DAVID: 4TH OF JULY FIREWORKS ARE
COMING EARLY TO CAPITOL HILL
BECAUSE THIS MARCH WALL STREET'S
SIX BIGGEST BANKS ARE REPORTEDLY
GOING TO BE TESTIFYING BEFORE
THE HOUSE FINANCIAL SERVICES
COMMITTEE.
NOW THIS OF COURSE IS THE VERY
SAME COMMITTEE RUN BY BANK
CRITIC CONGRESSWOMAN MAXINE
WATERS AND OF COURSE IT INCLUDES
FAR LEFT NEWCOMER ALEXANDRIA
OCASIO CORTEZ.
WHILE IT MAY MAKE FOR GOOD TV,
WILL THE HEARINGS ACTUALLY
CHANGE THE WAY BANKS DO
BUSINESS?
WHAT DO YOU THINK?
>> THERE WAS A PRETTY GOOD SIZED
SHAKEDOWN.
THERE'S STILL SOME LOOPHOLES
THAT GO ON.
I'M SURE THEY WILL TRY TO FIND
THEM.
BUT THE REAL REASON THEY ARE
DOING THIS IS BANKS ARE NOT A
BRAND THAT THE PUBLIC LIKES.
SOME OF THEM EARNED THAT, LIKE
WELLS FARGO.
BUT MOST OF THEM, BUSINESSES
CHARGING LATE FEES, OVERDRAFT
FEES, INTEREST ON LOANS, DENYING
LOANS, THAT'S THE BUSINESS
MODEL.
YOU ARE NOT GOING TO HAVE PEOPLE
THAT LIKE YOU WHEN YOU DO.
THE TECH INDUSTRY IS THE ONE
THEY SHOULD BE LOOKING AT, NOT
THE BANKS.
THE BANKS GOT THEIR SHAKEDOWN.
IF YOU ARE GOING TO REGULATE,
THE TECH INDUSTRY IS
UNDERREGULATED.
BANKS ARE SLIGHTLY OVERREGULATED
RIGHT NOW.
>> I AGREE, JONAS.
A LOT OF PEOPLE ARE SAYING THAT,
YOU KNOW, THERE'S GOING TO BE AS
YOU SAID ALL THESE FIREWORKS AND
IT IS GOING TO BE THIS TOUGH
COMMITTEE.
MAXINE WATERS HAS BEEN ON THIS
COMMITTEE FOR A LONG TIME.
SHE KNOWS WHAT SHE'S DOING.
IF ANYBODY IS LOOKING AT AOC AND
THE INTERVIEWS THAT SHE DOES,
SHE BARELY GETS THROUGH THESE
INTERVIEWS WITHOUT LITERALLY
SAYING THE WORLD IS GOING TO END
AND SOME OF THE MOST RIDICULOUS
STATEMENTS.
WHEN I LOOK AT SOME OTHER THINGS
THAT FRESHMEN DEMOCRATS ARE
PUTTING ON TWITTER, JUST
YESTERDAY SOME THINGS THAT WERE
SAID ABOUT VENEZUELA, STUFF THAT
WERE NOT ROOTED IN ANY SORT OF
FACT.
I DON'T KNOW IF THEY DON'T HAVE
RESEARCH TEAMS YET ON THEIR
STAFF.
IF I WERE JAMIE DIMON, I
WOULDN'T BE INTIMIDATED BY ANY
SORT OF INQUISITION BY AOC.
>> THIS IS ONE OF THE GREATEST
STRENGTHS OF AMERICA THAT OUR
CONGRESS HAS THESE HEARINGS WITH
THE MEMBERS THAT THIS VAST
DISPARITY IN KNOWLEDGE AND
OPINION GET TO ASK IMPORTANT
PEOPLE QUESTIONS.
YOU KNOW THEY MAY NOT KNOW A LOT
ABOUT THESE TOPICS.
THAT'S NOT A NOVEL CONCEPT FOR
MEMBERS OF CONGRESS TO NOT KNOW
WHAT THEY ARE TALKING ABOUT WHEN
THEY HOLD THESE HEARINGS
>> THAT'S TRUE.
>> THEY HAVE STRONG OPINIONS, SO
DO AMERICANS HAVE STRONG
OPINIONS ABOUT THESE THINGS.
I THINK IT IS GREAT.
>> I WILL TAKE THE FLIP SIDE,
ADAM.
WHY IS IT GREAT AT ALL?
NOTHING HAPPENS.
LET'S SEE, WE'VE HAD THE
AUTOMAKERS.
WE'VE HAD THE OIL COMPANIES.
WE'VE HAD TECH COMPANIES.
NOW WE'RE GOING TO HAVE THE
BANKS.
THEY WILL WALK UP.
THERE WILL BE SOME FIREWORKS.
THE CEOs WILL HANG THEIR HEADS.
THEY WILL BE ASKED TOUGH
QUESTIONS, AND THEN THEY WILL GO
BACK AND DO THE SAME THINGS THEY
ALWAYS DO.
COME ON, ADAM, THIS IS WASTING
TAXPAYERS' MONEY.
>> THINGS HAPPEN.
THINGS HAPPEN.
>> WHAT HAPPENED WITH --
>> WITH THE BANKS INDUSTRY AFTER
08, 09.
THIS IS A LONG-TERM PROCESS.
I WOULD AGREE WITH YOU THAT EACH
OF THE INDUSTRIES THAT YOU JUST
CITED IT HASN'T HAPPENED YET.
THAT DOESN'T MEAN IT WON'T
HAPPEN.
>> OKAY.
I GAVE YOU THREE EXAMPLES, SO
YOU ARE RIGHT.
>> THEY WERE GOOD ONES.
DAVID: SOMETIMES THE SO CALLED
EXPERTS I HAVE QUESTIONS ABOUT,
I MEAN MAXINE WATER HERSELF THE
HEAD OF THE COMMITTEE REMEMBER
SHE GAVE A BAILOUT TO A BANK
THAT HER HUSBAND WAS A BOARD
MEMBER OF, AND IT WAS A TERRIBLY
RUN BANK.
IT DIDN'T DESERVE A BAILOUT.
SO SOMETIMES THE SO CALLED
EXPERTS CAN BE TROUBLE.
>> YEAH, I DON'T KNOW IF ANY --
LOOK, CORTEZ OBVIOUSLY DOESN'T
KNOW A WHOLE LOT OF BANKING.
UNFORTUNATELY THAT'S NOT A
PREREQUISITE TO BE ON THE
COMMITTEE.
WE DON'T HAVE A LOT OF BANKERS
WORKING IN CONGRESS AT THE END
OF THE DAY.
I DON'T THINK MANY OF THESE
PEOPLE FULLY UNDERSTAND THE
BUSINESS AND HOW IT WORKS AND
HOW TO REGULATE IT PROPERLY.
WHEN THEY DO CREATE RULES, IT
CREATES A LOT OF LOOPHOLES.
THEY CHANGED A LOT OF RULES WITH
CONSUMER LENDING AND CREDIT
CARD.
THE SMALL BUSINESS SIDE IS A
LOOPHOLE.
THEY CHARGE HIGHER INTEREST
RATES.
THEY WORK AROUND IT ANYWAY.
THEY MAKE A LOT OF MONEY AS YOU
CAN SEE FROM THE EARNINGS THIS
YEAR.
IT DOESN'T WORK THAT WELL.
SOME OF THE REGULATIONS THEY DID
WERE PRETTY GOOD.
AT THIS POINT, THIS IS MORE
WE'RE WITH YOU.
WE HATE BANKS AS MUCH AS YOU
KIND OF STUFF.
DAVID: I'M WONDERING WHAT THE
KIND OF TROUBLE SOMEBODY LIKE
ALEXANDRIA -- EVEN IF SHE
DOESN'T KNOW WHAT THE BANKING
INDUSTRY IS LIKE, WHAT AOC CAN
DO?
DO YOU THINK THERE'S ANYTHING
SHE COULD DO THAT COULD REALLY
UPSET THE BANKING INDUSTRY?
I MEAN, THERE ARE OTHER MEMBERS
ON THE COMMITTEE BESIDES HER.
>> ABSOLUTELY.
LOOK, I THINK SHE'S GOING TO
COME ACROSS LIKE, YOU KNOW,
LARRY KING USED TO, TOTALLY
UNPREPARED, BUT ASKING THE
QUESTIONS THAT EVERYONE WANTS TO
ASK.
SHE'S PROBABLY GOING TO GO IN
THERE AND SAY WHY DON'T I GET A
TOASTER WHEN I OPEN MY CHECKING
ACCOUNT NOW?
>> GARY, THAT IS A SERVICE --
>> AGREE WITH YOU.
>> -- TO THE AMERICAN PEOPLE.
>> I AGREE.
>> THE ODDS ARE OVERWHELMINGLY
STACKED AGAINST ONE MEMBER OF
CONGRESS HAVING, YOU KNOW --
AFFECTING CHANGE AS IT WERE.
THAT'S OKAY TOO.
YOU NEED TO --
>> I WOULD SAY THERE'S A DANGER
TO BANKS.
SHE COULD COME UP WITH SOMETHING
LIKE OKAY YOU CAN ONLY CHARGE 10
OR 15 PERCENT ON LOANS.
>> IT'S A FAIR POINT, AND BARNEY
FRANKS WAS A POWERFUL COMMITTEE
CHAIRMAN WHO SERVED FOR YEARS.
I'M JUST SAYING THIS IS THE RULE
OF A BRAND NEW FRESHMAN.
-- THIS IS THE ROLE OF BRAND NEW
FRESHMAN.
DAVID: ONE OF HER POINTS IN HER
GREEN PLAN IS SHE BELIEVES