Fox News Special Report on The Banking Crisis



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Fox News Special Report on The Banking Crisis .. Part Two by Bret Baier on who knew what when ... excellent report


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Democrats buy votes ... ( 1 month ago by 0cogi)
Democrats buy votes with the tax payers money by giving Fannie and Freddie blank checks and blame Bush for this housing and financial meltdown. Now they abuse their own mess to buy votes again with the taxpayers paychecks.
The only reason the ... ( 1 month ago by writemrbond)
The only reason the republicans were pushing for that was that Wall Street wanted to get more involved in directly buying the mortgages from the loan givers and to push Fannie and Freddie out of the market. Look at the New York Times article from yesterday about Fannie and Freddie.
This program should ... ( 1 month ago by 051038)
This program should be required viewing before anyone decides to vote for the Obama fairy tale...
BUSH, JOHN SNOW, ... ( 1 month ago by PORTUGAL1010)
BUSH, JOHN SNOW, McCAIN and many Republicans WARNED about this looming crisis.
Watch this Video of proof that DO NOTHING GOOD LIBERALS shut down the concerns of Republicans.
HERE IS CLEAR PROOF of how this CRISIS came about and PROOF that Republicans wanted to reign in The Mortgage industry and LIBERALS BLOCKED THEM at every point.
Watch this Video:
rodIc9E1g7E All in the Family.
SMOKING GUN PROOF that Barney Frank is a BOLD FACE LIBERAL LIAR.
We listened to the ... ( 1 month ago by ndonson)
We listened to the FOX news special Sunday evening regarding Barack Obama's ties with ACORN(Association of Community Organizations for Reform)and others. It appears that much is about to surface from FBI investigations.
Now it is up to MSNBC or preferably Barack Obama to give the American people their side.
At a time like this, we all need to become Americans. Government will not rescue us. We must all listen very closely with unbiased ears. Our FREEDOM is just too precious to do otherwise.
I'm a soldier in ... ( 1 month ago by Notyouraverageperson)
I'm a soldier in the U.S. army, and even I am sick of hearing all of this. When it comes down to it, I fight for my COUNTRY, not the courrupt government that has choked the very life out of our people with the "fuck everything up and then point fingers" plan. Its times like these when I would rather be living in the middle ages.
It's very clear to ... ( 1 month ago by j0hnwi11iams)
It's very clear to me the republican propaganda network is going to attempt to use liberals as SCAPEGOATS again. They were only one forcing factor that was driving inflation. There were other more significant factors, primarily firms that engaged in MUCH riskier loans that would put these through the financial meat grinder and turn them into AAA rated securities. These firm were MUCH more leveraged than the GSEs, on the order of 30 to 1.
CRA is also sighted ... ( 1 month ago by j0hnwi11iams)
CRA is also sighted as the cause for making risky loans. The truth is that CRA loans account for less than 10% of the bad loans made. What risks liberals took to extend credit to lower income families pales in significance to the outright gambling going on on wall street. The republicans are dishonest to the core and have to interest in digging any deeper than this.
Exactly how much ... ( 1 month ago by j0hnwi11iams)
Exactly how much did the GSEs contribute to the banking crisis? 85B? That seems like pretty small potatoes compared to the 700B Paulson asked for (added to what has already been used for bail out).
A reasonable estimate would be that the democrats contributed 10% of this mess, IF everything said so far were taken at face value.
All this because the democrats would not support an ideologically rigid bill that would have ham strung the GSEs. Republicans undermine government programs.
So the Republicans ... ( 1 month ago by j0hnwi11iams)
So the Republicans now claiming that Democrats OPPOSED regulation? I am waiting for your head to explode.
Look John Wi11iams ... ( 1 month ago by 1978RDC21)
Look John Wi11iams you can point fingers as much as you want, but the fact remains the video shows Blarney Frank stating that there is no problem with Fannie & Freddie.
The amount of leveraging doesn't matter if slackers would pay their bills. If I sign a contract stating I will pay $x then I should pay $x. The fact that so many people stopped paying their mortgages in a very short time started the chain-reaction.
THIS is what Gov't. programs get you...
The fact (FACT) is ... ( 1 month ago by RockinHGoddess)
The fact (FACT) is that all of this mess starts with ACORN, who used scare tactics dating back 12 years ago to pressure bank presidents to push through questionable housing loans to low income families. They did this with the assistance of a smooth talking lawyer who also provided training to the upper core staff to legally press for these bad loans. And yes...the smooth talker was Mr. Barack Obama.
Don't drink the Kool Aid!!!
McCain just posted ... ( 1 month ago by utubeusa1)
McCain just posted a video on ACORN.
watch?v=0dlnt9maBJA
The Ponzi scheme ... ( 1 month ago by TYX91101)
The Ponzi scheme goes into overdrive with the Lehman securities auction. The verdict? Lehmans' assets marked down to 9 cents on the dollar. The losses are covered by the CDS "insurance" to the tune of $400B. More than enough to implode several other derivative writing institutions. This auction alone is worth half the bailout package. The coup de grace will be exposure of the JPM, GS, and MS derivatives liability. I don't think they'll live to see November
"Exactly how much ... ( 1 month ago by omegabit)
"Exactly how much did the GSEs contribute to the banking crisis? 85B?"
Fannie/Freddie guarantee 6T in mortgages, or ~40% of the 14T estimated U.S. housing value. (based on Paulson's assertion that 700B was 5% of all value.)
Freddie was set up to create a secondary mortgage market. The need to screen out risk was obviated by flipping. Fannie (assisted by Frank's boyfriend) invented & pushed new, risky loan instruments. Everybody abused them, but this is how the market was flooded with cash.
The amount of bad ... ( 1 month ago by j0hnwi11iams)
The amount of bad risk they took on is indicative of the figure in the bailout, or hadn't you figured that out by now? The GSEs were only allowed to purchase conforming loans. There are standards for down payments, source of income, and amount of loan. The vast bulk of the bad debt is in the private sector, where deregulation allowed for mortgage backed securities to be sliced and diced to the point where it was impossible to figure where the risk was.
These instruments ... ( 1 month ago by j0hnwi11iams)
These instruments became opaque. That by itself has a huge effect on investor confidence. That is a big reason why the bubble is not contained. These firms were handing out no income, no job, no assets required, no money down and no payment on principle balloon loans to the speculators trying to make money fast in real estate.
Yes, what part of ... ( 1 month ago by omegabit)
Yes, what part of 6T in mortages or mortgage guarantees was I not clear on? 45% of all outstanding U.S. housing. Fannie was in the business of creating these loans instruments and guaranteeing them. Once they existed, people used them like gasoline on a fire.
You're wrong about amount of risk represented by the bailout. $700B represents the cost a 5% failure rate of all outstanding mortgages. (The actual failure rate is only 2%.) It would shoot up significantly w massive unemployment.
There were PLENTY ... ( 1 month ago by j0hnwi11iams)
There were PLENTY of other firms involved in Mortgage backed securities who were involved in much riskier loans. They would separate loans bundles into different risk tranches making AAA securities out of balloon loans. The credit defaults swaps were completely unregulated and themselves bundled into cash flow securities. There was no knowing what was what and where the buck stopped.
I agree there was a ... ( 1 month ago by omegabit)
I agree there was a lot of Wall Street gasoline poured on this fire. IMO, the dirty secret is:
1. These instruments were exploited by speculative yuppies far more than by unqualified buyers.
2. The mortgage flipping industry yielded massive bonuses. Bonuses, not good intentions, are what was really driving things at Fannie/Freddie.
But, I am saying that Fannie & Freddie owns an incredible percentage of this bad debt, that it created the situation in the name of A.H., and lit the match.
The bad debt is ... ( 1 month ago by j0hnwi11iams)
The bad debt is reflected in the losses, the $85B that they needed for bailout. The bubble burst in the hedge funds and high risk junk securities first, the stuff that had absolutely no safety margin at all. The speculation in derivatives alone makes the whole game highly suspect.
As a lifelong ... ( 1 month ago by UnconcernedCitizen)
As a lifelong Democrat, it saddens me to say that Obama and Barney Frank - along with Dodd - all agreed months ago - indeed weeks ago - that Fannie/Freddie were in fine shape. Truth is, the Republicans had been calling for more regulation and warning about reckless lending practices of Fannie/Freddie for sometime. (BTW, whats wrong with Barney Frank? Why does he talk like Elmer Fudd?)
The Repubs killed ... ( 1 month ago by barbee11)
The Repubs killed the 2006 legislation in the Senate, Freddie paid a lobbyist DCI who targeted 17 Repubs to defeat the bill without their votes the bill would not have passed.
The GSE's were not the cause of this mess they are a secondary mortgage companies..
Their share of sub-prime loans was shrinking, in 2004 Bush adm. pushed new minority home-ownership. HUD who sets the goals of the GSE's increased the percentage of loans for low and moderate buyers for years 2005-2008.
We are at the ... ( 1 week ago by sugarpuddin88)
We are at the non-sustainability point of Democracy!
Pattern that put the banking Mafia in Charge: Community Rein Act, its enhancement in 95 under Clinton; ending the 1933 Glass-Steagall Act; Sarbanes-Oxley Act of July 2002; lifting of leveraging rules; TARP; elimination of the Uptict Rules; FED now rules commodity market = electronic counterfeiting of commodities (ending of 5th Amnd constitution of title); counterfeiting of securities is the new drug!




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