turndown. what did you see that others did not see? i think starting financial crisis in emerging markets for a decade i wrote a book about it. in the united states there was credit bubble, housing budget, easy money, easy credit, poor supervision. sean: why didn t others see it? there is a bubble everyone feels euphoria. the housing in the united states were using homes as atm machines, politicians were happy being reelected. wallfc billions in profits with when there s a bubble people live in a bubble and they think it is going to continue. sean: we have trillion dollar deficits as far as the eye can see. what does it mean for this country? you see the current economic crisis. what do you see in your crystal ball now? the crisis started with too much debt and leverage of the private sector. now we ve decided to socialize many of the private losses put them on the balance sheets of the government in the japan in
housing budget. give a salvo, return the punch and come back and be more progressive. why done you go back and look at all of the republican chipping away at the siegel act which caused the financial crisis. it is the [ talking over each other ] that salvo was unfair. he suggested that the republican party was not aware of what was going on. he can t blame he was aware of it. listen to barney frank. we need to have a solution here. sean: we are going to repeat you re wrong in stating where the problem came from. the problem came from this notion that everybody in america had a right to a house, whether they could ever afford to pay their loan back that s what the community reinvestment act was about. wait a minute, when it was investigated, republicans said we a big problem coming. democrats said johnson, they are all doing a great job they
saufpb sean who mismanaged sean: who mismanages people s money more? you don t want to answer i m not surprised. if they did what they are accused of, i am as angry as anybody. i think we have to assume there are assumptions. i read the federalist papers number 51, it assumes people are inherently flawed in this regard. government is bottom line at the end of the day you cannot trust them. one of your favorites said it best, ronald reagan, trust but verify you have to do that particularly with i politicians. one thing clear from that sound bite we heard the democratic polling clearly shows that wall street in their minds the devil incarnate. they are going to use it as a political football. what they need do is go back and pull the video from june 27th, 2005 when barney frank made that statement on the house floor he said what housing budget.
storefronts with brown paper on the front. this is our economy. without the problem is there is no growth. sean: the 2.4% growth is so anemic you seed to you need to see any type of job recovery experts tell us 3% at least. to get the kind of jobs growth we need to put people back to work we have to get beyond this 9%, 10% unemployment rate. you have to have at least 300,000 people getting back into the workforce each month, finding jobs. this is critical this is if going to make the difference. sean: the thing that is driving me crazy the deficit. housing starts fell to the lowest level in eight months. a lot of experts are saying we are sitting on a housing budget. foreclosures moving up dramatically in recent months. what is the prognosis? what is the afternoon person at home thinking right now in terms of how this is going to impact their lives? they are going to care a
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