. figure out when a lot of elections, but critical for the future of our country. we we have time and space and should debate the issues but i hope we can come together and cooperate because we have before is an extraordinary opportunity to usher in the most prosperous era in our history saying a lot for country with the history like ours. i appreciate you all be here tonight. [applause]

>> next former congressman barney frank recounts his life and political career. this is 50 minutes. >> thank you. welcome, barney frank. [laughter]

i was hoping that you could say a little bit about the story that you tried to tell in this book. [applause] >> it is -- there were two teams. a normal teenager in terms of my interest. 1954. stand up. smearing democrats. fascinating.

something about racism _-dash chicago. and i wish i was. i watched. they can do that. at the same time i knew this was a terrible conflict. an executive order. automatically disqualified. we were bad people, evil. and so i began to say, g, influential government and

society. i've never we will be because i am gay. by the time i retired there was this disparagement. 2012 when jan and i had married. same-sex marriage that turns out the the chair of the community of the financial services. as i got to be more influential in government government to be less influential in society. what i want i want to crusade for now is how people recognize there undervaluing government. [applause]

>> a very interesting analysis. it's economic. you're going to have to disproportionately contribute. i think our biggest political problem in the early 80s the white working-class men who do not have high-end skills his economic position the 1st response many people have maybe it was a social issue.

god, guns, and gays etc. that is not true. i don't know many democrats. i literally do not know any. not many people move because of that. the fundamental problem we have is they hthe fundamental problem we have is they have become antigovernment. they believe so deeply in government. the the end of world war ii until the mid- 70s if you were a white guy and you are willing to work a time you were 50s for a 2nd home and do some retirement. and then changes in the economic situation began to

work to the disadvantage be part of the situation. our trade policies. used to be a liberal article of faith for free trade. now important recognition. the way the way trade had worked it can enhance national wealth but is distributed very unfairly and exacerbated. i represented 30 years southeastern massachusetts. the garment and textile business. union made shoe. [applause] jokes made in new bedford. go buy one if you need one. what happened was this working-class people saw themselves at the short end

of the stick economically and believe in government. for many of them the government could have helped the men did not. exacerbating it inaccurately because the government only cares about bad people, people, gay people. not because people story that prejudice but felt like we were doing this for them and other people but not for much of anybody in the economic situation. one of the things that people wonder why since ronald reagan became president exactly four years when there was a democratic presidents. when you require corrections it does not work very well.

there are people who think government should have been protected. some of you will remember. winchester cathedral. you are letting me down. down. you did not do nothing but my baby left town. you could have done something. you did not do enough. they believe we they believe we could have done something to alleviate economic distress and did not. they punish the government and i genuinely agree. the alienation and anger one issue in addition to guns or becomes something liberals have to cope with conflict and i think we have to put a hierarchy. my own view climate change

preservation should not override everything in the makes. [laughter] thinking about it. can we persuade white working-class and middle-class men that they do have this stake in government by showing them how government can affect. >> is there something that the democratic party can do? income inequality is coming to the forefront. sees that as an issue. >> the minimum wage as an example it helps everybody. one of the things you are seeing is a renewed

recognition that labor unions are an important piece and there is a direct causal relationship between the assault on unions and the aversion of quality. example volkswagen tells its employees in tennessee that it is prepared to support a union because they have good relations. there are about to have the election. tennessee republicans a mainstream conservative threatens volkswagen and the workers and says, if you come of the union the company threaten the people at volkswagen that if they voted for union state money that was supposed to go to volkswagen would be withdrawn.

they extorted them into voting antiunion. people said, what do you care. his answer if volkswagen guess the union they will push up wages. they just take the money. if they get a union a union it will push up wages and if wages go up it will cause upward pressure on wages throughout tennessee. the policy. michigan has got work. working with the unions. the president is talking about that. making it easy for people to get an education. infrastructure some

progress in the construction trade. more than the others. that is another factor. >> when you say when you give what senator corker gives us as argument it seems so absurd. how could anyone who is a working person in tennessee agree with that argument? >> they can stand by it. that is one thing. justice brandeis of the states. the problem is you cannot do good laboratory experiments on the subject of the experiment can run to another laboratory. that is what has happened. one of the most potent problems you see is highways

dwight eisenhower puts forward this interstate highway program to unite the nation. the republican majority is not looking to raise the money needed to keep the highway system going. if the states want more highway let them do it. give them back the money. ..

>> >> gore sought well the lot of personal level but you also feel that tip o'neill did not feel that it was possible through parliamentary tactics to work against the president's agenda because it undermined the system of government government, not just a political party but the system spirit people say what about bipartisanship? in the first place it comes

after bipartisanship that i am a member of a minority group that is picked on and the undervalued. i am of a democrat. they denounce them in the for -- form political parties. you need those with the personality. in prison and a western democracies that recognize the private sector but thinks it should be expanded and what you want to expand the private sector. into not believe it in the private sector if there is a

republican president yes they have been insensitive to give political reasons though we also have the incentive to cooperate. has used the with obama they have zero incentive. rand findings of government breaks down. mendez then identify with government then we tend to get blamed. bailouts are very unpopular. those democrats. the revised bill of 2008 through 2009 every single one initiated by george to be bush. finney freddie ag the tarpon

-- tarpans the autos. so bush's president in 2008 he chose with nancy pelosi to see the economy is going into the tank we need a stimulus in they said okay. on the one hand it would be better:would be worse for government so they worked with him on that. when obama call will last he did not ask for a stimulus because we had done focus groups. where europe gather people to try things out on them but people don't have firm opinions because they are airheads. [laughter] if you would get the focus groups in october of the

undecided people will do is a decided between obama or mccain or nick cave or bush? maybe a few people but those guys don't know anything. [laughter] of focus groups reported stimulus was a bad word with negative connotation so that is why it was called the economic recovery act that recovery was more attractive than stimulus. in vice period's most people would rather be stimulative then recover. it was overruled. [laughter] but in 2008 bush says the top economic people to the democratic congress seven weeks before the election. we have a great weekend plant - - plant and with

the anniversary in the capital for the weekend will be hagel about the t.a.r.p.. we did get to watch ram -- rahm emanuel burst out of the meeting of a fuzzy receiving their people inside would say it was going to the press on the blackberry. but we sat with him seven weeks before the election to decide we have to fix it going for word pro we have no option so we pass the t.a.r.p. going down in history as the most popular -- unpopular successful thing. democrats voted more than republicans. brought obama back said but john mccain refuses then

obama becomes president and vico's south. in 2008 it was honored we thought there birthings but when obama becomes president and the advantages they used to not care so much. now that is a good thing. so this is the story of king solomon that a faction that says cut it. see if i care. but we have to be the ones to say no prepare you cannot do that. >> you are a liberal but one of the things you talk about in the book that is seen to date back to your experience in 1954 where you bring in mississippi part of freedom some more and - - summer.

and hughes said then when you were 24 that you were not there to create a perfect world and you believed i believe it is either not here to build the perfect society just to venture that a man can live his life his own way. then you talk about the tactical importance to remain realistic. talk about that philosophy. >> negro was a term. but so within that african-american movement but in 1964 people made fun of mccain but remember the great play green pastures

that was set in negro dialect at the time in the character that was caused -- called delawd in the is to call mccain delawd to mock him as high and mighty. but also most of us and this turned out to be the majority of black people and it has been replayed with the lgbt people. those initially were opposed to marriage at all as a bourgeois institution that oppresses women. why do we wanted? they were swept aside but it was the same. people said as gays and lesbians we want to have the same rights but others said

this oppressed group is the tip of this figure -- of this year because they are excluded they understand we should rebuild entirely differently to be a new community and the average citizen said no. whether they were black or black separatist they did not have great support so people felt they were not being treated equally had no chance the same with the people in the gay community. but then there was a tactical and strategic difference about laypeople saying rosa parks never had to sit in the bus.

but the beginning threats were not even a challenge but do you say it is separate but equal? to go against texas and oklahoma to say they will allow black people to prove that they were not separate but not only was inherently unconstitutional but to be lived up to but then unconsciously to manipulate him about your goals is a couple of reasons because if you are not realistic you lose your followers if you keep telling people to do something they have no chance to succeed and to denigrate the partial success. finally people from lgbt to

get it. >> but what about the decision from the supreme court on a marriage? what do you think the threat is that it ministates' there is a religious freedom. >> is pretty clear the supreme court will okay same-sex marriage and justice kennedy we assume is the swing vote has written pro lgbt opinion is that have come up. second to win the courts of appeals said states had marriages and they ask them to stay or suspend the

decision the supreme court said no. if it was not sure it would have been irresponsible to allow them. so i think marriage will be done but among those that are hoping the supreme court does this all but fanatical republicans because it is a wedge issue against them. if not they lose their primaries. [laughter] nondiscrimination is critical. now the country is filled book based on the same job the next time you have the democratic house air of senate and president we will pass the bill but then with religious freedom it is not

unconstitutional not a religious institutions but nondiscrimination and goals have to is encouraging things. for arizona give businesses the right with the business community. are you crazy? we don't need this and i think that has been helpful. beyond that with the lgbt people who the of stood up to religious objections to interracial marriages. to muslims of right to say who can have a store and you can come in? site think they do but there is all womaned not just from

muslim orthodoxy would be kicked out. i think in the end we will win the fight politically because it is damaging economically. but they have the rights with the first breakthrough of nondiscrimination. because those sectors said we cannot have that. i am not sure a bill will be passed right away but i think we can pass that you can automatically invoke your rights. >> but i sought to describe your early life you studied for of ph.d. with the other limited extension is to ensure these this was

supposed to be on the legislative process? [laughter] >> then i would have to pass statistics. [laughter] i was given the ph.d. a high-tech some time off to write it but then i got involved with the campaign. and he won. then he said they need you to come work for me. i said i have to finish my thesis. he said if you want to be a big liberal but that isn't easy to do that if you come work and don't complain and i said i have to finish. but he had neighbors you will though the name as huntington he co-wrote several books in he said is

the nature of the department? okay. there was a rule they is to do that after your ph.d.. but i talked to kevin. we will give you the extension beyond the five years. that is 67. [laughter] >> we will call you dodd/frank. >> and his wife's sister was married to christopher who became one of a great broadcast journalist of public radio. >> now barney frank will take questions from the audience. [applause] to of my distinguished

colleagues in the government [applause] said gm from southern maine and tom allen is here. >> of course, it is dependent on me to read people's handwriting. mr. frank howard you have the issue of voter suppression to the consciousness of though larger majority of american people? >> it is very hard juju because it is republicans so that macy and but sosa said

i've mother was born in mississippi and has no record of her birth. ceiling thin the alliance in and cut down on early voting days but then that was facilitated by the worst decision even worse than citizens united the was a last dash for conservatives that they don't like activism. because they thought congress did not make the right judgment and it was terrible enable things to be done better but we have to make it clear to the environmentalist in those defending medicare that if they succeed that means the

legislature who will be for protecting medicare for the cuts to support the rights. but i have another problem with voter suppression as vicious in the of the of better order but to stop saying to people there all bombs there all corrupt they never listen. [applause] but i have to say once a while a politician did something good because to say you cannot count some people contribute to voter turnout. the worst you think it is the more you have to vote.

[applause] >> dan that calls to remind what you say about the hearings and also the murder of emmett till inspired you to want to become public service. day think the name of eric garner or matthew shepard will bring for people? >> i think the case is different and is much more complicated but those of misery no question. the case is more complicated but as the results of the elections and ferguson more people take profits that is

a good message so there is a point to vote for perot also i hope walker will do this. to many union people have been ambivalent but scott walker all of our attack i hope that takes that away a little bit. one of the things that troubles me is police departments are very right wing on the whole think this is a legal for people that want to cut the money that they get because it is self-defeating. i am understand the anchor but the trans your specific question that is the impact of what is going on. >> what is the question that refers to your work in the finance world of dodd/frank?

i thought it was interesting you have to appendices that specifically you reveal with the history of sub-prime lending. >> we are in a situation where the economic politics demanding changes but because people of as a result of some of but the people in this audience when they first bought a home they got there from the bank to pay it back and the bank would watch carefully. the under people have alone immediately sold and packaged and though lender did not care if you paid it or not. and switching from the quality to the quantity and

what made it worse is to be those democrats bought into this and did not regulate then they were packaged into a new financial derivative. that used to be cornyn hog bellies that is why it is called commodities futures trading commission. that is what caused the crash. during the period when though loans were paid you make the banks lend it to the poor people into protected fannie mae and freddie mac. first of all by 1994 a democrats were worried and would regulate. they said that is an

interference and will not do that. we tried on several locations to pass to regulate predatory lending published administration would preempt that then the state banks would become national banks. in 2004 the house tried to pass a bill with sub-prime lending the when i became chairman 2007 ended ted of both through the committee that i chaired that said you cannot lend to people who cannot pay you back in the "wall street journal" attacked me. why suze stopping these loans? why doesn't he want the minority groups to have loans? alan greenspan 2007 looked at in the appendix before

the crash to increase financial risk and home ownership to restore market outcomes. but i believe the power of the of regulator that the benefits of home ownership are worth the risk with protection of property rights that our critical to with a market economy requires a critical mass of the owners so in other words, to give the money so they are conservatives but they don't pay you back. the "wall street journal" said most of the new homeowners are minorities otherwise not qualified for a mortgage with the mr. frank legislation will

make sure they are homes of the future. fellows they kept us from slowing down caused the crash then they were panicked because a logical argument is we needed regulation. that we should have regulated these loans or derivatives ag was selling credit defaults swaps. i think jim is now an open down the coast he has talked about them for so many years. ag issued them it was that policy if it doesn't pay off you have to make up the difference but the federal government september 2008 said peter $80 billion short

since this will cause their vote reverberations. one weeks later 54 this or 84 that. this is an additional 85 million. not only 170 billion they had no idea how much as they would go on the side. and hank greenberg was the founder of the aig and is a major shareholder is suing the federal government for damages because a bid of $170 billion of debt that his company had occurred. this is the arsonist siblings of fire department. [laughter] but the conservatives protected though loans but after the fact they

discovered their break-ins them because the alternative was to have regulation. and mike blumberg said that. put then they would not let them after they tried to stop it. i was too sanguine about fannie mae and freddie mac. i started to get nervous then george bush this is in the appendices. he was substantially increase those below the median income. by 2005 by joining the republican chairman to pass a bill in the house in the committee i had problems on the floor but a pass the house the senate republican did not like it but the

democrats did. put the bush administration would pull the plug and ross -- and with sarbanes-oxley they said george bush gave me though one finger salute. 2007 i become the chairman and we pass the bill. . .