February 3, 2009

"Rod Blagojevich Superstar!" by Second City troupe

Posted: 08:55 AM ET

Everything's still being tweaked for the first performance tonight of "Rod Blagojevich Superstar!" Dreamed up at a boozy Second City party on Jan. 12, the one-act show was scripted, composed, choreographed, memorized and rehearsed in less than a month.

There was no point dragging out the process, not with the ex-governor's punch-line value now at its peak.

"At worst, we get a ton of PR - which we've gotten," said Kelly Leonard, vice president of Second City. "And at best we have a show that has legs."

"Superstar" tracks Blago's rise from go-getter law school grad to Illinois power broker, with an emphasis on his embrace of greedy Machine politics.

(Read More HERE)

Filed under: Rod Blagojevich

Share this on:
kenny from nc   February 3rd, 2009 9:58 am ET

will not watch tonight..surprised CNN is allowing him to go on & on again !! cannot watch..why is Larry King agreeing to do this ? so many more interesting people..Joe Torre was super !...

Sandra Illinois   February 3rd, 2009 6:42 pm ET

Larry, on your last interview you asked for questions and you received so many legitimate questions. I was upset that you didn't get feedback from your listeners on the air and then one of the questions was, "how are you going to pay for your defense?" Larry, I am a citizen of Illinois and I don't care how he is going to pay for his defense. I wanted to know how he could justify his actions by trying to holdup a children's hospital, his complete disregard for the legal running of our state, and so many other questions. When he sat there and blatantly disregarded the lawmakers' duties in our government and then had the audacity to state the voters didn't matter because "they were from small areas" I lost it. To listeners who are not citizens of Illinois I realize this is just an annoyance. To those of us who have had to watch our state fall apart, it is serious. You did not even pick up on those telling statements and he went on and on with his tirades about how "much he has done for us" when he doesn't even feel we exist.

I will watch tonight, but I expect some hard questions and letting him know that very few citizens are behind him and they are so pleased we now have a real governor.

Robert Shanahan   February 3rd, 2009 7:43 pm ET

Mr. Blagojevich, After noting how much good your media blitz did for you
during the impeachment proceedings, do you really think another series
of laughable interviews is going to help you in a court trial?

At least you are providing the comedians on the late night shows with
plenty of material and that may be one of the "good" things you have

Robert Shanahan, Hays, KS

Megan   February 3rd, 2009 8:23 pm ET

Blagojevich: Why did you veto a Senate driven bill to regulate energy in Illinois? We had a similar bill in place for ten years in Illinois. Energy giant COMED in Chicago is now making record breaking profits and the people of Illinois can not afford to pay their heating bills. How did this benefit Illinois rather than your contributor?

Megan   February 3rd, 2009 8:28 pm ET

Larry I hope you ask questions pertaining to ILLINOIS rather than allowing this guy to rant about how unfair he is being treated. The media is not asking the hard questions. DO YOUR RESEARCH. This guy has done much worse than the Senate seat thing. Why do you think he was being wiretapped?

James in Kamiah Idaho   February 3rd, 2009 8:39 pm ET

Dear Larry,

I hope you're well, and have no knee surgeries in the future, because I don't know how Behar would handle interviewing him 😉

James in Kamiah Idaho   February 3rd, 2009 8:43 pm ET

Okay, enough with the funny and back with the serious...

Dear Larry,

I actually support Blegojevich's attempt to ask for a genuine trial instead of this load of bull about the state senate being some sort of club that can act independantly of the laws of the nation and the constitution.

I have always believed that a court case is like a math word problem... if noone can provide the solid math and put two and two together, then all they have is a bunch of words and a really big problem.

I wish Him luck in his up coming criminal trial.

All that aside though, I have a question...

If he is exhonerated at his criminal trial, does he have any recourse to get his job back, sue the state senate for wrongful prosecution, or at least get , what would be, a well deserved apology to him and his family?

Thank you sincerely,

James Foley
Kamiah, Idaho

Sandra Illinois   February 3rd, 2009 9:07 pm ET

James, I understand where you are coming from, however, the Illinois lawmakers did treat him fairly and he was given every opportunity to call his witnesses, he just could not call ones who were a part of the criminal proceedings. This impeachment was for all more than even the criminal charges. I do not have time here to go into everything this man has done, but be assured that he has not worked in our interests and his impeachment should have happened much sooner.

Let me ask you a question. How would you feel if your governor did not talk to his Lt. Govenor for over a year? How would your state handle a governor who called special sessions over 35 times and then did not attend because he just didn't want to deal with it. Be assured that this is in the best interests of our state and the voters are very happy that this has ended.

Dace Tucson AZ   February 3rd, 2009 9:09 pm ET

Larry we became sick of blago on the first PR blitz only a week ago – how can we watch more without vomiting. With the current state of our nation can't we hear from serious people with solutions to offer?

rivergirl   February 3rd, 2009 9:15 pm ET

Heee's back... What don't you understand Rod?? WE don't want you to be our govenor!!! Quit embarrassing US and just GO away. (Charleston, Illinois)

Sandra Illinois   February 3rd, 2009 9:16 pm ET

Larry, please ask this man about his abuse of power. He is saying the same thing over and over again. He is not for the people of Illinois. He has never worked for us. This is even sicker than the last interview!

Sandra Illinois   February 3rd, 2009 9:20 pm ET

Larry, please tell him that the people of Illinois are not behind him. He is not telling the truth and the lawmakers have been working on impeachment for more than a year, not in December. You are being better this time Larry, but we want him to know that "his" citizens wanted this impeachment.

Greg in Monticello Il.   February 3rd, 2009 9:21 pm ET

Hey Rod YOUR OUT get over it , We will see you in Chicago at your federal trial, this broken record "I can't talk about it" is wearing thin. Your going in for the whole thing!!

Sandra Illinois   February 3rd, 2009 9:23 pm ET

Larry, this man is only blaming all this on everyone else. We, the voters want him out of office. Not one time has he addressed the real issues behind the impeachment.

Bonnie   February 3rd, 2009 9:23 pm ET

To Mr. Blagojevich...welcome to the justice system in the US. Many incarcerated people are imprisoned due to the unfairness of the criminal justice system...forced to take a plea because they know law enforcement officials are presumed to be more credible.

Greg in Monticello Il.   February 3rd, 2009 9:23 pm ET

Nobody cares what you think ROD, You did not do your job and now you will pay the price, Like George Ryan before you , Jail awaits you.

rivergirl   February 3rd, 2009 9:25 pm ET

Rod, OJ Simpson, Drew Peterson... all one in the same. They wouldn't know the truth if it bit them in the @$$. Please, Bla-GONE-ovich, just go away. (Too bad about your picture not being hung in the halls of our state capital with all the other past govs - guess we just couldn't afford a cartoonist.)

Lawrence Manatse   February 3rd, 2009 9:25 pm ET

if you dont have anything to show , please repeat some old shows. This is not a good page abt American politics and flipping back to it time and time is an insult to loyal and hardworking citizens at this time

Greg in Monticello Il.   February 3rd, 2009 9:26 pm ET

Hey Rod maybe you can get a job at the State Fair , running the mouse game!!!

Sue Panno   February 3rd, 2009 9:27 pm ET

My name is Sue. I live in a small Central Illinois town, Pontiac, that almost lost their prison due to some of these pay to play politics. Our townspeople have experienced great hardship because of some dishonest choices he has made. He looks great, sounds even better, but many people in Illinois have SUFFERED because of his ways.

James in Kamiah Idaho   February 3rd, 2009 9:29 pm ET

1. To Jeff Rediger... Why yes.. and you, as a primary witness, would KNOW he is a liar. Riiiiight.

and this is to Larry King as well.. just a thought but, isn't a senate seat to replace senator Obama Golden? Think about it... a senate seat, and the ability to appoint IS a golden opportunitty for any governor. That's just flat facts.

To Sandra's comments and questions..
Sandra "he just could not call ones who were a part of the criminal proceedings. This impeachment was for all more than even the criminal charges. I do not have time here to go into everything this man has done, but be assured that he has not worked in our interests and his impeachment should have happened much sooner."

1. An impeachment is a trial, a trial of character, and ANY and ALL witnesses should be open to call. This one seems to be based on hearsay rather than anything else. This whole looks like a duck thing is just silly. Someone told me once that if 3 people call me something then that labeling must be true... is it? If his impeachment should have happened sooner.. then why didn't it?

2.How would you feel if your governor did not talk to his Lt. Govenor for over a year?

I would feel he didn't like his lt. Gov. very much. If I am not mistaken they butted heads over quite a few issues. You meantioned he should have been impeached long ago... where was the Lt. Governor then?

How would your state handle a governor who called special sessions over 35 times and then did not attend because he just didn’t want to deal with it.

Is that truly what happened and how it happened? If so, then I would feel like my time was being wasted. Why wasn't he impeached then?

Be assured that this is in the best interests of our state and the voters are very happy that this has ended.

I think you've just hit the nail on the head here..."the voters are very happy that this has ended." Larry Craig, though I think his policies towards gays are completely assinine, was also treated as a pariha by his colleagues in the Senate AFTER he was ACCUSED of haveing or seeking gay relations in a public bathroom, but there wasn't a single one that had said prior, or that has said after, that "You know... I THOUGHT there was somethin funny about that fella!". Gee, I wonder why? Do oyu think the voters are happier that the scandal has gone away [so they think] or that the governor is gone. I'll bet they're just hapy they don't want to deal with it.

All that said though... I think his attempts to subpeona people like Emanuel and McShame is a bit far of a reach.

In truth, I was once accused of being drunk in public and beaten and hog tied, all the time screaming for an alcohol test to prove my sobriety [and one I was denied], but then I didn't seek to subpeona the cheif of police in my defense on the grounds that he doesn't know me so I can't be that bad either 😉

Kavi Ohri   February 3rd, 2009 9:32 pm ET

Rod Blagojevich again? Enough already!!

It's embarrassing to see him on Larry King Live again. Clearly, he's not willing to answer any of the direct questions, so I am not sure why Larry keeps having him on. There are so many more compelling issues and guests to cover, and yet we keep seeing this guy get more coverage each week.

Complete waste of time, but thankfully as viewers we do have a choice to change the channel. It's just unfortunate, that we are big fans of Larry King (once upon a time)

Jan   February 3rd, 2009 9:32 pm ET

Give him a chance...It cant be that the rest of them are angels!

Greg in Monticello Il.   February 3rd, 2009 9:32 pm ET

It's like they flushed the toilet in Springfield, It smells better already, Hey Rod you going to see President Obama in Springfield next Thursday?????

Greg in Monticello Il.   February 3rd, 2009 9:33 pm ET

Special interest, Anyone not paying to Blago

Matt   February 3rd, 2009 9:38 pm ET

Rod, instead of making the rounds on talk shows like the View. Maybe you should have been defending yourself in Springfield. What a joke again for the State of Illinois. How do you look in the mirror in the morning???

Penny in Illinois   February 3rd, 2009 9:42 pm ET

The Impeachment Process in Illinois has been in the legal books for as long as anyone know. It was legal. Rod you have neglected the public and did far less for the common man than you claim to do. Kid Care costs the families more for premiums than they can afford or get benefits for! Cervical and Breast Cancer coverage is available for the uninsured in other sources and has been for years. You neglected the working class people! You seem unable to accept that the rules are applicable to everyone. I do know my state legislator and representative (by first name!) and I'm from the rural area. I applaude the senators and legislators that took action and voted to impeach you. I believe they did represent the desires of their constituents. Unfortunately, I have to admit that I voted for you the first time, but smartened up before the second election. Now that we have a new governor, atleast we have hope in Illinois again! I wish you luck in the future, but I am relieved that you are not leading our state now. I wish only the best for your children and pray that they have a positive future.

Sandra Illinois   February 3rd, 2009 9:42 pm ET

James, in all due respect, you do not live in Illinois and have not lived through the last six years. This man has not made any decisions in the best interests of Illinois. I feel that we will all have to watch for the next two years and see how Illinois has improved under Governor Quinn.

rivergirl   February 3rd, 2009 9:42 pm ET

I bet he DOES look in the mirror in the morning and quite enjoys what he sees. "You handsome devil..."

(Hey, Bay... he ain't fighting for me... )

Southern Illinois   February 3rd, 2009 9:46 pm ET

There is life beyond Springfield and Chicago and it is in beautiful Southern Illinois. Th ex-gov has not done anything for us here. We have some of the highest unemployment rates in the State here with very little opportunities for work.

I believe that the more attention that we continue to give Mr. Blogo the more he "eats it up". He is a man that needs to wake up and realize that he did commit a crime and he got caught and it is time to pay the price. The man boycotted the hearings. He was more interested in making appearances on every TV show that would book him instead of being in Springfield and appearing before the Senate.

This person also refused to live in the Governor's Mansion in Springfield because he didn't like it. The taxpayers of Illinios have put up with him living in Chicago, flying in a state jet all over the State and nation (getting $400.00 haircuts in a state owned jet). It's about time that that he was impeached. It's a shame that it took this long and he was given the chance to drive our state deeper in debt and continue to make Illinois look bad.

missingmark   February 3rd, 2009 9:47 pm ET

Well, Please when will the truth come out? What really happen?

Greg in Monticello Il.   February 3rd, 2009 9:53 pm ET

I hope Gov. Quinn keeps the Pontiac Prison open.

Stuart Lynn   February 3rd, 2009 9:57 pm ET

Please, please....stop giving airtime to Blago. You are playing right into his hands guaranteeing that no impartial jury can be found for his federal trial. This is exactly why he is making the TV rounds and you – and too many other TV commentators and pundits – are naively falling for his trickery hook, line, and sinker. No more Blago until his trial! He is no longer news. He has nothing to add to his PR that he hasn't said already! Booooooring.

Thank you.

Greg in Monticello Il.   February 3rd, 2009 9:58 pm ET

It doesn't matter what the Nation thinks, We impeached a criminial and next were gonna put him in Federal Prison, for about 15-20 years!!!

Greg in Monticello Il.   February 3rd, 2009 9:59 pm ET

Larry does have some nasty teeth.

DeeDee   February 3rd, 2009 9:59 pm ET

At first I was a little surprised that he would make so many guest appearances....but after thinking about it, if he hides and does nothing it really would make him look more guilty. So let him keep making appearances so that SNL and others can give us some entertaining things to watch on T.V. The whole situation truly is a disgrace to Illinois and I only hope that we can move past being a joke of a state in others eyes. It does reflect every one of us that lives here.
Rod, ya screwed up probably the best opportunity you may have ever been given. You will pay the price now!

James in Kamiah Idaho   February 3rd, 2009 10:06 pm ET

Sandra, with all due respect to you as well, I am NOT defending him, only his arguements. Am I biased? A bit. My experiences with a crooked officer have opened my eyes to the reality that just because an accusation is made, doesn't mean the accusation is true. The constitution of the United States protects us from being convicted on hearsay, and that seems to be, at least with current information, what's happened here. As far as me not being from Illinois... correct, but my logic is nationwide. I dont have to be in Illinois to know, for example, that Southern Illinopis arguement, while an excellent one to not reelect the man, is not sufficient enough to impeach him and throw him out of office.

I am interested in hearing more about the strong arm fundraising tactics he is alleged to have been involved in though, and what type of true evidence can be brought to bare in that regards.

You also seem to be advocating New Gov. Quinn as if he WILL be making improvements and I would ask how oyu could be so sure, when Blegojevich was reelected?

Again, that he hasn't done enough for oyu all is an excellent reason NOT to reelect him, but it's not good enough to impeach him... unless oyu cna show intent.

James in Kamiah Idaho   February 3rd, 2009 10:11 pm ET

As far as him embarrassing himself by doing all his media "stunts" as they're being labeled. I would do the exact same thing, if I thought someone would listen to me.

During my farce of legal hearings, my public defender fell asleep twice, forgot we had hearings on certain days, was late, and the officer who accused me didn't show up and kept postponing so they could enjoy their vacations. I dont' fault the governor for getting as much attention he can. I wish him all the best in that endeavor, as I would you.

I think it IS a good thing, and I understand that this may very well bite him in the buttocks in the end. If the state can prove it's cse against him, that's just mre ammunition for them. More power to them.

Craig Peyer asked for a DNA test to clear his naem against the murder of Karen Knott all those years ago. i say give it to him. I suspect nothign will change and he'll still eb in prison, but if it clears him, then the state of California owes him a huge apology, and a huge apology to the parents of Karen Knott for allowing their daughters real killer to be on the loose for so long...

Then Again... when was the last time a state willingly gave up evidence that could be used to build a case against them in a civil suit for massive monetary damages?

Sandra Illinois   February 3rd, 2009 10:53 pm ET

James, I understand where you are coming from. I know that our legal system is far from perfect at times. It is only perfect as far as the persons who administer it is perfect. We both know that it will not always be so. I worked in a state office for almost 20 years and saw the good and the not so good.

Back to our ex-governor, this is far more complicated and intricate than has even been presented in the press and certainly not on talk shows. You ask why this was not done before; it was not a decision taken lightly and sometimes a situation has to get so bad that action has to be taken. Yes, he did call special sessions over 35 times and then did not show up. This was a tactic he used to say he tried and they wouldn't cooperate. I truly feel that "all" of our state government is not crooked nor bad. There probably are some politicians who have something they would like to hide, but he was not railroaded nor was he impeached because they want control of the government from him. If you heard his statement near the end of his first interview with Larry, you would hear how he really felt about how a government should be run. First, he stated that the lawmakers didn't matter, they didn't know what was good for the people. Then when asked about the voters who voted them in, he stated that the voters were from "little areas" and they didn't know anything either. Only he knew what was good for us. He worked fairly well for the first two years and then he stopped working with the legislators.

Then he did not wish to stay in Springfield, even for a night. He has used the state plane which is by law based in Springfield, on a daily basis for his personal use, sometimes making several trips back and forth. This in it's self is not a reason to impeach him, but it has shown the pattern of our ex-governor spending very few hours fulfilling his duties, either in Springfield or Chicago. I am not going into all the details, but the only thing he has seemed to be interested in furthering his own agenda. One poster suggested listening to the closing argument and if someone is that interested, it would be enlightening.

Lasting, you ask about Governor Quinn. He has done everything he possibly could as Lt. Governor without help from the governor to fulfill his duties and has really been doing many things the governor felt was beneath him. Yes, I am glad he is gone, but only because our state was at a standstill, its time to get back to business.

mike   February 4th, 2009 12:29 am ET

This is all a bunch of crap,Rod is no more guilty than anyone else in Illinois. YOU TALK ABOUT CALLING THE KETTLE BLACK. Those other politicians should all be given lie detectors. Not ONE is better than the other. Just take a look at Cook County ( I really mean Crook County) The only thing I will say that Rod is wrong about is that when he was in power he could have changed things and gotten rid of the bad apples but he didn't. But now he wants everyoe to know all about the dirty underhandedness in Illinois.The politicians are all about the money and there generous retirements. Just take a look around the internet and see what those politicians are really making YOU WILL BE SHOCKED!!!!

kyle wisconsin   February 4th, 2009 12:37 am ET

I think that you should have a right to call witnesses on your behalf. It seems like this country is leaning toward guilty until proven innocent. Who cares if you offered the senate seat for sale. Our country is in shambles, and this the biggest problem that we face. give me a break. Times our tuff and you gotta make can while you can. Jim Doyle is a ****head and he is still our govenor.

ed ,vancouver canada   February 4th, 2009 12:47 am ET

Axe the fat pensions for the politicians and attract a new breed that want to just get paid for what they have done.
That way you have to earn a renewal.
Working 8 years for retirement is utter garbage.
No wonder the country is in the toilet.

Lisa   February 4th, 2009 1:05 am ET

Blago fan here!..
Too bad his political career is over, but theres something about him.
We love seeing him on the talkshow circuit!
Hopefully his next gig is in the public eye.
Everything he has said about the political lynch mob is true.

He just got singled out because he plays the game for the WORKING POOR, and the sleezeballs that "pay to play" pocket it for THEMSELVES or in exchange greedy corporate political favors.

missingmark   February 4th, 2009 1:33 am ET

Larry King ...The Blago and the politics are all a bunch of cramp and liars. PROMISE PROMISES PROMISES to everyone until..... they are caught....pooor me poor me ....i will tell the truth watch me time just stay with me ( I need attention) from time it will come out ........the truth........ blah blahblha blah..........poor me

Benjamin Stewart   February 4th, 2009 5:44 am ET

In watching his numerous interviews, it's obvious that this guy actually believes what he's saying. I would really be interested to know how he would do in a polygraph test or scrutiny from those who are expert at body language as it pertains to telling the truth.

Lisa Spfld IL   February 4th, 2009 8:03 am ET

I'm watching a recording of your show last night on the interview of former Rod Blagojevich. This is the best thing our state ever did was to impeach him. The corruption was incrediable. He said he was twice re-elected by the state of Illinois. Check the figures He was re-elected by the Chicago area. There are more people in the Chicago area than in downstate Illinois that voted. He states that he was only blocking the Tribune from selling the Cubs because he was saving tourism. Then why did he shut down our parks and many of our tourism sites if he is trying to saving our tourism! He is contridictury of himself. I think he makes it up as he goes. Tired of hearing the same old rederect. He is always fighting for us and bragging what he has done. He did all that healthcare 6yrs ago when he first got elected nothing since. Talk about tax raising, he failes to mention he raised our taxes 17% since he has been in office.

bill hummel   February 4th, 2009 12:05 pm ET

I think even Andy Warhol wouldbelieve that Blogo has had his fifteen minutes of fame (infamy). Please usher him off stage left.

Debbie   February 4th, 2009 8:38 pm ET

I think the people of Illinois should auction off Mr. Blagojevich and the highest bidder could punish him anyway they chose, but give the money back to the people. What the h-was this man thinking. I feel sorry for his family, their kids have to hear what their father did and that is sad. He is a smooth talker but very transparent.

Jim Graffrath   February 4th, 2009 9:15 pm ET

I dont understand why no one talks about giving each Tax paying American 30k, instead of putting the money in the hands of big business. big business has not been faithfull to Americans. Wells Fargo wont answer the phone for Lou Dobbs, I bet they would answer the phone, if the road to thier recovery or salvation was in the hands of the consumer instead of the Goverment. If each American had the cash to put into savings, buy cars, take trips, make investments we could get this economy back on track very quickly. this would be the greatest Job creation method. history has shown that we can not depend on big business to do anything but act in their own interest, and protect their own paychecks.

Kristen from Maryland   February 4th, 2009 9:16 pm ET

Want BOLD.............??

Want SOLUTIONS...........??

Cut the salaries of those with sports careers, THAT SHOULD MAKE A DIFFERENCE.

Doesn't it bother the Presdient that salaries paid to those with sports careers way exceeds his own, that of which protects this country????

terri   February 4th, 2009 9:21 pm ET

I've lived in Illinois (Democrat state) and now live in Tennessee (Republican state). Wow! What a difference it is to live SO much BETTER with LOWER taxes and not all the crooked Democratic politicians so well known to Illinois. Let's just hope and pray that Obama is not the typical Illinois politician or we are ALL doomed!

James in Kamiah Idaho   February 4th, 2009 9:31 pm ET

Terri, aka Limbaugh fanatic... ya thanks for the heads up about barak obama on a blog about blegojevich


Raymond Pastrana   February 4th, 2009 9:49 pm ET

How do you save a person that's drowning? By acting immediatly or thinking what would be the best alternative to save him. If we don't act now with our stimulus package we're all going to drown. We have a concensus of the best minds that it will work so lets put it to action.

mark   February 4th, 2009 9:55 pm ET

My name is not important to anyone except my family and close friends. It is in my opinon that the goverment is locked in a battle of who is right and wrong. If they truly care about the situation this country is in they need to do what is in the best interest of the American people that put them in office. Does it really matter who put this country in the condition it is in. It is to late for childish finger pointing it is a time for unity and action. The people we elected into office need to put aside their personnel beliefs, political partys and get this country back on the right track before it is to late. If the government really wants to get out of this recession they need to get the trust of the american people back and show them that their is hope and that they will have gainful employment to meet there obligations and feed there familys. I hope and pray that they figure out the only way to get this country to get out of this recession is to get the american people back to work. If they get people back to work they will have money to spend.

Helen Colclough   February 4th, 2009 9:58 pm ET

to invest in silver where do you buy it?

Geri Dellfava   February 4th, 2009 9:58 pm ET

I am a Real Estate Broker in Rochester, NY. I have submitted a purchase offer on a home close to foreclosure to Citigroup on 12/21/08. She is a widow who also lost her job. I have been trying to contact Citigroup but have no success as of yet. It is an excellent offer and the buyer has already received mortgage committment.

I light of the problems we are encountering how can they ignore me? This would be one debt off of their backs. Do they really care?

Santi Escalambre   February 4th, 2009 10:15 pm ET

Larry, with your recent phone conversation with Mr. Donald Trump, I was once again impressed by his comments and views about the bailout. It's true, it is all about greed and stupidity. I have always admire by him with his success in life. He is indeed a good, honest, smart and hardworking man. I wish I could meet him and shake his hand one of these days.

John Frangoulis   February 4th, 2009 11:01 pm ET

Home Retention And Real Estate Recovery Act of 2009

The President-Elect has requested for ideas to get us out of the economic mess we are in. I hope you get the chance to read our proposal. We would like to hear what you think of it. If something is not done soon things are going to get much worse. I believe we have a six month window. Feel free to distribute it to whoever you feel appropriate.
As you are aware the US economy is in its worse crisis since the Great Depression. The housing bubble was the major factor in creating this crisis.
Congress and the new administration will be addressing economic issues by formulating a stimulus package that hopefully will include policies for long term wage and job growth. It is our belief the economic stimulus will be severely dampened unless the current trend of foreclosures, projected to be 2.4 million in 2009, is severely mitigated.
The current loan modification programs to mitigate foreclosures are not working. The processes are slow, cumbersome and are only helping a small number of the homeowners who need help. What is needed is a much simpler plan that is bold, can be implemented quickly and will help the vast majority of homeowners who need help.
With a projected 2.4 million foreclosures in 2009, time is of the essence for a bold new approach to foreclosure mitigation. What is needed is a plan that can be implemented quickly and broadly, lowering the monthly mortgage payment so that homeowners can afford the payments and stay in their house. The plan we are proposing entails:

• A low monthly rate of 4.25% paid interest only for 10 years for owner occupied
• Non-owner occupied can participate at a higher rate
• Converts to a 30-year fixed mortgage at market rates at the end of 10 years
• No income, asset, housing value or payment history qualification
• All residential 1 to 4 unit properties with a loan payment start date of January 1, 2002 and after are eligible, other than VA and FHA loans.
• Tax credits for the holders of the mortgage security
• Equity sharing with the US Treasury if the house is sold within 10 years

The benefits of this program are:

• A simple, standardized program that can be implemented quickly
• Estimated 60 to 80 percent foreclosure mitigation on current foreclosures
• Estimated 80 to 90 percent foreclosure mitigation on future foreclosures that will occur with adjustable rate mortgages when interest rates increase
• No new federal agency to monitor and/or implement the program
• Low or no cost to the US Treasury
• Economic stimulus due to the lowering of mortgage payments for millions of homeowners
• Lower losses to holders of mortgage backed securities, potentially stabilizing the secondary mortgage market

Our detailed proposal is attached. We are open to any suggestions and/or modifications. Our basic concept is qualifying is based only on loan start payment date and that the monthly payment has to be low enough for a long period of time to keep payments affordable for troubled and potentially troubled homeowners. People should not need to destroy their credit by been two or three months late before they can be helped.

John Frangoulis, FHA Loan Consultant
Realtech Financial Services, Inc.
1399 Ygnacio Valley Road, #201
Walnut Creek, CA 94598
Office: (925) 472-8785
Fax: (925) 937-3281
Cell: (925) 998-8114

ANNMARIE ASHTON   February 5th, 2009 12:12 am ET



fred cioffi   February 5th, 2009 12:40 am ET

the problem with the economy was caused by oil prices! the way out is to begin to become more energy independent. keep interest rates low. and put people back to work doing all the things that need done in this always seems like we wait until something is a disaster before we do something.

kiragu   February 5th, 2009 12:45 am ET

does the government have evidence about blagojevich selling the senate seat.

musyoka   February 5th, 2009 12:48 am ET

why do people have to blame blagojevich about selling the senate seat.

Diane   February 5th, 2009 12:50 am ET

The financial experts on the show of 2/4/09 were a joke, these are the guys who have money, credit and who are saying buy a home now. what about those who who have no money due to job loss, deaths, family issues and not so good credit. Those folks do not have a chance....................

Al Sue   February 5th, 2009 1:03 am ET

The TOTAL number of Foreclosures/Arrears Mortgages in the U.S. represents LESS THAN 2% OF THE TOTAL NUMBER OF MORTGAGES IN THE US ! You DO NOT bail out people that over bought, refinanced their property over and over again while housing was way overvalued, then when the prices correct, come crying to the taxpayers to bail them out ! What about the 98% of Americans that have Mortgages THAT ARENT IN ARREARS ? WHY DID THEY DO IT RIGHT ? STOP THE LIBERAL BS NOW – AND USE MIRRORS ! Sure there is pitty/emotion by the left, BUT I bet every one of the Liberals begging for help for these individuals that made their decisions on their own to buy these homes, have mortgages themselves OR several, and arent in trouble . You recon ? 98% AINT paying for the 2% that voluntarily placed themselves in the crisis theyre in, abused the system that allowed them to do so, and now hae to face the piper.

barbara   February 5th, 2009 1:06 am ET

here is a solution to the problem lift the requirement that if one forecloses or file bankruptcy must wait 2 to 3 years to repurchase. I know over 100 people that have foreclose due to the subprime market this people have secured jobs and good income to afford a home at todays value but because they have a recent foreclosure and or a recent bankruptcy they are not eligible for a mortgage loan so we are faced with renting for a couple of years or living with relatives. why is that affect the economy is that people will not spend if they rent a place they will try and save as much as possible to eventually purchase a home and that keep the recession going but on the other hand if they own a home they will spend to upgrade their homes now that is a solution to get the economy started i hope i make sence

reg delcorro   February 5th, 2009 1:07 am ET

This comment is in response to the debate on Feb 4th 2008, in respect to Obama's policy and comments of your panel.
First off... Love your show and great guests!!! Kudos to your directors and your promotional and marketing team....

Everyone seems to look for who is to blame but really decisions and elections was made and was voted by the American people. US!!!
Remember: "Ask not what my country can do for me, but what can you do for your country!!!!."
Start buying American made products, start respecting your job (do it well and not just go through the motions) and have some discilpine on your spending.
Obama's speach was great, we have survived greater and worst times and have acheived the impossible. Everyone wants to be in our country its a great country, but we now have to work a little harder.

For the banks please don't always look at the bottom line loosen up on your lending policy and stimulate this economy so that the wheel keeps in motion, it's in your hands and it's in your power to give. Do not make the American ppl who have great or good credit suffer yes I agree to the policy of no assumable without qualifying, but don't close your doors on ppl that do have good credits and have good job stability....
At this trying times will show how strong this beautiful country is....

Linda Diaz   February 5th, 2009 1:12 am ET

For the last 15 years, I have been contributing the maximum allowed to my 401 plan even though it is has never been matched by my employer. I've heard you say that you should only contribute to it as long as your employer matches it. I am 47 years old. What do you recommend that I should invest the money into instead?

Thank you,

barbara   February 5th, 2009 1:13 am ET

how to stimulate the economy allow people to buy houses at todays prices regardless of their bad credit due to a foreclosure or bankruptcy . if people own their home they will spend to upgrade it they will buy furniture they will redecorate etc in other words they will spend money and that will stimulate the economy on the other hand if people lose their home they will rent or move in with a relative and save their money until they could buy again which mean they will not be upgrading, buying furniture, redecorating etc, which means the economy will not be stimulated. the key to the economy is people that can truly afford a home need to be given the opportunity to repurchase at todays price to start spending because current guidelines do not allow people to purchase homes that have a recent foreclosure or bankruptcy

barbara   February 5th, 2009 1:19 am ET

the bail out money need to go to directly to the public for mortgage loans and if the private bank will not lend out the money then the government should allocated funds for those people that want to be homeowners and could qualify under a full underwriting review regardless of a recent foreclosure or bankruptcy and that will stimulate the economy people will spend money

Al   February 5th, 2009 1:20 am ET

and put people back to work doing all the things that need done in this always seems like we wait until something is a disaster before we do something.

Fred – How do you put people back to work ? 14% of Small Businesses today cant fill their job openings due to lack of qualifications ? Create jobs ? Infrastructure ? Why do you think Hispanics come here ? The Construction Jobs created by Any stimulus Infrastructure monies, WONT be filled by out of work Ameicans – Theyre too good to do them – WE'VE already seen that ! More jobs for Hispanics NOT Americans....Common Sense.

Al   February 5th, 2009 1:23 am ET

Barbara – How can they spend monies to upgrade, decorate etc – IF THEY CANT AFFORD THE MORTGAGE THEY HAVE NOW ! You know what drives spending, MORE money to spend. That means INCOME, that means LESS Taxes on that INcome. That means lower taxes on the employers employing those employees ! NOT bailing out someone that KNOWINGLY signed a Mortgage, KNOWING FULL WELL, they didnt qualify ! Period !

barbara   February 5th, 2009 1:25 am ET

president obama if you get this message people want to secure a home if they cant due to a recent foreclosure or bankruptcy then they will not spend money and will save to repurchase in 2-3 years which will keep the recession going. allow those who can afford a home at todays prices under a strick underwriting to assure that they are not buying at prices that will cause them to lose their property again this will help stimulate the economy

barbara   February 5th, 2009 1:42 am ET

al they cant afford the mortgage now because these are mortgages that the underwriter should have never approved it these are loans that people got under the subprime market at 1% and now the rate adjusted to 8-9% and yes they cannot afford that mortgage but at todays prices and a fix rate people could afford to pay their mortgage and spend to upgrade their home I am not talking thousand but I am talking normal daily maintains for a home. I will tell you my store I received a flyer for 1% rate I went to my credit union and asked if these rate really exist and if so why havent they offered it to me I had great credit and good income. the bank teller said yes it exist but because they are a credit union they do not do those type of loans. I was still skeptical but I went ahead and answered to the flyer the loan officer then convince me that it was the best loan out there and only people with good credit can receive it, I was talked into selling my home and buying my dream home and that what I did I made good money from the sale of my home but I then turned around and put a 10 percent down on a property that cost me over 900000 and the rest of the money I used it to upgrade the home over 100000 but my payment were 3300 monthly make the math I even received a good faith showing my payment would be at the 1% rate I was not familiar with the adjustable rate I depended on the loan officer to look after my best interes, and if I would have gone through a full documentation qualification my income could have never afforded me that property I lost everything in that transaction but I am not bitter but wiser I value family and my next purchase will be a smart one. I could afford a 400000 value home. currently i cannot purchase because of the foreclosure i must wait 2-3 years and meanwhile I will be renting and of course I dont plan to spend money on fixing that home I plan to save until a could buy again and because of that i will no contribute to the economy as if I was home owner then yes I would be spending money knowing that I do not need to save I hope I make sense but its about finding solutions not blame or consequences, it about how to get people to spend money

Comments have been closed for this article

Keep up to date with Larry

Follow him on Twitter

Become a fan on Facebook

Contact us
Go Behind The Scenes


LARRY KING LIVE'S Emmy-winning Senior Executive Producer Wendy Walker knows what it takes to make a great story.

With anecdotes, provocative emails, scandals, show transcripts and insights into Walker's long working relationship with Larry King, her new book PRODUCER issues readers an invitation to listen in on the most intriguing conversations on the planet.

Order from:
Barnes & Noble

King of Hearts

Larry King's King of Hearts

Saving a heart a day is the goal! Learn more about the Foundation and it's efforts to help the uninsured

Visit the Larry King Cardiac Foundation.

subscribe RSS Icon
Powered by VIP