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it's sis it's a pleasure to welcome back to the program a the host of cards
viewpoint
it to him
local eastern time
uh... eliot spitzer welcome to the program alan
always functionality thank you and so i want to talk about i've seen a couple of
as as sorry piece uh... recently in in slate about uh... the things that
president obama needs to do
essentially uh...
to promote some type of a gem positive agenda and uh...
they were they were pretty good ideas
um... and
i have but i want we don't have too much time so i want to i want focus more
on because i think
present but the command promote the indigent that
but there's very little opportunity for him to do anything of it seems to me on
a policy level
at least until the election
and arguably
even a after the inspection
uh... the depending on what i know how the house or senate does
correct about the book i think it was rejected believe that could happen for
you get quite a bit i think that can't be right depending on the bottom of the
record that
obviously were open the president's reelected but
bloody constituency of congress looks like old determined
what divide billions of eddie idea to require legislative act regs akeli and
but there is one thing in this came up quite a bit sad metrics nation uh... in
in
of providence uh... this weekend
was
what the democrats are what their agenda is to deal with the lame duck session to
deal with the the so-called fiscal class uh... right at that time
we're gonna have of the bush tax cuts are all scheduled to expire
uh... we're going to see uh... the automatic cuts that were triggered in
the in the debt deal were also jersey another debt-ceiling vote uh... that's
going to happen
sometime in the early in early twenty thirteen
all these forces are conspiring
do you have a sense that the democrats uh... in the house in the senate
have have a plan to deal with this
talkative there's nobody there was quoted figures were our strategy is
reporter exhibit will include a short but
archetype hope they have a strategy and i i think
the frustration many of us have had to to begin for eatery battle back which is
a little bit is that in the prior negotiations we feel as though we have
walked into the boats off the other side in given given given got nothing back we
haven't learned how to draw blood in the sentence said
here's our negotiating position taken leave at the cuts going to drop you get
negotiated rate back to win the white house including office what
i think that our head to actually go strong get stronger at week move towards
january first
innocent but the republicans are very upset about sequestration deal comes at
the automatic cuts because they pay over goodness defense department would be cut
what could be cut
we're happy with that
and uh... we're happy to let that come into existence and uh... i will predict
acceptable
uh... if they're going to be caught that
a point where they should be cut and sew having about march forward it's fine for
us if they want to repeal that
the bush tax cuts will expire
they are adamant that they have to be extended for the wealthy we would like
them to continue for the middle class goes below two fifty
five hundred picked threshold that i can be negotiated too but the expiration of
those come january first
it didn't permits us to say look
you don't do something to go to expire and rates will increase you know what
that here's our proposal so again were in a pretty strong position and we look
at them if they are you really going to let the credit of the united states
uh...
be capitalized
you've got to vote for for to to raise the debt ceiling
for us to get you guys are planning to be impossible rolled look what happened
last summer when u brick structure so i think
our position in this is pretty strong we can come forward with a modulated smart
proposal
extend the tax cuts for the middle class which is necessary now
given that the
economic reality do smart
spending cuts in areas like defense victim
afford it with do not jeopardize the social safety net
extend uh... so this is a native st localities to rehire teachers cops
firefighters
that would help the economy and provide basic services
and ridiculed but there is a smart
middle ground bare of its people have a great meaning
it doesn't mean the email
getting a little bit into the weeds from a strategic standpoint but it is uh...
it is i think sort of a important to know and you're basically articulating a
a the vision that the the democrats have all the leverage here
may be in in this in the sense that
they could come back in twenty thirteen and even assuming that that in and of
course the dynamic changes a little bit if they'd if they don't control the
house or the the the center
uh... but but they couldn't they could simply allow all of this to expire and
then you propose
uh... middle class tax cut whether it's at two fifty two
or uh... wherever it is
knows to sort of attempting to negotiated deal beforehand
uh... when i when when
they did they have less leverage it's it's
writing a book
we don't know what have more leverage in december and january second we don't
know the outcome of the november elections of course it is a game of
uncertainty
and uh... interpret being played on both sides but
i think it would be good for the president said it may be member that
your question began with what to the president be talking about now
and how did he sit out his agenda i think he should explain all this to the
american public until we got to fundamentally different visions here
here is my proposal
bom bom bom
that killed on extending the tax cuts
on sequestration
get into the we do not go to the public can be educated on this kind of a
different levels of communication
and the president could weigh out that agenda and take here is what we want to
do that like
the attack on being in a baby working in some areas but i think it gets a little
one-dimensional negative for a president who's overpowering
appeal had been one of affirmative
uh... you know he an agenda that would carry it forward
yeah i mean i sort of disagree on that because i think that the numbers are ed
the painting is helping it also
provides the sort of framework for a broader conversation
and it's uh... it's you know it's june
and and mit romney is sitting somewhere in there i don't know where it is in
boston or uh... aram one of his houses in his new seem to be campaigning and so
uh... it seems to me to be a great time distribution unit when i tell you
capability and i would i would prefer to deposit it and when it comes to paying
here's what i would
do with it it would not
simply sit attack a billion as being uh... a negative evil force which i
wrote and there may not be war that i i think incompetent persuades me what were
the other
but what i would certainly do
is say
when it comes to private equity
we do it better
noted today that i think the better argument is
we
invested in in the auto sector
you wanted to go bankrupt
we brought
private equity in the context of a government investment to bear
restructured industry have saved tens of thousands of jobs revitalized the entire
manufacturing quarter in the credit record several states
and he would have no to this deal
so if you want to talk about private equity let's talk about it
i do better
i think that would be the president's more persuasive argument yeah i mean i
would like to see that sort of uh... even obeying plus where he sort of says
that you know with is
this is what the government can do amina hazards
broadened that conversation to get decrepit giant but but uh... that i
think the point to get a couple present please go back to you and i both would
like
people barger debated the the more theoretical what what is the purpose of
government that we have a more hamiltonian
view of a government that does invest build create uh... where is the best as
we can figure from the the romney's you know it just gets weather vane uh...
articulation of that he told us to know i was critical to government what less
is better
contacted you know you're right
parity
his inability to explain what government should do
i ghastly and um... and you know i think that one of the benefits that president
obama has an
in this campaign is that um... if he articulates any agenda
uh... he's already uh... a distant any
generic sense doing better than ronnie because romney doesn't seem to have one
oppressive
but i've but i want to talk about one of the concerns that
uh... that that i have going into this
seeing the attempts to uh... to negotiate d uh... ideal in the in the
lame duck
there's been in a ton of reporting that uh... president bomb a put on the table
cuts the so security is part of the uh... a of a grand bargain
now i know you and i had a a difference here and um... what one of my uh... but
many other things to do my to-do list is to convince you abhay is to try and
argue a hand in convince you otherwise of of cutting so security
but interrupt hipolito
cutting is not a word i've ever been supportive of the haven't had a baby
disapproval what i have said is that i do not have a difficult the weird
over time as part of our developing countries you what i do agree with the
terms of raising
did the threshold for what what part of income is taxable in terms of to support
so stricter
i don't have a theoretical problem saying you know what
given the demographics given how long we all work
we can raise the retirement age over twenty thirty years by your tour that
that that doesn't bob
yeah i mean i guess we're talking about over thirty years but wanna make that
decision in twenty years from now on me because
we've seen over the past seventy over the past seventy years
the bright light of the ages a bit life expectancy
after the age of sixty-five because of course life expectancies is a highly
ball tile atma highly as subject to changes in infant mortality and child
deaths
but over the past seventy years we've seen that rise five years
and and
most of those gains have come on the upper and uh... uh... the upper half of
the income disparity we know that uh... black males a after age sixty five have
only gained two years of life expectancy over the past seventy uh... friend uh...
one year i think for everybody in the bottom half of the uh... income
distribution
why not just say raised a cap on the we're we're already underperforming from
nineteen eighty were already under for performing by about seven percent in
terms of what does so security sam
sam let me be very clear
i'm completely with you
i have always said raised the cap and they were we're talking will be encoder
by raising the cap
when you raised the threshold when a hundred eight
wonder what it what ten what is right on time ten right now
it come about but it went out and about taxable
for contributions to the source tree trust fund it's a bit rated two fifty
rated five hundred whatever the number is and then we would solve the problem
completely that is the best solution is the right solution
i don't have that i'm also a victim of the few radical matter since we are
living longer health care is getting better overtime recognizing that fact it
doesn't bother me that we would bring social security into that
to the point where we statement letter just it given what demographic realities
are atop the values i i don't think you are that far part now i don't think so i
a decision on the real stickler on this and i have a a href affected with bad
like that uh... until i i want to turn to uh... one
things that there was taking place at uh... net roots was uh... eric shannon
was the keynote a keynote speaker on uh... on thursday night
and uh... there's probably uh... i think
oh greater concentration of people who'll followed the whole financial
fraud task force the um... the the the and the
the mortgage uh... fraud settlement deal then people at uh... a who who who work
in the in the basically in the blog samosa blogs uh... sense of
of just what what happened in terms of chairman and and whether or not you
think
are you be either four five months ago she he came out after that and said you
know momo
the measure my progress within six months while you know it's been four
five months at the they barely have phones
right arm
you know look i i uh... trident to be very supportive and quickly to be very
support of america
um...
recoveries foreclosure fred
uh... yet the position that i haven't so i want to keep the office too well
uh... i'd like to think that we began a tradition of uh... than activities
office that pursuit of cases
and one of the domains where we get that was wall street and the
tonight he to do but important go up for all the trees
he pushed back affectively against a mortgage settlement
that was empty inadequate at first
whether it ended up with the optimal place he got it
to move to a better place
i think now the burden is on him and i told him this privately and publicly the
bird about him to produce
and
he people were waiting
uh... we have a short time span a short attention span
both in the media and in the public at large sometimes it does take longer to
make cases but then again
the lawyers since
the violations took place
and so i think there is a sense of
brewing frustration
uh... that i'd like to see sousa results and i don't want it
anything that sounded on tried to be critical or push to be in a way that
you know my understand both sides of of the equation not competent to make it is
but also how important it is to make them and so i think uh... somewhat like
i most of the folks in our audience fair
saying okay were supportive of you were plotting
the intentions you've articulated but let's
you know where the famous line from couple years back where the beef right
and i think we have to see a person
is there a at is there a statute of limitations on uh... onlooker
well with that five years
popeye views on most of most criminal offenses a bit longer on some of the
civil centers
um... and uh... you know it sometimes you can extend it
either because you can get can get people who were the subject of the
investigation to sign a waiver
uh... to or because again our goal of conspiracy to cover up would permit you
to charge the conspiracy which has continued beyond the actual event itself
uh... but rio and years go by evidence gets bina recollections fade
document disappeared off the malevolent way they just
and so
um... normally like more romeo
literally months uh... way from uh... the those of us to statue limitations
some cases yes in some cases yes and so i think people
seemed to be
gently hurghada let me know him
saying hey guys
uh... there i think the greater burden does fall in the justice department
which does have be rewarded they've basically made it clear it seems to me
that they are just no way they're going to pursue any of this
addy
have got to tell you fifty
justice department
under this administration and uh... i mean the obama administration
had not
acquitted itself with great uh... of glory
in a number of areas
rum
terrorism investigations where they over a billion stood up in said we're looking
forward not backward pacifica
but that's only dream about they said that wall street where they have not
done much of anything and i think when i kept it one of the program was like a
new program was
third strike will be if they do nothing under the for corrupt practices act
investigations that should be on goal about walmart
and newscorp
said that the reason in particular there
but it's not the one st cases with some of which
i thought might be tough although tuchman harshly critical peculiar to
bring those cases
when it comes to be a cpa park repressive act
they have made it their business to bring many cases against
right cos
for reasonably small violations
if you have cover-up
all the way up to the field wal-mart and you don't do something significant
then there's a major problem we're talking about the the the the bribery
stories denon exactly right
and of course newscorp is uh...
uh... they're not happy can driving policemen all over europe
ed bradley i guess we're going to be more precise
and unpacking phone lines all of which uh... give his jurisdiction here to do
something if they don't do cases against those companies
the problem is not the company's only it's exact the justice department and i
think
the outcry should be overwhelming in basically these guys in the wild
we hope that they're doing idiot cases around the country uh... we're spending
more time on
steroids with baseball players than we are with matt issues the matter
brandon i and i i i appreciate that the uh... the
this is this securities cases are difficult but
i mean d day-long bava ridge's and the number of stories and in the whether
it's uh... hi de bringing them a huge dossier of third-party insurance scams
on these uh... mortgage insurance scams i mean
it just seems that it there has to be some type of willful desire not to
prosecute
uh... for
or there to be so little uh... active book
look at the the yet he reported village leaders are part of it is quite his
inquiry commission referred cases
i know of documents have been sent over there arm mystified that there hasn't
been more dawn
indeed meanwhile course we still see uh... the bank for a delusion billion
dollar bet
on uh...
on derivatives it though of the world is not changed a bit
and thinking back to china for men and idea i appreciate that uh... you know
that uh... it to me he said uh... hahaha i think
most people my senses
uh... dot the sense that he he went into this with uh... certainly the best of
intentions
and abut it it seems clear at this point mean recently held he uh... was uh...
headline the uh... or that enough headline disarray word but he was
uh... certainly uh... though prominently featured ad a um... add a yeah
fundraiser for
the president obama's campaign
and you can see
remain tamed
the type of leverage that he needs a man s notably his leverage came from the
idea that if this financial fraud task force is not uh... is not active in is
not uh... rigorous
i'm gonna walk away and i'm gonna really uh... take away a lot of its legitimacy
can you do that at this point
michael your week and i i think the best thing to do uh... already
bent down and i just
take the resources make the case is borrow into do the hard work
not not show up a conference of any more talk about what i'm going to do a desi
do it
you know the next time he you copy should have been taken out to be case
against one of the banks that was involved in the robo siding that was
uh... knowingly marketing secure talk that that they didn't do was bad that
that misrepresented to shareholders to the market to lenders to borrowers of
about the quality of its debt
uh... you know that that will be or what
uh... and and and and so
in the event that we uh... are
or six months eight months out from and we've seen and none of this uh... we
basically just in a position where
uh... we're going to be just waiting for the next
the next refined intial crash before there's any chance to get any
wheeled movement and in
i think it's fine what's happening with a full-throttle is uh... you know it is
what it is and it's going to go so far but i think uh... you certainly in uh...
no more than anyone could appreciate the implications of a uh... purple oc as to
affecting people's behavior
we decided to wait
i think we may be and uh...
or for the markets maybe
clipping the wings of the institutions just because the returns they're going
to get
or diminishing given the realities of marketplace right now but if we get the
some form of local rule that will help a little bit
avoided the the market surgery right now and what we're seeing in europe tees
saying to the world we haven't gotten or or we haven't gotten to the question
and so yeah i think it's it's going to be an ugly future
uh... eliot spitzer uh...
from uh... a host of viewpoints on current eight p_m_
uh... i think on time-warner two hundred three
what a great rather
appreciate you taking the time with us today
that would go to get wiped out