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And that foxbusiness.com live Cotter and burns 1211 on the East Coast 9/11 on the West Coast didn't even have to count backwards almost always have to do -- -- -- six points.
On the Dow right now stand positive.
We had a little of a rally yesterday afternoon right after senator Christopher Dodd came out and unveiled the details of where his financial reform plan.
-- started picking up and they sort of kept it going today in any -- this is your partner in white -- case the join us to talk about that.
You wanted to talk Michael Jackson but you're thirty years experience of the -- fed.
-- we gotta talk about finance reform sorry about that went well what did you make of what you heard from.
From senator Dodd yesterday.
In terms of what makes this bill any different from what we've heard leading up to.
Well -- it's a total change as we got the Fed his first bill in terms of dealing with the Fed was to take that out of supervision.
He's come up with something much more like the house -- I haven't done a comparison but the house passed the bill.
Covering the same subjects.
What I do is I -- -- guy threw a lot of credit for setting the format in the legislation he sent up to the hill.
Barney Frank and company take it in adjusted to what they want men now Dodd has started the process in the senate.
But if these things get through with that that bill -- it does get through this and it's not clear that it will.
And as -- conference committee that got a common framework to deal with it's it's not too alien bills coming together but you.
-- -- -- in it I mean we're talking about a resolution -- consumer protection the vocal rule is back.
You know this whole notion of systemic risk.
There's lots -- up the slots -- not like breaks lots to like I.
Think that dealing with systemic institutions the fifty billion -- banking organizations non banking organizations.
And having the Fed.
Over them is desirable and I'm prejudiced I think -- -- that is the best supervisor but I have friends and I asked them who they think the best this -- -- -- is no difference.
And I think part of the criticism the Fed -- was really not -- and the Fed is.
Just as good in did just this poor and good jobs have been any of the supervisor in banking.
What I don't like he has the -- losing its smaller banks that state -- bank I don't know -- the 900 of them.
That gives the -- a lot of feel for what's going on in the real world as opposed to the big.
Fifty billion more world in the presidents of the reserve banks.
What does president the reason your paying -- Participates in the FOMC -- votes or is there and it expresses the view.
And then the other services really -- not too difficult how do you keep attracting the good quality presidents we have.
In the recent -- without supervision.
Because I'm not it's not clear to me that all of the twelfth reserve banks will have.
Major role to play with a -- to institutions that's not like the vocal -- I worked with Paul poker I have as everyone says they always -- often thing I've tons of respect for Paul Beckham but but he's never like trading.
He's true to himself out.
And this goes back years and he has.
I just don't think the acting that's been made for law.
-- proprietary trading.
In this less draconian ways to deal with it it can be dealt with through capital adequacy in position of -- capital charges -- that's necessary.
I find interesting on the prohibiting.
Private fund and hedge fund investments.
Doug did not include private funds and in his -- of having to register with the SEC that happening private -- right.
That must mean that he's concluded that they're not systemic and if they're not systemic then why can't banking organizations owned investment -- That is up to private fund.
You can put it it's very confusing -- even about the proprietary trading to be Geithner has come -- -- -- proprietary trading was not the reason for the financial.
-- demise that we had he he still heat.
Potentially is against the vocal -- wasn't you know it the -- -- have to be prophylactic.
That someone thinks it's going to be a problem.
But -- fit if the regulators do their job and one always hopes to do the job and impose a capital tracks -- -- sufficient to deal the -- That shouldn't be a problem the consumer protection agency if you didn't like the consumer protection agency did not gonna like the consumer protection bureau for.
But that's that's the point is I think the point is you talk about the Fed.
The Fed is getting more responsibility.
At the same time losing a little responsibility.
We're not creating consumer protection agency -- we're creating a bureau recreating the financial stability oversight council.
My question I hear all this stuff is do we need more of -- -- -- and we saw the treasury by the way still kind of lurking out -- doing something or rather.
Why we need more council's committees and what not to oversee let me just have better oversight I don't see the need.
The systemic council of all of all the supervises.
Overseeing the Fed in the intruding in the way it's in true.
I question whether -- will it will really work.
The consumer protection bureau the Fed.
What -- governor's reserve banks under the blood with supervises reserve banks.
Sort of the side now this this bureau the Fed has no say report the only thing it will do -- -- basin.
And communicate to anyone that it better fetus had better communication are we gonna have ever gonna have the worst communication one good thing in the -- takes one of the governance and said you know the vice chairman -- -- provision that makes.
They jewelry what's the effect the government to -- low today in effect does the governor of Maine governor of supervision -- -- they'll become -- here.
I would have done the same thing with consumer protection made part of the -- had another vice chair.
Of them went over it and make it happen -- of that person with Symbian.
And board -- and knowing what's going on with the economy getting up getting a product.
-- equipment we have to wrap if you get the votes for this -- -- we know we got rob pull out there he wants to dismember the -- quite frankly so it isn't gonna have the votes to put this push this through Khalili -- -- last 1000.
It will go through the committee clearly will echo through the senate I think he's got a real uphill battle.
They'll do some cosmetic changes I think in the committee -- they'll be some amendments the real question yes.
When he wants to get in on the senate floor a lot rubble with changes that he will live negotiations -- really once again through.
Barney Frank that a lot of changes it's the last day and when the house bill went through we'll -- to the same thing to get a bill through.
Yes -- Right now most likely see some changes are there any great talking Ernie thank you very much in need of political science agreed -- us companies and is there any -- shouldn't change his partner.
Anyway in -- -- since you felt right eat you know -- First of all that make him the rules as we -- that second look into understanding from the get go.
-- will need to be a parliamentarian.
Hey you know what I mean.
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