Elizabeth Warren is now senator from Massachusetts that's fantastic
now she was a person who pushed for the Consumer Financial Protection Bureau
they thought that was unrealistic and that will never happen
except in fact it did happen shoes very effective in getting that done
their problem is blocked her a nomination to become the head of the
bureau that she created
well said okay great the ago and join you in the senate hoops
me dear what you wish for so that's going to talk to CNBC about her nubile
and what they basically want to do is reset to glass steagle now a glass
steagle that is really important a pass back in 1933
and actually create a great euro stability in banking it
separated out the parlor bank where you deposit your money
for the party the bank where they do investment banking an
basically the kind we are putting it is the invest their own money
or you can say the gamble with their own money the reason you separate that out
because you don't want them gambling with your money
well-paid is when they are allowed to gamble with your money they take more
risks
because the downside is for you and the upside is for them
so now when we took last legal way at the end a bill clinton's term by the way
you wanna be an absolute disaster so now
interestingly lose with one is paired up with republican senator john mccain
to bring it back and say don't gamble with depositors money
very sensible but when she goes i CNBC who
they don't like that idea at all CNBC basically represents the bankers if they
were PR flacks for the bankers
they couldn't do a better job now the first question by 10 bankers a spine
she aggressively challenged her saying well some other top bankers say
that your bill would hurt competitiveness of course is what they
always say
ACP letting me gamble with your money but that's fine she's challenging
a United see senator it on
the opposing view on her bill okay no problem at all
now when was once or some other fax
of regulation a bank's in this country that had somebody gets interesting
you're going to use the CNBC personally Brian Sullivan step in here
class to correct the record except he gets his own ass corrected watch
senator I will push back till on the relative security that you're portraying
glass steagle to have given us because
continental Illinois yeah in the early eighties
weekend largest bank in america he had failed
almost set of base pay another major banking crisis
shouldn't we just told the american consumer that no matter what we do
there will be bank boom-and-bust cycles
no matter what the laws and regulations you can't protect
every no bad ish just wrong why
look at the history family history where felt it was wrong he said no that
doesn't hold on I system now
from 1797 to 1933
the American banking system crashed about every fifteen years
in 1933 we put good performs in place
for which glass steagle was centerpiece and from 1933 to
early nineteen eighty stepped-up 15-year period
we don't have any effect none week have the system's
steady funds secured a and it was only
as we started deregulating you start hitting the S&L crisis
and what did we do we deregulated some more and then you have long-term Capital
Management
at the into the nineties and what did we do as a country this country continue to
deregulate more
and then we hit the big crash in 2008 you are not going to defend the
proposition
regulation can never work not here anymore regulation ever work center but
by far and away and I agree there were fewer bank failures
in that time after class day going for a reason up the big ones
90 but I'm at all in all I was the seventh biggest bank in the United fail
fifty years to get the exact okay
that was awesome so for so all he's like
not you gotta understand no matter what we do we're always gonna bang Crashers
now why does he say that because the banks always a
a dodo to regulation does matter this although was a crazy place nothing we
can do so don't
regulators let's keep gambling with your money rate and of course
every ankara CNBC's a lap dog for the banks so these two they're talking about
stop
stutter to correct the record on this one and then she comes in with his
Chile elbow Sam she's like
who hold on let Super Bowl history classical president either you
fifty years ugh 0 crashes
what happened there is nothing we can do then you begin to deregulate in nineteen
eighties
immediately a crash that's of course when redeeming you deregulate a little
bit more
S&L crisis then you do the major deregulation
you take away glass steagle at the and love
around 1999 2002 Clinton's term
and then just eight years later the biggest crash we've had
since the Depression waves of deregulation
leading to waves a gigantic crashes
when we had tight regulation fifty years
ovno crashes and then I I loved the guy had the temerity to say
well you know i i I didn't say no regulation
a is the right answer that it doesn't work no actually you did
you literally said no matter what we do. based other you know other bag risers
so but she's not quite done kicking their ass yet
warm or a glass steagle would not have prevented the financial crime not
all by itself that absolutely right but what glass steagle can do
is it can wind saw more of the risk out of the system
he can help laying down the five of the largest banking institutions
don't forget you see it there was too much concentration in the banking
industry
in 2000 8 now here we are in 2013 and the big
for are 30 percent bigger that puts too much worse
back in a similar to the way the there's other ways above shrinking them
um obviously work with all due respect at every report I've read every person
I've spoken to says that there's a very very very slim chance that this
up with even Pasig well let me put it this way if you don't fight for it
the chances r0 you
three different anchors came out her and I love the exclusive the
second male anchor there who's like while I mean our
you seem to have gotten all the facts right but others probably other ways a
fighting them
a other than your belt really which was the support
alright know the CNBC anchor ever support
any of the ways ary regulating the bank's or pretty
any control or control their risk
or gambling with our money on the banks your support any of those bills
but why she's got you dead to rights like well yeah I mean are you your bill
whatever ideas as well the other bills
know there are and you support any other know you know
because you work for the banks CNBC's really discuss the actually
a and then finally the last thing they got is
okay you beat us on all that but haha it's not gonna pass anyway
flathead US Senator I'm not sure about a
do your accelerator I don't know anybody who thinks this bill can pass
because the rest the senators are brought up by the bank so haha yes I
gotta work anyway would be wasting your time for
she's like well that's the same thing you guys home and a super Financial
Protection Bureau
and I believe that exists and by the way that's your best argument CNBC
after you get your ass handed to you well
the rest the senators are with us basically the corrupt people who all
work for the banks
but s3 was enough so Jim Cramer another CNBC anchor
had a pilot he wasn't on the show so he tweeted afterwards: quote
there's a weird strata father CNBC got beaten by senator warned
well I like to senator but she had no impact story
she could have an impact right on top of their heads
but basically he's going back to that talking point saying
no its not government-backed I because we got the rest love you all
congress bought such a negative impact double talking about us
psychopaths otherwise the banks might endanger the money that they get
that we get over here CNBC your pet that ik
I like how she regulated on you warned she like I
gangster I