dodd-frank addressed it. they add to the side a mandate that only happens if we then also seek public comment. >> do you think the ability of systemically imports clearing houses to access the fed's discount window makes it more or less likely that clearinghouses will accept risks to their product or will you try to make sure that they don't? >> i think it is our responsibility to make sure taxpayers their stand behind any financial institution like we stood behind before. >> i agree with you. the perverse outcome of the crisis is something we might do more of that and it is important we do everything in our rulewriting to make sure the public not stand behind the clearing houses or other financial institutions. >> thank you. >> on tuesday the chamber of commerce reported federal agencies are not keeping up with markets and technology and the regulated market is one in which they use current technology and techniques to keep pace with market developments. chairman gensler and chairman schapiro, the house comm

this is a statement, directors felt dodd-frank would go over. i suggest cras should be given safe harbor from these provisions. section 932 of dodd-frank covers disclosure of ratings methodology and attempt to mayor -- measure ratings accurately. implementation regulations propose so much disclosure of underlying methodology that they put at risk the intellectual property of a firm like rapid rating that is innovation driven. this is overkill. on accuracy more accurate ratings are good for the market but regulatory enforcement of the prescription of accurate ratings is not. markets drive innovation, not regulation. if the standard for rating the accuracy is prescribed by regulation agencies will engineer ratings to the standard by which they are measured. this means fewer diversified opinions. homogenizing ratings only corelate risk-taking and increase systemic risk. major shortcoming is dodd-frank does nothing to expand nrsro access to data in the ratings process. terms can access data on some forms of structured product but not enough. collate

the worry is dodd-frank does both. uncertainty about the untested resolution process and the associated risk to creditors may encourage a run in an episode when the financial system's capital has been depleted. conversely, the possible imp decision by the fed, by the fdic, of an ex post levy on survivor banks to fill a hole possibly nonintermediary encourages risk-taking and a race to the bottom. let me close then by endorsing the comments of fed governor trujillo. in his words, quote, the special resolution mechanism of dodd-frank and the enhanced capital requirements called for by that law should be regarded as complementary rather than substitutes. indeed, additional capital requirements would relieve some pressure on the insolvency regime, end quote. in those, the causality also goes in the other way. in my terms we need an array of matro-prudential policies to help avoid a tryout of the dodd-frank resolution regime. thank you. >> before we get into questions i would like to give you an opportunity to respond to so

frank: mr. chairman, i'm very pleased to be joined by so many leaders on the financial services committee and i now yield to one of them, mr. watt, the gentleman from north carolina, for three minutes. the chair: the gentleman is recognized for three minutes. mr. watt: thank you, mr. chairman. and let say at the outset that i was a strong supporter in our committee for the creation of the consumer financial protection bureau. and remained a strong supporter of the bureau and its mission. the reason i did that was because all of these regulators had within their authority a consumer protection initiative. unfortunately that consumer protection obligation was subordinate to other obligations that each of the regulators had. and so when we started talng about this, i kept saying to them, look, we need a consumer regulator that has as much authority and as least cumbersomeness as any of the other regulators. so if you're going to create a consumer financial protection bureau, don't give the other re

frank, is recognized. mr. frank: mr. chairman, i yield to one of the leaders in this committee, the gentleman from california, ms. waters, three minutes. the chair: the gentlewoman from california is recognized for three minutes. ms. waters: thank you very much, mr. chairman. first, i'd like to take a moment to thank barney frank for his leadership in establishing one of the most important pieces of legislation that has ever happened in the congress of the united states of america. and that is the dodd-frank wall street reform and consumer protection act of 2010, to create a consumer financial protection bureau. and i'm so pleased to have been able to serve not only on the financial services committee but on the conference committee that worked through all of the difficulty of creating this bureau, to give protection to consumers that had been forgotten, had been dropped off of the regulatory agency's agenda, who had not been protected because they simply said that they had the responsibility for safety and soundness and

frank wear. how's it going today? >> great. >> if you weren't driving the cable car what would you be doing? >> i'd be bar-hopping. >> start at one end of clement street and go all the way down, hitting all the bars. if you could choose anybody to pick your partner, who would you pick? >> i would say the governor but i knows -- know he's busy clearing up all this mess we're in. ity would say the superintendent. he was a conductor at one time. >> excellent. then we could just take the car and go on that bell-hopping or bar-hopping run. i'm hammered already. ladies and gentlemen, mr. frank ware. [ringing bells] [applause] >> ah-ha! yes! oh, yeah. >> frank ware, ladies and gentlemen! got a little body english in there. frank ware. our fifth contestant is his second time to qualify for the finals. he is a grip. he's been with muni for nine years and spent seven years with the cable car division. ladies and gentlemen, please welcome mr. trini whittaker. so trini -- >> like i told frank, the cable car has two people. who wo

frank bruni joins me now. frank, come on, which of all these myriad of roles that you've had have you most enjoyed, do you think? >> this one's so new, i can't weigh in on it yet. rome bureau chief was a pretty nice gig. >> yeah, you're living in rome, beautiful italian women. what's not to love, huh? >> the women wouldn't have done so much for me. i like to look at beautiful things, period. but, you know, i had a reason, a charge to travel around one of the most beautiful countries in the world to find interesting stories. i mean, i remember at one point doing a story on water cops in venice cracking down on speeders and spending a day just riding around on speed boats through the canals of venice, and i thought, it is kind of criminal i'm getting paid for this. >> you've got this incredibly wide ranging brief now. you've been writing about everything from the shuttle to harry potter to gay marriage and so on. do you like that kind of freedom where you can literally choose anything that rocks your boat? >> yo

but first let's think about what we want from the dodd-frank act.his is not a statement about some ideal regulatory framework. it's kind of too late for that. and that was politically infeasible anyway. but what do we want from an implemented version of what we have? our goal should be a regulatory system that encourages innovation and competition and provides a transparent financial system, ensures safety and soundness, preserves the u.s. position as a center of global finance and deals as much as possible with the problems of moral hazard and timing consistency. we talk about a lot of these issues in our recent book and i don't want to rehearse them all here. although we're -- we think there were some missed opportunities, we give the dodd-frank act a lot of praise for improving transparency, praise for doing sensible things about consumer protection, worrying about the right ingredients for safety and soundness, but there's some big areas for concern that remain. you know, in good architecture it's said form should follow function and i think the

. -- dodd frank. we provide a box that specifically symbolizes the availability. we have a quick shorthand place to go to identify the relevance of the regulation. in addition, we have an ongoing policy and a review of the regulations that requires regular periodic reviews. that is something we are undertaking. finally, i mentioned that we have a advisory committee that has been extremely helpful. this would require are regulated institutions to fill out. in response to that review, we had created a new place which has consolidated everything and this is a single place where they can go. this is a matter of ongoing attention. >> could you elaborate a bit? >> i have certainly joined my colleagues in expressing the same concerns and in fact the approach we're taking about 2000 of our 2100 institutions. we have substantial out reach. we have an internet-based system that allows them to come and look get updates on regulation and to remain apprised of things that are happening. certainly, they share the c

. >> frank ware, ladies and gentlemen! got a little body english in there. frank ware. our fifth contestant is his second time to qualify for the finals. he is a grip. he's been with muni for nine years and spent seven years with the cable car division. ladies and gentlemen, please welcome mr. trini whittaker. so trini -- >> like i told frank, the cable car has two people. who would you take as your second person? >> my son. my son loves the cable cars. >> oh, that's fantastic. work on the sentimal -- sentimental vote. very smart. very smart. ladies and gentlemen, mr. trini whitaker. [ringing bells] [applause] >> nice. trinny whitaker, ladies and gentlemen. our sixth contestant is qualifieding for the -- qualifying for the very first time today. he's a conductor. he's been with muni 15 years, with the cable car division nine years. please welcome joseph hsu. mr. hsu, how's it going? if you weren't driving a cable car, what would you be doing? >> watching tv? >> so you can play the drums and watch perry mason at noon at the same time. sounds good to me. ladies and gentle

but dodd-frank and what happened? to belt out with aig, build up their creditors and counterparties. they paid them off dollar on the dollar. the majority were foreign banks. but the treasury and this was not good congress. the treasury came in and put over 100 lan dollars of taxpayer money and paid off their creditors and counterparties a dollar for a dollar. that should've never have been. in fact, secretary baker says cne and freddie were nothing more than moral hazard on top of moral hazard. there is nothing in here -- in fact, if you look at provisions by dodd-frank, they specifically say in the too big to fail institution that the treasury -- when the treasury, that's another word that uni can assume those allegations. uni can pay their counterpart. >> i'm sorry, everyone. we've got to go. the leadership is making to stay at their press conference. i'm sorry we didn't get more questions. thank you all for being here. [inaudible conversations] >> part of the dodd-frank regulation created a new agency, financial s

the dodd frank act, everybody. (cheers and applause) ♪ i'm alone ♪ a 2000 page long ♪ congress passed me without voicing ♪ ♪ i make sure wall street plays by the new regulation ♪ ♪ protecting your investments across the nation ♪ ♪-- . >> jon: hang on there just one second. >> what. >> jon: i'm sorry dodd frank. >> uh-huh. >> jon: what the hell happened to you? >> what dow mean? >> jon: i don't want to say it but you look like [bleep]. >> oh, easy, washington's a tough town, jon. since getting passed yeah i've taken a few shots but i'm still standing. yes, yes, yes, i'm still standing. i'm still here. (cheers and applause) >> in fact, just last week my all new consumer financial protection board opened for business. as soon as it gets a director we'll be off to the races. >> jon: so wait, there's no director? >> no, not just yet. >> jon: it's been a year. >> come on. >> jon: what about elizabeth warner, wasn't she supposed to be the director, what happened there? ♪ confirmation in the senate ♪ ♪ there's no motion ♪-

the dodd-frank bill was not great to begin with. poorly staffed agencies have to implement the rules that are besieged by lobbyists. that is on the democrat and republican side. obama failed to fight for a elizabeth warren or appoint her in the consumer protection agency. the third thing that is unfortunate is his record on jobs, while hardly worth less, and the stimulus save several million jobs, has never been the full focus of this administration. the image of favoring big corporate status quo and wall street even though in his heart of hearts, that is not what he believes. tavis: that may be a enough of an albatross to make sure that he does not get reelected. the first two well, he did not control. was all about law enforcement. the second was about congress, not necessarily the white house. it is the third one that could mess him up. he gets on the campaign trail, he can s u responsibility for the first two, can he not? >> the law enforcement part of that has been under his watch. it has and a lax effort. they have not been ag

frank: mr. chairman, i'm very pleased to be joined by so many leaders on the financial services committee and i now yield to one of them, mr. watt, the gentleman from north carolina, for three minutes. the chair: the gentleman is recognized for three minutes. mr. watt: thank you, mr. chairman. and let me say at the outset that i was a strong supporter in our committee for the creation of the consumer financial protection bureau. and remained a strong supporter of the bureau and its mission. the reason i did that was because all of these regulators had within their authority a consumer protection initiative. unfortunately that consumer protection obligation was subordinate to other obligations that each of the regulators had. and so when we started talking about this, i kept saying to them, look, we need a consumer regulator that has as much authority and as least cumbersomeness as any of the other regulators. so if you're going to create a consumer financial protection bureau, don't give the oth

barney frank is angry and barney frank is here. you're watching special coverage of washington on the brink. we're there, following your money. turn left. you have arrived. sweet belt. e-reader for textbooks. gps. hd video cam for lectures. game pad. have you considered this by motorola ? it's got all that and more than 200,000 apps. technology to learn and play on-the-go. only at verizon. get the latest smartphones like the more powerful than ever droid x2 by motorola. buy one for $199.99, get another one free. the two trains and a bus rider. the "i'll sleep when it's done" academic. for 80 years, we've been inspired by you. and we've been honored to walk with you to help you get where you want to be ♪ because your moment is now. let nothing stand in your way. learn more at keller.edu. >> welcome back everybody, neil cavuto reporting from washington where we're just watching with only days to go whether they come up with an agreement here. but as you probably heard some of the ratings agencies today, if it's investors, moody's hav

oh, yeah. >> frank ware, ladies and gentlemen! got a little body english in there. frank ware.s a grip. he's been with muni for nine years and spent seven years with the cable car division. ladies and gentlemen, please welcome mr. trini whittaker. so trini -- >> like i told frank, the cable car has two people. who would you take as your second person? >> my son. my son loves the cable cars. >> oh, that's fantastic. work on the sentimal -- sentimental vote. very smart. very smart. ladies and gentlemen, mr. trini whitaker.

the occ and the authors of the preemption amendment of dodd-frank have taken one position. the treasury department disagreed with that view. mr. curry, what are your views about how the dodd-frank preemption preventions have been interpreted by the occ and the treasury department? >> i understand that the actual language of dodd-frank is a matter of some controversy between interested parties. generally speaking, i think the principle is clear from the constitution that the federal law supersedes conflicting state law and that's an important concept to remember. >> that the position the comptroller's office takes? >> i believe so. it's a federal agency. >> are you aware of the position that the treasury department department's taking. >> i understand that the treasury department did violate public comment on the occ's opposition. i think having a comment on the record is probably the most appropriate way to express those views. ultimately, i think it's incumbent upon the occ to maintain its independence as a bank regulatory agency and to remain free from any undue influence

i am pleased to have an architect of this reformation, barney frank. and i welcome the panel to discuss steps they have taken to implement the provisions of this important law to enhance your agency's oversight of the services industry. but congress must also do its part. as chairman of this committee, i am committed to rigors of oversight of the implementation process of restoring american's trust in a credible, financial system. well, as it appears that the meeting on wall street and even some here in washington have already forgotten the real cost of inadequate financial regulations, i have not. and neither have the millions of americans who lost their jobs, their homes and their savings and who are still waiting for their recovery. unfortunately these reforms have been under constant attack since the bill was signed into law. . . passing the act was a monumental achievement. there is much work to be done. this will take time, but we know it to the american people to get it right. i think are -- i think our witnesses again for being here today, and

but having said that, barney frank did raise an interesting issue and one i want to talk up with a colleague and friend, house producer, just because that happens, it doesn't mean you just unload en masse triple-a securities because you're under the assumption, let's say you're a bank or brokerage house, chad, that you have to. what do you make of that? >> that's the interesting thing. it doesn't work like the government shutdown where the law funding a certain branch of the federal government expires at 11:59 p.m. at a certain day and 12:01 a.m. you don't have the money to run that. this is so long as the money is in the treasury to go out the door and cut the checks, social security checks, what have you, ostensibly nothing happens. and moody's signaled nat u.s. would likely retain the triple-a credit rating so long as they didn't miss a bond payment and standard of poor's is sort of only one they think something, so we keep saying august 2nd, august 2nd, there's some degree of consequence, but not where we're shut down 11:59, they lock the gates. >> neil: right, right. in the meantime, th

frank: how much time is remaining? the chair: the gentlelady from west virginia has four minutes and you have 5 3/4 minutes. mr. frank: i'm my final speaker. mrs. capito: i have no further speakers. mr. frank: i will use my time. first, the gentleman from new jersey misstates things i said. i suppose it is flattering that he hangs on my every word. i wish i he didn't hang a stew on my words. once again, listen to what they say on the other side. this has three pieces. it has a single-member commission. more importantly, it increases the ability of the other bang bank regulators who have a terrible record of consumer protection who the chairman of the committee who says they are there to serve the banks, it would put them in a better position to cancel the work of the cfpb. i never supported anything remotely like that. i will say there is some motive. of the three parts of the bill, the only one they think won't be popular is the single chairman -- single director versus a commission. the gentleman said i misstated, th

i'm frank mallicoat. grace has the morning off. it is 6:00 on this monday. >>> and we begin with a deadly shooting by bart police under investigation by two agencies this morning, kristy siefkan is in san francisco where the shooting actually shut down the civic center bart station last night. she joins us with more. good morning. >> reporter: good morning to you, frank. it was about 89:30 last night here at civic center bart station that police received a call about a suspicious man that was wobbling near the tracks possibly under the influence of drugs or alcohol. and carrying a knife. shortly thereafter the bart police respond and had within a minute shot the man then taken to the hospital and died about 10:00 p.m. i spoke with the p.i.o. for san francisco bart a bit earlier today and he said that one of the officers actually sustained minor cuts and bruises during that shooting last night. but police are not saying how he sustained that injury. an even bigger question that still remains here is why the suspect was shot in the f

president obama signed the dodd- frank financial reform and consumer protection act into law. the goal of the massive 2,300- page legislation was to stop another financial meltdown like the one we saw in 2008, before it happened. but a year later, the vast majority of changes, including structural changes to how big banks do business, are yet to come. nearly half of the 243 new rules mandated by the law were supposed to be finalized by now, but regulators have completed fewer than 50. testifying before a senate committee today, federal reserve chairman ben bernanke says implementing the new rules will take time. >> a full transition to the new system will require much more work by both the public and private sectors and, no doubt, we will learn lessons along the way. >> susie: one new process is in place-- the consumer financial protection bureau officially launched today as an independent agency to regulate credit cards, mortgages, and other financial products. our next guest heads up the nation's ninth largest bank and will be dealing with those new rules. he's kelly king, c

quite frankly, it may apply to payday loans at that wasn't the basis for dodd-frank. dodd-frank was about making sure that we never again had a meltdown because certain types of credit instruments were unsafe, unsound, poorly documented and ultimately worth less than they were intended to. but it is clear today that we will be dealing with an agency that will be far larger. the budget for next year is estimated to be larger than the two largest consumer protection agencies presently in existence combined. it's a lot of money. additionally, the authority of this agency is extremely broad. today we also will ask some important questions and this committee has been dedicated to along with the financial services committee for some time. the federal reserve is not transparent. the federal reserve does resist any kind of congressional oversight and considers it unreasonable interference. there have been limited, and i repeat very limited, ability to get transparency in some cases related to the financial bailout from the federal reserve. it is likely that without specific a

we'll hear about the dodd-frank regulations law. the financial stability oversight council is meeting. they identify and respond to emerging threats that are seen in the industry and its members are going to be discussing in just a few minutes what's happened since the dodd-frank law's enactment and why some of the measures have yet to be implemented. we're just waiting for federal reserve chairman benernanke and securities and exchange chairman mary dodd-frank all will be speaking at this event. you're watching live coverage here on c-span2. [inaudible conversations] [inaudible conversations] [inaudible conversations] >> okay. there appears to be a critical mass. welcome to the open session of the financial stability oversight council. this week we mark, of course, the first anniversary of the passage of the dodd-frank act. i'm going to give everyone here a chance to say a few opening remarks before we get to the formal agenda but let me just start with a few of my own. we all know why we're here, of course. we had a financial cris

but homeowners, -- a lot of homeowneders are surprised that one of the things dodd frank is a higher down payment to get a mortgage. they talked about 20%. the banks made a mistake, but why should it be harder for me to buy a house. do they have a point? >> it's important for americans to be able to afford homes and for them to be able to find housing, but i think one of the thing that is we found in the midst of the financial crisis were homeowners buying homes and taking out mortgages that they simply couldn't afford, often times because they didn't nld the essential choices that they had to make. so we feel like it's very important to make sure that tay are better protected and that the financial infrastructure that surrounds home ownership is one that makes sure that the system doesn't take on risks that put of home ownership in jeopardy. >> tom: other issue. i hear from house republicans. look, we are headed for default anyway. we have to solve the problem now. and we're preventing a future crisis. what do you respond to that? >> we're not headed for default. this is a country t

frank: mr. chairman, i rise in opposition. i could be persuaded, but i'm the only speaker and since i'm defending the committee's position, i will reserve the balance of my time. the chair: the gentleman reserves the balance of his time. the gentleman from oklahoma. mr. lankford: i yield to the gentlelady from west virginia. mrs. capito: i would like to tell the gentleman i support his amendment and i think it lends itself to the transparency and full accountability and i thank him for bringing it forward. good work to the gentleman from oklahoma. the chair: the gentleman from massachusetts. mr. frank: has the other side yielded? i won't speak, i'm the only speaker and i have the right to close. the chair: the gentleman reserves the balance of his time. the gentleman from oklahoma. mr. lankford: i yield back. the chair: the gentleman from massachusetts. mr. frank: mr. chairman, i appreciate the amendment and i had a chance to think about it and i am persuaded by its merits. this is a genuinely h

as stated earlier it was created by dodd-frank will st.orm act to write in a fire risk to the u.s. financial stability of market discipline to the emerging threats fsoc kump west to the service regulators as voting members both mardy and tom would be serving on that as the head of the two agencies. there is no existing service regulator in the insurance field the bill provided for the presidential appointment of his independent person to the expertise in order to ensure that insurance which represents a substantial portion of the united states financial system is appropriate and recognized and accommodated within the new framework. i frankly know of no one who could technically qualify as an undeniable expert in all aspects of the highly diversified constantly changing insurance industry as well as the state based regulatory system and its international position. however, if i am confirmed i do believe my half century of experience and insurance would provide fsoc with the insurance perspective that was envisioned by dodd-frank. insurance

frank, you froze my phone with your sausage greasy fingers! frank, you son of a bitch! (dramatic music plays) (rapid gunfire) (bodies thudding) >> cut! cut! for the love of christ! >> july 11th, 2011, from comedy central's world news headquarters in new york, this is the dilley show with jon stewart -- the daily show with jon stewart. (cheers and applause) captioning sponsored by comedy central >> jon: hey, welcome to the show. my name is jon stewart. boom! we got a good one for you tonight. tonight's guest, dennis leary will be joining us on the program. (cheers and applause) >> jon: monday denis leary, thursday sergeant first class leroy petry who is going to be receiving the medal of honor, one of the only living members of the military to receive it since the vietnam war, leary on monday, maeld of honor winner on thursday. it will be, the largest character gap we have ever had. (laughter) >> between guests. denis was wondering how i was going to get him today. anyway, took last week off. and had a great vacation. went away completely unplugged. no news, no tv, threw

>> so, so i went to the dodd-frank act, and i don't think there's a direct implication of dodd-frank for mandatory reforms. there is an initiative under the auspices of the federal reserve bank of new york, which is an industry initiative. which is working on reforming the way that the triparty repo market works, but it's not directly to the -- the primary objective of the triparty repo market task force is to solve a kind of technical issue that arises from the tribal -- triparty repo market during the day. the triparty repo market there is secured credit overnight which means 5:30 p.m. and 8:30 a.m., but intraday between 8:30 a.m. and 5:30 p.m., there's an unsecured exposures of cash investors in the triparty repo markets. and this unsecured exposure can give incentives to run in triparty. so this task force is actually working on solutions to that. and this is one of the factors often, you know, that has often been blamed to have contributed to some of the instabilities in the repo market. >> it strikes me as when the leftover pieces of business that we still haven't grappled with

and frank and julia, joining her now is michael, her brother. what do you hope to accomplish today? >> today we want to accomplish, we want to show the community, we haven't forgotten about michelle nor given up hope. whether it is two months or six months, if she is not home yet, we will try everything to bring her home. we love her so much and want her home. >> reporter: thank you michael, i know that you and other family members described the last two months as a nightmare, exhausting. that is why they're here to keep watch for michelle. as you can see there are signs, many of them wearing shirts with her picture on it. after the brief rally they plan the walk to the hospital close by. there will be a number of speakers, including those from the hayward police department. we'll have more on the latest on the 10:00 news. reporting live, i'm heather holmes. >>> and alex trebeck, the host of jeopardy, fought off an intruder at his hotel room in san francisco. new, david stevenson is at the hotel. >> reporter: well frank, the incident happened in the upper floor of the hotel. it put

welcome, frank. i see that you brought a big aerial photograph with overly geology. >> it is a big google map with overly geology. the different colors depict the different formations or deposits beneath san francisco. san francisco is a young environment. it is a relatively young environment. the basement rock beneath san francisco is known as the franciscan complex or formation. it is throughout the city, most notably twin peaks, edge hill, telegraph hill. every once in awhile, you hear about those who make the news with a rock fall or landslide. usually occur in the telegraph and twin peaks. . above the rock are the soil deposits. the most common is dune sand. it is nothing but rocks that has been worn down from the sierras and deposited along the beaches. the wind blew that dune sand over most of the city. it is this mustard color. on the avenues, it is very thick. it can be up to 400 feet thick. as you moved south across slope boulevard, that is the tolar foundation. it was named after the first

(frank chuckles) (mumbling) (grunting) (grunts) (gasping) (frank laughs) (gunshots) >> how about a little tainted tap water? >> oh. (grunts) (gasps, electrical popping) >> yes! yes! (laughter) (frank mumbles) (panting) >> great job, rog. >> that's one... fried turkey. (laughter) >> all right. let's get out of here. (sighs) >> we got 'em... baby. >> i miss you, kid. (sighs) (gunshots) (both yelling) (explosive pop) >> ♪ there's a horny dwarf sitting on my floor gonna beat me up... ♪ >> okay. wow. i think that video says more than i ever could. as does that. >> right. >> mm-hmm. so... we're fired, yeah? >> oh, absolutely. >> yeah. >> yeah. > probably never should have been hired in the first place, though, huh? >> mm. >> that was my bad. >> mm. >> right, that's on you. >> yeah, i probably won't be here much longer myself. >> no, i don't imagine you will on account of the... >> yeah. >> oh. >> i got something that might cheer us all up. uh, who wants a little bit of... little bit of deliciousness here? >> i'm not gonna eat that. >> july 27, 2011. from comedy central's world news headquarters

kristi, good morning. >> reporter: good morning to you, frank. trains are coming through civic center bart but not stopping that's because of that shooting that occurred last night right here around 9:30 police received a call about a man wobbling along the tracks possibly under the influence of drugs and alcohol and carrying a knife. shortly after police responded and the man was shot, killed and pronounced dead around 10:00 p.m. >> two officers working the trains downtown san francisco we immediately responded to the scene, confronted the suspect, the next dispatch was shots fired. soon to follow with the suspect was down. there were no officers injured in this shooting. >> reporter: now i did speak with the p.i.o. for bart and he said one of those officers who just found out was injured has sustained minor cuts and bruises and still trying to figure out why that was. there's still a lot of questions in general in this shooting, for example, police are not saying why the man was shot nor are they saying if he was shot by one officer or both off

i'm frank mallicoat. >> i'm grace lee. we are going to start off our friday with some traffic and weather. >> a little purple here on the set. >> purple, purple well represented this friday. >> weather and are you going to give us a nice day? >> i am. a little about the of fog and cloud cover out there this morning. a little bit of fog and cloud cover, dense in some places. this afternoon, plenty of sunshine, into the low 90s inland again today. seeing some 60s and 70s around the bay, cooler there and cool at the coast. so stay inland if you are looking for the warmth. >> things look great. no major traffic problems. mass transit is on time. deal with a quick bridge check. san mateo bridge nice and light. friday light on this friday morning towards the peninsula. we'll have more traffic update throughout the morning. in the meantime, back to you. >>> an east bay shooting victim clinging to life this morning. anne makovec is in oakland, where police are still work on a motive for an overnight shooting. anne joins us now. >>

his name is barney frank. now, i don't normally use notes and i apologize for leaving these notes around, but i have them because they want to make exact quotations without error. you might remember one of the refrains is every time he wesley milch did some ridiculous thing and the economy even worse, he and his cronies have made in washington and david say, we need broader powers. we know government is the only enterprise makes the mistake bigger. let me quote her in a frank. after the collapse of the housing industry, a collapse any other engineered from his position in the u.s. congress getting fannie and freddie to loan money and subsidized loans of money to people who couldn't possibly ever own a home, could never pay that mortgage is. that was all barney frank's work. when asked what we should do to clean up the mess he said quote unquote, that we could carry that is give us broader powers. [applause] you can't make this stuff up. the amazing thing is ayn rand did 54 years ago. frank is more like a mooch

>> joining me now is frank rich, writer at large for "new york magazine." frank, that sounded like a pretty good tutorial on the politics of governing. >> i agree, i think he's entirely right on that. the problem he has now in this protacted negotiations with these intransigent republicans, he can't make the best case for himself, they are fighting on their turf about deficits. yes, there has to be compromises, and everything he said is true, on the other hand, every day that obama is not talking about jobs and is talking about cutting spending, he's hurting himself basically -- not in a political sense, but in a real sense because people are suffering in this country. >> frank, your debut piece in "new york magazine" was about this issue, how the white house has veered away from jobs as the driving issue. it's hard to track when you sit where i sit and watch this on a daily basis, how that kind of swerve happened. where do you think they lost their way? >> i think they lost their way with health care. i'm not talking about the merits of health care reform,

and looking at the year anniversary of dodd-frank. all of that after an update from c-span radio. >> missed deadlines of the new information law will be the focus of a hearing it morning. the financial law known as, dodd-frank signed into law a year ago today. created in response to the 2008 financial crisis. chairman ben bernanke will be testifying this morning. you can hear it live on c-span radio. bloomberg news reports that consumers are increasing to use credit cards. commerce says after tax income adjusted for inplace fell paupt 1% january-may. the space shuttle, commander speaking after the landing said after 30 years of flights, the shuttle has earned its place in history. the landing marked the end of the program. nasa's next stop will be an astronaut and then mars. those are some of the latest headlines on c-span radio. >> live on sunday ann coulter. live on book tv. >> live on the 150th anniversary with call in programs including dikenson college professor. looking at the social, military leaders facing challenges that face