Alan Grayson Discusses Fannie Mae's Use of Derivatives with James Lockhart of the FHFA

[IncognitoShhh]

what is wrong with the sound? I cant hear any voices

[deeppurple28]

Forget you rejects, I am voting Grayson 2012!

[ConspiracyHist]

The Criminal Reserve of non federally unacountable fraud fucks! End the non-Fed!

[chiggerno19]

You passed the Credit Card Act to protect consumers. Instead, the interest rates on my credit cards doubled even though I had not been late for 10 years. The banks are now going to do away with free services such as free checking. When are you going to learn that the banks are smarter than Congress and will find ways around your Financial Rules and the consumer gets stuck with paying the tab? If this is the Dems answer for fighting for the little people, then STOP IT!! I can't afford your HELP!!

[BusterXXXL]

@chiggerno19 The banks will always have the consumer pay the tab. They are private businesses after all. All the regulations do, is to force them to list all the numbers on the bill, before you sign it.

[chiggerno19]

@BusterXXXL Translation: Congress acts and the consumer gets screwed - and Congress know it. Today, Dodd was discussing the Financial Reform Law and every other word was: if it works, we will see if it works, may not do everything.......While Obama promises that the taxpayer will never again be on the hook for the failures of big business/financial institutions. Which is it? Will work, won't work. They win either way.

[daveme7]

A lot of fox types do ot like Cong. Grayson. I am a conservative and so far wish more congressman would act like Grayson. Love his line Republican healthcare is to dies faster. i disagree with the healthcare plan but seeing that line wonder why Republicans did not think of this first-brilliant line. To me, because of his education and wish conservatives would teach those not so sophisticated about economics and finance

[wcknecht]

It's unclear whether when he says "exposure", is he talking about gross market value, net market value, or notional? He seems to be indicating notional. Not only is this not a meaningful measure of credit exposure, its misleading (notional amounts do not appear on the balance sheet).

[olgrunt1]

it is not hard to figger how they lost their ass they made loans to people then sold them to others who jacked up their payments after two or three times the origional borrower couldn't make the payment! DOUGH

[itillbeme]

Does everyone see how this system that Grayson is trying to change is absolutely corrupt. He is the only congressman in the room and the chair only gives Rep. Grayson 5 minutes to speak with FHFA about the billions of loses and how they got there etc. What a bad game we are in. Rotten to the core.

[nobodysfool67]

@itillbeme

What you see happening is a cover up. It is happening through the Bush-Obama presidencies.

[tomfoolery9]

I like Grayson's tie.

[micmore007a]

Al spamed you. Shills hate others opinions.

[dimon108]

How to Detect a Liar Using Body Language?

People who are lying will usually be very stiff. They may have a stiff body or neck.

Liars will usually touch their face or neck when fibbing. The higher they go up on the face the bigger the lie. (6:33)

[FLPolitics1]

The key statement in this video sums up this entire administration, " Those of us who do not understand history are DOOMED to repeat it."

This is the first thing I have agreed with Alan Grayson on.

Start the video at 2:53 and pay attention to the end. Don't fall asleep in accountant talk.

[kidstalkpolitics]

cool

[tes1900]

He is awesome

[jrfaug06]

The credit loses of $119 mil is not the issue. It caused the entired portfolio to be revalue. A 10% write down of a trillion dollars is $100 Billion.

[hyylo]

put all these fu*ks in jail.

millions of people have lost their jobs because of the private federal reserve.

end the federal reserve. Ron Paul for president.

[captcrais101]

ROn Paul will never be president. The republican party is too evil to let him be the front runner

[cmfluteguy]

The republican party is composed today almost entirely by the 22 percenters that John Dean discusses in his book. They are really stuck now. All their "free market" Ayn Rand, "bad govmint" baloney has come home to roost! Let them rot in hell and never again cloud America with their disgusting mindless drivel!

[pretorious700]

Actually, accepting this government we have now (and previous ones too, to be fair) at face value is the most mindless drivel of all. People are catching on to the scam. Career politicians "left" and "right" care about their careers, not the will of the people.

[tooltalk]

why so many empty seats?

[jblack1854]

The members of these commitees ask their questions by seniority. Grayson is a rookie from FL, so he's near the bottom when it's his turn.

I've often wondered why the other members leave these hearings after they question the witnessess. They should be required to stay for the entire testimony.

[jdubincali]

his (the witness) body language reeks of...NERVOUS & UNSURE

[seanhunter111]

Focussing on notionals is somewhat misleading, but Grayson's questions expose total mismanagement. There are mechanisms to reduce CDS exposure (eg the Trioptima tearups). Secondly, if you go long protection via CDS, then the CDS rate moves, then you go long the risk (ie take the other side), then you are flat in terms of exposure in the event of a credit event, however you will take mark to market losses as the CDS spread moves. Lockhart doesn't understand how this process works.

[crabbydogtrix]

WE ARE SO DOOMED

[mediaboyz]

Honorable Grayson, thanks for staying on top of this! You are doing a great job!

[solojam]

grayson FTW!

[triplectrade]

OK.. this is the second video I tried from this user and again no video.. Whats up?

[Perceiving]

Thank God for you. " personally read" over 100 pages of financial data and stayed to the end to ask your questions! What dedication!

[rdong999]

Lockhart kept emphasizing losses on the "private label securities". When I looked up the meaning of that term, it indicated bonds sold by someone other than a gov't sponsored enterprise (GSE). But Fannie/Freddie are GSEs so I'm confused. Did Fed/Treasury use GSEs to cover losses at major banks much like AIG?

[Perceiving]

Alan, I still don't understand his answer. Could you give us a follow up after you meet wiht him?

[marniespeaks]

Forgive all student loans to American citizens

[BlueSkies360]

Those who don't understand history are doomed to repeat it..

[BlueSkies360]

marniespeaks: Move to Cuba. In this country, if someone loans you money you are supposed to repay it. The money does not grow on trees. Someone worked 8h+ a day to earn it and give it to you.

[jdubincali]

unless it's done under the COLOR of law, deception, and fraud...before you preach about the USA...we're suppose to work under the rule of law & NOBODY is above it. So give your paycheck to your loving government, while I keep the fruits of my labor. In this case, money DOES grow on trees as our currency is PAPER! The fed is legal counterfeiting machine, MORON.

[BlueSkies360]

jdubincali: sorry, YOU are a MORON if you think that money grows on trees.

[jdubincali]

I don't mean to call you moron, my sincere apologies. Our money is paper, backed by nothing but faith. Ironically paper comes from trees. US Constitution demands our money redeemable by gold & silver (real money). The Fed is literally a counterfeiting machine that has power to create money out of thin air. Prices are rising because the paper money is devalued. Gold was $300 p oz 4 years ago, now it's @ $980 p oz because the monetization of the US treasuries. THE WHOLE SYSTEM IS A FRAUD.

[BlueSkies360]

jdubincali: we know that. But the strength of this country is its individuals. Individuals should hold their indvidual values high and not lower themselves to the level of the government. If a person owes money, he has to pay it back. People should be able to rely on their savings.

[arkybarkyo]

something is wrong with the audio feed :(

[gristor1]

boy I would really like to see them doing this answers with a lie detector attach to them. lool . that would make my day

[taxisgay12]

haha with electro-shock "therapy"

[skybirdbird]

Sic em Al !!!!!!!!

[rachelabombdotcom]

Uh Uh Uh what a snake! Look at the hand wringing... Thanks Rep Grayson for all you are doing to keep it real!

[syriangamer]

Is there any way to get a video with better audio? I love watching Alan Grayson's videos, however the audio quality on this one is very hard to understand