Congressman's fury at economic crisis

Congressman Michael Capuano (D-MA) expresses his concerns to a representative from the FDIC about the current economic situation at a House Financial Services Committee hearing to discuss the "Hope for Homeowners" program. February 3, 2009.

Barney Frank: "We need to re-establish the credit system"

by Michael Ruhl, University of New Mexico and staff-Talk Radio News Service,

At a press conference House Financial Services Committee Chairman Barney Frank (D-Mass.) spoke on what the federal government is doing to deal with the economic crisis. Frank said that it is likely that a federal entity will be empowered to regulate systemic risk, and that this entity will very likely be the Federal Reserve. He said that the powers given to the Federal Reserve will be newly created powers of the federal government, and will not be taking powers from other organs of the federal government. Frank said that a "prohibition" on irresponsible subprime lending would be necessary, because if enough bad loans are made, it is "hard to protect yourself against them". Frank continued that the government wants the institutions "To be safe and sound", but that the goal is for lending to increase. He also said that the House is working closely with the Obama Administration, and that their aim is to coordinate Systemic Risk Regulation with allies in Europe and Asia.

Chairman Frank also spoke of other priorities of the House Financial Services Committee in the coming year, which included refocusing on debt relief and expanding consumer protection. Frank also said that the Federal government will take a more active role in building houses and keeping people in their homes.

When addressing the topic of America borrowing so much money from foreign countries, in particular China, Frank said that he is alright with these lending arrangements, because he doesn't feel it gives those foreign governments undue influence on America. However, Frank said that spending is too high in some areas, particularly in defense spending that the country is engaging in.

Today at TRNS

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Today Talk Radio News Service the Washington Bureau will be covering Senate Minority Leader Mitch McConnell's (R-Ky.) news conference on the economic stimulus package. Additionally, the Bureau will have coverage of the 2009 National Health Policy Conference, and will cover an event on "Human Rights and Civil Society in Iran" at the Carnegie Endowment for International Peace. UN Correspondent Tala Dowlatshahi is covering a briefing on Sierra Leone war crimes.

Madeline Albright discusses American perceptions of the Muslim world

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Former Secretary of State Madeline Albright says that most Americans are "woefully ignorant" of the Muslim world, and that the press holds a certain responsibility to educate people about their culture.

Madelaine Albright: Americans “woefully ignorant” of Muslim world

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Former Secretary of State Madeline Albright and former Represenative Vin Weber (R-Minn) spoke at the Council on Foreign Relations conerning American relations with the Muslim world. Secretary Albright said that Pakistan is the most dangerous country in the world, but that Afghanistan and Pakistan are closely tied in their turmoil. She continued that most Americans are “woefully ignorant” of the Muslim world, and that America’s approach should not be one of ‘tolerance’, but rather one of ‘respect’. Concurrent to that line of thought is the notion that the United States should be prepared to deal with Islamist democratic elections where the results are not favorable to American policy. Albright said people all over the world are ready for democracy, but that the United States should take the position of supporting popular democratic movements, not “imposing democracy”. Weber echoed that sentiment, but insisted that the U.S. could help build the “preconditions for democracy”, such as improving women’s rights or encouraging an open media.

Regarding America’s approach to fighting terrorism, Albright said that the U.S. must not fight terror in a way which creates new terrorists, and that every civilian death makes both the United States and our causes suffer. Regarding the policies of ‘targeted killings’ and assassinations, Weber highlighted that both the Bush and Obama administrations said that they would not ignore ‘actionable intelligence’ on the locations of terrorists. Albright also stated that it is important for America to distinguish those who were civilians and those who were “murders”.