because life you author and sociology professor frank freddy now you've described the extinction rebellion protesters as a middle class carnival can you explain what you meant by that. well if you take part in it and if you go on the streets what you find is people singing again chanting. playing to remind me of biologically mature adults pretending to be children you know when i used to watch my son being in there and in the playground they used to do the kind of stuff that these protestors are doing and it's a kind of nonchalant sort of chanting that goes on and i think what i find particularly irritating is this sanctimonious performance those put on that somehow we know better than anybody else what the dangers are out there we have special insight into the problems of the world and anybody who doesn't agree with us or a bunch of idiots or even worse than the idea of mobile and 3 will and i think it's not so much approved it as almost what i see of the carnival of reaction. particularly if you look at the participants it's a middle class they are sort of a lead. sort of driven initiati

frank said this. i think it's clear that fanny nd freddie are sufficiently secure so they are in no great danger. e continued, "fannie mae and freddie mac do very good work and they are not endangering the this country."f how wrong he was. conversation this about housing finance reform end the same way. alarming that the enterprise's share of low downpayment and high to debt higher ortgages are now than before the financial crisis but i would suggest that's what alarming is that the democratic majority today is defending this state of affairs. said those wholl fail to learn from history are condemned to repeat it. administration's proposals seek to place our housing finance system on a stable, protect us path and from another housing crisis, and their ud our panel for leadership. now, my first question i want to relates to the credit risk ransfer issue to secretary mnuchin. he treasury report calls on them to -- including by cease ceasing reliance on institution capital. unfortunately, current capital rules hinder banks' willingness credit risk from the gse's. structural plified finance approach

during that hearing then ranking member barney frank said this, i think it's clear that fannie and freddie are sufficiently secure so they are in no great danger. he continued, quote, fannie mae and freddie mac do very good work. how wrong he was. let's not let this conversation end the same way. it is alarming that the enterprise shares of low down payment and high debt to income mortgages are now higher than before the financial krisdz. but i would suggest what is more alarming is that the democrat majority today is defending this state of affairs. winston churchill said, those who fail to learn from history are condemned to repeat it. the administration's proposal as seek to place our housing finance system on a stable, sustainable path and protect us from another housing crisis. and i applaud our panel for their leadership. my first question i want to ask relates to the credit risk transfer to secretary mnuchin. the treasury report calls on the gses to continue to engage in a diverse mix of economically sensible credit risk transfers. unfortunately, current capital rules hinder banks'