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| TIME | SPEAKER | TEXT |
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| 00:00:06 |
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YESTERDAY, THE HOUSE OVERSIGHT COMMITTEE HELD A PUBLIC HEARING ON THE ECONOMY AND HEARD TESTIMONY... |
| 00:00:25 |
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COMMITTEE WILL PLEASE COME TO ORDER. TODAY IS OUR FOURTH HEARING INTO THE ONGOING FINANCIAL CRISIS.... |
| 00:01:33 |
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IN EACH CASE CORPORATE EXCESS AND GREED AND RICH COMPANY EXECUTIVES AT ENORMOUS COST TO SHAREHOLDERS... |
| 00:01:34 |
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IN EACH CASE CORPORATE EXCESS AND GREED AND RICH COMPANY EXECUTIVES AT ENORMOUS COST TO SHAREHOLDERS... |
| 00:05:04 |
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THANK YOU, MR. CHAIRMAN. YESTERDAY I AGREED WITH YOUR OPENING STATEMENT AND ASSOCIATED MYSELF WITH... |
| 00:05:05 |
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THANK YOU, MR. CHAIRMAN. YESTERDAY I AGREED WITH YOUR OPENING STATEMENT AND ASSOCIATED MYSELF WITH... |
| 00:06:54 |
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IT WAS NOT DEREGULATION IT WAS THE MISHMASH OF REGULATION AND REGULATORS EACH WITH TOO NARROW A VIEW... |
| 00:11:03 |
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PUT THEM TO GOOD USE. |
| 00:11:04 |
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MR. CHAIRMAN. |
| 00:11:05 |
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WHAT REASON DOES -- |
| 00:11:07 |
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I HAVE A UNANIMOUS CONSENT REQUEST. MR. CHAIRMAN, I WOULD LIKE TO SUBMIT FOR THE RECORD AND ALSO ... |
| 00:11:08 |
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I HAVE A UNANIMOUS CONSENT REQUEST. MR. CHAIRMAN, I WOULD LIKE TO SUBMIT FOR THE RECORD AND ALSO ... |
| 00:11:39 |
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UNANIMOUS CONSENT IS TO PUT THE DOCUMENT IN THE RECORD IS THERE ANY OBJECTION -- IS THERE ANY OBJECTION?... |
| 00:11:40 |
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UNANIMOUS CONSENT IS TO PUT THE DOCUMENT IN THE RECORD IS THERE ANY OBJECTION -- IS THERE ANY OBJECTION?... |
| 00:11:49 |
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I JUST WANT TO EXPLAIN THAT |
| 00:11:50 |
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I JUST WANT TO EXPLAIN THAT THIS HEARING IS BEING HIJACKED -- |
| 00:11:54 |
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THIS HEARING IS BEING HIJACKED -- I BELIEVE THERE IS OBJECTION AND THE GENTLEMAN IS NO LONGER RECOGNIZED.... |
| 00:11:55 |
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I BELIEVE THERE IS OBJECTION AND THE GENTLEMAN IS NO LONGER RECOGNIZED. WE HAVE BEFORE US NOW -- |
| 00:12:01 |
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A DISCUSSION OF FANNIE MAE AND FREDDIE MAC. |
| 00:12:02 |
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A DISCUSSION OF FANNIE MAE AND FREDDIE MAC. |
| 00:12:04 |
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THE GENTLEMAN WILL HAVE TO CEASE THE COMMENT SO WE CAN GO |
| 00:12:05 |
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THE GENTLEMAN WILL HAVE TO CEASE THE COMMENT SO WE CAN GO FORWARD WITH OUR -- |
| 00:12:08 |
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FORWARD WITH OUR -- THANK YOU FOR SUCCESSFULLY PUTTING THAT OFF. |
| 00:12:09 |
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THANK YOU FOR SUCCESSFULLY PUTTING THAT OFF. |
| 00:12:12 |
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WE ARE PLEASED TO WELCOME FOR OUR HEARING TODAY THREE VERY DISTINGUISHED WITNESSES. ALAN GREENSPAN... |
| 00:12:13 |
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WE ARE PLEASED TO WELCOME FOR OUR HEARING TODAY THREE VERY DISTINGUISHED WITNESSES. ALAN GREENSPAN... |
| 00:15:45 |
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| 00:15:47 |
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| 00:15:52 |
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| 00:16:14 |
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LITTLE CLOSER, MR. GREENSPAN? THANK YOU. |
| 00:16:18 |
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THANK YOU FOR THIS OPPORTUNITY TO TESTIFY BEFORE YOU THIS MORNING. WE ARE IN THE MIDST OF A ONCE IN... |
| 00:16:19 |
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THANK YOU FOR THIS OPPORTUNITY TO TESTIFY BEFORE YOU THIS MORNING. WE ARE IN THE MIDST OF A ONCE IN... |
| 00:25:42 |
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THANK YOU VERY MUCH, DR. GREENSPAN. MR. COX? |
| 00:25:43 |
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THANK YOU VERY MUCH, DR. GREENSPAN. MR. COX? |
| 00:25:48 |
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THANK YOU, MR. CHAIRMAN, RANKING MEMBER DAVIS AND MEMBERS OF THE COMMITTEE FOR INVITING ME TO DISCUSS... |
| 00:25:49 |
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THANK YOU, MR. CHAIRMAN, RANKING MEMBER DAVIS AND MEMBERS OF THE COMMITTEE FOR INVITING ME TO DISCUSS... |
| 00:32:33 |
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QUESTIONS. THANK YOU VERY MUCH. WE WILL HAVE QUESTIONS FOR YOU, ALL THREE OF YOU, AFTER ALL OF YOU... |
| 00:32:34 |
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THANK YOU VERY MUCH. WE WILL HAVE QUESTIONS FOR YOU, ALL THREE OF YOU, AFTER ALL OF YOU HAVE TESTIFIED.... |
| 00:32:46 |
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THANK YOU VERY MUCH, MRFRM, RANKING MEMBER DAVIS, MEMBERS OF THE COMMITTEE. IT IS AN HONOR AND PRIVILEGE... |
| 00:32:47 |
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THANK YOU VERY MUCH, MRFRM, RANKING MEMBER DAVIS, MEMBERS OF THE COMMITTEE. IT IS AN HONOR AND PRIVILEGE... |
| 00:38:38 |
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I LOOK EACH HAVING THE RIGHT TO RESERVE TIME FOR LATER USE. I WILL START THE QUESTIONING. DR. GREENSPAN,... |
| 00:40:34 |
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PARTIALLY. BUT LET'S SEPARATE THIS PROBLEM INTO ITS COMPONENT PARTS. I TOOK A VERY STRONG POSITION... |
| 00:40:35 |
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PARTIALLY. BUT LET'S SEPARATE THIS PROBLEM INTO ITS COMPONENT PARTS. I TOOK A VERY STRONG POSITION... |
| 00:41:11 |
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SPECIFICALLY. SO YOU DON'T THINK YOU WERE WRONG IN NOT WANTING TO REGULATE THE DERIVATIVES? |
| 00:41:12 |
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SO YOU DON'T THINK YOU WERE WRONG IN NOT WANTING TO REGULATE THE DERIVATIVES? |
| 00:41:16 |
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IT DEPENDS WHICH DERIVATIVES WE ARE TALKING ABOUT. CREDIT DEFAULT SWAPS I THINK HAVE SERIOUS PROBLEMS... |
| 00:41:17 |
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IT DEPENDS WHICH DERIVATIVES WE ARE TALKING ABOUT. CREDIT DEFAULT SWAPS I THINK HAVE SERIOUS PROBLEMS... |
| 00:41:42 |
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RISK. LET ME INTERRUPT YOU BECAUSE WE HAVE A LIMITED AMOUNT OF TIME. YOU SAID IN YOUR STATEMENT THAT... |
| 00:41:43 |
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LET ME INTERRUPT YOU BECAUSE WE HAVE A LIMITED AMOUNT OF TIME. YOU SAID IN YOUR STATEMENT THAT YOU... |
| 00:42:13 |
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WELL, I THINK THAT IS TRUE OF SOME PRODUCTS BUT NOT ALL. I THINK THAT IS THE REASON WHY IT IS IMPORTANT... |
| 00:42:14 |
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WELL, I THINK THAT IS TRUE OF SOME PRODUCTS BUT NOT ALL. I THINK THAT IS THE REASON WHY IT IS IMPORTANT... |
| 00:42:37 |
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WHERE DO YOU THINK YOU MADE A MISTAKE THEN? |
| 00:42:38 |
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WHERE DO YOU THINK YOU MADE A MISTAKE THEN? |
| 00:42:40 |
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I MADE A MAKE IN PRESUMING THAT THE SELF-INTEREST OF ORGANIZATIONS, SPECIFICALLY BANKS AND OTHERS,... |
| 00:42:41 |
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I MADE A MAKE IN PRESUMING THAT THE SELF-INTEREST OF ORGANIZATIONS, SPECIFICALLY BANKS AND OTHERS,... |
| 00:44:01 |
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PAUL KRUGMAN THE PRINCETON PROFESSOR OF ECONOMICS WHO JUST ONE A NOBEL PRIZE WROTE COLUMN IN 2006... |
| 00:44:02 |
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PAUL KRUGMAN THE PRINCETON PROFESSOR OF ECONOMICS WHO JUST ONE A NOBEL PRIZE WROTE COLUMN IN 2006... |
| 00:44:37 |
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LET ME GIVE YOU A LITTLE HISTORY, MR. CHAIRMAN. THERE'S BEEN A CONSIDERABLE AMOUNT OF DISCUSSION ABOUT... |
| 00:44:38 |
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LET ME GIVE YOU A LITTLE HISTORY, MR. CHAIRMAN. THERE'S BEEN A CONSIDERABLE AMOUNT OF DISCUSSION ABOUT... |
| 00:45:26 |
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HE URGED YOU TO MOVE WITH THE POWER THAT YOU HAD AS THE CHAIRMAN OF THE FED, AS BOTH TREASURY DEPARTMENT... |
| 00:45:27 |
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HE URGED YOU TO MOVE WITH THE POWER THAT YOU HAD AS THE CHAIRMAN OF THE FED, AS BOTH TREASURY DEPARTMENT... |
| 00:45:51 |
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MR. @@@@@@@@@@ @ @ gRR) R AND AN OUTSIDE COUNSEL OF EXPERT PROFESSIONALS TO ADVISE ON REGULATORY MATTERS.... |
| 00:46:51 |
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I'M GOING TO INTERRUPT YOU. THE QUESTION I HAVE FOR YOU IS, YOU HAD AN IDEOLOGY. YOU HAD A BELIEF... |
| 00:46:52 |
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I'M GOING TO INTERRUPT YOU. THE QUESTION I HAVE FOR YOU IS, YOU HAD AN IDEOLOGY. YOU HAD A BELIEF... |
| 00:47:36 |
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WELL, REMEMBER, WHAT AN IDEOLOGY IS IS A CONCEPTUAL FRAMEWORK WITH THE WAY PEOPLE DEAL WITH REALITY.... |
| 00:48:05 |
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YOU FOUND A FLAW IN THE REALITY -- |
| 00:48:06 |
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YOU FOUND A FLAW IN THE REALITY -- |
| 00:48:08 |
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FLAW IN THE MODEL THAT I PERCEIVED AS THE CRITICAL FUNCTIONING STRUCTURE THAT DEFINES HOW THE WORLD... |
| 00:48:09 |
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FLAW IN THE MODEL THAT I PERCEIVED AS THE CRITICAL FUNCTIONING STRUCTURE THAT DEFINES HOW THE WORLD... |
| 00:48:15 |
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IN OTHER WORDS, YOU FOUND THAT YOUR VIEW, YOUR IDEOLOGY, WAS NOT RIGHT, WAS NOT WORKING? |
| 00:48:22 |
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WAS NOT RIGHT, WAS NOT WORKING? PRECISELY. THAT PRECISELY THE REASON I WAS SHOCKED, BECAUSE I HAD... |
| 00:48:23 |
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PRECISELY. THAT PRECISELY THE REASON I WAS SHOCKED, BECAUSE I HAD BEEN GOING FOR 40 YEARS OR MORE... |
| 00:48:35 |
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THE PROBLEM IS THE TIME HAS ALREADY EXPIRED AND AS YOU CAN SEE THERE ARE -- |
| 00:48:36 |
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THE PROBLEM IS THE TIME HAS ALREADY EXPIRED AND AS YOU CAN SEE THERE ARE -- |
| 00:48:39 |
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HE WANTS TO ANSWER. |
| 00:48:40 |
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HE WANTS TO ANSWER. |
| 00:48:41 |
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IF YOU HAVE BRIEFLY ANSWER BECAUSE EFFICIENT MANY MEMBERS. |
| 00:48:42 |
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IF YOU HAVE BRIEFLY ANSWER BECAUSE EFFICIENT MANY MEMBERS. |
| 00:48:47 |
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THE REASON BASICALLY IS THAT GOVERNOR GRAMLICH SAID TO ME THAT HE HAD PROBLEMS. INDEED, I HAD HEARD... |
| 00:48:48 |
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THE REASON BASICALLY IS THAT GOVERNOR GRAMLICH SAID TO ME THAT HE HAD PROBLEMS. INDEED, I HAD HEARD... |
| 00:50:49 |
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THINK THE EVIDENCE ISVERY STRONGLY SUPPORTS THAT. I APPRECIATE THAT. ON THE OTHER HAND YOU DIDN'T GET... |
| 00:50:50 |
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I APPRECIATE THAT. ON THE OTHER HAND YOU DIDN'T GET TO VOTE ON REGULATIONS THAT YOU DIDN'T PUT BEFORE... |
| 00:51:06 |
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I YIELD A MINUTE [INAUDIBLE]. |
| 00:51:08 |
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I WAS JUST GOING TO ASK IF YOU NEEDED MORE THAN THE 12 MINUTES BECAUSE YOU RAP OVER BUT THAT IS OK.... |
| 00:51:28 |
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THANK YOU. LET ME START WITH ALL OF YOU, BUT DR. GREENSPAN, I WILL START WITH YOU. I THINK WHAT WE... |
| 00:51:29 |
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THANK YOU. LET ME START WITH ALL OF YOU, BUT DR. GREENSPAN, I WILL START WITH YOU. I THINK WHAT WE... |
| 00:52:26 |
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I HAVE TALKED AT GREAT LENGTH. |
| 00:52:27 |
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I HAVE TALKED AT GREAT LENGTH. |
| 00:52:29 |
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MR. COX, LET ME START WITH YOU. |
| 00:52:32 |
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THANK YOU, MR. CHAIRMAN. REGULATORY GAPS HAVE BEEN THE DEVILLING SOLUTION DURING THE LAST YEAR. IT... |
| 00:52:33 |
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THANK YOU, MR. CHAIRMAN. REGULATORY GAPS HAVE BEEN THE DEVILLING SOLUTION DURING THE LAST YEAR. IT... |
| 00:54:14 |
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I THINK IT IMPORTANT TO NOTE AS CHAIRMAN GREENSPAN DOES HOW MUCH HAS CHANGED SINCE THIS WAS FIRST... |
| 00:54:53 |
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THANK YOU. ALSO ON THE FREDDIE AND FANNIE ISSUE. |
| 00:54:54 |
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THANK YOU. ALSO ON THE FREDDIE AND FANNIE ISSUE. |
| 00:55:03 |
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THANK, CONGRESSMAN DAVIS. IT SEEMS TO ME THE ROOT ISSUE WHEN YOU GET DOWN TO IT SIS RISK AND LEVERAGE.... |
| 00:55:04 |
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THANK, CONGRESSMAN DAVIS. IT SEEMS TO ME THE ROOT ISSUE WHEN YOU GET DOWN TO IT SIS RISK AND LEVERAGE.... |
| 00:57:13 |
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LET ME ASK THIS. HAD A STRONG REGULATOR BEEN PUT IN EARLIER WOULD THAT HAVE REALLY AVERTED THIS CRISIS?... |
| 00:57:14 |
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LET ME ASK THIS. HAD A STRONG REGULATOR BEEN PUT IN EARLIER WOULD THAT HAVE REALLY AVERTED THIS CRISIS?... |
| 00:57:22 |
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NOBODY KNOWS FOR SURE WHETHER IT WOULD HAVE AVERTED IT, BUT I'M CONFIDENT THAT IT WOULD HAVE BEEN... |
| 00:57:44 |
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AND THEY HAD THE APPEARANCE OF GOVERNMENT BACKING IT |
| 00:57:45 |
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AND THEY HAD THE APPEARANCE OF GOVERNMENT BACKING IT |
| 00:57:47 |
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IT ABSOLUTELY HAD THE APPEARANCE OF GOVERNMENT BACKING, WHICH WAS AT THE CENTER OF THE RISK CREATION... |
| 00:57:48 |
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IT ABSOLUTELY HAD THE APPEARANCE OF GOVERNMENT BACKING, WHICH WAS AT THE CENTER OF THE RISK CREATION... |
| 00:58:30 |
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DR. GREENSPAN, THE COMMODITIES FUTURES MODERNIZATION ACT WHICH PASSED CONGRESS BY AN OVERWHELMING... |
| 00:58:31 |
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DR. GREENSPAN, THE COMMODITIES FUTURES MODERNIZATION ACT WHICH PASSED CONGRESS BY AN OVERWHELMING... |
| 00:59:11 |
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ROLES IN THIS. IT IS IMPORTANT WHEN TALKING ABOUT REGULATION NOT TO TALK IN BLANKET TERMS BUT TO FOCUS... |
| 00:59:12 |
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IT IS IMPORTANT WHEN TALKING ABOUT REGULATION NOT TO TALK IN BLANKET TERMS BUT TO FOCUS ON SPECIFIC... |
| 01:02:08 |
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DR. GREENSPAN, PRIOR TO THE BANKRUPTCY OF LEHMAN BROTHERS LAST MONTH, ONE OF THE LARGEST IN OUR HISTORY,... |
| 01:02:09 |
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DR. GREENSPAN, PRIOR TO THE BANKRUPTCY OF LEHMAN BROTHERS LAST MONTH, ONE OF THE LARGEST IN OUR HISTORY,... |
| 01:05:11 |
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THE SENATOR SAID AT THE SAME THING TO ME. SHE IS A LONGTIME FRIEND AND WE HAVE DEBATED THIS ISSUE... |
| 01:05:12 |
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THE SENATOR SAID AT THE SAME THING TO ME. SHE IS A LONGTIME FRIEND AND WE HAVE DEBATED THIS ISSUE... |
| 01:05:40 |
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EXCUSE ME. MY AMENDMENT AND MY EFFORT WAS THAT IT BE LISTED ON THE COMMODITIES FUTURES EXCHANGE. ... |
| 01:05:41 |
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EXCUSE ME. MY AMENDMENT AND MY EFFORT WAS THAT IT BE LISTED ON THE COMMODITIES FUTURES EXCHANGE. ... |
| 01:05:58 |
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DERIVATIVES. I UNDERSTAND. |
| 01:05:59 |
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I UNDERSTAND. |
| 01:06:02 |
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MINE WAS A BROADER ONE. BASICALLY, IT WAS REGULATION OF ENERGY DERIVATIVES. |
| 01:06:03 |
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MINE WAS A BROADER ONE. BASICALLY, IT WAS REGULATION OF ENERGY DERIVATIVES. |
| 01:06:08 |
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I GENERALLY REMEMBERED THAT ISSUE, I WOULD HAVE TO GO BACK AND REFRESH MY MEMORY. IF I MAY, LET ME... |
| 01:06:09 |
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I GENERALLY REMEMBERED THAT ISSUE, I WOULD HAVE TO GO BACK AND REFRESH MY MEMORY. IF I MAY, LET ME... |
| 01:06:19 |
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SOON AS I CAN. THANK YOU. I WOULD APPRECIATE THAT. IN LIGHT OF WHAT HAS HAPPENED IN THE MARKETS,... |
| 01:06:20 |
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THANK YOU. I WOULD APPRECIATE THAT. IN LIGHT OF WHAT HAS HAPPENED IN THE MARKETS, TO YOU BELIEVE THAT... |
| 01:06:36 |
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I HAVE JUST CITED ONE WITH THE CREDIT DEFAULT SWAPS. |
| 01:06:37 |
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I HAVE JUST CITED ONE WITH THE CREDIT DEFAULT SWAPS. |
| 01:06:40 |
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ONLY IN THAT AREA, THANK YOU. MR. SNOW, YOU ALSO OPPOSED THIS EFFORT, JOINING DR. GREENSPAN. THIS... |
| 01:06:41 |
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ONLY IN THAT AREA, THANK YOU. MR. SNOW, YOU ALSO OPPOSED THIS EFFORT, JOINING DR. GREENSPAN. THIS... |
| 01:07:14 |
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TURN ON YOUR MICROPHONE. |
| 01:07:15 |
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TURN ON YOUR MICROPHONE. |
| 01:07:16 |
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THANK YOU FOR THE QUESTION. AS WAS THE CASE WITH THE CHAIRMAN, I DO NOT REMEMBER THAT SINCE FOR THE... |
| 01:07:17 |
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THANK YOU FOR THE QUESTION. AS WAS THE CASE WITH THE CHAIRMAN, I DO NOT REMEMBER THAT SINCE FOR THE... |
| 01:08:46 |
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WE WILL BE PLEASED TO HOLD THE RECORD OPEN TO GET ANY ADDITIONAL COMMENTS. |
| 01:08:47 |
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WE WILL BE PLEASED TO HOLD THE RECORD OPEN TO GET ANY ADDITIONAL COMMENTS. |
| 01:08:53 |
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MR. WAXMAN, MAY I REQUEST AN ADDITIONAL 30 SECONDS TO ASK MY QUESTION? |
| 01:08:54 |
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MR. WAXMAN, MAY I REQUEST AN ADDITIONAL 30 SECONDS TO ASK MY QUESTION? |
| 01:09:01 |
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30 QUESTIONS TO ASK THE QUESTION AND THEN WHO KNOWS HOW LONG TO ANSWER THE QUESTION. |
| 01:09:02 |
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30 QUESTIONS TO ASK THE QUESTION AND THEN WHO KNOWS HOW LONG TO ANSWER THE QUESTION. |
| 01:09:07 |
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I WILL SEND IT TO YOU IN WRITING. |
| 01:09:08 |
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I WILL SEND IT TO YOU IN WRITING. |
| 01:09:12 |
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ON THE REPUBLICAN SIDE, -- |
| 01:09:13 |
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ON THE REPUBLICAN SIDE, -- |
| 01:09:16 |
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MR. CHAIRMAN, MAY I MAKE A UNANIMOUS CONSENT MOTION? |
| 01:09:17 |
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MR. CHAIRMAN, MAY I MAKE A UNANIMOUS CONSENT MOTION? |
| 01:09:21 |
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THE GENTLEMAN WISHES TO BE RECOGNIZED FOR UNANIMOUS CONSENT. |
| 01:09:22 |
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THE GENTLEMAN WISHES TO BE RECOGNIZED FOR UNANIMOUS CONSENT. |
| 01:09:25 |
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BECAUSE OF THE QUESTION THAT YOU ALLOCATED TO RANKING MEMBERS, YOU HAD TO CONSUME 11 MINUTES AND OUR... |
| 01:09:26 |
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BECAUSE OF THE QUESTION THAT YOU ALLOCATED TO RANKING MEMBERS, YOU HAD TO CONSUME 11 MINUTES AND OUR... |
| 01:09:51 |
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ANY OBJECTION TO THAT REQUEST? IF NOT, THAT WOULD BE THE ORDER. |
| 01:09:52 |
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ANY OBJECTION TO THAT REQUEST? IF NOT, THAT WOULD BE THE ORDER. |
| 01:09:56 |
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THANK YOU. AS I SAID AT THE BEGINNING, I TRIED TO ENUNCIATE ALONG WITH MY REQUEST FOR UNANIMOUS CONSENT... |
| 01:09:57 |
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THANK YOU. AS I SAID AT THE BEGINNING, I TRIED TO ENUNCIATE ALONG WITH MY REQUEST FOR UNANIMOUS CONSENT... |
| 01:10:46 |
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THE 19TH. [LAUGHTER] |
| 01:10:47 |
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THE 19TH. [LAUGHTER] |
| 01:10:54 |
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CHRIS, YOU MIGHT RECALL. IT IS A LITTLE THING CALLED AN ELECTION. WE DON'T WANT A TRAIL TO LEAD TO... |
| 01:10:55 |
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CHRIS, YOU MIGHT RECALL. IT IS A LITTLE THING CALLED AN ELECTION. WE DON'T WANT A TRAIL TO LEAD TO... |
| 01:11:33 |
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A TOTAL? 18 AND A HALF. |
| 01:11:34 |
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18 AND A HALF. |
| 01:11:36 |
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[INAUDIBLE] |
| 01:11:37 |
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[INAUDIBLE] |
| 01:11:48 |
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YOU TESTIFIED A FEW MINUTES AGO THAT YOU TRIED TO REGULATE, RIGHT? YOU TRIED TO BRING SOME NEW REGULATION... |
| 01:11:49 |
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YOU TESTIFIED A FEW MINUTES AGO THAT YOU TRIED TO REGULATE, RIGHT? YOU TRIED TO BRING SOME NEW REGULATION... |
| 01:12:10 |
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I DID NOT KNOW THE NUMBER, CONGRESSMAN, BUT I KNEW THERE WAS AN OPPOSITION. |
| 01:12:11 |
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I DID NOT KNOW THE NUMBER, CONGRESSMAN, BUT I KNEW THERE WAS AN OPPOSITION. |
| 01:12:15 |
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WHAT DOES THAT -- WHO IS THE BIGGEST SUBPRIME PRODUCER IN THE U.S.? COUNTRYWIDE. DID ANY OF YOU KNOW... |
| 01:12:16 |
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WHAT DOES THAT -- WHO IS THE BIGGEST SUBPRIME PRODUCER IN THE U.S.? |
| 01:12:23 |
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COUNTRYWIDE. |
| 01:12:28 |
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DID ANY OF YOU KNOW THAT COUNTRYWIDE WAS GIVEN PREFERENTIAL DISCOUNTS TO PUBLIC OFFICIALS AND HEADS... |
| 01:12:43 |
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| 01:12:44 |
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I DID NOT. |
| 01:12:45 |
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NO I DID NOT. |
| 01:12:48 |
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YOU CAME ALONG LATER, CHRIS. DID YOU EVER GET ONE? DO YOU KNOW WHO THE LARGEST RECIPIENT OF CAMPAIGN... |
| 01:12:49 |
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YOU CAME ALONG LATER, CHRIS. DID YOU EVER GET ONE? DO YOU KNOW WHO THE LARGEST RECIPIENT OF CAMPAIGN... |
| 01:13:10 |
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DO YOU KNOW? I DO NOT. |
| 01:13:11 |
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I DO NOT. |
| 01:13:13 |
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I SAID IN 20 YEARS. I SEE YOU THINKING MAYBE IT WAS SENATOR DODD. DO YOU KNOW WHO IT WAS? SENATOR... |
| 01:13:14 |
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I SAID IN 20 YEARS. I SEE YOU THINKING MAYBE IT WAS SENATOR DODD. DO YOU KNOW WHO IT WAS? SENATOR... |
| 01:14:22 |
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I DID NOT. |
| 01:14:23 |
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I DID NOT. |
| 01:14:24 |
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I RECOMMEND THAT YOU ALL GO ON YOUTUBE TO SEE THAT. MR. FRANK SAID THAT THERE IS NO RISK. MR. FRANK... |
| 01:14:25 |
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I RECOMMEND THAT YOU ALL GO ON YOUTUBE TO SEE THAT. MR. FRANK SAID THAT THERE IS NO RISK. MR. FRANK... |
| 01:14:47 |
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NO I DID NOT. |
| 01:14:48 |
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NO I DID NOT. |
| 01:14:51 |
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YOU OUGHT TO SEE THAT. YOU OUGHT TO SEE THE LANGUAGE THAT ONE OF THE MEMBERS OF THE COMMITTEE USED... |
| 01:14:52 |
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YOU OUGHT TO SEE THAT. YOU OUGHT TO SEE THE LANGUAGE THAT ONE OF THE MEMBERS OF THE COMMITTEE USED... |
| 01:15:29 |
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THAT IS NOT THE TYPE OF THING -- @@@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @... |
| 01:15:30 |
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THAT IS NOT THE TYPE OF THING -- @@@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @... |
| 01:15:35 |
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| 01:15:58 |
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WE ARE BUSY ON THAT RIGHT NOW. |
| 01:16:11 |
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ANY CRIMINAL BEHAVIOR, FRAUDULENT BEHAVIOR, SHOULD BE INVESTIGATED AND ACTED UPON PROPERLY BY THE... |
| 01:16:12 |
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ANY CRIMINAL BEHAVIOR, FRAUDULENT BEHAVIOR, SHOULD BE INVESTIGATED AND ACTED UPON PROPERLY BY THE... |
| 01:16:20 |
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THANK YOU, MR. CHAIRMAN. |
| 01:16:21 |
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THANK YOU, MR. CHAIRMAN. |
| 01:16:28 |
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TO SAY THAT WE HAVE HELD FOUR HEARINGS, WE HAVE GOT TWO MORE SCHEDULED. WE HAVE THEM SCHEDULED AFTER... |
| 01:16:29 |
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TO SAY THAT WE HAVE HELD FOUR HEARINGS, WE HAVE GOT TWO MORE SCHEDULED. WE HAVE THEM SCHEDULED AFTER... |
| 01:18:50 |
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I THINK IT WAS A SIGNIFICANT FACTOR, BUT NOT THE PRIMARY CAUSE. |
| 01:18:54 |
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I WOULD AGREE WITH THAT. THERE IS NO QUESTION THAT THE GSE'S FANNIE MAE AND FREDDIE MAC PLAYED A ROLE.... |
| 01:18:55 |
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I WOULD AGREE WITH THAT. THERE IS NO QUESTION THAT THE GSE'S FANNIE MAE AND FREDDIE MAC PLAYED A ROLE.... |
| 01:19:05 |
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WE COULD NOT HEAR YOU. |
| 01:19:07 |
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I THINK THERE IS NO QUESTION THAT THE GSE'S PLAYED A SIGNIFICANT ROLE IN THE SUBPRIME CRISIS AND IN... |
| 01:19:18 |
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MR. SNOW? |
| 01:19:19 |
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MR. SNOW? |
| 01:19:20 |
|
I AGREE WITH THAT. THERE IS NO SINGLE CAUSE OF THIS. MANY THINGS CONTRIBUTED TO IT. ONE OF THE PRIMARY... |
| 01:19:21 |
|
I AGREE WITH THAT. THERE IS NO SINGLE CAUSE OF THIS. MANY THINGS CONTRIBUTED TO IT. ONE OF THE PRIMARY... |
| 01:19:32 |
|
I AGREE WITH THE THREE OF YOU AND THAT IS WHY WE ARE GOING TO LOOK AT THOSE ISSUES. IT DOES NOT MAKE... |
| 01:19:33 |
|
I AGREE WITH THE THREE OF YOU AND THAT IS WHY WE ARE GOING TO LOOK AT THOSE ISSUES. IT DOES NOT MAKE... |
| 01:19:58 |
|
MR. CHAIRMAN? MORTGAGE BROKERS WORK REGULATED, BUT NOT ON THE STATE LEVEL. THE REGULATION WAS AT THE... |
| 01:19:59 |
|
MR. CHAIRMAN? MORTGAGE BROKERS WORK REGULATED, BUT NOT ON THE STATE LEVEL. THE REGULATION WAS AT THE... |
| 01:20:33 |
|
THE DIMENSIONS IT WAS. I AGREE WITH THAT. |
| 01:20:34 |
|
I AGREE WITH THAT. |
| 01:20:36 |
|
FIRST OF ALL, DID YOU ALL KNOW THAT FANNIE MAE WAS COOKING THE BOOKS AND INCREASING THE MORTGAGES... |
| 01:20:37 |
|
FIRST OF ALL, DID YOU ALL KNOW THAT FANNIE MAE WAS COOKING THE BOOKS AND INCREASING THE MORTGAGES... |
| 01:21:00 |
|
I KNOW THAT THERE WAS AN INVESTIGATION OF THE REGULATOR. |
| 01:21:01 |
|
I KNOW THAT THERE WAS AN INVESTIGATION OF THE REGULATOR. |
| 01:21:04 |
|
I HAVE A COPY OF THAT. |
| 01:21:09 |
|
I FOUND SOME IRREGULARITIES AND THAT ACCOUNTING PRACTICES. |
| 01:21:10 |
|
I FOUND SOME IRREGULARITIES AND THAT ACCOUNTING PRACTICES. |
| 01:21:14 |
|
FANNIE MAE WAS PUMPING OUT THESE SUBPRIME SPIT FANNIE MAE WAS A GOVERNMENT SPONSORED MORTGAGE SECURITY... |
| 01:22:00 |
|
IN RESPECT TO COOKING THE BOOKS, THE SEC SUED FANNIE MAE FOR FRAUD WITH ONE OF THE LARGEST SETTLEMENTS... |
| 01:22:01 |
|
IN RESPECT TO COOKING THE BOOKS, THE SEC SUED FANNIE MAE FOR FRAUD WITH ONE OF THE LARGEST SETTLEMENTS... |
| 01:22:11 |
|
YOUR TIME HAS EXPIRED. |
| 01:22:12 |
|
YOUR TIME HAS EXPIRED. |
| 01:22:16 |
|
I HAVE A UNANIMOUS CONSENT REQUEST. I MENTION THIS -- |
| 01:22:20 |
|
STATE YOUR REQUEST. |
| 01:22:21 |
|
STATE YOUR REQUEST. |
| 01:22:27 |
|
I GUESS WE COULD DO SANS THE PICTURES. |
| 01:22:28 |
|
I GUESS WE COULD DO SANS THE PICTURES. |
| 01:22:31 |
|
WITHOUT OBJECTION, YOU SEEK TO SUBMIT THE PARTICLE CALLED, "FOLLOW THE MONEY. " IT WILL BE CALLED... |
| 01:22:43 |
|
MR. CUMMINGS? THANK YOU. I WANT TO ASK QUESTIONS THAT MY CONSTITUENTS WOULD ASK. ALL OF THOSE THAT... |
| 01:22:44 |
|
THANK YOU. I WANT TO ASK QUESTIONS THAT MY CONSTITUENTS WOULD ASK. ALL OF THOSE THAT HAVE BEEN REDUCING... |
| 01:24:47 |
|
THANK YOU. AS YOU KNOW, I HAVE BEEN IN THE VANGUARD OF REGULATORS. I DO NOT BELIEVE I AM THE FIRST... |
| 01:24:48 |
|
THANK YOU. AS YOU KNOW, I HAVE BEEN IN THE VANGUARD OF REGULATORS. I DO NOT BELIEVE I AM THE FIRST... |
| 01:25:25 |
|
I AM TALKING ABOUT THE THREE YEARS THAT YOU WERE THERE. WE WERE PAYING YOUR SALARY FOR THREE YEARS.... |
| 01:25:26 |
|
I AM TALKING ABOUT THE THREE YEARS THAT YOU WERE THERE. WE WERE PAYING YOUR SALARY FOR THREE YEARS.... |
| 01:25:41 |
|
DURING MY TIME AS CHAIRMAN, WE HAVE SEEN A MARKET THAT WAS COMPLETELY UNREGULATED OUTSIDE OF THE JURISDICTION... |
| 01:25:42 |
|
DURING MY TIME AS CHAIRMAN, WE HAVE SEEN A MARKET THAT WAS COMPLETELY UNREGULATED OUTSIDE OF THE JURISDICTION... |
| 01:26:23 |
|
MR. COX, THAT WE ASK YOU ABOUT WHAT YOU COULD DO. YOUR PREDECESSOR, BEFORE HE LEFT, SET UP A TASK... |
| 01:26:24 |
|
MR. COX, THAT WE ASK YOU ABOUT WHAT YOU COULD DO. YOUR PREDECESSOR, BEFORE HE LEFT, SET UP A TASK... |
| 01:27:06 |
|
WHICH HAVE INCREASED THE NUMBER OF PEOPLE THAT ARE FOCUSED ON RISK. |
| 01:27:07 |
|
WHICH HAVE INCREASED THE NUMBER OF PEOPLE THAT ARE FOCUSED ON RISK. |
| 01:27:12 |
|
WHAT HAPPENED TO THE TASK FORCE? |
| 01:27:13 |
|
WHAT HAPPENED TO THE TASK FORCE? |
| 01:27:16 |
|
THE NUMBER OF PEOPLE FOCUSED ON RISK, CONGRESSMAN, HAVE INCREASED UNDER MY CHAIRMANSHIP. |
| 01:27:17 |
|
THE NUMBER OF PEOPLE FOCUSED ON RISK, CONGRESSMAN, HAVE INCREASED UNDER MY CHAIRMANSHIP. |
| 01:27:27 |
|
LET ME TELL YOU WHAT THEY SAID. WE HAVE BEEN TOLD BY FORMER SEC STAFF THAT YOU FAILED TO SUPPORT THE... |
| 01:27:28 |
|
LET ME TELL YOU WHAT THEY SAID. WE HAVE BEEN TOLD BY FORMER SEC STAFF THAT YOU FAILED TO SUPPORT THE... |
| 01:28:12 |
|
I DO NOT THINK THAT IS AN ACCURATE REPRESENTATION OF MY POSITION. THE OFFICE OF RISK ASSESSMENT WAS... |
| 01:28:13 |
|
I DO NOT THINK THAT IS AN ACCURATE REPRESENTATION OF MY POSITION. THE OFFICE OF RISK ASSESSMENT WAS... |
| 01:29:18 |
|
I WISH I HAD MORE TIME. |
| 01:29:19 |
|
I WISH I HAD MORE TIME. |
| 01:29:21 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. RECOGNIZED FOR FIVE MINUTES. |
| 01:29:30 |
|
THANK YOU, MR. CHAIRMAN. ONE OF THE HUGE CHALLENGES, YOU REFERRED TO THE MORAL HAZARDS OF RISK. THE... |
| 01:29:31 |
|
THANK YOU, MR. CHAIRMAN. ONE OF THE HUGE CHALLENGES, YOU REFERRED TO THE MORAL HAZARDS OF RISK. THE... |
| 01:31:13 |
|
NATIONAL HEADQUARTERS. WE HAVE OVER 50 SUBPRIME INVESTIGATIONS UNDERWAY. WE HAVE A COORDINATED NATIONAL... |
| 01:32:13 |
|
WILLARD YESTERDAY IN DEBT RATINGS AUTHORITIES, AS WE SAW, AIG THAT IN JULY, THEY WERE PAYING BONUSES.... |
| 01:32:14 |
|
WILLARD YESTERDAY IN DEBT RATINGS AUTHORITIES, AS WE SAW, AIG THAT IN JULY, THEY WERE PAYING BONUSES.... |
| 01:34:22 |
|
IF I MAY, CONGRESSMAN, THE MARKETS HAVE ALREADY PUNISHED THE PEOPLE WHOM YOU ARE REFERRING TO. A LOT... |
| 01:34:23 |
|
IF I MAY, CONGRESSMAN, THE MARKETS HAVE ALREADY PUNISHED THE PEOPLE WHOM YOU ARE REFERRING TO. A LOT... |
| 01:35:20 |
|
I THANK THE -- I THINK MR. GREENSPAN'S COMMENTS. OUR CONSTITUENTS ARE GETTING PUNISHED. THEY ARE LOSING... |
| 01:38:27 |
|
FIRST, LET ME CORRECT SEVERAL ISSUES, WHICH I REGRET HAVE BEEN CARRIED ON FOR QUITE A SIGNIFICANT... |
| 01:38:28 |
|
FIRST, LET ME CORRECT SEVERAL ISSUES, WHICH I REGRET HAVE BEEN CARRIED ON FOR QUITE A SIGNIFICANT... |
| 01:38:38 |
|
|
| 01:38:39 |
|
COULD YOU SPEAK CLOSER TO THE MICROPHONE? |
| 01:38:40 |
|
YES. IT IS TRUE. AS YOU POINT OUT, I GAVE A SPEECH WHICH WAS ESSENTIALLY CONSTRUCTED BY REPORTING... |
| 01:39:39 |
|
WITH ALL DUE RESPECT, DID YOU |
| 01:39:40 |
|
WITH ALL DUE RESPECT, DID YOU RETRACT WHAT YOU SAID? |
| 01:39:42 |
|
RETRACT WHAT YOU SAID? I DID. |
| 01:39:43 |
|
I DID. |
| 01:39:52 |
|
FROM ""USA TODAY," YOU SAID THAT "5 REPRODUCED THAT SPEECH, WORD FOR WORD TODAY. |
| 01:39:53 |
|
FROM ""USA TODAY," YOU SAID THAT "5 REPRODUCED THAT SPEECH, WORD FOR WORD TODAY. |
| 01:40:03 |
|
THE ISSUE IS THAT THAT SPEECH, TAKEN LITERALLY, IS AN UNEXCEPTIONAL SPEECH. IT SAID THAT IF YOU HAD... |
| 01:40:04 |
|
THE ISSUE IS THAT THAT SPEECH, TAKEN LITERALLY, IS AN UNEXCEPTIONAL SPEECH. IT SAID THAT IF YOU HAD... |
| 01:40:22 |
|
HERE ARE YOUR WORDS. YOU SAID THAT THERE WAS NO CONNECTION. YOU SAID THAT YOU WOULD REPRODUCED THAT... |
| 01:40:23 |
|
HERE ARE YOUR WORDS. YOU SAID THAT THERE WAS NO CONNECTION. YOU SAID THAT YOU WOULD REPRODUCED THAT... |
| 01:40:39 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 01:40:40 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 01:40:42 |
|
WHEN DID YOU TELL THE PUBLIC ABOUT IT? |
| 01:40:43 |
|
WHEN DID YOU TELL THE PUBLIC ABOUT IT? |
| 01:40:46 |
|
I MAY RESPOND, THAT SPEECH WAS A REPORT ON A STAFF STUDY, WHICH IF YOU READ IT TODAY, IT WAS EXCEPTIONAL.... |
| 01:40:47 |
|
I MAY RESPOND, THAT SPEECH WAS A REPORT ON A STAFF STUDY, WHICH IF YOU READ IT TODAY, IT WAS EXCEPTIONAL.... |
| 01:41:27 |
|
WITH ALL DUE RESPECT, HE DID NOT ACTUALLY RESPOND TO THE QUESTION ABOUT WHEN HE KNEW THERE WAS A HOUSING... |
| 01:41:28 |
|
WITH ALL DUE RESPECT, HE DID NOT ACTUALLY RESPOND TO THE QUESTION ABOUT WHEN HE KNEW THERE WAS A HOUSING... |
| 01:41:37 |
|
THE HOUSING BUBBLE BECAME CLEAR TO MEET SOMETIME IN EARLY 2006, IN RETROSPECT. I DID NOT FORECAST... |
| 01:41:38 |
|
THE HOUSING BUBBLE BECAME CLEAR TO MEET SOMETIME IN EARLY 2006, IN RETROSPECT. I DID NOT FORECAST... |
| 01:42:02 |
|
HAVE A GLOBAL DECLINE IN HOME PRICES. THANK YOU. |
| 01:42:03 |
|
THANK YOU. |
| 01:42:06 |
|
THANK YOU, MR. CHAIRMAN. GENTLEMEN, I HOPE YOU KEEP IN MIND THAT FIVE MINUTES IS A SHORT TIME. I... |
| 01:42:07 |
|
THANK YOU, MR. CHAIRMAN. GENTLEMEN, I HOPE YOU KEEP IN MIND THAT FIVE MINUTES IS A SHORT TIME. I... |
| 01:42:40 |
|
YOU ARE ALL SAYING YES? I JUST BATTLED OFF A LIST OF WHAT MOST PEOPLE WILL CONSIDER IMPORTANT THINGS.... |
| 01:43:02 |
|
LET ME START THIS TIME. I DO NOT THINK I COULD HAVE BEEN CLEARER. SOME OF YOU KNOW ABOUT THE HUGE ... |
| 01:43:03 |
|
LET ME START THIS TIME. I DO NOT THINK I COULD HAVE BEEN CLEARER. SOME OF YOU KNOW ABOUT THE HUGE ... |
| 01:43:30 |
|
IF I MAY RESPOND TO THE GSE'S, IN BOTH OF THE 108TH AND 109TH CONGRESS IS, AS A MEMBER OF THE JURISDICTION,... |
| 01:43:31 |
|
IF I MAY RESPOND TO THE GSE'S, IN BOTH OF THE 108TH AND 109TH CONGRESS IS, AS A MEMBER OF THE JURISDICTION,... |
| 01:45:06 |
|
MR. COX, LOOKING AT IDAHO'S MOM AND POP INVESTORS WHO LOST THEIR SAVINGS, THE RETIREMENT FUNDS, SOME... |
| 01:45:07 |
|
MR. COX, LOOKING AT IDAHO'S MOM AND POP INVESTORS WHO LOST THEIR SAVINGS, THE RETIREMENT FUNDS, SOME... |
| 01:45:30 |
|
THERE IS NO QUESTION TH SOMEWHERE@@@@@@@@@@ d@ @ @ @ b)@ @ @ @ @ @ @ @ @ @ COORDINATION WITH OTHER... |
| 01:45:31 |
|
THERE IS NO QUESTION TH SOMEWHERE@@@@@@@@@@ d@ @ @ @ b)@ @ @ @ @ @ @ @ @ @ COORDINATION WITH OTHER... |
| 01:46:39 |
|
THE CHAIRMAN IS TAKING US INTO A DIRECTION THAT HE THINKS WE NEED MORE REGULATION. PERHAPS WE NEED... |
| 01:46:40 |
|
THE CHAIRMAN IS TAKING US INTO A DIRECTION THAT HE THINKS WE NEED MORE REGULATION. PERHAPS WE NEED... |
| 01:47:31 |
|
LET ME TAKE A CRACK AT IT. AS I SAID, IT BECAME CLEAR TO ME THAT NO SINGLE REGULATOR HAD A CLEAR VIEW,... |
| 01:47:32 |
|
LET ME TAKE A CRACK AT IT. AS I SAID, IT BECAME CLEAR TO ME THAT NO SINGLE REGULATOR HAD A CLEAR VIEW,... |
| 01:48:41 |
|
IF I MAY ADD A WORD OR TWO, I THINK IT IS INTERESTING TO OBSERVE THAT WE FIND FAILURES OF REGULATION... |
| 01:48:42 |
|
IF I MAY ADD A WORD OR TWO, I THINK IT IS INTERESTING TO OBSERVE THAT WE FIND FAILURES OF REGULATION... |
| 01:50:19 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 01:50:20 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 01:50:23 |
|
MAY I ANSWER ON BEHALF OF THE SEC? THE TIME FOR ASKING QUESTIONS HAS EXPIRED, BUT PEOPLE ALLOW TIME... |
| 01:50:24 |
|
MAY I ANSWER ON BEHALF OF THE SEC? |
| 01:50:28 |
|
THE TIME FOR ASKING QUESTIONS HAS EXPIRED, BUT PEOPLE ALLOW TIME FOR QUESTIONS PIK I WILL DISAGREE... |
| 01:52:03 |
|
QUICKLY, I HAVE A UNANIMOUS CONSENT. |
| 01:52:04 |
|
QUICKLY, I HAVE A UNANIMOUS CONSENT. |
| 01:52:06 |
|
YOU WILL HAVE TO HOLD OFF ON THAT. |
| 01:52:07 |
|
YOU WILL HAVE TO HOLD OFF ON THAT. |
| 01:52:09 |
|
THANK YOU, MR. CHAIRMAN. |
| 01:52:10 |
|
THANK YOU, MR. CHAIRMAN. |
| 01:52:13 |
|
THERE WAS A REPRESENTATION MADE ABOUT MY VIEW OF REGULATION, AND THE GENTLEMAN FROM IDAHO ONCE MORE... |
| 01:52:14 |
|
THERE WAS A REPRESENTATION MADE ABOUT MY VIEW OF REGULATION, AND THE GENTLEMAN FROM IDAHO ONCE MORE... |
| 01:55:28 |
|
MR. CHAIRMAN? CAN I YIELD MYSELF TWO MINUTES? WE ARE SAYING CULPABILITY. WHAT WAS CONGRESS DOING ALL... |
| 01:55:29 |
|
MR. CHAIRMAN? CAN I YIELD MYSELF TWO MINUTES? |
| 01:55:36 |
|
WE ARE SAYING CULPABILITY. WHAT WAS CONGRESS DOING ALL OF THIS TIME? AT THIS POINT, WE HAD A WARNING... |
| 01:56:03 |
|
GENTLEMEN, YIELD. A LOT BEING PROPOSED WAS ADOPTED BY A BIPARTISAN VOTE. IN THE SENATE, IT WAS BIPARTISAN... |
| 01:56:04 |
|
GENTLEMEN, YIELD. A LOT BEING PROPOSED WAS ADOPTED BY A BIPARTISAN VOTE. IN THE SENATE, IT WAS BIPARTISAN... |
| 01:56:24 |
|
THAT MEET RECLAIM MY TIME. IT WAS THE CHAIRMAN OF THE -- WE HAVE BEEN THROUGH ALL OF THIS. IT LIES... |
| 01:56:25 |
|
THAT MEET RECLAIM MY TIME. IT WAS THE CHAIRMAN OF THE -- WE HAVE BEEN THROUGH ALL OF THIS. IT LIES... |
| 01:57:28 |
|
FOR THE THREE OF YOU, THE BEST THAT WE CAN HOPE FOR HERE, BECAUSE YOU LIVE ON -- BECAUSE YOU WILL... |
| 01:57:29 |
|
FOR THE THREE OF YOU, THE BEST THAT WE CAN HOPE FOR HERE, BECAUSE YOU LIVE ON -- BECAUSE YOU WILL... |
| 01:58:03 |
|
THE GENTLEMAN'S TIME HAS EXPIRED BUT PEOPLE THAT THE WITNESSES ANSWER. |
| 01:58:04 |
|
THE GENTLEMAN'S TIME HAS EXPIRED BUT PEOPLE THAT THE WITNESSES ANSWER. |
| 01:58:08 |
|
I AGREE WITH IT BECAUSE I MADE THE STATEMENT. |
| 01:58:09 |
|
I AGREE WITH IT BECAUSE I MADE THE STATEMENT. |
| 01:58:11 |
|
MR. COX? THAT IS MORE QUANTITATIVE THEN I FEEL COMFORTABLE WITH. THE POINT THAT IT IS A FALLIBLE ... |
| 01:58:12 |
|
MR. COX? |
| 01:58:16 |
|
THAT IS MORE QUANTITATIVE THEN I FEEL COMFORTABLE WITH. THE POINT THAT IT IS A FALLIBLE HUMAN PROCESS... |
| 01:58:17 |
|
THAT IS MORE QUANTITATIVE THEN I FEEL COMFORTABLE WITH. THE POINT THAT IT IS A FALLIBLE HUMAN PROCESS... |
| 01:58:53 |
|
THANK YOU, MR. CHAIRMAN. I THINK REGULATORS NEED MORE TRANSPARENCY ON THE RISKS AND DELEVERAGE IN... |
| 01:58:54 |
|
THANK YOU, MR. CHAIRMAN. I THINK REGULATORS NEED MORE TRANSPARENCY ON THE RISKS AND DELEVERAGE IN... |
| 01:59:32 |
|
MR. CHAIRMAN? I HAVE MY UNANIMOUS CONSENT REQUEST. |
| 01:59:33 |
|
MR. CHAIRMAN? I HAVE MY UNANIMOUS CONSENT REQUEST. |
| 01:59:40 |
|
THE GENTLEMAN WILL HAVE TO HOLD. |
| 01:59:43 |
|
AFTER EACH TIME? |
| 01:59:44 |
|
AFTER EACH TIME? |
| 01:59:45 |
|
WHY DON'T YOU WAIT UNTIL -- |
| 01:59:46 |
|
WHY DON'T YOU WAIT UNTIL -- |
| 01:59:49 |
|
I WANT TO PUT IN THIS PAGE FROM "THE WALL STREET JOURNAL." |
| 01:59:50 |
|
I WANT TO PUT IN THIS PAGE FROM "THE WALL STREET JOURNAL." |
| 01:59:56 |
|
WITHOUT OBJECTION, YOUR ONE PAGE WILL BE PART OF THE RECORD. THE CHAIR WILL COMMENT THAT EVERYONE... |
| 01:59:57 |
|
WITHOUT OBJECTION, YOUR ONE PAGE WILL BE PART OF THE RECORD. THE CHAIR WILL COMMENT THAT EVERYONE... |
| 02:00:34 |
|
DEMOCRATS BY THE WAY CONTROLLED THE SENATE THE FIRST TWO YEARS OF THE BUSH ADMINISTRATION AND LET'S... |
| 02:00:39 |
|
DEMOCRATS BY THE WAY CONTROLLED THE SENATE THE FIRST TWO YEARS OF THE BUSH ADMINISTRATION AND LET'S... |
| 02:01:01 |
|
HARPING. |
| 02:01:03 |
|
WE WILL GO TO MR. TIERNEY FOR HIS QUESTIONS. |
| 02:01:05 |
|
THANK YOU, MR. CHAIRMAN. |
| 02:01:14 |
|
I WANT 20 GO BACK TO THE IRRESPONSIBLE PRIME LENDING BECAUSE I THINK MANY THINK THAT IS THE ROOT CAUSE... |
| 02:01:29 |
|
YES. |
| 02:01:31 |
|
MR. COX SAID THE CURRENT CREDIT MARKET CRISIS BEGAN WITH A DETERIORATION OF MORTGAGE ORIENTATION STANDARDS.... |
| 02:01:32 |
|
CREDIT MARKET CRISIS BEGAN WITH A DETERIORATION OF MORTGAGE ORIENTATION STANDARDS. MR. SNOW CITED... |
| 02:03:51 |
|
LET'S TAKE THE ISSUE OF UNFAIR AND DECEPTIVE PRACTICES, WHICH IS A FUNDAMENTAL CONCEPT TO THE WHOLE... |
| 02:03:52 |
|
LET'S TAKE THE ISSUE OF UNFAIR AND DECEPTIVE PRACTICES, WHICH IS A FUNDAMENTAL CONCEPT TO THE WHOLE... |
| 02:04:46 |
|
LET ME INTERRUPT YOU A SECOND. THE LAW PASSED. THE DEBATE BETWEEN YOUR OFFICE AND CONGRESS WAS OVER... |
| 02:04:47 |
|
LET ME INTERRUPT YOU A SECOND. THE LAW PASSED. THE DEBATE BETWEEN YOUR OFFICE AND CONGRESS WAS OVER... |
| 02:06:33 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:06:37 |
|
THANK YOU, ITS CHAIRMAN. I APPRECIATE YOU POINTING OUT THAT EVEN THOUGH IT MAY LOOK SMALL, THE ICEBERGS... |
| 02:06:38 |
|
THANK YOU, ITS CHAIRMAN. I APPRECIATE YOU POINTING OUT THAT EVEN THOUGH IT MAY LOOK SMALL, THE ICEBERGS... |
| 02:08:49 |
|
WE DO HAVE THE AUTHORITY WE NEED IN THIS AREA. ONE OF -- ONE OF THE FIRST THINGS I DID WHEN I BECAME... |
| 02:08:50 |
|
WE DO HAVE THE AUTHORITY WE NEED IN THIS AREA. ONE OF -- ONE OF THE FIRST THINGS I DID WHEN I BECAME... |
| 02:10:17 |
|
WE WERE TALKING ABOUT ONE OF THE PROBLEMS WITH REGULATIONS IS NOT HOW MUCH WE HAVE, BUT THE ABILITY... |
| 02:10:18 |
|
WE WERE TALKING ABOUT ONE OF THE PROBLEMS WITH REGULATIONS IS NOT HOW MUCH WE HAVE, BUT THE ABILITY... |
| 02:11:05 |
|
I DON'T THINK THE CURRENT REGULATION -- CURRENT REGULATORY SYSTEM WORKS WHEN IT COMES TO THE SHARING... |
| 02:11:06 |
|
I DON'T THINK THE CURRENT REGULATION -- CURRENT REGULATORY SYSTEM WORKS WHEN IT COMES TO THE SHARING... |
| 02:11:53 |
|
SO A LOT PARALLELED WITH 9/11 WHERE INTELLIGENCE PEOPLE ARE NOT SHARING IN FORMATION AND NO ONE GROUP... |
| 02:11:54 |
|
SO A LOT PARALLELED WITH 9/11 WHERE INTELLIGENCE PEOPLE ARE NOT SHARING IN FORMATION AND NO ONE GROUP... |
| 02:12:23 |
|
THE GENTLEMAN'S TIME HAS EXPIRED BUT WE WOULD LIKE TO HEAR ANSWERS. |
| 02:12:24 |
|
THE GENTLEMAN'S TIME HAS EXPIRED BUT WE WOULD LIKE TO HEAR ANSWERS. |
| 02:12:26 |
|
I DON'T HAVE ANY RESPONSE TO THAT. |
| 02:12:27 |
|
I DON'T HAVE ANY RESPONSE TO THAT. |
| 02:12:31 |
|
I THINK IT IS VITALLY IMPORTANT AS THIS HEARING IS DOING TODAY AND YOUR OTHER HEARINGS HAVE DONE,... |
| 02:12:32 |
|
I THINK IT IS VITALLY IMPORTANT AS THIS HEARING IS DOING TODAY AND YOUR OTHER HEARINGS HAVE DONE,... |
| 02:13:38 |
|
NOTHING TO THAT? THANK YOU. THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:13:39 |
|
NOTHING TO THAT? THANK YOU. THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:13:44 |
|
THANK YOU, MR. CHAIRMAN. WITH ALL APOLOGIES TO MY NEW ENGLAND COLLEAGUES, I FEEL LIKE I AM LOOKING... |
| 02:13:45 |
|
THANK YOU, MR. CHAIRMAN. WITH ALL APOLOGIES TO MY NEW ENGLAND COLLEAGUES, I FEEL LIKE I AM LOOKING... |
| 02:15:26 |
|
MR. COX, WHY WAS THAT NOT ACTED ON? |
| 02:15:29 |
|
THE S.E.C. CAN'T CREATE FOR YOURSELF AUTHORITY OVER CREDIT RATING AGENCIES. THE PROPOSED RULE WAS... |
| 02:15:30 |
|
THE S.E.C. CAN'T CREATE FOR YOURSELF AUTHORITY OVER CREDIT RATING AGENCIES. THE PROPOSED RULE WAS... |
| 02:16:22 |
|
I APPRECIATE THAT AND I THINK I AGREE THE STEPS YOU ARE TAKING ARE COMMENDABLE AND MAKE SENSE. BUT... |
| 02:16:24 |
|
I AGREE THE STEPS YOU ARE TAKING ARE COMMENDABLE AND MAKE SENSE. BUT YOUR PREDECESSOR, WILLIAM DONALDSON... |
| 02:16:52 |
|
THE CERTIFICATION PROCESS -- REMEMBER IN THAT TIME, THERE WERE ESSENTIALLY THREE MAIN RATING AGENCIES.... |
| 02:16:53 |
|
THE CERTIFICATION PROCESS -- REMEMBER IN THAT TIME, THERE WERE ESSENTIALLY THREE MAIN RATING AGENCIES.... |
| 02:18:01 |
|
I AGREE WITH THAT, BUT I DON'T UNDERSTAND YOUR POINT THAT YOU COULD NOT DECERTIFY THE AGENCY'S. IF... |
| 02:18:02 |
|
I AGREE WITH THAT, BUT I DON'T UNDERSTAND YOUR POINT THAT YOU COULD NOT DECERTIFY THE AGENCY'S. IF... |
| 02:18:18 |
|
THE RULE CONCERNING NRSROS WAS LIMITED TO THAT. HE HAVE TO CREDIT THE AGENCY FOR TRYING TO MOVE INTO... |
| 02:18:19 |
|
THE RULE CONCERNING NRSROS WAS LIMITED TO THAT. HE HAVE TO CREDIT THE AGENCY FOR TRYING TO MOVE INTO... |
| 02:18:37 |
|
|
| 02:18:38 |
|
SO THAT IS WHY YOU DROP THE |
| 02:18:39 |
|
YES. THE FOCUS WAS ON GETTING THE LEGISLATION PASSED WHICH HAPPENED VERY QUICKLY. WE BEAT THE DEADLINE... |
| 02:18:52 |
|
THANK YOU. |
| 02:18:53 |
|
THANK YOU. |
| 02:18:57 |
|
THANK YOU, MR. CHAIRMAN, I APPRECIATE YOU AND THE RANKING MEMBERS EFFORTS ON INVESTIGATING THIS COUNTRY... |
| 02:18:58 |
|
THANK YOU, MR. CHAIRMAN, I APPRECIATE YOU AND THE RANKING MEMBERS EFFORTS ON INVESTIGATING THIS COUNTRY... |
| 02:20:48 |
|
IT IS INSTRUCTIVE TO GO BACK TO THE EARLY STAGES OF THE SUBPRIME MARKET, WHICH IS -- WHICH ESSENTIALLY... |
| 02:20:49 |
|
IT IS INSTRUCTIVE TO GO BACK TO THE EARLY STAGES OF THE SUBPRIME MARKET, WHICH IS -- WHICH ESSENTIALLY... |
| 02:24:42 |
|
COULD BE OTHER MEMBERS ANSWER THAT QUESTION? |
| 02:24:43 |
|
COULD BE OTHER MEMBERS ANSWER THAT QUESTION? |
| 02:24:46 |
|
IF YOU WISH TO RESPOND TO THE QUESTION THAT IS OUTSTANDING? |
| 02:24:47 |
|
IF YOU WISH TO RESPOND TO THE QUESTION THAT IS OUTSTANDING? |
| 02:24:50 |
|
COULD YOU RESTATE THE QUESTION? |
| 02:24:51 |
|
COULD YOU RESTATE THE QUESTION? |
| 02:24:55 |
|
ON SPECIFICALLY CRA, AND GOING FORWARD, AND I'M NOT ASKING WHETHER WE COULD HAVE PREDICTED IT, AND... |
| 02:24:56 |
|
ON SPECIFICALLY CRA, AND GOING FORWARD, AND I'M NOT ASKING WHETHER WE COULD HAVE PREDICTED IT, AND... |
| 02:25:19 |
|
I WILL JUST POINT OUT THE OBVIOUS WHICH IS THAT THE SEC DOES NOT REGULATE LENDING OR CREDIT OR MORTGAGES.... |
| 02:25:20 |
|
I WILL JUST POINT OUT THE OBVIOUS WHICH IS THAT THE SEC DOES NOT REGULATE LENDING OR CREDIT OR MORTGAGES.... |
| 02:25:56 |
|
THANK YOU. |
| 02:25:57 |
|
THANK YOU. |
| 02:26:00 |
|
I ACTUALLY THINK IT IS A MUCH BROADER PHENOMENON AND IN THE RISK OF BEING CONTROVERSY ALL, WE HAVE... |
| 02:26:01 |
|
I ACTUALLY THINK IT IS A MUCH BROADER PHENOMENON AND IN THE RISK OF BEING CONTROVERSY ALL, WE HAVE... |
| 02:27:10 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:27:11 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:27:15 |
|
DR. GREENSPAN, YOU MADE AN INTERESTING COMMENT, THE FEDERAL RESERVE HAS THE BEST ECONOMIC ORGANIZATION... |
| 02:27:16 |
|
DR. GREENSPAN, YOU MADE AN INTERESTING COMMENT, THE FEDERAL RESERVE HAS THE BEST ECONOMIC ORGANIZATION... |
| 02:27:56 |
|
I'M NOT SURE. I THINK WE ALL HAVE AS MUCH INFORMATION AS PROBABLY WAS AVAILABLE. SO I'M NOT CLEAR,... |
| 02:27:57 |
|
I'M NOT SURE. I THINK WE ALL HAVE AS MUCH INFORMATION AS PROBABLY WAS AVAILABLE. SO I'M NOT CLEAR,... |
| 02:29:21 |
|
MR. COX? |
| 02:29:22 |
|
MR. COX? |
| 02:29:24 |
|
I'M GOING TO ANSWER THE QUESTION FROM A SLIGHTLY DIFFERENT ANGLE SO AS NOT TO DISAGREE ANY MORE THAN... |
| 02:29:25 |
|
I'M GOING TO ANSWER THE QUESTION FROM A SLIGHTLY DIFFERENT ANGLE SO AS NOT TO DISAGREE ANY MORE THAN... |
| 02:31:04 |
|
GET TO COORDINATE BETTER. I AGREE WITH YOU, CONGRESSMAN DAVIS. I THINK WE HAVE TOO MANY STOVE PIPES... |
| 02:31:07 |
|
I AGREE WITH YOU, CONGRESSMAN DAVIS. I THINK WE HAVE TOO MANY STOVE PIPES IN THE FINANCIAL MARKET,... |
| 02:32:21 |
|
THANK YOU VERY MUCH. AS I UNDERSTAND -- YOU HAVEN'T UNANIMOUS CONSENT REQUEST? |
| 02:32:30 |
|
I ASK UNANIMOUS CONSENT THAT THE PLACE IN THE RECORD THE REPORT OF THE SENATE COMMITTEE ON GOVERNMENT... |
| 02:32:31 |
|
I ASK UNANIMOUS CONSENT THAT THE PLACE IN THE RECORD THE REPORT OF THE SENATE COMMITTEE ON GOVERNMENT... |
| 02:32:58 |
|
WITHOUT OBJECTION, THE DOCUMENT WILL BE MADE PART OF THE RECORD. |
| 02:32:59 |
|
WITHOUT OBJECTION, THE DOCUMENT WILL BE MADE PART OF THE RECORD. |
| 02:33:03 |
|
THIS IS A QUESTION FOR ALL THREE OF YOU. I'M USING LANGUAGE FROM DR. GREENSPAN, BUT THIS IS FOR ALL... |
| 02:33:04 |
|
THIS IS A QUESTION FOR ALL THREE OF YOU. I'M USING LANGUAGE FROM DR. GREENSPAN, BUT THIS IS FOR ALL... |
| 02:37:06 |
|
FIRST OF ALL, ON DERIVATIVES, REMEMBER IN 1994, AND INDEED PRETTY MUCH THROUGHOUT 2004, EVEN 2005,... |
| 02:37:07 |
|
FIRST OF ALL, ON DERIVATIVES, REMEMBER IN 1994, AND INDEED PRETTY MUCH THROUGHOUT 2004, EVEN 2005,... |
| 02:37:30 |
|
THE G.A.O. TALKED ABOUT -- THIS IS 1994. |
| 02:37:31 |
|
THE G.A.O. TALKED ABOUT -- THIS IS 1994. |
| 02:37:33 |
|
I THINK THEY WERE MISTAKEN. THAT WAS ONE OF THE FORECASTS THAT DID NOT GO RIGHT. IN OTHER WORDS, THE... |
| 02:37:34 |
|
I THINK THEY WERE MISTAKEN. THAT WAS ONE OF THE FORECASTS THAT DID NOT GO RIGHT. IN OTHER WORDS, THE... |
| 02:37:43 |
|
WHAT DID IT GO RIGHT IS THEY SAID YOU COULD SEE A BAILOUT OF THE FINANCIAL SYSTEM. IT WAS PREDICTED... |
| 02:37:44 |
|
WHAT DID IT GO RIGHT IS THEY SAID YOU COULD SEE A BAILOUT OF THE FINANCIAL SYSTEM. IT WAS PREDICTED... |
| 02:37:51 |
|
THE POINT I AM TRYING TO MAKE IS THAT THE ONLY AREAS WHERE WE ARE RUNNING INTO SOME PROBLEMS, WHICH... |
| 02:37:52 |
|
THE POINT I AM TRYING TO MAKE IS THAT THE ONLY AREAS WHERE WE ARE RUNNING INTO SOME PROBLEMS, WHICH... |
| 02:38:07 |
|
HOW WOULD YOU ADVISE THE COMMITTEE, THIS CONGRESS, TO BEGIN TO DO THE APPROPRIATE, INTELLIGENT, REGULATION... |
| 02:38:08 |
|
HOW WOULD YOU ADVISE THE COMMITTEE, THIS CONGRESS, TO BEGIN TO DO THE APPROPRIATE, INTELLIGENT, REGULATION... |
| 02:38:26 |
|
I THINK THERE ARE A NUMBER OF THINGS THAT CAN BE DONE AND SHOULD BE DONE. SECURITIZATION MARKET IS... |
| 02:38:27 |
|
I THINK THERE ARE A NUMBER OF THINGS THAT CAN BE DONE AND SHOULD BE DONE. SECURITIZATION MARKET IS... |
| 02:38:49 |
|
WHAT ABOUT THEM? |
| 02:38:50 |
|
WHAT ABOUT THEM? |
| 02:38:52 |
|
KEPT SOME SKIN IN THE GAME. WE USED TO HAVE SOMETHING TO FUNCTION WELL IN THIS COUNTRY CALLED BANK... |
| 02:38:53 |
|
KEPT SOME SKIN IN THE GAME. WE USED TO HAVE SOMETHING TO FUNCTION WELL IN THIS COUNTRY CALLED BANK... |
| 02:40:11 |
|
MR. COX DID NOT GET A CHANCE |
| 02:40:12 |
|
MR. COX DID NOT GET A CHANCE TO ANSWER. |
| 02:40:13 |
|
TO ANSWER. IF YOU HAVE SOMETHING YOU WOULD LIKE TO ADD BRIEFLY? |
| 02:40:14 |
|
IF YOU HAVE SOMETHING YOU WOULD LIKE TO ADD BRIEFLY? |
| 02:40:19 |
|
I STRONGLY AGREE WITH FORMER SECRETARY SNOW THAT THE MOVEMENT FROM THE ORIGINATE TO HOLD MODEL TO... |
| 02:40:20 |
|
I STRONGLY AGREE WITH FORMER SECRETARY SNOW THAT THE MOVEMENT FROM THE ORIGINATE TO HOLD MODEL TO... |
| 02:41:21 |
|
CAN I PUT INTO THE RECORD THE DOCUMENT FROM WHICH I QUOTED FROM THE GAO FROM 1994, FINANCIAL DERIVATIVES,... |
| 02:41:34 |
|
A MATTER OF PERSONAL PRIVILEGE, PLEASE. |
| 02:41:35 |
|
A MATTER OF PERSONAL PRIVILEGE, PLEASE. |
| 02:41:37 |
|
I AND YES. |
| 02:41:38 |
|
I NOTICE THERE IS A BANNER ON THE OTHER SIDE. I REMEMBER BEING ASKED TO TAKE A BANNER DOWN THAT I HAD.... |
| 02:41:39 |
|
I NOTICE THERE IS A BANNER ON THE OTHER SIDE. I REMEMBER BEING ASKED TO TAKE A BANNER DOWN THAT I HAD.... |
| 02:42:04 |
|
IF YOU WILL YIELD, I WAS NOT AWARE OF IT AND I DON'T KNOW IF WE HAVE A STANDARD, BUT I HEAR THE POINT... |
| 02:42:05 |
|
IF YOU WILL YIELD, I WAS NOT AWARE OF IT AND I DON'T KNOW IF WE HAVE A STANDARD, BUT I HEAR THE POINT... |
| 02:42:22 |
|
THANK YOU, MR. CHAIRMAN. AS IMPORTANT AS IT IS TO LEARN FROM MISTAKES OF THE PAST, I THINK PEOPLE... |
| 02:42:23 |
|
THANK YOU, MR. CHAIRMAN. AS IMPORTANT AS IT IS TO LEARN FROM MISTAKES OF THE PAST, I THINK PEOPLE... |
| 02:44:51 |
|
YOUR MICROPHONE, PLEASE. |
| 02:44:52 |
|
THANK YOU FOR THAT. THANK YOU FOR CALLING ATTENTION TO THE REPORT. ONE THING I DID WAS TO SEND IT TO... |
| 02:44:53 |
|
THANK YOU FOR THAT. THANK YOU FOR CALLING ATTENTION TO THE REPORT. ONE THING I DID WAS TO SEND IT TO... |
| 02:45:31 |
|
FUTURE THAT WE HAVE@@@@@@@RR WAS IT WASN'T IT THE FIRST FLANK IN THE CONTRACT WITH AMERICA TO STOP... |
| 02:46:36 |
|
INDEED, JUST ON THE POINT THAT YOU MADE ABOUT THE CONTRACT WITH AMERICA SPECIFICALLY THAT WAS ABOUT... |
| 02:46:37 |
|
INDEED, JUST ON THE POINT THAT YOU MADE ABOUT THE CONTRACT WITH AMERICA SPECIFICALLY THAT WAS ABOUT... |
| 02:47:27 |
|
IF YOU ARE SO INFORMED ABOUT THE NUMBERS, WHAT IS THE CURRENT FISCAL GAP FOR THE UNITED STATES OF AMERICA?... |
| 02:47:28 |
|
IF YOU ARE SO INFORMED ABOUT THE NUMBERS, WHAT IS THE CURRENT FISCAL GAP FOR THE UNITED STATES OF AMERICA?... |
| 02:47:32 |
|
IT IS CHANGING RATHER RAPIDLY. |
| 02:47:33 |
|
IT IS CHANGING RATHER RAPIDLY. |
| 02:47:36 |
|
GIVE ME A BALLPARK NUMBER. |
| 02:47:41 |
|
I JUST MET WITH THE DIRECTOR AND TALK WITH HIM ABOUT WHAT WOULD BE THE IMPACT -- |
| 02:47:45 |
|
BALL PARK IS FINE. GIVE ME A NUMBER. |
| 02:47:46 |
|
BALL PARK IS FINE. GIVE ME A NUMBER. |
| 02:47:51 |
|
THE SCORING OF THE $700 BILLION THAT CONGRESS JUST APPROVED WILL HAVE SUCH A MATERIAL IMPACT ON THIS... |
| 02:47:59 |
|
SO YOU DO NOT KNOW? AT THE LAST REPORT -- IT SAID 54 TRILLION DOLLARS. CHAIRMAN GREENSPAN, YOU ARE... |
| 02:48:22 |
|
CONGRESSMAN, I TOOK A VERSION OF THAT, WHICH IS ESSENTIALLY -- YOU ARE TALKING ABOUT THE ACCRUAL SYSTEM,... |
| 02:48:23 |
|
CONGRESSMAN, I TOOK A VERSION OF THAT, WHICH IS ESSENTIALLY -- YOU ARE TALKING ABOUT THE ACCRUAL SYSTEM,... |
| 02:50:07 |
|
TO THE AMERICAN PEOPLE. THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:50:08 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:50:11 |
|
THANK YOU, MR. CHAIRMAN. AND TO THE GENERAL WANT -- TELL ONE FROM TENNESSEE. IT WOULD BE INTERESTING... |
| 02:50:12 |
|
THANK YOU, MR. CHAIRMAN. AND TO THE GENERAL WANT -- TELL ONE FROM TENNESSEE. IT WOULD BE INTERESTING... |
| 02:52:59 |
|
IS NOT AVAILABLE, AND INDEED , EARLIER THIS YEAR, I RAISED THE QUESTION ABOUT MODELING PROCEDURES FOR... |
| 02:53:00 |
|
IS NOT AVAILABLE, AND INDEED , EARLIER THIS YEAR, I RAISED THE QUESTION ABOUT MODELING PROCEDURES FOR... |
| 02:55:21 |
|
AND AS A PILOT, BY THE WAY, I KNOW A LANDING IS NOT JUST A TAKEOFF AND REVERSE. |
| 02:55:22 |
|
AND AS A PILOT, BY THE WAY, I KNOW A LANDING IS NOT JUST A TAKEOFF AND REVERSE. |
| 02:55:26 |
|
THAT IS A GOOD ANALOGY. |
| 02:55:27 |
|
THAT IS A GOOD ANALOGY. |
| 02:55:28 |
|
MR. COX? |
| 02:55:29 |
|
MR. COX? |
| 02:55:35 |
|
WHEN YOU ALLUDED TO XBRL -- I JUST WANT TO POINT OUT THAT IS NOT A MODELING SYSTEM, BUT IT COULD CONTRIBUTE... |
| 02:55:36 |
|
WHEN YOU ALLUDED TO XBRL -- I JUST WANT TO POINT OUT THAT IS NOT A MODELING SYSTEM, BUT IT COULD CONTRIBUTE... |
| 02:57:10 |
|
ANY COMMENTS BEFORE WE MOVE ON? WHAT? IF YOU FORGET TO TURN ON YOUR BIKE, YOU MIGHT FORGET TO LOOK... |
| 02:57:11 |
|
ANY COMMENTS BEFORE WE MOVE ON? |
| 02:57:19 |
|
WHAT? |
| 02:57:21 |
|
IF YOU FORGET TO TURN ON YOUR BIKE, YOU MIGHT FORGET TO LOOK AT THE MODEL. [LAUGHTER] |
| 02:57:28 |
|
I SHARE YOUR BASIC -- THE THRUST OF YOUR QUESTION HERE WHICH IS CAN WE DO BETTER? CAN WE FIND WAYS... |
| 02:57:29 |
|
I SHARE YOUR BASIC -- THE THRUST OF YOUR QUESTION HERE WHICH IS CAN WE DO BETTER? CAN WE FIND WAYS... |
| 02:59:23 |
|
YOUR TIME HAS EXPIRED. |
| 02:59:24 |
|
YOUR TIME HAS EXPIRED. |
| 02:59:26 |
|
THANK YOU, MR. CHAIRMAN. THANK YOU TO ALL THE GIN AND FOR YOUR -- THANK YOU TO ALL OF YOU GENTLEMEN... |
| 02:59:27 |
|
THANK YOU, MR. CHAIRMAN. THANK YOU TO ALL THE GIN AND FOR YOUR -- THANK YOU TO ALL OF YOU GENTLEMEN... |
| 02:59:46 |
|
MR. COX, I HAD SOME QUESTIONS FOR YOU WITH RESPECT TO THE CAPITAL REQUIREMENTS AND LEVERAGE RULES... |
| 03:00:50 |
|
I REPEALED THE PROGRAM. WE DID AWAY WITH THE PROGRAM BECAUSE, BASED ON EXPERIENCE, THE PROGRAM HAD... |
| 03:00:51 |
|
I REPEALED THE PROGRAM. WE DID AWAY WITH THE PROGRAM BECAUSE, BASED ON EXPERIENCE, THE PROGRAM HAD... |
| 03:01:10 |
|
I'M ASKING A SLIGHTLY DIFFERENT QUESTION. THERE WERE TWO PIECES TO THAT DEAL. ONE WAS CHANGING THE... |
| 03:01:11 |
|
I'M ASKING A SLIGHTLY DIFFERENT QUESTION. THERE WERE TWO PIECES TO THAT DEAL. ONE WAS CHANGING THE... |
| 03:01:36 |
|
YOU ARE CORRECT THAT I WAS NOT THERE AT THE TIME SO I HAVE TO ASCRIBE TO THE COMMISSION WHICH VOTED... |
| 03:01:47 |
|
I'M ASKING YOU BASED ON WHAT YOU KNOW TODAY WAS THAT A MISTAKE OR NOT? |
| 03:01:51 |
|
YES, I HAVE SAID THAT THE PROGRAM WAS FUNDAMENTALLY FLAWED. WE KNOW THIS IN HINDSIGHT BECAUSE WE SAW... |
| 03:01:52 |
|
YES, I HAVE SAID THAT THE PROGRAM WAS FUNDAMENTALLY FLAWED. WE KNOW THIS IN HINDSIGHT BECAUSE WE SAW... |
| 03:02:26 |
|
BILLION. I UNDERSTAND AND AGREE A VOLUNTARY PROGRAM DOESN'T GIVE YOU THE LEVERAGE YOU WANT IN TERMS... |
| 03:02:29 |
|
I UNDERSTAND AND AGREE A VOLUNTARY PROGRAM DOESN'T GIVE YOU THE LEVERAGE YOU WANT IN TERMS OF OVERSIGHT.... |
| 03:04:06 |
|
I HAVE HAD THE CASE -- I HAD THE ABILITY TO TALK TO COMMISSIONER COACH MET. WHILE HE VOTED TO CREATED... |
| 03:04:07 |
|
I HAVE HAD THE CASE -- I HAD THE ABILITY TO TALK TO COMMISSIONER COACH MET. WHILE HE VOTED TO CREATED... |
| 03:05:40 |
|
YOU ARE RECOGNIZED FOR FIVE MINUTES. THANK YOU, MR. CHAIRMAN. DR. GREENSPAN, DURING YOUR TENURE AT... |
| 03:05:41 |
|
YOU ARE RECOGNIZED FOR FIVE MINUTES. |
| 03:05:44 |
|
THANK YOU, MR. CHAIRMAN. DR. GREENSPAN, DURING YOUR TENURE AT THE FED, WE WENT FROM RATIONAL AND EXUBERANCE... |
| 03:05:45 |
|
THANK YOU, MR. CHAIRMAN. DR. GREENSPAN, DURING YOUR TENURE AT THE FED, WE WENT FROM RATIONAL AND EXUBERANCE... |
| 03:08:48 |
|
SORRY ABOUT THAT. THE FORECLOSURE CRISIS IS BASICALLY THE RESULT OF THE DECLINE IN PRICES OF HOMES,... |
| 03:12:14 |
|
THANK YOU VERY MUCH. MR. MURPHY, YOU ARE RECOGNIZED FOR FIVE MINUTES. |
| 03:12:15 |
|
THANK YOU VERY MUCH. MR. MURPHY, YOU ARE RECOGNIZED FOR FIVE MINUTES. |
| 03:12:20 |
|
MR. CHAIRMAN, I WANT AS ONE RETRO -- ONE RETROSPECTIVE QUESTION. MY CONSTITUENTS ARE CERTAINLY INTERESTED... |
| 03:12:21 |
|
MR. CHAIRMAN, I WANT AS ONE RETRO -- ONE RETROSPECTIVE QUESTION. MY CONSTITUENTS ARE CERTAINLY INTERESTED... |
| 03:14:13 |
|
WELL, WITH THE EXCEPTION OF THE LAST ONE THAT YOU REFERRED TO WITH RESPECT TO THE ANNUAL REVIEW OF... |
| 03:14:14 |
|
THE LAST ONE THAT YOU REFERRED TO WITH RESPECT TO THE ANNUAL REVIEW OF THE 10-K'S, AS YOU WILL NOTE... |
| 03:14:56 |
|
DO YOU THINK THERE WAS A SPECIFIC FAILURE -- PUTTING ASIDE THE PROBLEMS OF THE PROGRAM ITSELF, WAS... |
| 03:14:57 |
|
SPECIFIC FAILURE -- PUTTING ASIDE THE PROBLEMS OF THE PROGRAM ITSELF, WAS THERE A SPECIFIC PROBLEM... |
| 03:15:16 |
|
I THINK THE THINGS THAT YOU ARE DESCRIBING FALL INTO TWO CATEGORIES. THERE WERE SORT OF PROCEDURAL... |
| 03:16:42 |
|
UNDERSTANDING THAT OUR INABILITY TO MANAGE RISK AND LEVERAGE ALLOWED SOME OF THESE FIRMS TO GET SO... |
| 03:16:43 |
|
UNDERSTANDING THAT OUR INABILITY TO MANAGE RISK AND LEVERAGE ALLOWED SOME OF THESE FIRMS TO GET SO... |
| 03:17:23 |
|
I THINK THAT IS A VERY IMPORTANT QUESTION. IF INDEED THERE ARE FIRMS IN THIS COUNTRY WHICH ARE TOO... |
| 03:18:26 |
|
IF WE WANTED TO ELIMINATE TOO BIG TO FAIL, WHAT WOULD BE THE STEPS WE WOULD TAKE IN |
| 03:18:27 |
|
BIG TO FAIL, WHAT WOULD BE THE STEPS WE WOULD TAKE IN I THINK THE FIRST THING YOU HAVE TO SAY AS A... |
| 03:18:30 |
|
I THINK THE FIRST THING YOU HAVE TO SAY AS A MINIMUM YOU HAVE TO ELIMINATE THE LARGER INSTITUTIONS... |
| 03:18:33 |
|
HAVE TO ELIMINATE THE LARGER INSTITUTIONS INSTITUTIONS' SUBSIDY EFFECTIVELY AND ONE IS TO RAISE CAPITAL... |
| 03:19:07 |
|
WHICH IS CRISIS, MR. MURPHY. MR. SARBANES. |
| 03:19:13 |
|
WHICH IS CRISIS, MR. MURPHY. MR. SARBANES. |
| 03:19:19 |
|
WE HAVE BEEN TALKING ABOUT THIS METAPHOR, A BLIND MAN AND THE ELEPHANT. I DO NOT REALLY BUY THAT. ... |
| 03:19:20 |
|
WE HAVE BEEN TALKING ABOUT THIS METAPHOR, A BLIND MAN AND THE ELEPHANT. I DO NOT REALLY BUY THAT. ... |
| 03:23:05 |
|
REMEMBER, WE DID NOT KNOW THE SIZE OF THE SUBPRIME MARKET. PROBABLY UNTIL LATE 2005, WE DID THAT HAVE... |
| 03:23:06 |
|
REMEMBER, WE DID NOT KNOW THE SIZE OF THE SUBPRIME MARKET. PROBABLY UNTIL LATE 2005, WE DID THAT HAVE... |
| 03:23:53 |
|
I APPRECIATE THAT. MY TIME IS GOING TO RUN UP. LET ME FOLLOW UP. CERTAINLY YOU ARE NOT SUGGESTING... |
| 03:23:54 |
|
I APPRECIATE THAT. MY TIME IS GOING TO RUN UP. LET ME FOLLOW UP. CERTAINLY YOU ARE NOT SUGGESTING... |
| 03:25:49 |
|
SINCE CONGRESSMAN SARBANES MENTIONED THE TREASURY IN HIS OPENING COMMENTS, SUGGESTING THAT WE WERE... |
| 03:25:50 |
|
SINCE CONGRESSMAN SARBANES MENTIONED THE TREASURY IN HIS OPENING COMMENTS, SUGGESTING THAT WE WERE... |
| 03:26:38 |
|
MISS WATSON. |
| 03:26:39 |
|
MISS WATSON. |
| 03:26:42 |
|
THANK YOU SO MUCH. I WOULD LIKE TO THINK THE THREE GENTLEMEN -- THINK THE THREE GENTLEMEN FOR THEIR... |
| 03:26:43 |
|
THANK YOU SO MUCH. I WOULD LIKE TO THINK THE THREE GENTLEMEN -- THINK THE THREE GENTLEMEN FOR THEIR... |
| 03:27:38 |
|
THANK YOU, CONGRESSWOMAN. FIRST, THE ANSWER IS YES, AND STRONGLY. I BELIEVE IN REGULATION AND THE... |
| 03:27:39 |
|
THANK YOU, CONGRESSWOMAN. FIRST, THE ANSWER IS YES, AND STRONGLY. I BELIEVE IN REGULATION AND THE... |
| 03:28:21 |
|
WHO SHOULD BE INVOLVED IN FORMULATING THOSE RULES? |
| 03:28:22 |
|
WHO SHOULD BE INVOLVED IN FORMULATING THOSE RULES? |
| 03:28:27 |
|
CLEARLY, THE CONGRESS, FIRST AND FOREMOST, NEEDS TO DESCRIBE THE ARCHITECTURE, AND RULEMAKING HAS... |
| 03:28:28 |
|
CLEARLY, THE CONGRESS, FIRST AND FOREMOST, NEEDS TO DESCRIBE THE ARCHITECTURE, AND RULEMAKING HAS... |
| 03:29:20 |
|
WHAT ADDITIONAL AUTHORITIES WOULD YOU AS SECRETARY NEED OR WHOEVER FOLLOWS YOU, NEED TO DO THE JOB... |
| 03:29:23 |
|
WHAT ADDITIONAL AUTHORITIES WOULD YOU AS SECRETARY NEED OR WHOEVER FOLLOWS YOU, NEED TO DO THE JOB... |
| 03:29:35 |
|
FIRST AND FOREMOST CLOSE THE REGULATORY GAPS WITH RESPECT TO INVESTMENT BANK HOLDING COMPANIES, MUNICIPAL... |
| 03:29:36 |
|
FIRST AND FOREMOST CLOSE THE REGULATORY GAPS WITH RESPECT TO INVESTMENT BANK HOLDING COMPANIES, MUNICIPAL... |
| 03:30:03 |
|
WOULD YOU THEN PUT IN WRITING TO THE COMMITTEE THOSE SPECIFIC ITEMS THAT YOU JUST ITEMIZED. |
| 03:30:11 |
|
YES. |
| 03:30:12 |
|
THANK YOU. LET ME GO TO MR. SNOW. |
| 03:30:20 |
|
LET ME GO TO MR. SNOW. |
| 03:30:24 |
|
I AGREE WITH THE COMMENTS AN ASSOCIATE MYSELF WITH THE COMMENTS OF CHAIRMAN COX. IT IS NOT A MATTER... |
| 03:31:00 |
|
|
| 03:31:03 |
|
MR. GREENSPAN, PLEASE. WE HAVE TO RECOGNIZE THIS IS ALMOST SURELY A ONCE IN A CENTURY PHENOMENON,... |
| 03:31:04 |
|
MR. GREENSPAN, PLEASE. WE HAVE TO RECOGNIZE THIS IS ALMOST SURELY A ONCE IN A CENTURY PHENOMENON,... |
| 03:31:48 |
|
WE KNOW THAT AND I'M SURE YOU ARE VERY EXPERIENCED EXPLAINING THAT. BUT WHO SHOULD THEN FORMULATE... |
| 03:31:50 |
|
WE KNOW THAT AND I'M SURE YOU ARE VERY EXPERIENCED EXPLAINING THAT. BUT WHO SHOULD THEN FORMULATE... |
| 03:32:01 |
|
I THINK IT HAS TO LIE WITH THE CONGRESS. |
| 03:32:06 |
|
I HAVE ONE QUESTION. I JUST ASK THAT THEY CAN RESPOND RESPOND. WE HAVE A PERSONAL PROBLEM IN CALIFORNIA,... |
| 03:32:13 |
|
WE HAVE A PERSONAL PROBLEM IN CALIFORNIA, IN LOS ANGELES, MR. COX. YOU MIGHT BE AWARE OF IT. IT IS... |
| 03:33:14 |
|
YOU CAN ANSWER VERY BRIEFLY. IN FACT, YOU CAN SAY YES, NO, OR MAYBE. |
| 03:33:17 |
|
IN FACT, YOU CAN SAY YES, NO, OR MAYBE. |
| 03:33:18 |
|
UNFORTUNATELY, YES. |
| 03:33:21 |
|
I SECOND THAT STATEMENT. |
| 03:33:26 |
|
I HAVE NO REASON TO DISAGREE WITH WHAT HAS BEEN SAID THUS FAR FAR. |
| 03:33:34 |
|
WE ARE SORRY TO HEAR YOUR ANSWERS, BUT WE APPRECIATE THAT YOU GAVE US AN ANSWER. MRS. MCCULLOUGH.... |
| 03:33:36 |
|
ANSWERS, BUT WE APPRECIATE THAT YOU GAVE US AN ANSWER. MRS. MCCULLOUGH. LUM. |
| 03:33:43 |
|
A FREE MARKET IS NOT THE SAME THING AS AN UNREGULATED MARKET. THE PRIVATE SECTOR AND THE GOVERNMENT... |
| 03:33:44 |
|
A FREE MARKET IS NOT THE SAME THING AS AN UNREGULATED MARKET. THE PRIVATE SECTOR AND THE GOVERNMENT... |
| 03:35:36 |
|
I DON'T SEE MYSELF IN THAT PHOTOGRAPH. MAYBE I AM IN THERE OR MAYBE MY EYESIGHT HAS FAILED ME. |
| 03:35:37 |
|
I DON'T SEE MYSELF IN THAT PHOTOGRAPH. MAYBE I AM IN THERE OR MAYBE MY EYESIGHT HAS FAILED ME. |
| 03:35:43 |
|
I DID NOT SAY THAT YOU WERE IN THE CODA. YOU'RE THE HEAD OF TREASURY. THESE ARE PEOPLE WHO ARE HIGHLY... |
| 03:35:44 |
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I DID NOT SAY THAT YOU WERE IN THE CODA. YOU'RE THE HEAD OF TREASURY. THESE ARE PEOPLE WHO ARE HIGHLY... |
| 03:35:55 |
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I HAVE NO KNOWLEDGE OF WHAT THAT THE SHOW IS ABOUT OR WHAT THOSE SMILING PEOPLE CELEBRATING. |
| 03:35:56 |
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I HAVE NO KNOWLEDGE OF WHAT THAT THE SHOW IS ABOUT OR WHAT THOSE SMILING PEOPLE CELEBRATING. |
| 03:36:01 |
|
AT THE TIME THAT YOU WERE IN CHARGE OF THE TREASURY DEPARTMENT, YOU WERE UNAWARE OF THIS MASSIVE DEREGULATION.... |
| 03:36:02 |
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AT THE TIME THAT YOU WERE IN CHARGE OF THE TREASURY DEPARTMENT, YOU WERE UNAWARE OF THIS MASSIVE DEREGULATION.... |
| 03:36:12 |
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I'M UNAWARE OF ANY MASSIVE DE REGULATION CUTTING THE BANKING INDUSTRY. |
| 03:36:13 |
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I'M UNAWARE OF ANY MASSIVE DE REGULATION CUTTING THE BANKING INDUSTRY. |
| 03:36:18 |
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TAKING A CHAINSAW TO THE BANKING REGULATIONS WAS JUST BEGINNING. TWO MONTHS AFTER THIS PRESS CONFERENCE... |
| 03:36:19 |
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TAKING A CHAINSAW TO THE BANKING REGULATIONS WAS JUST BEGINNING. TWO MONTHS AFTER THIS PRESS CONFERENCE... |
| 03:36:39 |
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I THINK THAT IS FALSE. |
| 03:36:40 |
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I THINK THAT IS FALSE. |
| 03:36:43 |
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SO, YOUR DEPARTMENT DID ABSOLUTELY NO LOBBY INGING TO STOP STATES FROM BEING ABLE TO REGULATE PREDATORY... |
| 03:36:54 |
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I DON'T THINK THE TREASURY DEPARTMENT LOBBIED ON THAT MATTER. THIS WAS AN ACTION, AS I RECALL IT,... |
| 03:36:55 |
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I DON'T THINK THE TREASURY DEPARTMENT LOBBIED ON THAT MATTER. THIS WAS AN ACTION, AS I RECALL IT,... |
| 03:37:15 |
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DO YOU THINK THAT A LAW SHOULD HAVE BEEN PUT IN PLACE THAT WOULD HAVE ALLOWED STATES WHO WANTED TO... |
| 03:37:18 |
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THAT WOULD HAVE ALLOWED STATES WHO WANTED TO PROTECT THEIR CITIZENS FROM PREDATORY LENDING, DO YOU... |
| 03:37:30 |
|
I THINK AN AWFUL LOT DEPENDS ON THE CIRCUMSTANCES AND PARTICULARS -- |
| 03:37:32 |
|
ON THE CIRCUMSTANCES AND PARTICULARS -- I'M A FORMER STATE |
| 03:37:34 |
|
I'M A FORMER STATE REPRESENTATIVE. YES OR NO. |
| 03:37:35 |
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REPRESENTATIVE. YES OR NO. I WOULD HAVE TO SEE THE LAW. I'M NOT GOING TO GIVE A BLANKET ANSWER UNLESS... |
| 03:37:37 |
|
I WOULD HAVE TO SEE THE LAW. I'M NOT GOING TO GIVE A BLANKET ANSWER UNLESS I KNOW WHAT THE PROPOSAL... |
| 03:37:38 |
|
I'M NOT GOING TO GIVE A BLANKET ANSWER UNLESS I KNOW WHAT THE PROPOSAL S. |
| 03:37:44 |
|
CHAIRMAN COX I HAVE TO AGREE YOUR STATEMENT. YOU SAID IT MADE IT CLEAR VOLUNTARY REGULATION DOESN'T... |
| 03:37:45 |
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CHAIRMAN COX I HAVE TO AGREE YOUR STATEMENT. YOU SAID IT MADE IT CLEAR VOLUNTARY REGULATION DOESN'T... |
| 03:38:54 |
|
WE HAVE TWO MEMBERS THAT HAVE NOT ASKED QUESTIONS. MR. SCHAYES AND MR. LYNCH. AND I THINK THAT WILL... |
| 03:39:03 |
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THANK YOU, MR. CHAIRMAN. THANK YOU FOR HOLDING THESE HEARINGS. THEY HAVE REALLY BEEN AMAZING AND... |
| 03:42:00 |
|
WELL, IT DID ONE THING THAT I THOUGHT WAS IMPORTANT, NAMELY TO PUT THE RESPONSIBILITY FOR THE ACCOUNTING... |
| 03:42:01 |
|
WELL, IT DID ONE THING THAT I THOUGHT WAS IMPORTANT, NAMELY TO PUT THE RESPONSIBILITY FOR THE ACCOUNTING... |
| 03:42:17 |
|
THAT IS THE FIRST ONE. ANY OTHER BENEFIT? |
| 03:42:18 |
|
ANY OTHER BENEFIT? I'M HARD-PRESSED TO FIND ANY |
| 03:42:22 |
|
I'M HARD-PRESSED TO FIND ANY OTHER ONES. |
| 03:42:23 |
|
OTHER ONES. |
| 03:42:26 |
|
WHEN WE PASSED SARBANES-OXLEY WE LEARNED THAT THE FANNIE MAE AND FREDDIE MAC, THESE HUGE GIANTS, WERE... |
| 03:42:40 |
|
JERKS NO, THEY HAD THEIR OWN REGULATOR. |
| 03:42:44 |
|
THEY WERE NOT UNDER THE S.E.C. WE FORCED THEM BY INTRODUCING LEGISLATION IN 2002 AND 2003 TO PUT THEM... |
| 03:43:07 |
|
THERE IS NO GOOD REASON FOR |
| 03:43:08 |
|
THERE IS NO GOOD REASON FOR THAT. I HAVE CONSISTENTLY URGED -- |
| 03:43:09 |
|
THAT. |
| 03:43:12 |
|
I HAVE CONSISTENTLY URGED -- THE REASON IT IS NOT |
| 03:43:14 |
|
THE REASON IT IS NOT HAPPENING IS CONGRESS DO NOT WANT TO PUT THEM UNDER IN. THAT IS THE CHALLENGE... |
| 03:43:15 |
|
HAPPENING IS CONGRESS DO NOT WANT TO PUT THEM UNDER IN. THAT IS THE CHALLENGE THAT WE HAVE. NOW,... |
| 03:44:45 |
|
IT IS VERY EVIDENT FROM ALL THE DATA THAT WHAT WE BEGAN TO CONFRONT IN THE LAST 10 YEARS IS A MAJOR... |
| 03:46:41 |
|
MR. CHAIRMAN, I WOULD ASK TO YIELD FOR ONE ADDITIONAL MINUTE, PLEASE. |
| 03:46:45 |
|
THANK YOU. MR. COX, I WOULD LIKE YOU TO HAVE THE OPPORTUNITY TO RESPOND TO CRITICISM THAT SAID IN... |
| 03:46:47 |
|
MR. COX, I WOULD LIKE YOU TO |
| 03:46:49 |
|
HAVE THE OPPORTUNITY TO RESPOND TO CRITICISM THAT SAID IN 2004 THE S.E.C. ALLOWED LEHMAN BROTHERS,... |
| 03:47:10 |
|
FIRST, THE 2004 RULE CHANGE OCCURRED WHILE I WAS A MEMBER OF CONGRESS. BUT WHAT THE S.E.C. DID IN... |
| 03:48:26 |
|
MR. LYNCH. MR. CHAIRMAN, IN THE INTEREST |
| 03:48:27 |
|
MR. LYNCH. |
| 03:48:29 |
|
MR. CHAIRMAN, IN THE INTEREST TIME I WOULD ASK UNANIMOUS CONSENT THAT I SUBMIT FOR THE RECORD THIS... |
| 03:48:30 |
|
TIME I WOULD ASK UNANIMOUS CONSENT THAT I SUBMIT FOR THE RECORD THIS IS A SPEECH ACTUALLY AN ARTICLE... |
| 03:48:55 |
|
WITHOUT OBJECTION. |
| 03:48:57 |
|
THANK YOU, MR. CHAIRMAN. I TOO WANT TO THANK THE PANELISTS FOR THEIR WILLINGNESS TO HELP US. THIS... |
| 03:52:24 |
|
I THINK YOU ARE GOING TO FIND, CONGRESSMAN, THAT MANY OF THOSE COMPLEX DIFSERIVATIVES ARE GONE NEVER... |
| 03:52:27 |
|
THOSE COMPLEX DIFSERIVATIVES ARE GONE NEVER TO BE SEEN AGAIN. |
| 03:52:33 |
|
I WISH I COULD BELIEVE THAT. BUT WE HAVE SHORT MEMORIES AROUND HERE. AND AS SOON AS THE CRISIS IS... |
| 03:52:36 |
|
I WISH I COULD BELIEVE THAT. BUT WE HAVE SHORT MEMORIES AROUND HERE. AND AS SOON AS THE CRISIS IS... |
| 03:53:05 |
|
WELL, I CERTAINLY HAVE NO OBJECTION TO REGULATING THOSE INSTRUMENTS INSTRUMENTS. STRUCTURED INVESTMENT... |
| 03:53:07 |
|
OBJECTION TO REGULATING THOSE INSTRUMENTS INSTRUMENTS. STRUCTURED INVESTMENT VEHICLES, FOR EXAMPLE,... |
| 03:53:29 |
|
INTERESTINGLY ENOUGH, 72% WERE HELD BY HEMDGE FUNDS, THE SMARTEST PEOPLE IN THE ROOM. |
| 03:53:33 |
|
WERE HELD BY HEMDGE FUNDS, THE SMARTEST PEOPLE IN THE ROOM. THAT IS WHAT I FIND MOST |
| 03:53:37 |
|
THAT IS WHAT I FIND MOST DISTURBING. WE ARE NOT DEALING WITH PEOPLE WHO ARE DUMB. WE ARE DEALING... |
| 03:53:38 |
|
DISTURBING. WE ARE NOT DEALING WITH PEOPLE WHO ARE DUMB. WE ARE DEALING WITH BY FAR THE MOST SOPHISTICATED,... |
| 03:53:52 |
|
MR. CHAIRMAN, COULD I GIVE THE OTHER TWO WITNESSES A CRACK AT THAT? |
| 03:53:54 |
|
THE OTHER TWO WITNESSES A CRACK AT THAT? |
| 03:53:57 |
|
CERTAINLY, IF THEY WISH TO. FIRST AN OBSERVATION ABOUT WHAT WE CAN DO IN REAL TIME TO |
| 03:54:01 |
|
CERTAINLY, IF THEY WISH TO. |
| 03:54:02 |
|
FIRST AN OBSERVATION ABOUT WHAT WE CAN DO IN REAL TIME TO -- AN OBSERVATION ABOUT WHAT WE CAN DO TO... |
| 03:55:53 |
|
I THOUGHT YOUR STATEMENT WAS A VERY COHERENT AND LUCID DESCRIPTION OF THE PROBLEM IN THE BANKING SYSTEM... |
| 03:55:54 |
|
A VERY COHERENT AND LUCID DESCRIPTION OF THE PROBLEM IN THE BANKING SYSTEM TODAY. IT IS GUMMED UP.... |
| 03:57:31 |
|
|
| 03:57:34 |
|
THANK UYOU. WHEN I TALKED TO DR. GREENSPAN ABOUT COMING TO TESTIFY HE TOLD ME THAT HEARING COULD LAST... |
| 03:58:59 |
|
MR. CHAIRMAN LET ME NOTE FOR THE REPORT MY DISSENT BUT WE HAVE MINORITY VIEWS ON BOTH OF THESE. WE... |
| 03:59:11 |
|
ALL THOSE IN FAVOR OF REPORTING THE TWO REPORTS VOTING TO ACCEPT THE TWO REPORTS WILL |
| 03:59:13 |
|
REPORTING THE TWO REPORTS VOTING TO ACCEPT THE TWO REPORTS WILL YEA. OPPOSED. NO. THE AYES HAVE... |
| 03:59:15 |
|
YEA. |
| 03:59:16 |
|
OPPOSED. |
| 03:59:17 |
|
NO. |
| 03:59:19 |
|
THE AYES HAVE IT AND THE REPORTS ARE AGREED TO. THAT CONCLUDES THE BUSINESS MEETING AS WELL. [CAPTIONS... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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