Lehman Brothers collapse 1-year later

[0:00] ..." Lisa Meyer WBZ newsroom it was a year ago this week. That Lehman Brothers filed for bankruptcy it was a first in a series of events that set off the worst economic downturn in this country"...

[1:02] ..." have been avoided about -- for example the chairman of the Federal Reserve taking the power that congress gave him in 1994. To stop what we did come from being made people quickly paid them. He could have been done if some of the other regulated had been -- the excessive leverage that that they got. -- September there was that I think nothing you could have done. Two to avoid that by the way you know that you renovate you don't make good people this is something that President Obama inherited. The -- that the dead and the Bush Administration it was led by them so I don't think at the time that Lehman Brothers failed. There wasn't much coach who could do that was necessary course to get involved. He could have been prevented but it"...

[3:09] ..." to cut back on -- We go to. All I want to private equity -- eight reputed. To register -- by the end of the year we will I'd be in place. The timing though is"...

[3:35] ..." You know when when you look at the unemployment rate when you look at. Housing sales housing starts things like that -- Despite the fact that the Fed says that were in"...

[3:56] ..." big hit it dead -- rapidly that's not a good thing but. Barack Obama and -- the worst economic that a condition since the Great Depression. And -- Google would be 600000 jobs in mud that was terrible to look -- that it is dead. But it does begin did not -- I -- think that there are and a little site by the way chairman Ben Bernanke the Federal Reserve -- the bush appointee. That we appointed by President Obama appointment of a -- like George -- came we came to put"...

[0:00]" This is Lisa Meyer WBZ newsroom it was a year ago this week. That Lehman Brothers filed for bankruptcy it was a first in a series of events that set off the worst economic downturn in this country since the Great Depression. I talked with congressman Barney Frank the head of that house financial services committee about. Looking back with with the knowledge that you have -- you're out. With this thing preventable was a predictable."

[0:25]" What would preventable but -- would've had to step back earlier book we have this. Phenomenon American economic we have a very vigorous private sector and worked capitalist society -- have been and that's -- that's sector innovate. At some point. -- every decade they come -- product that you need better regulation the deal with the -- productivity get the benefit of the without the abuse. The problem is -- doing much in the eighties and nineties and into the Bush Administration. Let people in power more often -- not believe any regulation forget -- could have been avoided. He could have been avoided about -- for example the chairman of the Federal Reserve taking the power that congress gave him in 1994. To stop what we did come from being made people quickly paid them. He could have been done if some of the other regulated had been -- the excessive leverage that that they got. -- September there was that I think nothing you could have done. Two to avoid that by the way you know that you renovate you don't make good people this is something that President Obama inherited. The -- that the dead and the Bush Administration it was led by them so I don't think at the time that Lehman Brothers failed. There wasn't much coach who could do that was necessary course to get involved. He could have been prevented but it would've had -- be prevented by the people who were not so particularly anti regulation. As we're running things during the years particularly the bush administration of republika."

[2:10]" Well they haven't been because what happened was that the market politico dot. First job was not too. Prevent bad things from happening but they -- good things to -- we've got to stimulate the credit PM we had some success in doing that -- roads but -- the popular vote. The main job I now have the next who once we do a lot of work credit is in fact proposing -- that we began just before congress spoke for the suburbs. The committee I care portability outflow which was spent. Which says that in the future. This has become the on the Senecal as a wanted to open well. The budget today twenty will be given out only assistant. They give -- dissident convicted and sentenced pick out of this could have a situation that was they take of this -- up. They benefit personally if they take a look at a blow up they'll suffer any any laws that it. Bad incentive that we are going to be fairly sold within six weeks -- too much. Adopting the rest of this reform agenda will be doing in the derivatives book to cut back on -- We go to. All I want to private equity -- eight reputed. To register -- by the end of the year we will I'd be in place. The timing though is it because I think it's sort of the sputtered to a world. Toward the end of last year. Very little was going on and they -- important that we have in place being regulated and restricted. Before things start up again that we look at that dot."

[3:35]" You know when when you look at the unemployment rate when you look at. Housing sales housing starts things like that -- Despite the fact that the Fed says that were in the beginning portion of recovery -- numbers don't seem to Jews support that you think we are."

[3:50]" Oh yes but the number who supported. Remember when you had a very bad situation. The first number -- the other big hit it dead -- rapidly that's not a good thing but. Barack Obama and -- the worst economic that a condition since the Great Depression. And -- Google would be 600000 jobs in mud that was terrible to look -- that it is dead. But it does begin did not -- I -- think that there are and a little site by the way chairman Ben Bernanke the Federal Reserve -- the bush appointee. That we appointed by President Obama appointment of a -- like George -- came we came to put his country and -- about it. He's said what most economists agree with. That if it had not been for the economic recovery plan that we adopted think would have been -- and I can tell you look there are there a cops on the street my district would have been built without the they sped things -- it would -- work without it but I do say. We we are beginning to turn around. That doesn't mean we should -- over radio everything nobody goes there won't think we should be doing."