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paul walker is kinda guy who surround the federal reserve and i remember back
then now that he was considered right way
uh... he had has held onto the savings acquisitions and is now considered
who look what happened today they gave up a walker
now absolutely not
what change was the political spectrum in washington where a guy who had free
market principles is not considered way too liberal
okay any still have those inside free-market principles i don't know why
consumers have abandoned him
why do you know why their leadership has
because they get paid by the banks of paul volcker
thinks are destroying the free market
now that might be putting too much was it is not because he never said
destroying let me tell you exactly what he did sit right he says look
uh... the vocal that was his idea which is
you have to separate
the proprietary trading that the banks do on their own for their own profit
away from the depositors' money
because she's in favor of the free market you want to do all the gambling
that you need to do because you've got enough money to back it up
they're not using the depositors' money
on anyone's other side of the bank protected where people putting their
money and they get it back
makes perfect sense
everybody in the country should be in favor of it that's what's called a vocal
of course the republican leadership
says oh absolutely not why because the big banks make seventy seven percent of
their money
from proprietary trading
soul remained almost all their money from that gambling may be on the other
side
and they want to use your money the deposit or money as collateral
that's what walker was a prayer prevent he's go terribly wrong money
so they
president mama tried to put this in the reform
they call the boca rolled well of course one of a new they watered it down
that night as the republicans but also the democrats
so well what do you mean now paul walker reasons quote
i don't like it but there it is
i don't have much simpler god loves us here for page bill that that is
proprietary trading and makes the board and chief executive responsible for
compliance and i'm strong regulators
at the base in comply with the spirit of the bill
they'd go after them
that is not what we have well we have is a bill
but as senator ted kaufman former senator from delaware explains
is riddled with what they call exemptions and uses exemptions are poor
pronounced loophole
so one giant lupo lives
if you want to do proprietary trading meaning your own trading your own
gambling
on car seats
that is exempt
but currency derailment is
are almost the largest market that there is a directs
scorpions and the largest market what do you have left
well you have a budget on the loopholes basic if they want to be a money make
him up market maker i should say
well look we're just trying to find another side to our clients are class
wanna make that that and there's nobody on the other side
so balaji workers or can we do we took the other side
so if you were just doing this as a as a market baker
that loophole is so large
they can do it every single trade
that they knew today under that exemption
analyst goes on and on
so that's why paul volcker says all these exemptions are rediculous and all
it does is allow them to do the same trading he's absolutely right second of
all but he says that he would do far more
capital requirements
he said give money market funds are gonna continue providing
funding for regulated banks ok meeting
banks that are backed up with taxpayer money
f_d_i_c_ insured he says they should be subject to capital requirements
deposit insurance protection and stronger oversight of their investments
unify with the positives money
well that i need to know that you have enough money i can tell you make a net a
hundred-dollar bad with a buck in the back
made ecologically a ten dollar bet with and only a dollar in the bank
but i saw it on her own bed preg
my right now the banks say no i don't want any of that regulation
and they basically don't have that regulation
because the problem has not been fixed paul volcker the heart of a satellite
and then finally says uh... yet the strain of the fannie and freddie
announcers okay
and began couldn't be more i think a summer school goal of the blame fannie
and freddie for all the problems
should totally agree
but of course they'll legislative leaders the republicans do not agree at
all because in reality they love
fannie and freddie they'll over the government guarantees by the scrapping
origins of the banks of made
and paul volcker makes the point that ninety-nine point nine percent of
america should agree with why should american taxpayers back up your mortgage
so bankamerica as an example makes a mortgage
and they said we think that this is good enough
to give this guy money so they can buy this house
wire they allowed to pass it off the fannie and freddie something goes wrong
the taxpayers the fact
and then they make money in the middle
if they're not even to take the rest of are they making any money
it doesn't make any sense that's not the free market
that's buying if politicians so you can make money for something you're not
actually do it
and this thing the taxpayers of the bell
paul volker is just as conservative
justice for free market is is ever met
than all liberals conservatives libertarians
showed anything on the facts probably wanted re with them
the voters
but the leadership in both parties
can stand paul volcker they like high shop shirish
shirish all-volunteer nominated him as a top adviser and then didn't talk to
inform
he almost left
his roles and budget is not even talking to me and finally they said all right
fine
but because i watch you on and we got em
pretend that we're not with the banks will do the vocal rule and look at what
they did to the vocal
they'd be audited
so special useless
and as loopholes
that encompasses
no doubt one hundred-percent of the cases who the banks want so and then
or mama and the republics of the banks exactly what they want
and they don't listen to liberals or conservatives
that's a stop using taxpayer money basically dekhti bailing out the back