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Hello everybody I'm Gerri Willis.
-- colors problems are far from being over the house oversight committee approving a contempt resolution for the US attorney general.
For withholding documents over the fast and furious gun running operation despite President Obama asserting executive privilege over some of the documents.
Now the committee voting along party lines 23 to seventeen in the house is expected to vote on holding him in contempt next week.
Congressman Darrell -- offering holder a way out of the vote by surrendering certain documents.
Let's get to our panel on this Marion -- democratic strategist.
-- -- the political editor for town hall dot com and Matt McCall CEO of -- financial welcome all.
I wanna start guy with you White House senior officials senior administration official saying today that the president believes the material in question is not material to the fast and furious investigation because you know why it's internal deliberations within the department do you buy it.
No I don't at all and I don't think too many people buy it if it's not germane let's let congress make that decision let's let the house oversight committee.
Take a look at those documents and -- that -- themselves but if you set aside present Obama's hypocrisy.
On executive privilege he was all against it during the bush years now -- Exerting his and -- -- flexing his muscle bit here today.
I think you have to look at this is beyond the typical squabbling of right and left d.s and r.s in Washington.
This is a scandal.
That has left hundreds of people dead including at least one US agent that is very serious stuff there has to be accountability and it's -- of the -- are.
Mary do you agree to is -- doing right here is guy had a right.
-- luck if you want to understand why congress of the 14% of approval ratings here is exhibit day okay.
That what caught what voters are -- about is the fact that they haven't congress hasn't -- faster to put them back to work and furious they haven't done it this is no way to solve a real problem.
And get to the heart of the matter of what went wrong with it.
This -- having content both of congress democratic administrations Republican administrations never solves the problem.
But the one thing it does will do is help Democrats -- seats back in November because regular voters look at this and say this is what they're spending their time on I can't.
-- it's called the house oversight committee because it is specifically -- job to investigate malfeasance.
At the executive level this is not a committee in charge of jobs and Republicans by the way past thirty jobs bills.
That Democrats -- to act on in the senate so I'm not sure I'd buy that and the other point here is and I and I just have to disagree with what we just heard.
The way to find out what happened.
And the way to have people held accountable is to know what happened and read the documents not to Stonewall as we've seen month after month.
Aren't allowed it is not to go on a fishing expedition that's what business are a well big disagreement and no surprise there -- -- see this very differently.
I really want to the other big story the day the Federal Reserve.
In -- reaction in the markets to what Ben Bernanke had to say in fact.
You know we were down -- what do you say did Ben Bernanke go far enough I dating this.
Point a lot of investors out there.
I think disappointed and there's a lot of us get this is Betty come out with quantitative easing which is term QB three meaning another round of liquidity going into the market.
But what Bernanke didn't come out and do -- in and the Fed is Jason what is called Operation Twist.
And that was kind of already baked into the cake so we saw the markets sell off after that came out is it too little too late for the economy them this two minutes -- and even if.
You know -- basically doing is artificially keeping interest rates low we've kept interest rate -- near 0% for a long time and they're going to till 2014 the market doesn't like -- they don't care what.
We get a picture that of the Fed Funds target rate bumping along the bottom for a long time and it's supposed to stay there.
For years it later now I think the most surprising thing -- I have to tell you was that the Fed one more time ratcheted back their expectations for growth.
We -- talking about unemployment they see -- going higher.
Economic output.
They see going lower this is a real disappoint -- -- consumer to they came out -- issued -- consumer slowing.
It's funny because Britney search -- every sentence with things are getting better however the starting a slow so -- stars Gooding gets worse that's is that boosting the economy the last few months so dollar saying 2.2 percent.
Growth in the economy in this country.
-- just doesn't get anywhere doesn't take care of our unemployment problem not by a long shot.
Is of course we've been talking about a broader context on this story and a and I wouldn't get to some of the political action nations with you guy on this is that.
Our economy is important to the whole -- right and that European saying wow you guys really have to put the pedal to the metal because.
-- happened seal also happens to -- I think Ben Bernanke said -- -- run our own economy thank you very much how do you read it.
Well I think what Bernanke and I think -- fellow panelists here that are better sit and talk about.
Monetary policy but I think from a political standpoint what the American people are craving is fiscal policy leadership.
As as -- -- and we've done almost everything that we can't it -- from a monetary standpoint to string this thing along what we need it is certainty.
On tax rates on the death.
We have absolutely none of that until we have leaders who stand up and -- -- necessary changes we're gonna keep putting along the way we have been.
And nothing's gonna change no matter what Bernanke does well.
I'm -- I'm gonna bring you win a second but I want to get to one other hearing that was held today.
Fascinating stuff from the Euronext CEO who had this to say about small investors trust in the market listen to this.
The public has never been more disconnected.
The public has never had less confidence in the underlying mechanism what used to be an investor's market is now thought of as the trader's market.
So that's Duncan -- Meyer who runs Euronext at -- -- having big picture here.
You can you look at what looks like an erosion in the respect for.
Institutions that should be highly respectable in our country.
What do you make of this do you agree that at a fundamental level people have lost faith in our markets.
-- no question about it it's nice to see at least one executive gets that.
For many people in this country they now see Wall Street as a stacked casino and the house is stacked against them.
That's what you see them having -- -- investing less lost trust because they know they're not getting the deals I -- look at the whole FaceBook IPO is a perfect example of it.
So they're pulling back they don't trust Wall Street they don't trust congress.
Everything that they ever put their trust and they played by the rules they did the right thing they bailed out the big banks -- bailed out Wall Street but they're not some quiet -- sitting behind a desk trading at this be the light they know they're not getting those deals.
-- when you go back and you look at back at the day not too long ago when anybody could take their money look at a list of blue chip stocks invest in hold and make money.
Those days are gone that they need to come back.
I grew Henderson with union that's how the an individual investor feels right now -- -- with them every single day.
That the problem is it big game hasn't changed from -- today from ten years or twenty years ago the problem -- ever believe that they can make money overnight they by hitting the computer didn't -- trading so the big -- derelict and I would tell -- the biggest thing that I hear from individual investors it's not the Wall Street -- the banks that there -- that there are upset with.
It's actually the government and this this administration right now because they do not believe that they have the backing any of no confidence in the government to turn around this economic mess so that's why they're not investing a market as well.
Are right I think look -- said some Smart things there I have to say I think people feel like it's an uneven playing field out there.
We -- fix that our guides marry a guy -- that stick around you gonna come back after.
