today that house passed a financial reform a bill that is
wrangled with loopholes
super bowl
there is uh...
we got some
reform we got a consumer protection agency in the financial round
and
date we setup exchanges for riveted stand that we actually
they get uh... some decent
uh... reform in terms of credit rating agencies now all that is insufficient
for the credit rating agencies they get paid by the people that they are rating
answer mental system of course that big annapolis in on the world to get them
great ratings
now they can get sued
by investors if they're a dangerous that far off and they knew they were that far
off
uh... so that's a little bit of protection but i would change the system
entirely
so they get raped that paid by the investors
so that would give them the proper incentive right
are now op into
is for us that
i had two routers are concerned
business gently fifty trillion dollar loophole spill
so will they really have to report order does not necessarily
well what i have done
uh... outlawed the cod credit default swaps
entirely the naked
c_b_s_'s that'd just gambling
and all of that george soros thinks they should be at outlawed completely
and uh... paul volcker says that uh...
wall street use the wake-up and
of in regards the directors which are enormously damaging and possibly
explosive for the economy
and uh...
the warren buffett calls them weapons the financial mess structure
the bill
lets us see
some of those weapons
does affect other weapons
and we don't get to see all of them but everyone saw the back of that go there
there's a kind of half my dreams are you going to senses deaf
respect
those derivatives
they're gonna blow at some point
you know one of your home or quick fact that i think this is amazing thing
so in the past apart about
there's a six
hundred
trillion dollar market
into rivers to give you a sense of how
insanely large that it
the entire world economy
the gross domestic product there of the entire world
is sixty three
and you tell me where i have trouble with the derivatives market
weight it is
ten times as
lords
is the entire world account
now why does their values their value see something soon valuable
this word hand times as much
as everything in the womb created in the world come dot on that in that year
instead of quantitative there is a
was that ny
that means they're gambling that music thing and i agree that a dollar's worth
the land area dollar with a coronary headed our with oil there
donated ten dollars at up
the entire u_s_ economy g_d_p_
is fourteen trillion
just the credit default swap derivatives
just on the road or what
sixty three
iti one of our listeners uh... did the math on a carl harrison road in and said
hey you know if you take six hundred trillion dollars being divided by the
number of people in the world so about six point seven billion people in the
world
that means
that every man woman and child in the world
has equivalent of eighty nine thousand six hundred and fifty eight dollars
worth of derivatives
is there not much value in the world i mean it's it's the whole thing is
comical
and what we did and we're proud of today is with a democratic congress
we got to see some of those rivers they can you believe that that's other
amazing part all this time they've been treating six hundred philip trillion
over the derivatives
and if regulators said we can we take a look as you might blow up the economy is
about getting yet that yet
when he was the one that right
but it's not that it's the biggest mad
analogy of the conservative figures to you
of the so-called new democrat coalition
enormous holes in it
it either democrats corporate sellout
banker friendly democrats like melissa bean
and pap role model from colorado etcetera etcetera
and so this is giant loopholes there