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[2:50] ..." Would people go -- make approaches to their credit card. Whatever the interest rate was at the time it made that -- that if -- that -- because he. That the -- they basically -- this"...
[5:06] ..." prompted it it's this sub -- crisis they -- chairman Bernanke the Federal Reserve who. -- we couldn't keep economic adviser for awhile appointed by -- the Federal Reserve says no this recession is -- more perceived as fatalistic in yet. But it this problem was caused by this but let"...
[7:02] ..." that they can do it and we've just seen to keep the Federal Reserve and get help the way the banquet the differences that -- regulated. So the banks -- regulated the Bank of America Wachovia."...
[8:43] ..." before closed because of problems in the city. You know properties to pay taxes consumed taxes -- the police the fire department the building is expected this taken people. So -- we plan to have the federal government ended the state's money -- the"...
[0:00]" The financial services industries -- very important for the economy but a couple of years ago the Bush Administration issued a fit of morning's -- preemption. In which they canceled all the state consumer protection hoods that applies to national bank. And the that was -- problem especially since. They did not put in place any national Willis so that a number of areas that consumers. Don't get protection. Against abuses oh we are working. In congress try to take we would disagree today with a Republican power because frankly they supported the the administration they would get any significant consumer prediction. What will we were moving its civil -- suspect committee that I chair at a hearing this week in the subcommittee ability it would -- card abuses the credit card we import all of economy but we've developed a pattern here where people have found themselves. Being charged additional interest on purchases devoting their TV in the -- people body at a certain rate they -- the argues. The negativity of most and then -- it done which greatly. People that -- culpable for analysts and people -- Beatrice straight -- a truck is devoted maid is being ready group we added we've been we have a situation where who have people have the the film is show it to them at a different date with very little time by the time -- pay that -- that it with a make believe that it's unfair that triggers even greater increases so working on and -- The visit to issue debt both local overdraft where people -- given by debate without being yes protection against over address and in some cases that people would go to be ATM. And they would check to see what was in that account much. And they would be given number which include this overdraft protection so they go to kept to that amount to give the peace groups for over to a detailed. So those the company who -- at a federal level we've also been pushing the federal regulators to say look. We didn't like defected to -- and it'll destabilize. And which the British government and you -- but we also have. But pushing the federal regulators to promulgate some some federal rules to protect consumers and we've we've had some progress with that since Democrats -- ago."
[2:29]" So these these are kind of sneaky more or less and you like to see at least these. These are regulations spelled out more easily so consumers --"
[2:38]" We have we have this was ruled that we're -- would look right. It is an American it CDC restricting defeat his hard thing to do -- an economic aid commitment but we are resisting of this principle. Would people go -- make approaches to their credit card. Whatever the interest rate was at the time it made that -- that if -- that -- because he. That the -- they basically -- this week. They've got to do that going forward with plenty -- notice so people can be told what. From now on if you -- things and you don't pay the bill on time this beautiful. Ready to elevate people we stopped -- this and other practices that we would -- cycle building where if you pay part of -- prelude to with interest on the whole bill. And as usual."
[3:26]" OK now I understand also would like to see some more protections in place to try to prevent things like the Bear Stearns -- we have it."
[3:34]" Her experience economic problem what president book dead. That this suggested typical recession that we had over the years by eat fish -- along and -- very few people including his own administration who believe that. Well we've added -- he. A total tobacco regulation in the book of financial area particular book twenty years ago and more. If if you borrow money you get -- report from the person you have to repay. It's indigenous to -- knowing that if they make you might be. You'll have to repay them -- careful about that led to and then we came up with this it was just give up with this those -- securitization whereby eight that you money and that might take the loan the obligation you have to pay me back and make them. So -- the -- in the future would you payback because I've told this to somebody else that the NATO institutions said look this'll this'll help. Make -- loans that don't worry we have all these systems in place. It is to -- the old Linda Barr -- dip and so bush was skeptical of that book right you with a Republican approach to -- party differences and visit the Democrats have been morph into predicted. The Democrats have felt the debt did need some reasonable regulation limits in the case and Franklin Roosevelt did and beyond that the party differences and the the problem is that the financial system -- that making all these loans have been selling them off. Has caused by the prompted it it's this sub -- crisis they -- chairman Bernanke the Federal Reserve who. -- we couldn't keep economic adviser for awhile appointed by -- the Federal Reserve says no this recession is -- more perceived as fatalistic in yet. But it this problem was caused by this but let me show. We're trying to do subsequently been we have legislation -- diminished in number of foreclosures which devastating. -- appears to individuals but to neighborhoods and communities into the whole economy. But also going forward starting late this year we going to put some movement there for the two don't have institutions like prisoners. Rightly being irresponsible and then you know if the only consequences of that responsibility with the shareholders was money. That would be to have that problem that would be up to them. What what we've seen it and it was a recession over economy -- in the thirties Franklin Roosevelt put a lot of regulation in department. The over the abuses that led to the great depression we've got a new set of innovation. They have a lot of advantages without trying to wipe them out but we are trying to put regulations in place for the we get some of the benefits of these without the abuses."
[6:17]" And I understand you'd like to see mandatory cache reserves were some of these giant investment houses."
[6:22]" We tugs at the bank bank of our given. Deposit insurance and return to that the bank lends money the federal government says okay. You've got to keep some reserve against the possibility of these loans -- because you get in trouble we going to bail you out and and therefore we have a right to keep him from getting in trouble. Well a few years ago a decent. Well politically supported the number of us who -- democratic side skeptical we we appealed but boy it was all the glass Steagall law. That made a difference between what banks to do -- what investment houses to do so the investment houses. And now to do many things that they can do it and we've just seen to keep the Federal Reserve and get help the way the banquet the differences that -- regulated. So the banks -- regulated the Bank of America Wachovia. Citizens -- they are regulated and that way they don't let -- make it to get the troubled city controllable because Citigroup did it to the bank. A lot of investment houses and having trouble shall what we are saying if yes. Given their investment houses are going to act like banks and expect to be helped now because we -- quickly -- we hope about the US. The total -- did -- economy via -- what is that it is some of these people have been allowed by by the by the Republicans still would be regulation to take part because let me did you know the demanding ransom. And we may have to pay a little of it now what we want to make sure this is a hostage taking the future so yes of these investment houses they're going to have to be regulated. So they had not able to get themselves in the kind of trouble that than either causes serious economic problem for the whole country -- or court system. Help the --"
[8:08]" Very complex system anything you'd like that congressman that you haven't touched them."
[8:13]" One thing that we we are -- right now is this question of foreclosures is if we go ahead as we know war there was two million more for -- and residential property. The economy his words that we are trying to find if we coming to the people made irresponsible to these borrowers. That they've got to accept the fact that the act to get all that money back. And if they if they except that it may be bright these loans. We think we can steps of the foreclosure is that what they would doing -- mayor Menino and others have been focused on this. We have -- popular before closed because of problems in the city. You know properties to pay taxes consumed taxes -- the police the fire department the building is expected this taken people. So -- we plan to have the federal government ended the state's money -- the state can buy up this book goes property. True of people can eliminate did it he can help make housing more affordable and -- what's becoming serious quite by the city"
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