with us now is barney frank, former massachusetts representative, on the program once again. barney, good to see you again. welcome back. >> thank you. >> what's your reaction to that? >> well, i don't believe black is a bad thing so i won't say wall street is a case of the pot calling the kettle block. i will say it's a case of the pot calling the kettle a pot. i'm going to read to you from an editorial in "the wall street journal" november 6, 2007, attacking me, because i was trying to stop bad subprime mortgages. for all the demonizing, about 8 0% of even subprime loans are being repaid on time and another 10% only 30 days behind. most of these new homeowners are low income families, often minorities who would otherwise have not qualified. mr. frank's will ensure fewer of these loans arishied in the future. finally, frank's bill will further shrink credit to marginal buyers. which means fewer buyers. the facts are as folks -- i was not the chairman of that committee till 2007. during the period when fannie and freddie weren't being reformed, the republicans were in power. a

street journal" this morning said that barney frank should be arrested before any bank ceo. when it comes to this crisis. of course, mr. frank will respond to that in only the way he can. >> i'm looking forward to him coming on and responding to it because people want to know why regulators were asleep at the wheel while all of this was going down. >> was it a health care law pep rally? many more questions than answers as to why obama care websites remain frustratingly slow. no one know to be held accountable, as well as kathleen sebelius, secretary of health and human services. >> this is really the hot-button issue right now. many furloughed federal workers who received unemployment checks during the shutdown will be able to keep that money even though they're getting all of their back pay at the same sometime. there are those who are thinking, only in america, right? >> and it feels like a little secret pay increase was also jammed in there when they a -- when they decided on the debt ceiling for federal workers. a little increase in pay also. >> one person supporting, one

current chairman of the house financial services committee cited the former chair of the committee, barney frank >> and those who are loathe to ever amend dodd frank, no less of an authority, than barney frank himself, former chairman of the committee, say it addressing the valid criticisms of section 16 without weakening the important safeguards or provisions on bank proprietary trading. >> joining me, former chair, and cited many times today in the house debate as someone who favored this bill. barney frank, did you favor this bill? >> no, i never did. and i am touched by this invocation. it reminds me what i have always felt about a lot of republicans. they have a great fondness for dead democrats. you know, harry truman, john kennedy. they always like them -- i guess they have developed a new fondness now, for nonmembers of the house. because that is certainly not a deference any of them paid to my judgment when i was there. the fact is, i did say in 2009, 2010, when the bill came out in the senate, that i didn't think it was necessity, we could do it other ways. what i did say, one of the c

then former senator chris dodd and former congressman barney frank are both with me. they spawned the dodd/frank regulations of course. as well as securities and exchange commissioner mary schapiro will be joining us in this hour. after the break i'll talk with goldman sachs ceo larry blankfein on a day where we see stocks moving into record-setting manner. >> we're not forgetting the white hot story out of obama care, the nbc news report confirming the white house knew millions would not be able to keep their health plans even as the president was promising just the opposite. we have aetna ceo mark bertolini reacting exclusively to that coming up on the "closing bell." >> let's get to the red hot market. a market in unchartered territory. the dow jones industrial average up. we've been steady the last hour. the magic number as you heard to watch, 15,767 would be an all-time high. we're close to it with a 90-point rally. nasdaq, take a look at where we are, technology a leader today. up 39 47. s&p 500 also in record-setting territory. if we close even just a point abo

and that is why barney frank, the former chairman of the financial services committee, and of course, the frank in dodd-frank, said during the debate in the last congress of this same bill that is before us now, h.r. 922, and he said and i quote, it will not in any way, shape or form reduce sensible regulation of derivatives. it will not increase any exposure to the financial system from derivatives. and i ask unanimous consent to place in the record his minority views. the speaker pro tempore: without objection, so ordered. mrs. maloney: the economist of moody's, mark zandi, also supports this bill and has said that section 716, as written, actually increases systemic risk and creates major inefficiency in the markets. and i ask unanimous consent to place his letter in the record. the speaker pro tempore: without objection, so ordered. mrs. maloney: even federal reserve chairman, ben bernanke, opposed section 716, as written, stating that the way it forces these activities out of insured depository institutions, and i quote, would weaken both the financial stability and strong regula

joining us now for the interview is barney frank.s a former democratic congressman of massachusetts. he was serving in congress during the '95 shutdown. mr. chairman, it's good to have you back on the show. thank you for being here. >> thanks, rachel. >> why do you think people were more angry about the shutdown -- why are people more angry about the shutdown now than they were back in the 1995? >> well, for one thing, people are just angrier in general today, and i think, i'm trying to write about this now, but there has been an erosion in the economic position of the average american. people are angrier today about the general circumstance, because they have seen a progression of this trend, in which half of the people are very, very rich and the other people are not well off. there's a paradox here. sadly, that has led to people being angry about government. so i think if you had polled a month ago and asked people, what was their attitude toward government, it would have been more negative than it was before the shutdown in '95.

we had chris dodd and barney frank, we had judd gregg.we had larry summers and we had ed eddy lozier. i think what worked best was the bipartisan support in congress and the way people work together across the administration, the way democrats and republicans work together, the way george bush's leadership, the outgoing president, the tough decisions he made, barack obama and john mccain did -- you know, were supportive. and so that was the positive things. and the capital market stabilization programs that were put in place worked. they worked very, very well. the bank capital program, which led the logical extension of which was the stress test. so, you had policy continuity across administrations. and the obama administration took the capital market stabilization programs and made them work. now, what hasn't been done -- and today we have financial markets that -- modern financial markets that are the best in the world, broadest, deepest, most efficient capital markets in the world. the banks are safer. they're better capitalized, bett

. >>> joining me former congressman barney frank, democrat from massachusetts. congressman, were you wishing you were in the house gallery this evening? >> oh, not in the gallery. i was wishing i was on the floor. i was struck by one side of the republican' total unhappiness was on an issue like this, they didn't use the debate time. >> so true. >> both sides gave it up. ordinarily people would be beating their breasts. it is interesting the way the republicans with all that talk of openness managed this. 61% or 62% of republicans voted against the bill. there were four republican speakers and three were for the bill. they wouldn't let their own people speak again it. no, i would very much like to have been in -- in this debate because i think barney and karen are both -- made good points. this is a -- i don't want to gloat. i want to make the point. this was not an accident. this is the logical extension of the ideology that has taken over the whole republican party. and the american people repudiated it. the american people said no, we don't want to shut the g

and this is why you miss barney frank being in congress. >> there's a terrible crisis affecting the american economy. we have come together on a bill to alleviate the crisis, and because somebody hurt their feelings, they decided to punish the country. somebody hurt my feelings, so i will punish the country. i mean, that's hardly plausible. and there are 12 republican members who are ready to stand up for the economic interests of america, but not if anybody -- i'll make an offer. give me those 12 people's names and i will go talk, uncharacteristically nicely to them. [ laughter ] and tell them what wonderful people they are and maybe they'll now think about the country. >> "and maybe they will now think about the country." doing something that you know will hurt your country because you feel personally disrespected, because nobody has stroked your ego enough and complimented you enough and said nice enough things to you and let you use the more prestigious plane door, you know, it's just not a good look. it wasn't a good look in 1995, it wasn't a good look in 2008, and it is not a good look

former congressman barney frank, thank you so much. joining me now, michael dyson, professor of sociology at georgetown university. medicare funding gets approval, more ohioans through the medicaid expansion, which has gotten less coverage, but is doing a lot more than anything we're seeing on the exchanges right now. >> absolutely right, and it's part of the hypocrisy here, because it's been an accepted governmental program that the republicans dare not now offer a program, then they support it silently, and the irony is, you won't even let this fledgling program -- yes, bugs aside, get buggy with it on the will smith tip. but the reality is, once they get those bugs out, as the president said today, the stuff is good. what it's leading to is great, and it's comparable to what you're now defending on the other side here. so, you know, it's not a matter of apples and oranges. it's apples and apples, and one of them, one set of green, one set of red, but let it go up, so to speak. let it mature. >> this is the argument from democrats. 2

. >>> also ahead, the last government shutdown in '96 saw then congressman barney frank in the house has retired but the dems are the minority once again. coming up the legislator offers lessons learned and how they can apply them. stay with us. it's as simple as this. at bny mellon, our business is investments. managing them, moving them, making them work. we oversee 20% of the world's financial assets. and that gives us scale and insight no one else has. investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. >>> all right. welcome back, we want to continue talking about the markets with dave and george. dave, to you first. what do you make of today's trade? and what do you think lies ahead here? >> i think the -- little bit of a circus with the government shutdown. and if you look back on the last six times the government shutdown, ten days later the market was up by 2%. short-term, it seems positive for the market. >> sanguine, mr. young? >> i am pretty sanguine. we had a nonevent today all t

. >> that was barney frank joking around on this show the night they voted to open the government, but it's like d.c. was listening. i'll tell you why in just a few minutes. [ coughs, sneezes ] i have a big meeting when we land, but i am so stuffed up, i can't rest. [ male announcer ] nyquil cold and flu liquid gels don't unstuff your nose. they don't? alka seltzer plus night fights your worst cold symptoms, plus has a decongestant. [ inhales deeply ] oh. what a relief it is. >>> that time of night where you weigh in on facebook and twitter. my question is who is next to be purged and for what crimes against conservatives? tweet your answers or post it to facebook.com/allinwithchris. stay tuned. be right back. is a daily game of "what if's". what if my abdominal pain and cramps end our night before it even starts? what if i eat the wrong thing? what if? what if i suddenly have to go? what if? but what if the most important question is the one you're not asking? what if the underlying cause of your symptoms is damaging inflammation? for help getting the answers you need, talk to your do

. >>> also, the always outspoken barney frank is going to be with us.hether he believes jpmorgan's settlement is too harsh or just right. >>> and instant analysis of netflix earnings coming up tonight after the "closing bell." maria and i look forward to seeing you for that last hour of the trading day coming up at the top of the hour. in the meantime, more "street signs" right after this. tdd#: 1-800-345-2550 trading inspires your life. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. it's a growing trend in business: do more with less with less energy. hp is helping ups do just that. soon, the

. >> do you remember you had barney frank on? >> look, you were so frightened, i know.ery frightened. nancy bradley, we go to north carolina. i'm one-fourth cherokee, but i don't call myself an indian american, i'm an american. 95% of america has never been native american. i think that's level headed. >> i think that's fair of her, but on the other hand don't you feel a sense of pride of where your ancestors come from? i think we all have a sense of that. >> but you don't use that as your cloak. >> that's right, and people coming to the united states should understand that. >> bill, i went into the post office today in san antonio. i asked the salesperson for christmas stamps. her answer was, we don't have christmas stamps. all we have is a poinsettia and mother and child. >> just this little mother and child. >> they don't know what the mother and child is. really. this is where we are. these are the secularists. mother and child. it's like that mother and child reunion, paul simon song. it's not what it is, you see? >> i'm just thankful they have the stamp. you and i

and my best dealings in the house were with barney frank. and the reason that it was is because i knew what he stood for and he was true to his heart on why he believed what he believed. so you can deal with people who are intellectually honest about what they believe. next question? or is everybody going to pack in for the snow? >> here, bridget has one. >> matt. >> ok, matt. >> i'm matthew spalding here from the heritage foundation. i commend your efforts going after earmarks, i think you're right, it's a small sliver but it's a great sign of a growing corruption in congress. my question is this -- when in the 1980's there's small numbers of earmarks we had a president willing to veto legislation and yet we have a president that won't veto anything, which is to say an executive not playing his role in checking congress. that strikes me as a very big problem, the interest of the branches aren't checking each other and balancing each other such that they can -- now they can get away with with these things they couldn't before. how do we rest

we were talking to barney frank yesterday and he said, listen, i should have -- said, what kind of accountability should you have? he said very little. >> you and barney, i missed yesterday but -- >> we go at it. i like him a lot. i think he's one of the smartest guys. >> he's a smart guy put bth but it's outrageous, his positions. the way he flips on you is unbelievable. he was the leader of the pack in housing. come on. >> what do you do then, jack? if we have this heavy hand of government looking for money everywhere -- >> you don't get jobs. you don't get jobs. all you're doing -- you know, i've said this before. if the regulators come to work with the attitude of get them and not how do we grow the economy, they'll get them and they won't grow the economy. you can't take this money out of the economy constantly. look, i use the example of the affordable care act. 26-year-olds having their parents' coverage. we've got 16 to 18 companies. we had them all in a room. how much is it going to cost you? $2 million to $7 million. what does the ceo have to do? he has to go home and find $2 million to

. >>> joining me now is former congressman barney frank.nk you for being here. >> thank you, al. >> chairman, ted cruz is calling this a victory. what is your response? >> well, i think people should learn an important lesson here. if you are driving in very difficult conditions, don't go on cruz control. you know, i'm told ted cruz is an intelligent man. if so, he's an intelligent man with a great defect of being out of touch with reality. this was no accident. this is the logical inescapable result of the collapse of responsible conservatism and their deference to this extre extremi extremism. and the one silver lining in this cloud is this may give a spine infusion to some republicans who went along with something that they knew was wrong substantively and politically but lacked the courage to take it on. >> i will say this. people just say well, we just put this off for a couple months. i am convinced they will not try this again. at this point, the responsible republicans -- and there are many, but they're all in hiding -- won't let it

. >>> joining me barney frank, senator, am i wrong in that that is absolutely the norm throughout the entire 20th and 21st century that nine years out of ten, probably, that has been the case about the federal government? >> well, a couple of things, first of all i think you make a very good friend. i sympathize with my friend, former senator greg. he is a responsible man, the last time we faced a crisis it was totally bipartisan. when the democrats were in control, it was 2008, george bush came to us, greg and i were two people that came across the divide to get things done. but when you put to him there is an inconsistency between acknowledging you have to use the debt, and it is an inconsistent tool. you're absolutely right. the last point about the debt it is true. we reached a point where we probably have more debt than it is healthy. but i wanted to make a point, i didn't vote for the iraq war, i voted against it. i didn't vote for the george bush prescription drug program, again, hundreds of billions, i didn't vote for the very large tax cuts for the very wealthy, some of which

. >> bill: that's exactly how i look with barney frank. [ laughter ] >> here now to help us with mad, mellow first off, huddy, lori martin who lives in illinois. mad as hell about obama care chaos. quote, blue cross, blue shield of illinois informed me that my policy no longer available because of obama care. i have had this policy for years and i'm happy with this. what's the deal on blue cross, blue shield of illinois? >> blue cross and blue shield a lot of different policies. you have to meet a certain criteria. 10 point list of criteria to meet the current standards of obama care. lori's obviously didn't meet it. >> bill: insurance policy has to say, what? >> for instance, let me give you an example. so you have to have maternity and newborn care. that has to be included in your policy. you could be -- >> what if you are 7 a years old? >> doesn't matter. if doesn't matter if you are 75 years old. you have to have pediatric care in your policy as well. >> bill: lori doesn't have that then blue cross can't ensure. >> not ala cart you have to hit the 10 point. >> a lot of insurance c

. >> great for barney frank. it's not his money, he's probably not a shareholder, kayla, thank you very much for walking me through that. >>> folks, the news that millions of americans could lose their health care plans came to a surprise to a lot of people. those inside the white house knew it for three years, even though the president insisted if you like your plan, you can keep it. they are losing their plans. it will hurt the president's credibility and warning republicans warning about this for years. we will talk about that with our panel coming up. first, take a look at this. >> this bill does nottiol costs. this bill does not reduce deficits. instead, this bill adds a new health care entitlement at a time when we had no idea to pay for the entitlements we already have. >> people who are paying premiums now are going to see rate shocks come into play, we have small business, ploy i don't see, looking to see how they are getting covered. it will be a real challenge, this administration. i think we got a lot