PM Report

Mr Frank (D) MA made a comment about the FED taking action without consulting congress. Mr Frank wanted some kind of oversight commitee? His appearence on Mr Roses program was the Democrats bid to reign in and exert some control over FED action. This was after Govenator Paterson (D) NY signed off on anything the FED wants to do, but please help AIG so the Public Pension Funds don't go BK. In other words what the Dems gave away with Govenator paterson, Barney wants back with some oversight.

Can Cui  09/18/2008 07:14 PM Report

looks like Barney himself has been posting here

Preston  09/18/2008 06:51 PM Report

Maybe we should copy the Chinese? Have just one political party, the almighty Demogods, I mean Democrats; we'll have to watch what we say about them and then take the poor kids out of school and put them to work for a dollar a day.

Preston  09/18/2008 06:43 PM Report

Whatever you say there, Karl Marx. What a reality-based rosey solution you offer.

Cameron L. Stewart  09/18/2008 06:35 PM Report

George Santayana once famously said, "Those who forget the past are condemned to repeat it". The crash of 1929 proved that unregulated, laissez-faire capitalism was inherently unstable and failure prone. The response was Keynesian economics, producing greater prosperity than in any other time in history. But according to Milton Friedman, a pure unregulated free marketplace has no market distortion. Obviously, the subprime loan mess is one of the greatest market distortions of history. Barney Frank was right on in condemning the free market mentality of the Republicans, starting with Ronald Reagan. What is most concerning however is not the problem of economics but the problem of conservative ideology. In the face of a new 1929 style meltdown, ultra right wing Republicans will continue to chant the mantra of "free markets, free trade, deregulation, privatization, tax reductions for large corporations" and all the other policies neoliberal / monetarist that brought on this mess in the first place. Conservative politics has become a cancer that has infected this country. The economic problems we see are but one symptom. Perhaps the 21st century definition of conservatism is somebody who does not get it, does not want to get it, and never will get it no matter how many times it is explained to them. If the United States collapses it is because the Republican ultra right wing faction convinced too many Americans to vote against their own economic interests. Perhaps it would be better if we Nationalized all corporations larger than $1 billion in annual sales or net worth. Then we could get corporate money out of politics, balance the national budget, end free trade and current account deficits, solve our energy and infrastructure problems, and end regulation by ending the corporations that need to be regulated. We could also then concentrate on our national priorities. Who needs large corporations or free market capitalism when it produces this kind of economic mess and political paralysis? For that matter, who needs the conservative Republican movement?

Alvin D Hofer  09/18/2008 06:28 PM Report

Barney Frank, September 17th, praised Henry Paulson, as a great guy or some other silly compliment. Wasn't Henry Paulson, before his present job, a key lobbyist who OPPOSED regulation of the financial industry? What are we to think of Barney Frank for praising Paulson? I am led to believe that Frank went along with de-regulation for the same reason as most other Democrats and Republicans since Ronald Reagan: they got money from the financial and banking industries!

Alvin D Hofer  09/18/2008 06:28 PM Report

Barney Frank, September 17th, praised Henry Paulson, as a great guy or some other silly compliment. Wasn't Henry Paulson, before his present job, a key lobbyist who OPPOSED regulation of the financial industry? What are we to think of Barney Frank for praising Paulson? I am led to believe that Frank went along with de-regulation for the same reason as most other Democrats and Republicans since Ronald Reagan: they got money from the financial and banking industries!

Preston  09/18/2008 06:16 PM Report

I have NO idea. But my guess is, he was out purse shopping.

B  09/18/2008 05:59 PM Report

WOE To them, Wall St. ---->>>

The sins (PRIDE & GREED)

of the fathers,

Visited Upon the children (Us)

Coupled with a Lot of 'SELF' Exalting

& DECEPTIVE practices

= our Present financial, RED/Black HOLE...

uncisu  09/18/2008 03:58 PM Report

Good, lets put a politician on 2 months from election day to give PERSPECTIVE to this financial crisis. I'm shocked that he took sides. It seems that all week this show has had spot-on, detailed, excellent analysis of this crisis. Almost to a person they have said that the government needs to get out of the way and let the market clean out it's own bad investments. Yet the brilliant Barney Frank comes on and says we need more government involvement (I assume he wants to take away future risks, which would then take away future growth and inovation. People, we will survive this. The U.S. is still the best economy on the planet. After all of this panic, we still have not been able to muster even a slight recession (except in our heads)by any economic standards.

Leeward  09/18/2008 03:40 PM Report

REMANT summarizest the problem succinctly. "Giving homeowners or the banks money that does not reflect or own productivity...".

L R Harvey  09/18/2008 02:17 PM Report

Hearing Barney Frank decry lack of regulation on Fannie and Freddie is ludicrous. Do you ask tough questions? Barney seems to blame everything on Allan Greenspan. Wasn't it Barney Frank in 1992 who stopped Congressman Leach's call for more regulation on Fannie and Freddie? Where was Barney when Franklin Raines took a 20 million bonus after Fannie's books showed an unrealistic picture of profits. Where was Barney when this Administration ask for a new regulator with teeth in 2003, or when Senator McCain ask for better regulation in 2005? Where is Barney now that Mr Johnston and Mr Raines from Fannie are a top advisors to Senator Obama's campaign.

JG Merrill  09/18/2008 12:53 PM Report

Preston, Striker, Mart get your facts straight. Fine examples of selective hearing. Perhaps you might look at history, regtulation occurs after gross improprieties of the few at the great expense of the many.

Perhaps you will willingly pay your share of the debt the treasury assumed when these unregulated companies failed.

Perhaps you would rather see the economy "melt down"? Perhaps you wouldn't have to worry about taxes if you lost your job, pension, and investments. Grow up.