The Vince Coakley Radio Program
Monday, February 12th



Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Good Monday morning good to be back with you. Sure weekends. Hopefully had somewhat of a restful time I'll talk a little bit about mine and couple of amusing things that happen along the way. Just pondering this not a few minutes ago. Abouts protection. What do we need protection from. What do you need protection from. What reasons I raise this question you understand this the context of a new story this developing today. Just in terms of these threats that you face. To your personal economy. Who has the potential to do more damage to you. Is it some business. Somewhere. Or is it the government. Think about that for a moment. What poses the greater threat to you a business. The government. I was pondering this. Because I'm always amused by how the left is really worked up about. Big corporations. And I think we realized by now that there is a union. An unholy union between big corporations and big business I mentioned you by the way. Very soon. I need to put this on the calendar I'm going to share with you again speech. That Niger fraud delivered ads she packed several years ago it was right on the money talking about what's happened in the United Kingdom. Because the same things happen here. You got people telling you. You know this about Republicans this about Democrats truth of the matter is. The leadership of both parties. Are pretty much in union with the each other I mean clearly questions about that just look at this last budget deal. But I digress. Here is what's is developing which I think is a very good thing. This agency several years ago that was touted as being. Some wonderful new agency to protect you and I look how they give these agencies names. The CF PB the Consumer Financial Protection Bureau. And this comes in the wake of the terrible things that happened years ago. When we had economic collapse. The idea was to protect you from those horrible companies. That might rip you off. You probably noticed the Donald Trump is not a fan of this particular agency. Which I think it's hilarious. And that only. Does former congressman make moving you have the job of being the budget director he was given the job of taking over this particular agents he remembers the showdown over this. The previous person who headed up this agency went to court. To fight for the right to be able to appoint his successor. The court of course rejected that argument. And make over eighty is still there. Effective reached out to begin to try to have more on this program again that loved to talk about what he has in mind here. Well guess what mr. Ogilvy he wants to do he wants to makes radical changes. To keep the agency from aggressively pursuing its mission. Can I tell you what I'd love for them to do with this agency. Close it down. Shut it down. So who squealing about this in PR. They obtained an internal memo. That says the CF PB. The Consumer Financial Protection Bureau. They're gonna put out a plan today. A revised mission and vision of the bureau for the years 2018 through 20/20 two and again my only disappointment about this. Put out a plan for the next four years. But to just put out a twelve month plan. Or maybe less than that to shut the thing down. Any. So this plan will call up on the agency to fulfill its statutory responsibilities but go no further. Also says the bureau or should be acting with humility. And moderation boy there's a shocker can you communicate that same message to the IRS. Humility and moderation. This new direction consistent involving these other memos and statements formalizes his plans for deep saying. The watch dog bureau in reshaping its mission. Now this whole purpose by this agency was for to be powerful and independent as a watchdog many Republicans have wanted to shouted down since day one because they think. It's too powerful. Mick movie and he's one of those people. As a congressman mobile and he called the agency a sick sad joke. Even drafting legislation to abolish it. So can you imagine the people working for this agency. When they find out guess who's going to run it hey folks here's the new boss. And I can imagine. They're probably thinking something like make movies the grim reaper. I hope that's what he turns out to be for this agency. So what he's done is he's worked to make this agency less aggressive. They have delayed. A new payday lending regulation from going into effect in dropped an investigation into one payday lender contributed to more babies campaign. I'm sure they focus on that aspect of it. Another roof and upset some staffers the new bus also dropped the lawsuit against alleged online loan shark called golden valley lending. Successful lender illegally charges people up to 950%. Interest rates. It took. CF PB staffers years to build the case. Here's what a former. Office of enforcement attorney at the bureau said people are devastated and angry just imagine how you would feel. If years of your life have been dedicated to pursuing justice. And you lose everything. Patrick Christopher Peterson said. Lose everything he believes that had the Los you've been pursued. And the agency one it would of clawed back money to help thousands of people allegedly been hurt by the lender. I'm not looking for opportunities for people be swindled I'm really not. I keep coming back to this question are we missing the point here. Is this something that financial education. Might be able to accomplish. And he goes on and they like to tell you a sob story of someone who. Got into some sort of trouble. And it just comes down to reading. Reading. Nobody is compelling anyone. To take any product anywhere. No where. Which is one of the reasons why so many of us were opposed to obamacare. As important as health insurance is people should not be compelled to buy anybody's goods or services. So why do you need an agency to look out for people. Before perfectly capable of looking out for themselves. You agree disagree. And would you agree with me. That it would be a wonderful thing to begin shutting down this agency altogether. Just another waste of time. And money yours of course. Include vantage stock play number 809 to 1110 common sense retirement planning text line. It's 7130714. Minutes after 10 o'clock. 19 minutes after 10 o'clock. On the Vince Coakley ready for what do you think about comments. About this. Consumer and Consumer Financial Protection Bureau the idea of just shutting this thing completely down. Do you agree. With what I've said here about the fact that we need more protection from our government that we do private industries. Because we have choices. Plenty of choices. We'd love to get your thoughts on. How we should proceed in this particular matter the other big thing that is developing today. We expect to hear more. About president Donald Trump's one point five trillion dollar infrastructure spending plan. And we talked about this before. Now for understand this correctly we're not talking about the government putting out all of this money by the way as an aside. Right now there is still alive ceremony taking place. Where Michelle Obama is speaking. And they're about to unveil. The portraits of president Barack Obama you know this happens. Effort repressive leaves office they. Get a new portraits. But I assume will be at the White House. So. Michelle Obama is speaking and they will be unveiling this thing very soon adjust to actually be intrigued. Not intrigued and have to listen to the speech. Just putting that out there. Anyway. So administration supposed to be putting out this plan today. One of the things that we do is cut the permitting process for new projects. From ten years to two years. Also boost investment for projects in rural America including transportation broadband. Water waste power flood management imports. By fifty billion dollars. Now one of the concerns about this. Some Republican senators were concerned the drug administration's initial emphasis on public private partnerships. Would do little to healthy rural traditionally GOP leaning states. Now I think a lot of you are in this place you have a great deal of suspicion about these public private partnerships. You've seen them plenty of times before. And there are mostly. Happening in the city's deep blue areas. They're going on in Charlotte they're going on in Greenville. In the whole idea behind this it's supposed to be the best of both worlds right the governments and private industry working together. I. Now just 200 billion dollars of this. Would be in federal dollars. Now and I'm always intrigued but they say this because my big question is where. They would get this money from reductions in other areas of the budget. What areas. Half that amount would go to grants for transportation water flood control clean up at some of the country's most polluted sites and other projects. The State's local governments and other projects sponsors could use to grants. Which administration officials view as incentives. Poured over or more than 20%. Of the cost. So we've explained this before this is not a government handout. By any means this is basically the you know enough for a down payment. On some of these significant projects. 20% of the cost. Transit agencies they generally count of federal government for half the cost of major construction projects. And federal dollars to make up as much as 80% on some highway projects. So the formula is a little bit different depending on what project eons. One of the comet's present trump made its stated union address every federal dollar should be leveraged by partnering with state and local governments and where appropriate. Tapping into private sector investments to permanently fix the infrastructure deficit. That's what the president has proposed here read your thoughts of others. Are you encouraged by this infrastructure talk there are some and I can understand people wanting to do this there ourselves. Who raised the question. And they make the connection between this infrastructure project. And what was done by president Barack Obama which really amounted to. Not much more than a hill of beans. What's the reason behind it. Well the part of the gold or two was to be a stimulus. The economy what is that guy wearing job and you see the guy in the left. What is that. I strike it suit me. Stripes you know we count our minds if CIQ remember what that commercial for I don't know if it is for some sort of luxury product. You know that very weird black guy on TV. You know issues. You know he's very emotional talks about how long it's been since he says last day or something like that. Anyway it looks like him sitting there and that that horrible suits him I know it's it's. I've never seen such. Disasters. Outfit that point that awful. Anyway. It just deputies. I know. You there's this well. Yeah that's me. That is to me. Can. I was talking about infrastructure. And there's another area. Just we've already discussed this in some form. By the project. Of the space project. There we saw the other day for me Elon Musk remember he. He has put a lot of a lot of vision in a lot of investment. Into space. And I wonder whether this is a situation that he might be very interested in what am I talking about. A recommendation by the president now. Of turning the International Space Station into wake commercial venture run by private industry. That's what the White House wants to do. They want to end the funding for this program within a few years. The goal here is to privatize. The ISS a low orbit space station piloted by the US space agency NASA and developed jointly. With its Russian counterpart. The goal is to try to in the support by 20/20 five. The so far the station's allowed international cruise. Mostly include collaboration with the Canadians Europeans Japanese. To choose sides of anger surge in the affirmative a low earth orbit. So the decision end direct federal support for the ISS in 20/20 five. Doesn't imply the platform itself will be deep orbit. But the idea is to turn this so depriving fans. They bring this industry could continue to operate certain elements. Or capabilities of the space station is part of a future commercial platform. I know a number view expressed. This is something you would like to see. Where this entire program. Becomes a function of private industry. How comfortable are you with this idea. 809 to 1110. 71307. I'm a big believer in private enterprise. And I think this is the direction we need to go if no other reason effect we don't have a lot of money we're broke. And that many of your you know that Joseph hole you've got about a many here. Thank incurred by it sure. What I want to bring what. Barack Obama and I'll try I'll vote. Squandering. Money infrastructure. For Obama you know that it again to shovel ready jobs were ready. I download adopted but what Asia divert on to. It in that robbery. Stopping that operate actual security at Utah on for decades. One hole. That's really good at degrade observation their GO. You talk about a transfer of wealth. And worst the authorization for this come from. You certainly cannot do this in your private business. Or you would be in prison. Thank QB under the prison operating like that Tony night after Ted I think he mystery is. It's salty year we're talking about the scale this horrible suit. It turns out I think he's the artist behind the portrait of the president and and it looks it it's it's a portrait of the president sitting in the chair. And the president should be former president Barack Obama. Is speaking right now at this portrait unveiling just thought she would like to know hope for on the text line. We're talking about this consumer agency. Some varying perspectives here on this. This person concerned about the predatory loans law enforcement goes to bat for that predatory lender when citizens default let alone that's what needs to be stopped. It's understandable. I think we have a source year for the president let's listen in on what he has to say. Memento by. This is former president Barack Obama speaking in Washington. And even more special about through. My mother. We. Who addition to providing her being hot in this genes. Rock and foundation stone for him then we are so so grateful to her we love her so much. Like Michelle. I have never had portrait that of myself. Amid hope. Bolstered by. Ship was cool but I didn't sit for. Nobody in my family tree as far as records felt I had a portrait done. I do have my. High school yearbook picture. Where it should. There's no rejects it. And so when I heard that this was part of the tradition I didn't quite know what to do the show and I were somewhat confused we were. Lucky to have some extraordinary friends. And people were exquisite taste. Bill Allman. Thelma Golden and Michael Smith who gave us the assists and helped. Us to consider a whole range of artists and we have. That an immediate. Connection where the two hours that are. Sitting here today. That's all wonderful one wonderful wonderful Barack Obama there are just we thought we would. Chip in on this for a little bits and he's got a babble for awhile I was hoping you would see something somewhat substantive. Substance do of goal likely something we would not necessarily agree with so. We're just put that out there were talking earlier about the Consumer Financial Protection Bureau. On the text line here's someone saying shut them down as far as compelled to buy wood about car insurance will that can be an interesting debate. Should that be something that we are compelled to buy. Insight field understand why trump make statements that seemed to defend rob Porter. When he would be better served to stay above the fray like it or not find ourselves in the climate of backlash about abuse against women. It totally overrides what is fair for rob Porter life isn't always fair I think you've made great points year. And Ann Richards has plenty of times. Sometimes the best thing you can do is just shut up don't say anything. Because it has come across. That the president's much more sympathetic of his friend then the year is the victims in this case the alleged victims. So in that case. When it just leave it alone. So I agree with you. Also in the text line somewhere. Doubled comments here about Disney on Barack Obama could agree but what are your bag criminal. But at a it's Obama just that we miss you guys well I've got news for Obama Michelle we don't issued its gift how to beat its with it it. What are you making me listen to that stuttering idiots while. On infrastructure Vince as a former elected official in Spartanburg I can speak to the waste of infrastructure spending of the Obama's stimulus. We have. Eighty EA. Compliance. Crossing signals an area and areas where there are no sidewalks. On my goodness. That is incredible. That a person says if you listen to Barack Obama again I will turn to another station. You can tell Obama does never teleprompter. Hulu. Oh my goodness. That is just incredible anyway. No love here for a Barack Obama. As he have unveils his new portrait. So happy for him good for him. At 42 minutes after 10 o'clock and we take a look at that day in history and explores some of the wonderful and maybe now it's a wonder four events that occurred on this particular day. February 12 2008. Team as we ventured out into our upstate studio. And Alonso good morning man a morning. By the way. There are couple stories delegates I don't know if I get to these before the break or make time one way or the other. We have 1235. Particular items. Today's list. It's TO months or does beginning at eighteen or nine. This civil war presidents. Was born eighteen or nine. Mean. Civil war precedent. Yeah I know until what side you look at. Abraham Lincoln ever corrects. Abe Lincoln. Some people down or say. Yes IE don't wanna go to and the average. Eighteen Saturday. This particular territory. Granted women the right to vote but seven years later they revoked it. Think of a state where they would perhaps dubious. I'll give you can say religion has a lot to do with this and that you off you are correct. The territory of Utah granted women the right to vote in seven years later they revoked it. 1924. Are. This particular. Musical production by George Gershwin was performed in public for the very first time with the artist on the piano. What was it. Gershwin's. Well you're the expert on show tunes not me though far from it. No guesses. Any guesses in the studio. And guess studio rhapsody in blue. Is the name of this when 1973. A lot of manpower and you know. 1973. This government started releasing American POWs. In 1973. Vietnam you are correct Vietnamese government and 1999. The senate acquitted this president's on charges of perjury and obstruction of justice. Who millet and Bill Clinton and and my interviews. I think four for five that's not good I'm glad I'm didn't get toward Mars well I am perfectly okay I. Could get that would either know Biggio coming away via the rock that suit man on talent all of my goodness that's an awful suit if I. I wouldn't Wear that suit alive colleges put it that way. I would take slides still some responses reactions to Barack Obama speaking a few minutes ago. Obama seems to have problems speaking that's teleprompter. Somebody whom is an odds he's missing his neural link twisting programming. Already. Vince I've just seen Brooke Obama's portrait looks like it was done by a five year old in finger painting class. Why are awful. Someone making the distinction and insurance for car insurance obamacare was compelled to protect ourselves. Car insurance is to protect others. Or eight. And we also have this so Barack Obama's portrait is complete. I hope taxpayer money is now being used to have it shipped and mounted in the Kremlin. That's pretty accurately though. Then you see the way the Republicans reacted when Obama was giving a speech. They can stand up and applauding each year that was so and American entries in this how dare they act that way. Pretty clever. Tim good morning welcome to the broadcast. Horry. Yes sir it or. He. Eased demand factor eight. George Bush is probably Abner. I have done better. That left is pretty you did that laughed really well. Yeah out Tennessee. He's talking about the shell moms if he's. You made it from. About why he is non patent he's trumps expert. We own. Trouble be trouble for it to peel. You know it's interesting that you say that that's a great observation. Because you could imagine all of the things that come out as a result of that well here he is. You know being a lecherous old man that he's always been right. You know that's the way this works. Barack and the key try to come law school. With young people it is hard out here. Whatever he's got out so we got put up with bit lectures sold and there are now. And so up here collared him. My goodness. It's yeah its listing it's just eat you know it's one of things. I determine comfortable and I see people who it seems likely over play. Some of this like social media push when I see you know he misses a picture of my smoking hot wife and they get myself. Why is is this something you've got a stroke your ego. And say that I you know I'm saying it's just weird to me. When people make comments like that all the time it's it's and my own theory a lot of times it's it's insecurity. Insecurity. And it's really not about praising the wife is much of it is you've bracing yourself. For. How old you know how cool USB to have this life. That's really what it's about. Who's been on this the woods about I'm I'm just putting them out there. Tell you about a serious story. And then I wanna tell you abouts. Paid less serious story well it's serious Hampshire. For the family for the couple. That escaped disaster. Did you see the story about the Russian jet. Note to self don't travel Russian airlines. And I'm watching these pictures here. Absolutely horrendous this thing was carrying 71 people. It crashed in just after taking off in Moscow. 65 passengers six crew onboard. Vanished after takeoff and crashed in a village. They've recovered both the black boxes. So hopefully there will be able to figure out Claus year. But it is absolutely horrendous what has happened here. But here is what's really interesting in this goes into the final destination story. Remember we've talked about this before about people who cheated death. New York Post has a story about a couple was supposed to be on that plane. And last minute. They changed their tickets. There were supposed to be on Sundays doomed Russian plane crash. But turned out to be a plane crash they changed their tickets last minute because that hard they plan to buy was not ready on time. The guy. Is famous maxim he turns 35 I will not even pretend to pronounce is a Russian name. He turned 35 on Sunday was going to be on that flight. Witnessed 45 year old girlfriend. Busy Asia. So they can spend his birthday with family. In the city of course. He planned on giving himself a new car from a dealership at his home city but pitched the show him actually called to say the car would not be ready on time. So what I found out the car was not ready. I delayed the trip for week. Changing their tickets cost about 170. Dollars. But he added we've got our lives. She is this sobering. That amazing to think. If this car had been ready they would be dead. It's really that simple. You know it's one of those things she you kind of wonder in eternity. Whether people get answers to questions likeness. You know both ways for the people who perished and those people. Who survived this couple. By the way have to share are on the totally totally flip side of this. And amusing story from travel over the weekend. Went to. West Palm Beach again on Saturday this time there were sunshine the temperature was in the eighties John. In the eighties sound nice for you what went out to the beach with wife and daughter coming back we're out writing on plane and I might favorite drink is the cranberry apple juice I just absolutely loved that. So the flight attending comes up and says come on he said don't you want something different it's like what what he said come on penalties to a whole lot better with some five K. In it. Yeah see so that's a week and he looked over my daughter Ernie said. Dad's old enough to drink gives me it's don't worry about it if you have too much we've got wheelchairs we can roll you're out. He's Demi. Is pretty funny as one of those weird moments. You just never know which year. During the course when these trips any case. Much more on the Vince Coakley radio program straight ahead including talk about the a bloom and Johnny. Yes we will talk about it.