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The New York Times this morning basically saying hey let's not make a deal is the title of his editorial saying.
Better to have no deal that a bad deal.
And I guess well here we go is is that that's the liberal side of it saying hey -- you president Bob you have the momentum here at the leverage.
Stand tough what do you say -- gets up and -- what.
Well I think we'll get something done the question is do we have a bad deal I may see that very differently the mr.
In order to really tackle the deficit long term.
We're going to have to do something about entitlements something mr.
Krugman doesn't want to do anything at all about and neither does the president.
The president says he's willing to compromise will -- will say is he willing to raise the retirement age and is it willing to look at serious changes in Medicare.
And in his health care program.
You know it's escalating prices -- didn't just say you know making our wealthy people pay a little bit more is a band -- that only gets us a couple of years.
We're gonna have to do something fundamental about the prices we pay for had health care and about the retirement age if we're going to solve this problem.
Right -- race so many important issues Peter so fiscal -- Deal or No Deal our economy.
What do you think I mean eats threatened with staying in this.
Lack luster case I think for that long terms Jeremy what's your take -- and got devastatingly high unemployment issue.
Are well aware I mean there's so many other issues headwinds here.
Well we didn't -- what the fundamental issues that caused the crisis in caused us to get into so much trouble.
We have a huge trade deficit which is a tax on demand -- -- we have a big budget deficit to compensate for that and we limp along.
We really can't shrink the budget deficit substantially.
And so we do something about our competitiveness vis a vis China.
And they may be different views about that but that's -- fiscal reality.
And about producing more domestic energy and we're not gonna solve that problem with more subsidies operations -- -- lender.
At the president's not willing to compromise on domestic oil production.
You know it's not -- so you know unless we do something about that and then there's the issue of the banks.
You know it's very interesting what you said in the last segment they're real solutions in the banks is not all of this excessive regulation.
But the bus stop the big banks the fact is not only they too big to fail but because they're too big to fail.
They're too big to effectively regulate that's why there's no lending and they continue trading you know what their profits down.
Bonuses will be up again for the CEOs.
You've been on that for awhile we talked about this over the the years and and -- -- -- that Elizabeth Warren in in enough herself and her election means much or maybe it does.
You can you really think we'll start to move down that.
In that direction and need a lot of people I think a Wall Street are worried -- -- that's one of the reasons we saw financial stocks selling off that will be a more progressive.
Approaches that Elizabeth Warren is that the president not having to worry about reelection -- did you do you think that they they moved harder.
And and push for more in terms of actually breaking up some of the big banks.
Yes I do I think there's voices on both the left in the right just as there is with tax reform.
And the remedies are are more amenable to compromise than there is with regard to tax reform on the left and right with regard to large banks.
This made it dangerous I think to say relative to my welcome mat on a financial network but the large banks in New York Jamie -- -- -- And so forth have abuse the American economic system and they're almost behaving like pirates right now stuffing their pockets.
It's high time we take a hard look as to whether banks which are much like public utilities because we guarantee their solvency in the end.
Are behaving in a responsible way.
Now part of the problem is we've created an incentive structure with Dodd-Frank for them to become even larger.
Because the small banks are having trouble navigating all this regulation and all this regulation is it really solving the basic problem.
We want banks to make loans lots of them right to do what responsibly and safely.
And they're not doing those things nearly the entire housing market now is federally financed small businesses can't get credit.
You know Peter I was looking at the walk and -- still here we're not -- enough Monday and if you would love all kinds.
Different points of view and you're welcome back any time now bond index at the university thanks a lot that's it makes -- market different opinion.
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