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Barney Frank Looks to Cause Even More Controversy within our Industry.

Barney Frank want’s to change the way things are with the Federal Reserve and give power over to the President when it comes to appointing it’s board members. Good idea? Maybe yes maybe no…. what do you think? Catch all your real estate new and mortgage news with Frank Garay and Brian Stevens here at www.TBWSDailyShow.com!

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244 Responses to Barney Frank Looks to Cause Even More Controversy within our Industry.

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  151. Elizabeth Warren should be appointed permantely and allowed to do her job. It is sorely needed.

    Also, somebody needs to save ordinary citizens from the big banks. I trust Obama more than anybody else in that position.

  152. Elizabeth Warren should be appointed permantly and allowed to do her job. It is sorely needed.

    Also, somebody needs to save ordinary citizens from the big banks. I trust Obama more than anybody else in that position.

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  160. Video works on Google Chrome. It DOES NOT work under Windows Explorer.

    As for “doitright” Wow man! Hope you like the taste of that Liberal Cool Aid you’re drinkin’!

  161. Dear “DoItRight”
    You are ignorant and even worse than ignorant, you are proud. I realize this is a free country but many would be better off if you learn to keep your comments to yourself!

  162. Is this a politial waco page ? What the ??? Well no wonder real estate is in the pits . the movers and shakers are blaming DC for the mess?
    SUPPLY AND DEMAND it is that basic . Do you see an Apple store slow ? A good car dealer? A good TV shop ? Come on it is not the politicians people ( go cry in your beer) . It is the product called real estate it blows so bad . No one wants to buy or own and if they do they are stupid . Stop acting like a different politician will increase your pay check . remember Obama ran on one word ” Change ” and I am guessing half of you fell for it . Now go get a nice resume and be real worker and earn some money . It is not falling off trees and if it was our famous lemon picker for the poor would be picking it ! Enough BS politic talk and DOITRIGHT !

  163. whats the deal with the fingernails ?

  164. Please forgive me if I missed something…Why are Frank’s fingernails painted?

  165. You asked what we think. I think that instead of seeing everything through the eyes of a loan officer, looking at things through the eyes of a human being will change your perspective to seek the good of everyone now and in the future, not just what is good for our pay checks today. You guys look at the small picture instead of the big picture. Like in discussion about the Federal Reserve, you seem to miss the problem with how it was formed, it’s failure to fulfill it’s delegated purpose and the fundamental problem that arises with unlimited use of fiat money. Yes, I know this is a program for the residential mortgage industry but anyone in the industry might find other employment after being chewed up and spit out but will always be a human with the need for food and shelter, now being squeezed away from millions of Americans.

  166. Religions, Governments and Corporartions exist to self perpetuate without regard to the persons or entities involved…This being said: Governments don’t run countries…Business does…Big business, ie: banks, oil, pharmeceuticals, supporet those who get elected to office…and thereby controls and dictates favorable policy. You guys just keep pointing this out again and again…Unitl we as a nation stand up and yell loudly that we are mad as hell and we are not going to take this anymore…This will continue…I am not suggesting anarchy or rioting…SImply a quiet revolution where our government gets bask to what our forefathers had truly intended with a decentralized government now that we are in the information age…We don’t need big brother anymore! Not that we ever did!

  167. you guys are great for bringing us this info and connecting the dots for us on the streets… super job.. keep up the great work.

  168. Has anyone else seen a HUGE drop off in customer service at United Wholesale Mortgage? I have been getting the run around big time lately. I know twbs shows them major love and support so I wanted to see if this has been happening to other folks?

    • There are better out there. I attempted to get hooked up with them and they denied me because we are in litigation with loan officers that stole from us. I found several other companies that were more than gracious and happy to get my measely million per month

    • Customer service doesn’t pay. It doesn’t guarantee repeat business. It doesn’t produce higher margin. I’m big on customer service and now realize too much service will put you out of business. Maybe that’s United Wholesale Mortgage figured out.

  169. Ok, this is long and I apologize, but it’s a very good read. I think you will enjoy it and agree :

    CHARLIE REESE’S FINAL COLUMN FOR THE ORLANDO SENTINEL
    A very interesting column.. COMPLETELY NEUTRAL
    Be sure to Read the Poem at the end.
    Charley Reese’s final column for the Orlando Sentinel …
    He has been a journalist for 49 years.
    He is retiring and this is HIS LAST COLUMN.

    Be sure to read the Tax List at the end.

    This is about as clear and easy to understand as it can be. The article below is completely neutral, neither anti-republican or democrat. Charlie Reese, a retired reporter for the Orlando Sentinel, has hit the nail directly on the head, defining clearly who it is that in the final analysis must assume responsibility for the judgments made that impact each one of us every day. It’s a short but good read. Worth the time. Worth remembering!

    545 vs. 300,000,000 People
    -By Charlie Reese

    Politicians are the only people in the world who create problems and then campaign against them.

    Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?

    Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?

    You and I don’t propose a federal budget. The President does.

    You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.

    You and I don’t write the tax code, Congress does.

    You and I don’t set fiscal policy, Congress does.

    You and I don’t control monetary policy, the Federal Reserve Bank does.

    One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

    I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.

    I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don’t care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator’s responsibility to determine how he votes.

    Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.

    What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.

    The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? John Boehner. He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.

    It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted — by present facts — of incompetence and irresponsibility. I can’t think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.

    If the tax code is unfair, it’s because they want it unfair.

    If the budget is in the red, it’s because they want it in the red.

    If the Army & Marines are in Iraq and Afghanistan it’s because they want them in Iraq and Afghanistan ….

    If they do not receive social security but are on an elite retirement plan not available to the people, it’s because they want it that way.

    There are no insoluble government problems.

    Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like “the economy,” “inflation,” or “politics” that prevent them from doing what they take an oath to do.

    Those 545 people, and they alone, are responsible.

    They, and they alone, have the power.

    They, and they alone, should be held accountable by the people who are their bosses.

    Provided the voters have the gumption to manage their own employees…

    We should vote all of them out of office and clean up their mess!

    Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.

    What you do with this article now that you have read it… is up to you.
    This might be funny if it weren’t so true.
    Be sure to read all the way to the end:

    Tax his land,
    Tax his bed,
    Tax the table,
    At which he’s fed.

    Tax his tractor,
    Tax his mule,
    Teach him taxes
    Are the rule.

    Tax his work,
    Tax his pay,
    He works for
    peanuts anyway!

    Tax his cow,
    Tax his goat,
    Tax his pants,
    Tax his coat.

    Tax his ties,
    Tax his shirt,
    Tax his work,
    Tax his dirt.

    Tax his tobacco,
    Tax his drink,
    Tax him if he
    Tries to think.

    Tax his cigars,
    Tax his beers,
    If he cries
    Tax his tears.

    Tax his car,
    Tax his gas,
    Find other ways
    To tax his ass.

    Tax all he has
    Then let him know
    That you won’t be done
    Till he has no dough.

    When he screams and hollers;
    Then tax him some more,
    Tax him till
    He’s good and sore.

    Then tax his coffin,
    Tax his grave,
    Tax the sod in
    Which he’s laid…

    Put these words
    Upon his tomb,
    ‘Taxes drove me
    to my doom…’

    When he’s gone,
    Do not relax,
    Its time to apply
    The inheritance tax.

    Accounts Receivable Tax
    Building Permit Tax
    CDL license Tax
    Cigarette Tax
    Corporate Income Tax
    Dog License Tax
    Excise Taxes
    Federal Income Tax
    Federal Unemployment Tax (FUTA)
    Fishing License Tax
    Food License Tax
    Fuel Permit Tax
    Gasoline Tax (currently 44.75 cents per gallon)
    Gross Receipts Tax
    Hunting License Tax
    Inheritance Tax
    Inventory Tax
    IRS Interest Charges IRS Penalties (tax on top of tax)
    Liquor Tax
    Luxury Taxes
    Marriage License Tax
    Medicare Tax
    Personal Property Tax
    Property Tax
    Real Estate Tax
    Service Charge Tax
    Social Security Tax
    Road Usage Tax
    Recreational Vehicle Tax
    Sales Tax
    School Tax
    State Income Tax
    State Unemployment Tax (SUTA)
    Telephone Federal Excise Tax
    Telephone Federal Universal Service Fee Tax
    Telephone Federal, State and Local Surcharge Taxes
    Telephone Minimum Usage Surcharge Tax
    Telephone Recurring and Nonrecurring Charges Tax
    Telephone State and Local Tax
    Telephone Usage Charge Tax
    Utility Taxes
    Vehicle License Registration Tax
    Vehicle Sales Tax
    Watercraft Registration Tax
    Well Permit Tax
    Workers Compensation Tax

    STILL THINK THIS IS FUNNY?
    Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world.
    We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.

    What in the heck happened? Can you spell ‘politicians?’

    I hope this goes around THE USA at least 545 times!!! YOU can help it get there!!!

    • What about the cable TV taxes?? They tax what we watch on TV now…It’s unreal..great article!!

    • I posted this a few weeks ago. It wasn’t actually his last column, but it was his column. He’s updated it over the years to change a few names to reflect who is in office at the time.

      It is very thought provoking.

  170. Just another way for the government to put us closer and closer into full blown SOCIALISM! God help us! It is very disheartening to allow the current administration and the fools behind the scenes to push our great counrty into this direction. VOTE OUT OBUMMER in 2012!!!!

  171. This is just one step further into the name change of our wonder country to the People’s Republic of America and lose the United States. Thomas Jefferson said in a letter to John Taylor in 1816: “I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
    That says it all.

  172. I got change I can believe in – pocket change bought me a couple donuts this morning and I believe in donuts.

    I remember Bush saying on TV, during the original bailout sessions, that corruption in government is ok. No one seemed to listen. I was shocked. While Bush didn’t pave the way for corruption in government, he certainly was #1 in opening the government wide for corruption and it’s takeover. Bush, the worst president ever. Now we got Obama from Chicago where corrupt politics are normal. We’re screwed. 1 world bank. 1 world government under the banks and we’re all serf’s being educated only in ways that serve the elite. College? Not necessary to serve the elite -and they’re making it unaffordable to prove their point. For-profit privately owned jails? What could that mean?

    Weren’t we invading Iraq and Afghnistan to find OBL? We found him – time to go.

    • “If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.”
      – Samuel Adams–

      • That is the PERFECT response 5pence. I am going to copy that and paste it for those who who speak negatively about our great country and its values to see. The only problem is, I am guessing, at least 50% will not understand this quote.

  173. Barney Frank Again, well all I can say is the voters had a chance to get him out and they did not do it. Shame on them. He has proven he does not know how to tell the truth about all the problems he caused with Freddie and Fannie. Kind of like the fox guarding the hen house?

  174. Seems like a smoke-and-mirrors way to put the mice in charge of the cheese… Again.

  175. 5 Pence : are the Koch’s one of the six families running this country? If so would you also name the other five just so we are all clear about where this is really coming from.

    Addresses and phone #’s would help too.

    Until these people are rooted out and exposed to the American Public they will continue to manipulate our country and system of govt in “their” best interest. Hell they will probably continue even after they are exposed!

    Point is when you have people behind the scenes pulling the strings and when most everybody in the country doesn’t have a clue, then people like Obama will continue to get elected.

    I take serious exception to this type of thing, as it is nothing more that “cloaked tyranny”.

    Until we the people take our system of govt and purge the money and corruption out of it, we can expect a continuing downward spiral of this country, which will result to us being just one more place in the “Global Economy”. Kind of like Rwanda

    You can bet that the Six families that are running the show right now will be sitting at the table of the new world govt when the time comes.

    You have to ask yourself ,,,, What is the motivation for this path?

    1. Is it to make a better world? I doubt it!

    2. Is it to sell us out to another world? (to serve man, or sell us into outright slavery) Not as far fetched as item 1.

    3. Is it solely to maintain control and eventually have everyone working for them? Simlar to item 2 except nothing more than planet wide slavery.

    You can easily see that all of these possibilities suck! See if you can come up with any other reasoning that make any sense, because I have been trying to figure this out for 30 years and these are the only possible reasons for one world govt, and they aren’t rational.

    Usually this type of crap fails (hitler) but I can assure you, it can and will get a lot worse before it gets any better.

    It will require a real serious fight to set this crap right, and I don’t mean in congress.

    Randy

    • Ruppert Murdock is another, he basically owns Main St Media (MSM) and Fox news slanted towards right wing views and they never tell the whole story or get the stories from regular people, or educated people with a different view. They’re usually too busy mocking threats to the status quo like Ron Paul.

      • As opposed to CNN, MSN, and network pundits? LOL…I think you missed the whole point of the shared article above by Mr. Reese. I am personally a constitutional conservative so take this opinion with a grain of salt. I have watched all of the other channels and I find FOX to be the lesser of the evils (Giving differed opinions). Yes the hosts are clearly Conservatives and many of them blindly follow the republican talking points, HOWEVER, at least they have guests and sometimes hosts/ co-hosts that do have differing opinions and I get to hear different takes on current events. I don’t see that ATT ALL on the other networks. So I understand your hate of Rupert Murdock strictly due to the fact that he has control, money, and a platform to do as he pleases, but just because the OTHER channels say FOX is full republican whackos does not make it so. I find ALL current news and the way it is delivered hard to watch and I think it is because “Educated” has replaced “Common Sense” all together. Who cares how much education one has if they learned the wrong things. If anyone feels comfortable with ANY of our current leadership (Republican or Democrat) and how they are steering this ship, then it doesn’t matter who brings us the news because many miss the forest through the trees.

        • And Fox is the only news with a slant?

          They are the only news with a slant towards the people. If that happens to be more Republican than Democratic then so be it.

          From all the concerns and comments on this list just about everyone is a Teapartyer even tho they label themselves Democrats.

  176. I think Elizabeth Warren was chosen for this position because she taught bankruptcy law at Harvard.

  177. Oh yeah, I hear the banjos. And we won’t see the end of it until the Prez is stripped of his ability to give people cushy jobs, political favors, and undue consideration with taxes and contracts. Sorry but it just smells wrong 50 ways to Sunday! And the sooner the public begins to understand that the “Federal Reserve” is a real business and has little to do with the “Federal Government” (OTHER THAN PRINTING MONEY AND SELLING IT TO US AT 2%) the better off we’ll be. I don’t really know if I have enough pockets left for anyone to put their hands in…

  178. Did you guys get a new producer? what happened to the fun and games all the time? Now so serious…:(
    Agreed, our Country is run like a monarchy…we have no voice any longer.
    But cheer up, we got Bin Laden or that’s the bone they gave us last week to keep us distracted from the TRUTH….OPEN YOUR EYES PEOPLE!!!!! OR SHOULD SAY SHEEPLE!!!!

  179. Carl, I agree with your cancer analogy. The only problem is that more often than not the cancer kills the host just like parasites.

  180. Ok, am I understanding this? The banks will have folks they appoint, isn’t that a conflict of interest?

  181. Working for one of “Regional Banks” small to middlin’ in size, I wonder whether any potential nominee will ever come from these Regional ranks, probably some of the most savvy, nimble survivors of the banking fiasco? Not likely, methinks, since they likely lack the payola potential for consideration.

    Given the propensity for consolidation of power demonstrated by political parties, the everyman is lost in the shuffle, but not the bill to pay. Day by day, consumers and small banking industry players are the biggest losers, and Frank and Brian chronicle this power shift in a useful way. I’m attaching a quote, prescient to today’s subject…..

    “The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was every invented. Banking was conceived in inequity and born in sin .. Bankers own the earth. Take it away from them but leave them the power to create money, and with a flick of a pen, they will create enough money to buy it back again .. Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in .. But if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit.” – Sir Josiah Stamp, President, Bank of England, 1920′s.

  182. Thomas Jefferson fought hard against big banks. He said “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” As the FED actually IS a private bank, it falls directly into this category. We’ve seen this quote before, but it bears review at this time of potential triumph.
    I’m talking about the triumph of Emperor Obama, and Timothy, and Barney, and Ben (et al) over the Constitution and the american public. Poor have assistance (and pay little or no taxes). Rich have loopholes (and seldom pay their fair share). It falls to the dwindling middle class to support this failing system.
    No…not the party…it’s doing fine. The SYSTEM of government originally set up, and working fine for a couple hundred years.
    Shakespeare’s Henry VI said “Kill all the lawyers first”. Well, maybe a little drastic. But most of our governing body ARE lawyers.
    Last of my rant….”Kill all the bankers second”. Well, maybe even a little more drastic. But, I am positive that a return to Mr Jefferson’s caution would be a very very good thing.

    • The line made famous in Henry VI”the first thing we must do is kill all the lawyers”,is often misinterpreted, The line is actually stated by a plotter of treachery and ensures the surest way to chaos and tyranny was to remove the “guardians” of independent thinking….the lawyers!!!!!!!!.who’da thunk it? HOWEVER I think that the misread interpretation is far better than the actual meaning. I just hope the Eagles had the misinterpreted version in mind.

  183. We nearly got rid of Barney at the last election……now if we can just redistrict him out of existence…..

  184. Incestuous at best…..AND a way around the tax code. I keep telling everyone “look at the BIG picture”. In the guise of “protecting the consumer” the gov is out to relieve us of our jobs, and give control to the banks and ultimately the “govment”. They don’t care about us, the consumer, or anyone else for that matter. The more socialistic our society becomes, the better they like it. WAKE UP AMERICA!

  185. The Repubs are now taking the stance that Elizabeth Warren can be appointed the head of a tooth-less agency only. The want the CFPB stripped of all powers to do anything substantive and have any real power to change anything.

    What does Frank think this is going to accomplish? It’s going to accomplish nothing – when even the President is under the control of banking interests. Should they leave it to a vote of the people? Never happen. It sounds like Franks bill would concentrate bankster influence and take away any options for dissenting voices in the Fed – and there are a few.

    The problem is the government is not looking for justice for “we the people” in any aspect of their actions, their main goal appears to be finding bankster fraud and then, taking their cut of the “action” through fines. No jail time ever – why? Because the banksters are not guilty of any crimes – ever. And the reason for that is our government is complicit and wants it’s cut.

    Corruption and fraud has become such a large part of our government that the measure of America is not it’s working people that comprise 98% of the population­, the measure of success is how good the top 2% are doing.

    Welcome to the jobless recovery, with still falling house prices DESPITE a much lower dollar value in relation to gold (by 50%), infrastructure failing and puppets we elect because of their presence in MSM. When the people are told who to vote for through a corrupt media, and the sheeple buy it every single time, then we have truly lost our country to the elite and monied interests. Until we ignore the monied interests that don’t have the interests of Main St at heart, we will lose. Ingenious how it’s been set up that way. We vote time and again against our best interests as a people. When are we going to learn that the best way to beat the Koch’s and their ilk is to totally ignore their propaganda and vote the person, not the glitz and glamour.

    • I fear we will NEVER learn.. Your term “Sheeple” is right on. IMHO, we are past the point of no return, and to re-educate our youth and future generations to what this country “WAS” really about, will take many many years. I pray it does happen eventually.

  186. The Federal Reserve has been dissolved twice in our nation’s short history. It is time to dissolve it again. As long as the Feds leadership (the hen house) is accountable to the foxes (those who appoint the hens), then there will be no true accountability. Return to the gold standard and once again our nation can have a currency which can not be erroded at the hands of politicians. It is just that simple.

  187. The people of Massachusetts should be ashamed of themselves for electing Barney Frank. The Dodd Frank bill is over 1200 pages of the government getting into all of our business. This guy is the same guy that received large campaign contributions from Fannie Mae. He also told the media that Fannie Mae was fine…within 30 days of Fannie requiring the government bail-out. He is openly gay which garners him a large support base from this demographic group. The problem isn’t that he is gay, it is that he is incompetent. If I were gay or from MA, I would be embarrassed to have him represent me. Is this the best you can do? Please remove him or secede from the Union.

  188. Frank and Brian, those million petition signature. Since Coumo is not in the picture anymore can wepetition Shaun Donovan and ohers about the consequenses of HVCC and the control of banks on our industry. Let us use the power of a voice to target the people that’s responsible for the real estate mess were in. Those petition signatures should be use to modify RESPA, and leave this total change that is killing us. ” if you can’t beat’em, join ‘em”. Right wing Nuts stop talking stupid and focus on reality issues.

  189. Only way things will change is to clean house. Remember everything that’s been happening over the pass couple of years come election day. All these “crooks/ Self servants” need to go.

  190. It seems to me that this is business as usual. I appreciate your comments, and I’m glad to see people out there fighting the system. To me the “good ole’ boys” are always, and have always been, scheming to get more for less, and the taxpayers are usually left holding the bag. They are all crooks, and POTUS should be renamed POTSC. President of the Sleezy Crooks. There have been exceptions, but everyone would disagree on who they were.

  191. This is yet another slippery step down into a rat hole of politicized central control. Obama and his ilk are behind this move to preserve and expand their political base. If they control the money supply, they control the country. We will be a republic in name only. One central party will dominate and any oppossition will be feckless or crushed.

  192. Always beter to not have politicos appoint people to positions on a board which sets national policy. The president can appoint the Chairman but not every member. That would destroy the independence of the Federal Reserve.

  193. I have two friends who are lobbyists and they both say the same thing, “You’d be surprised at how little politicians really know and how little they understand about the world.”
    I worked for a US Senator. Always remember that our laws, regs and Supreme Court findings are written by 22 – 26 year olds who spent $200k on college, earn $20k/yr working for the gov, live in efficiency apts with roommates, and are counting the minutes until they can hit their fave Georgetown bar.
    Probably not folks who are reflective of your married, self employed, parent self.

  194. Ok, guys, I’ve noticed that your nails are painted. What is up with that? Did I miss something?

  195. I’m interested in posting comments but last week I tried to and it was not posted – If you’re picking and choosing I won’t waste my time, please advise !

  196. Thank you Josh for that Patches reference.

  197. I think its a great ideal to have patches displayed on all candidates just like NASCAR, a great institution,so that ALL can see where they are getting their campaign cash…….Brilliant……

  198. While our elected leaders rely on maintaining status quo to preserve their power, their primary weapon/tool is to complicate the problem at hand.
    For a simple understanding of our current leaders I offer http://en.wikipedia.org/wiki/Three-card_Monte

    • As usual, this is a bunch of crap. It is all about government control and wanting to get bigger all the time. It is like a cancer, out of control. These top government people continual to fill their pockets with our tax dollars and have the insatiable appetite to gain more power. There is only one way to stop them and that is to shrink the government and my suggestion is to 1/8th of its size. Has massive government, federal and state, real done anything for you? The answer in no and it continues to do less, but only wants more of your tax dollars for non-productive crap. Now they are telling you more and more on most everything of what to do, such as the light bulb, the toilet fixture, salt, sugar and don’t pass gas. They now have put themselves into the control position, if you don’t comply, you will be fined and put in jail. It is really coming down to them against us (the private taxpaying sector). Have you had it, I have.

  199. I think if one did not know that this site is for real estate related people I would think I am on some heavy right wing tea party web site. I dont go to those sites since they are boring and nothing will ever change in the USA as far as who is running the show and how. So with that said what is going on ? This morning Zillow anouncing that values dropped another 8 % and that they see it continuing ? Also another record for forclosures . Isnt this more important then going on and on about nothing but politics ? I get the feeling all the liberals out there living pay check by pay check in this business think the it is the governments job to bail them out of this mess? Doitright got on with your jobs and smile , or get out and do something else. Getting sick of hearing the history of the FED, what they should be doing . This is not history class , if it was we would know get out while you can . Like I said go look around , orhter products are moving ans selling , it is uncool to buy a home now and also a big pain in the neck to get a mortgage . The outcome is not worth the hassle to own and loose money . Sorry guys facts are facts DOITRIGHT

    • doitright, you disappoint me and many others too, I’m sure. If the information presented here is boring to you, why not just ‘doitright’, shut up and move on to something that is more on your level.

      Just because you haven’t the capacity to understand the importance of history and how politics drives the things and events that are “more important” to you and the other, mindless sheep that make up far too much of our population, stop complaining or take the time to understand the correlation. Your entire, poor, driveling commentary shows your lack of understanding of economics & politics and the fact that you were apparently asleep during basic grammar and spelling classes as a product of our failed educational system.

  200. You can buy this stock to short real estate and make money when real estate falls ticker symbol SYS

    • I agree I own some it was once over 1,200 a share . You know if the bad news comes out in the fall the triple dip it will shoot up . It is a bet real estate blows and only w fool would bet agianst that so I am betting we will see this stock go up as real estate goes down . Name one reason real estate should go up so it is like I said a sure bet to me , SRS is a good one thanks

  201. Elizabeth Warren for President!

    • Dan, I’m guessing you are not a broker with that comment. Liz wrote an op ed when she was at Harvard saying YSP is a “bribe” to brokers and that brokers “steered” borrowers to the most profitable loan for themselves. She goes on to say a borrower may inquire about a lower rate and end up with one three points higher. All, in all, she is either ignorant about the brokerage business or down right “steering” business way from brokers.

  202. Pingback: Barney Frank Looks to Cause Even More Controversy within our Industry. « Seth Jacobs – Maine Mortgage Banker / Broker

  203. Great research and great show! Woody and I also have some very “choice” words for Big Barney and Deputy Dodd in our Humpday Update show this Wednesday. These guys in Washington really are something else!

  204. Brian, I would love to see a break down of all of those connections between business and appointed positions. There was an article in the local paper here one time that said the polititians should put patches on their jackets when they campaign, of all the organizations that are paying for them to be there. Similar to Nascar with the decals on the car. So at least we know when we vote what we are getting ourselves into.

    • I’d also require that politicians wear them not only while campaigning but also when voting on issues. Full disclosure!

  205. Liberal gov’t is taking over all aspects of life, now either side of isle is undistinguishable in the outcomes of their “agaendas” Look out everyone, we have been gutted at every turn. Hopeless change.

    • Name one thing off the top of your head that Barney Frank has done productively for the financial debacle we are in, during his reign, and why would this one be any different.

      Progessive Socialism at its’ best.

  206. I think it is starting to get obvious enough for the masses to want to know why such a small number of institutions are valued so much more to the elected officials than the “American Dream”.

    It is painfully clear that the old british class system has prevailed.

    • I dont condone that system but at least the old British class system didn’t pretend to be anything different, as a peasant you knew exactly where you stood and as a non peer it wasnt a good position at all. Where the system looks you in the eye and asks you to vote for him/her and then stabs you in the back while taking cash incentives from special interests to act on their behalf against the electorate. That is just plain criminal.

  207. I am not certain it makes much of a difference.

    If I understand the structure correctly, the FDIC is a commission under the Department of Treasury and the Treasury is within the Executive Branch of our government, however; it appears that the FDIC and the Treasury have the same common interests as the Federal Reserve, so I am not certain just how much of a difference the proposed Board member change would make. For example;

    As a part of the Asset Guarantee Program under TARP, the FDIC, Treasury and Federal Reserve Board entered into an agreement on January 15, 2009 (the “Agreement”) to guarantee up to $118,000,000,000 of Bank of America’s financial instruments. The Agreement was in reality nothing more than a signed “Summary of Terms” sheet and lacked all of the necessary legal language to be interpreted or enforced as a binding contract; the Agreement was never actually implemented. However, a Termination Agreement dated September 21, 2009 which did have all of the necessary legal language, was entered into by all parties to effectively terminate (as of May 6, 2009) the “negotiations with respect to the guarantee contemplated by the Term Sheet”. Despite the fact that this Term Sheet (Agreement) was an informal document that was never implemented, Bank of America agreed to pay fees amounting to $425,000,000 (Treasury $276,000,000; FDIC $92,000,000 and the Federal Reserve $57,000,000). Considering that the financing per the Term Sheet was to be funded by a non-recourse loan through the Federal Reserve, and all losses were to be shared at a 90%/10% split between the Federal Reserve and Bank of America, it seems curious as to why the Treasury and the FDIC would be entitled to receive any fees at all, let alone 72.5% of the $425,000,000.

    Although I have no actual knowledge or facts as to the circumstances involved in the transaction, the overwhelming perception is that the legal formality of the Termination Agreement and its retroactive effective date of May 6, 2009, were for the sole purpose of creating the “audit documentation” necessary so that Bank of America could avoid taking the required loan valuation write-downs at December 31, 2008 and March 31, 2009. The new “congress mandated” valuation accounting changes to FAS 157 became effective April 9, 2009, and thus eliminating any need to further maintain the “loan guarantee” perception of an Agreement that was never actually implemented. If in fact the aforementioned perception is at least partially accurate, it would potentially indicate significant collusion by Congress, the Federal Reserve, the FDIC, the Treasury, the SEC, Bank of America and its public accountants to intentionally defraud regulatory agencies, the public and investors by materially misstating Bank of America’s financial statements during the interim period preceding the FAS 157 update. For the record, the curious “non-recourse” nature of the proposed Federal Reserve loan is a result of the Board of Governors’ requirement that all of the Reserve Banks have a “capital surplus” requirement that is arbitrarily equal to the Reserve Bank’s members “paid-in-capital” shareholder equity account. This “capital surplus” requirement results in guaranteed net income equal in amount to the paid-in-capital account for every Reserve Bank for every year of operations. Any and all losses (including losses from non-recourse loans to private banks) are off-set from funds that would have otherwise been considered excess earnings and remitted to the Treasury. In summary, the Federal Reserve is structured such that any and all risks are borne by the United States taxpayers.

    Pretty nifty don’t you think?

  208. I think it’s a mess. I’m done, finished, moving on and getting out of this dysfunctional industry as soon as I can.

    • Dude, I’m right behind you!

      • I would before the ” TRIPIPLE DIP that is a few months away . The sad part is it will be real estate only , other business , boating, cars, furniture , electronics, tec seem to be doing fine and hiring . I think from now until December you will witness the biggest fall out in real estate ever. The agents that got in and the brokers told them , “Hey this will all end soon and great time to train just wait” will be eating crow and look like total bs artists. But at least they got a sale out ( maybe) of you and a listing since we all know someone that wants to sell the head ache they live in . Here we come TRIPLE DIP wrote it down and DOITRIGHT !

  209. Best policy would be to abolish the FED. PERIOD. They are always chasing the Boom / Bust cycles THE FED creates with their lagging policies. Indirectly via monetary policy artificially creating Bubbles and BUSTS so they can profit off each.

  210. in 1913 congress abrogated its responsibilty and sold out and allowed the rothchilds and jp morgans to take over their currency responsibility. Thomas Jefferson rolled over in his grave he was opposed to the corrupt practices of a central bank. Congress should take back the responsibility. we never had a recession or depression prior to 1913

  211. Are they serious. We are going to have a little contest. The banks, who help me the most to get elected, get a voting position on the federal reserve board. Don’t these people realize that, while they are playing their power consolidation games, our monitary system is on the brink of collapse. The rest of the world is fed up with the feds printing press and is getting ready to do something about it. Do you think the banks just might vote to have the fed buy some more toxic assets from them. Are they any sane people left up there?

  212. When it comes to politics, the consumer is screwed. Nothing the Feds do has the best interest of the “People” at heart. Why should this be any different? We have seen sweeping attacks on the working class this past year and it seems to be continuing.

  213. Lenders must have a voice in this topic. More of the same cronyism we have seen in the past three decades will only bring negative results for taxpayers and the lending industry.

    • Here in California, the wonderful State of Regulations, a few things are true:

      1) the Department of Insurance regulates the insurance companies and the insurance carriers have every opportunity to meet with the regulators and have a voice; and,

      2) The Department of Real Estate regulates real estate sales and licensees have every opportunity to meet with the regulators and have a voice; and,

      3) The State Bar regulates lawyers and each lawyer has every opportunity to meet with the regulators and have a voice; so,

      Why is it that the financial community needs to be able to “control” their regulators in order to have a voice?

  214. Thought I was confuesed before, now this. Birds of a feather flock together alright, but this fiasco sounds more like birds of a feather f— to gether and all of us in the industry are in for much more hard times. Correct me if I’m wrong, but isn’t this all a conflice of interest?

    • YES it’s a huge conflict of interest. In the last 3 plus years of looking at this stuff all day long the one overwhelming feeling is recurring nonstop conflicts of interest. One day I’d like to draw out all the connections between business’ and appointed positions. I think it would be quite scary.

      • Get out your blackboards, Brian. I, for one, would LOVE to see all the connections you have found over the last 3+ years. So many foxes in the hen house, and likely in every hen house there is.

  215. Birds of a feather all flock together!

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