in the -- fannie mae and freddie mac, extract a lot of subsidy for themselves, that is good way of subsidizing homeownership. whites read more of our conversation with gretchen mortenson another featured interviews from our book notes and "q&a" programs in "sundays at eight," now available from your favorite booksellers. >> all weekend long, american history tv is running our comcast cable partners to showcase the history of utah's capitol, salt lake city. to learn more about the cities on our 2014 tour, visit c-span.org/localcontent. we continue now with our look at the history of salt lake city. this is american history tv on c-span3. ♪ >> i would like to welcome you to the tabernacle here on temple square in salt lake city. this is the home of the mormon tabernacle choir. some might call it america's choir. ♪ the mormon tabernacle choir was firstzed in 1847 when the pioneers came into this valley. it was a small group of people a bowery type building, very rustic, and they asked for a choir to perform, but it was in 1849 that welsh pioneers came to the valley and they saying

in the -- fannie mae and freddie mac, extract a lot of subsidy for themselves, that is good way of subsidizing homeownership. whites read more of our conversation with gretchen mortenson another featured interviews from our book notes and "q&a" programs in "sundays at eight," now available from your favorite booksellers. >> all weekend long, american history tv is

mentioned, since september 2008, almost six years now, the agency has acted as conservator for fannie mae and freddie mac, to protect and conserve the assets and property of those enterprises and protect the taxpayers' investment, which is currently $187.5 billion. currently, fannie mae and freddie mac guarantee more than $5 trillion in mortgages in this country. three out of every four. congressman dated strong independent oversight of agency programs and operations by the fhfa oig to safeguard taxpayer dollars. to carry out this oversight, the oig conducts and coordinates audits and evaluations of agency activities and investigations of the agency and its regulated entities. much of my professional career has focused on leading investigations into alleged wrong doing and counseling clients on improvements to internal controls and processes to prevent and detect violations of law. i have deep experience running independent investigations for audit committees and committees of independent directors of public companies. these investigations have looked into a wide range of areas. financial statement r

fannie mae and freddie mac represent $5 trillion in taxpayer exposure. the fhfa not only oversees those companies, but is also responsible for regulating the federal home loan banks and the very different business models that they represent. further, due to the conservatorship of fannie mae and freddie mac, the director of fhfa simultaneously acts as regulator, executive, and shareholder of those companies. all of this means that the fhfa inspector general has a very unique oversight responsibility as compared to an i.g. who is not operating under those circumstances. she has the opportunity today to inform us as to how she will handle these exceptional challenges. i look forward to hearing from each f oof our nominees on thes important issues and more. thank you, plchl chairman. >> thank you, senator. there is an 11:00 floor vote scheduled for them. so to allow sufficient time for questions, the senator and i have agreed to limit opening statements submit an opening statement for the record. senator cornyn will now introduce mayor castro. senator cornyn

mentioned, since september 2008, almost six years now, the agency has acted as conservator for fannie mae and freddie mac, to protect and conserve the assets and property of those enterprises and protect the taxpayers' investment, which is currently $187.5 billion. currently, fannie mae and freddie mac guarantee more than $5 trillion in mortgages in this country. three out of every four. congress can mandated strong independent oversight of agency programs and operations by the fhfa oig to safeguard taxpayer dollars. to carry out this oversight, the oig conducts and coordinates audits and evaluations of agency activities and investigations of the agency and its regulated entities. much of my professional career has focused on leading investigations into alleged wrongdoing and counseling clients on improvements to internal controls and processes to prevent and detect violations of law. i have deep experience running independent investigations for audit committees and committees of independent directors of public companies. these investigations have looked into a wide range of areas. financial statemen

but when you deliver it through these third party enterprises, fanny mae and freddie mac, when the subsidies through a public company with private shareholders and extract a lot can of that subsidy for themselves, good way ofa very subsidizing homeownership. our conversation sundaysr interviews in at eight. now available for a father's day gift at your favorite book seller. >> now on american artifacts, part two of our visit to the in langley,m

when you deliver it through these third party intrer prices, mae and freddie mac, when you deliver the subsidy through a public company with private shareholders, and executives who can extract a lot of that that isfor themselves, not a very good way of homeownership. >> read more of our conversation and othere en son footnotes in sundays at eight. now available at your favorite book seller. each week american artifacts takes viewers into archives, historic sites around the country. next, from our visit to the national cryptologic museum, a look at one of their exhibits about the making and breaking of and their role in u.s. history. >> our story starts in the spring of 1942. say that thet united states navy was not in a good position. about 50 ships. we had three aircraft carriers, assorted craft. the japanese navy on the other hand at the time had over 200 and six to it a aircraft carriers. more importantly the japanese after pearl harbor, conquered over a seventh of the earth's surface in a few months time. it was an amazing military operation, and we very much underestimated the ja

talked at an earlier question about taxpayer should not be in first position of loss with fannie mae and freddie mac. don't let me put words in your mouth, but that's what i heard. do you believe taxpayers can be protected without reform of fannie mae and freddie mac? >> thank you, senator, for the question. i believe that reform would be preferable to what we have in place now if the nation were to experience another down turn, another housing crisis as we just experienced. for that reason, i commend the committee for working toward housing finance model that takes the taxpayers out of their position of first loss and puts the private sector in that position. i fully understand though, as well, the concerns of folks with regard to the other part of the balance, which is access to credit, and that we have had a housing finance system in place that seeks to ensure opportunity for americans of modest means who are credit-worthy borrowers. i can understand the very real concerns. if i am confirmed, i would look forward to hopefully bringing some fresh energy to this and to working with members of t

but when you deliver it through these third party enterprises, fanny mae and freddie mac, when the subsidies through a public company with private shareholders and extract a lot can of that subsidy for themselves, good way ofa very subsidizing homeownership. our conversation sundaysr interviews in at eight. now available for a father's day gift at your favorite book seller. >> now on american artifacts, part two of our visit to the in langley,m virginia. begins inr toni hiley the directors gallery. >> this is the directors gallery. the director selects the artist who will do his portrait after he leaves office. standing here in front of the portrait of george herbert walker bush, who was director of central intelligence at a particularly difficult time in history, follow the pike and church committee hearings back in 1975. underency was investigation by congress and morale was pretty low here at time. he is the first member of congress to serve as director, over by the president to help repair those relationships between c.i.a. and congress. the oversight committees come out of this investig

is it a pass for fannie mae and freddie mac? ed to be careful what we wish for as we amended move forward with these two dinosaurs? give us an update on my general knowledge of fannie mae -- how big of a dinosaur is it? >> the book that i wrote -- obviously, it was not favorable to fannie and freddie. that said, they served us well for a long time. use of portfolios could give leverage. at the end of the day, they did not praise credit correctly. do you the vehicle and he and the business to the big banks? or do you fix them? that is the battle going on in washington. fannie and freddie are not allowed to lobby. the big banks are pushing to replace them. >> the battle that you see from a distance, does it work itself out a decade out? or is there things that need to get done? senators, some of the leadership of the banking committee, put forward legislation based on the warner bill. that barely passed out of the senate banking. probably will not make it to the floor. i think we're back on the slow track. probably will not see any

throughn you deliver it these third-party enterprises, fannie mae and freddie mac, and you deliver thesidy through a public company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. conversationof our and other featured interviews in "sundays at eight." now available for a father's day gift at your local bookseller. live coverage of the u.s. house on c-span and the senate on c-span2, we complement that coverage by showing you the most relevant congressional hearings and public affairs events. c-span3 is home to american history tv, with programs that tell our nation story. anniversary.s american artifacts, touring museums and historic sites to determine what articles reveal. the presidency, looking at the policies and legacies of our nation's commanders in chief. which is in history with top college professors delving into america's past. railamerica,ries, featuring archival government and informational films. c-span3, created by the cable tv industry and funded by your local provider

. >> fueling fannie mae or freddie mac were the fed or great distortion on this event? blame fannie mae or freddie mac or the fed for the great distortion of this event? >> people trying to get their money out of their country into the united states. we did a 57 page paper. they are doing business in the u.s. and do not want to bring the prophet tom. so they put it in real estate. the chinese buyers coming in, or on the coast. blackstone buying properties for investment. we have the one percent. what about the average american young families? .> young family is dead -39 and has a seven percent lower homeownership rate than parent or grandparent of the exact same age. the 70's.orn in are going up.s >> double-digit? >> silicon valley will go up double-digit. the rest of the areas, people cannot handle it. lex what you are really saying is people who cannot afford to buy will rent. they will drive up rents but in gets- in theory, rent higher than fighting so it becomes attractive? quack to find a love of migration to a portable markets. you see a lot of people going to texa

. >>> another high-profile investors betting big on fannie mae and freddie mac, carl icahn.he billionaire investors bought $51 million in common shares of the mortgage companies from mutual fund manager, fair home funds. bill ackman is another activist investor who has a large position in that company. shares of fanny up 4 1/2% to 4.64. freddie rose more than 3% to 4.59. >>> soaring green coffee costs is rising prices. the products will go gown 9%. smucker is the owner of folgers and dunkin' donuts. shares rose a fraction to $102.94. >>> and panera is changing up the recipe for its menu offerings. the company will remove all artificial colors, flavors, sweeteners and preservatives from its food by the year 2016. it didn't say how much the effort will cost or whether it will impact prices. shares were off slightly to $154 and change. >>> a changing landscape in the real estate market. the commercial sector is trying a new business approach to catch up with the housing sector where price and sales have been soaring. the number of office building landlords are now turning to te

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you do it to a

when you deliver through third-party enterprises, fannie mae and for that, when -- and freddie mac, when you deliver it through a private company and executives who can extract that subsidy for themselves, that is not a good way of subsidizing homeownership. >> read more of the conversation with her and other interviews in our q&a program "sundays at eight." no available as a father's day it at your favorite bookseller. >> they held a hearing on the nuclear regulatory commission. 2011 nuclear power plant in japan, they created a task force to recommend increased safety measures for u.s. plants. members were looking into efforts to implement those recommendations. this is an hour and 50 minutes. >> today the committee is holding the ninth meeting since the tsunami. the massive -- and will cost more than $300 million. we must learn from the offense and fukushima and take necessary steps to ensure the safety of nuclear facilities in the united states. i will continue to focus on whether the nrc has done that. it is vitally important that the nrc remained committed to its mission, which is t

it involved the freddie may and fan -- freddie mac and fannie mae.senator supported the stimulus and later obamacare the opponents eventually back senate when florida governor charlie crist ran for the senate ran ads like this. >> we know it's important we pass the stimulus package. >> working on florida's economy not passing more debt to our children. >> the club support the marco rubio. they are fighting the export import bank. keller who works for the club i admit i have been fans of you guys for a long timing. might this be a turning point when republicans stop feeding at the trough and say enough already? >> the export import bank is funny. it's a little known agency but it has become the symbol of krocrony capitalism. those two things are not always the scene. thees what we have seen over the export, import banks is the chamber of commerce or chamber of krohn knee dcap tal -- krohn kneecap talli-- crony capitalis. you have groups like us the pro free market side that shows economic freedom means prosperity for all americans that is why we have

china massive margin call and to pay that margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please to meet our margin call our imploding real estate market or send over the state of california and barack obama will be like john was in bundle which means no dick you know surety all right well we got to go stacy thanks so much thank you stay tuned for the second half a whole lot more. there's a lido so we leave the. motions to the. for the there's a good. news that no one is there would be good but you deserve answers from. politics only on our team. i'm happy martin the stories we cover here you're not going to hear any right other big story the extra headlines and talk there is a reason they don't want internet on nothing that are important that we should all be completely out now let's break the set. right. first. and i think you're. since tellin. me in the live. on air and in the financial world. toxicities to moments cannot stop it is a very funny take no demand to discredit it not going t

china massive margin call and to pay that margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call on our imploding real estate market or send over the state of california and barack obama will be like changing fond john's inveigle which means. no dick you know shorty all right well we got to go stacey thanks so much thank you my state and for the second half a whole lot more. crosstalk rules in effect that means you can jump in anytime you want. there's a media leave us so we leave that maybe. by the same motions to tour the play your party there's a bill. for shoes that no one is asking with the guests that you deserve answers from it's all on politics only on our team. on marriage and the financial world. seems to moments cannot stop it is the only take no demand to credit not going to get. in life there are and there are fucked. dramas that can't be ignored to. stories others refused to notice. faces change the world lights never. told pictures of today's events. on d

china massive margin call and to pay that margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call our imploding real estate market or send over the state of california and barack obama will be like changing following jiang zemin bundle which means no dick you know surety all right well we've got to go stacy thanks so much thank you stay tuned for the second half a whole lot more. stories we cover here we're not going to hear any other big story line there's a reason they don't want to. now let's break the set. i'm marinated in the financial world. dr who seems to moments i mean it's time to only take in the demand to produce enough good to get any economic benefit in life they're on and they're off. right on the scene. first for you and i think you're. on our reporters. in. the in the. welcome back to the kaiser report imax kaiser time now to turn to ronnie mo asked of standpoint research dot com and now philanthropy and philosophy dot com running welcome in person to th

china massive margin call and to pay the margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call on our imploding real estate market or send over the state of california and barack obama will be like thing. which means. no dick you know shorty all right well we got to go stacey thanks so much thank you and stay tuned for the second half a whole lot more. please it was a. very hard take i. want to get along here a lot has never had sex with the perfect there's no. place. to. live live. a . welcome back to the kaiser report imax keyser time now to turn to ronnie mo asked of standpoint research dot com and now philanthropy and philosophy dot com running welcome in person to the kaiser report thank you for having me write this is fantastic opportunity for us we have a lot to talk about the first thing i want to mention though is as a stock down a list even shooting the lights out for the sense two thousand and eight if ad over four hundred a floor under stock picks and they

china massive margin call and to pay that margin call they're going to call up let's say fannie mae or freddiemac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call on our imploding real estate market or send over the state of california and barack obama will be like ching ching chong jiang zemin bundle which means. no jake you know shorty all right well we got to go stacey thanks so much thank you states and for the second half a whole lot more. i marinate join me. for in-depth impartial and financial reporting commentary can from news and much much. only on bombast and only on a. plane will go to the. show thirty full control spend over fifteen billion euros on culture that says to be one hundred fifty million degrees with some token mark still to sell something peacefully to friends we travel in search of the song. knowledge young we've got the future of coverage. of the. place it was terrible take place very hard to make a plan to get on here played live happily ever had sex with her great care no. place. to. live please. please. ple

fannie mae, freddie mac housing, are we seen a bevel?ere is a concern out there and clearly the private sector has to take on the risks and they should not be an overload of risk on those institutions. so we very much hope going forward with a combination of you know, supervision as well as availability as credit the housing market can be made as strong, but also as self-sufficient as possible without ovulating those two. liz: thank you so much. here's the question, will the fed, will the obama administration take any of these suggestions and run with that ball? guess what, we are a member nation, we pay into the imf, but so do a lot of other countries and christine lagarde did concede to me that they should listen and frankly i have to remind you share, last year at this very time i sat with christine lagarde and she anticipated a late second half slow down and sure enough that's exactly what we had. she attributed to the problem of sequestration, who knows if that was the reason, but she was right and. will she be right this year? comi

the billionaire investor buying $50 million worth of shares in fannie mae and freddie mac. that means he joins old nemesis bill ackman and other big investors on the mortgage bet. let's bring in our panel. fox business's charlie gasparino. we also have tracy byrnes and barron's senior editor jack hough. what do you think of this one, charlie. >> wish we had dick bove but he is boycotting tv until 2015. he is very positive on fannie mae. see a political angle. see the republicans taking senate and shelby becoming head of the banking committee. that will protect fannie and freddie. they will not dissolve it. those bills out there to dissolve fannie and freddie will go nowhere because shelby is against that. possibly that means equity in these things is pretty safe, right? melissa: it also means we'll have another housing bubble. that we're not -- >> 20 years from now. who cares. >> carl is 79. >> becomes more blurred lines, melissa. you have activist investors and government all coming together and fighting each other and not solving the problem for the housing market at all.

the big one is the future of fannie mae and freddie mac to set up the degree of uncertainty that impactspeople who are building in the sectors so the combination for the of builders and the buyers in addition the recovery has not been as robust as we would want. gdp growth in the 2% range means jobs are not coming back where wages are not coming back. neil: i think that is the problem unless jobs to have no home buyers or have bar workers do not feel secure enough to take out a loan. >> and i was where of san antonio he said tommy the employment growth numbers i will take the housing market numbers. as i said at the outset a combination of things on the employment -- employment and rules and confidence. the key is to get the housing sector going in and the new hud secretary. neil: and is sent to the eyes with the san antonio? >> it now goes under the city shield. [laughter] neil: but banks could turn around to say we are returning to lending standards we had prior to the meltdown everybody thinks we are hard about it but this is a credit -- a good credit score a. >> all that is true we m

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you do it to a public company to private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of our conversation with wretch and morgan seven -- morganson in at eight. >> a conversation with nsa director mike rogers periods as part of a daylong summit on cyber security challenges. admiral rogers also discussed edward snowden and privacy concerns raised by his disclosure of nsa practices. this is 40 minutes. >> you're taking over the agency at a very critical time for this country. it very critical time for corporate america, as we see ed snowden's revelations and an increasing number of cyber attacks happening to u.s. companies. by asking, how do you think business and the nsa can best work together to try to solve some of these cyber threats that exist right now? >> let me start off by saying thank you for taking the time, bloomberg government and all of you who are taking time out of your b

but when you deliver it through these third party enterprises -- fannie mae and freddie mac -- when you deliver the subsidy through a public company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing home ownership. >> read more of our conversation with gretchen morganson and other featured interviews in c-span's "sundays at eight." from public affairs books, now available for a father's day gift at your favorite bookseller. >> booktv covers hundreds of author programs throughout the country all year long. here's a look at some of the events we'll be attending this week. look for these programs to air in the near future on booktv on c-span2. tuesday we're at the harvard bookstore in cambridge, massachusetts, for constitutional law professor lawrence tribe and his thoughts on the roberts court from his new book, "uncertain justice." that same evening, history professor christy mcrackis looks at the use of invisible ink. the international club of atlanta. then on thursday in new york city, claudio assan

when you deliberate through these third-party enterprises, fannie mae and freddie mac, and you deliverubsidy through a public company with private shareholders, and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of our conversation with gretchen morgenson and "ther features from our "q&a program. >> next queen elizabeth ii. at 11:00 p.m. another chance to see q&a with california congressman george miller. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2014]

first up today, fannie mae and freddie mac, carl icahn with a position in the names.hat including bruce work paulson, ackman and ralph nader. >> this is interesting. but you need to dig a little bit deeper. he went in and bought these shares down around $4 a share. you don't know why they were being sold, they needed to raise cash and that why he's in there? stocks have a nice move since. i would be careful chasing these names sitting at home. >> dollar general leading the s&p despite missing on the top and the bottom. >> yeah, misses, traded below 53 in the pre-market and zoomed up to 57. off of that high, but looking good. >> at&t raising guidance for the year because of stronger trends in wireless, joe. >> at the lower end of the previous guidance. their financing plan, the installment plan right now is hindering a lot of what they're seeing coming in in terms of eps. i would say verizon and at&t has that their run, but i think the run in both is better. >> delta, trading at all-time highs. >> i think this is going to at higher. i don't know this is the end. you lo

and you deliver through these third-party enterprises, fannie mae and freddie mac, when you deliver the subsidy to a private company with shareholders and we can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more on our conversation with gretchen mortenson and other programs on c-span sundays at eight. now available for a father's day gift at your favorite book s eller. bush'snel of george h.w. former advisers recall the 1990 clean air act and the negotiation between george bush and capitol hill democrats that made it possible. this marks the 25th anniversary presidency.w. bush's . it is about an hour. [ applause ] it's a delight for us to join many in celebrating the 20th anniversary of george h.w. bush. the panel is going to focus on environmental policy, in particular, the clean air act, and i'm delighted to be joined by two people who played pivotal roles in the passage of that legislation bob grady and senator alan simpson. we're going to try to do three things in this panel. first, we're going pose the question, did

but when you deliver it through these third-party enterprises like fannie mae and freddie mac and deliver the subsidies through a public company with private shareholders and executives who can extract a lot of that for themselves, that is not a very good way of subsidizing homeownership. >> read more of our programsions from our in the book now available at your favorite bookseller. wait until the thing shows up as the cheaper alternative, you have waited too long. when it shows up, it is better and less expensive. in the case of the navigation thatle, we had companies knew the smartphone was starting to take off. they understood it was possible somebody else could launch a said weon app, but they don't see a threat yet so we will wait and respond when it does. when it did respond, it took off. you had millions of people saying this is better and cheaper. this is worse and more expensive. which will i choose? by then it was too late for them to respond. businesses need to look earlier in the lifecycle of new technology and life cycle of new technologies and recognize even before there wi

today, fannie mae and freddie mac., we're showing some big time investors, in fact, ackman and icahn investing together, not together, but in the same company in the same direction. are you optimistic on the names? >> no, i see this as a very speculative play. this is really a repeat of the story we saw back in march where we saw that a bill was proposed to wind down fannie and freddie over the next five years. so this is much more akin to gambling than actually investing. and i could talk about they're only using six cents per share versus 12 cents per share, but really about whether the government is going to step in and wind these companies down or let it go to the private sector. and quite frankly, i would rather make a bet on the stanley cup. >> that's telling it straight. what about the technicals. do they tell a straight story as well? >> you know, manny, technical analysis is based upon -- technical analysis is founded upon the belief that history repeats itself. and if past is prologue, i think the stock is go

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you deliverthe subsidy through a public company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of the conversation with gretchen morgan some from our book notes and "q and a" programs. from public affairs books, now available for a father's day gift at your favorite bookseller. >> coming next, "newsmakers" with senator john barrasso. that is held by president obama anniversary in france. >> this week on "newsmakers," joining us from capitol hill, john barrasso. thank you for being with us. >> thanks for having me. >> in studio with us we have bob sack of the hill, and the national journal. >> the big news this week this of course was the prisoner swap for bowe bergdahl. dave administration first said that that's helped was a concern, but now there are reports that there is a different reason, and a death threat involved. is that a credible excuse?

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you deliverlic company with private shareholders and executives can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of our conversation with gretchen morgenson from our programs in c-span's "sundays at eight," now available for a father's day gift at your favorite book seller. >> john podesta now on issues facing the obama administration -- the epa recently announced power plant emissions rule, the release of bergdahl, and hillary clinton. mr. podesta served as white house chief of staff from 1998 until 2001. his comments are an hour. >> our guest is john podesta, his fourth visit of the group. the last was in 2009 when he was president and chief executive officer for the center for american progress. he grew up in chicago, earned a bachelor's degree from knox college, and is an alumni from georgetown. he spent his early career on capitol hill. he worked with ted kennedy and

he talked to us and fannie mae and freddie mac award in reform and he was given the authority he wanted in the first two years of democratic control. you have is general deregulatory view. in 2006, as we were about to become chairs after the 2006 election, i was asked to go to a chamber of commerce conference at which they were discussing the serious problem facing the american financial community. over regulation. people go back and look at it. they were complaining that they were never be again initial public offerings in america because we were too stringent. chuck schumer and mike bloomberg commissioned a report. as we took office, there was a staunch defense on the part of people who said they were the market defenders of an unrestricted subprime regime. i claim that we had to cut down further on deregulation. we started below zero. >> there clearly came a time where you agreed you had to move forward. >> people like hank paulson -- people have been talking about reforming the financial architecture of the country for a long time. it is a classic case. congress never acts until the

pushing banks afraid of losing their franchise to make laws that were bound to fail in fannie mae and freddie mac into. some of the talk in metaphors. just personal curiosity. do any of your books mention the government and the creation of this man's? thank you. >> refer to take another question i want to remind you books are for sale upstairs and we will be signing across the way. in 10 minutes. lady right over here. >> yes, my question is in regard to the student loan system. the student loan system is on it anniversary next year and has cost a trillion dollars it says to. it is not uncommon to find in it does of people having social security tax garnished for student loan payment and you have close to 50% of all students not taking out student loans and increased the number of 20%, 30% of delinquency are not making any payments at all. is it possible this could be the next great financial crisis in the u.s.? >> absolutely. i'm pretty convinced this will get solved until students are immersed in the and brand-new relief at this point. while they notice the problem is both growing for 30 yea

so relief of loans and cheap loans being subsidized by the department of education like fannie mae and freddie. stuart: i did not know this refinance bill was financed by millionaires. charles: student loans versus millionaires, who are you going to backup. >> those are job creators. stuart: you are welcome on this program and you are dead right. i will shake your hand. and look, son. defense secretary chuck hagel says the process to free bergdahl was legal. and the world cup, the world's biggest sporting event. team usa, what do you think the odds are? 200:1. a little extreme, don't you think? another hour of "varney & company" in two minutes. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow. stuart: we are not as hell. we will not take it anymore. we heard that last night when that established eric cantor lost. last night everyone got a big dose. going through your money. ♪ stuart:

with the new head of fannie mae and freddie mac, what did he say? we are going to let them keep insuring mcmansions and keep their fees, undercutting private market insurers. of another housing boom comes it is coming out of washington. >> a lot of data came out earlier this week. home sales, case schiller index and what i am seeing is a bifurcation in the housing market. homes priced above $1 million are keeping the housing market up. below $1 million where homes would be purchased are suffering. charles: i would take it further than that. comes under 150 grant -- a lot have been bought up and that is what they are renting out now but what if the federal government manipulated things to put 5% down. does that change the picture? >> no. what you had when you had intervention like the home affordable on vacation programs yet more foreclosures. you -- free bust people were putting 0% to 5% down. charles: if that scenario existed now people who could afford it wouldn't buy a house? >> i don't think so. i don't think you could rent a home, not such a ba

but when you deliver it through third-party enterprises, fannie mae and freddie mac, if it through a public company with private shareholders and executives who an extract a lot of that subsidy for themselves, that is ot a very good way of subsidizing homeownership. >> read more of our conversation gretchen more againson and on r featured interviews "sundays at eight" now available father's day gift for your favorite book seller. until the ou wait thing shows up, that's the worse ut cheaper alternative, you've waited too long. if it shows up, it's not worse expensive. it's better and less expensive. navigate example, tom-tom and guard minute and magellan. knew the smart phone was going to take off. they understood it was possible google, apple, a startup could launch an application app. they said we haven't seen a threat yet. it took id respond, off. within months, you had millions aying this is better and cheaper. this is worse and more expensive. which one should i choose? for them to te respond. innovators, incumbent businesses start kind need to looking much earlier to the life c

how much it is costing, but when you deliver it through these third-party enterprises, fannie mae and freddie mac, and you deliver a subsidy through public companies with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of our conversation with gretchen morgenson and iner featured interviews c-span's "sundays at eight," now available for a father's day gift at your ebert took seller. -- favorite bookseller. >> the chair of the senate judiciary subcommittee on privacy held a hearing with witnesses from the justice department and the federal trade commission. the hearing is two hours. called hearing will be to order. welcome to the senate judiciary subcommittee on privacy, technology, and the law. this is a hearing on a bill to protect sensitive location information, a privacy protection act of 2014. information, a privacy protection act of 2014. three years ago, i held a laws were protecting location information generated by smart phones, cell phones, and tablets. the first group tha

it is willingly, willfully blind to the largest sources of risk, hardly any mention of fannie mae or freddie and without the lead of the administration to and permit a taxpayer subsidies they're certain to be at the center of the next financial crisis. no mention of the five or government itself, $17 trillion in debt and growing, more debt incurred under this the ministration incarnation -- that our nation's first 200 years with offices awash with cbo and independent reports saying the pace of spending is unsustainable but rather than rein in government spending the administration rick returns a blind eye and best friend steve allow a default on our sovereign debt. this committee has passed h.r. 481 to place a one-year moratorium on further designation. again, i would call on fsoc to cease and desist. answers to prop -- and answers to questions. >> thank you very much, mr. mr. chairman. i am very pleased. i welcome you back. i assure you that opening up to start brought the irs has been done, we do not have documents, information relative to that issue. we gather here today to receive your r

when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you deliversubsidies through a public company with private shareholders and executives who can extract a lot of that stuff that is notselves, a very good way of subsidizing homeownership. read more of our conversation with other featured interviews from our footnotes and "q&a" at eight," "sundays now available as a father's day this week on "q&a," our guest is representative george miller. he's retiring at the end of this term after 40 years in the u.s. house. >> when did you first think of stepping down from congress, after 20 terms? >> probably eight or nine months ago. when it was first really brought to my attention that i had been here 40 years, i had never thought of it in those terms. i had approached this job where every day is a new opportunity, and yesterday was yesterday and today is a new day. i never thought of in the idea of how long i had been. that started me thinking, and my sons started thinking about, why don't you come home? we started having a family conversation. >> where is

but you can't flip a switch on a freddie mac or fannie mae or xm bank. >> move slowly. >> let's put iting of this -- >> i'm for shock therapy. >> me too. >> michael farr honored the fact we almost got an pittsburgh out of you. i'll take two years. we can abolish the xm fwhank two years and fan anyand fred di in three years. but you know what they're going do with fannie and freddie? >> they're growing to expand it. that is exactly what the problem is. that's why i don't want these to continue. >> the interest rates are so low, why don't they want to do it now. >> quick last word, michael farr, and then we've got to go. >> if we did it two or three years ago, we'd go into recession or depression. philosophically i'm with larry kudlow, which scares the hell out of me to say that on television. >> i wonder what's going to happen on commercial. >> i'm going to be all for it. >> good to see you this afternoon. >>> so is this surprise a red flag for the economy? pimco's paul mcculley. that's later on the "closing bell." t to work. with a fidelity investment professional... or managing your i

is a loaded question -- about the experiences that we've had in the housing market with fannie mae and freddie mac as the dominant guarantors of housing debt? as it relates to student debt. we talked about incentives before. are the government guarantees of student loans having incentive effects that need to be thought through? >> that's a really interesting question because, of course, when you extend a student loan, when you do underwriting for a student loan, it is something -- it's a different exercise than underwriting for a mortgage, say. for one reason, you know, students are going to come out of school presumably, and they're not going to be at the peak of their earning capacity. they're going to sort of amp ramp up there, presumably, gradually, but they're not going to be able to be in a position where they do a massive payoff of the debt immediately. so the underwriting and repayment patterns are going to be different. but i think, you know, i think you're on to something from the perspective of the servicing lessons because if you think back to the financial crisis and the role that

but when you deliver it through third party enterprises, fannie mae and freddie mac, and deliver the subsidies with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing home ownership. >> read more of our conversation with gretchen morrison and other features from our programs on sundays at 8:00. >> on friday, the christian science monitor hosted a reporter's round table with john podesta. here's a brief portion. >> how would a hillary clinton presidency look different from an obama presidency and a bill clinton presidency? >> that's a topic i haven't pondered. each person that comes into office brings their own skills and the challenges are different. you know, we advocate the breakup of the soviet union. we tried to expand a democratic and more unified europe. that's obviously being challenged. but i think the project was pushed forward. we had to deal with al qaeda and terrorism. but nothing in the way that president bush and president obama had to come to grips with in terms of that question. so i thi

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you deliverthis up city three public company with private shareholders and executives who can extract a lot about subsidies for themselves, that is not a very good way of subsidizing homeownership. >> read more with gretchen morgenstern another featured interviews my book notes and q&a programs and c-span sundays at 8:00 from public affairs, now available for a father's day book at your favorite booksellers. >> when the islamic revolution in it, they were cut off from the western part because of religious reasons. iran has problems with using data toddies and because the west shortly after imposed action and they didn't have the resource is, technology or infrastructure to really continue with disuse organ donation so they decided to focus on living donation. for simpler, old fashion way to it with this was a nasa rationalized he may think because 80% to 90% of people who need organs need kidneys. so they focus on the largest part of the population that needed help while we focused on everybody a

student loan, any lessons to be learned on the experiences in the housing market with fannie mae and freddie mac as the dominant guarantors of housing debt as it relates to student debt? we talk about incentives before. the government guarantees student loans having incentive effect that need to be -- >> interesting question. of course when you extend student loan or do underwriting for student loan it is a different exercise than underwriting for mortgage, say. one reason, students will come out of school and they won't be at the peak of their earning capacity, they are going to ramp up their presumably, gradually, they are not going to be able to be in a position where they do a massive payoff of the debt immediately. the underwriting and repayment patterns are going to be different. i think you are on to something from the perspective of the serviceing lessons because if you think back to the financial crisis and the role that mortgage servicing played in the exacerbation of the crisis cyber since you see some really interesting similarities that are also raise a lot of questions but the