Elizabeth Warren Introduces the First Report of the Congressional Oversight Panel

[kevingouveia1]

This is all old news ... but ... Elizabeth, my first question is going to be ... "who agreed to pay these BANKS billions of our dollars without having the 'contract' worked out before you allowed them to CASH THE CHECK? As a professor of law ... why wouldn't you start there????

[beancube2008]

Banking, medicine, insurance and mass media Industries on high level sucking the blood from local labors in the name of profit just like the ancient imperial enterprises draining power away from ruling subjects. current superstition with a non-religious name, investment. Where have the so called profit gone or traded from local people and their environment? Why price control when the needed can't afford and the riches spend only credit for it? They take what you don't see create more debt.

[nilent]

She sounds smart, competent and sincere.

She also communicates effectively and conveys a sense that she empathizes with people.

I hope that Obama and the congress totally reregulate us back to the level we were at in the 60's. We were relatively stable and prosperous before Nixon and Reagan gave the big money people permission to legally rape our nation's economy.

We're *all* getting screwed folks, and it's perfectly legal.

In future, these behaviors should put the perps in jail for life!!

[Donsdad2]

Does anyone wlse find it embarrassing that on 12000 folks have watched this video. Obama needs to hire this lady to watchdog the entire government. Congress is more interested in doing whats right for them. "Vote Lizzy For Truth Inspector"

[ambasador21]

go Elizabeth, uncover the massive scale of frauds and theft that's going on, shut down CIA and FED and the world will be a better place to live

[7boon]

I hope she doesn't go into any small aircraft soon.

[quinn2469]

Thanks for posting that info. I've seen all the "Federal Reserve Conspiracy Theory" videos but have never seen any debunking. I always want to hear both sides of a story. Thanks once again.

[quinn2469]

And here is Treasury's answer to all 10 questions.

"LOL@U! We answer to no one."

[silona]

Is she planning on doing these regularly- like a weekly basis via youtube? Cause that would be awesome!

[joepgoldman]

This is great. Well done

[ficote72]

Yes please audit the FED.

[wcarlpdrysdale]

pleas audit the fed

[averageworkinggal]

But, of course, save a bank or two from toxic CDOs and create the second Weimar Republic 1923 in the 21st Century, or save a million or so McMansions and Weimar Republic II also.

You can't save them all, so limits will have to placed.

[averageworkinggal]

What is Treasury's strategy?

Taking the Scandanavian Banking Crisis approach but ignoring the fact the banks exposed to the Alt-A ARM and Option ARM second wave are going down anyway and should not be saved.

So, Treasury will have to resort to using AIG, the GSEs and the Fed to take the toxic CDOs away from the banks before the banks are killed by the coming second wave losses.

[CrazyCurtisLow]

Main Entry: con·spir·a·cy of conspiracy

Pronunciation: \kən-ˈspir-ə-sē\

Function: noun

Inflected Form(s): plural con·spir·a·cies

Etymology: Middle English conspiracie, from Latin conspirare

Date: 14th century

1: the act of conspiring together

2 a: an agreement among conspirators

b: a group of conspirators

[CrazyCurtisLow]

The SCOTUS also ruled that "separate but equal" is okay, free speech has limitations, "prior restraint" exists, and the second amendment is below their authority.

[glassvision]

The Fed is not US gov. True. Get a college text book "Intro. to Business". It's clearly stated that the Fed is private. It's just that America is not educated on that. Freightening reality. Another truth is that the congress is not competent. America is getting screwed.

[averageworkinggal]

The Fed is controlled by a government committee consisting of public officials such as the SecTreas and the OCC commish.

The branches are owned by publically owned bank and savings corporations, not individuals and not foreigners, and have limited representation on the government committee, the Fed Board of Governors.

[averageworkinggal]

crazy, try once in your life to do something intelligent. Get your head out of conspiracy theory kookism and read something intelligent.

Google: "Debunking the Federal Reserve Conspiracy Theories" and learn something for a change.

This is not the vid comment space for conspiracy theory kooks to corrupt with their boneheadeded ignorance of US banking law.

Read the SCOTUS case: McCulloch v. Maryland (1819). A US central bank is very constitutional says the SCOTUS.

[CrazyCurtisLow]

Did you know that the Federal Reserve is a private bank?

The first misconception that most people have is that the Federal Reserve Bank is a branch of the US government. IT IS NOT. THE FEDERAL RESERVE BANK IS A PRIVATE COMPANY. Most people believe it is as American as the Constitution. THE FACT IS THE CONSTITUTION FORBIDS IT'S EXISTENCE. Article 1, Section 8 of the Constitution states that Congress shall have the power to create money and regulate the value thereof.

[averageworkinggal]

Thanks for making a fool of yourself, crazy.

Your assertions clearly show complete ignorance of the law and is just a brainless regurgitated conspiracy theory kookland parroting.

The Constitution does not forbid the existence of the Fed.

The SCOTUS ruled that the second US central bank was constitutional in the 1830s. The Fed is the third.

[CrazyCurtisLow]

First and foremost there are three co-equal branches of government as defined by our Constitution, the SCOTUS being 1 of 3. In 1833 Andrew Jackson vetoed the Bank of US charter renewal and his arguments are below (the SCOTUS essentially ruled that Congress was doing its duty- they did not rule on the "constitutionality of the Bank of USA"

Do your research!

[CrazyCurtisLow]

Google this Workinggal: Andrew Jackson's Bank Veto academicamerican

Have a nice holiday!

Peace!

[averageworkinggal]

Treasury screwed up by taking the Scandanavian Direct Capital Injection approach without calibrating it to the specifics of the US crises. Treasury did not put requirements on injected banks to lend the injected capital.

Treasury needs to concentrate on reestablishing capital flow, which may require bypassing the wrecked banks.

[averageworkinggal]

Expecting Treasury to deal with the foreclosure mess with just $335B or even $700B is not going to be realistic.

The Fed is really the 'shadow TARP' to provide liquidity to refinancing ARMs.

The problem with just refinancing is deflated house prices, with 12M underwater mortgages.

There are 2 big foreclosure problems: 12M underwater mortgages due to negative equity, and millions of ARMs that reset in 2009 and 2010. The hard problem is the nexis of the underwater and ARM mortgages.

[averageworkinggal]

Federal Preemption undermines regulation of the mortgage industry just like it undermines regulation of the credit card industry.

Federal Preemption places the consumer protection burden on federal regulators and they usually fail since consumer protection is not a top priority at the federal level.

[averageworkinggal]

The key thing to not forget is the Forgotten Americans who did not contract for speculative ARMs, did not real estate speculate and buy a house they could not afford, did not live beyond there means.

Don't wreck things for the people who played by the rules to excessively bailout the financially irresponsible people.

Don't forget the Forgotten Americans who don't need a bailout. Don't wreck them financially.

[averageworkinggal]

The direct capital injection approach was a change from the Troubled Asset purchase approach supposedly because of a report on banking crises that came out right after TARP was proposed, or it came from Europe's bailout approach.

[averageworkinggal]

Treasury had the choice: stabilize the wrecked private financial system or let the market resolve it and risk a bigger collapse; or produce a temporary nationalized alternative to replace the private capitalist system until it restructured.

They took an approach based on the Scandinavian banking crises of the 90s with direct capital injection.

Did Treasury underestimate the pending risk of the subprime bowwave of Alt A and Option ARM resets coming in 2009 and 2010 on bank behavior?

[averageworkinggal]

Forced refinancing is not forced per se, it's incentivized refinancing by the prospect of default from pending ARM reset.

ARMs were created specifically for subprime lending. ARMs became the financial cancer of the housing bubble since they fueled subprime lending which produced the price bubble, which Shiller points out was subprime lending on lower priced housing. The price bubble begat a vicious speculative cycle of increasing subprime lending to buy inflating bubble priced housing.

[averageworkinggal]

The root cause of this crisis goes back to government policy that bootstrapped the subprime lending industry from nowhere.

The nature of subprime lending is dependent on ever increasing housing prices to support the force refinancing model of subprime lending. Thus subprime lending was inherently speculative in nature as was subprime securitization, which was dependent on credit enhancement through forced refinancing.

When refinancing collapsed in 2007, the house of cards collapsed.

[averageworkinggal]

Does 'Treasury' also include the Federal Reserve?

The Fed is a big player here.

The Fed is a pseudo-Fourth Branch of government that on the one hand is a financial regulator and on the other hand is independent from the political branches of government.

The Fed is also a significant contributor to the boom and bust.

I don't buy for a minute the arguments of the anti-Fed lunatic fringe (It's a private bank controlled by International Bankers that enslaves us.)

[averageworkinggal]

Elizabeth, since you have specialized in Credit Card abuses, let me suggest something there.

1) Credit Card repricing should be banned.

2) No assignees on defaulted credit card accounts should not be allow to charge the high rates of interest that the regulated financial institution can due to its national bank charter.

NY state and perhaps other states provide that general obligation regulation against third party assignees.

Nationalize that consumer protection.

[ubuibiok]

Paulson, Congress and the TARP have all got the Housing Market solution wrong... Trying to Stabilizing the Market from Price Correction will only delay the recovery and as a mater of fact result in more foreclosures and spread the decline into the Commercial land markets.

Consumer spending must increase and the only way to do that is raise wages. Housing prices have to drop because at current earnings rates most home ownership payments would amount to 50% or more of their Net income.

[ubuibiok]

A Forty year morgage would put most buyers in the grave before their homes could be payed for.

The minimum wage needs to jump to $12.00 now or the government has to allow the foreclosures to go to the Court house steps and slowing the correction. If not, then this slump will drag on 7 to 10 more years, or longer, and drag the Commercial Property down with it.

A faster approach and approval of SBA Loans under 200k need to be streamlined for Energy Conservation and Recycling Programs. +

[garyowen4ever]

madam: when ben bermonkey like his father al greenteeth crashes fed funds rates to historic and unprecedented lows, those rates eviscerate the fdic bank products nest eggs of simple hardworking mainstreet people like widows, orphans, pensioners.EVERYONE KNOWS THAT THE FED IS A WHORE FOR WALL STREET AND THE WEALTH CLASS and everything you are doing is to bail them and yourselves out and the hell with the NON INVESTMENT CLASS! please drop dead you wortthless bureaucrats..

[riddy85]

Has the internet been taken over by black helicopter nut jobs? They're doing the best they can...closing the Federal Reserve is the worst thing we could do..

[kimintexas]

Elizabeth, if you want progress, ask Ron Paul to join your team.

[LoveIsTheAnswer26]

Does she even know the history of the Federal Reserve and Jekyll Island? Bet not. The report only needs to say this: Bankers still fucking us up the ass and slobbering sycophants who just recently clawed themselves out of the lower class into academia can hardly comprehend it.

[super99trooper]

Why is the flag needed in the background? You really think the viewers are confused about which government you represent?

[super99trooper]

Elizabeth, you are very unspecific. Your second job is to prepare a report about regulation and if/how they failed to protect us.

Regulation of what???? Regulate money supply? Power of federal bank (set unreasonably low interest rates)? Changing leverage levels to 1:40? ANnd on and on....

[splashy9]

Now, THAT'S more reassuring. Much better than the crooks that call themselves Republicans.

[zbowling]

this is fantastic. using youtube for these videos is awesome as well.

[cptmrc0]

Please speak out for us. $350 billion is a lot of money, and no one seems to care where it's gone.

[jarettlarson]

First,I would like to say I really appreciate what you are doing.I am 59 years old,an Army Vet.,a 1976 Va.Tech.Grad.I am totally disgusted with the ignorance in Washington.Please find out what happened to the BILLIONS. Thank You Wayne Bailey