more than 20 people still unaccounted for. rescuers are blowing holes in the side of the ship to get where they think people might be located. they found five bodies yesterday nap matt c . confirm death toll is 11. the man at the controls that might is now under house arrest today. prosecutors say they are speechless that he s even out of jail. they want to charge him with manslaughter and abandoning his post. we also learned today that it might not be the first time that that same ship was dangerously close to that s land. more in a couple of minutes. but first listen to this passenger who told us today what it was like. people s faces were panicked and they were trying to jump in and they just started hitting people with anything they could, the oars, poles, trying to push people back. but people kept persisting. and that s really when the screaming started and everyone was screaming and that s when they said we need to go, we need to get this down and it was just heartbr
the substance, some of what you plan on doing. let me read a statement mitt romney put out. he says president obama s bureau is perhaps the most powerful and unaccountable in the history of o our nation headed by an unaccountable bureaucrat with unprecedented authority over the economy. i want you to respond and explain why he s wrong if you believe in fact as i assume you do. well, i think there s a lot of accountability in the law for this bureau, but the other thing is there wasn t a lot of accountability in the financial marketplace before we had the meltdown in 2008. that was a real tragedy for this country and it hurt millions of people and part of it was because we had banks and nonbanks competing in financial markets. they led a race to the bottom. they destroyed standards and they hurt a lot of people. who s going to be overseeing
exploded on them, 40, 50% of those came from nonbanks. still to this day, until this appointment took place, we could not be supervising those. there are 20 million people who take payday loans, 20 million, rachel. they often average two weeks and in many cases the interest on those is 400%. because those are not banks, they are nonbanks, we could not supervise them until richard cordray was in place. so this makes a very big difference. and think of the story the president told today when he was there about the elderly couple who was had a pipe broke, somebody saw that, took advantage of them, forced them to get a loan they didn t need and almost ruined the entire financial security of that family. that is exactly the family, the exact type of situation that this bureau, this independent consumer watchdog was created to protect people like that and to go after those who would take
suffered, unethical abuse of subprime lending, loans that exploded on them, 40, 50% of those came from nonbanks. still to this day, until this appointment took place, we could not be supervising those. there are 20 million people who take payday loans, 20 million, rachel. they often average two weeks and in many cases the interest on those is 400%. because those are not banks, they are nonbanks, we could not supervise them until richard cordray was in place. so this makes a very big difference. and think of the story the president told today when he was there about the elderly couple who was had a pipe broke, somebody saw that, took advantage of them, forced them to get a loan they didn t need and almost ruined the entire financial security of that family. that is exactly the family, the exact type of situation that this bureau, this independent consumer watchdog was created to
exploded on them, 40%, 50% of them came from nonbanks. still today we could not be supervising those. there are 20 people who take pay day loans. 20 million. they often average two weeks. in many cases, the interest on those is 400%. because those were not banks, they re nonbanks, we could not supervise them until richard cordray was in place this makes a big difference. don t miss rachel maddow s unique take on politics, that s weeknights at 9:00 p.m. on msnbc. today we will learn more about changes coming to the u.s. military, adapting to what could be a trillion dollars in budget cuts over the next decade. president obama and leon panetta will detail it at a pentagon