senator dodd that uh... has basically
talked about beth
reform and you're not too happy about that they're a lot of things about the
financial report that you're unhappy about mainly because there are pretty
much know talks about breaking up these big banks right and now the room
so-called government regulations are not really regulations at all so
tell me a little bit about what i well absolutely tell you about it
it is uh... groundhog day in washington
it's groundhog day because if you remember what happened about a year ago
going into november of last year
senator max baucus to cope with the health reform process
the president's step
and let senator baucus
call the shots right his craft
the lobbyists formed over the senate
uh... date dot they had their way with any number of senators
and in
you know and i sort of unseemly display that the public option killed got all
sorts of other provisions taken out of the bill
and uh... one of two things happened either the president wanted it to work
out this way or he stepped or he lost control of the process i suspect it's a
little bit of both we're seeing the same thing with financial reform exactly the
same thing
here we had senator dot singh at i'm going to work with my republican
counterparts and we're going to come up with a compromise
bipartisan proposal that everybody will be happy with
but his republican parker backed out
so you negotiate against yourself
you give away fifty percent of what you want
your partner backs out anyway
then he starts the negotiation process but you've already given up up fifty
percent
so by the time you're done if you give up fifty percent of that fifty percent
you had twenty five percent of what you need
and our economy is a very real danger right now so the dot dot put out is a
bipartisan bill and is
it's not real reform it's not what we need
here that a few things that are wrong with that
uh... no i'm not saying everything is wrong with it has a few good things in
it
but you're a couple things along with it
consumer financial protection agency
something that obama has been speaking about advocating for a very strongly
that would do it every everything to prevent you and me
from the predators out there who have been running our economy what would it
do it would prevent credit card companies from ripping you off
you know they passed this bill this credit card had
to keep them from doing horrible things they were doing there are already making
and runs around if they were making engrossing
grounded before it even became law
sell it would pretend
protect people
figured out how low interest rates are right now
and they're charging twenty nine percent i'm credit cards to so many people
they're gaining these
these fight co scores on your credit
and you've been using that is an excuse to raise your rates even further
they were for a while sending misleading
notices that look like junk mail you threw them away then because you didn't
respond they use that for you to write
so they're letting the credit card companies act like programs they're
letting the mortgage lenders at project
they've been doing all these things
that consumer financial protection agency
would step in with an equal voice
protective what is the dot belle du
it downgrades that from an agency to a bureau
rather piece i wrote it and what's next an officer department
i've got an entire gal with the laptop annette
part-time secretary
so there is a big downgrade this critical thing which is protecting the
american cancer
and they put it in a few dot puts it in the federal reserve now the federal
reserve there've been laws on the books since the nineties requiring the federal
reserve to do more to protect the consumers and they haven't done nothing
to protect the consumers then burnett people is just for your point of the
head of the federal reserve was asked what the goals work what the mission of
the federal reserve was
and he forgot that that did the federal reserve has two missions prolong one is
to keep the financial system stable
and interest rates down
and the other
is to reform plan
which is to find is no more than four percent point
he forget
he's never done anything to promote full employment are not nearly enough i
should say and when asked what when he said what his mission was he forgot the
employment part
end and nobody
no federal reserve share in the last fifteen years has done anything to carry
out though
what by law there's supposed to do to protect the consumer
that's where dot that puts the consumer
uh... financial protection from so unhappy with that doesn't do enough to
control hedge funds are some of us on the risky behavior
we've got a complicated cumbersome crazy system now
of four different agencies monitoring financial institutions
dot takes it down to three but it still cumbersome and crazy
there's a committee there's a council that runs everything
and decided to agencies are in dispute a speaker
bureaucratic procedure there are too many steps to many rules it's just it's
not it's watered down
and instead of breaking up the banks that are too big to fail it says that a
council
will look over them monitor their behavior
instead of the implementing what the president pop
promised which was of full core rules so-called
that would prefer prevent these institutions from delhi with their own
money and
and and threatening their own solvency
it says a clue you know this is a good idea and he should study it
and then eventually tell us how you plan to complimented
it's its health care reform all over again this week it's water in a
everything as health care reform all over again it's very similar has a very
similar
neater
and you know chris dodd uh... uh... has a quotes that i want to read and
discord enders milano italy says
he says the stakes are far too high in the american people have suffered far
too greatly for us to film the safford this legislation will not stop the next
crisis from coming for that's what he says no legislation can of course but by
creating a twenty first century regulatory structure for twenty first
century economy we can equipped coming generations with the tools to deal with
the crisis and to avoid the kind of suffering we have
seen in this country
so basically he's saying that you have this is a watered-down bill this is it
really going to do anything
a_b_ business stepping stone for future generations that maybe they
can find a way to in provided
and to regulate our financial system in a better way so we don't
it happens economic collapse again
it's frustrating and
look there's a school of thought that says right now you can't pass anything
through congress
unless you get
republicans defiant through the senate the particular okay
let's say for second that's true
and what do you do if you're the democratic party you make them vote this
is a point at the making overlook you don't do these back-room deals
my ministry something shocking
okay i kind of agreed with that fox news guy
about the backroom deals
i don't like these back-room deals
i don't like the chairman of the committee coming out and saying this is
what i decided that i'm gonna give
i want my senators and i want every american could know
cooped up their senators stand-up and stay where they stand hope where they
stand on these issues
i want my senators
to to show me with their vote whether or not they support consumer financial
protection agency i think boxer does i'm not sure about buying sting
i wanna know i think every american has a right i want to know where my senators
stand out to be yeah i think every american has a have taken a democracy
critical opportune time
when you do
that's when you compromise
rap before