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-- -- -- -- Here the former Merrill Lynch CEO -- Citigroup now.
He was not I could tell -- -- stand above -- boss but he was saying that.
Things are picking up he was optimistic that things are nearly tires they debated today.
But eat like you says it depends on who the Republicans nominate but he says the one thing sticking in his cross the way this administration has treated Wall Street.
So can -- extensive this president.
Brag about in improving markets or weeks like we've got now if they attacks he doesn't like lost.
But look I don't know whether they like or not like.
But I know there are you know I think you're -- financial institutions heated up no I don't think he had I don't think he hates them what about how low do you think -- loads them.
Chicago like I'd think the president passed.
A pretty tough financial regulation bill that that banks themselves absolutely did not want to write so I'm I'm not surprised that there are a lot of former leaders of financial institutions saying.
They don't like the -- -- you know they -- bad I don't know why they I don't know why a lot of them are bitching because.
You know he's kept them largely intact I know we say -- no longer.
God did too big to fail but we do so by and large.
I know he calls a fat cats all the stuff and I understand -- angst and anger about a but do you think that.
They had a that bad under -- that this laws going to be that damage -- are you surprised by what the.
I think it's gonna I think it's gonna cut -- -- they are I think it's likely gonna cut into their profits long term where we are unlikely to see I think.
A repeat of what we saw on the 2000 where you got forty.
To 50% of the entire.
Business profits of the United States go on the financial sector.
That was by design and I think -- is -- that was your mom did Eileen planned before you left wasn't it.
To destroy an important to make sure that amid a sort of -- up the Wall Street played out properly -- -- let's look at last that's what you wanted to do that.
-- that that Wall Street and financial institutions in general by providing credit magic businesses to grow that's important.
That it being as outsized as they were in the in the go go days of the financial bubble I don't think I think even a lot of people on Wall Street were uncomfortable with getting into such.
Such -- that that far out from other skis.
The idea was an Atlanta serious -- -- the idea was to reject your little bit so that Wall Street today -- attributed it wouldn't be disproportionately.
As it puts a lot of the economy as it was right.
I I think that's partly true and if you look at something like the -- ruled the design you know we can get into details.
But the did the the entire point of the thing is to say.
If you have access to the FDIC to the discount window and -- and an an emergency insurance policy.
You shouldn't be taking subsidize money and just investing it for -- Turnout that probably go back into the nitty gritty of that but I do wanna talk about why that's why I think Europe's Arctic and then that that's what they also think you local but -- -- -- -- here that you mentioned Paul Volcker.
What have you would -- just thinking just sort of you know laughs and Walt static there and and didn't know what he got himself -- so.
-- Volcker Rule or whatever and I just speaking -- threat to deserves and that fact that I sign up for.
Well what you're inside you know I don't know he's he's a great friend and and I think he's a giant -- -- physically the giant but you know he's he did he earned.
All the legendary status -- SS DI -- it makes it certainly he was frustrated that there was squabbling amongst all of you that it was the keystone cops running because I'm a woman like panel that fighting would result of their parents located liar as a result all that's true right every wanted to Larry Summers.
Yellow alert like a lot of it paranoid about -- in the in the book.
Elect I don't think -- -- a surprise the find out that politics is kind of political.
But I thought a lot of the themes of that of that book.
And I didn't read through it.
I thought did not seem did they did not fit my experience where you can -- now that they want you came across -- very earnest and hard work and -- that.
But you it's probably -- in half a lagging on that probably Charlotte I what you're surrounded by a bunch of arrogant.
Either were afraid to directly counter the president of the rare times they did would dismiss about -- And then a president who would later be dismissive events it sounded like it was very dysfunctional.
Annuity only earnest nice -- there.
Well I appreciate that description I didn't find the book to be a very good descriptive door of of the White House that I was in.
And I didn't part of what does that tell Larry Summers ignore the president did -- -- is an -- and you see that's what the part that I thought was the most.
Inaccurate in the book was the kind of the portrayal that somehow the president wasn't decisive -- and people were operating behind his back and not doing what he said.
That I I do it and you know losses that would not be the first time we've seen administration went back kind of -- aren't.
We're learning what I've noted that -- and obliterates are not tightening has his -- and what this guy political widened just surprised well exactly -- -- just sank.
Is it fair to say you've left them -- you can go ahead and say anything you want on.
What is kind of Dicey and there and and I know you know inherited mess cedar group the president is meant to violence are -- But the but that it was out of control because you guys -- all on the same page.
That that I did I agree there were there were definitely disagreements -- over a bunch of major.
That's not bad I view that is important to have everybody would just kind of nod their head saying good idea boss I think that would that would have done a great disservice to the president.
I don't think that it was chaos.
O or the candidates can present now considering its cash out because it every -- -- I don't think so I mean I think it's pretty poison I -- -- environment in DC is pretty poisonous.
It's certainly wonderful -- back and our land you know be an element out of that.
At -- that kind of environment I'm just the little nervous for the country look two and a half percent GDP growth.
Is OK back great we needed to be a lot higher than that if we're gonna get the unemployment rate down in some kind of rapid basis.
It's certainly been a lot higher than that in in some previous recoveries and so we got ahead.
Find what are those things that the two sides can agree on -- -- -- help.
In -- -- that relatively lenient sequel have another.
Bank meltdown akin to what we had 2008.
If the Europeans really blow there -- side of the bargain if that's possible but I certainly hope we -- Our also -- -- -- you really alert the only adult in the room on -- not in those days I know you don't like to.
By the bottle they're -- and that is that -- -- proud to remind you don't come much you just such a gentleman but.
Believe they'll have it backwards look at our by the time I'm Doug -- voting you know forgetting to sign -- the -- anyway currency union professor -- well there are great just.
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