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We you know are my next guest has influence on the of them break.
-- that banks like Goldman Sachs and cities should be nationalized just like the department.
A motor vehicles former investment banker gently up and what you.
Says if we are bailing out banks for the public good why not -- these banks work for the public good Jessica that you.
Thank you haven't -- -- saying look there's a lot of like Goldman are saying world that and there are all that because either directly or directly we've -- money than those that it paid back their their.
It's our money.
Well I'm saying that the current system is unsustainable.
And I pointed out in my op Ed in the Wall Street Journal on Friday.
Why it's unsustainable the government bailout money that we gave to banks was designed to get them to -- to.
Small businesses and consumers which they're not doing and unemployment keeps climbing up because -- businesses can't get access to capital.
But has yet to banks -- on the Thursday that that what got them into the pickle was lending to anyone with a pulse right.
And so the government isn't bunch about it it sure they're there but bottom line which is important for schools so our minutes.
So -- -- penalized for not aggressively doing what got him in the trouble.
No I mean there's plenty of businesses that would be fine they can't get trade financing so they've overdone and they -- pendulum swung too far yeah exactly exactly.
And I'm just saying that.
We -- have a semi nationalized system.
All losses are being socialized that means taxpayers are taking the burden of that but on all the profits are privatized that means the bankers get to keep all.
The profit -- they give the money back we gave them process as Goldman did it's others have been doing quickly then.
We gave no money sort of like training wheels to get writing and writing again world a better afford -- the financial system -- -- that's the argument for.
Well let me just make this metaphor.
The government is like.
Enabling and a drug addict right the banks being a drug -- addicted to easy profits.
Addicted to leverage.
And we've gone through these boom and bust cycles multiple times it's always the same and we need to sort of change that system defense -- -- -- the government.
Goes through boom and bust cycles and and and -- more bustling in -- dig deeper and deeper in the hole.
I don't this group then that's another issue right.
But I mean I think the government to judge anyone on booms and busts at cycles that proper accounting as is his little speeches and I'm just saying that this.
Notion of too big to fail.
Is basically encouraging very bad behavior and act -- -- -- it ain't -- act on it and I just don't.
That behavior professor but I I think -- the bottom out of vehicles.
And and that's my image of a lot of government.
You good -- gotten let's look at them and -- motor vehicles.
Not across the board professor but not a pleasant experience -- and.
But at least a lot of people can drive their cars equipment that.
And you can't say that a lot of people can be gainfully employed in this environment in fact -- they just get on -- It's part of you that we should just become Sweden.
There are a lot of things that we can learn from other countries and perhaps are things that are just special to us.
But I am saying that meet.
At the minimum should.
Figure out a way to go back and -- Glass-Steagall back in place because that was separate investment that they thought I -- because idea of that went that.
Was passed in 1933 it was to protect.
-- -- -- The ordinary people's.
Wealth so that that state money is not.
Salute now I don't think I had laying on the -- Steve -- -- but you always have another crisis that comes up right and there's legislation or.
New rules and regulations to deal would that crisis right.
I think that if you have an overall structure.
That would actually prevent a lot of these boom and bust cycles from happening in the first place.
And so if you -- nature.
And I don't think sending -- picture that is not necessarily common they each -- Kaplan isn't yes look back you know in the early nineteen hundreds if you did not have.
Great leverage she did not have these.
Boom and bust cycles that we've been having so frequently.
But we didn't that's sort of listen then we had a recession and then we had it coming out of it and it's funny saying in the in the thirty sounding about -- -- we do go to news.
I think there's a way to tamp them down and what we just went through was extreme I mean that's neat.
Have -- created a global recession.
And the treasury have gone to extraordinary.
Stimulus packages and other emergency.
Interventions to prop up the system I mean doesn't the Federal Reserve right now is practically an entire mortgage market.
I think about -- -- read -- -- -- you know you re very right about that and so we don't have a free market anymore and if they're intervening and basically.
Bank loans like this why not nationalized to some extent an -- and make it an even playing field where.
It's not that he's got can act that -- but then they get to keep all the profits while the taxpayers suffer and go -- another woman -- bust again.
Hope they're the logic of her close to that you might as well finish the deal on professor -- -- you would tell me if I just simply walked in your class but it was it was very very nice having.
Thank you very much -- I appreciate how it looks to me.
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