YouSaid · the spoken record

Fred Hochberg

lines on the record: 80
first: 2017-11-09
most recent: 2017-11-09
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Oh, without question, sure. I think it's one of the most rewarding. I was watching those hearings yesterday. I mean, it's still some of the most rewarding work, partly because the leverage you have I'm very proud of 1.4 million jobs supported in my time at Exembank, three point eight billion dollars in profits, we reduced costs by like thirty percent. You know, and importantly, the people who work at XM, when I left, more than half the management team were people who either were developed while I was there and moved up or we brought in. So that's very gratifying. It's hard to find that kind of gratification.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“It's been great. I met with the Harris School today. So I'm looking at what the next steps are. I haven't charted a particular path. I'm following a couple of leads, but I'm not taking a rush. This has been a great opportunity, and the students here are so extraordinary. That's been a great opportunity.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably be at the top of those poems. But I just think we have to find a way to, when both Bill Clinton ran and when Barack Obama ran, it was like there was a freshness. There was an outsider that was an idea of optimism and hope. And I think being a leader is about a lot of it has to do with being optimistic and hopeful. And so I think that's, and it's got to be someone who really can connect with people. Which those three people did.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, I mean, listen, I could also change my mind. And as I said, I was really impressed with Vice President Biden yesterday. But I just think.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Downtown Chicago, but I just think I would like that generation to step aside and say, you know, we're going to step aside. We need the next generation to come up. We want to support them and do whatever, but we need to let so whether that's Elizabeth Warren and Bernie, and I know I'm being controversial and Hillary and I just think it's time in no other field would it be acceptable for people in the mid-70s? And David, you know firsthand, this is a very demanding job. Intellectually, physically, and everything else”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“It certainly, I think Democrats tend to have to be somewhat of an outsider, somewhat of a reformer. I think that's, I mean, I'm just thinking about the three I mentioned who the last three Democrats who won the White House. Al Gore was as insider as you can get. Hillary, although a woman was perceived, I think, as certainly part of the political establishment”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's really hard. If you look at President Obama, President Clinton, and Jimmy Carter were three had real credentials being outside the system, all of them. So I”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first, I think we have a big divide in the Democratic Party, sort of being crass about it, sort of the Bernie Wing, which is a little more purist and maybe more centrist wing of the Democratic Party that we're going to be teething through for quite some time. You know, I think we needed, you know, if I looked at 2020, it probably has to be someone who's somewhat of an outsider, I think.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. I mean, I think the one thing you and I have talked about, you know, authenticity is just so essential and key. Whether people therefore believe you. And if they don't believe you, then you go down a rat's hole that they don't believe anything anymore. So, you know, I never will forget Anne Lewis, Barney Fr Sister said to me, Not going to agree with anybody 100% of the time. You don't agree with your spouse or your kids 100% of the time. If politicians could find a way to talk that say, you're not going to agree with me on everything, but I'm going to do the best I can and be authentic about it. I think we have a different politics.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think the politics of that were razor sharp. I mean, And I don't know whether she had said I was portrayed with it. That could have sunk quickly.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question. I remember watching when I heard that, and I didn't think it was credible. I think my feeling when she understand the politics around that, when you think about it. We had forty one Democrats leaving the House and the Senate supporting two. The trade promotion authority, you know, sort of the pro trade bill. The entire Democratic caucus was opposed to it. So I understand the box.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. Because I think we've been little, we haven't been as forthright to say they're going to be losers, and this is what we're going to do to help service those people so they can get back on their feet and don't have a dislocation.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Spread all over. I think one of the political problems is I don't think politicians of either party have really ever leveled with the American people to say they're going to be winners and losers. Some of you will be worse off, some will be better off. And here's what we're going to do for those who are worse off. We've never really said that.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“The odd thing is, David, we are the second largest exporter in the entire world. We have been huge beneficiaries of trade. We have been huge number of jobs created in this country due to trade. And on the North America Free Trade Agreement, you know, American cars with American components and American cars are more competitive globally because of that. Could it be better? Of course.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“The North Americ Not going very well, and it's got a very tight timetable, which doesn't always help. And we could find ourselves withdrawing from NAFTA. Which would be very disrupt”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“I certainly under this administration I do not see us having any certainly no new trade agreement and I think the prospects on NAFTA are very much up in the air.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Have the leverage to do it. And we're going to have a world out there that's going to not look like the world we would like.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“I have a great concern. I think, you know, frankly, David, coupled with Brexit, The United Kingdom was also very like minded to the US. So in the EU arena, we had a very like minded partner in the United Kingdom at the table. And Frank was often a thorn in the side because both the United States and the UK were more entrepreneurial, less status, less state control of the economy. So we've lost that. And then on top of that, we have President Trump withdrawing from TPP. No one talks about TTIP, the climate accord, possibly Iran. The US has had huge people look to us for the answer or leadership in all those things. I will remember when I would meet with my counterparts during the Iran issue, we led the fight about making sure all the other export credit agencies didn't lend money to Iran. And I brought that up at every single meeting.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, yes, I mean, obviously the Trump, I mean, the odd thing is President Trump wants more manufacturing jobs, believes we should be selling more things abroad. We should be reducing the trade deficit. The Ex embank is one of the key tools to get that done.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well It's a concern. I mean, we've seen this at EPA. We've seen this at other agencies. We have someone who's really opposed to the agency goes to run it. And in particular with a reauthorization, as you mentioned, David, which means the authority to make loans will lapse again in 2019. They need to get started, frankly. By no later than January on working that reauthorization. Certainly that's what we had to do. So I don't know if it'll be confirmed, but his job then will be if he's going to do his job, which is to reauthorize the bank.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“They were being very kind, David. He was one of the arch opponents of the bank, was part of the leadership that tried to close the bank not only once but twice. And Senator Heidkamp said at the hearing, Mr. Garrett, if you had your way in 2012, about half a million jobs would not have been supported and about $2.5 billion would have not gone back to taxpayers to the profits that Exxon made in that period of time. What do you have to say to that? He had no answer.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, just yesterday was the Senate confirmation hearings for the next chairman and for the board members and the Inspector General because there's no permanent board and there's no inspector general at the bank.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, we're not allowed to lobby, so I obviously could not lobby. And I didn't do a press, but one, we had a number of commitments during that five-month period, sort of the last half of 2015. If we had made a commitment to lend money on a particular project, but we hadn't actually executed all the documents, we closed out all those documents, sort of like you go into contract on a house, but you haven't closed yet. So we closed many things. Not surprisingly, had a record amount of freedom of information act requests. They were more like double of previous years. So we deployed people there. We deployed people on Inspect the General Projects. So I kept everybody fully productive working because we had the budget and I didn't want to lose people. For'cause we didn't know what any day now we could have reopened.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“And it made us more competitive if we didn't, we'd be less competitive, but it has put great pressure. I mean, President Obama worked to double exports in five years, and we made in many countries we did. We've done it in every country, but we didn't have as many manufacturing jobs because they're more and more technology that's replaced a lot of manual labor and building things.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we actually worked with the Bureau of Labor Statistics, part of the Labor Department, and actually calculated jobs by industry sector. They generally ran, and this is interesting about technology, when I got to the bank there were over about 7,000 jobs for a billion dollars worth of sales. And by the time I left, they were just over six. So we've seen.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Difficult products or going to difficult places. So Ethiopia was a combination of both. A lot of satellite financing. We compete with France as the only other country that really makes satellites. We compete with France, Russia, and China on satellite launches. They all back those companies to the hilt, so we need to have a level playing field. And our critics, they would say, well, if other countries want to go down that path, that's their mistake. We should not do it too. But we're going to lose sales, and we're going to lose jobs by following that kind of strict.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“French company was actually French. It's backed by France, Germany, and Britain. until little less of small extent Spain. The three export credit agencies that support Airbus. So when Airbus and Boeing are in a competitive bid to sell aircraft to Ethiopian Airways or El Al or Cathay Pacific, each side comes with financing as part of the package, because if you're buying five hundred million or a billion dollars worth of aircraft and you need twelve-year financing, you have to come with a financing package. It's really hard to do during the credit crisis and the global financial crisis. It's eased up a little bit, but during that crisis, we had to provide financing for large transactions like that. Airplanes are hard to finance. They're big, they're expensive. So I would say at XM we would do”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Of course We're here in Illinois, Boeing, Caterpillar, and many companies of substance. The problem is Boeing is competing against Airbus. So an easy example is we did a lot of work for it.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Alabama, who chaired the banking committee then refused to have a hearing, in fact did not have a hearing on any nominee that went through banking for two years.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, two things. We're one of the XMB is one of the few agencies, the export input bank, that is a sunset agency. So the ability to make loans and do work, actually the authority sunset. It's very unusual in federal government. So the authority lapsed, and then shortly thereafter the board, we lost our quorum because terms were up. And then nobody wanted to be renominated while we were a lapsed agency. And then by the time we got reauthorized in December 15, one of the terms only had a year ago, so that board member said, I'm out. And then frankly, Senator Shelby.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“We had a tough reauthorization in 2012, and then we had a, we actually lapsed our authority to make new loans in 2015 for over five months.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Reasons. And so that's one of the other thing we would do, and a company with Charlie also sometimes needs working capital so they can buy the equipment and so forth. And sometimes their local bank may not be comfortable because they say, well, all of our sales are overseas. And they go, well, what if you don't get paid? So we will provide a guarantee to the bank to make a working capital loan. So they can buy the inventory and do that ninety percent of the customers of the exembank are small businesses So sometimes people think, oh, XM is the Bank of Boeing and Bank of Big Companies, but let's remember that. Not 90% of the dollars, but it is 90% of the transactions are small companies.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“There are concerns about credit worthiness, but frankly with a full faith and credit backing of the US government, the bank will make the loan and the buyers don't like the default on the US government. I always say it's not a good idea to default on Uncle Sam.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. You know, it's a little bit like here we're at the University of Chicago. I mean, no one applies to college and after they get in and said, oh, now how am I going to pay $300,000 for the next four years? You have to think about it in advance. So if a community or a country is buying firefighting equipment or a jet airplanes or whatever, the financing is integral to the sales proposition. So we would provide for a fee. A guaranteed loan so that the JPMorgan Chase, Citibank, HSBC, any bank, doesn't mean the US bank, would make a loan to the municipality of Lagos. We would guarantee it for a fee. And with that fee. That was enough to give comfort to a financial institution to make the loan.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“They sell fire trucks to places like Lagos and Nigeria to China, and they have to compete with German companies, Dutch companies, and Chinese companies. And each of those competitors come with financing when they are selling their firefighting equipment in those countries.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“I met with a Harris student saying, talked about it a little bit. So, what the export input bank does very briefly was actually started by FDR. And interestingly, the very first transaction ever done was actually selling currency to Cuba. The XM Bank took US American silver and minted into coins in Philadelphia and we sold them their first currency or not maybe on first, one of the early currencies. So what the XM Bank does, it exists for one purpose only supporting U.S. jobs. So if you're a small business, there's a company here Darley that makes fire trucks. Some of them here in Illinois and the rest, I think is in Wisconsin. Yeah, in Wisconsin.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, one reason I took a pause at the Milano was we had a Republican in the White House. I would have much preferred to work in Washington, but that wasn't an option. Yeah.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Suffolk communities, tough on the tax base of communities because, you know, I mean, What we're going to be seeing with a number of shopping malls that are going to be vacant because once they start to, you know, once a certain percentage has become vacant, then nobody wants to walk into a mall where a third of the stores are empty. And what's going to happen to how we're going to repurpose that real estate and what that's going to do in the tax base for a lot of communities that rely on real estate taxes? I don't think we've figured all that out yet.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Walking around Hyde Park, you just see there's still more and more empty storefronts because it's harder and harder to... Make that work”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“But it has also given an opportunity. We dealt with a number of small food companies at Exembank that There's a barbecue sauce company or a small winery that actually can go online, have a web presence, ship anywhere in the world, And either access if they need to, SBA or XM financing if needed. So in many ways, that's true, but it's also opened it up and made that much more possible. So there's an alternative to just saying, well, I have this great barbecue sauce and I've got to find supermarkets to sell and I can sell direct.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“worries me because a lot of innovation comes from small businesses. And we still in our head have that as part of the American dream that you're going to start a business and build a business and give it to your kids.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we are in a period where small business formation is at a low point. It's not clear, you know, it's hard to determine exactly why, how much of that has to do with Know access to capital. Which is what the SBA really provides is access to capital provides a guarantee to induce a bank to make a loan. So there is that. I mean, there are a lot of sort of, whether it be a person having a two-person or one-person compute a tech company that does programs your laptop at home. So there are a lot of those kind of businesses. A lot of them are one-person businesses. We're also in the gig economy where that may also be overshadowing some of the aspects of it.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Up until working for President Obama, that was the greatest job I ever had. It was a great job. I was there for the second half of the Clinton administration. I'm always proud of the fact we almost quadrupled loans to women and minorities in the time we didn't even double them in total. And we speeded up service times, we automated many parts of the agency. And I really got to learn about a lot of businesses. And most importantly, I learned how to work in government. I always thank President Clinton for having given the confidence that gave me my first job in government because, you know, it's very different the private sector to the public sector. And some people have a rougher transparency.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, Raba Axenberg had a challenging time. Jim Hormel had to get a recess appointment. It was very different than When President Obama came through, and that was not an issue in the confirmations.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“I really understood the people we were serving. But that nomination ran into a buzz saw. It took over seven months. It was been part held up. I got direct confirmation of it being gay. You know, it was like, oh, well, clearly this is one more quota filling, incompetent, unqualified person that President Clinton is sending to the Senate. And we're going to just stone wall them.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so I had worked on President Clinton's first campaign, worked on his, and then worked again in 96. And it was the day after election day, and he had a receiving line at the building museum in Washington and said, and I just getting well wishes, and I remember I walked up to him and shook his head, and I said, congratulations. And I knew him at that point, having worked on 92 and things in between. I don't think I rehearsed it. I simply said, Mr. President, I want to come work for you. And he turned around. He said, well, call Nancy Hernich tomorrow. So she came to your business card and I go, What'd you do? The president says, call someone in the morning, call them in the morning. Yes. There were a couple of jobs open, and ultimately the SBA seemed like the right to.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know what to do with these trisexuals. I just don't as it says they're transgender, they're not trisexual. And here was one of the greatest advocates for LGBT issues the Senate had ever seen. And he was trying to, one, I think, emotionally square it and also politically because I remember him saying, you know, I got all these senators to agree on gay and lesbian. I have to now go back and get them all to rethink and add another dimension to be co-sponsors of an employment bill. Now, granted, that's over a decade ago. But so I think that it's been harder, and societies, I think, made remarkable progress on the transgender issue in very short time. I mean, that comment with Ted Kenny was thirteen, fourteen years ago.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“The bells will go on and the progress is fragile. It's very fragile. And I think the transgender issue has been harder in many ways. There's some aspects of it that are better and easier because some of the best advocates on transgender issue are mothers and fathers who have children who are trans. And I saw one at the Human Rights campaign dinner just last weekend. It was so moving. Nine-year-old son. But for many parts of society, we're very binary, and so it's confusing to people. There's a story I never will forget with Ted Kennedy. I was with Ted Kennedy in 2004 during the Carey campaign. He was doing a press conference on hate crimes and he asked me to come and so I came and at the end of it he leans over me and he says Fred.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“The way I understand that David is I think I don't want to be a victim. And one thing about building your own self-sense of self and self-esteem is to actively do something about it. So I think I got involved in the late 70s on LGBT issues. I think they were just called gay issues then. With Lambda legal defense and others to me, I think it was a healing process. I think a way of healing that pain is to do something about it and to work on it. And that actually made it. I was actively fixing something versus just feeling bad. And so it was as much a personal journey as it was a political journey”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally. So we're seeing this, and then at the end, we say, all right, we got the rhetoric, they got the policy. And it took another 17 years, and President Obama did it, but it took 17 more years to get there.”
2017-11-09 · The Axe Files with David Axelrod · Ep. 189 - Fred Hochberg · IDENTIFIED FROM THE TRANSCRIPT · source