Congressman Michael Capuano nails WallStreet Crooks

[orsadam]

The crisis will not be solved by politicians, but economists as always.

[glax1295]

Owned

[Gonzoidz]

these bastards should all be jailed, them and many more.

[maddywoo13]

5 minutes well deserved.

[siennacollege]

what the hell is a derivative?

[Talentz92]

@siennacollege Its a complicated financial product, in some cases the sellers of these products don't even know what they are themselves. Heres a video about it: /watch?v=m3im-iJdhv4.

If the derivative bubble valued roughly at $1.5 Quadrillion ($1,500,000,000,000,000) collapses then it'll make the ongoing financial crisis look like a blip.

[MichaelLessIsMoore]

According to Fox News, a Credit Default Swap is just Capitalism. They leave out the "abuse of" Capitalism part.

[freak3366]

AMEN! This guy needs to be the president, oh wait!@ NWO says he can't.

[biggzcorey]

A Democrat with balls, it's such a rare thing.

[farmboycarl]

Anyone sophisticated enough to understand how Credit Default Swaps and Naked Short Selling not only profit from destruction, but create incentives to CAUSE that destruction, know this man had the balls to look these 7 traitors in the eye, and threaten them on the behalf of 300 million American victims. Notice how the mainstream news made sure most of us were never made aware of it. 8600 views in 2 years. We are the puppets they designed us to be.

[Seasass]

@farmboycarl Agreed. And sadly, not only mainstream news has been letting us down. I remember a brief excerpt from this speech was featured out of context on NPR Planet Money's "Bad Banks" program and Adam Davidson condescendingly dismissed Capuano as directing his anger at the wrong target.

[archados]

Wake up America! Your country is not yours anymore. Vote Democrat OR Republican... they are both liars, bribed by interest groups and corporations and DO NOT HAVE YOUR INTERESTS IN MIND. You are too busy taking serious interest in meaningless things that have no impact on your lives (like American Idol, reality tv shows, music "scene", celebrity personal lives). How can the "wealthiest" and "most powerful" nation in the world have poverty and credit slaves?

[EndureFocusEngageDie]

@archados anymore? lmao it never has been.

[dgl1962]

This is the asshole that told his union boneheads that it's time to "get a little bloody".

He's the same asshole that decried the "violent political rhetoric" that supposedly led to the AZ shooting (which turned out to be false, of course)

[AndrewFinch1]

Fat, idiotic union-loving thug who wants people to use violence with whom they disagree. Way to go Massachusetts!

[nytech04]

by a show of hands how many congressmen want people to get into bloody fights in the streets??? you piece of sum. you will be targeted. just watch. Oh wait will you consider that a threat? well you have threatened me by tell your union aholes to get bloody with tax payers like me.

go to hell you waste of a life.

[ptrace09]

@nytech04 ur a dipshit

[ptrace09]

@nytech04 ur a dipshit

[daboodeef179]

People are stupid. It wasn't the banks who got us into the recession.  It was the government. the Clinton administration passes laws like the Bank Affirmative Action, and the Housing Bills, those got us into the recession.

[dgl1962]

@daboodeef179 Thank you!

It was Barney Frank and his fellow Marxist social engineers in government that forced banks to make loans to unqualified borrowers, then surprise!, they couldn't pay!

Get the government off of our backs and out of our pockets.

[fatsomamacheese]

@daboodeef179 You have no idea what this hearing was even about do you. Do you even know what a credit default swap is? Do you understand that the people who helped cause the economic collapse made hundreds of billions of dollars off of it?

[trifio5242]

simply brilliant...

[protelboy]

This

[doyoureallythinkso]

America: A beacon of Corporatocracy.

[AkamuSlayer]

The fact that men like this Congressman exist gives me hope for America, it gives me hope that the USA can be salvaged and maybe become what it was intended to be, a free market, constitutional society, not a Federal puppet ruled by corrupt old men.

[biggerturtle]

@AkamuSlayer Bloody this moron with a basenball bat

[fdh2006]

support local small businesses

[fdh2006]

gold is in a bubble

[MasterMark123]

GO GET EM .... Michael !!! He's my congressman :)

[garciadelacadena]

Government people always trying to be the heroes, when in FACT they made something BAD, WORST!!

Just remember who approved the rescue package for all those companies!!! remember who gave TAX PAYERS money with NO CONDITIONS

BUT MANY FALL FOR THE GOVERNMENT LIE, WE NEED TO RESCUE THEM OTHERWISE A CATASTROPHE WILL HAPPEN, IT WAS SUPPOSE TO BE THE APOCALYPSE.

AND 2 YRS AFTER THE FINANCIAL RESCUE.. WHERE ARE WE???

RECORD HIGH FORECLOSURES

9.6 % UNEMPLOYMENT

GOV. HEALTH CARE IN THE TRILLIONS

[rhodium69]

I was glad your put there feet to the fire , what a bunch of crooks. The congressman has some good questions , the lawyers looked nervous along with the CEO's. Mean while the banks continue to screw this economy and the general public. The cause the collapse , not the public .

[glenncernicky]

I have exactly the same feelings

[billsnitzer]

Fungible is the new cool word to use.

[Gioxtream]

Amazing !!! That was a Nuke.

[MrGlock45cal]

F the banks!!! Cash your checks and keep them somewhere safe! As soon you put your money in the bank your money are not safe! the banks also have control of your money!

Banks Dont give a crap about you! they only care about your money!!

[jonros1369]

that's the truth, you know it when you hear it, pass this clip on and gather enough people and information and go to an honest congressman and take these crooks to jail, and there Washington counterparts and puppet president

[mp3rmd729]

Michael,

Way to go! America needs more bold, brave people like you need to speak out against this horrible evil these banks are engaging in behind the scenes, which is directly affecting the American Citizens! I'm from California, and I would love to speak with you and hopefully absorb some of your tenacity and bravery to speak to these banks! This is the biggest BANK ROBBERY in the history of banks...and it is the Banks who are doing the Robbing!My emial is mp3rmd729@gmail.com

~Ruth~

[Auto5038]

I think we should be qustioning Barney Frank about Freddie and Fannie, the reason we are in a finacial crisis...

[JohnLennon100]

I don't know if Capuano is legitimate or not but these bankers who sit there ....their body language tells us: We don't give a shit, we fucked everybody, we're richer now, we can come and sit our asses here but we're protected ...so again ...We don't care we don't give a shit ...we're powerful and therefore ...untouchables ... this is the fucked up world we live now. People who don't give a shit.

[MrWakethesheeple]

Capuano is a tool of the Federal Reserve banksters. Don't let his shouting fool you.

He will not even let Congress find out which banks got 23 trillion dollars in the bailout. 3/4 of the House supports the bill, but not Capuano.

[Kryptonian250]

The guy travels in nice jets but he's right on there. He's a good congressman.

[NoiseCollector]

Frank advises they need some oral!

Thank you for supporting ACORN and helping the young children from El Salvador become better prostitutes!

[22utoo]

He takes the dollar because he can buy what he wants ahead of time, all fine in good in theory. But how does Joe give back the 0.05cents back if there is only $1 printed? Can you figure out the answer? Well I'll tell you, he has to borrow more!!!!!!!!!!! In essence, money is debt. Please pass this around if you liked it.

[22utoo]

The banking system is the world's biggest fraud business. Imagine there never has been a bank on the planet. Then one day a banker comes up with his fraudulent idea. He sets up a place and says ok Joe, I'll lend you $1, keep in mind Joe has never seen a $1 dollar bill before, but the law has approved of this as a currency. Joe accepts the $1 but the bank says he has to pay that $1 and 0.05cents back in a years time. Ok says Joe, not thinking about it, he takes the $1.

[SarahMichelleSpinosa]

I worked on Congressman Capuano's campaigns in Somerville, MA and I agree with 'thesomervillenews.' He's serious as a heart attack here.

[missyree51]

THANK YOU CONGRESSMAN CAPUANO!

[daniel987878]

well done

[dirtynas]

Senator McCaskill and Michael Capuano represent my voice! Holy Sheet it feels good to see someone, ANYONE!!!!, speak to those guys like that. Just like Mr. Capuano said, they aren't entirely responsible, but they should feel America's financial pain too.

Just so happy to Congress actually calling a spade a spade.

[aznobewan]

Swaps and derivatives are the real reason for the financial crisis. Subprime is only part of it. This guy nails the problem but in the end it won't change the way banks and their financial instruments operate. Banks will always find another way to generate revenue with their paper work. What ever happened to basic financial methods? Hmmph.

[thesomervillenews]

i live two blocks from Rep Capuano and i sat on the somerville school committee when he was mayor. i can personally tell you that he means it when he goes off on someone, its not political grandstanding at all. whether you like him or not, you have to admire his willingness to go ballistic to reinforce his point.

[jtd3k]

These banks didn't do anything illegal. There are no laws against SIVs or CDOs. In fact, CDOs were responsible for making credit so widely available. If SIVs were so bad, why didn't congress ban them after Enron. They are a bunch of reactionaries and can't come up with any ideas on their own or be proactive. Idiots.

[NarcolepticDogstar]

@jtd3k Your the fucking IDIOT. These things WERE FUCKING ILLEGAL, chucklehead. These assholes systematically weakened financial checks and balances and laws against speculations and derivatives that were in place since the fucking great depression. Shut your fucking hole, you don't know wtf your talking about. Either that or you work on wall street, in which case you should be taken out and shot.

[nilent]

Capuano nails it in his 5 minutes.

What's amazing is that America has allowed a legalized Ponzi scheme to become the way we operate our financial "services" industry.

Bernie Madoff stepped over the line; but the banks, brokers and hedge funders tap danced all over that "line" and now the consequences are hitting the fan.

We need new laws. Laws that would criminalize the rape of our economy.

We should let the failed institutions fail and spend the money to help people from the bottom on up!

[wtcombs]

i would vote for him for president

[mfatah281]

I've done some bad things, I may not do some of them ever again, but I may do others repeatedly. That's just how it is, but it's all on my dime!

[mefoolonhill]

'm a big fan of plainspoken people in Congress who stand up and raise hell once in awhile. This is a stellar example, as Massachusetts Rep. Mike Capuano goes ballistic on a bunch of bankers who were testifying yesterday. One could dismiss this as political grandstanding, but I think that breaking down the culture of arrogance on Wall St. and in Washington is a part of the process of fixing what is wrong. Go, Mike !