Live. On tuesday President Trumps nominee for president of the Us Export Import Bank was rejected by democrats and several republicans on the Senate Banking committee here to discuss that is former u. S. Trading commissioner bart bart as background for our viewers what is the Export Import Bank and why is it important. Its super important to our to our economy its been around since one thousand nine hundred thirty four and the idea is that it will help exports of u. S. Goods made in the u. S. Goods and you know it did so back in thirtys and after the Second World War it was a big part of the Marshall Plan trying to get exports to france and germany and then you know fast forward to eighty nine when the berlin wall came down trying to get u. S. Goods into the former soviet union chuckles poland and then a big push by president obama back in two thousand and nine two thousand and ten was to try and get more u. S. Exports to india and so they put a billion dollars in in that so the Export Import Bank operates with loans and loan guarantees and while its funded by the government its supposed to be selfsustaining and the bank says that its bringing in one point four billion dollars a year over the next ten years for the government but the Congressional Budget Office disagrees with that and theres been a lot of controversy surrounding this bank for years but thats what it is thats what it does twenty percent of the funding bianca is supposed to go to Small Businesses and theres literally been thousands of u. S. Businesses that have been helped by the Export Import Bank since it was created as i say back in the one nine hundred thirty s. At this point what do we know about the rejected nominee former congressman Scott Garrett. Well i know a little bit about mr garrett was a new Jersey Republican he was on the House Financial Services committee and so my stuff i followed that he was a really good and thorough member on that Committee Even though we disagreed on some of the regulatory things as you might imagine but he had a real penchant and personal dislike for the Export Import Bank and he saw it as competing against the private sector now the charter of the bank and its been confirmed in law says that it shouldnt compete with the private sector is really the lender of last resort for Small Businesses who cant get funding either funding or guarantees of funding any other way but mr garrett thought that it was really. Against capitalism any thought it was some times that the loans were being made as personal favors and so he thinks its going to say that he his effort was to save capitalism get away from cronyism was his policy and liberation i guess well some republicans voted with democrats including populists Sherrod Brown of ohio to think that derek nomination how and why did this republican split happen. Well its not all the republicans of course it really is a split as you say so the chair of the Banking Committee in the senate is my crepe o. From idaho and hes actually a very fair fellow and he and Sherrod Brown shirt brown is the ranking democrat from ohio and a progressive member and also really thoughtful fellow and they have actually worked pretty well together this year on the Banking Committee and thats nice to see given all the political acrimony in the world and in the country and in the congress but this is major league messy with Scott Garrett and the democrats all postum are two republicans attempts got from South Carolina and mike rounds from south dakota who each opposed the most with two republicans and so its bipartisan support against this guy the vote was thirteen to ten to reject him and it was just sort of a bad deal because you know with former congressman garrett just wanted to do away with the exim bank and this is part of a sort of a strategy by the trumpet ministration to put people in place in some of these agencies who actually want nothing more than to tear down the agencies themselves you and i bianca talked about the Consumer Financial Protection Bureau with Mick Mulvaney who hated the c f p b and now is the director and trying to dismantle it and moving forward forthrightly and then theres scott pruitt at the Environmental Protection agency the former attorney general in oklahoma who consistently sided with big energy and big money interests over the environment and hes rolling back environmental regulations there so i think you know the Senate Banking Committee Just had enough of that sort of thing and they werent going to put a guy like mr garrett who. Like some republicans do they complain that government doesnt work during the Campaign Cycle and then when the they get into government hold power they seek out to play is that it doesnt work so that was i think the bottom line with regard to mr garrett and why he was driven by the Banking Committee yesterday writes as you just said this seems like another trump appointment of an agency had who is opposed to the agencys mission and the house floor debate on a vote to kill the bank in two thousand and fifteen garrett said the bank quote embodies the corruption of the Free Enterprise system so do you think were going to see a replay of this fight between republicans with the next nominee. Well i hope not you know you and i have spoken enough beyond i like to see everybody play nice and Work Together and you know the democrats had suggested shared brown and others on the Banking Panel that mr garrett would not be the right guy and Lindsey Graham the other senator from South Carolina hes not on the Banking Committee but he was public in saying that the Administration Made a bad move by the president made a bad move by nominating mr garrett and hope that they would withdraw his nomination well now theyll have to the president will have to and theyll have somebody else that will be be nominated and you know if they want to get through somebody to leave the exim bank theyre going to have to pick a figure out somebody who can actually gain support from the couple well all the republicans or most of the republicans and a couple of democrats and you know democrats are opposed to the exim bank even though theyve had some issues over the years so i think ultimately the best course for the president is to figure out who had moderate is somebody that understands this we saw just the other day where the president nominated does somebody to the for a judgeship in d. C. Theyre the Circuit Court i believe who had never been in a trial never been in a courtroom i mean clearly unqualified so the people over at what they call the White House Office of president ial personnel p. P. They call it needs to do a good job of vetting these folks to ensure that they at least have a modicum of chance to get through the committee and then on to the full senate of course former u. S. Trading commission or part thank you as always. Thanks bianca. Stay right there plenty more best of boom bust is on the way well be right back. Welcome to max keiser financial survival guide. Looking forward to your thats the dow. This is what happens to pensions in britain dont you watch kaiser report. Thats running insisting that we did not in keeping them i am. Trying to list as that is they have. To get past that. Kind you when you get to the core what it will be its the end by showing you. The grassroots enough that i told you. Oh. Yes yes to. The second. Dont. You defend my right to express your rights you figure the fear of investing discussed but the custos threatening to just turn over young. How does it feel to be a share of the greatest job in the world its as close to being a king as any job there is what Business Model helps to run a prison now we just do it on my guess is nobody over the place and i dont no one comes anymore we dont have to serve them anymore its Cost Effective thats what they want to do that low and they dont give a damn if you do the job the night theyre actually paying us to put it back into the louisiana incarceration rate is twice as high as the usa in breach what secret is behind such success. Is the Consumer Financial watchdog in the doghouse. A District Court judge in washington d. C. Has ruled that President Trumps budget director Mick Mulvaney the former member of congress can remain as the new acting director of the c f p b the consumer part for a natural Protection Bureau but mr mulvaney has argued and voted against the very creation of the consumer Protection Agency Bartlett Naylor with Public Citizen is here to tell us what it might mean mr naylor bartlet thanks for joining us weve actually had the pleasure of working together were a member of an elite bar club in washington d. C. So i know you are probably one of the best guys in washington to ask about this subject first lets just do a quick fly by on the decision of the judge whats your take the judge denied the request of the end and wish for a temporary restraining order on the ability of nick know of a need to become the acting director of the see if p. P. I think its up to the courts and presuming this will be appealed to make the final decision i think the argument is that the statute that created the Consumer Financial Protection Bureau provides for a Succession Plan in the absence of the director and that would be the. The woman in this case lee and english there is a complete there is a default law federal vacancies act that provides that in the absence of such a clear statute then the president can name somebody that is confirmed by the senate and thats what the president did with Mick Mulvaney i personally believe that though the law is clear on that thats what the attorney for ms english argued before the courts that judge appointed by trump differed. Yeah and i agree with you i mean when theres a specific language in the wall street reform and Consumer Protection act of two thousand and ten thats. Says this is what happens and i want to get to the independence of the c. F. P. Be in a moment but for planning purposes lets just assume that theoretically at least Mick Mulvaney stays at the c. F. P. Be for the forseeable future he clearly hates this thing a President Trump says the agency is a sick joke so what do you think hell do bartlett on on scaling back the c. F. P. B. S. Work. Well given the universe of good works that the c p b has accomplished and would plan to accomplish under a sensible leadership the potential harms are enormous. Theres a fourth forthcoming role on payday lending this is the lending that goes to some of the most vulnerable of our citizens and that can be this aerated there is a Consumer Complaint database this is where if you have a complaint with the bank you can petition to the f. C. C. Your petition is part of a database thats public you can see if other people had some of those same problems to see if p. B. Then contacts the Financial Institution to see what the problem is and ideally if there is really a problem then restitution is paid this could go dark under most veiny a host of other potential rulemaking could be simply put in the trash can and he can roll back any number of areas from enforcement and we do know that we unfortunately have a very predatory financial industry that is you know lifting the wallets of so many americans. To simply making sure that. Companies are operating as they should be perhaps the most conspicuous example of misconduct has been wells fargo which created millions of fake accounts in the service of trying to have. Meat sales quotas and it was the c. F. P. B. That brought this case charging roughly one hundred Million Dollars in fines and it has made it americans even more aware that companies as big as wells fargo with some five thousand branches can be engaged in such widespread misconduct that type of enforcement could weather could be eliminated under. A director and administration that is called dodd frank a bad law and its cause and in terms of Mick Mulvaney he has called the c. F. P. Be a sad sick joke. Well its it seems that the that the fox may not just be guarding the hen house the box may be inside the red alert red alert but speaking of you know money thats been returned to actual consumers i mean its Something Like twenty million maybe close to thirty million American Consumers had twelve billion with a big dollars that was in or purposely collected returned to them and part of this is a deal with wells fargo but its also some of the art other large Financial Institutions bank of america and citibank and do you think that that sort of thing will continue or might Mick Mulvaney just put an end to that. The worry is that he will put an end to that i think you can measure the hostility of the Financial Sector by that figure you mentioned some twelve billion dollars has been returned from this industry to the some thirty million customers from whom it was taken and i think that the the the propensity of Financial Firms to do that and do it even where c. F. P. Be is has yet taken force and action is so pervasive that as that a directive from a new director to to fall asleep or to be less aggressive really imperils. The American Consumer the financial industry has grown to where it used to absorb Something Like three cents of every dollar American Consumer dollar to Something Like six cents and its not because theyve become more efficient the way you know your smartphone which probably has more computer power than what got us you know navigated the Apollo Missions to land on the moon and that has that has grown more efficient more less expensive whereas the Financial Sector simply dealing with our money has grown more expensive thats just the overarching plumbing the Financial Sector in addition to that there are the scams and the hundreds of which that the c. A p p has uncovered and found restitution for the victims all of that is in jeopardy under a director again who believes this agency shouldnt exist in the first place. Just real quick you mentioned a minute ago bartlet about the less fortunate among us and how there is a we know theres a racial wealth gap in the u. S. And see if b b is really chartered to protect consumers from discriminatory practices on mortgages credit cards car loans and we dont want that gap to widen even theyve dealt with payday loans and payment of wages with prepaid cards which disproportionately harm people of color minorities can you speak to this sort of a Racial Injustice issue which ive really heard nobody talk about in all of this c f p b discussion in the last several days you complain that yes people of color but minorities africanamericans latinos are even as we speak under banked they have incomes and banking relationships in a much less lower percentage than their white counterparts and they are prey to abusive and predatory lending to see if p. B. S. Brought in cases against home lenders who are either shunning minorities or charging them higher. Even when they qualify for the better rate Credit Credit Card Companies are abusing minorities in much higher levels than they are their white counterparts and the see if p. P. Has brought a number of these cases and returned again returned money to these victims. Without an aggressive c. F. P. Be this racial income inequality and simply financial justice is going to be exacerbated. Thank you and you know it makes me think about one of the reasons that independent agencies are so important is that they can actually remain above politics and this decision by the judge sort of up and that and politics comes into play with the new administration and you know bad happens in government of course elections have consequences but this agency was set up to not deal with politics as much does this concern you this decision with regard to other financial regulators the other four five that are out there yes this one in particular the see if p. P. Was set up to have a Senate Confirmed independent regulator such that when he or she makes difficult decisions they are immune from influence from politicians with mc bill veiny in there at least temporarily he could be removed at the president s will if were he unlikely were he to take a sort of step he could be simply removed from office im like a Senate Confirmed director thats the single most troubling part of having having him serve there but it is taking place all over the financial regulatory agencies from the controller of the currency to the Federal Reserve were putting in wall street agents people that you know a few weeks ago were lobbyist the most striking example is a wells fargo attorney who was put in control of Americas National banks the agency is called the controller of the currency hes the one that. Defended wells fargo against a notable Class Action Lawsuit and then at the control of the currency in a temporary position that nominated or named by trump he took all sorts of steps and made pronouncements about completely transforming the Banking Industry such as for example letting walmart and back of america emerge this didnt happen he has now been replaced by a confirmed director but this is an example of what the Trump Administration seems to be bent on doing is taking all of the guardrails off of wall street and and letting them run too fast and recklessly. Well thats one of the reasons why were really glad to have you Public Citizen another Group Although theres not many of them and having worked with many consumer groups over the years like you have it reminds me of that green day song at boulevard of broken dreams and you know you walk a lonely road and there are not many folks arguing on behalf of average americans versus wall street how do you do it how do you walk that lonely road bartlett yes well to put it numerically there are some three thousand wall street lobbyists in this town you know five or six for every member of congress and theres only a couple of dozen of us but on our side is the American Public polls show that the American Public wants wall street reform and lawmakers and regulators that side with the banks do so at their peril in terms of Public Opinion i think that. The ravages of the two thousand and eight financial crash are still understood by americans and i think this is expressed at the voting polls the conservative Cato Institute actually released a poll showing that the majority of the vast majority of americans want strong wall street reform so that when lawmakers and regulators roll back the safeguards they know theyre the American Public is at some point going to held hold them to account at the election booth certainly in the basic popular opinion. Yes thank you so much you know one thing we didnt get to and perhaps another time is the Campaign Contributions by wall street in addition to those five or six lobbyist for every member of congress but Bartlett Naylor with Public Citizen you know weve heard some things that i havent seen any place else in the news today from you so thanks for being with us sharing your expertise and we want you back to keep a close call sign whats going on at the c. F. T. V. Thanks for joining us my pleasure thank you for having me. A unique Real Estate Property is no longer on the market a beach house in mana sale california has been sold by mike dirnt the basis for green day to tim disney the great nephew of founder walt disney and son of longtime executive roy disney the three bedroom three bath property is distinguished by more than just its celebrity cellar it opens from the street level into an open kitchen on the floor on the homes third floor it has features including wood and a retractable staircase that makes it feels if youre not just on the beach but in an actual boat on the water the sales price three point eight five Million Dollars for this Luxury Property in the overall Real Estate Market according the u. S. Census data the average price for a new home is three hundred sixty thousand nine hundred dollars then there are the outliers the most expensive state to buy a home in according to zillow is hawaii where they report the price at five hundred twenty thousand dollars but theres an asterisk on that one zillow actually list the district of columbia as having an even higher median price of five hundred forty nine thousand dollars but d. C. Of course is not yet a state the least expensive state in which to buy a home mississippi where they say the current median list price is one hundred seventy six thousand dollars. Thanks for watching be sure to catch boom bust on you tube at youtube dot com slash boom bust r. T. See you next time. The. Little. Snow worm good im. In the studio twenty and. Into. The so in the fall colors. Come to call russia no ones ever known one has ever heard of a country never even heard about most school. Hey everybody im stephen bob. Taft hollywood guy the suspect every proud american first of all im just. An r. V. Im going to suggest this is my buddy max the famous financial guru and well just a little bit different im not. Going to learn a heroin or windows up with all the drama happening in our country im shooting the brood have fun meet every day americans. And hopefully start to bridge the gap this is the Great American people. In some American Cities the police of guilt themselves cling to refutation simple who walk on the streets of the United States who are at risk from the very people who are supposed to protect that were people are no more afraid of the police than a criminal as. You can see something happening in this is like i dont want to call the cops have been a resident call the cops and. Lose their lives chasing the with their fingers on the trigger you never know better safe than sorry i dont know that someone else is going to pull a gun so. Unfortunately around and around here we end up on our guns a long. Way from such but cool shoes to. The headlines on Oxy International fifty two iraqi civilians from two separate tribes. Thats according. To the group of. Women. Its a bit like. Its needed. More than one hundred. On the program
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