have the right to make the recess appointment, is actually doing substantive things that matter and apply directly to what brought us into the crash there? end of lecture/rant. deepak, how much energy do you think there is around? one of the things you do and one of the things i want to have you on the show, you are an amazing liaison in what is happening in washington and communities around the country. center for community change has working people on the ground up against bankruptcy, foreclosure, joblessness. i wonder the connection between tom was saying during the break, does nibble care that the cfpb person was appointed. i think people care a lot. this is about what are the fees people get charged. should people have sub-prime loans that have outrageous interest rates? the forms we fill out, understanding them. no one in this country understands the forms they are
hand out fraudulent or bogus or liar loans. the really ironic thing, of course, is if banks were only too happy to be lending to the kind of people that could be deceived by predatory lending practices. finally, that law is still on the books where are we in another housing bubble here? i ve always been amused. i think also in terms of what exactly the practices were that were going on during the bubble. you hear these things. here is one example, something called yield spread premium, wonky but important. krista comes in and she thinks i am trying to get you the best deal. i go and look at all these loans and i am getting a yield spread premium. deepak has a loan at 6%. i am going to charge you 7% and pocket that 1%. i am trying to get you into the best loan. you think i m acting as aph
first off, deepak, what do you now know you didn t know at the beginning of the week? i had my confidence restored that the federal government can actually do things that make people s lives better. yesterday the obama administration came out with with a proposed rule that would reduce red tape for immigrants that want to be citizens and allow hundreds of thousands of parents, spouses, kids who have u.s. citizen relatives to be able to get a green card. big deal. doesn t go far enough. but it s a major step forward. i m glad to hear that from you because you have done a lot of work. you and i have talked. as a reporter i ve used you. the rules, touchback rules, they re getting it allows people to do some of their processing here in the country rather than leave the country for three or ten years and be separated from their loved ones for long periods of time. big deal. thanks. krista, what do you now know? i know the republican party cares more about ideas than it cares abo
i am just asking you a question. in your utopia university. in my utopia universe, it wouldn t just be banks that would have a line it would be individuals, anybody that wants to charter a new bank. glass steegle was not to increase the chartering of narrow banks. if you want to start a narrow bank, you can charter it. deepak, i am going to let you respond. canada, germany, other countries with banking systems that had high levels of regulation, don t have huge foreclosure crisis, they made small reasonable rates of return doing plain vanilla business. the key in canada, canada didn t have glass steegle, which is a real important point. they had universal banks. the key difference in canada, the key difference in canada was canadian regulators said bozle 2 is not good enough. they said to their banks, we are
puffs plus lotion is more soothing than common tissue, and it delivers our most soothing lotion for every nose issue. deepak joins us. so, when wall street created took down our whole economy costing us $16 trillion in household wealth, around 7.5 million jobs. people were angry, took to the streets, confronted their congressman and demanded, well n the view of thomas frank more freedom for wall street banks. mr. frank, are you flummoxed by this and you write, the revival of the right is as extraordinary as it would be if the public had demanded dozens of new nuclear power plants in the days after the three mile island disaster. if we had reacted to watergate