invest money a our own growth. we'll talk to the senator, maybe the only one, trying to stop it. also, a young politics hitting back after embarrassing photos of her past leaked to the web. she's making a strong point about sexuality and the double standard of american life. the show starts right now. good monday afternoon to you. fast moving developments in the foreclosure fraud scandal that threatens to show a -- as early as tomorrow, attorney generals are expected to announce that i recall joining together and announce a wrong doing not only by the banks, but with the support of the federal government. we're talking about forged

documents, fake social security numbers and mortgages that have changed hands so many times no one knows who owns them. >> kind of a battle just trying to find out who i need to make my payments to. >> that may just be the beginning. still, the white house doesn't believe a nationwide freeze on foreclosures -- >> there are valid foreclosures that probably should go forward and where the documentation and paperwork is proper, but we are working closely with these institutions to make sure they expedite the process of going back and reconstructing these and throwing out those that doesn't work. >> clearly, there's evidence something fishy was going on behind closed doors. if not, why would they suspend foreclosures admitting they cut corners in the process? and if there's truly nothing to hide, why aren't the banks or

federal government on board to investigate what could be the bigs fraud in history as the banks have saddled our government withç billions if n trillions of dollars of fraudulent mortgages. our first guest is the attorney general of minnesota. her state is considering joining others to investigate the foreclosures. why would there be so much fake domination in a foreclosure? why would a bank or anybody go to fake document route? >> this is mortgage lending industry and a servicing industry that has a really bad track record in this county tr. we're in year four of a four-year housing crisis that has caused a meltdown in our economy. the meltdown was caused because back four years ago, five years ago, six years ago, mortgage lender ins this country were handing out loans like halloween candy, putting people into loans without proper documentation. that on the back hand, they were

slicing and dicing them on wall street. every american is now paying the price for that type of activity and here we are four years later and it turns out the mortgage lenders are improperly foreclosures on some of the people some of the time by falsifyi falsifying affidavits. >> you and i know that a huge percentage of the home loan ins this country come from the taxpayer through the federal government in the form of loans funded by fannie mae and freddie mac, two organizations sponsored by taxpayers to provide lending for banks. in order to get that sponsorship as you and i know, those must conform to a certain set of stan za

dards. at this point -- bad loans, probably the tip of the iceberg. the four largest banks, up to $42 billion. forced them to be bought back. bear in mind the four biggest banks' profit was about $42 billion last year. do you have any insight as to why the u.s. housing agencies are holding on to these loans, not investigating which asu fraudulent so the american taxpayer is protected from absorbing the fraud a la bernie madoff? >> it's a concern for the taxpayers because they are consuming a majority of the loans. if you're an innocent purchaser and you buy a home and it was foreclosed upon improperly, that homeowner could be holding the bag or having resource down the road when it turns out that the

foreclosure was improper. let's go slow. cross the ts, dot the is. if a homeowner is in default, a lender can foreclosure, but we want them to follow the same standards we want a homeowner to follow. >> are you expects to sign on to this investigation? >> we're going to be planning on to the attorney general investigation and we've been investigating these companies for some time. we've been taking a look at some of the companies going back to late september. we asked for a variety of information to find out are the same types of practices that occurred with gmac elsewhere occurring in states like minnesota where you don't have to go to court to foreclosure. you can do it through foreclosure by publication. >> does the state attorney general's office have the legal authority to request an investigation into loans held at fannie, freddie and the federal

reserve? >> what we're asking is for information to show are these problems occurring in my state. are the same people involved in falsifying the affidavits of these documents, are they doing it in minnesota. are they following minnesota procedur procedures. we have specific laws here in minnesota that require certain due diligence and documentation. if they're not following those steps, that's going to be a big problem for homeowners not only in our state, but in this country. >> thank you so much for your efforts and for sharing your time with us this afternoon to educate us. thank you so much. >> thank you. >> attorney general out of minnesota. i want to turnç our attention a private attorney now, who can speak to any legal recourse homeowners may have. jake has been successful in representing shareholders

relative to corporations. it's nice to see you. to the extent to which the u.s. taxpayer has been forced by the federal government to absorb these bad loans even if they are not conforming to federal standards, where bankers were collecting fees and ultimately transferring those to the federal government without conforming to federal standards and we can't get an investigation to determine how many conform, is there any sort of civil recourse one could pursue? >> well, unfortunately, we can't sue the federal government for incokocome tense or irresponsi e irresponsibility. if we could, they'd be bankrupt. i think the feds have been asleep at the wheel.

they should have been investigating mortgage fraud a long time ago. it's rampant. they had an opportunity when they bailed out these banks with the t.a.r.p. program, to get under the hood, make these banks act responsibly. they passed again. >> why would they not do this? >> we've got some big problems. the banks were making loans they never should have made. that's problem number one. the second thing is how these loans were packaged and sold off. if people knowingly sold bad loans to investors, they should be sued. held accountable. there could be criminal actions and nothing's been done. >> do you have any insight as to why that is? is it too conspiratorial to think that because the government was the bailout plan and it was largely intended to cover this up to avoid having to revolve the prevalence of fraud, to avoid having to revolve the

conflicts of interest that the foreclosure mess now forces the resolution the government was trying to avoid a couple of years ago. >> i don't think they want to uncover what was out there. there are a lotç of people in high places that could be held accountable. freddie and fannie is a mess. i think we have to look at this, a full blown investigation of how we can change. >> who's in the best position to lead that investigation? >> unfortunately, nobody's coming out of the woodwork to do it. i don't know if we can count on congress. somebody has to do it. maybe some commission, independent commission, to look at the problem. >> what about the pension funds? i understand this teacher's pension in new york, the firefighters of the police pensions across this country, that those were the primary investors in these types of securities and if they were fraudulent loans inside of those investments and it's the

teachers' pension, the policemans' pension taking that loss, isn't there an incentive to demand the investigation? >> i think there should be. perhaps the s.e.c. should get involved. on a case by case bases, they're the class action lawsuits going on, but the s.e.c. or justice department, they need to look at this carefully and in a transparent way. >> if i wanted to call you up as taxpayer and ask you to represent me as a class of taxpayer versus the government, we wouldn't have a case. >> we wouldn't have much of a legal leg to stand on. it's a shame, but there's been a lot of incomp tans, maybe froud. the election is soon to come. coming up here, a young politician standing her ground after embarrassing photos from

her past were leaked to the web and what was perceived to be a smear campaign. god bless her. she's hitting back right between the eyes talking about privacy, sexuality and the double standard in american political life. we will talk to her live, next, in her first cable interview since is story broke. yellowbook has always been crucial to your business,

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we're back with a cable news

exclusive at the intersection of politics, privacy issues and gender. is there a double standard when it comes to female politicians? a democratic candidate for a house seat in virginia, recently republican blogs posted what could be seen as embarrassing photos of her at a costume party. among the photos, one showing a sex toy attached to her ex-husband's nose. i've seen worse. miss ball writes quote -- she says that older women, women of hillary clinton's generation, what happened to me could happen to one of their daughters -- here, here.

joining us now is crystal ball, candidate in virginia. >> thanks for having me back. i appreciate çit. >> of course. >> it's really interesting because this is really not a new thing. i think for years and years, women have been dele git mized. i think that's true. the new twist is that now that we have facebook, now that so many of us live so much of our lives online, and so much of it is recorded digitally, what does that mean? i think i am sort of the first person who's had to face this particular thing, but i don't think i'm the last, so part of the reason i believe the story has gotten so much traction is because we have to ask ourself

as a society as people of my generation come of age and run for office, how are we going to handle this issue? >> if you could give me your insight on the culture of the politics of personal destruction. not just calling a young female a whore, but calling a candidate a terrorist or pick your poison. it all strikes me as a way to s avoid dealing with the process. you and i know the list of actual problems in this country has. >> yes. yes. and that's absolutely right. i have to say, it's a little bit ironic because a big part of the reason i decided to run for this office, which is not something i ever in a million years thought i would do, because i became so personally frustrated with this type of politics, with the absolute triumph of politics or

policy, the mud slinging, the extreme partisanship. i decided to step up and run. and now, i'm seeing firsthand just what that looks like. but i realized that in this lies an opportunity because we have a shot to win this race. you are not the only one and i am not the only one that is frustrated with these tactics and we've seen it in the support i've received in the community since these photos camdç out lat week. people say, you know what, you're just a normal person. what we want to hear about is how we're going to get people back to work. all of these big problems we're facing. that's what we want to hear. we have a shot to win this race on november 2nd. if we do that, i don't think anyone is going to want to use this tactic again. it's only used and is only powerful when it works.

here, it's backfiring and this has turned into an opportunity to say, if you were young once, if you did something stupid in front of a camera, don't be afraid to run. don't be afraid to get out there. don't let these people scare you out of serving your country if that's what you want to do. >> can you give us a brief sense of what you view the core problem of the functionality of our government and how your election may address that. >> the number one thing that i hear expressed when i talk to people on the left and the right, in the center, is they are so frustrated with how our political dialogue has really broken down. the extreme partisanship. the fact something is a great idea until it comes out of the mouth of my rival. i have a business design in educational software. i don't care where an idea comes from, whether it's from the left or right or where ever, if it's

a good idea, i'll support it and vote for it. that's the least we can ask of our elected representatives. >> this is only my view, but i will say whether you win or lose, the way you have handled this and your decision to turn directly towards those who would present this to you and truly shoot them between the eyes for the absurdity of their own behavior is a tremendous victory, not only for you, but the way i think the political discourse in this country should be had and i couldn't support you more. >> thank you so much. >> keep us posted. thank you. >> i will and for those -- thank you very much. >> we'll bring you back. up next, how the stock market is rigged against the &háhp &hc% we'll get into the details of how that rigging works and have a conversation with one of the few senators in this country, ted coffman, who's trying to address the fact that our stock market is less about investing

in america and more about playing a video game at america's expense. we're back after this. ♪ [ man ] i thought our family business would always be boots. until one day, my daughter showed me a designer handbag. and like that, we had a new side to our business. [ male announcer ] when the martinez family saw an opportunity, the hartford was there. protecting their employees and property, and helping them prepare for the future. nice boots. nice bag. [ male announcer ] see how the hartford helps businesses at achievewhatsahead.com.

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ben and his family live here, too. ben's a re/max agent, and he's a big part of this community. there are lots of reasons why re/max agents average more sales than other agents. experience, certainly. but maybe it's also because they care about the markets they serve and the neighbors who rely on them. nobody sells more real estate than re/max. visit remax.com today. i. sure i'd like to diversify my workforce, i just wish that all of the important information was gathered together in one place. [ printer whirs ] done. ♪ thanks. do you work here? not yet.

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cultivate it in this country. that's for losers. more than half the trades made today were done by mindless supercomputers swapping thousands of shares per second. like a giant game of pong where stocks are hit back and forth. only this this case, the computer racks up pennies instead of points. doesn't sound like much until youç consider the potential billion shares traded each day, which is not money flying into our country, but purely chips being traded back and forth. last night, "60 minutes" profiled the owner of a small version of this firm. >> humans are way to slow to trade on these opportunities. we're trying to capture opportunities that exist for fractions of the second. >> what's the point of buying and selling a stock that you

hold for three minutes? >> to make money. you buy lows held high. that's how you make money. >> it's all about extracting money from the system without putting anything back. why would our government encourage a system that doesn't encourage our savings to be invested, but instead, allows those with supercomputers for a computer game in which they get rich and we don't get much of anything. one of the strongest cri esest this is ted coffman. why does america have a stock market? so that we can play these video games? >> no. supposed to encourage long-term investment, but the main thing, provide capital to new corporations coming along so they'll become new corporations

and become jobs. that's what the reason for the market has been for year, but we've veered off course. the two things that make this country great are democracy and capital markets. people come from all over the world or did come from all over the world to be in our markets because they were fair. they knew they were going to get a fair deal. it would be very, very bad for the country if in fact we lose credibleties markets and people start trading overseas. they can trade in singapore, hong kong, london, frankfurt. we have to bring them home, number one. two, we have to be the vehicle so that small businesses and big businesses. >> why is it that our government, is s.e.c., whatever it is, is in charge of the rules of our stock market, why would the government allow the rule changes thatç allowed people t make money playing ping-pong with 401(k) dollars? >> we went through a period,

especially last eight years. i'm not being critical of the bush administration. look what alan greenspan said. we don't need regulation. basically, the markets, he's a very smart man. after it was over, he said, i'm sorry, i'm dismayed. turned out self-regulation doesn't work. we have an environment where for years, we felt anything was okay. and then we had a great and incredible financial meltdown, which showed what happened with credit default swaps and derivatives. while this was happening, we went from the floor base system where people used to see traders on the floor trading with their fingers. we went to a digitalization system and that's when computers took over. went from 30 to 70% of the market with no regulation. if we had regulation when this

started and the points you made, we would have looked into those things. it's like pruning a bush. we would have had a bush, pruned it as it grew, maintained the capital formation, took care of long-term investors and prune it. but what happened is we have this tree and we just stepped back and for two, six, eight years, it grew. it is now a monster. billions of dollars at stake. we have no idea of what's happening in these markets because we can't keep track. so now, trimming that bush back when there's so much involved is an incredibly difficult problem. >> is it possible for the government to set up rules that would encourage somebody who wants to get rich on wall street to do it now by holding stocks not for 11 seconds at a time on

a computer, but forcing me to compete with you, what's good at that gets rich. >> that's one way. that would be very difficult because root cause, if know what's going on in those black boxes, those computers and now, we used to have a few markets. now, we have over 50 markets. we have dark pools where these go on. we have to regulate this, dylan. there's no other way around it. we've got to regulate. i wrote in august of last year, august not this past august, a year ago, and talked about how we need more structure. it just takes so long to get the rules and to do the process and rest of it. and then may 6th, we have the flash crash and everybody says, oh, my god. this is an incredible problem. we have to do something about it. we have to do the hard work. i'm convinced mary shapiro wants to do that. i tried to get in the

legislation something that would given the s.e.c. to move quicker. i am concerned with the new regulations coming up. there's an answer to it. the first step is we have to know what's going on. we do not know the broker or time. we need a thing called tagging so we keep track of everything we do. so that the s.e.c. can look at it. so academics and the people in the press can see what's happening. we're getting great pushback on doing this. i don't know about your life, my life, when people don't want you to see, there's something they don't want us to see because there's a good reason for it. >> what could the average person watching this show do to help you as you appear to be one of the few political leaders in this country who has been courageous enough to find out

what's in the black box? >> same old thing. get your local senators and house members. tell them this is what we have to do. let them know how important this is. it's not that, it's really not that complicated, but as soon as people talk about computers and high speed and everybody turns on, take your time, folks out there watching. let's get things going. the other thing that has to happen, we've got to encourage people on wall street to know what's going on. last night onç the show talked about, we have to get wall street into this thing. we have to get the high frequency traders into this thing. you're going kill the goose that laid the golden egg for everybody. we've got to find out what's going on. just a single thing. they canceled over 90% of their orders. what do you think's going on there? there's all kinds of allegations

about what's happening. we've got to get back in the good old regulation business. we have to get back in regulatories, americans getting involved and frankly, your shows and talking about this thing i think is the best thing to get this right. >> do it every day at 4:00, senator, until it is right. we appreciate your efforts on our behalf. ted kaufman, thank you so much, sir. >> thanks for having me on. still ahead, china admitting the truth finally about the currency rigging that's handicapping our economy. turns out you're suffering so the chinese government can avoid a domestic revolt and stay in power. it's in the monday megapanel. plus, from fiery to inflammatory. a politician's offensive comments about gay americans and what that says about the fight for gay rights. it's our "daily rant."

jonathan capehart, we'll be with him in just a second. but first, a little fun in outer space. why not? one small step closer to making space tourism a reality. i hope my name's still on the list for a ticket. we're back after this. it's work through the grime and the muck, month. tow and pull without getting stuck month. sweat every day to make an honest buck...month. and if you're gonna try and do this in anything other than a chevy... well, good luck...month. great deals on the complete family of chevy trucks

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we're back with news about the folks at galactic moving one small step closer to making space tourism a reality. it's mother ship carried it up to 45,000 feet over the desert and let that sucker glow. the ship gliding freely for 11 minutes before touching back down. the next step, test firing the rockets. virgin galactic already selling tickets for the trip at $200,000

a pop. not bad compared to the millions an american paid to fly on a russian rocket last year. some scientists say they've crunched the numbers and have determined the universe will not just keep expanding indefinitely. they say it will end, taking us with it mind you, in a giant contraction. that's 3.7 billion years away, so you have a little bit of time left to buy your tickets. up next, our monday megapanel. president obama asking congress to crank up the magic money machine once again. confessions from china about its currency. is it really about a trade war with us or protecting the incumbent chinese government from a revolt from their own people. and then finally, christine o'donnell. the latest gift that keeps on giving for "saturday night live." back with the megapanel after this. what's her advantage? it's speedy alka-seltzer!

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it's monday and that means it's megapanel time. the one and only krista freeland, currently of blue suit and red tie. washington correspondent, anna marie cox. we'll begin with the president and his spending on infrastructure. here is the best of what he had to say. >> it should not take another collapsing bridge or failing

levy to shock us into action. so we're already paying for our failure to act and what's more, the longer our infrastructure erodes, the deeper our competitive edge erodes. >> anna marie, go ahead. >> he's not wrong. they've been talking about infrastructure spending for a long time. the timing is unusual. if he hopes to get this through a lame duck congress, it seems like it's a bad time and selfish timing. the administration kind of separating itself from the unpopular people in the house and senate. we're looking out for you. the lame ducks are not going to do it for us. >> how do you separate things that make sense, if you will, in other words, government spending you can rationalize and at the same time, indict the government spending that may make less

sense. you end up throwing the baby out with the bath water. >> from my perspective right now, if the government paid for people to dig ditches and fill them, that would be helpful to the economy.ç honestly. i don't think there is any infrastructure spending that could happen. i think if i have any issue with this is that one, it may not pass and two, it's not big enough. >> i agree. that you should have the helicopter dropping money. but separate from that, surely it's obvious there is a crying need for infrastructure spending in the u.s. and your comment, dylan, really terrified me. this notion we can't tell the difference between good and bad government spending. i think this is a truth. it's not universally acknowledged. that, to me, the terrifying. if the american people have lost faith in the government to do anything other than go to war, that's really pretty bad.

>> government has to do stuff. >> i think that the problem here is that, i think it is a view that tea party americans have. there's a lot of bad spending. however much money the government spends -- >> you can always go through list and find -- a hundred thousand dollars that was wasted. >> the fact of the matter is that namely a large organization, corporate, government, non-profit, that doesn't waste their money. >> the one thing i think is the job of democrats they haven't done so well and britain's getting better, they have to take on the reforming of how government works. i think there is this balance. companies have worked really hard to become more effective. i think one thing that would give a democratic leadership more credibility is if they said, we're going spend money,

but we're going to work hard. >> go ahead. >> i don't know about that -- that's what looks good. every large organization has a certain amount of waste. i'm not sure -- >> a large organization, i just have a hard time accepting just watched our government perpetuate a system on the argument we've covered more people. not that it's not good, but it's hard to trust somebody who says i'm going to be long a health careç monopoly. or a system, where instead of auditing and investigating fannie, freddie and federal reserve, we're just going to print more money. if you continue, you're not going to be able to do it. >> corporate america is really

good at what it does. >> the inefficiencies you're talking about is because the government wants to spend that money directly. we're going to support the housing market by helping the banks and they will rectify it. we're going to support health care reform by keeping it in the private insurance system. they should have been going to the problem. the government could have stepped in. >> that's the one thing i would say, corporate america did not do a bank shot. the business man was in charge of looking at the sheer numbers -- >> democrats have not made the argument that the government should be involved. >> in order to do that, the democrats would have a lot more credibility if they were going to say, we accept americans are frustrated and i the president am, too, and here are the ten steps i'm going to take to make government work better. >> i agree with all of it. >> you're sounding like a politician, dylan.

>> i don't agree with any of it. moving on. forget our domestic issues. we're not the only ones. china makes our domestic problems look like tidly winks. there are a lot of young men in that country who are in desperate need of work and if they don't have work, there's a government concerned those men will revolt against that government and so we get china's problem because guess what? china doesn't want to deal with their problems. look no further from this quote this weekend --

unclear to me why the american or global economy should have to absorb the cost of the domestic troubles in this county tr. >> we've talked about this before. i think this is the central issue. the trade relationship. remember what happened during the great depression, which was neighbor policies. with china specifically, what i think was good about that quote, we sometimes forget that china is in fact an authoritarian communist regime and has been purchased by high level of economic growth. the chinese are scared. the other thing they're scared off would be the ideal win-win scenario would be if china was able to shift this economy from being so much export led to having more domestic consumption. that sounds great, right?

great for chinese people who get to consume things probablily. but i think they are terrified about that because once you put spending power in the hands of individuals, i think you get scared they start demanding democracy. >> if the united states was to take steps to change this, would that be a slap in the face to the domestic -- and would it affect us dmesically. >> the only thing you can do is import. that's a big deal though. >> the real question is why should we adopt this issue. why is this going to be our problem. >> we've got enough problems. why do we have to solve china's domestic problems. >> and why should we care if their government breaks down, isn't that a win? >> no if you're a multinational corporation or an american corporation that is relying on -- >> governor.

>> caterpillar, ge. all in washington, d.c. saying, don't touch this because we're long china. that is another untold portion of this story. thanks, guys. coming up on "hardball," one of the men who answered the casting call and made a political wave to say the least talked about ads of the political season. but first, why we've got to change our attitude towards young gay americans in this country once and for all. jonathan capehart taking his first turn right after this. boss: and now i'll turn it over to the gecko.

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before we leave you today, an important comment about the way gay people are treated in this country. inflammatory comment bis the man who hopes to be the next governor of new york.

one that celebrates the differences that we share as opposed to exploiting and preying upon them. jonathan picks up. >> dylan, two weeks ago, i gave the keynote speech to the annual brunch of a gay youth service group here called smile. it was my typical glass half view of where gays and lesbians have come in this country, but ever since, events have conspired to make those words ring hallow. for all the advances that have been made, we have been remipded in the near daily barrage of horrifying news that being gay is license to be bullied or worse. today, we're reeling from the kidnapping and sexual torture of two boys and man in the bronx. this comes after suicides of gay youth who felt it was better to kill themselves than endure another day of bullying.

tyler clemente, 18, jumped off the george washington bridge.ç seth walsh, 13. hanged himself in california. asher brown, shot himself in texas. zach hairing ton, killed himself last week in oklahoma and the list will continue to grow as long as we don't change our attitude. as long as people continue to use religion. that's what an apostle in the mormon church said last week. as long as politicians continue to perpetuate the lives that young people are being brainwashed into being gay. that's what carl paladino said yesterday and continued to defend today. >> mr. cuomo took his daughters to a gay pride parade. is that normal? would you do it? >> i think that you can probably expose your children to a lot of different things and help them decide to make their own

decisions. >> i don't think it's proper for them to watch a couple of grown men grind against each other. i don't think it's proper. it's disgusting. >> anyone running for public office who would insult people, he hopes the government does not get the public's vote. and the sad list that suicides will continue to grow as long as they continue to treat this as a right of passage. the obama administration held the first ever summit on bullying, but we need a summit of our own. all the advances are meaningless if gays and lesbians don't feel safe to actually enjoy them. we need to summit in our own homes with our own families. until we start changing hearts and minds where we can have the most impact, society will never change and another mother, another father, another family will have to bury a child years too soon. dylan? >> what do you think is the most

effective way to catalyze that? in other words, public shame is something appropriately we're seeing rise right now. political organization is something we've seen going back to harvey millken, but to your point, political acts and acts of public shaming are only as effective as our culture's ability to adapt and reflect a different point of çview. >> i think we need to have educators to get more serious about bullying. we need parents at home to sit and talk with their children. one of the people i did not mention who committed suicide, one of the young people, his mother was at the human rights campaign dinner on saturday. she said to senior administration officials that she did not know that her child was being bullied. i think parents need to get more involved.

talking to administratoradminis. they need to make sure their child the safe. this is gal vonized a lot of attention around the country in washington on friday. the group of people, young people of washington got together to throw a fund-raiser for a trevor project. they were hoping to raise maybe a $1,000. they raised $11,000 for that organization. people need to come together and talk about these issues and try to push as best they can against a lot of the hate and antigay rhetoric coming from all corners. >> if there was ever a time where it was time to build a bridge and stop building motes, you have found it. and i thank you for your efforts this afternoon to try to encourage people to build those bridges and lay the appropriate shame on those who are still building motes.