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tv   [untitled]    October 24, 2011 6:00pm-6:30pm EDT

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but on the lower shelf where you get the real headlines with none of the mersey actually live in washington d.c. now tonight we're going take talk about the obama administration's revamp of housing programs to help keep more americans in their homes but is that actually enough reasons anthony randolph was going to join us for that one and then julian assange has announced that we complete this shutting down its web site for now to fight the financial blockade that companies like these and master card and pay pal have put up against the whistle blowing organization so if the money doesn't start flowing again could it be the end of wiki leaks and one of the dangers here for the freedom of speech then the obama administration reportedly debated launching a cyber offensive in libya before they actually decided to go with cruise missiles and the drones right so how much closer does that make us to having cyber war become a concert reality or have all that for you tonight and more including a dose of happy hour but first let's take
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a look what the mainstream media has decided to miss. so the mainstream media which so do it or fully reported on the arab spring while revolutions are breaking out in tunisia egypt is back on the revolution that wagon well of course either ignoring or mocking the occupy wall street movement right here at home but now those revolutions of taking place now they could off he's been killed the next question is of course what comes next and if unita elections is actually taking place. i fishel is in tunisia are counting votes in the first free election in the country's history people are now rushing to the polls more than eighty percent of registered voters in the country participated people waited patiently in line shoes on some of the more than three hours just to get their chance to vote no violence was reported during voting yesterday it's been ten months since the uprising that overthrew tunisia as president and spider valiance and other arab nations the world is now looking to tunisia as an example of what
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democracy in the arab world could look like you really felt the emotion yesterday it's hard for me to capture but there were people who started crying as they talked about how wonderful it felt to be representatives that they wanted rather than somebody who'd been imposed on them. so when you're watching that coverage you even see emotions displayed by the reporters about how wonderful it is to see the tunisian people vote in democratic elections and it's great to see a vote but the big question in muslim countries of course is when people get to choose what they want what happens if it's not a choice that america likes in tunisia for example the moderate islamist party has now won the elections and aside from the conservative news outlets the rest of the media kind of likes to gloss over that part perhaps the best example for this well we used to support democracy in getting dictators out but now we're not so sure what to say about it anymore that comes from fox news and their reaction to the libyan trans national transitional national council saying that shari'a law is going to be a principle. pris mustafa julio said yeah the areas i have an idea
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on how to rule libya yeah forget about the democracy have a better idea to shari'a law they put down shari'a law good luck women give it up who have no more rights no more ability to drive the more ability to go hold jobs fantastic makes you wonder you know if a bank rips people off for a lot of money will they behead them if i answer is yes you might think that some people would think hoover could actually be a pretty good idea that's not a really good idea but nonetheless shari'a law this is what it's all that money bought shari'a law. i crack up every time i have to listen to the bumbling threesome but let's think back on what they actually just said so this guy just decided to forget about democracy that's what all the money bought a wait a minute were you guys really stoked just a couple of days ago and he was killed and now you're bitter about that one billion dollars that was spent there because you realize that maybe god doesn't necessarily mean that libya is going to embrace american style democracy i mean that shows
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a fundamental misunderstanding which often leads to a lot of hypocrisy about the middle east and north africa because we know how this game goes we've seen it before propping up a dictator when people want the amount you support the fight for democracy when they can step in and put a new leader in themselves well that's when officials get really earth that they've lost control the situation of democracy it might not look exactly the way they want it to and the truth is that we have a very long way to go to see what a new tunisia and egypt a new libya are going to look like and guess what the results might not exactly be pretty western friendly but he's a muslim countries you have to take those things into account and unfortunately democratic elections aren't guaranteed there either tunisia might be leading the way there but in libya these new rules have basically just been decreed so it's going to be a complicated rough road but you know the mainstream media always cheers first and then think later and it's that lack of understanding that lead them to put their foot in their mouth over and over again i really think of the foxes were having the hardest time with this one because republican lawmakers are for sure they have to
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support democratic aspirations of revolutions but then do they have to necessarily support the results too or can they take a back say that hey we were just kidding unfortunately there is no way to have it both ways but that's what the mainstream media is happy to miss. and well president obama is making a few stops on the west coast this week to promote his jobs act and get a new slogan of we can't wait going so we can't wait goes along with new programs that the obama administration isn't acting but don't require any congressional approval. so since they've been stuck in partisan gridlock that doesn't seem to be going away anytime soon i guess that that's not so bad an idea but one of those programs is announced in las vegas today and it's basically a revamp of the home affordable refinance program started in two thousand and nine at this point has helped less than a million people so this new broader refinancing program and take away some of the roadblocks some of the strict requirements borrowers can now refinance regardless
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of how far their homes have fallen in value their financial situation also isn't taken into regard as long as they've made at least six consecutive monthly mortgage payments and also eliminates legal responsibility for bank and mortgage cut mortgage companies if there are problems with the original loan but all of this only applies to loans their own are guaranteed by fannie and freddie so what you say about this overhaul is the administration of finally they're weighing in on the housing crisis or is this still kind of a weak attempt to discuss it with me as anthony ran down so director of economic research for the reason anthony thanks so much for being here tonight you know this is you love this stuff right you love talking about housing and how. it would so i'm really curious as to what you think of this of this new revamp because we're constantly hear you and i talking about how the past attempts hand you know or this program as well how they have just been complete failures maybe the obama administration really really screwed up on this one out of the other things that they screwed up with the economy so is this at least a good try but i think it's
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a really weak attempt for which a friend with the key thing is what are we trying to accomplish with this you know this point even the administration would tell you this is not an attempt to solve the whole housing crisis so anybody that is going to try and frame this planet as you know this is the white house trying to solve they're not they're not trying to do and it can't. what it basically is doing the things that you are why it is going to do two big things. the fact that it's no longer a limit of how far your house is underwater and you have sort of access to this really this refinancing program in the banks now have the scary dangled in front of them if they. participate in this because this is voluntary. the banks may be able to clear away some of their liability and that's the two games that are going to hear it is that they have because they feel like the debate for had quite a few carrots dangled in front of them of the last couple of years and they're still sitting on cash and not getting out so not all the details are out just the broad strokes of the plan were released today we're not going to get specific
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details until november fifteenth so the devils are the devil's really in the details in terms of where the not the banks are going to go for this and the fact is if it's not good enough they're not going to want to jump into this program any more than they did the previous programs because banks and investors oftentimes lose money with refinancings because you're testing over your wanting to get interest over a thirty year timeframe and then you prepare a loan since you lose money so you need to have a good incentive to want to jump into this now another incentive is that you you know banks don't want people to fill up and so there there is value in refinancing . but what i think is the weakest part of this is it's not going to impact that many people there's certainly are going to be people that's going to benefit but even f.h.a. the regulatory agency that's going to overseeing this and is implementing these changes their estimates are between eight hundred thousand in a million people are going to access this at most the original claim was that a lot of guys you know we've got a little more realistic because at this point they say that under
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a million have already been affected by the program right now they're revamping and they're saying maybe up to a million at least they're being more honest this time instead of saying you know blanket i have million people here you've got so so they're potentially being more honest and some estimates suggest it could be as low as six hundred thousand some say it may be as much as three million but here's the key thing the point here is underwater borrowers right but we're not we're not trying to help out people who are able to pay their mortgage and have equity in their home but all of the about nine hundred thousand people that have participated in this program so far only seventy thousand of those people have been between one. hundred and one hundred twenty five percent. underwater you know it's technically called l t v the loan to value ratio but so most of the people that are purchased are in this program are in negative equity so that's an ominous sign that expanding the program basically taking that cap will you would have thought that you know even without the cap lots of people up to that cap would have taken advantage of this but they didn't so
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there is an ominous sign going forward that this is going to have much of an impact for people that are underwater why do you think that so many people didn't take advantage of it is it because in some of those barriers that you know that we're talking about that now have been taken away as a matter how much of that is fine does it matter what because there are some people that say that you know i barely out my financial situation is too good so i don't even qualify to be part of the program to get some help or is the word not out and i think i mean there has to be a reason why this failed it was a couple things don't go away with this one of them is the backlog so that's one big reason why for why refinancings and modifications haven't gone through at the rate of pay might otherwise like good ones people the ones that are qualified for nice because there's just so much out there and there's the foreclosure pipeline that's sort of backlog and the other reason is the fees associated with it with refinancing and that has gone away that is one of the things and so that might be one of the things that really might get more than some of the some of those people who are over the hump and so you might see a few more people now i don't have
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a particular problem with people wants that are underwater that are underwater in their home that are able to refinance or go through this program. it's you know it's owned by fannie mae freddie macas they actually technically have the legal right to do it i don't i wish that we were focusing our efforts on something that was helping the debt problem like on a broad scale i think we're just still sort of basically. basically not we're not addressing the core and aligning things that are going on but. he would drop traps in the back of a. right turn and we have we have a great super committee when i go there are not going anywhere at all what i have a problem with is people who can refinance that are basically going to have less fees charged to them that are basically healthy far worse that are going to go refinance because those less fees are going to take away money from fannie mae and freddie mac. and every quarter fannie mae and freddie mac. take money from the taxpayers because they lose money but it's a vicious cycle because i think you know you can say if the government at the same time maybe they're not so worried maybe they just want people to have lower fees so
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they can then have more disposable income so they can spend it and then you know you get to count that as part of a reinvigorating the economy and consumers are buying again and then we get this impression that things are going just fine i think consumers are. going to take you know i mean i you know i it's overall it's a weak attempt at a huge problem but i think that's the biggest thing to take away is we need if you're going to take bold actions if you want to make bold proposal to congress you can make you can make bold steps when it comes to dealing with fannie mae freddie right this is where we could start but overall if you look at the obama administration's policy and the way they try to tackle everything that you could look at a stimulus right you can look at obama's jobs plan he's trying to get out there do you think that housing is their weakness are you know i mean why were they so or why weren't they mar aggressive and if yasser three geithner which i can remember through the reporter asked them that question last week they act in that he said we underestimated the depth of the problem there were lots of people who myself
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included were yelling in two thousand and eight two thousand and nine but how zing is it credibly important part of moving our nation forward it's not only stimulus it's not just iraq it's a man there's a serious debt problem and secretary geithner admitted we underestimated the problem so now they're yeah and so and so now we've basically dragged out the foreclosure crisis through an ineffective harp an ineffective hand program a sort of sister program that basically just meant that instead of having a lot of foreclosures in two thousand and nine. we get them now we can start in ten eleven and twelve we get this built up shadow inventory where we have it yeah but basically four times the number of homes that are waiting to be foreclosed that are currently on the foreclosure market and that means that that's going to be another forty or so months of more homes entering the base and becoming and getting foreclosed on and turning the housing supply so that's pretty downward pressure on prices for a long time that should have been dealt with in two thousand and nine so
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a big push now and now the slogan is we can't wait so if we can't wait i'm not it's actually takes a lot of bold steps that the white house seven pervy where we don't need fannie mae and freddie mac. and they're actually causing a lot of problems because they're keeping the private sector private sector financing out of the housing market so put forward a plan to begin to phase them out over five to seven years couple it with of this refinancing program if you want to take a bold action you're right we can't wait we can't say this is not the time to change things in the housing market because it's too fragile there's never a good time to address housing finance reform it's either we don't want to slow down the building like a boom or it's too fragile we need to take bold steps this was incredibly disappointing so i and i thank you so much for joining us tonight and you know we'll see if i can say if the banks actually go for it and letting us see at least a little bit a little bit it's not. all right there's still much more to come tonight hundred thirty occupiers her record over the weekend we're going to tell you where it happened to continue to bring you the latest on the right in the face and then
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a great relief in trouble this time it has to do with their finances and find out exactly why the whistleblowing organization is putting a halt to all publish it rick. i. was. going. to the police blocking. the way protesting nobody seems to know. that never a proper spray to face but already argument that they're being overly dramatic. you know sometimes you see a story and it seems so you think you understand it and then something else here
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sees some other part of it and realize that everything is all. part of the big picture.
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mr. well the second month of the occupy movement is underway with several new cities jumping on board with their support and even a few city councils the city of los angeles has released a statement saying that it's of course the peaceful and nonviolent exercising of first amendment rights back on the east coast well known philosopher noam chomsky showed up at occupy boston to express his support but in chicago things weren't quite as peaceful over the weekend protesters are still attempting to create a headquarters for the occupy chicago boom and so they march to grant park on saturday night to try to make that park their very own bonaparte clothes the rest began.
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the long. over all one hundred thirty people were arrested saturday night which marks the fourth week of mass arrests relating to the occupy movement but let's go back to where it all started for a moment because the park over the weekend the demonstrators got a visit from folk music legend pete seeger and the ninety two year old seeger was joined by his grandson and several more protestors for an impromptu performance at symphony space. a i. now that wasn't the only action that took place in new york city this weekend this past saturday marked the annual day of protests to stop police brutality so several members of the occupy movement marched through manhattan to show their support and
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the conna stop police brutality was also echoed by anonymous activist organization an open supporter of the occupy movement released the names addresses and social security numbers for members of the international association of chiefs of police in a press release anonymous and it's group anti-sex said that they wanted to go after law enforcement for protecting the one percent the hackers went on to say we have no problem targeting police and releasing their information even if it puts them at risk because we want them to experience just a taste of the brutality and misery that they serve us on every day basis and i'm not so sure about the right way to go about it not every police officer out there uses in sex of excessive violence or gets out of line and remember we're also part of the ninety nine percent they're also losing their jobs they're also losing their homes that's an unfortunate result so far of this occupy movement across the country and then it's pitted in many cases the two groups against each other when really they've got the same frustrations with the corporate control of the country now a lot of my movie continues to grow so do its coffers at last count occupy wall street
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and received almost five hundred thousand dollars in donations and else now becoming a bit of a sore subject for a lot of protesters who feel like they don't have access to that money because financial committee is having trouble securing people who are able to handle the donations because as they put it there for eight of takers in finances while contentious issue you have to show that increasing support for the occupiers so it was once a few thousand people who called for an end to corporate greed has become a nationwide even global movement backed by least half a million dollars in donations. a wiki leaks is going broke and it might not survive in the next year that was a message from julian assange when he announced at a press conference in london that the whistle blowing web site is shutting down its operations until november twenty eighth on order to focus on finding a financial blockade and raising new funds now if you remember it was in december of two thousand and ten that these that master card and pay it out through the biggest payment providers that dominate the market cut off funding to wiki leaks
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western union has also cut off that funding as private companies they had the discretion to do it but it came out the members of congress like joe lieberman were pressuring it become pains to do so now a sign said that in two thousand and ten we can leave donations are running at one hundred thousand euros a month and now they've lost ninety five percent of their revenue so could this financial blockade actually lead to the end of wiki leaks and one of the greater dangers here for free speech joining me to discuss this is trevor kim activists of the electronic frontier foundation and curates the w.-l. legal twitter feed we're reporting on legal and first amendment issues surrounding wiki leaks trevor i want to thank you so much for joining us tonight and i mean are you surprised that a lot of the financial blockade actually ended up hurting wiki leaks or considering how much paper mastercard and visa all dominate this market has become virtually impossible to get money to the organization yet i mean this was kind of inevitable because as you said. it was sort of the guardian saying basically control ninety
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seven percent of all humans online so when you can't be stupid ninety seven so that's my problem is that we probably especially. because there are all the trouble with the servers and just the traffic going website it costs a lot of. money so i mean why. i'm censoring when you use corporations the government knew it might take you know it would be over and they would eventually suffer less well exactly how much money do you think that it takes i mean you know are they using the majority of their money to deal with some of these legal troubles that they're having because i'm feeling the sign said that they were getting what was that ten million pounds a month in two thousand and time that's a lot of cash. yet stepped on a lot of cash i'm not sure exactly how they spend their money but i do know they're here losing a lot i think it was a couple months ago when they actually found. a loophole in the piece of processes
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payments they ended up having a twenty four hour window where people could go on it and that's where we really saw how much donation they were using i think within twenty four forty eight hours of research up and down again they were. reasonable six figures were funny so to say the. images they're fun reasonable is it's an understatement now so what time said basically is that they're putting all their publishing to a halt for now because they're going to try to fight this financial blockade and i know they have a few legal processes in the works in europe but how much can they really do in this case. yeah i don't know about europe but in the u.s. really talk because this is actually kind of a government and a run but end run around the first amendment because the first seven protects you from governments or government such as speech but essentially what they did was
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start pressuring these companies like him it started with amazon joe lieberman staff all of amazon said oh you know you should be hosting these people and then after amazon and agree the next day joe lieberman went on t.v. and said well i hold other companies follow suit and so you saw abuse and master card and a public i was immediately cut off all of us. processing services and they didn't really say why they said well they violated the terms of service this was a legal but says it hasn't actually done anything and i think they just kind of rushed the judgments thinking that i was in classified information is illegal when we know that newspapers do it all the time in this country every day over the last return or the new york times the washington post post classified information is nothing to do with us. and they just assume because the government is using words they're looking to do something new when the facts are now so clearly pressure must
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have played are all here because you know people always mention as well you can still donate to a lot of corporations that have broken the law as numerous times and in this country you know that had lawsuit after lawsuit but yet for some reason wiki leaks that hasn't been charged of a crime or convicted of any crime here in the u.s. for some reason you can't really tell an aide to them anymore and so you know i think that that really brings up a bigger issue because wiki leaks clearly has become a very divisive organization right there a lot of people that just fundamentally disagree with what we can exist doing they think they're putting classified information out there in danger in lives and i do think people realize that this is about a much bigger issue this is about free speech and the fact that if it wants to you know it with pressure from the government private industry can essentially silence that. yeah that's a great point i mean whether you like what you eats or ate we were down or stand a lot of people don't like the way the silent runs we are at this or a bit he's publishing on secrets but either way this is something that people
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should worry about because once the government. starts as president where they figure out it can pressure these these private companies into into doing their bidding essentially then who knows what's going to happen i'm and as you said there are plenty of company that have been accused of law breaking work actually broken the law up nothing or something happens that you know you have you know you had the big scandal in england a couple months ago our. operation there we spoke with the world where they act were actually involved in systematic lottery people's phones and bribing police get you didn't see the said master card trying to. stop processing subscription payments the wall street journal it's just not something we would do if these companies had to. you know shut our service for anybody who's that of breaking the law they would be out of business and weak and if they had to shut off us of surgeons or newspapers that published classified information every newspaper major
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newspaper in the country would suffer from the two so it's a very hypocritical stance even though they can technically get away with it under the first men because companies are allowed to do this with work really want but it's just disingenuous reasons. yeah and there's always that double standard of course when it comes to where leaks are allowed especially if anyone that's white house officials they're leaking them here by choice or whether it's wiki leaks then somebody actually gave them that info and i know you follow everything that's going on about weekly the time you have any updates in terms of julian assange his appeal or anything on the grand jury here in virginia. well i think it you know it was supposed to be it sounded least a month ago i guess everybody's just kind of waiting to see what happens with that the grand jury to celebrate how they lost on there there will be prosecutors the justice department so we're kind of in the dark right now because you know rangers are after our secret and. we don't really know if the government is.
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so pursuing it we assume they are people with perfect stops but. no information as to whether osama will be charged with espionage at us but we can say is that if he is he would in fact. every. country especially criminal i was national security journalist got it because talk about it so if they don't come out of the new york times this time and they say trust us going. it's the next time that everybody is worried about the next president say well you know suspect information so now you can jail our gerri want to thank you so much for joining us tonight and of course i guess we have to wait and see they said they're halting all publishing until the end of november and maybe there will not even be any wiki leaks throughout two thousand and twelve if they can't get any more cash so i have to follow the story thanks so much. thank you. now coming up after the break how to
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respond to you the viewer you said it i read it and the obama administration reportedly debated launching a cyber crime so that libya they're going to take a look at what held them back. into the military mechanisms and do the work to bring justice or accountability. i have a right to know what my government should do if you want to know why i pay taxes. well i would characterize obama as the charismatic version of american exceptionalism. you know sometimes you see a story and it seems so silly you think you understand it and then you glimpse something else here sees some other part of it and realized everything you thought you knew you don't i'm trying hard to think.


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