he's gonna talk about the worst economic crisis since the great depression
and then we're gonna get it
cooked over for
he took some heat
on capitol hill recently in ohio democratic representative look innocent
i don't think you're talking about about jobs and that's what my people my
constituents want
in my community when you say that they the economy's going to start to create
jobs why hasn't it created jobs are to this point is becoming this was the
worst economic crisis since the great depression
shoe genetic damage done to businesses families across the country and we're
gonna be living with that damage who were
sometimes just to get a lot of heal the damage but will go with the president
said
he came in and did the who largest most poor most forceful package of support
for the economy we had considered doing in fifty years
and he moved very aggressively to fix was broken
alright untrue
now uh...
well both exhibit
uh... number one
he says
he says it as if it was inevitable well we have this
terrible uh... economic that recession and so we had a reactive
but woody leaves out and well more angry about lower for because he lets them
leave it out
is that he helped the cause
so wide and matt lauer askin hey you know what
uh... what u parlors frost we wanna top regulators haven't read the new york fed
and it was your job make sure that the if these financial companies did not
collapse
and you let them collapse i mean you say is if you're in innocent bystander
and lower never asked that question is there any and drove me crazy about it
and say let's guy to get away with like off shocks you know we were helpless
dealt with and what would we do bhai i don't disagree with with date nurse
handed s but he's being
asked about the recession
he he inherited whatever whom whomever he inherited from
uh...
recession and he did have a president behaving uh... you know aggressively
about from the outset in in response and that's what i disagree with the session
okay so let let's let the disagreement for saw
what would aggressive is behaved x-spam
now you're all bankrupt where you're at my mercy
if you'd like me to build that you're out here your new rules ok here the new
regulations i'll let you do the highly leveraged highly risky highly secret
that credit default swaps that indeed is that uh...
health of our economy
if you want the money and you want to survive
you in a play by these new rules so you don't screw up again that would have
been
fairly aggressive
instead
eight you're halfway there almost two years later now i want to look at
reform that is not aggressive that's perfect uh... agape uh... that that is
true
uh... but
uh... in light of the timing in context of of when he was forced to address this
when his administration is forced to address this it's it's a trauma victim
data in a car accident who
who lives his leg works but he's got a little bit of a lead amin yes they
didn't fix it exactly right they didn't do all the things that are artwork were
required and they still havent but the point is they responded to a recession
merchant way and they did some in perfect things but they also stem the
tide of recession and they didn't know willy nilly way in places and their
flaws in every single i mean almost every single part of the way they
addressed it however they did address and they did stop the the the believing
as it were just to keep pushing that but
but out you know i disagree that that you know expecting perfection out of
this
it was completely different then saying okay we turned the tide but we have to
make some wholesale changes that we have not yet made we have to change the rules
of the game i'm coming to expand upon your analogy it's like the stage
up to a patient
and so they stopped the external bleeding in the mid you look at it and
and i criticize them in if people say well all of your worried about how they
did the stitches but they stopped bleeding no i'm not criticizing them for
the stitches
i'm criticizing them because they didn't check for internal bleeding
for the patient definitely has internal bleeding and will die soon
i'm apocalyptic about this height i'd leave that says her again protect that
path
if you will says there has been no real reform
it is endured guaranteed that we will have a gigantic financial collapse
and that's a tomorrow i'm not a missing a year from now off you know if you
force me to do give me a timeframe and of course i don't really know but i
would guess about here and a half to three years
this thing is that a crater in on itself and loki
it looked like they were aggressive about and i want you dennis on black and
white is that they were addressed by the stimulus spending that was good that was
generally right
and and you know and the art of competence the auto companies and said i
would be
the they tried on the things that did not involve actually taking on the banks
when he came to spending money which no one objects to in real in the real world
okay
the republicans for ten to effect of this error
which is easy is always easier to spend money they did a pretty good job right
and some people say no that's the real spending was not enough another naked
he did the best he could on
the real problems of course and therefore knows the bag
we're gonna get the heart of that issue the next where and my my my feeling
about that just as you
wearables say it is is that
if and and the lay person on the economic issues but i've you know i five
listened to and i hope i read
uh... quite a bit about them and read you know lol the broad spectrum is my
feeling is that you might be right but i feel like reformers were imminent than
his collapse and i feel you know from what
what i have read and what i've been able to glean from uh... from uh... the
dialogue that that's what feels mathilde right because reform is prophetic and
uh... even the strongest version of the current reform will not do the job
it would have to be a second round of reform and there's no way to have a
second round the reform before the collapse
uh... that not know where it's way too strong there but i'd be really surprise
so now let's go to the heart of the matter that clip number five here where
uh...
uh... beggars in thousands all deeply unfair and drive me phrase
here's what you said to the new yorker magazine he said quote my basic view is
that we did a pretty successful job of putting out a severe financial crisis
and avoiding the great depression
we save the economy but we kind of lost the public
doing and what do you mean you lost the public because uh...
as the president said he says my sinus he had to do we get into some very
unpopular things
people look you when it happened they saw people in the financial community
having made terrible mistakes because
millions of lost jobs many lost homes
but to help them to protect them from the damage we have become the and do
things that we're gonna help those principles companies but if we hadn't
done that met
if we had no you have seen millions more jobs lost and hundreds of thousand
companies having the shut their doors
and that is the basic sense of unfairness which is driving so much
anger and frustration across country again and you understand that anger out
again when some of the out there and they haven't gotten the job that they
lost two years ago
and and they get the feeling that business on wall street has returned to
normal and an executor getting big bonuses again and they still can't pay
for their mortgage or their underwater they say where's the fairness integrity
then it's not a is not fair
it's deeply unfair and they should be in the about but again what was the choice
the president
had to make
he had to decide what he was going to have to fix that
worst and back
because it would be
might be more popular dot to have that kind of stuff and i would have been
calamitous for the american economy much much worse than we went to are ready
this part and parcel of why i can't say i think either and whites can stand
uh... the
look he keeps on about how it's deeply on fair
as if he had nothing to do with it
he was as critical appl player in the bush administration and no bomb it
nutrition
in making the decision
as you can happening hank paulson a denver naked tim geithner
anne he was parked and parcel of making those
deeply on fair decisions
now he says it as if he had nothing to do with it fill our lesson getaway i
disagree that i think he's acknowledging that it was unfair that you say that we
did it knowing that it was good to be perceived as unfair but it was the only
place we had to go and it's hard to say it is the point number two which is
the constant strong and that he sets up and that the press letter lets them you
know
we only had two choices which is
colossal depression always able all the money to the bankers
what looked at the strongman that those or you're only two choices
how about the choice of hate you know what we've you got to rescue the
financial industry and maybe maybe we even appa rescue these banks
but simon johnson former chief economist lam absent but there were thirteen acres
that came in the room
you should apply to at least twelve of those facts
jamie dot image even j_p_ morgan might be exception ok because they didn't beat
bill in the clerk read people's lives as much as center
and i'll blindly uh... love firing people you find people
because this school dot the global economy and in doing a bad job a victim
fight somebody you know
or for example aaji you need to do backdoor bailouts of goldman sachs
and all four hundred percent on in
rediculous
that against energy
have to do all of that
but ten bangor made no decisions
push for this uh... those decisions and those were the ones that one up being
deeply on fair
and deeply unnecessary
and that's what he doesn't get challenged on and that's what he's
definitely wrong about