WWL>Topics>>Think Tank 1110am Wall Street & Tornado Updates in New Orleans

Think Tank 1110am Wall Street & Tornado Updates in New Orleans

Feb 7, 2017|

Should we deregulate Wall Street?  That’s what President Trump wants to do & Weather updates on tornatic weather in southern Louisiana  This hours guest: Joe Valenti - Director, Consumer Finance, Center for American Progress Mike Steele - Homeland Security

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Automatically Generated Transcript (may not be 100% accurate)

But it was surprised we could not believe in runners stay. State could not be more trump. And in or out or leave little onto the drones and old February. Would threaten jaguar and we have you should we deregulated. Wall Street in 770%. Of those pork. Of those were certainly says it's no. The what are you talking about is a number of portrait and Bonderman liberal conservative web sites and news media. Washington post's headline trump ordered regulatory. Rollback this Friday. Orphanage and industries starting would Dodd-Frank. And thankfully. We have some doesn't know what they're talking about we have Gio Valenti director of consumer openly and sooner or American programs through thank you so much with the top. Are you with me. But for all. Of what. We're Bergen talk about it for a short period of time. In afternoon. We're gonna go tour commercials and try to get him. When Newt occupant about the dog bring bill is that it was still pour hot pink. Of forced banks. To have an of Monday's. All in the head. Toward 2008. Occurred game. It could pay back but doubted be too big took place. Roland said let's get a premiere expert jubilant team director of consumer and me and senator Peru. American programs show thank your broad talks. Explain interests weren't what's happening with the dog for a report what does trump pointed to what you bring you facts nor. So much product. The president issued two executive orders. 12. Treasury Department one of Labor Department. Two. Revisit. Some of the rules and operation that been put in place since the credit and debt so. This is something that would take a bit of time it's you know these things. I do have to go through the system but she's basically instructed these agencies to you know look older types of rules and protections we haven't. With an Ike toward. Rolling back the regulations that have. Kept us from going to another crisis. And correct me if I'm wrong buddhists or some cold case and was limited to force some things to kitty annulled funds on hand. That if good news for a period to another 2008. Occurred they would have enough. To take care of the emergency. Without a host bailing them out in my brawn. You're absolutely right the regulations put in place. After the Dodd-Frank act were designed to make sure that. Taxpayers are not going to be on the hook for bailouts and the banks are going to be able to do the same kind that they're taking that got it to the. That it lived at the same time when when you say that this rugged and news. Wall Street Journal headline. Hundred billion dollar reason investors love him this rule back order. So this is six big as sure as thing. Could potentially. Return more than a hundred billion in capital to investment. Or drunk through dividends and share buybacks. In of trumpet is successful. But correct me if I'm wrong I'm ensemble movie good short read the book. Michael lewis'. New Orleans it's at its own and we know we're very well. And I think Quinn laws about what was it six or seven true real young. So. If if this is gonna be a hundred billion back. In men still Porter old short on protecting. Against another. 2008. It absolutely falls short and it also. You know that's the short run game. Toobin to banks and open to investors that not necessarily going to float around there about in his. Red and at any time that. You know you'd leave. You know you'd beat the banks and attended you meet anybody unintended they're doing what they want they make and probably. Get away with a lot of different things economic a lot of money and in the long run. If they can do a lot of risky practices that. Will catch up to them and look at kept all the. And told him about something you know it's again in the Washington Post article. Broken bones courage and we're all so moved against regulation. Designed to force retirement advisors. To work in the best interest of their clients. It's called the do jury rule and and it's said that take a practice in April to hit it explain that to him. So this is the problem that's existed for about forty years you know more and more Americans have been. Are there element planning retirement. Not as many people have traditional pensions as happened decades ago. So you're seek out peninsula by. And and a lot of the financial advisors out there aren't actually required to GDP it by the best for so. You're advisor can and to get an investment. There could be two different. Investments that are exactly the same except one of them cost more and give that advisor kickback it could even be. Point toward recruiters or something like that. And that it budget open up to tell. That there are other options in the advisor. Can just say and it just invest in great for you. When you're left paying the bills and use getting commission and whispers that said that to about seventeen billion dollars a year. That people who live in retirement. Jimmy we've got a really bad weather situation here. Got to take a break for news please forgive me won't come right back coach Dave Cohen news. Byrd thank everybody headlines. And crawled see the moon. Liberal media of the conservative media. And virtually all of selective straw proved so eroded too well or regulatory. Rollback. Or finance industry. Starting the dog Franken donned bright kid five understand correctly. Basically forces the things to have enough. Collateral. On pain. To beat him of good news for bids in the of the 2000 lead scorers. We we don't have to heed. The dead. Cell. You know I'm. The day I know were red state unknown the house majority. View borrowed from the needle like him. But he said he's been drowned who's been drained as well. In an Anglican it to you and Jared column. The White House economic council. Director. And these wounded a doctor Walter Jordan is former president of Goldman's. Ex. And Wall Street appointees. Are all over. The trump administration. And remember he visible on the attack Clinton. On the her connection of the Wall Street. And you don't mind them says the minute I'm I didn't vote for. I didn't vote for trump and I'm independent. But I get confused over drained those long. And now we've got Wall Street executives. In the administration. Rolling back regulation. I think it sounded like it protected lists. Energy and fuel we are. Ehrlich could have been experts are Drupal into director consumer open and Center for American Progress Hugo. I wouldn't. Have to justice in what moved you and news or recruits. These said the administration. Also moved against regulation. Designed to worse retirement. Advisors. To work in the best interest of their clients now that Washington Post. Liberal publication. Is is that true and what does the other side say independence. The other side would say that. That's the rule the take away people's choice man. You know there are probably going to be some kind of investment products insurance products that. We're never great for you to begin with that involved. A lot of it kickbacks to advisors in the Wall Street firms and advisors you would make a lot of money in get free cruises all kinds of perks. From selling things that were good for you either side is going to say this is about to you tuchman Gary Tony it's said that. You know that's like a million healthy food off the mania. Now I would disagree because. The unhealthy foods. You know might factor diet. Might factor health. But. If you messer at your retirement and you end up losing a lot more of your hard earned savings. He's an exit fees and commissions and rip. Then you're gonna be a lot better if we are worse off along. Our idea from the administration. Also served with the dismantling. Of god pray it replaces that with the new policies. That encourage. Economic growth and job creation. I'm not sure how all that's gonna play out I think we view. See here is a move to deregulate and you know leave the banks bought out and you know immediate scenario where. They do a lot of lending it to a lot of risky thing for a couple of years and then we're back in the hands of another crisis I think we're rated the point where. A lot of the insiders have forgotten what the crisis meant to. Everyday Americans the trillions of dollars of wealth but lost the millions of people lost their homes to foreclosure and are saying. You know let us go back near the punch bowl again trust me we won't overdo it this time and I would quote Ronald Reagan and say we ought to trust but verify. And have looked in regulation on the books to hold these banks in the Wall Street firms to. Joseph and started for all the delays we've got some really game drew whether year. Thank you for the expertise thank you for the time tanker blew the call have a good. Absolutely. And and again look. I think on this program we've gone out over a witty. To give from its side of but bird. Bird would gold go look at the money owed them on the movie the movie do the big short written the book. Go find out of we'd. We'd. Paid six or seven trillion dollars back in 2008. Or we're gonna go through that again. All right we do you continued threat to extremely. Bad weather in particular tornado groups. And deserve were canceling our gas from we're gonna open the lunch to reserves are one thing seventies thriving right now. Your whole team. Concerned. You'd see a bull. See bad weather. Seeing destruction NC damaged whatever maybe. This is decision call twos or G or one sibling. So far we know them a large. Extremely dangerous. And potentially deadly tornado. Is on the ground in eastern New Orleans India. Couple attacks on those. It was reported their ship highway. And the issue boulevard. I'm bow at 1137. Reed minutes ago. And visuals are saying that this is so serious. Got a protector lie you've got to take cover now. Moved to ruin in cure a room on the board's floor room sturdy building. Aboard windows. Open a mobile home. Of vehicles. Or outdoors. Moved to the closest substantial. Shelter. Protectors so from flying debris. Confirmed a more destructive tornado was observed near Madison bill or about ten miles were solved well. Of Covington. At about 11 o'clock. And again if you were hearing in any of this year's seeking any of those experiencing. Any of this. It was all blown by giving goes so call. Your telling other people. Let me go to. I think mark. In the middle in the east mark or you Whitman. Yet. Reported that on a gigantic tornado ran a shipment or. Near or gently. Out by voters throughout the ship. Never anything like achieve each. Did did did touch down. Yet it Buick touching down in there was peace building liner winner and there were also little funnel clouds coming down next to it. 83 or four. And it didn't give me the location. Just said the shipment or near bowlers. You don't roller coaster my shoulder and later. Or do you still have them in sight. Now I'd be true it's an electorate that. I was during a boot on or any way. And it was tomorrow let food Yuma. Horrid to in anything else we heard Joseph public. Now would stay out of that area shipments order it's a lot they had a lot of lay people. I guess he crawled over ship at some point. And it's pretty bad it like that it. Remarked thank you Google's so mood should root for usually do core news. Garland we are getting calls now people trapped in cars trapped in buildings largely along shaft highway and eastern New Orleans downed power lines on top of vehicles. Buildings that have collapsed story in danger of collapsing. And several injuries reported already. Again this is after they confirmed tornado that the National Weather Service describes. As extremely dangerous and large touch down near the intersection of shaft highway and be issued. Probably about twenty minutes ago now and it's continue to rake along moving toward the east. And we are hearing more and more emergency units racing to that area now to try and help people. Who have become trapped by downed power lines downed power poles downed trees and buildings and overturned vehicles. Just got a report of an overturned eighteen Wheeler. I'm Jeff highway that may have been blown over by that tornado and we're just on the front edge of the starting to hear increasing reports of damage and emergency rescues underway. All right here juror microphone. 2001. That aid suddenly. If you're one of those good news shrewd bid trapped in your card trapped in your home war. Nearby didn't sing in this story in anything you want report. Give those sculptures are juror 187. The opener via. Our neighbor. Linger about the world that we don't do a broad Porter blowing. Tornado touched down. New Orleans. Sound like could be heavy damage we're gonna. Problems potentially and didn't springs we've got tornado watches and tone are issues. Doubled to about global pool we dual Brad we're gonna grow to. Our state Homeland Security broke president of mics in them like thank you blew the call talked. Thank you can which was better circumstances than it's been a pretty rough morning while we've been monitoring. Our storms in and warnings in two coordinators just about the entire southeast intersection of the of the state this morning. On you to. Produced particular area that surgeries still a lot of people on temporary housing due to the flooding in everything. A lawsuit there's a lot of concern about you know the type structures in the pew forum. I guess the main thing right now for people in every area is just stay aware of what's going on. Our steam formed in new medias have a great job keep everybody informed there's a a lot of technology out there be utilized in two alerts on your phone we have BO or you know Al. A lot of different things to keep people informed but people need to be aware looks like. This you know these isn't stopping in the Thompson. Did you send via FM map where were they get. If they do to be the Alps to war or Google play there's off freak out it's a lower left field. It's something that we offer and it's another unit which give warnings in and I'll watch information over your phone or your. On a tablet. And now we also have a new give the game plan now. Our debts just been revamped with a lot of informational mayor. For every type of emergency situation we can piece here in Louisiana. All but that they use both could be helpful you know these type over there it's you know one thing it's. It's kind of important new it is we've been talking to a lot of the weather experts are over the past few weeks you know of the winter weather pattern. Was brutally than usual and so we have warm conditions in the gulf or ready. And the exit these types of lines of storms could be off fairly common. You know we reported seeing two to reproduce serious moral authority this year. But they said that could be pretty common over the next couple weeks couple wants. And so law people need appear to be start to be there to make sure they know what to do. Our life is anything else. You know the mean because were getting reports of damage in a lot of areas there shall ports and there were drowned. Shipman toward highway knowing the Saint John perish. King James spear of course Livingston pierce got hit pretty short birdie and then over in areas you know long and torture works or law. The main thing would just be to stay aware what's owners don't deal road if you can absolutely aborted because you never delivered next. Our problems gonna develop into would be charged. It's close until we big callers couldn't thank you thank you David Toms thank you good goalie news director. We are getting increasing reports now widespread damage and destruction along shaft highway in New Orleans east and we are getting reports now from Livingston can't buy ho. And saint Tammany parishes of homes destroyed or heavily damaged again too large tornadoes that we have confirmed touchdowns today. One that raked across from my 55. Then all the way to I twelfth through saint Tammany parish and another. The touchdown in New Orleans east near shaft highway and then went down shaft highway and has now left in wake of destruction in its path. The increasing number of damage reports are coming in and people are encouraged to avoid the areas where this damage these damages are being reported especially chef highway. Thank you will be talk and drew logged. Turner watches. Remains ineffective and too old to impeach him and all of these corrections. Ascension concordia. Ivory Bill Livingston. Porn completely safe Dolan a saint Tammany terrible and west police again. Assumption. It's about gurus Johansson Orleans. Say Bernard say Jane stands a ball Washington. Got a hold. Eased police again. Live Bruce clock commitments saying Charl saint John the Baptist and those. And west baton route. And much more so they were that we've cut. Peru and the weather and Brenda Weber after effects and damage. You gonna call reported in the thing you've seen or heard Gibbs called too huge or one league seven W via. Are what we're doing is talking about things that have already happened things that may happen. Jars to keep you informed. Natural world those services issued tornado warnings for areas in Orleans. Sharpton moved boots and Charles Cameron shoes. Large tornado did touch down in New Orleans in so long hitters say ten ship hi away. Some report that a moon NASA and leash from assembly facility. Took a direct it. We'll try to get details on all the bat. No etc. Just trying to deliverable welders or does is selling its and blogs actually occurring so that you are important. We need you to call in for your information. Terms eggs or 187. In Dover del via.