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Player of New York City coming out against the president's -- on the president.
The president's gets on Wall Street.
Mike Bloomberg saying that Wall Street bashing along with too much regulation will hurt his city's economy and in turn that.
The rest of the nation but it doesn't worry -- -- mayor Mike's predecessors Ed Koch who believes it's a far worse optionally the financial industry.
As it is today and we welcome.
Mayor Koch even -- -- these changes.
Could not only hurt Wall Street but more importantly the revenue that comes from the taxes that we get from Wall Street.
That lowers a deficit in New York luck just.
Remember that not too long ago just a couple years ago it was Wall Street that almost destroyed the nation.
And Alan Greenspan said it was because he had been wrong and I said no regulation was required.
So while I understand and Mayor Bloomberg is a position he's the head of the city worries about the city more than anybody else.
Is now into the city -- for the whole country.
And to the people who invested in Wall Street who wants to live in New York City so I'm.
I'm not so concerned about the big guy he's.
Who made fortunes even when they questions.
There's so many people to lose their money.
I am concerned about the little guy who needs protection.
That requires regulation.
Okay Wall Street would say we hired the little guy there in fact one in twelve.
Working New Yorkers are employed in some way shape or form through the financial sector of course a lot of them as you say they lost their jobs when.
There was too much -- old cowboy and Indian behavior with no sheriff wielding that got stuck.
Half of the American people have investments and Wall Street I think that's the thing here.
Wall Street provides an enormous amount of money I think it's 30% of the income taxes and so forth.
To the city of New York.
The greater good it is to protect.
The public the consumers.
Do we want to go through another.
And I you watched.
President Obama I thought it was actually terrific.
And I -- among this issue.
But don't you think that it is the nature of the beast as much as as many problems as you have -- capitalism and capital markets.
As Churchill said as bad as it is it's the best system we know what I mean -- always.
Going to be these crisis these bubbles that form.
That person aren't aren't politicians always playing catch up game and trying to stop there's no question that Wall Street goes up on Wall Street goes down.
The question is.
Should we have some restrictions that prevented from going.
Cool laid down as it did the last -- safety net yeah but that's what.
But this does and that's why the Republicans are -- give.
An enormous number of additional votes to the legislation no question.
About -- you're a politician you know all about the political BS in the world some seventy former members of congress.
Are now lobbyists for the financial industry they go inside the beltway and say don't be so hard on whatever you're planning on doing.
-- -- the problem is that.
An enormous problem I think the president said there were hundreds may be -- are who were lobbying and there should be stricter -- in laws that haven't -- with the lobbying percent.
You have an absolute right to make your case and to hire people who know their way around obviously that does not include bribery.
It includes -- ability to present your client's case in the best possible -- when you look at things that have happened over the past couple years like for example Chris Dodd.
Writing a housing bill that benefits an organization it was giving him.
-- discount on his mortgage army.
You say it should include -- wasn't that abroad.
I -- don't have a high regard for Chris god he's leaving the congress so we don't have to spend any time on him.
But he and the Barney Frank.
Were were responsible.
In part -- the others for the housing bubble and everybody knows that they were telling.
The governmental agencies -- my name let him have a house that's the American dream so you think can avoid it.
Honestly everybody was doing George Bush came out time after time during 2006 and seven to -- talk about how great it was just such a high rate of home ownership but in a way.
As you look at all of this is home ownership really what brought us down and not necessarily Wall Street.
-- if I mean Wall Street -- look thinking I'm not on the L mortgages than me or think cold.
Liar loans in July propelling the cup -- -- on things like right I'm happy that a Wall Street is going to be subject to regulation.
And securities which were not regulated their goal have you lost -- your Wall Street friends -- No actually not.
I think the responsible person on Wall Street.
But says regulation makes sense even -- Greenspan.
Today says he was wrong when he was against regulation.
Right although he still hasn't taken AmeriCredit for the crisis -- -- keeping interest rates -- zero for sought but what I got asked were running out of time but the value added tax has been floated around -- by a lot of people as the answer toward deficit problems.
It's not gonna be in exchange for our current -- system it's gonna be on top of our current -- can we afford it.
Well I believe that if you exclude.
Food and medicine and other things that.
Middle income people and poor people by so that it falls most heavily on the rich who by limousines and and boats -- but we try those limits in Texas before -- have Ted Kennedy was a big advocate of that remember Fred.
Yeah big tax on on luxury yachts and so forth they had to stop it because the revenue actually decrease I don't know about -- but nevertheless.
Which is what they used in Europe.
If it is directed at rich people is OK if it's directed -- the poor people and.
Where's that ever happened how could you have never ever -- -- world I know but.
I am for the best I don't have to settle.
Eric that's always delightful to have he's the former mayor of New York by the way you weren't the only person we have your politician answers question yes that's.
That he doesn't hold office let's I -- there.
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