He went to harvard. He went to oxford. He became an internet and the nixon white house. Both the republicans and democrats wanted him. In the end he chose the democrats. He became a lawyer. He became an investment banker and then he became u. S. Budget director under president clinton. People were talking about him as a possible treasury secretary. At fannie mae, raines carried on with the fast growth policies of jim johnson. The Clinton Administration aide him on. In july 1999, hud secretary announced an effort he would increase the percentage of their mortgage financing that went to low or moderate income families, to 50 in 2001, from 42 that was set back in 1995. Cuomo said these new rules would provide Affordable Housing for 28. 1 million families over the next decade. Think about it. Cuomo could promise to create 28. 1 million homeowners without asking congress to spend a single penny. He simply told fannie and freddie to go out and do it, and they said we would be delighted. You
Fateful history of fannie mae, faithful not only for fannie mae but for everybody else too and there are copies of the book out in the reception area which we hope you will buy and which bob hagerty will autograph after the program. I am the president fellow at a e. I. And we are pleased to have you with us to consider this fateful history and its role in american politicized Housing Finance. After many years of dealing with and thinking about fannie mae i thought i knew a lot about this subject but i learned a lot more about it from reading bobs book, especially the very longterm evolution of politicized Mortgage Finance in this country and also about the vivid personalities involved over the last 40 years, all the way to the end of the story, at least it is the end so far. The book is full of information but in addition if you read my invitation to this event you know i think it represents an underlying tragic drama. In fact a shakespearean tragedy in fives. Rise, power, hubris, fall
It was at least fair, where the 1 were getting 45 and the bottom 99 were getting 55 . What is the configuration now . I might venture to say, mr. Jeffries, that the 99 are getting zero and the top 1 may be right now at 100 . So im asking for the conference to go and work for america. Not this configuration, but to in the 99 investment america. To be able to take the c. B. C. Budget and look at some of the tax reforms that could be utilized, to look at our job creation, which would include the maintenance and repair for public transit, highways, airports, port, railroad and bridges. The houston metro would appreciate having the opportunity to expand and create work from those who would on the rail lines to those who would build the rail cars, to those who would run it. And the opportunity for people going to work to ride on it. Work force Development Programs such as the Work Force Investment act, programs that ive had in times legislation ive introduced in times of high unemployment, t
That understand what is it they want to focus on. Whether they agree as to the most important things people then, ad to see number of organizational things. How to get money to finance it is one of the most difficult issues. How to best organize it to see what they want. There is a lot of organizational work. You need to find partners in russia, belarus, anywhere that share your interest. Recipe that is the best as of today. Thank you. 22 years after the breakup of the soviet union, we have a very different global world. It is very different than it used to be during cold war. Relations are quite different. Diplomacy is quite different. Capabilities are very different. And the level of danger is quite different. They often dont understand it. One of the biggest problems in u. S. Russia relations is a lack of fresh ideas. Lack of breakthrough ideas. Kind of intellectual deadend. We have great experts on u. S. Russia relations and one of the conclusions from today is, these too can get r
Securities,ked bonds, sovereign debt, corporate debt, commercial loans, real estate loans this is where they put their money. The risk, whether the bank making the loan, or the Insurance Company, the risk of the same. To suggest it is an Insurance Company, does not need capital roles, that is not right. We need a more thoughtful dialogue. Heorry so often these regulatory movements can get started with soundbites, and of a sound bite is we cannot have bank rules apply to insurance companies. I do not know what that means. Except leverage is back. Stakeholderse your , policyholders, depositors, to harm if you are over leveraged and get yourself the trouble. Yes, it canc be done. I am not going to get my big question. I am sorry. If folks have questions out there . I think there is a mike. Given your experience at fdic and what you were just talking about with the mega Financial Institutions, how would you feel about putting up an Insurance Program like fdic to apply to the mega Financial