. >> [inaudible] federal housing finance agents, fhfa can put 'em in receivership, fannie and freddie both. >> i recommended that from the beginning, get shareholders out of the equation. because until you take shareholders out of the equation, fannie and freddie are in this anomalous position where the government has, under law, has stepped into the position of the board and management to try to restore these institutions to financial health. and what that means is that fhfa constantly gets whip sawed with these demands, gee, we want you to support national housing policy, and they come back, and today say, hey, our legal responsibility is to support the gses, and that means tighter credit standards than other policymakers might warrant. in other words, the public/private mix that made the gses so hard for people to deal with in the beginning is continuing to confound people. but i agree with you, i mean, they should be in receivership, and at that point you can make a policy decision on what your debt holders, what happens to them or the mbs holders, mortgage-backed security holders

because of a policy adopted in 2007 by the senate's democratic leadership called roca, or the receivership overcrowding crisis aggravation policy. it prohibits the committee from voting on any public safety bills that could put more prisoners in the state's already crowded prisons. >> unfortunately, red tape. and sometimes they overwrite something. >> reporter: the committee's republican vice chairman wants to get rid of roca, so that all bills get voted on. >> there might have been a good excuse for the roca file in the past but it was abused. it's basically now being used as political cover for -- so that members of the committee don't have to take tough votes. >> reporter: this week, a new version of the bill was introduced, hoping that now, because of public outrage, it will actually get voted on this time in we're not able to put women's rights -- in this 20th century, what's next? >>> time is running out for a pack of killer whales trapped in ice. >> the pod got stuck when part of the hudson bay in canada froze over. the problem is all the orcas have to share a small opening in the i

you know has gone bust they're in receivership now. however they were selling gift cards to the very few hours before they collapsed so now the preferred creditors are ahead of the gift card holders who are these preferred creditors max well these include taxpayer backed royal bank of scotland and lloyds banking group who would have played a leading role in selecting the timing of the administration royal bank of scotland in conjunction with h.m.p. knowingly saul worthless gift cards to the marmite ending poxy druid serum britain no recourse at all speaking of the taxpayer who owns many things in these banks of which they do not even know what the content is of the banks they own they are the consumers and the owners of these banks the same people who are outraged by the who are sunni and ask no questions about what is in their banks here is in the front page of the independent insert taxpayer to pick up bulk of r.b.s. . says five hundred million pound live for fine. that's right the bank while it was owned by the people went out and t

people who at least see their pro free market and pro liberty as the enemy we're going into a receivership collectivism implosion by design to bring us to our knees like the people of greece and now italy and other countries we're under the very same occupation the banks are occupation that you've talked about and it is just a nightmare to behold so when i was on piers morgan and i said if you keep pushing it's going to cost seventy seventy six part two i was just letting them know look i understand the game plan you guys in the internal homeland security documents for a decade that have now been public or for years that we got from law enforcement were confirmed to be accurate gun owners libertarians returning veterans land rights activist anti federal reserve activist. occupy wall street people anti-war people anybody who knows the system is corrupt left right or center anybody who's got an i.q. above room temperature anybody who can tie their shoe laces anybody that knows we've got crooks running things in both parties is being listed as the new enemy and they want to kick off this new

there were taken into receivership at the beginning of the crisis because of the losses they suffered on mortgages and their low levels of capital. there's a pretty widespread agreement in washington that reform is needed for those institutions. the treasury has put out some alternative suggestions. other suggestions have been made by members of congress. so far, not much progress has been made. that is one pretty obvious area that needs to be addressed. i would say that the dodd-frank bill is very broad and has covered many of the major parts .f the financial system pr >> how do you respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it, and members of congress who wish to audit the fed? >> i am not a lawyer. i do know article one, section -- never mind. [laughter] so far, no one has had a supreme court case. the fed performs a critical role of managing the monetary system. let me talk about the other issue, which is more substantive. their bills in congress that would "audit the fed." it sounds like something -- how can a

fannie mae and freddie mac, which were taken into receivership at the beginning of the crisis, because of the losses they suffered cuts of low levels of capital. a pretty widespread agreement in washington that reform is needed. the dodd frank bell is broad and has covered major parts of the financial system. >> this is from an audience member. had he respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it? had he respond to members of congress who wish to audit the fed? >> i am not a lawyer. the fed has been around for a century, and nobody has had a supreme court case. i am not owing to get into that issue. i think the fed performs the critical role of managing the monetary system, which is the power it that congress has to delegate. let me talk to the other issue, which i think is more substantive. as you know, there are bills in congress that would audit the fed. it sounds like something -- how could anybody object to it? don't you have to look and see what is on people's books? the trouble with that, that is not what it

it's called roca or the receivership overcrowding crisis advocation policy. this committee will not vote on public safety bills that could put more prisoners in california's already-crowded prisons. even something as seemingly simple as the assemblyman's bill. what does it say to you about policies, about sacramento, about lawmakers when a no-brainer bill can't get out of committee? >> unfortunately, red tape and bureaucrats, and sometimes that makes such a sense. >> reporter: critics believe members could have voted on this issue, but chose not to. but according to a spokeswoman, the committee's vice chairman wants to get rid of roca so that all bills get voted on. >> there might have been in the past, there might have been a good excuse for the roca file in the past, but it was abused. it's basically now being used as political cover, so that members of the committee don't have to take tough votes. >> reporter: we went to the office of the chairwoman who took time to try to explain that it's not as simple as it looks. it looks like the legislature, the comm

it's called roca, or the receivership over crowding crisis aggravation policy.s committee will not vote on public safety bills that could put more prisoners in california's already crowded prisons, even something as seemingly simple as his bill. what does it say to you about policies, about sacramento, about lawmakers when a no-brainer bill can't get out of committee? >> unfortunately, red tape and bureaucracy exists, and sometimes that overwrites something that makes such sense. >> reporter: critics believe the senate public safety committee misuses rocca. members could have voted on this issue but chose not to. but according to a spokeswoman, the committee's republican vice chairman, senator joel anderson, wants to get rid of rocca so that all bills get voted on. >> there might have been in the past -- there might have been a good excuse for the rocca file in the past, but it was abused. it's basically now being used as political cover. so that members of the committee don't have to take tough votes. >> reporter: we went to the office of the committee chairwom

secondly dsc reform, fannie and freddie need to come out of receivership and we need to figure out what, reform is part of that and other like to see as the focus aggressively on pack -- capital formation. too much capital on the sidelines because of what i perceive to be a climate in which business does not know what the rules are going to be and the rules that they do know about in in too many cases to push their capital away from the market rather than into the market. peter: can you work on with democrats on the issues and get legislation on these issues out of the committee to the full senate? >> i do believe so. obviously there is a significant of the gridlock in congress. the banking committee has a history of working together in a bipartisan fashion. it has broken down in the last couple congresses but senator johnson and i have a good working relationship and i expect to build that back. there will be areas we can agree but there will be areas where we can agree and i believe we will have an opportunity now in this congress to build some really good bipartisan steps forward in

being is the government sponsored enterprise, fannie mae and freddie mac which were taken into receivership at the very beginning of the crisis because of the losses they suffered on mortgages and because of their low levels of capital. at think their is a pretty widespread agreement in washington that reform is needed for those institutions and the treasury has put out some alternative suggestions, other suggestions have been made by members of congress that so far not too much progress has been made in that area and is one pretty obvious area that needs to be addressed. i would say that, you know, the dodd-frank bill is very broad and has covered a lot of the major parts of the financial system. >> this question comes from an audience member. how do you respond to people who question the constitutionality of the federal reserve and would like to severely weaken it and furthermore, respond to members of congress who wish to audit the fed? >> , and not a lawyer, so -- never mind. i am not a lawyer, but the fed has been around for a century and nobody so far has had a supreme court case. i'm

. >> which were taken into receivership at the very beginning of the crisis because of the losses that they suffered on mortgages and because of their low levels of capital. i think there's a pretty widespread agreement in washington that reform is needed for those institutions, um, and the treasury has put out some alternative suggestions, other suggestions have been made by members of congress. but, um, so far not too much progress has been made in that area. and i they's one pretty -- i think that's one pretty obvious area that needs to be addressed. but with i would say that, you know, the bill, dodd-frank bill, of course, is very broad and has covered a lot of the major parts of the financial system. >> this question comes from an audience member. how do can you respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it, and and furthermore, how do you respond to members of congress who wish to audit the fed? >> well, i'm not a lawyer, so i do know article i, section -- never mind. [laughter] i'm not a lawyer, but the fed h

you know has gone bust they're in receivership now. however they were selling gift cards up to the very few hours before they collapsed so now the preferred creditors are ahead of the gift card holders who are these preferred creditors max well these include taxpayer backed royal bank of scotland and lloyds banking group who were.