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congressman barney frank will join us to sort it out. announcer ] this is charlie whose morning flight to london starts with arthritis pain... and a choice. take tylenol now, and maybe up to 8 in a day. or...choose aleve and 2 pills for a day free of pain. enjoy the flight. ttd# 1-800-345-2550 ttd# 1-800-345-2550 ttd# 1-800-345-2550 and talk to chuck about ttd# 1-800-345-2550 rolling over that old 401k. mom! mom! [ male announcer ] you know mom. we know diamonds. together we'll make this mother's day one she'll never forget. that's why only zales is the diamond store. >>> and finally tonight, as it turns out, he lived quietly in a three-story house in a resort town. right down the street from a military academy, not far from the capital city and it's kind of hard to believe, for many americans to see this story and see how the pakistani government didn't know anything about it, about bin laden's whereabouts. bin laden wasn't armed when the navy s.e.a.l.s stormed into his compound. leon panetta told members of congress that bin laden had

well, i can't believe barney frank was called by the tea party people. they wanted to have that behavior from the tea party. they'd never gotten it but this time they got it and one time somebody called barney frank the f word and then we heard that a black congressman were called the inward and the next thing you know the media picks up on it and after two years of trying to find a racist incident or bad incident -- >> host: they created one. >> guest: -- they created one. >> host: i don't want to interrupt you, andrew brietbard shows his sincerity and care about this and offered members of the congressional black caucus $100,000 if they could prove in any instance where they were called the n-word. >> guest: once, not 15 times read all the needed was once. >> host: and what happened? they ignored $100,000. >> guest: but here's of the thing, here's what they were trying to do. jesse jackson, jr. was walking through the crowd trying to get a youtube moment of somebody saying something. they could have walked underneath the most popular members of the cau

wow, i can't believe barney frank was called that by these tea party people. they wanted to have bad behavior from the tea party. they've never gotten it. but this time they got it and one time somebody called barney frank the "f" word and then we heard that black congressmen were called the "n" word and next thing you know, the media picks up on it and after two years of trying to find a racist incident or a bad incident -- >> host: they created one. >> guest: they created one. >> host: and i don't want to interrupt, andrew breitbart, to show his character and sincerity about this, offered members of the black caucus $100,000 if they could prove in any instance where they would call the "n" word. >> guest: once not 15 times. >> host: and what happened? they ignored your plea. $100,00 $100,000. >> guest: jesse jackson was trying to walk in the crowd trying to get a moment to say something. they could have walked -- the most unpopular members of the caucus walked through that crowd hoping to inspire a tea party -- >> host: to incite. >> guest: how can i prove t

congressman barney frank is taking on the federal reserve. he introduced a bill today to prevent the presidents of fed banks from having a say in interest rate policy. critics say that would reduce the fed's independence when it comes to setting the interest rates consumers and businesses pay. darren gersh reports. >> reporter: every couple of months, you'll see a federal reserve bank president on "nightly business report." but did you ever wonder how they got to be a reserve bank president? they are selected by boards of directors at those reserve banks, boards that are overwhelmingly made up of business leaders and bankers. and for barney frank, the congressman who co-wrote the financial reform bill, that is the problem. >> to have people who are simply picked by private citizens who have a disproportionate, vested interest, for example, in higher interest rates setting this government policy is undemocratic. >> reporter: frank has introduced a bill to restrict voting on interest rate policy at the federal reserve to the chairman and six go

barney frank was helpful up to a point. he held hearings on our behalf and it was great because you had the whole house financial services committee and all of them had pinched brows and faber quite concerned and asked penetrating questions and in the end they did nothing. so later at an event which i attended with my wife sandy in which hillary clinton was the main speaker i bumped into barney frank and i said congressman, what happened? you hold these lovely hearings and may lot of noise and enraged a lot of people, me in particular, and yet nothing was done. and he said the larger picture got in the way. by that time the whole market had melted down and everyone was losing money hand over fist and all the contributors were running for the hills and we individual investors didn't seem to account for a lot to the house financial services committee and this includes democrats and republicans. republicans were just as outraged by this event as were the democrats. for once in a blue moon we had comedy in washington. the finan

and you just had barney frank on the set.led everybody in, obama and mccain got along for a little bit. if they view it as that serious of a problem, they'll figure it out. if they think it's smaller than, they'll go back to their petty, partisan ways. >> but the initial thing they have to worry about is what conditions are going to be placed on the debt ceiling? i'm told the rough parameters are possibly a spending cap for maybe two years, maybe a little bit longer, but the hardest thing is trying to figure out the long-term -- >> hold that thought, we'll take a break, and when we come back, we'll have that conversation. ttd# 1-800-345-2550 ttd# 1-800-345-2550 ttd# 1-800-345-2550 and talk to chuck about ttd# 1-800-345-2550 rolling over that old 401k. >>> all right. we're back with john king and dana bash. dana, you said the hard part was actually going to be figuring out how you get to that $4 trillion number, that, john, you said, here's the first voting bloc. the fundamental divide is do you do it all from cuts, or say tha

for instance, barney frank was helpful up to a point. he held hearings on our behalf, and it was great because we had the whole house financial services committee there and all of them had pinched brows and there were quite concerned and they asked penetrating questions, and in the end, they did nothing so later at an event which i attended with my wife, sandy, at which hillary clinton was the main speaker, i bumped into barney frank, and i said congressman, what happened? you held these lovely hearings, and you made a lot of noise and raised a lot of people, me in particular, and yet nothing was done, and he said, oh, well, the largest picture got in the way. by that time the market melted down, everybody was losing money, the contributors were running for the hills, and we individual investors didn't really seem to account for a lot to the house financial services committee, and this includes both the democrats and the republicans. by the way, the republicans were just as outraged by this event as were the democrats. i found that, you

conman carson created such an image that it's not what barney frank said, one person said something, but he created an image he described out of a page from a time machine. those are his words. when i heard his description, and i juxtaposed it with what people said around there like your friends said, it didn't happen. it didn't happen. i was so upset that i offered $100,000, and guess what happened the next day? they shut up. they did not think there was an idiot like me who would take on race, that would -- a white guy, white guys are to sit back and take the racism thing. no, i'm taking this head on for clarence thomas, take this thing head on. this is the battle of my life. >> host: what happened to you during the interview when you sold yourself out because you wanted to be a part of the club? >> guest: this was many years ago. >> host: it happened. >> guest: it did. a friend of mine saw i went for the cheap. why didn't i stand up for what i believed in? it was my first round in the yield ya. >> host: you wanted to be accepted. >> guest: i wanted to be in the club. a friend told

because democrats are crusading for medical marijuana rights rogerson pete stark jared polis and barney frank no shrinking violet introduced a series a bill of bills that protect medical marijuana entrepreneurs the legislation classifies medical marijuana dispensary as legitimate small businesses those able to take advantage of federal tax deductions just like any other small business it also gives immunity from federal prosecution to any person or business in the medical marijuana industry as long as they're operating in compliance with state and local laws in addition to these reforms other measures ensure that medical marijuana dispensaries have full access to the american banking system and the marijuana is reclassified is a drug that is not highly addictive and does have medical value so what kind of impact of these commonsense reforms have on the medical marijuana industry and what are the chances that they can get asked joining me now to offer their takes from new york david selleck conservative commentator and federal tax expert advocate al . st pierre executive director of normal nat

democratic lawmakers are lining up to say yeah it's time to get out of afghanistan august and barney frank said the single biggest reason we went into afghanistan was to get osama bin laden having killed osama bin laden deprives people who wanted to stay in afghanistan for other reasons of the argument that we would be leaving in defeat. it was the republicans can't use it against the president right now congressman jerrold nadler from the york so we accomplished what we had to do in afghanistan a long time ago we had to stop wasting our troops our money and our lives and get out and chairman of the senate armed services committee carl levin advocated for a troop drawdown in afghanistan by saying afghans are now in an even better position to take responsibility because whatever direction it's coming from pakistan from that safe haven no longer has guidance whatever strength bin laden's presence or direction could give to even republicans around congressman jason chaffetz acknowledged that finding bin laden proves that we don't need one hundred thousand people on the ground in afghanistan t

direction no any is there is there any evidence at all do you have any legislative champions yes barney frank jerde polis ron paul you know war barker to name the republicans republicans even yes libertarian leaning to be sure so from our point of view can a pox on both houses that they haven't addressed what is really now a seventy five year probation or oh well good luck allen st pierre thanks so much for being with us and i don't appreciate it i see the war on drugs a complete failure and prison populations soaring now doesn't seem to be the right time to be taking a step back from a responsible drug policy in america let's call america for what it is an effective medicine and not too bad for recreational drug either. republicans that are likely to jump into the race for president and mitt romney and jon huntsman happen to both be mormons the leading priest literally of the hard right wing is glenn beck another mormon and one of the leading tenants of mormonism has historically been polygamy joseph smith the guy who wrote the book of mormon founder of the church of latter day saints at wel

if anybody was getting spit on, it was the guy in front of barney frank.applause] now this one is tough to judge. it went danny -- actually there was one judge's final ballot and since i'm always the last one to get my ballot in. it might have been me. let me see. to evidence that congress should not be forcing the american taxpayer to fund pbs, the tea party award from hell award goes to tavis smiley. >> ♪ it's the end of the world as we know it it is the end of the world as we know it snensnepped >> the tea party are arrested every day for making threats, calling people nigger as they walk into capitol hill, for spitting on people. >> ♪ it is the end of the world as we know it i feel fine ♪ >> tavis smiley couldn't be here tonight because the media research center wouldn't fly him first class, which made them of course, racist. so to accept the tea party from hell award on behalf of tavis smiley, two people most qualified, and these people i think, look, they truly are heroes. i was talking to the young lady, i'm going to be introducing in a second, a co

are others on capitol hill whose voices just serve to be heard who are speaking out whether it's barney frank shelley pingree john kerry even joe biden who have supported counterterrorism versus counterinsurgency there are those in this country of one piece attention to the polls the opposition to the war in afghanistan has gone mainstream i'm not talking progressive democrats not talking lefties talking independents and republicans and president obama has the opportunity and he understands what war has done to kill the reform presidencies lyndon johnson in vietnam that perfect example to change the template and i say it's not up to me when i say it is real it is to look at the facts and use this moment to reset the terms of the debate let us hope the reset in that area works better than the us russians. but that is a different issue which my husband stephen cohen i trust will certainly be on your show to discuss it i'm not trying to downplay what you're saying here but as someone who's also covered the hill for quite some time you cannot dismiss the certain opinions of various lawmakers who

we have an anecdote in the book about barney frank who was, you know, one of the housers they're calledve the noble idea of housing and expanding home ownership. but he sort of, you know, became very much a defender of fannie and all the way up until the end and fannie had donated money to a charity that his mother had co-founded, $75,000 over several years. he -- fannie mae -- he asked fannie mae to hire his partner to work at the company even as congress was crafting legislation. >> and, in fact, you know, there's this view that the fannie problem was a democrat, not a republican problem, and the truth was that you had republican senator kit bog who tried to prevent fannie and freddie from doing an investigation, tried to put language in to get them defunded. both sides of the aisle. >> where are they now? one of the points in the book is nobody's been punished. people are have not paid the price for their errors of judgment or perhaps worse. johnson, where is he now? you said he is -- >> well, as you know, he was the -- on the selection committee for obama's vice presidential candida

we have an anecdote in the book about barney frank who was, you know, one of the housers they're called, people who believe the noble idea of housing and expanding home ownership. but he sort of, you know, became very much a defender of fannie and all the way up until the end and fannie had donated money to a charity that his mother had co-founded, $75,000 over several years. he -- fannie mae -- he asked fannie mae to hire his partner to work at the company even as congress was crafting legislation. >> and, in fact, you know, there's this view that the fannie problem was a democrat, not a republican problem, and the truth was that you had republican senator kit bog who tried to prevent fannie and freddie from doing an investigation, tried to put language in to get them defunded. both sides of the aisle. >> where are they now? one of the points in the book is nobody's been punished. people are have not paid the price for their errors of judgment or perhaps worse. johnson, where is he now? you said he is -- >> well, as you know, he was the -- on the selection committee for obama's vice pr

it was started with barney frank and clinton. it's apolitical. that's one thing. >> well, see, i don't want to get too -- i think there's a lot of people that blame on the way in. there was a perfect storm on the way in. you can blame greenspan. can you blame the rating agencies. can you blame congress. can you blame the bankers that went wild. the regulator that is weren't minding the store. the question today is who do you -- who do we blame for not changing the system for the next time, for the next too big to fail, and that is for the folks in washington today. that is the administration today. that is a group of people that has not made all of the real decisions that need to get -- that need to be made, and we now have the same folks that were at the scene of the crime on the police force. ben bernanke is still there. tim geithner is still there. i don't think they've pushed the needle as far as they need to. >> let's have a short break, and when we come back, we'll look at exactly that point and come back with a clip from president obama sa

we have an anecdote in the book about barney frank who was, you know, one of the housers they're calledle idea of housing and expanding home ownership. but he sort of, you know, became very much a defender of fannie and all the way up until the end and fannie had donated money to a charity that his mother had co-founded, $75,000 over several years. he -- fannie mae -- he asked fannie mae to hire his partner to work at the company even as congress was crafting legislation. >> and, in fact, you know, there's this view that the fannie problem was a democrat, not a republican problem, and the truth was that you had republican senator kit bog who tried to prevent fannie and freddie from doing an investigation, tried to put language in to get them defunded. both sides of the aisle. >> where are they now? one of the points in the book is nobody's been punished. people are have not paid the price for their errors of judgment or perhaps worse. johnson, where is he now? you said he is -- >> well, as you know, he was the -- on the selection committee for obama's vice presidential candidate until t

[laughter] if anybody was getting spit on, it was the guy in front of barney frank perio.ughter] this one is tough to judge. actually, there was one judge's final ballot. i am always the last one to get my ballot in. it might have been made. living evidence that congress should not be forcing the american taxpayers to find pbs, the damn the tea party to hell award goes to tavis smiley. [applause] >> they are being arrested for making threats every day against electoral officials, for calling people nigger, for spitting on people. >> tavis smiley could not be here tonight. the media research center would not fly him first class, which made them, of course, racist. [laughter] so, to accept the damn the tea party to hell award on behalf of tavis smiley, two people most qualified -- these people truly are heroes. i was talking to the young lady i will be introducing in a second. a couple of years ago she was cleaning houses with her husband to keep a roof over their head. they did that instead of begging for government help. she is absolutely one of my heroes. here are the fou

if anybody was getting spit on it was the guy in front of barney frank., this one is tough to judge and it went down -- actually, there was one judge's final ballot and since i'm always the last one to get my ballot in, it might have been me. let me see. to libby, said congress should not be forcing the american party award hell or from hell award goes to tavis smiley. ♪ it's the end of the world as we know it it's the end of the world as we with know it it's the -- ♪ >> the tea party every day who are recently arrested for making threats against elected officials, for calling people nigge are r as theywall walked into capitol hill, for spitting on people. ♪ it's the end of the world as we know it and i feel fine ♪ >> tavis smiley couldn't be here tonight because the media research center wouldn't fly him first class. which made them, of course, racist. so, to accept the tea party from hell award on behalf of tavis smiley, two people most qualified, and these people i think look, they truly are heroes. i was talking to the young lady i'm going to be intro

collin remains committed to his swift and safe return of his children i'm pleased to have joined barney frank in sponsoring h.r.-1 93 with regards to their particular case. mr. elias if he would proceed. congressman smith and distinguish memories of the subcommittee, my name is michael eliza and i would like to thank you for all your opportunities to share with you my personal experience involving international child abduction. i would like to first extend my deepest sympathies to the people of japan affected by the devastation of the earthquake, tsunami and nuclear disasters. i am a former sergeant of the states marine corps from august 2003, november 2007. i've currently a chef in a state of new jersey. while stationed in japan in 2004-2005, i met my wife. and shortly thereafter i was stationed in camp lejeune, north carolina. she contacted me and inform me that she was pregnant. in september 2005, she relocated to the united states, and that october 18, 2005, we were married in new jersey. our first child, jade was born on january 5, 2006, at the naval hospital in camp lejeune. in march of

i am pleased to have joined barney frank in sponsoring h.r. as 193 with regards to their particular case. distinguished members of the subcommittee, my name is michel elias and i would like to thank you for your opportunities to share my personal experience involving international child abduction. i would like to first extend my deepest sympathies to the people of japan affected by the death -- not devastation of the earthquake, tsunami and disasters. in the former sergeant of the united states marine corps from august 2003 to november 2007. i am currently a bergen county sheriff in the state of new jersey. while stationed in japan in 2004 to 2005, i met my wife. shortly thereafter i was stationed in camp lejeune north carolina. she contacted me and informing me she was pregnant. in september of 2005, she relocated to the united states and on october 18, 2005, and we were married in rutherford new jersey. our first child, and jade was born on january 5, 2006 at the naval hospital in camp lejeune. in march of 2007, i was deployed to iraq. on au

. >> i heard yesterday that barney frank wants to take the rotational vote away from the regional presidentsderal reserve based on his reasoning that you are beholden to your businessmen boards that elect you to your office and that they have the most to gain by movement in interest rates. how do you feel about that? >> so i -- i -- i disagree. i think that the federal reserve system, which is a quite complicated system and sometimes a byzantine in structure is actually, it has some great strengths too. so let me explain just a little bit how it actually works in terms of the fomc. 12 presidents of the 12 federal reserve banks. if all the positions were filled there would be seven governors on the board of governors. the presidents of the federal reserve banks are individually chose enchly -- by their boosheds directors. the federal reserve is actually part of the private sector, not of the go. our board of directors includes members of the banking community and members from other groups representing labor and other parts of u.s. society much the 12 presidents don't all vote at the f.o.m.c.

barney frank once said that you cannot win an election on -- when things and got worse. it is hard for most people to understand how perilous the moment was 2 1/2 years ago. even with the history of the great depression, it was hard to understand for people how difficult that was. what is even more difficult to understand is why can growth not be faster now? what does that look like we are going to be growing at a much lower rates? that is because, of course, this is a crisis born in part of the fact that we were living way beyond our means. people had taken on a much more debt than they could comfortably support with the income they were going to earned. he's got a huge increase in leverage in the financial system. when you are coming out of a crisis like that, it just takes more time. monetary policy cannot do what it normally does to accelerate growth out of a recession. it takes people time to bring down those debt burdens to rebuild their balance sheets and to work off the huge investment. back and find you along with the limits of monetary policy in a crisis like t

. >> i heard yesterday that barney frank wants to take the rotational vote away from the regional presidents of the federal reserve based on his reasoning that you are beholden to your businessmen boards that elect you to your office and that they have the most to gain by movement in interest rates. how do you feel about that? >> so i -- i -- i disagree. i think that the federal reserve system, which is a quite complicated system and sometimes a byzantine in structure is actually, it has some great strengths too. so let me explain just a little bit how it actually works in terms of the fomc. 12 presidents of the 12 federal reserve banks. if all the positions were filled there would be seven governors on the board of governors. the presidents of the federal reserve banks are individually chose enchly -- by their boosheds directors. the federal reserve is actually part of the private sector, not of the go. our board of directors includes members of the banking community and members from other groups representing labor and other parts of u.s. society much the 12 presidents don't all vote at the

one question going to ask before it about the panelists is barney frank last week put out an amendment suggesting that the regional bank chiefs should not be allowed to vote and the fomc, that the stricter -- he didn't phrase it this way but i would argue the structure is a relic of the railroad period of banking in the late 19th century in so much as, you know, it was very important for someone from kansas city to tell people in d.c. with the economic conditions were in kansas city because there was barely kind of information technology that we have now. now they are all looking at the same reports. the fomc would still be available to talk about their economic conditions. and when you approach it and say why do we have this probing comply is on an institution that is only about financial regulation would be like if we had labor unions on fomc which seems as relevant given the dual mandate. so if the panelists have comments about the composition of the federal reserve board? >> the good news is we are going to get a report on that because dodd-frank and one of the ways the alliance be

i am pleased to have joined barney frank in sponsoring h. res 193 with regards to their particular case. >> thank you, congressman smith and distinguished members of the subcommittee. my name is michael elias and i would like to thank you for all of your opportunities to share with you my personal experience evolving international child auction. i would like to first extend my deepest sympathies to the people of japan affected by the devastation of the earthquake, tsunami and nuclear disasters. i am a former sergeant of the united states marine corps from august 2003 to november, 27. i am currently bergen county sheriff and the state of new jersey. while stationed in japan in 2004 to 2005, i met my wife. shortly thereafter i was station did camp lejeune north carolina. she contacted me and informed me that she was pregnant. in september of 2005, she relocated to the united states, and on october 19th, 2005, we were married in an effort new jersey. our first child, jade, was born on june the fifth, 2006 at the naval hospital in camp lejeune.

very hard for the average american to understand today looking at this economy is not just as barney frank famously said when he said you can't run an election telling people could have been worse. very hard for people to understand it could be worse than it was because people have no memory of the great depression. no experience of what most countries face going through a crisis. i think the hard thing for people understand, why it is not possible for it to be dramatically stronger today. because again, this was a crisis produced in part by people borrowing too much, banks taking on too much risk him huge over investment in real estate. and because of that, it takes time to work that often work it through. so as people save more, bring down their debt, that makes growth slower. and because utilities huge oversupply of houses, of real estate, monetary policy doesn't do, doesn't have its power in helping stimulate recovery more rapid recovery in the context. so these are things that just take some time to work out, and i think part of what is hard today is people have a hard time separating

many hearing congress are concerned with your case including my friend congressman barney frank whoe audience and i'm sure that the chairman will invite him to com forwardñ to sit on the panel if he chooses, along with my colleague mr. smith who introduced a resolution calling on egypt to return your children such action poses to the mental well-being of the child. the international parental child abduction deterrence act of 2009 introduced by my colleague from new jersey, representative rush holt which i cosponsored is designed to deter potential foreign national parental child abductors by increasing the potential penalties associated with such abductions. proposed penalties against the parental abductors includes freezing financial assets of foreign nationals within the united states jurisdiction, in revoking or denying their visa eligibility to the united states. as well i look forward to your analysis of the convention and the opportunity for improvement, including u.s. legislative options. as we reflect on the risks of abducted children face internationally, i would like to

is very hard for the average american to understand today will get this economy is not just as barney frank famously said you can't run the election telling people what could have been worse, hard for people to understand it could be worse than it was because people had no memory of the great depression. no experience with most countries a splinter a crisis. the hardest thing is for people to understand why it is not possible for it to be dramatically stronger than today because this was the crisis produced in part by people borrowing too much. banks taking on too much risk, huge over investment in real estate and because of that, it takes time to work that off, to work it through so as people save more, bring down their debt that makes it slower. because you still have a huge oversupply of houses, real-estate, monetary policy doesn't have its power in helping stimulate recovery more rapid recovery in this context, so these are things that take time to work out, yet i think part of what is part today is people have a hard time separating what is the damage it is her cause but prices from th

. >> i heard yesterday that barney frank wants to take the rotational vote away from the regional presidents of the federal reserve based on his reasoning that you are beholden to your businessmen boards that elect you to your office and that they have the most to gain by movement in interest rates. how do you feel about that? >> so i -- i -- i disagree. i think that the federal reserve system, which is a quite complicated system and sometimes a byzantine in structure is actually, it has some great strengths too. so let me explain just a little bit how it actually works in terms of the fomc. 12 presidents of the 12 federal reserve banks. if all the positions were filled there would be seven governors on the board of governors. the presidents of the federal reserve banks are individually chose enchly -- by their boosheds directors. the federal reserve is actually part of the private sector, not of the go. our board of directors includes members of the banking community and members from other groups representing labor and other parts of u.s. society much the 12 presidents don't all vote at the

many here in congress are concerned with your case including my friend congressman barney frank who wase in the audience, and i'm sure that the chairman will invite him to come forward to sit on the panel if he chooses, who along with my colleague mr. smith, introduced a resolution calling on egypt to return your children. i want to thank all the parents here today for sharing their stories with us. furthermore, the convention promotes the prompt return of abducted children, long delays are often and still too common. we are not satisfied, and often parents of abducts children still face protracting legal battles with prohibitive legal costs. although international parental child kidnapping is a federal crime in the united states, the convention also fails to impose any criminal sanctions on the abducting parent. despite the serious danger such action poses to the mental well-being of the child. the international presential child abduction deterrence agent of 2009 introduced by my colleague from new jersey, representative rush holdt, in which i co-sponsored, it's designed to detour fore