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graduates
mantra anesthesia everyday i'm upset about about of course a lot of things
%uh but throughout most of all word is simon johnson out today
former chief economist at the i_m_f_ anchor a professor at m_i_t_ lawyers who
understands
of any foreign finance reform of better than almost anyone else in the country
and %uh
he's talked about the them
intellectual capture
and
otherwise economic efforts that are of the united states government
by %uh with some larger group largest banks and rich people in the country
and so
and he says it's reminds him of
%uh his days the i_m_f_
when
%uh countries like russia would be captured the government would be
captured by oligopoly spur the people who run the so it's a fascinating
discussion that's gonna happen a little later in the program
now %uh
we have
stories about the madness of republicans that i have
of course
%uh what was the two to three feet right
madness the republicans
the sellout of democrats that's also happening today trust me come in a very
soon
over and over again
and %uh and baking total useless also of the media i don't know for doing that
today
but will see if we get the okay
are so
let's start with %uh
a new controversy
packager you know we have the n_-word
everybody knows what that is
and and
we had the afterwards to that
and some people are so confused about their cuz they like what you mean the f
with the
being in the sex
know dat referred to dais writes about that south okay so that's that word
evaluating a new thinking well it's gone up or work
the r_ word cannot be said
anyway you know whether this anyway
jackie day yes
%uh or isn't ridiculous %uh no of course
%um
nothin right
%uh bucket i'm going to say it
the last time now only for the purpose of the edification something anyone
knows what it is
and then from then on i will be banned from saying it
as part of a little crap
we parted
the word is
retarded
it is up and that's it
officially bear
but now we denounce music anyone who uses
%uh why is a psychiatrist you know
because
rahm emanuel
use it as a slower against liberals
that might be wrong manual supposed to be a liberal
in fact is the chief of staff
president obama
foxnews called everyday socials marxist
malice
overlaps progressive right
the realities of course mizoram menu of no where near liberal in fact he called
liberals in it
happen reported
kalahari already we have
wireless you know some of the that bucket
i meant to our work
%uh who's all over for this and wise in trouble because i was all over for this
and wall street journal e room article about it
saying you know problem manual does not represent progress of interest to set up
but why is he in actual trouble because
professors in this country day did anybody in trouble
they get a verdict i should note is that for them
so
accept him
she's on the work
and she says that %uh he is being
unbelievably insensitive
indecent
they should immediately be fired
every media organization the country has written a story about a fifth
but no matter where i went
now hi karen c_b_s_ news upset though sir
associated press
yahoo wherever you go
okay so let me read you a part of ur statement
%uh
of course you resident baseball
look she's all new media act in respect pat
i'm always a little amused by i've grown *** politicians do that but that's
alright goblets %uh unfit
says are you cable of decency rahm emanuel
%uh quote just as we talk %uh be appalled at any public figure bronze
stature ever used the n_-word or other such inappropriate language
robb's floor on all dodge builder
with cognitive and development disabilities
and the people who love them
unexpected bull
park
tonight said that that statement is the or work
whether that's north
day
thus far was used
against aus okay
i mean g_o_p_ specifically
liberals who are attacking
mate birthday
now do i think %uh rahm emanuel hates
children with down syndrome
and he was obviously trying to use a slur against them
somehow reference of
and he was just calling a stupid
you know if you say that word is offensive unless i use it anymore
okay all right you know be obviously some people are greatly offended by it
i get it and look that's an interesting conversation okay
but you know that a fire rahm emanuel over that
that's crazy
that's nonsense okay
nobody when you want to leave yesterday that that was illegal
but the bed
well that was i think that's not fair some people have been on the work having
is that word sin is a bad word and shouldn't be use that day
was f_y_i_ offense for anybody who use that i think that's going to do so a lot
of americans
sad tale is so stupid days that work
use that's worth
or is that an offense against all god's children or a little deficient in the
mental category
cricket
she's so stupid
made me defend rahm emanuel
okay
i don't like mama manual not like any part of rahm emanuel
but this is absurd
and one of the ironic because what ron emmanuel doubtfire
not for sell out the corporate america not for sought out help insurance not
from political bungling i'm losing kennedy seat what he supposedly a
political genius
not for it not getting health care reform passes all suffer
any of those substance that
but sap l was offended because these are work he's agata but you know what the
wouldn't be surprised
because the progressives will definitely never be listened to in the country
conservatives
amin any absurd claim it doesn't matter
and everybody s stop what they're doing it wasn't and and david and of course
democrats eventually given crumble to them so
negative better
attention banker for the
that they were she's doing us getting rid of rahm emanuel
mike ditka great blessing in disguise what's not even in disguise
very obvious to me
but by the event of the yahoo story on it
%uh that they say you know ron emmanuel lewis and this was an all the stories
that this first part
%uh has apologize to there
you got my sort of august right
will use that word gopal yes through the headed then double a_c_p_
randomly out sharp
i think this is the brussel
so what did apologize to views are well
yes
diallo political correctness i find it so amusing ironically fee which is also
politically correct
oh
you gave me a mail you watch the show alright
but apparently he was supposed to apologize to special olympics chairman
c_o_ two
he is now
the guru in the and all biel
the cider of who can and cannot use our word whether they should be fun
so are a manual hadn't and went to and and of course apologize profusely
and apology it really was accepted
you are part
%uh but at the end of the aisle article they said
ironically the one group the robert emmanuel but did not call yes to a says
he will never apologize to rest
the people he co
all of the r_ word
liberals
so little groups fighting for progressive priorities
a robotic shop
i'm busy kowtowing to start a limp
and randomly to see all of the special olympics
you know you know your place you know what you are
or work
a by the way their political genius rahm emanuel who's now going around
apologizing to have people in the world
what happened
i thought we were the our word
i thought you were the really smart one
o_j_ himself in trouble like this
they've got a political genius after all
opposing floppy
%uh so that's the nonsense %uh senthil story of the day
%uh
now let me get
let me give you a bit substantive
let me get worked up
%uh
%uh let's roll
i've been a bit of a contraceptive it was senator dot so
i wrote a blog this morning %uh
talking about how
bipartisanship is a fraud a scam
political cover for the democrats to sell up the corporate america
%uh if you watch the show you've heard me talk about that a lot
%uh i wrote about and i said
but i think the main take away from an article in the world
a little more new within
or new word and
%uh what i've been talking about the passes
and i've said it before but i wanna emphasized which is
why
%uh of has there never been
%uh
calls for bipartisanship when the republicans that that never but
there are rarely
and some of the republic of georgia
so when bush in cheney weren't right now they talk about bipartisanship you
talked about second democratic ethics seventies
down their throats right
%uh was there they could be called or without tax cuts are we going to fill
the so let's get bipartisan we won't do it
that's now this shut the hell up
and take the tax cuts and forward i would like to your body part
but i am their comic whether you like it or not dot on a bipartisan
now why
always on the democrats switchover but it was a bipartisan bipartisan
bipartisan bipartisan what i have to which it right
now wanted me to argue that democrats are nicer or more reasonable or more
moderate
one could make that argument if they were politically naive
here's the reality
%uh the republicans %uh don't need political cover everybody knows there
for the rich and the powerful
okay
that's how they would you know that's
their goto they collect money from the rich and powerful
and in a turn around and look don't get me wrong of course you know the date rat
trick
%uh the people who vote for them by say all of her freedom and cardiac out i
guess i don't have an insult
is the army's brought everybody not right
%uh it was paying attention to thirty three percent of all for them no matter
what
or if this is
the magic word
dot all guys on the republican ok which baker do you need me to subsidize
so back in his eyes
the democrats so they got a problem
the problem is
they pretend to be on our site happy by by i said i mean liberals are reside in
the people they pretenders stand up for consumers
and taxpayers
et cetera and they're standing up to the powerful there to bring you change
you should have hall
that's a real problem for the democrats
because they take more money from lobbyists and even the republicans so
then i think i continue to get that lobbyists cac
so they can overpower
anybody in their local elections
with the the lobbyist cash to be raised in their opponents cannot raise
since they're not in power
so how do you get that lobbyists money while pretending to be reformed
to fix one
all the sudden they're going to have this love a bipartisan
and then when you look at that
republicans won't go along
all only place that i i i i think what you will go ahead with what about the
bill
make the check payable to senator
rates dot right
these republicans as cover
to do so called compromises
cbs centrist and moderates
and get bipartisan deal
%uh head of the american people in the last ten years and so twenty years and
go back for the
and she was a time when it was real bipartisanship okay
in fact a lot of people would point to nineteen seventy eight is when it's hard
to get much worse
because of changes in
financing the democratic party itself ok let's another long story
since then
has a bipartisan deal
ever helped the american people
analyst to look at the recent past
so they strike bipartisan deals in the senate for health care
public option got so you know what i have an option it was supported by sixty
to eighty percent of american people in over a dozen paul's too bad for you
not supported by the lobbyists
so we have a moderate
compromise
for bipartisanship
about a thing of the people are they worried is gone
private insurance companies are protect shot
medicare buy-in dot would help american people would help the deficit the
service claim to care about the deficit
drug report a show with it was a hundred billion dollars
or the next ten years
don bipartisanship they kill it so they can continue to take
a big pharma might the drug companies
although more money than almost
anyone else
the politicians
and accordingly also that the fourth thing dot among many many things
%uh negotiating with drug companies
now of course the government should be able to go to a drug companies no right
minded american would say no to that outing i think
or work p bankers would disagree with that
there why would we want to go she would run companies of course we want right
well
that's also got y
bipartisan
they decided
and make a deal the roads in the democrats were shockingly dublin that
the corporate lobbyists want and you lost yet again
a funny how that bipartisanship works
and out eclipse noted the media center
it's that it
is soon to tell you what bipartisanship really is which is
%uh wholesale capitulation
the corporate lobbyists
nobody at the bottom oblique
they have now but alex any but was it was let me give you more examples
finance weirdo finance reform
chris dodd and that's why he's among the story
%uh came out with a really strong rules in the beginning
in the senate side and some of these are the pleasure for me
i came all the shows that while fantastic i'm in favor right
at what happens is that
stay with me
bipartisan compromise
all the sudden
%uh
not as much financial reform although some were not separating the banks
according the latest negotiations in the senate
of commercial banks investment banks which means that they continue to gamble
with your money
%um you know in a cap
leverage in and
%uh capital requirements well maybe maybe not our women %uh you know look at
the revenues
as you look up and down the list edwin single
so-called compromise here
for the republicans
has been to water down the bill
make it weaker
and make financial reform
much
less effective
how much more
in favor of the backs
do you know what happened well i will react
sorry between conservative and liberal i guess in the middle
is corporate
that's not the middle between conservative a liberal
if they it's a guys
so the democrats
along that they have that they could be filibustered by the republicans
there's a lot of them at all i got all the republicans are what you think the
most ok lobbyists come on i give it
everything you want
as although i don't think that we can always let me jump what do i say what do
you know when i get the check a bit of an ornament ornament
that's the game that's being what
well what's my a beef with senator dodd's so i write this one and i talk
about
centered on its is i mention on the show yesterday there was a
quote from his %uh stepped from a staffer visited the financial times
saying senator dodd %uh it you know is about to retire and so
%uh above all else he wants bipartisanship
the fact that supports well
which i translated to mean senator dodd is retiring
you'd like a really nice fat paycheck from the banks when he retires
under the guise of bipartisanship
he will make this bill
much much weaker which is in the process of doing that
so senator dodd's office reaches out to me after the
article goes up and they say
%uh that was grossly unfair of me
because that was %uh finance times quoting a staffer was not an official
statement
and to be fair and article originally i thought it was a statement from the
office and that was incorrect
so now
that attribution was wrong there so i pics that
is the stuff that's right up do it
spell the name yet
official statement
about known burgers
so dot is working so hard
for the vocal rule that's self rule that or bombs now
and he's you know
look at this stage they sent me a statement senator dodd saying he
strongly in favor of the vocal all of that probably settles
this evening you're crocodile birthday
you are probably saturday arts in favor of strong reform
is pretty easy way to do it
he's ahead of the committee
he could pass wrongful
and he does
you would
%uh come on and you know me out from under instantly be like senator dodd
rocks
acts
i was so wrong that request
i mean he pass real reform
and he didn't even do a special interests and lobbyists %uh under the
guise of working with the republic's he knew that all my back
i'm maybe i do think that's what's gonna happen
then it happened you know what do you know right now the finance committee
instead of using their advantage the democrats have more people than the
republicans have been doing more in the
the senate obviously and they put their hands they have more people to fight is
good
no just like they did
%uh before health care reform they have eliminated that advantage for themselves
and in negotiating arent even basis five republicans five f
broken up a group groups of five one-on-one
you about the republicans giving up their advantage in the sentencing now
even though we have more senators
would you be equal power
you remember that i don't know
so why are they doing why would anybody voluntarily did
because they want to use the republicans as an excuse
but make sure
that they watered down the bill in the ways that the banks want
so that they can catch you later
that's the reality of american politics
that's why
and and
one more thing descended raid article
on %uh
on these reform efforts
and %uh
all republicans insist so what encouraging side of that actually is
that of allah is now
pushing for form that is
than the current versions that
look at this
okay take credit where credit is due i cant wait to give people credit
which is never had an opportunity right
so obama's fighting for more reform great and he is pushing for the vocal
rule
and approval on the eve of that seem to suggest okay
is putting some pressure
under democratic senators et cetera set okay
that's positon so
%uh how do the republicans react to that they were of course
outraged livid
%uh threatening singhal up
they let me give you some quick quotes
%uh let's go to %uh
senator judd gregg who was supposed to be in the administration
%uh he says that %uh
i think it's confuse the issue considerably this or bombers new push
for carter reform
this he's basically fan the fires of populism
and a lot of instances populism doesn't give you the good regulatory activity or
strong markets it undermines both in many instances
i mean you guys pretty much felony
week the screw over the little guy
and way to do exactly what the bank is a as that's the real correct regulatory
practices and i don't want to be blinded by what the people want
dot for bits of democracy
so and then a response corker and i quote you eight other
republicans who also the same things for the people we want to protect the banks
under the guise of this %uh talked but but
but president obama suggesting it
sounds awfully populist likeness in favor of the little people ago %uh
which for the first time a long time maybe they know that obama's in
something good
alright so
what but that's a big difference that has to be expected
what's interesting part the democratic
almost every center court
senator mark warner
c via the other news here for me
%uh said %uh
i don't competitive but
warner ethics or the other
i'm always is in three different times an art
%uh it democrats looking toward bipartisanship
or or wanna work with the republicans and they are worried
there about was newt copper proposal
endangers their bipartisan
%uh relationship
with the republicans
and what they've been working out so far and there are free
aid that it might make reform harder not easier
that what it's going to what its me harder
them cashing the check from the lobbies
look i've put your name on it mark warner and he's a democrat from virginia
but you can't cash it yet
until you make sure there's really no good reform okay
well not worth it
it when i get word about burdick
the well worth it
%uh well
oba mid-level obama's proposals is had to go up to the bonuses
so that has the c_e_o_'s livid
and although they go through their p_r_ people but if they go through the lot
lobbies etcetera
but this time its
very specifically there at pats on the line
they might not get to make a hundred million dollars a year in boats anymore
gone for good maybe they would only take twenty or fifty million dollars a year
of others
%uh the article explains that the c_e_o_'s including jamie diamond
of %uh go oh i'm sorry j_p_ morgan
flowed out of washington themselves
went door-to-door
they went on to all the centers on the finance committee
they talk to people
they fell victim died took their calls really weird
tacky brought him right in
%uh to consult with him
they talked about burning t
these names keep on surprising
and i think those personally feel do better not touch my bonus
otherwise bubble
nosocomial
just like i did before
you've been warned
i guess he's saying if you threaten my
off britain your patient
and that's how our government that cap
simon johnson will tell you more about it
a little later in the program
anthrax had joining us former cucumbers that there at the water quality
term precious law school management and m_i_t_
%uh the %uh one of the people of that writes for the vet
very well regarded %uh financial blog that baseline scenario
and author of thirteen bankers
finding jobs
prince charles thank you for joining us
all right %uh first of all talk about an article you wrote today as saying that
tim geithner
%uh might
might be on the ropes
%uh what gives you an indication of m_i_t_
well %um a couple of quick to vindicate at the white house heatedly
considering often people
%um who might make a good except that they can guide and now the timeframe is
not at all clear i don't think they're trying to get rid of him right away but
that very fact that this subject is being brought up %uh fight by the topic
the demonstration project that he move
is going to happen sooner or later
and bloody thing would be a agood replacement for
well bernie might get you know that the anti-*** company
hutu president account for the fed he is very tough on on the defense he's the
only
beneficial or actually government official in and i think you come at
really clinic consistently against the so-called too big to fail
and hear that you have a very good track record of the dimensions to i think it
you'd also a republican %uh cardinal another and that he would do a lot of
democratic support as well thank you bill yet to prove the defendant or much
of that touch
for any prayer that a democrat could ever get them for
and have a democratic administration i'd and it seems like we like pretty pleased
if we give you a republican
did you consider it
and wet i propose yeah paul krugman
for chairman of the that
i actually with was look but it's going to be a post bembenek you getting a
second term
and %um
you to put the method into a darn thing that these because of %uh fulcrum is an
alternative to bring a post is is a very mcconico nobel prizes and he's he's
written %uh super stuff but about the technical level and and and a broader
more popular at all
you know two decades of on the issue through the central so what
but it was crammed with himself interactive wrote with a quick rebuttal
to me on his blog
they know that i would never get confirmed in the senate
felt that i i don't have given up on democrats like the four crew will
cripple krugman that i'm good with republican looking for democrat
now %uh
for the fed position i suggested joseph stiglitz
%uh when brenneke was in trouble another nobel a prize winner ant
and a former chief economist the world bank
%uh the second or third i suggested was u
south africa %uh but says you guys are clearly for finance reform it appears
you have no check
etc infectivity definite check against here right now erupted i think they got
rental company to beat the kind of of reform at the time
the people who
if you want to change
the structure all the onto the cement and think that
too big to fail pankaj two big to to exist but that's how i did not yet turn
%uh that there's a lot to beg the didn't put obama endorsement of the so-called
vol cool
while
and i'm not sure the substances that yet have tremendous symbolic value has put a
lot of people
on on on the wrong put it on the defensive political football beaten phil
so it's a step in the right direction but there's a long way to go
you know it's funny because i thought we were ordered for a guy who was pushing
scenes in a way
and i thought we give sixty senators gigantic lead in the house the work with
but apparently that was a clear enough of a message that we gotta wait a little
longer for change okay
so let's not about what's happening today about the time to that because
it appears to me that
all bomber has made
tougher proposals and i want to know if i'm i don't wanna get
excited for the wrong reasons
with party got through that and numerous number of times already and no bomb
administration or are the new proposals whether it's the vocal rule the bonus
that tax %uh
off or even the taxing in in getting the offshore accounts of the corporations
etcetera
or are those actually tougher and are they enough
coming from the vomit
there are a little bit proper but they're not enough
that's my bottom line
%uh the vocal rule for example they they want to cap the five to the biggest bank
going forward
no i won't be any bigger
fine but why would you think that after thirty years of
crazy unregulated growth the massive crisis
animate jenrette bailout
in human history that you have the right
cite the bank doesn't make a defense %uh filled the bank i think at the at
smaller
typically way they want to make them they want debit one high bulk some of
their activities takeaway
socal proprietary trading
that's okay but is it that %uh very multiple the iceberg of the bank of any
added that work
%uh an interesting if you could have thought that we could but
over to a dead fish in beer the what could be bankers i've been felt what
with the came up quite easily weight they would
circumvent that these restrictions
and even that looks like it's going it's still in the senate we have reports from
numerous sources that sen senator dot is
negotiating with the republicans in the spirit of bipartisanship
to make sure we have no report
%uh so when you look at what the senate is doing
is this the capture of the government that you were talking about
well week after the government it reported it clearly
across executive branch and and in much of comic i do think that
began opinions that will change i do think the mainstream competitors
is shifting on this issue still positions that that was taken and i my
colleague about the year ago
capsule controversial and %uh
seniors radical
%uh by from other people at that point now we have a lot of people %uh on board
the book bob book that that the mention citibank
um the code and altman from the left hand from the right from people in the
financial sector
and people who are in independence
the thinkers about these issues
increasing people realizing that
it's a major problem that they can get would need to get with and and i think
the content that will change it's not going to change in the neck
six-month it not
what happens to consent like that
it ok munich
two three five years betting on the right direction
you're a little more hopeful than i
report on a siren johnson former chief economist for the i_m_f_
%uh professor at m_i_t_ now martin luther king bankers i saw the rave
reviews for the for free for the book and it makes perfect sense and what you
write about is
intellectually appealing
but i can me that's not the question the question is
are the people in power
do the people in power dividend about what's intellectually appealing or what
%uh mainstream consensus is
right now if you look at american population the mainstream processes
stopped giving in to the bankers yet here we have democrats as well as
republicans
to find ways every conceivable way to help the bankers
yeah you're right about that too quick to take money looking at at the lobby
how a lot of money and and they have a commencement infant but i'll apoplectic
ticket if you read if you campaign for office
saying i want to build somewhat dangerous nuclear power stations but
don't worry because
particularly cheap electricity he wouldn't get elected on that they could
get what they that's crazy forget that led to that don't have any regulation
over %uh drug co pham difficult
%uh buttercup experiment recall what we did a hundred years ago
you wouldn't get and he reckoned the primary and i think that what path
avatars what will happen with regard to
financial sector policy and she's toward big bank you know what is regarded as
acceptable
pain
reasonable activities
%uh vis-a-vis these banks have to have to change and change that
whether it's the proposals that captured my interest about your writings the
beginning was when you talk about your experience of at the international
monetary fund
and how %uh are the united states now begin to look like countries like russia
center
%uh that were captured by an oligopoly can you tell us a little bit more about
that
it would eat it up to the %uh at work on preethi
and and and difficult economic situation twenty twenty five years
and in many of these places you have a
uniform oligarchy so
explore group of people
who make a lot of money
%uh one way or other they have economic power to use that economic power
getting self-critical proudly
is very old phenomena she aristotle wrote about
%uh long time ago
%uh and we see that many many times did in history
the court that you provided oligarchy that %uh purpose to author type of
oligarchy the time they had an interview
thanks very much about the man in the family
that the russian totally cokie
went to court to very much about you know people who have access to
collective forcing people to have the oil gas at critical moments in the
recent past
and that the american a formal oligarchy which is not based on on corruption all
brute force
if we look at the capitol aborted %uh on unifying favored
typically that kept the mechanism that you
won't may perform it operates before intellectual capture
and cultural equation for that that the bank but it is a big banks have
convinced
the policy make it to them often
%uh mainstream people even outside of washington
finances good unregulated finances better and and completely unrestrained
decliners that
you know i think the the intellectual capturing his very persuasive discusses
a regards to
people like them pretty intent i who i think there
you know i a m politely say there are
can be schools of wall street
but when it comes the politicians and the rama manuals of the world and is
senator dodd uneven
their present no bomb a
i don't think that there that on savvy i think
the q_v_c_ the macro picture in the macro picture is that you know or and
this was the old way of doing things i think i think things are changing as you
say but we get corporate money lobbyist money
republicans don't get it we win elections
you know so i think there's there's a lot of that too i think it's that's old
school
that not bribes but
political bribes in a manner spree
amply right i'm sure that there's a fair amount of that
it's ready money
and the democrats have done well with it
%um right now that you know that the through the consequences than it people
i talk on capitol hill
many many many people
most democrat
outfield extremely uncomfortable that situation they've got themselves circles
of preventive
and feel that %uh of basis
policy toward preparing to take that really have to change dramatically
it will take a while but i i think people have is that correct
let's talk a little bit about the books thirteen bankers first question that pos
and every sentence or the thirteen back doesn't work what does that mean
well that we're not talking about thirty detroit
%uh bulldog don't do that because i waited for the perfect becomes a of
added to talk about the dignity of of the financial sector in the united
states
and and it goes back %uh to the republicans lead and try to put
today problem
if unit in historical perspective
%uh and i think it %um
indeed very different from but it but at night i think at least with a knife
contrast with andrew a pocketbook too big to fail because i would very much
about the micro details of the crisis
who did what to whom it is going to fit with what kind of lead
i'll talk is it's i think you know setback look at this
over two years look at a live up to eighty eight degrees but the reagan
revolution
how exactly did fine and get so big into powerful
indicator a ship
and how would the big %uh over the couple unexpected dealt with in the park
%uh p detectors recognition
%uh and what's left of command control command
if you like it of u_n_ at too big to fail too big to fit
it is skewed to the republicans will say look we have the %uh boson booms in
business %uh for all of history
this is just absolutely normal it maybe the problem was over-regulation
is there
any shred of the litany that or is that just like %uh guys to cover up
for the banks of made a lot of money from this and contribute to the rip-off
%uh promoted to cover up what i would you put that
amounted to go to bangkok to contribute to the democrats
though it did to cover up the work
that was looks over the fact the aisle
%uh essentially it deregulation up
when you deregulate and you have been very unregulated parts of the economy
plus the financial sector
you get money moving here now
%uh between the p may be a part of the formal regulated power
and the way you briefly that that kind of friction
you can see at the regulation of olivine everything will completely deregulated
you'll be fine
i think that this is ludicrous
%uh had absolutely no supported by the data you know that now see i used you
use a couple other announced as early as i tell you the sports analyst if if we
didn't have any rafts in any of the games
my guess is that we would have a lot more files
and so today the republicans are basically asking for an arrest
i think that was of course one parcel while we did that we had a class but i i
want to get a sense from you
%uh something that i still don't have as good handle on is that is i think i
should which is
%uh the importance of the
of that what
than they could credit default swaps of the the revenues with no underlying
assets the casino gambling if you will
was that s
a small part of this or was it a gigantic part of what
caused the collapse
that's a great question
according to this
the financial crisis in quite commission
attbi fell into the deep might issued at the bottom of might sense right now
based on what we see his is that it was a relatively small
part i mean it
%uh day apart i think they picked out a water very
sharp pointy pa didn't do a lot of damage
still the only the tip of the i think that
really underneath it
and what will really caused the damage was wrecked with respect to my bank
people they can get away with it
and tell them that of course outfitted with a and they dropped the money
in %um in fig two thousand
you can't make two thousand nine of them absolutely veteran e twenty ten
but i think if the attitude the the %uh
favorite management the
effective
%uh
an out of the behavior of the biggest bank
part of which come through
that behavior the critical bull market but i think that that the manifestation
that's interesting so that receiving lisa problem %uh and
obviously the the service or a large part of it but
it so is a bigger problem than leverage because if
if we don't allow him to take that might slip rescue for with more money but they
don't have would that solved %uh eg agree par the problem
foot that may be required in order or capital d_
which is the %uh
the flip side of of leverage
rat that would make a difference than it used to be the case
before the mid nineteen thirty two before nineteen fifty when the federal
is that was created
but american bank carry a lot more carefully do today
at the when the region of twenty to forty percent %uh capital to act that
ratio was pretty typical
you go back to the late nineteenth century while yet exactly who help add
weight we are doing quite strongly that
as part of the %uh the %uh changes that should be implemented
the capital climate of across the fence which should be entry
not back to those thank you thank you double but
at least into the twenty to twenty-five percent rage
and you do that over a period of time and equipment changes the nature of
payoff
from planet it doesn't make fine n %uh unproductive or they will cooperate
render the venture capital is a very difficult for the american financial
machinery
and that that that that equity type
%uh financing
and the people who put the money did venture capital fund understand that the
return
will vary according to how successful the %uh and lying about that
and that could be could be very careful not to capitol though
the ammo equity taipei off from %uh financial structures they on %uh higher
shared equity and of course most in in the game for shareholders for the
shareholders
into florida should watch more much more carefully
%uh over the bank %uh effect
you know i have a hundred more questions for you but were well i have only a
minute left they were going to stymie johnsen oslo author of the upcoming book
thirteen bankers
%uh also on the capital requirements of the finish that thought
what's the chances that we get real legislation now you know
are they working towards that is a realistic in the short term
to be able to get the
capital requirements you're talking about or what's the numbers are pushing
for
the number that pushing for is the number that lee min
brothers had the day before it fails
about eleven or twelve percent
they'll get that but you have to up to get into the day
%uh
the family member that that by the political
which is clearly didn't do that more thought
scoff at simon johnson
%uh thank you so much for doing this we really appreciate
helped
rats like she was afraid here number seventeen twenty seven steven watson had
joined up on the chilo june twenty ninth of two thousand and nine
and then ever remember
two thousand and immediate more recent
and your friedman joined up on september fourteenth of two thousand and i
the authentic
%uh installment rebalance %uh so
purcell
%um
in today's post game show which will be %uh immediately following this a fine
program
for the members only we'll be talking about libya funerals
how you india buried in a greenway
%uh and
along to the south story have issued orders cell
by a missile site quite literally okay but will break down the details for
history and it grossed out in every salad
okay i was hopeful
alright out we have a very disturbing video ad that features a twelve year old
bullfighter for mexico
and he's in columbia he is competing involved fighting
aidid's %uh
%uh you know right here and he gets seriously hurt so you're allowed to live
drama but i had had
reluctant of carina eleven with with with
well role got more than he bargained for
when he stepped into the pool five more mins box
often enough into the ground and then for him before his father and other
matters overstressed interested
but short time later
that should be through went back into the ring and the same thing happened
again
this time his father
is well
still vishal ito finished the shoe at word
was taken to a hospital for an extreme what market his prosecuted
houston
i can't believe that you got it twice
but i don't have her dot
delta and continued competing
it went to the hospital are mitsubishi l of electorate that michael personal when
he got from the first time i wasn't everywhere what's the first
but it would have wants the confederates that go out
having said that amin i love the
bowl got a little
revenge i love that everytime he does it anita or did you notice a bullet like
the eighteen spears hand out the back yeah i was cry for help right
%uh but if
looked ileum iraq
i don't like the bullfighting of these ridiculous et cetera i'm i'm glad the
died after with profanity but
you gotta give us a little out of credit that habitat set off twelve year old and
iti that well he wrote most for girls come out for a second being activated
board bio all that's the one problem a kid man
i mean a review of the debt if you're the bomb like
you did what
you said about again
you know he's twelve
on a dozen real-world rodeo so
and something that's just that's the one that goes
if if you go out there
you get the first time
my own
and semester of two of your product
conferences
you go back out there that's a nice time for the ball to *** you up for but that
is dollars done in that the next time but what about your fault
for me what
at the historic if you go back out there now you asking for you know it can
happen at the university onto the rapidly on so that it is never done it
before
determination stop the people go on and go
glove in the mountains
and sinuses danger mountain lions are on their all-time king st let's look to the
right here
who say we do that because he has eaten up and find it whatever it is it's a
choice you know what he has something to
when the bulk of stars traveling agate like i don't like that that that scares
right
belief lesson
let's be honest it's a little plot
that big of the senate marigold shanken is you know she cherishes probably to
judicious booming ones
stain on
generally in
before making a fool again
and stock markets but i know but
the that
awarded rods that the other third floor let me start to bogota soap a favorite
part of it
effect from but i think that's a bit well-protected a poison pill popping
that picnic orderly aglow bhagat there again
%uh
i was awesome alright
now it's sincere story about it
yes about bank in the washington post has %uh written an article about a
static
that has to do with abstinence only education and how it might be
and very effective form of sex education
all right
now the in the past there have been no studies that indicate this right so
conservatives are looking at the study in state yes we dot
accident on education is affected and we have a study that proves it
except this study doesn't prove
so dan k
now let me tell you what that findings of the study what
okay it says that only about a third of six and seven th graders who completed
abstinence focused program started having sex with in the next two years
nearly half of the students who attended other classes including ones they
combined information about abstinence and contraception
became sexually active
and okay so basically those who took the abstinence focus
courses out were less likely to engage in sex in the next two years and those
who do comprehensive sex education were more likely to engage in sex in the next
two years
now the reason why the study doesn't prove anything is because of that
abstinence focused education or curriculum wasn't really abstinence only
and what i mean by that is it was a very moderate form of sex education
first of all %um
what he did is
it didn't give any
no wrong
stragglers that moral on standards when it came to having sex they simply
%uh accidents focused curriculum steady you know you don't have to wait till
marriage to have sex just wait for the time that's right for you
which is super moderate that's not abstinence only kamon and also %uh
absent is only curriculum i did not disparage *** use
s_l_ it wasn't first of all let's get this clip
it wasn't actions only i don't know why they keep calling it that it was
abstinence focus right it talk about condoms so if you had to safe-sex
discussion
and then tell kids
not to have sex until they're ready
i think that's exactly right and that's pretty so i am i surprised that work i
don't question the numbers and item numbers are right i think it's a
legitimate site right
you could argue about some of the specifics that but
overall i think you know that make sense
but when you listen to what was in the program
it what there was no moralizing is and it said there was no it didn't say wait
till you're married and said wait till you're ready
gave kids a little bit of maturity about how to handle sucks
which is what i would do as a parent
right so that they came to me
with an answer so we program for my kids in my school
at it and they don't like to know about how you can imagine jerry sax and
condoms never work
is away till you're married i think that it's not so i would never agree to that
right but they come and say
hey you know condoms work and usually ancestry or anything like that all right
away right side right as a path that's what i would want that assets and
basically this abstinence focused educational the waiter labeling x x
comprehensive sex act
right to a lesser extent but it is it's comprehensive sex at don't have sex
until you're ready for it and when you do decide to have sex neeche protectors
of the condoms that's comprehensive sex education i have another work for which
is
yes that supports the educated sex education
so com %uh regulate forest %uh thank you
john fund of the numbers or or is that you have a different issue with
a couple of %uh
a couple of issues
one of which you touched on which i'll get to it the next and i thought that
but the first one was
i'd at an issue with the age of the kids that they used in the study
because they used sixth and seventh graders
on average that means that the kids are eleven of thirteen years old
the thing to keep an account is they follow them or they got back with them
after two years so you're talking about kids that are
thirteen to fourteen or fifteen years old basically liking backed them saying
okay have you had sex use contraception that's working
now the thing is if you look at variety of sources you'll see that in the u_s_
that retains that someone was that rigidity is sixteen years
so that would be a force
%uh for i think for growth in seventy years old
and that's today back in the day he was to be ninety right but for younger
people
it's not sixteen and seventeen
so most kids having the loss of virginity but it's on the study gets
back to that
an analogy that
i would think of for the study he would be like doing a study on how good are at
retirement plan works
and %uh following up with people when they turn sixty four
attenborough and the vast majority people retire when they're sixty five
you know that certain percentage of people yet before you know before
sixty-five well counterpoint tell if there was a very good point very
important point and then we know that the other studies show
that actually everybody has this report of that
or almost everybody great so now
that no matter what pledge or what program that they went for that having
said that
if this program tom delays kids from having sex for a little while
and they have sex at fifteen rather thirteen or fifteen seventeen have been
fifteen
i think as a parent i'm pretty happy with that they call it a success
insurance and by that i don't expect them to not have sex until they're
twenty years
i'm hoping they can make it that eighty
well i think
i think the problem and it's it's a well-made point i think the issue with
this is
a lot of people on the religious right and people have an agenda
that's tied to
%uh you know religion or moral teachings are trying to make a
study because if you look at the
at the blocks to a few of them on the internet
their day-long crazy they're doing touchdown ends on the insisted to the
streets
there over the top about there so you know this is such a huge blow
so-called comprehensive sex education
all of the stuff but that that's that's a great point let me just jump in with
at the box that because
one bigger
actually puts this right away the recall of after this only
davis a_b_c_ that jesus saves whatever
maybe go back to within a lot of money and garbage programs right that's why
i'm were a little scared i don't mind the study itself
i'm scared about how it's gonna get twisted right this fax or fax abut
unfortunately not for the right wing delta and my problem is
makemytrip is already helping them right bike washington post led the title
abstinence only programs
might work study says
that's not what the studies that that's true
that much and the reason why this is the problem is because o deal bombing
administration has decided to cut-out all funding for abstinence only
education
okay all body was found on something right and he said i'm not going to find
any type of sex ed curriculum unless there are studies
proving that the curriculum is infected
now conservatives can come to obama and they can come to the administration is
say look look at the study abstinence focused education works but they'll
twisted dealt with in a way that sounds like abstinence only education works and
then our
me our tax dollars are going to go toward these ineffective program now
having said that their michell reaction of the department of education was
well if this study were then we would be interested in doing this kind of
we might do funny behind that's which is reasonable thank you call that a
compromise hey you know between %uh comprehensive complete comprehensive sex
education
and after this only in the compromises
absolute focus any of the study showing that works well that's the kind of car
was a good luck with that that make sense to me as long as they don't go
that extra step right that he could serve as one
so yeah it's really important to point out
%uh a lot of previous research for example %uh in the journal pediatrics
%uh fairly recently last you're too i want to see study %uh
on but have since pledges
you know where people say that they pledge and i can have sex until i get
married
was a disaster
people involved in that the kids didn't wait any longer have sex and when they
often we did have sex they were much less likely use birth control
which obviously
can lead to unintended pregnancy and that can lead to a portion which nobody
wants especially the religious right but nobody
you know nobody wants an even pro-choice people obviously don't want that
my biggest fear just to reiterate what you guys were saying is they're going to
take
disproven
forms of abstinence basically relapses only that has the moralistic tone
that has the
win for marriage that has that another factors of a lot of times they have
misinformation on contraceptives like they spread
lies about
s_t_d_'s are about the ability of condoms to stop s_t_d_'s are pregnancy
that's another thing and so that's a a totally different
type of program than what was discussed herein that's critical for the media to
explained that very clearly and of course they will
but that's where the problem is that a lot
%uh but that's why we're here stricture that you know that
all right now that i had two more stories to oppose him i wanna do the
dirty dirty banker who got caught with the pictures
apparently like dirty dirty at the right and we like the bus bankers was perfect
and then come up with a warlock in there
warlock in the post game show for members only
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