This transcript is automatically generated
And talk about big news this morning congressman Barney Frank expected to announce that he will not run for re election and 2012.
Frank has served sixteen terms as a congressman from Massachusetts most recently frank.
Which chairman of the house financial services committee before the Republicans took control of the house.
In 2010 his name of course is on -- banking financial reform law that was passed in congress last year.
And -- -- -- served alongside Barney Frank in congress he joins us now all along with former Clinton advisor and Fox News contributor Doug shone.
But first John your reaction you -- in pranks freshman class.
We were elected together I don't agree with -- I don't think Barney belongs in jail.
You know one thing we did a show together the first show ever in Washington in.
Hosted by Charlie Rose whose his first show out of that policy come to -- -- to start -- He was so nervous he held -- microphone he shock.
A Charlie Rose to -- -- Barney and I were on there and he's he's a very Smart guy apart different.
Barney Frank's Smart the dog let's get let's get down to nitty gritty of why you two -- -- here -- what the problem is.
With what's going on in Washington with your respective parties just looking at the failure of the super committee.
Is Barney Frank more of a problem -- it is an example of a problem for the party or part of the solution well.
I think he's a little bit of both look the Democrats are making a fairness argument on.
In come inequality and regulation of Wall Street and Barney Frank speaks directly to that issue.
But what Barney Frank didn't speak to was the need to have a comprehensive solution to our budget debt and deficit problems -- so called super committee.
Ultimately it's failure.
Is it I think and repudiation.
Of the function of congress and the fact that the Democrats -- just talking payroll tax extension.
And are not talking about the larger issues vegan is a sign of weakness I think and ultimately a failure of the administration.
But John if you're talking about entitlement reform you're talking about tax reform if you're Democrat you're talking about government being too big and that fly in the face.
Of the Democrats the Democrats -- gentle overall agenda.
Well look it's a failure of both parties think that's what's clear about this thing has been failing for while we end up looking now like Greece and Italy we look incompetent inept.
Incapable of taking on the problems we have created you know I'm not on -- to come on this section.
And and criticize my own party and I'm happy to just -- -- well.
The debt problem was heavily created in part by -- bush eight years of the bush presidency.
The Republican House and senate.
For six of those eight years they put in the Medicare prescription drug program.
Which is blew the budget apart.
They -- and the war in Iraq which cost unbelievable amounts of money and the bush tax cuts all of this together was never paid for.
We just ran up more debt.
Now Obama takes over suddenly the Republicans are all conscious of the national debt -- where were they 45678.
They have no credibility.
-- -- -- -- because your points are that you -- -- the Democrats need to focus on these larger issues right getting government smaller does that get you reelected if you're Democrat well.
It does if you tie it into a strategy.
Of economic growth and increasing opportunity rather than just.
Redistribution which is where the party is in.
To John's point the Democrats haven't talked at all other than Bowles Simpson and Erskine Bowles former chief of staff to -- Bill Clinton.
About entitlement reform.
And you can't get this done without entitlement reform without tax reform raising revenue and having a comprehensive solution -- right neither party's -- Neither party doesn't John because it means people are gonna have to give something not right that that politicians need to look at the American people -- say if we're gonna take away tax tax breaks.
If were born to.
Take on the entitlement to some people are going to have to give something.
-- -- event and negatives on one way to do it everybody has to be asked to give up some but not one side or the other.
Both sides so we can honestly say look.
This -- -- -- taxes raised you're getting your benefits cut the Pentagon's getting cut this is getting -- -- -- the only way to do it in America we believe unfairness is spread the pain equally and fairly.
Don't pick a winner over a loser make everybody sacrifice something for the greater good that's a message that -- sell.
And none of these jokes on either party understand and.
-- exactly right date and we have a failure of leadership a failure of ordinary members of congress and the political class.
To deal with problems we -- hope we don't end up like Greece or are now we've already -- from current didn't -- -- -- dot.
Gentlemen thank you -- and that we abduction and I think.