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finance reform we've been fighting for all this time and the guys were fighting
a lot of times is though a bomb administers tim geithner say no we can't
get on the stand
the bankers are vital we have to give them everything we have to provide more
loopholes
we're being always sellers an administration official
week yesterday for the reporters
in going after the backs
while they were pretending to spank the banks
but they actually
quietly tell the banks would be too harsh on you guys are i i don't work
they are you alright
here comes
someone in their whitehorse to save the date you notice
john mckay
coming in
you know all of this
john mccain
joining forces
with maria cantwell
uh... whether progresses in the senate that those financial reform
issues the best
has been fighting for the toughest reforms they're getting together on a
bipartisan bill this is you know what
glass steagle back
alarmist playing less people why it's so important
and then i'll tell you where though by mid restrictions that sounds
uh... glass steagle was enacted in nineteen thirty three
and what it does is a splits investment banks and commercial banks
so what that means is if you go to give your money to whatever might be bank of
america usbank etcetera
that they can go and do uh... high and financial at that
basically gambling with it
at commercial banks can do that big a bet on derivatives they can i do all
sorts of
uh... complex financial instruments
uh... but
as long as they're betting not betting your mind having their own money
let 'em have at
fragile as long as there's some
uh... protections for the overall economy it's ever
so those two things were split so that your money was not in danger
that that they're very end of the clinton administration
phil gramm on the republican side
larry summers and bob rubin and bill clinton are democratic side got together
and decide on a glass steagle who needs it
let's join the banks to get
so
then they sort of taking your money and gambling with it
it was a terrible idea
eventually blew up and when a blow up in two thousand eight they've bent arrows
are but what can we do know
we can't let these banks fail
because they have your money
was that fun together works
so then they justify the fact that they got
rid of the glass steagle act
that they're taking your money to bail out the bankers
okay so getting rid of it was disastrous that well i'm not going to think that of
course a lot of people think that including
the former head of the
fed paul volcker and a former head of the f_c_c_
as well as laws as well as represented morris entry
of new york in the house side he's pushing ford of from that direction now
what wise is so surprising that mccain is on board
first of all the republicans were completely on board for getting rid of
the glass steagle act
in baghdad campaign in the beginning before getting some himself in some
trouble
phil gramm was the top economic advisor
john mccain
and phil gramm's what i got a blessing on the first place
so this is a dramatic change for john mccain
it is
great to see
you know down here and i'm maverick maverick maverick and
week explained during the campaign
in the old days yes john mccain was a map
however you want to call
gin characterize the word maverick right
but he did he bought this party a lot of times
and he did a lot of things that make sense including campaign finance reform
with russ feingold
and in fact that's why i voted for back when i was a republican for john mccain
of the republican primaries in two thousand
but then when he ran for office for president two thousand eight
he sold out for the right wing completely
and all that maverick nonsense was just a load of crap
he even went back on its own positions from a couple of months ago including
immigration saying the bill he introduced
was bad i mean it was at terrible caving in to the right wing of a sport
but they all sound
john mccain is back
came out in you know got rid of some
wasteful defense spending with brocco bombing to be able bomb a serb including
the presidential helicopters and jess that we weren't using them across the
east
billions of dollars
so did great work there would be incredibly that
and now all of a sudden they say hey you know what
though bombing restriction is a good do it
and we'll do it in the sense
what is or bomb a administration reaction to it
tim geithner treasury department a good we have to now i don't i don't think
there are scrambling to get a scrabble is it
untouched lasted all that's going to pick up
profits of my friends i mean the bankers that i've been admonishing
so now john mccain
use of the last of brocco bomb
on financial report
i do you begin in a sense of why were disappointed with brock obama
this is a change a lot
anurag on this issue
if john mccain won
he probably would not have done in this direction to be honest
isn't the great chance that
decent you a chance that that phil gramm would a british treasury sector and we
would have it off
and he had to go along with the whole republican
forty infrastructure when he was running if you'd want
would've been the same
but now that he's lost
okay and he's just back to being a senator
well look on this issue he's better than no problem
injustice ami i didn't expect that at all but there are two x
and so uh... if you're saying a really care center obama's side on this is not
even close
sold-out is it realistic dot
only
problem with it
well huge huge files one the rest of the republican party uh... doesn't want to
go along with it
because they like uh...
i would get money for the banks john
fifty uh... art
saying that uh... you want them to get rid of glass steagle a negative that can
be a lot of using fat
well that i serve a deposit money
uh... to be able to leverage that's take more add two rivers bets
that they make most of their money for
so they are hate this proposal and that's who funds are going but now the
second part of the democratic party is obama certificate
don't compare bogus corporate america what do you mean you to join with
kamarck t
but always on the one of my moment of
steny hoyer who is
a guy who is very familiar with corporate america let's put it that way
that miss tilly a blue dog
but god does he have covert interest in mind when they'd go do it's a shame he
says hey look that's politics
but said he was the number two guy on the house and a guy that i that a lot of
issues within the past
comes on says hey you know what
they are pretty some point
a certified voted he
let me give uses that quote
as someone who voted to repeal glass steagle
maybe that was a mistake
simple reporter said
and he said uh... that
there were no the nineteen thirty three laws quote
certainly under discussion
and ob
well where all the sudden
a little bit a whole
mccain
camp well
globalism democrats who are friendly to the corporations
the main obstacle is
alright brocco bomber
came to you couldn't believe it
the e_c_ because of what i'm talking about
like to offer though
well obama apologies that i i don't mean to as a derogatory thing i mean it
sounds up to three thirty
but but i'd looked at it
in order to see what happens
maybe i'll see of law
maybe obama scott a plan that i can see
maybe he's got a long-term thing maybe maybe maybe maybe
but when you look at this is no excuse for
because usually the excuse that bill bomb initiation uses this all i wish we
could
i really wish we could but we can't
this week and we don't have enough foes who data burgers served our grass along
and other republicans who work with us prove road
what your gut
republicans on your side
pushed forward
the promising on their side your corporate america side it
only disappointing
from the or bomb a and
and and the very hopeful permitting dot but said that
you keep setup that some real maverick stuff okay