1933 he'd supported virtually all of fdr's proposals including the national industrial recovery act, tva, agricultural adjustment act. later he voted for social security, the national labor relations act and other new deal measures. and during the 1936 presidential campaign george had backed roosevelt all the way. but during fdr's second term he cast votes against some key administration bills including housing bills, court reform, executive reorganization and the wages and hours bill. roosevelt began his talk by discussing the achievements of the rural electrify case administration. it was one of the great new deal successes. before it the free market economy had left much of rural america literally in the dark. then fdr spoke about coming to georgia for the first time 14 years ago in search of a pool of warm water where he might swim his way back to health. and he came to love warm springs in georgia, but he told his audience that there was one discordant note in his first stay at warm springs. when the monthly bill came in for electric light for my little cottage, he said, i found tha

eight securities in the market, guaranteed by fannie mae, freddie mac, the tva also services as the benchmark for privately issued securities, relative to the cda price. -- adjustable-rate loans and a jumbo loans. as we continue to explore different approaches, it is important that we understand how this market works and what impact reforms would have on this market. how will any changes affect the availability of the market by consumers. characteristics of this market, if any, should be preserved. a four to year in from any of our witnesses this morning. this is a very technical but very vitally important part of our mortgage industry. we have to understand the basis before moving forward. we need to accumulate the information on the inside, so that we can start dealing with major issues with respect to the house. i would like to make introductions with that. >> thanks very much. i appreciate your kind words as well. i enjoyed our working relationship. i appreciate the opportunity for us to have this hearing on the t be a market -- tba market. we need to better understand the mechanics as re

>> when you say on tva-hab, i own it. a-h i own that. it. don't even try, hollywood. don't even try.ter i will write an angry letert. and probably not mail it. o t do you have a comment on the show e-mail it.s and to leave a voicemail 212-462-5050. still to come, unfortunately,tuy the half time report from tv's andy levy. >>> tonight's half time report o is sponsored by bubbles. the thin spherical liquidal l inflated with gas.wi thanks, bubbles. >>> this is a fox news alert from new york. standard and poors has down graded the triple-a credit rating to double a plus for the first time ever. this in spite of a deal reached to increase the nation's debt limit. the down grade could raise the rates of credit cards, mortgages and car loans affecting millions of americans. s&p refused a last-minute request from the treasury department to delay the credit down grade. they responded by assert thrg was a $2 trillion error. house speaker john boehner issued a statement following the announcement saying, quote, this decision by s&p is the latest consequence of the out of the con

the hoover dam, the tva, places like that. >> and appear on msnbc -- >> and could have said. >> he could, mike. >> could have said, these never would have happened under this republican congress. never would have happened. >> his stimulus in january of his first year in office sought to spend money on big government firms. one it didn't work to stimulate the economy, and, two, he got the sinking of his poll numbers. it didn't work politically. >> the bush administration were the first to introduce the stimulus program. introduced one in 2008, remember, before the 2009. >> sure, t.a.r.p. right. >> that didn't work. >> no, no. actually a stimulus program in 2008. >> there were bailouts. look, bush put into motion the government spending that began this discomfort. that created -- you could argue that the tea party has created as much by the policies undertaken in the final years of the bush white house as by this president. >> but, i mean, you know, i don't blame obama for this, because the stimulus -- people say enormous stimulus. actually, there hasn't been a big stimulus. all its done,

securities, defined as those securities issued or guaranteed by fannie mae, freddie mac and ginnie mae, the tva also serves as a benchmark for privately issued securities, privately issued security's are priced relatively to tba price. in addition, originated issues taking a market to purchase and sell positions to hedge the origination of loans that are not eligible for trading in tba. for example, a just all right loans and jumbo loans. as we continue to exploit -- explore different approaches, it's important that we understand how the tb the market works and what impact in reforms will have on this market. how will any changes affect the availability of the standard mortgage products sought by consumers. what characteristics of this market, if any, should be preserved. i look for during from all of our witnesses this morning on these issues. in fact, this is a very technical but vitally important part of our securitization. we have to understand the basics before we move forward, but as all of our hearings, the point is to accumulated information on the inside so we can start dealing with th