kelly, is a have an, you a both very much. great to have you on today. be sure to watch savannah and chuck todd on the daily run-down. weekdays at 9:00 eastern, only on msnbc. coming up, the senate moves closer to a bipartisan deal on financial regulation. that s not sitting so well with the powerful chairman of the house committee. up next, barney frank. plus, vice president joe biden s trip takes an unexpected turn in the middle east. a half-hearted apology in israel today. how s that going over with the united states? send me your thoughts. what? giant peanut. with sea salt. dude, you re freaking me out. ah! wah! both: whoa! ahhh!
behind it. it is appropriate for them to do that. but people i don t want people who had preferred shares from years ago when i was saying look, this is not a treasury remember bond do not consider this guaranteed. element risk here. i don t want somebody saying i can sue the federal government to get back my preferred shares. let me ask you a bigger question. just to nail this down before we wrap up here. do you think that they have outlived their usefulness in terms of the housing market? would you like to some day see us evolve past fannie and freddie? absolutely. the history is this. i thought until all the 2003, that they would be very useful. in 2004 president bush ordered them to buy many, many more mortgages for people borrowing dar at that point i joined mike oxley of sarbanes oxley fame of trying to reform them. that got bogged down. when i became chairman of the committee in 2007, i m proud of hang paulson and his book saying
that i was bipartisan and cooperated with him and we put through the legislation to give him the power to take them over. it is now creating we need to redo this. we have fannie may, freddie mac. ginnie mae. we have a series of important areas providing liquidity to the secondary mortgage market in an unsubsidized way. some degree of subsidy, some stand by authority of if there is a meltdown. those are separate functions. i m inclined to think we made mace take when we put them together. they were created long before i got here in which they were private corporations and probably had a public mission. that seemed to work well when the housing market was doing well. as the housing market collapsed, i think they they get they gave proof to what warren buffett said. when the tide goes out you see who has been swimming naked. it is time to get a new set of clothes. owing. lot of people found swimming naked. thank you very much. chairman barney prank.
rewrite oversight for wall street and add new protections for the little guy. it is unclear just how much will change. over on the house side, chairman barney frank has made it clear he s not happy with key pieces in the senate legislation. and there he is. barney frank joining us now. first of all, let s talk about what the senate has done and the compromises that chris dodd seems to be making with corker, senator corker, other republicans to get a deal. and they are talking about taking the fed oversight and the consumer protection agency, for instance, putting it in the federal reserve. how s that sitting with you? the whole idea that the fed would be the consumer watchdog? well with obviously, the fed has been the major consumer watchdog by statute. no bank regulator should be given that job because the consumer will be second. i should add senator dodd been able to write the bill the way he wanted we would have something signed already. this is not a disagreement i have with chr