fannie mae and freddie mac got off. the first thing we got under my being chairman was to put fannie mae and freddie mac out of business and put them into receivership. we shut down the problem and stopped the bleeding. what you do going forward is still there. you are too pessimistic about fannie mae and freddie mac. once we stopped it, there is the value of the housing inventory. i did not think it would cost as much as you predicted in 2003. >> putting him out of business was a good idea. >> it now will be a breakeven. >> so far. >> it looks that way. had we done it we would have been better off. nothing that we did in the financial reform bill whether you approve of it or not was punishing them for fannie mae and freddie mac. someone would have to tell me specifically what we did. we made it illegal to give bad mortgages. that's the only prohibition in the bill. there were other things that we said to increase your margins and capital. i think it was market oriented. >> you also saw wasn't nstitutions but the leader

tanya, let uncle freddie handle this.he man who raised herman, and i been like a father to ray, too. so tell me. how will it help? we think billy berkenpass may have made the call to ray. that's the dude who killed dad? we don't know that. oh, that white boy was so jealous of your pop! freddie, don't start. ray, you recognize this guy? oh, man... that's the ghost. "the ghost"? when i'm out playing pickup, he's there watching. white dude looks at me funny. how long's this been going on? ever since i started making a name for myself. maybe about two years ago. the ghost ever approach you? nah. that's it! uncle freddie's stepping in. ray ain't playing friday. you said there'd be security, right? right. no, no, no! no risk! the boy is going league, understand? league? nba pro scouts already got ray marked down as a first-round draft choice. ray hasn't decided where he's going next year, freddie, so shut it. hopefully, we clear this whole thing before the game. are you sure billy called my son? not a hundred percent. i never b

freddie carter and mike. where is freddie? freddie, come up here. please, a big hand for freddie. [ applause ] >> every time i would stop by early in the morning, 6:30 sometimes in the evening, 8:00 freddie was in that office making sure the work would get done. he held hands to many of the workers from our community and made this project possible. it is a very good example that people like freddie, when they go the extra mile teach our own residents and people who live here how to do things. we can do it. [ applause ] we can do it. and i hope this sets the pace for future projects in san francisco. all the neighborhoods from the various residents we can go and we can build more libraries, more stations, more fire houses, more community facilities. thank you very much. >> now we also wanted an energy efficient library. you have a green living roof and also have solar panels and i think all due to the partnership we've had with the department environment of san francisco. this is actually going to be the highest rated lead which stands for leadership

i am trying to call attention to shadow banking, fannie and freddie. there is so much more -- >> no one has told me, and i have asked them, how big should they be? if you worry about too big to fail, lehman brothers was the cause of the problem. what is the size about which they become -- >> an interconnectedness and is one of the real issues. that is why i have said innovation is great almost too much you can have innovation in finance, my judgment. complexity, that is all why i am for a there is too much complexity hitting the banks with much higher capital requirements against the complex instruments, i am pleased dodd-frank requires them to be traded on clearing houses. i think there is a lot that has been done. i am not discounting it, but i want to learn our lessons and clean up messes. it withnk we will leave that. mr. frank and mr. paulson, thank you for your time. [applause] [captioning performed by national captioning institute] http://twitter.com/cspanwj several live events to tell you about. steny hoyer will be a politico to talk about the

here's your chance, freddy.n that eve might be holding in her hand. >> one of the animals. ste: one of the animals? >> yes, sir. steve: yeah. ok. what animal you all talking about, the bunny or the kitten? >> sweet baby. steve: really? i'm gonna just go with the bunny rabbit or... >> the baby animal. steve: peter cottontail, the baby... >> animal, a baby animal. steve: baby animal or smokey the bear, boo-boo, somebody. i don't know who was there. obviously, yellowstone must've been here because-- the little animal, the bunny rabbit with the fur. [buzzer] [cheering and applause] number 4. audience: flower. steve: come on. we're playing "feud." don't go away. we'll be right back. announcer: closed captioning is sponsored in part by... ♪ ♪ all the goodness of milk, all the deliciousness of hershey's syrup. the intense ache made it hard to do the things that i wanted. my doctor diagnosed it as fibromyalgia -- thought to be the result of over-active nerves that cause chronic, widespread pain. lyrica is believed to ca

you will want to hear his take on fannie and freddie. haven't talked on tv -- >> in a couple of years. >> futures are negative as we will take stock of mortgage apps, auto sales. opening bell when we come back. [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on his portfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. >>> you're watching cnbc "squawk on the street," the opening bell set to ring in a minute's time. you've already heard from the president this morning in stockholm on his way to the g-20, argues once again that the united states, congress, international community need to holds assad accountable for his alleged actions in syria to degrade his ability to carry out more types of attacks to deter further use around the world. the c

well, preliminary forensics show that michaels was not in freddy katan's car, and freddy was at the clubled. or he could have sent someone. i don't see why he would. not with us breathing down his neck. there's got to be something else going on. you know, i should never have left them there. i should have sent protection. you didn't know, jack. can i just say, uh... you don't seem like yourself lately. ( scoffs ) i don't really feel like myself lately. did dr. harris prescribe these for you? mm-hmm. pretty strong stuff. oh, you're one of the people who's concerned for me. we're all concerned for you. jack... ( phone rings ) jack! jack! jack! jack! what are you doing?! nothing, okay? god! i don't know what i was doing. it was just... yeah, spade. hey, it's me. how is he? uh, he's okay. what's up? well, it turns out that john michaels had two life insurance policies. he split one of them between his two daughters and the other one went to a woman named susan smithwick. who's she? i don't know. but she did work at a company called kenosha securities. i'm so sorry to hear that. since when? a

fannie and freddie were at the heart of this crisis. they were political creatures and part of the reason we have this is because government exerted pressure on them to make loans to people who are not qualified to pay them back. when the crisis hit, it was an excellent opportunity to put them into receivership. instead, we put them into conservative where they are coming back to haunt the market. while the white house said they want to wind these energies down, even floefls they have, they've replaced them with other goeventties that would be involved in the private mortgage market. the problem we have here is we are now creating an even bigger poll with banks, with clearing houses, with insurers that are getting an implicit backstop and inviting politicians to meddle. >> and to be fair with the white house, the president has said he would like to do away with fannie may and freddie mac. they have both parties in congress, it's hard for them to resist the home builders, the realtors, the mortgage brokers, the panoply of lobbyists. >> t

fannie mae and freddie mac mac got off. first thing we got under being chairman was to put fannie mae and freddie mac out of business and put them into receivership. we shut down the problem and stopped the bleeding. what you do going forward is still there. you are too pessimistic about fannie mae and freddie mac. once we stopped it, there is the value of the housing inventory. -- i didhat will not not think it would cost as much as you predicted in 2003. >> putting him out of business was a good idea. >> it now will be a breakeven. >> so far. >> it looks that way. had we done it we would have been better off. in the that we did financial reform bill whether you approve of it or not was punishing them for fannie mae and freddie mac. someone would have to tell me specifically what we did. we made it illegal to give bad mortgages. that's the only prohibition in the bill. there were other things that we said to increase your margins and capital. i think it was market oriented. >> you also saw wasn't institutions but the leade

fannie and freddie were at the heart of this crisis. they were political creatures. and part of the reasons we had this was because government exerted pressure on them to make loans to people who are not qualified to pay them back. when the crisis hit, it was an excellent opportunity to put them into receivership. instead, we put them into conservatorship, where they're now coming back from the dead to haunt the private markets again. and while the white house has said that they want to wind these entities down and while congress has various proposals, even those proposals they have are winding them down to replace them with yet other government inteentities that would be invo in the mortgage market. we're creating an even bigger pool here, with banks, with clearing houses, with insurers that are getting an explicit backstop. >> and to be fair to the bhous, the president has said he would like to do away with fannie mae and freddie mac, but the housing lobby has its tentacles on both parties in congress and that's very hard for them to exist, the home builders, the r

i want to acknowledge my colleagues and department head mohammed, freddie carter. they were true partners in this endeavor. our deputy librarian, linda, linda is an institution in our neighborhood. we love what she does here. ed, where are you? he's back here. he's done a terrific job and elsie who has worked very diligently throughout. let's not forget some very important people are going to be here to serve you and to do a wonderful job in community building. you have already met beverly hayes, who has done a great job here. our branch manager. the team is behind me. i'm going to call out their names, naomi jones, addison and rachel brooks. let's give them a round of applause. they have done a fabulous job for all of us. i wish you could all see the beautiful panels. when i talk about the community ownership. one of the highlights you will see is the culture and the history that is reflected on these art panels. we have an amazing architectural team that uses the history center for this library and it's reflected there to help us celebrate what a beautiful commun

so really that's what is dictating the terms is fannie mae and freddie mac.nd they have loosened up a little bit. appraisals have normalized, a little bit of house appreciation as the markets are improving, but if you look at the raw numbers, home prices are up 10%, yet the number of people who own a home has dropped to 133,000, and that concerns me because we can't have a recovery in the homeowners. >> good to talk to you mark. >>> here is an image that says lot about a story that we have been following that is clearly heating up. jpmorgan jamie diamond showing his diver's license to a security officer. he was there to talk to eric holer about settling various charges that may be filed against the bank. the settlement number appears to be $11 billion. but both sides are reportedly far apart so stay tuned. >>> five days until the initial enrollment process for o&m begins. >> i'm 53 years old, my last time for a full medical checkup was probably five years ago. i was doing pretty good at that time. i don't know what has hand over the last five years. >> that c

at least 200 billion, with a b, in guaranteed lines of credit for fannie and freddie, and when has theent projection ever can underestimated the amount it's going to cost taxpayers? never. >> the bigger the bubble, it's going to take that much longer. >> you have people who were targeted, steered, and clustered -- >> reverend, ultimately they -- wait a minute. they signed their own documents you. might be right some of them might be push into things they shouldn't have been pushed into, but there is this issue of personal responsibility. you sign on the dotted lines -- >> i'm talking about ameriquest. >> you signed on the dotted line. you have the freedom to be snookered and also the the freedom to be stupid and not read your lean mortgages. >> not reading our loan documents and now we have regulators saying it's fine, it's fine. the likelihood that bear stearns is going to cost us anything is small. you're not going to see a lot of fannie and freddie. >> government spending billions of dollars to fight foreclosures. >> i don't remember you or your colleagues saying we got problems wit

a majority for getting rild of fannie and freddie. but not together on one version. there's a coker approach. a sort of puppy you can -- that's the problem. it's not the only example. if you have a two-step vote, we give it to the electoral college, it will win. you never get enough people together on the alternative. that's what fannie and fraeddy have to see here in july. >> i had the honor of serving as the attache in brussels and before that i served on the committee. my question there is international. what would you learn, what would you advise american policy makers today about american leadership in the financial institutions globally based on your experience. were there any good examples of cooperation? everyone knows the story about the sfa. but some good things happened that weren't told and what have you learned about american leadership in the process? >> i will say this, read "on the blink." what happened, how it happened, when it happened. that story is told because i think the crisis in many ways, it brings out the worst in some people, but it bringin

on september 7, 2008, warning sirens sounded when the government took over fannie mae and freddie mac. one week later september 14th lehman brothers collapsed, triggering a global freeze on credit followed by a government takeover of aig. literally overnight the recession became a global crisis. >> this is what brought us to the brink of collapse. >> all because annie went and got a house she couldn't forward? >> congress had to act, bail out the banks from their risky behavior. but the carefully crafted bills to rescue the system went down in defeat in the house of representatives. investors went into full blown panic. the dow dropped 777. points. $1.2 trillion in market value wiped out in a single day. >> we've got much work to do, and this is much too important to simply let fail. >> congress got the message, and on friday, october 3rd, they finally passed the $700 billion relief program, tarp for short. >> five years later is america better off than it was then? yes, because it was that bad. could it happen again? >> could it happen again? on set with us now oh to give context to

just look, fannie and freddie's share of the market. first at the height of the housing boom in 2006, 27%. by 2008 when they were taken over, it was 30 to 40% market share. today 68%. with fha and va loans making up the bulk of the rest, that according to inside mortgage fine nance. federal regulators are trying to wind down fannie and freddie. they have increased their fees they charge lenders and also talk of lowering the loan limits. that hope then is that investors would come back to the market and banks would start lending outside of fannie and freddie. but that will, of course, take a loot of time. plenty more on-line. tyler? >> thank you very much. >>> let's go to dominic for a market flash on an airline that is joining the s&p 500. dominic? >> how about the friendly skies delta in this case here. they're getting a pop in trading up about 7%. late friday, s&p, dow jones end disease will add -- indices will add delaware dell -- delta. here's how some of the other big s&p 500 additions have fared in trading so far this year. on jul

. >> david: fannie and freddie collapsed.nted the banks to take the bad loans. >> i'll concede. fannie and prez are wicked. a lot of democrats are wicked. i'm being serious. government messed things up intervening in the housing market. >> david: why shouldn't we rescue them? >> here is the problem. if you prosecute lawmakers for passing bad laws you would empty out every legislature. so now what do you do to run the government? if you don't like it, barney frank, don't vote for it. >> david: the fact is right now they are trying to put all the problems of the financial crisis on shoulder of the banks. the banks had some blame. so did the lawmakers. >> pay lawmakers in mortgage back security. here is a problem. bill clinton, barney frank, republicans are acting like the big boozezy bar tepidders and the big boozezy frat party handing out free drink and fake i.d.s. even if national bureau of economic research said they were trying to fix income inequality. no less than a progressive newspaper like "village voice" said they wer

i was originally too sanguine about freddie mac and fannie mae. i became persuaded things needed to be changed. as hank said in the book, he became treasury secretary in 2006. we became the majority. we began working together. the first legislation reining in fannie mae and freddie mac was in 2007 when i was chairman and chris dodd. in solution i agree very of with him. i don't think the hybrid, public shareholder mission is too much tension there. here is the free policy debate. some of the free market purists believe, pull out all together. people in the housing business say if you want 30-year fixed-rate mortgages to be available there has to be government guaranty. but the government should not be guarantying credit risk. there should be an availability for people to buy some kind of interest rate risk if they're going to commit for 30 years. price kind of to clear. so that's what we're talking about. that is what corker wants to do. my piece of this, this is what i always felt i think people oversold the importance of homeownership to people.

according to freddie mac. coming up at 5:00 p.m.tile countries. we'll talk to fat burger ceo who is local partner in kenya who was on his way to the mall the day of the shooting. they were considering the mall as a new location. what do you need to know about doing business in dangerous places? that is latest from the fox business network, giving you the power to prosper. ashley: many emerging markets have taken a beating as fed tapering speculation has boosted u.s. treasury yields and sparked an exodus of investors looking for higher returns. so how can they get their economic mojo back? our next guest has some ideas. joining us now, former world bank president bob zoellick, now at the petersen institute. bob, thanks so much for joining us. there was a time when we couldn't literally go through a business newscast without talking about the "bric" countries, brazil, russia, india, china. did that hype lead to a little bit of overconfidence do you think? >> well i think it did. i think, you know, you really have to differentiate amon

we don't know that obama really does want to draw down fannie and freddie or if it's possible, but i think the important part of this debate is that it used to be the backbone and moved to the sub prime variable rates, ballooning mortgage, and many could not pay, unpayable debts, and more than anything else, dprawing back to the different ways we experienced from the housing in the united states, it used to be every white american received a 30-year fixed mortgage. you'd have to have ruined, ruined credit to get anything else, but in redline communities, you received -- african-americans received loans from lenders called loan sharks because they were so predatory, loans that mirror pretty closely the loans that we experience as the sub -- as the rise of the sub prime mortgage market started to kind of balloon in the late 90s and throughout the 2000s. what we saw, and many scholars referred to it, is the marginalization and predatory actions, that at one point in history, only could happen in the secondary market, go completely mainstream and affect people of all races and religions,

fannie and freddie currently support mortgages with balances up to $712,000. the fhfa says it will be a "gradual" reduction in loan limits.the agency calls it an effective approach to reducing taxpayer's mortage-risk exposure while expanding private capital in mortgage finance. critics fear it will shrink the number of home buyers. labor leaders are in for an uphill battle as they struggle against corporations. that's the word from senator elizabeth warren... in a speech opening the afl cio convention in los angeles. the freshman senator kicked off the conference by voicing her support for the labor movement... which has seen a significant drop in political power over the years... as union membership has declined. labor leaders have supported warren for her tough stance against wall street and trade deals that benefit corporations. luxury retailer neiman marcus is sold in a six billion dollar deal.the buyers are ares management and the canada pension plan. neiman's sellers... warburg pincus and tpg capital... bought the retailer in 2005 for 5.1 billion dollars

next year the government is expected to cut the maximum size of mortgages backed by fannie and freddiethat means you won't be able to borrow as much money and be covered. new rules that go into effect restrict the types of mortgages lenders can provide. we'll be watching all of these developments closely here on "your money" to help guide you through the changes in the real estate market. >>> coming up, if you're buried under crushing student debt, help is out there. we're going to tell you how to get it next. vo: at meineke we know that oil is the lifeblood of every car. remember to change it on schedule to keep your car healthy. show your car a little love with an oil change starting at $19.95. >>> the next loan crisis is coming to a college campus near you. you've probably heard the student loan horror stories. it's only a small portion of borrowers, but it does happen 60, 70, 80, even $100,000 in student debt. we've talked a lot about the problem of the low-wage recovery on this show, but for students with high loan balances and low wages, there is a solution no one is talking abou

it wasn't until 2007 when i became chairman that we put limits on fannie mae and freddie mac and put-- >> congressman, it's one thing to say it's fine, you know, for rentals, multifamily. it's another thing to say you weren't promoting homeownership. you certainly admit you were promoting homeownership, right? >> no. what is your -- no. i was promoting homeownership -- >> mr. frank, as long as you were quoting from "the wall street journal," we have one here from 2005 during a speech you made on the floor. i'm not here to -- you know, we're pointing fingers backwards. i want to look forward. anyway, since you brought it up. a quote from you as part of a speech you were discussing a homeownership bill and you said in there, those of us on our committee in particular will continue to push for homeownership. you know, that's what we're looking at right now. >> yes, for people -- for people who can afford it. and i was also at the same time strongly pushing for limitations on the kind of abusive mortgage practices we saw so that people weren't getting mortgages that they couldn't get. wh

next year the government is expected to cut the maximum size of mortgages backed by fannie and freddieeans you won't be able to borrow as much money and be covered. new rules that go into effect restrict the types of mortgages lenders can provide. we'll be watching all of these developments closely here on "your money" to help guide you through the changes in the real estate market. >>> coming up, if you're buried under crushing student debt, help is out there. we're going to tell you how to get it next. vo: at meineke we know that oil is the lifeblood of every car. remember to change it on schedule to keep your car healthy. show your car a little love with an oil change starting at $19.95. then don't miss sleep train's wbest rest event.st ever? you'll find sleep train's very best mattresses at the guaranteed lowest price. plus, pay no interest for 3 years on beautyrest black, stearns & foster, serta icomfort, even tempur-pedic. and rest even better with sleep train's risk-free 100-day money back guarantee. get your best rest ever from sleep train. superior service, best selection, low

fox news senior meteorologist janice dean is here, the author of a new children's book titled freddiedy, it is climate change, it is global warming, those nasty emissions. is it? >> in my opinion no. hurricane sandy did not happen because of climate change which happened because we had atmosphere in blocking, high-pressure in greenland that made this storm kind of backtracking to the northeast and it was a hurricane and it became a hybrid of winter storm and tropical storm and it hit of very highly populated area and cause a lot of damage but if you recall we had the great new england hurricane in 1938 that caused millions of dollars worth of damage, killed 600 people and was a major hurricane when it made landfall and are we blaming that because of climate change? i have also heard the colorado floods climate change. it was the blocking pattern across the u.s.. we had high pressure across south central u.s. call flow which means a low pressure center just sat there and stayed for days and days and days and brought in all this tropical moisture not only from the gulf but the pacific.

. >> chale, neta que te afectÓ grueso lo de freddy, ¿eh? sa! >> ¡oh! al fin se te hizo con la naquita, ¿no? >> ya te dije que no le digas asÍ. >> no, no, bueno, estÁ bien, pero te enojes, alex. digo, lo que pasa es que los moÑos que se puso esa niÑa, no

derivatives market -- >> why aren't you as angry about fannie and freddie and the fha? >> first of all, let me say something. they need to be reformed. the truth is, the government had to weight in to stabilize the mortgage market because of the recklessness on wall street. >> you're talking about afterwards. what about the mere existence? >> well, i think some level of federal support for responsible homeownership makes sense. but across the board, i would agree with you, the kind of changes we need in our financial system have been very slow to come about. >> let's steer the conversation, if we could towards who's going to be the next fed chairman. know you think that's critical to preventing a crisis in the future. who do you think the best choice would be right now? >> i think janet yellen would be an excellent choice. look, i think we want someone at the fed who will be firm and strong and resolute in their oversight of the big mega banks. that's a primary responsibility of the federal reserve. under alan greenspan the federal reserve failed woefully, helping lead

we don't even know if obama really does want to draw down fannie and freddie. we don't know if that is possible at this point where they're so immersed in the housing market, the most aboard part of this debate is that the 30-year fixed mortgage used to be the actual backbone of our housing market. now we have increasingly moved to the sub prime a variable rate ballooning mortgage contract. we saw the results of them when the housing market exploded into does a 7-8. we saw that many people could not pay, that these were, in many places, unpayable debts. and more than anything else, back to that different ways that we have experience throughout the history of the united states housing in the united states committees to be that everyone in america always received a 30- year fixed mortgage. you would have to have ruined, ruined credit to get anything else. in redlined communities, you actually receive -- african-americans actually received loans from lenders that were then called loan sharks because there were so predatory. lows that mirror pretty closely the loan

welcome to another edition of larry king down in january a twenty two year old rapper named freddie ecomog a suicide tweeting leading up till his death some of his final tweets read i'm sorry in god please forgive me and i love you mom and finally it's all bad y'all putting a finger on the trigger that's got us thinking about something we don't often discuss suicide our panel includes dr drew pinsky the board certified physician addiction specialist and host of his own syndicated radio show low. line and dr drew on call which is on h.b.o. and nightly pattie mallette patty is the author of the new york times best selling memoir nowhere but up she's also justin bieber's mother dr dan riden berg is a clinical psychologist the executive director of save suicide awareness voices of education and nonprofit we're going to prevent suicide and help suicide survivors is also managing director of the national council for suicide prevention and is the united states representative for the international association for suicide prevention and cesar milan the dog behaviorist star leader of the pack on the

it is called freddie, the frog caster. >> oh, my gosh.e is fantastic. >> they are great. (applause) >> see now i am addicted. i want them to come while i do the weather. and i do it in back of the green screen and when i give a good forecast. >> you predict rain and blizzards. >> they can go boo. >> and this bunch will. >> case interactive. >> a lot of people don't understand that you are one of the happiest and upbeat people i know and that's why everybody loves and you everyone loves janice don't. many people don't know that you have an incredible attitude about life despite you battle multiple sclers onnis. >> i have been flare up free for a number of years and i am thafrgful for that. i was diagnosed in 200 foif. and because i was diagnosed with an illness, maybe that's why i have a better at to youed and live for today. you don't know what is going to happen tomorrow? and i am fortunate that i have a support group. i have an amazing husband. you met him before. and i have two beautiful children matthew and theodore. i think they save

>> fannie mae and freddie mac web back into conservatorship in 2008 was 1/3 this serious delinquencyas been a ticking time bomb but they put reverse mortgages on the government insurance goal. i testified at that hearing douglas it will blow up in here we are with $5 billion for reverse mortgage losses. gerri: one of the confounding things as the government cannot even predict how much money they have to backstop the fha. >> right. they're very reticent about producing books for the fha so it was like a trade secret. we do know they have staggering delinquency rates right there with seven the shallow end with the low down payment borrowers so there has to be a high credit risk. >> why is the main or freddie mac not as bad? >> fha is a sub provender. ones that went away it shows up as fha. >> so naturally it is in the worst position. don't blame senior citizens. >> it is the factory try to bail everybody out but also the commissioner said this is just the accounting glitch we really didn't want that they make us take it. as of august there are 47 billion net capital position. they are

. >> ay, lupita, tÚ no sabes lo que se siente perder la virginidad con un imbÉcil como el freddy. >>

the agriculture people would not give it up. >> you mentioned fannie and freddie.e have a nationalized mortgage market. what should we do? >> i will get to that but, i want to say that barty and i and democrats and republicans worked these extraordinary authorities for fannie and freddie done. they have not gotten as much attention. these organizations were larger than lehman brothers and were auctioning $20 billion of securities. people bumping the securities, it would have been terrible. number ofagine the defaults we would have had if those institutions were put into conservatorship? anything we did during the crisis -- that is the biggest untold story. i'm concerned because, right now, 90%, not quite, roughly 90% of mortgages in america, residential mortgages, have some kind of government support and i argued that that means that government subsidies are setting the price and not the private marketplace. am nought is that i longer treasury secretary and i do not have a come up with this proposal. what i say is come up with principles. bureauthe corker-warner --

. >> remember fannie and freddie. they were cause i government entity.upposed above amount. the postal service's setting themselves up just like fannie and freddie to have to come knocking on the doorsteps of washington, demanding a taxpayer bailout. gerri: in the bailout of that and then also the bailout of, say, the pensions that these u.s. postal service workers get. we can get hit a ton of different ways as taxpayers. >> that is exactly right. that is a big cost for the postal service, the generous pension. if they're going to ignore the cost there ever read is serious about the long-term structural challenges. >> is a lot of those. thank you for coming on the show. >> the key for having me. gerri: u.s. ps. there will never get together. a new commercial survey says eight out of ten of us have been the target of some sort of financial scam. one of the biggest scams, that is tonight's top live. number five, you won the lottery usually in another country, believe it or not. hard to win, especially when you're not even there. number four, cold calls. sc

there was a movie "jason versus freddy." i forgot what happened in that movie.ht white castle restaurants here. i like their little burgers. in my mind, i heard the music from the shining. not shining. psycho. and just like the words from "star wars", mike lee, i am your father! >> jon: you're losing them! come on, senator ted cruz. this even a filibuster. you had 20 hours to make your case. you're double ivy league. surely you can do better. maybe cite a study or a book. >> dr. suess' green eggs and ham. i do not like them, sam i am. i do not like green eggs and ham. >> jon: so to expect your opposition to obama care, you go with a book about a stubborn jerk that decides he hates something before he's tried it? and when he finally does get a taste -- [cheers & applause] -- he has to admit after tasting it -- >> this is pretty [bleep] good. >> jon: senator cruz, you're trying to save america. get to the dire foundational issue at hand. >> do you like your doctor? do you want to keep seeing your doctor? i'll tell you, americans all over this country are losing th