really offsets
this is a fascinating this breaking
Congressman Tom McClintock
republican of california apparently
does not believe that
banks can commit a crime apparently does not believe that
fraud is a crime brilliant believe in any type of white collar crime
at all this is fascinating
I also seems to also be making a case for gun control but
let's listen to this he's asked the question at a town hall meeting
I and the the questioner seems to be quite informed about to asking
for support %uh love a house bill
that would reinstate glass steagle to some degree
here's the question: yesterday
finance to me Thursday largest private
delaware public state senator refer all that
because they're so we're gonna bankrupt these criminals
like for budget so yes I am a glass steagle
withstands wall criminal record well
for school or chrome producer got are
diseases princess posit wait a second yays
really cocky about for a criminal practice there has to be a gun
can you go back a little bit to make sure that I'm hearing that correctly
then just let it run criminal record
well first for or chrome producer got I'll
disease is present you can you can get something to do just about anything with
a gun
your predatory lending for example my first question is well that's just
terrible
should be locked for some money take out a loan don't want
high right now so he goes on first off he says that only half for there to be
criminal practice asked to be a gun
which is a good argument I guess for gun control I
because then we would have no crimes according to this guy but again
apparently is believed fraud
or bribery for that matter
but the fact of the matter is that these banks have perpetrated a fraud both on
investors on the security side on the mortgage origination side
on the foreclosure side in every possible direction
they have committed crimes
and then realizing they just said something incredibly stupid
he wants to attack people who are you does he attacks the whole notion of
predatory loan
listen we know we know that banks
specifically set up my mortgage origination
in low-income neighborhoods targeted him for some prime mortgages because they
had financial illiteracy
there is a reason why in this country
the federal government backstops banks they have a fiduciary responsibility
is a reason why there alone officers
not loan clerks selling a stereo
is that they're supposed to it is their job
to determine
whether or not they are issuing bad loans
as hell predatory lending because they are preying on people
who do not have
the financial background to know what loan they're getting involved in
and I can tell you this that is someone who is probably in the top but on a five
percent
this country in terms of love a veg occasion
because that one year law school as someone who is the son
I love attorney who
I practices bankruptcy law her and
work out deals for banks I barely had any clue
as to what I was doing my mortgage when I but up both the
houses that I bought my lifetime houses fortune in both instances
have the money have a entertainment lawyers on retainer and have somebody in
there from
walk me through the whole thing but if I was not making that kinda money in those
days
it had to go when I you get a thirty-page document
nobody at the table when you're that close you can explain
any %uh Viti that guys outta control
text