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So leaving aside that the government is the last editing in the world's -- to any group on proper ways to spend money.
Is that -- -- something demanding accountability from banks here -- taking undue risk now my next guest doesn't think -- out on rock of the I'm -- institute.
Believes that this crisis was caused by the government but down here we go and they're the best arbitrators and all this what in August.
While I think a body bag body bag as the guy who is defending Freddie and Fannie and urging an increase in -- powers and glowing their portfolios.
All the way up to the day that they went bankrupt our public entity taking on risk.
-- government sponsored entities and a crucial piece.
And why we're in this match he would want banks the event that people want to thanks entities he was -- chief championing congress.
So you know stopped if you really want to reduce risk in the financial markets.
Do away with all government sponsored entities do away with the -- controls.
Over the -- you know.
Yeah there is -- again and we're gonna talk drew a congressman who's involved in this a little later and others but but.
Who else it if you want to stop.
Systemically bad behavior.
Who else could stop dead and have the muscle to stop -- -- Uncle Sam what he's.
Well that the market does that is left.
Big banks fail when they take on too much risk but there I -- and -- -- -- did endorse this crazy behavior to begin when.
Well but it's not a market but it -- -- -- as crazy behavior -- ultimately created.
By the Federal Reserve lowering interest rates below the rate of inflation when you do that you're gonna create Havoc in financial markets.
And that's what we got the by the -- about my company that you -- pretty good point yeah.
About because the government through the veteran that's gonna have an oversight role -- -- -- -- all these hypocrites running.
Well -- you got the Fed is gonna regulate systemic risk when it create systemic risk.
In a truly free market without a -- it was so creating a systemic risk.
There was -- systemic risk in the markets a bank might fail yes there might be consequences by the financial entities but at the time with the -- US economy.
That can only happen because of an monopolies weekend -- the like the -- of -- oval like government itself govern itself has its hands in every aspect of the economy when it messes up.
Everybody -- -- sitting next.
It is and I -- -- really think there's so you can be very leery of anyone regulating your pay as you said but do you worry that.
This might extend.
Sue private institutions in other words.
-- it would be rules and attacks but essentially for -- war being.
Executives and and traders for taking big bats and -- that that that's really implicit in this here that.
We're watching you what you're doing that even if you're not getting any money from us even if you use to get money from us.
-- -- -- -- it's -- to go study what Barney Beckett said has said over the years but Bonnie bank in the past there's been forced setting caps.
On all CEO pay as a percentage on multiple of the lowest paid employee right so yes he -- ultimate goal is to control CEO -- across the board.
Think of what that would do in risk taking businesses like that technology industries like drug manufacturing.
Like any business -- -- where risk is a good thing.
The -- -- -- they have any executive at a company is the business to shareholders and shareholders of loan.
But he's -- going at a six I understand your point -- but he's really going at the financial guys because I think this.
Part of -- strategies -- -- -- -- well I agree with you well but it's a redistribution.
Of jobs here.
We -- the administration has long felt not to did talk to me but that the White House -- didn't tell me this the other day.
But but that this is a redistribution to jobs too many kids come out of school today especially the brightest and and the most promising are attracted to the big dollars the Wall Street so Wall Street gets -- lion's share them.
This is a way -- distributing those jobs to other.
Sectors of the economy.
Isn't that what's gone on.
So so we went.
So we want the less talented kids going to Wall Street week.
You know we don't admit it the you know they would we want the mortality -- -- to -- -- Wall Street is a competitive advantage of the US economy I've do we want.
The brightest kids going to China -- where they have point fifty jobs at a London with a financial industry might be paying them all.
-- you look the government has knowledge hobby trying to decide.
We had a highly lucrative jobs should be if they are that's what they're definitely -- very critically well I mean.
And that's why I think that all this regulation and what will pass congress.
Is really setting us up in a -- stagnation.
Slow low economic growth into the future.
All it to the next crisis into the next financial crisis.
Which will be as bad or worse than this one won't because of the way they all structure regulations in any different than this one that'll be the same thing.
I you know and and it will have less talent on Wall Street in order to deal with it.
But but yes I mean that try to dictate every aspect.
About life and health -- to who goes into financial services and who goes into other jobs.
They want to be able to allocate jobs as President Obama said he -- won -- won an auto company but he's gonna fire the executives have auto companies.
They ultimately really want to micromanage the US economy and this is just an example of that.
Herron thank you always could -- from thank you very very -- good thing.
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