as part of that they've learned to put a gun to the head of folks and say it's a hijacking like hank paulson did i mean times can this work is like over and over and over they need to hire somebody from hollywood to get a different scriptwriter because this is boring you know look at every single poster for every single movie that comes out of every single scene or in every single country it's a guy holding a gun it never stops people see are always trumps faith best. the way of the world if you can scare somebody into giving you their money it's a lot easier than convincing somebody to invest their money and speaking of hollywood though america was americans were sold on these wars and across the middle east as you know some big video game sort of film like shock and awe well cost of war iraq afghan war is near four trillion dollars says study so again the costs keep on going out americans going to parent lee understand how much they're paying for it those same americans who are sitting there debating saying all the i.m.f. is going to be bailing out these greeks who retire at fifty three ye

claim there will be chaos if we leave the scene they did in two thousand and eight famously with hank paulson in front of congress and they've done it every few months since the debt ceiling is another example in the middle of one right now yeah you know there will be chaos they'll be careful if you give us more of your money and let us run roughshod over the political system and steal everything there's going to be chaos let's look at how an idea can actually genuinely create revolution where you can change the system and not return to business as usual five hundred dollars. or silver if you want it now many look at that and they think oh it's about the price it's about making money off of silver making feel at currency dollars issued by the new york fed and it's more than that it's a revolutionary idea because many people instinctively also say why would max want five hundred dollars silver because he know what the world would look like in five hundred dollars silver world yeah there's a number of really good points there in other words first of all the five hundred dollars still repente ob

i am in the process of getting to karl rove's new book as well as hank paulson's book. i don't know that anything has had more of a lasting impact on what we are talking about today than what happened a couple of years ago with regard to the economic meltdown. i think reading secretary paulson's autobiography will be enlightening. i got pretty frustrated with him by the end of his time as secretary but i want to give him the benefit of the doubt. and see his side of the story since he was there. and front and center with all the discussions. i'm also reading a new book, a local alabama author called the final summit because it is an inspirational journey. he takes real people from the past winston churchill, abraham lincoln, george washington carver and he leaves them in a fictitious way but using real life examples to inspire us to be better leaders and andy is a personal friend. i also just finished every reading which i do every year of my favorite book of all time and that is robert lee's "to kill a mockingbird." she is not only a resident in my district but is some

under president bush, under republican president, with a treasury department headed by hank paulson who was one of the leading investment bankers of this country. under the leading private investment banker of this country, we nationalize our biggest banks but we didn't call it that. paul krugman had the term that became the most interesting term. it was pre privatization. we were pre privatizing the banks in the sense that the government was coming in and bailing them out, buying equity basically with the expectation of allowing them to return to entire private ownership once the financial collapse -- that we recovered from the financial collapse. i like your question because to a certain extent it really puts the figure on some sense on this problem of how we define these systems. could you say that in 2009 when we nationalized the biggest banks in the country or when it was clear that the only way that this country could survive was through government bailout, through the fact that the government was prepared to and did nationalize gm and did partially nationalized the biggest bank,

hank paulson's book. i don't know that anything has had more of a lasting impact on what we're talking about today than what happened a couple of years ago with regard to the meltdown. and i think reading secretary paulson's new autobiography will be in lightening. i've gotten pretty frustrated with him at the end of his secretary and i want to give him the benefit of the doubt and hear his story since he was there with all the discussions. i'm also reading a new book that andy andrews who's a local obama author who which is the final summit because it's an inspirational journey. he takes real people from the past, winston churchill, george washington carver and he weaves them in a fictitious way but using real life examples to inspire us to be better leaders. and andy is a personal friend and i also just finished. and my favorite book of all times is harper lee's to kill a mockingbird. she's not only a friend, a resident of my district. but is someone that has touched the world. i think it's second only

i'm in the process of getting to karl rove's new book as well as hank paulson's book.i don't know that anything has had more of lasting impact on what we're talking about today than what happened a couple of years ago with regard to the economic meltdown. and i think reading secretary paulson's new autobiography will be enlightening. i had gotten pretty frustrated by the end of his time as secretary, but i wanted to give him the benefit of the doubt and see his side of the story since he was there in front and center in all of the discussions. i'm also reading a new book that andy andrews who's a local alabama

what hank paulson as for in the spring of 2008, had he predicted this was the case that he had a choice when lehman brothers and a i g -- as he read the law at the time -- you either pay all the debt or none of the debts. they paid none of the debts of lehman brothers and it paid all the debts for aig and it was neither situation was good. the fdic wanted to pay some of the debt, every penny of which must be recovered. and the federal official unless there was a change in the statute who advanced money to keep one of those institutions going would be committing a federal crime. the better reserve had the power to deal with aig. -- the federal reserve had the power to deal with the 80. they will now be able to set up a facility for institutions that are solvent but illiquid to collateralize with the liquid assets and have some liquidity. it has to be a facility that is available to a whole range of institutions. the comptroller of the currency says that the public must be willing to pay. there will not be any effort to keep a failed institution alive. >> my question is about the f- stock

what hank paulson asked for in the spring of 2008, more than three years ago. he predicted, and this was the case. he had a choice when lehman and a.i.g. -- as he -- as he read the law at the time. he even paid all the debt and none of the debt. both were bad situations. so yes, there is an ability on the part of financial institutions, the fdic, to make some payment of some of the debt. they can pay part of the debt. every penny which must be recovered by the financial institutions. unless there is a change in the statute who advance money to keep one of those institutions going would be committing a federal crime. i think people are prepared to commit federal crimes on behalf of -- no. the other one is the federal reserve. we have been criticized. what's going to happen? the fed is now going to be able to set up a facility for institutions that are solvent but illiquid to come and adequately collateral as i and get some liquidity but it has to be available to the whole institution. so the answer is yes. that's why -- some people saying that is a disadvantage

are the same people who passed a billion dollar bailout plan based on three pages given them by hank paulsonnot going to go tell people we have no clue. >> they had no idea on that and then none of them had any idea what they voted for on the $700 billion stimulus plan, $800 billion stimulus plan. none of them read it. they all admitted they didn't read it. >> now they want to read this word for word? please! >> i'm telling you -- >> whatever. >> -- reform social security, medicare -- the tax system in two weeks. >> i know. >> it is just chaos. >> you have to get the cbo to score the thing. that's going to take -- that's not something that happens in two days. that's a complex econometric problem that takes days to be scored. >> americans at home who don't get the minutia need to understand the folks in congress and the president should be responding to market crises, and in this case it feels like they're the ones creating it. i think that's a lot of frustration for folks at home. >> really is. but i think the president made a very good move yesterday suggesting that he would be willing to

you remember the sense of urgency that we had in 2008 when hank paulson and ben bernanke came to the hill and said, look, guys, this is it. if we do not give the money to the banks now, we're going to fall off the cliff. they managed to do it. i wish the policymakers on the fiscal and monetary sides would sing or to bring that sense of urgency to the unemployment problem. it underlies the financial system ultimately. if we focused on jobs first and banks separate, he might get something done. host: the president might create jobs council. what is that? guest: ironically it was led by as serial jobs exporter. jeff immelt. his company exported thousands of jobs. host: berkeley springs, west virginia, on a line for those unemployed. carl, go ahead. caller: i think that government regulations have a lot to do with killing jobs. small business starting up, they cannot afford to hire lawyers to make sure that they are complying with all the government regulations. it is the lawyers that are killing us. but doctors have to prescribe all kinds of tests to protect themselves against lawsuits.

what thank -- what hank paulson asked for in the spring of 2008, he predicted it -- and this is the case -- he had a choice when lehman and aig. as he read a lot at the time, he either paid all of the debt or none of the debt. he paid none of the debts with lehman, all with a i.t.. both are bad situations. yes, there is an ability on behalf of financial institutions to make some payment of some of the debts. the camp a part of some of the debts. every penny of which must be recovered by an assessment of large financial institutions. any federal official unless there is a state in the statute who what it chance money to deport those institutions going would be committing a federal crime. the other one was the federal reserve which had the power into section 3 of the federal reserve act to deal of aig. is gone. what is going to happen? the fed is now going to be able to set up a facility for institutions that are solvent but liquid did to comment collateralized with the other assets to get some liquidity. has to be a facility which of the * -- by the way, what is widely now acknowledge. so

hank paulson, a goldman sachs executive standing in as secretary of the treasury and metting out customers. i think there would be agreement on that side for future conflicts of access that people be on that one vote and i yield the balance of my time to mr. the balance of my time to mr. frank.