Also in this playlist...
This transcript is automatically generated
And the complexity hill and Washington decision and who's a senior senator from Connecticut -- on good morning summer development.
Good morning Imus Mario.
Victory in this article and this morning's there are times.
I doubt we're doing.
Well you know exits and you know on the one hand on the other guys -- fine and I.
You know -- about a big issues last few months and not by choice Teddy Kennedy passing away obviously -- that's takeovers committee and in the banking crisis itself.
You know fine and I again you write the articles people quote -- on many -- -- -- that it is what it is.
I don't -- it was awful amend desirable cranky about it.
But -- got -- Five year old up early this morning about remember those that it's the wives.
Just like -- -- -- wives would be twelve -- July.
You're still waiting for prices phone number.
LA got -- -- a little longer and Elena British better than thirty years I don't that why it's up to write a little I don't know why it's of this world think you know.
And -- well you're they have done we don't want to go back a little.
All the relive those days in the least that you -- -- know when I go there and don't they get -- now the article depended on the left so.
Well -- pretty good.
Public questions those.
That to John -- Batman after from a Fox News and -- -- good questions.
Wanna spend those financial bill was just gonna love.
Who once assigned -- full address is gonna help us avoid another catastrophe that ornaments to have now.
Yeah we thinks we won't know.
Till the next -- comes and certainly another World Cup and that's we did two or three things in the bill I missed that there -- designed to have -- minimize.
The next economic bubble -- crisis that hits.
One is to if you put in place is kind of -- it's one set of eyes of the Federal Reserve.
You have a systemic risk kind of council nominated for the various federal agencies.
-- be watching over everything that's going on including what happens in a place like Greece.
Another place to get some early warnings of what's occurring.
One of the painful discoveries was in January 07 -- became chairman of the banking committee.
Is discover that where employees the Federal Reserve who identified the mortgage problem months earlier.
But no one said anything it's it didn't get the kind of attention it deserved early on it's very important.
Secondly the too big to fail provisions which Bob -- -- senator from Tennessee and Mark Warner of Virginia really did the major writing on.
It says -- these large systemically risk operations.
No longer can you -- on the federal government bailing out those days are over with so you get yourself in trouble.
You're either in bankruptcy which is the preferred -- or in receivership.
Where management gets fired creditors lose shareholders lose.
That the the penalties of all of that a pretty severe profound unlike what occurred in the fall of only.
That's got to have a positive impact.
And how these companies -- -- realizing that not gonna get a taxpayer to write a check to pull the chestnuts out of the fire and they get in trouble.
Those are critically important -- the third is of course looking at these exotic instruments there with a source of so much to the problems we got into.
And the derivatives market shining the light on them not just so regulators can Obama -- the market known about AIG.
In the financial products division that product would have ended about thirty seconds the market would have reacted very negatively.
To that kind of negotiate a kind of an operation.
And then lastly.
We have -- near the ability to break up these large institutions.
If they get into trouble you can really break them up.
As well as of course it is regulated and non financial sector so much of what occurred or -- in the -- unregulated area of our economy the shadow economy.
Brokers who weren't regulated mortgage lenders that weren't regulated that lured people into deals.
It was the source of all of this difficulty that incidents legislation to but I be the first to tell you -- I've been settled that yet we won't really know until the next crisis comes.
Wonder what happens in this building for the -- and signs that.
Well we gotta go now between the house and the senate the bills a fairly close.
Barney Frank is the chairman of that committee in the house side in we've already met and talked and today will be naming the people that as the senators Republicans and Democrats.
That'll be -- -- -- conferees that is the people that come off these committees we'll sit down with a day like group in the house trying to work out the differences in the -- bill.
Who -- hopefully we can do that next two or three weeks and then put a bill on the president's desk for his signature.
When genocide to ask you all.
How -- -- minimize the influence of lobbyists.
But ours is -- -- -- -- -- assembled -- -- the -- of basketball that but I just won't open but.
But at the them but how everywhere -- -- doctor remember Hitler.
-- did it look what you're doing here when as it is is about a lot involved in this over a thousand of them were hired just to lobby against this bill.
Now you know what occurred on on Wall Street elsewhere brought the country.
Almost to its knees economically and obviously if they don't like a lot of these things the consumer protection.
Division which is a major part of this bill for the very first time in the history of the country.
Don you're gonna have an organization that it's exclusively dedicated.
-- watching but how -- to people.
A where they get involved in financial services you get the Consumer Product Safety Commission you get a bad lawnmower toaster you can go someplace to get a recall.
At the same mister -- bad food the Food and Drug Administration.
You got a bad deal and a financial arrangement where do you go for the first time ever actually have a place where consumers can be protected.
And so that's gonna make a big difference I think in terms of how we.
Protect people's interest when it comes to car loans home mortgages and other financial activities credit -- to people are engaged in lobbyists are going to be the American hero lobbyists.
And sometimes that you provide a valuable it's a source of information if they're good people can give you good information.
Than that's gonna go out -- -- First Amendment right and people are going to be down -- lobby against this bill lobbying to change them -- in the years to come so I don't know of anything can change that.
Filter by section