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[0:00] ..." Congressman Barney Frank knows that the only grew more vilified by the American public than Wall Street is congress as both try to pull the country out of an economic straitjacket. Plenty of criticism has been leveled at congress for bailing out banks and federal tax dollars -- the recent story of AIG bonuses only made things worse. But frank reminds people those banks are necessary to the public."...
[0:24] ..." of we meet credit the American economy can't function of people can't borrow money to buy cars or money. To furnish them homes that small businesses can't borrow money to work stock inventory. The problem is on the banks and it was their -- made some bad decisions and they have"...
[0:58] ..." He also backed a plan by Treasury Secretary Timothy Geithner to creating public private partnership the buying up bad assets held by the banks. Possibly up to a trillion dollars."...
[0:00]" Congressman Barney Frank knows that the only grew more vilified by the American public than Wall Street is congress as both try to pull the country out of an economic straitjacket. Plenty of criticism has been leveled at congress for bailing out banks and federal tax dollars -- the recent story of AIG bonuses only made things worse. But frank reminds people those banks are necessary to the public."
[0:21]" When a trying to help the bank going to try and help the investment of we meet credit the American economy can't function of people can't borrow money to buy cars or money. To furnish them homes that small businesses can't borrow money to work stock inventory. The problem is on the banks and it was their -- made some bad decisions and they have some. Investments on the books that are worth what the originally paid what we're saying is and I think -- we have to help them back if you want to help them. But of course they'll pull us down with a you know kind of like you view your your view from the golden -- is stuck to fire you should've started it but we put out."
[0:58]" He also backed a plan by Treasury Secretary Timothy Geithner to creating public private partnership the buying up bad assets held by the banks. Possibly up to a trillion dollars."
[1:09]" What he said instead desist. We will partner. With private investors and we'll go to these banks that have the bad loans -- say to them we will -- the loan from. We won't -- you what you thought there were. We will pay you a little bit more than maybe you can get right now."
[1:26]" The idea of being of those same banks free up credit those assets increased and valuing can be sold for profit to be split between the government and private investors. Frank also responded to the perception that the Obama administration is losing it's luster and the public's trust to solve the crisis."
[1:44]" Well I I think the media is doing its best to help I don't -- let me give -- an example. There was criticism because we didn't have a plan to deal with the mortgages. There is now has been for a couple of weeks of very good plan you don't hear about it. You don't different -- about some of the progress that's being made. There's a moratorium on foreclosures which has been very helpful outspoken of people when we're facing local through another night going to be for quote. So I understand that and I would say this. I wouldn't expect people to be jumping up and down right now it's terrible time the one thing I would say this and into the -- accomplice to this administration. But I know business -- quote creationism. And they sailed the world which created only 4200. Years ago. But even those people don't think the world which created on January 20 2009. -- Obama administration inherited a terrible situation and the Bush Administration they are digging out from under. Which you can't undo years of serious economic mistakes of total lack of regulation. Of irresponsible financial activity by the meeting in economic entity because they weren't restraint it too much I think it will make him making progress."
[2:52]" Earlier this month franks said the wants congress begins at tackle financial interest you regulations the public anger will begin to coal and -- be done. Mark katic WBZ Newsradio 1030."
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