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But there's still not -- -- what changes that.
You know I guess the fear was that if they got back into the same sort of lending.
That was considered reckless they'd only be repeating the sense so I think -- -- you know like when when you get -- -- more than twice shy.
Let me some legitimately similar we will probably don't wanna get back and that -- -- but -- -- And then they realize interest rates so -- they could make a killing doing what they're doing now so.
When -- the banks don't need to be in the business of lending and the way that you and I understood it.
And and ordinary lending his state constricted and I'm not allowed to talk about our report.
Tomorrow's report until midnight tonight so you and I may have to -- on a dark corner to to discuss this more fully.
But part of what we're gonna talk about in this report tomorrow our differences in lending between lending to.
And what's happened to small -- across America.
And what -- wanted to say that is an -- -- -- time.
That's -- and we're gonna talk about some of those numbers in our report tomorrow.
And we're gonna talk about what the impact long term is if we have an American economy in which it's easier to get money your big.
That it is if your small kind of felt like a replay of -- does not only this time -- for all kinds of businesses across America.
You know that I know you say now you know it was weren't doing headaches at all with -- problem might -- journalism what would setting -- precedents.
Is then everyone is a little shaken puts their -- -- was the auto companies are or builders are.
Or college loan services and -- because they all expect what we did it for him you gotta do to -- So it does.
You don't get this me too isn't ago.
Can we -- -- I'm I mean I'm really worried about this you know -- let me let -- -- more precisely.
I think it was important that we do something.
Because I think that economy really was just handed over -- you know but horror.
-- -- -- that we just come in and say here's the rescue package.
I hope it's helpful to you what I would have liked to have seen -- we will do something that the companies that got into trouble.
-- -- Not anymore they don't they don't get to live anymore their equity is wiped out their top management -- replaced.
If there had been a real price.
For this equity three if they're -- real price to pay for this -- -- I don't think.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Now we've moved from its ceases to bigness of the countries to -- development that degree spell out there might be -- -- -- -- Portugal.
Where's the money coming from problems.
Now if it didn't miss it felt like it's where's the money coming from.
Whether or not going to be -- strings on this on the other side because you put your finger on it when you when you're doing -- And you saying -- life.
Rather then there's a real serious price to pay for this.
We create a form of moral hazard -- races through our economy and the worldwide economy.
And way to look none of us and provide capitalism can't survive.
If you don't mind my switching gears Elizabeth it's a solicitor general Kagan has been nominated Supreme Court.
You were for a lot -- on a list.
For the Supreme Court.
And again -- you don't mind my indulging my crackpot theories I think you've -- so many people off on both sides that they -- -- -- with it.
You know that.
I am delighted for attorney general taken and the I have not been careful and if I had it to do all over again.
I still wouldn't be careful.
You think -- make -- good -- protests.
I think -- it is so.
Good and decent person I really mean that and I think -- -- dedicated public servant I think she could be.
I'm on the administration -- you don't mind.
Do you think that.
With this financial reform effort now they've actually complicated -- -- these hearings on what caused the 1000 point.
Dropped last week and we'll keep computerize -- momentum trading and all of that -- all the brokerage houses and banks on the same page and exchanges.
And that this has just been another -- that they want to throw in this -- and somehow it's that everything but the kitchen sink yet ironically.
Freddie Mac and Fannie -- won't be part of it so what's to stop a slightly cynical business journalists like myself and -- -- this insane.
This is a -- I think joke would -- -- I think that there really are some meaningful parts of the financial reform.
And it really is the case I want to say congress keep your mind on what we've got here what people worked on what everyone's talked about eighteen months.
And keep a list going of these other things we need to continue to work on what could push one thing for -- after another.
Eighteen months into this -- taxes -- no change in the rules so let's.
Let's get pieces through that are good and that we can get changed and then -- -- That we can deal with whatever it is that happened on Wall Street last week and we must we must deal with Fannie and.
Read our whether or not that's as far as you know there are part of this thing but I'm I don't want it well.
We're in the final seconds that it is it your sense right now that.
What -- we come up -- -- -- -- Even with the best -- -- -- -- the more prohibitive for traded that if we get this consumer protection agency that that you want that it just is -- not a liar and these guys say well.
You know the US is such -- over regulating managed -- acronyms and agencies -- is gonna go to Switzerland.
I don't think that's so let's put the consumer agencies at that point.
Right now there are seven regulatory agencies in Washington that have a piece.
Of the consumer financial protection regulation.
That is a -- I wish you could put up.
It up behind me kind of one of the visuals that shows how all the winds running right -- that's a bloated bureaucracy and it doesn't get anything done.
So what this is about the consumer agency is about slimming that down putting him one agency holding them accountable and remember where it's flying.
It's not driving scored twenty -- disclosures and you've got taken out touch first base and then you know advance three times and fall over.
But striving forward.
-- two page credit card agreements to page mortgage agreement.
And the kinds of things that let consumers understand understand what cost is and make comparisons and make markets work.
Sorry I was -- whatever it is better seconds which has a very good having.
Elizabeth Warren will be watching the -- tomorrow.
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