>> a number of policy officials and elected officials waited on the u.s. economy. at the top of the hour, a discussion on financial regulations and the recent trading losses at j.p. morgan chase. your calls, e-mails, and tweets each morning at 7:00 eastern. the fbi opened a probe into the $2 billion in trading losses at j.p. morgan chase. today the house panel told the hearing on how to designate financial institutions as too big to fail. we will hear from the treasury department and financial reserve bank officials. live coverage starts at 10:00

eastern on c-span3. later, a federal communications oversight hearing. the chairman and commissioners of the sec testified before the senate, commerce, and transportation committee. that gets underway at 2:30 eastern. next, house speaker john boehner your discusses the decisions concerning the economy debt ceiling. this forum is hosted by the peter peterson foundation. [applause] >> thank you for that introduction, and let me say it is an honor to be here in this historic auditorium. it was here in the spring that leaders gathered to sign the north atlantic treaty.

president truman declared people with the termination can choose their destiny. they can choose freedom or slavery. go all nations face a grave threat to freedom, one from within. that is their debt and our debt. the world looks to the united states for an example. it is an example of a free people whose hard work and sacrifice make a vibrant economy. if unleashes world-class products. it is never content with status quo. i got an example growing up and

working in my dad's bar. instead of the shining example of what does the world see, the president lost his rating for the first time in our history. the senate has not passed a budget in three years, and earlier, another unemployment report showing the greatest economy remained unable to create enough jobs for lasting economic growth. you should know i am an optimist. we do not have to except a new normal were the work place looks like a battlefield and families have to endure week job prospects and higher prices

in their daily lives. we have every reason to believe we can come out of this more prosperous than ever. we can confront our challenges while we still have the ability to do so. for the solution to what ails our economy, it is not the government. it is the american people. the failure of stimulus has sparked a rebellion against over taxation and over regulation. american and who take pride in her living on a buttered realize we cannot keep spending money we do not have. our nation is stuck with debt. and we are seeing bold ideas of return us to common sense, the

kind of ideas but will restore prosperity and improves the trajectory of our economy. the house passed a budget with serious entitlement reform. in this budget, it gets our fiscal house in order and promotes long-term growth. good it offers a true path to prosperity. the math may be different, but the goals are mainly the same. while i am happy to be here, and i am sure we all enjoyed being in each other's company,

we can also agree we have probably talked this to death. i think there is another day but looms large for every household and business in america, and that is january 1, 2013. on that day, a sudden massive tax increase will be imposed on every american by an average of $3,000 per household. rates go up, the state's tax returns to 2001 levels, and so forth. it gets more complicated than

that you're a good -- complicated than that. it concerns me greatly, indiscriminate spending, which would devastate men and women in uniform and send a signal of weakness. the health care law that is making it harder to hire new workers as well as new banking rules and regulations that will also increased strain on the private sector, but it gets more complicated. this and of the year pile up is a chance to bid farewell to the targeted short-term interventions. we have a constant diet of micromanagement and manipulation.

none of it has been a substitute for a long-term investment. we made a beeline for the closest lame-duck escape hatch. this congress will not follow that path if i have anything to do with it. i know planning to fail is -- failing to plan is planning to fail. we will wake up one day with no choice in the matter. there is also salvation to be found in doing anything to get by. nothing not an option. we have got to avoid the fiscal

blip, but we need to start today. i will start with the debt limit. get on several occasions in the past it has been the catalyst for budget agreement. last year the president requested an increase of the debt limit. i run a business. that is no way to do it. it is no way to run a government. business as usual will no longer do. i accepted an invitation. i went up there and said in my view the government is forced to address fiscal issues. allowing america to default on debt would be irresponsible, but it would be more irresponsible to raise the debt

ceiling without taking drastic steps to reduce spending and reform the budget process. we should welcome the debt limit. it is an action-forcing event. i put forward the printable we should not raise the debt ceiling without spending cuts and reforms that exceed the amount of the debt limit increase. from all the way in manhattan i could feel the gnashing of teeth. i was asking if i would yield on my position. each time i said no, because it is not a position. it is of principle, not just that it is the right thing to do.

it is the right thing to do. the debt limit increase is the only avenue i seek to force the country to solve its imbalance. if that means we need stop balance, so be it, but let's start solving the problem, and let's start solving it today. just so we are clear, i am talking about real cuts and real reforms. last year in my negotiations, the president has put a number of gimmicks on the table.

there are a lot of things like counting money that is not going to be spent anyway. maybe at another time gimmicks were not going to be an acceptable, but as a matter of principle, they will not work. what also does not count our tax reasons. tax hikes to destroy jobs. small businesses need to plan, and we should not wait until new year's eve to give the confidence they are going to be hit by a of a tax increase on new year's day. the house representatives will vote to stop the largest tax increase in history. we will give a chance to cut lowers rates for individuals and businesses. eyebrows go of over town when i talk about this, but when i say tax reform, i mean it.

we need to make it fairer and productive for all americans. but is why we established an expedited process that would enact real tax reform by 2013. you put in place a timeline for both houses to act. about the mine is if we do this right we will never have to deal with the uncertainty of -- the bottom line is if we do this right we will never have to deal with uncertainty again. we will maintain productivity

and create a fairer, simpler code, and if we do that right we will see increased revenue for more economic growth, and change does not have to be sudden or painful curator in the next year -- seven or painful. in the next your eyes and making changes -- the next year i said making changes down the road. we need to continue to bear this in mind a. we could eliminate social security, medicare, and the 10- year window could be minimal because changes to these programs take time and need to be phased in slowly. the retirement age for social security was at a two-year

increase, but it was scheduled to fully take effect over 40 years. another example, of the house budget resolutions and medicare reform. those will not even been given until 2022. small changes means huge dividends down the road. i can hear partisans getting worked up. we cannot wait. regulations free them in place. did the markets are not going to wait forever appear again -- to wait forever. we know to enjoy an -- to ignore these warnings we will do so at our own peril. i hope the president will step up and bring his party and the senate leaders along and work with us, because if there is one of panthers -- one event the foils the rest is presidential leadership.

i believe president obama knows what the right thing to do is. one difference between knowing what is right is courage, and the president lost his coverage last summer. he was willing to talk about entitlement programs, but he was not willing to take action. it turns out he would not have agreed to the most basic entitlement reforms unless it was accompanied by a tax increase for small business. by strengthening entitlement, it would permanently lower rates for all and lay the foundation for economic growth, but when they saw the senate asking for

tax hikes, the president lost his nerve. political temptations became too great. and he demanded tax hikes. he could have done so much more. the letdown was considerable. it should also be the last time that happens, which is why i came here today. if the president continues to put politics before principal or party before country, our economy is going to stop, and we will miss the last chance to solve this crisis on our own terms, but if we have leaders to pursue future growth, we can

heal our economy, and we can be an example, so i am ready, and i have been ready to record this is the last position in government i will ever have, but i did not come this far to just walk away. i have operated on a pretty simple principle. if you do the right things for the right reasons, good things will happen. let's do it for the right reasons. let summon the courage and vision to choose freedom, and to choose prosperity, and to determine our own destiny. and we will be worthy of the success. i just want to say thanks to all

of you for being part of this, and i will look forward to having a very productive interview. thank you very much. and >> thank you very much. i have an idea for saving some money. air-conditioning if we turned it down we could save for a couple thousand dollars. we have the argument every morning. if you were to say how bad is, how bad is the situation right now? >> one only has to look good what is happening in greece or spain, much less portugal or ireland -- to look at what is happening in greece or spain, much less portugal or ireland,

and they have waited too long, and their ability to solve their own problems as all but to diminish, so as i look to the end of this year, there is no reason to kick the can down the road. we have a serious problem. regardless of what happens with the electorate, we will take care of it. the next two years could be the most consequential we will see in the next 50 or 60 years, because these problems are not going to go away, and we cannot and will our way out of the problem. there are three components we need to embark on if we are serious about solving this problem. to get economic growth we have

to reform our taxes, lower the rates, make it fairer for everyone, and we need to get a regulatory juggernaut off the backs of the private-sector. are want clean air, but the regulatory nightmare is gearing -- is schering every employer in the country, so if we get real tax reform, we have got to do something about our spending. we have 10,000 baby boomers retiring every day, and this is just the beginning fo the baby boom bubble, so this is going to go on for the next 25 years, some of his wife does so -- that is why it is so important to solve the problem. the sooner we begin to make changes, the easier it will be to ensure they are sustainable for the long term.

for 20 years washington has not done much, and we have waited almost too long. the sooner we solve this problem, the sooner we will finish, but everyone knows what the menu is. it is just a matter of having the guts to choose what is on the menu. it is not like going out to dinner we know what the problem is. it is a matter of having both sides come to agreement about what is on the revenue side. good >> i saw tim geithner on the way out, and i said what is going to happen to the debt ceiling? i said, i do not know if we can do it, and he said you are wrong. he knows in his heart is the right thing to do.

he was smiling, but he was not joking, and that was before i saw your speech, so is the debt ceiling going to go up? >> i think i have made it clear. allowing the debt ceiling to go up without addressing our fiscal challenge would be the most irresponsible thing i can do. >> are you going to let it run out? >> it took me eight months to get people interested in talking about fixing a problem, so let's start now. why wait until after the election? because it is inconvenient? let's begin the process now. there is no reason to wait until we are against the ceiling. it >> i would agree with that, but playing out of you have to have the reforms greater than or equal to the debt increase, he said that is a line in the sense. -- sand.

>> it is a line in the sand, because washington has kicked the can down the road, and the american people were not ready. i am ready. let's go. >> what would you cut? if you let the bush tax cuts, that is true trillion dollars -- that is two trillion dollars. good fight but it would put everyone out of work. we have to have real controls on spending. we know that medicare is going bankrupt. it has all been spent.

why not just be honest about the challenge we face, but as much as i can do, it is not going to be enough. the president is reducing his presidency to the size of a post-it note. this is the number one challenge facing our country, and he is worried about little things. >> the one thing that always frustrates me about rhetoric like that is you say he is reducing his presidency to the size of a post-it note, it evolved into two sides pointing fingers. good >> i am the most transparent guy in town, and i

speak english. i have a 22-year record of being myself. the president and i have a very good relationship. we get along very well, but the american people expect us to find common ground and help solve america's problems. my biggest disappointment is the president and i could not come to an agreement to take a big chunk out of long-term debt. our economy would be better if we were able to do that. our fiscal situation would be better, and it would set an example for the rest of the

world. this is important to do. >> i want to follow up, and he said reforms or cuts. reform could mean anything. >> budget reforms for all kinds of programs. >> it could also be closing loopholes so some people end up paying more. i just want to make it clear when people talk about the tax increase, you may not like the word, but in your world as some people pay more in taxes than before it, right? >> the idea is we will bring the rates down for all americans and clean up the loopholes were some get off scot-free. every american's rates will come down. take up that is the political point. we will bring everyone's rates down. when we bring that down, you cleaned out the underbrush. some will pay more, some will

pay less. >> one more thing on the debt ceiling. colemathat would require a 5.2 trillion dollar increase in the debt ceiling over the next 10 years. just as it was. take up the big, bad republican budget with everything under the sun would still require a five trillion dollar debt increase in the next 10 years. why? because of the demographic bubble baby boomers like me that are going to retire and continue retiring for the next 25 years. it is a big challenge. >> so it is not everything in the debt ceiling that has to be matched? trying to match overall reform? >> as long as i am around here,

i believe that line in the sand will be there. understand the basis for this. what i am trying to do is use the debt ceiling as an action- forcing event to force the process to deliver more change that one -- and what it would produce on its own. it is as simple as that. >> one final question. you have been doing this for 22 years. and a lot of people have talked about you wanting to have a legacy to make a difference. and the use think democracy is part of the problem? people will never vote to take them away. the payroll tax is down. good luck. well democracy be was sent this over the cliff? >> we are in the 223rd year of

of our experiment in democracy and representative government. there is some point of which they have problems. they have problems because leaders along the way represent 2% of the population. americans have the freedom to succeed in they have had the freedom to innovate. the freedom to grow, and it is that america that gave me an opportunity to run a small business to be here. when i was running my business, it looked to me like government was laying the golden egg. more rules and regulations and

taxes, and i got involved in this for one simple reason, to make sure what was available to all of us is available to kids and grandkids. i am approval -- pretty simple guy. there is no distortions in my view of who i am more why am here. america can be once again that the greatest nation on earth. we can provide the opportunity for our kids and grandchildren, but we need to act. the more talking, time for action is now. >> i did not re-elect our clock has run out. i have to leave it there. thank you. [applause] >> more now from the peterson foundation economic summit. timothy guide their ways and on the recent trading losses at j.p. morgan. -- timothy geithner.

>> good morning. i have told the secretary we have a pretty tough job. we are the warm-up act for tom brokaw and bill clinton. the good news is we're not following them. i said we're in the post-denial phase of talking about the the opposite. you have a few months left in the turn to get there. i think a lot of people are wondering why anyone should believe that our polarized political system is capable of doing something that touches as many people as this. why should we believe this? >> you guys will spend a day thinking about the long-term challenge of restoring fiscal sustainability, but it is

important to remember that we face a lot of challenges of the country. we have to worry about how we will make grow stronger so we can get more people back to work and repair the damage. how will we make sure growth comes with more broadbased income growth with expanded opportunity? how we make the investments in human capital to make that necessary? of course, we have to think about how we come together and put together a balanced package. but those are all challenges we have to think about as we think about the crafting on the long- term fiscal restore plan. that is why it is on for and you need to bring broader balance to this choice and think about violence in several respects. you want to make sure you are facing in the reforms so they do not undermine recovery. you want to make sure the spending restraints in cuts and

reforms come alongside tax reforms to raise revenues to you are not putting too much of the burden on the middle-class retirees on the ability to grow public goods and infrastructure. you need to make sure you are doing it in a way that not gestures responsibility, but protect the basic commitment to retirees in americans. this crisis hit the mayor could recall every where toward the% of kids are living below the poverty line. 40% of americans born are born to families who qualify for medicaid. think about that as you think about the basic challenge of not just restoring the school sustainability, but doing so in a way that recognizes the challenges of how we grow, compete, protect the basic

commitment to retirement security. >> when you talk about balance, you mean that that includes revenue increases and includes public investment. the republicans seemed disinterested and that's and compromise seems to be a sign of weakness. that is a very nice platform you laid out, but any chance of getting that through the political system? >> i think reality forces it. we have come to the judgment, as have all the other bipartisan efforts but it looked at this. to do this in a way that meet the challenges we face, you cannot do it without trying to get a modest amount of additional revenue to tax reform. if you look at how america feel about -- americans feel about

this, all measures show the definition is shared by the broad majority of american people, including republicans and independents. we're not asking americans to -- and raise this without a comprehensive set of restraint on spending so we're reducing the opposite spirit of what we're saying is here is a balanced package where you could say to people who will ask to pay modestly high yearer sharese can assure them that will go to reforms but lock and sustainable but that some -- that sets for the long-term, but we are asking the large bulk of americans to recognize that the sacrifice is not going to go to support tax cuts we cannot afford. tax rates that are affordable in

that context. that is the basic balance. i think the reality will drive the american political system towards that result. >> i am glad you are embracing reality. to go there is a famous mohammad ali line, and he says i used to come into the ring and my opponents had a strategy, and then i hit them. [laughter] what drives people to this is when you confront the basic fiscal mouth of the reality. this is not republican or democratic, just reality. >> the peterson foundation had some sort of contest on facebook. one of them came from vermont. he asked how bad does but that tough to get before there is serious bipartisan effort to make a difference, and how close to the edge do you think we are

right now? >> i think anybody who has had the responsibility of governing has to recognize these steps are unsustainable in the long run. we have a 10-year problem, meeting in the immediate problem of restoring the opposite is to a level where it starts falling in relation to the economy, but we also have a 50-year problem. we are in a much stronger position to manage the challenges. it is true for any other major economy in the world, because we are younger country. our growth rates are stronger because we started with relatively low debt burdens, and because the level of taxes and the economy is so remarkably low, and the commitments we make are still relatively moderate. again, we should put this into perspective. we have the unique ability as a

country not to put ourselves in a situation where we commit to an irresponsible path of prosperity because of a fear of a long-term problem and sacrificed the other major needs of the country. we're closing up now for this to matter a lot. we cannot run the country on the assumption the world will always have confidence of the american citizens to act. this will require us of doing more in the near-term to make some progress. to go any real prospect of doing something before the end of this calendar year? -- >> any real prospect of doing something before the end of this calendar year? to go absolutely. -- >> absolutely.

it is not that complicated. we can do it without asking the americans to bear an unacceptable paint for an economy still healing from the crisis. we can do and a balanced way. the scale of adjustments we have to make on top of what we did last summer, they are significant, but not beyond our capacity. absolutely we have the opportunity to do it. i think there is a very strong incentive for politicians to make progress on this. >> one of the things we base before the end of the year is the need to raise the debt ceiling again. speaker been there in a copy of the remarks he will meet later today said he will go along with the increase, only if it is accompanied by cuts and reforms > the increase in the debt

limit. will that be a problem? >> this commitment to meet the obligations of the nation, this commitment to protect the credit worthiness of the country is a fundamental commitment. it is the foundation for any economy to adjust to a changing world. you cannot put that into question or doubt. you cannot put that as a service or threaten to undermine that in the service of the partisan political agenda of any side. not responsible to do that. we hope they do it this time without the trauma and pain and damage they caused the country last july. >> can you separate the debt

limit increase from the broader and fiscal growth agenda. >> of the current estimates, and these will change, we're likely to hit the debt limit sometime before the end of the year, but congress has given them a set of tools that will buy some time. those tools will probably take us into the early part of 2013, thus separating the somewhat the timing of the tax cuts and the sequester with all to the need for congress to act. that is the basic sequence in this context. i want to underscore the basic objective. our objective should be to replace the very large set of expiring tax provisions and all broadbased automatic spending cuts with a more responsible path to fiscal sustainability.

that should not be a difficult challenge for a country that has been able to deal with much harder challenges in the past. >> other countries are dealing with problems, most notably in europe. if they do not pursue austerity, the markets will see the rates go up and budget problems get worse. what lessons should we drop from what has happened in europe? >> europe is in a fundamentally different situation than the united states. ours are our so much modest. we should welcome the new debate about growth in europe. i think it is a welcome debate. they have a stronger set of tools. it allows them to shift the focus to where they should. let me point out three things better anchorage in recognition of the reality. one is you are seeing them talk

about a better balance between growth and austerity, meaning a somewhat more gradual, softer pat restoring fiscal sustainability. if you have to respond to this it is very damaging. there is some important talk about trying to put in place long-term public infrastructure investments targeted to the countries with the biggest growth challenge that is encouraging, too. you are seeing the germans and others recognize you need to see a sustained time where rates rise more rapidly. this is so the rest of europe cannot regain competitiveness. i think those aspects of the broader debate on growth are welcomed and encouraging, but they have a long way to go. very difficult set of challenges. they need to make sure they can convince the world they will

manage the challenges. if greece is forced out of the euro before they get to the wonderful package of public investment, what happens? >> they are in the process of trying to figure out how to form a government, and that government will have to form on -- decide on what they can support for it forward. europe has a very strong incentive and what it will do to make the monetary union work. they're trying to put in place this set of mechanisms for disciplining fiscal policy and cooperate on a fiscal policy for sharing resources and managing a financial system but you need to make monetary union work. i think their decision,

confronted with this fear of broad erosion in the european experiment is to try to make this work. we believe they have the ability to make that, and we hope they manage the process with less physical damage to us and the rest of the world. >> do we learn anything from their experience? >> if you listen to where we started the conversation, we tried to make sure americans recognize that as we restored gravity, we have to make sure we do that in a way that does not undermine recovery, does not set us back on the past to the damage and the ability to invest in things like education, human capital, infrastructure, better investments. those are things we need to be able to grow and expand opportunity and the united states going forward.

it clear and successful in doing those things, then the fiscal opportunity will be much worse. >> [unintelligible] do you think we were seeing of the global downshift with concerns about what has happened to job growth? >> obviously we still live in a dangerous, uncertain world. the american economy is gradually getting stronger. you are seeing more strength across the economy. you are seeing companies rebuild the capital stock and rebuild the work force and hire people back to work. americans are bringing down debt burdens where the financial sector is bringing the leverage quite says -- quite significantly. you are seeing modest initial steps to try to restore fiscal balance. we are doing a lot of the tough

work and you need to grow our way out of and dig our way out of the mess that caused the crisis. i think growth looks more broadbased and resilience in the united states. obviously still a challenging, uncertain world. another reason to keep focusing on the reality. the things we need congress to do now to make the economy stronger in the short-run. we would be in a better position to manage the pressures recede from outside the united states if congress was able to make more progress. >> another thing that has caught people's eye in the last few days has been the $2 billion mistake at j.p. morgan. i wondered what lesson to draw from that. the you think we ended up with banks that are too big to manage and have to find a way to make them simpler and smaller? >> i think this is a powerful

case for by the a reform. -- powerful case for reform. the customs reforms should be due the mistakes put at risk the broader economy financial system for the taxpayer. that is the way to prevent that from happening, to make sure you force banks to hold more capital, which we've done to find themselves more conservatively, to bring down the bridge, and to make sure the rest of the financial system has better cushions against these kinds of mistakes. we have been very forceful early in how we manage the broader financial rescue and tried to make sure we are forcing more each more capital in that context. we will work very hard to ensure the reforms are tough and

effective, not just the volcker rule, that when firms make a mistake, those mistakes did not put at risk the broader health, security of the economy as a whole. >> should this be an example of the system working, that j.p. morgan could be losing $2 billion in the broader capital, or that risk-management they should of been not taking? >> we have had a pretty serious test to the point you chose system, even after this crisis. yet a profoundly, difficult, and challenging shock from europe. we have the failure of a pretty large financial institution in non-bank and a map global. -- mf global. is pretty significant risk

management failure. our system is much stronger debt was before the crisis, but still, this points out how important it is that these reforms are strong enough and effective enough that they can meet the key test. not to protect shareholders from losses, to prevent the unpredictable, but to picture when the mistakes happen, that they are modest enough incise that the system can handle them. we want work hard to make sure the system meets the basic test. the fed and sec and other regulators will be part of the process. we will take a very close look at this and make sure we review the implications for the design of the roles. -- rules. >> you mean that about the size the volcker rule?

>> capital, leveraged and liquidity sizes. reforms and derivatives markets so there is more transparency and oversight. better capacity to understand and see when you see a large position like this take hold. that is a set of courre controls we need. i think this helps make the case. >> when you talk about fiscal issues, one question you here often, particularly from audiences like this, is about simpson. why did he not embrace this instead of what he did? was that a mistake? >> i do think, just to compliment them in their work, they are where the debate started. i think it is very likely this

debate will end on terms of very similar in terms of broad- balance in the package. if you look at the framework the president has laid out in terms of the design and tax reforms in that context, very similar. so i think that is likely where it ends. there are things in the details we will have to modify. i will give you a couple of examples. the defense cuts and simpson old word deeper than the commander in chief could commit the country to at this moment. the shape of the reforms on social security we thought were too big a burden on the average beneficiary. in the basic framework of the reform -- another example, in the president's framework we proposed spending reforms to raise one% cent of gdp in

revenues for tax reform. that is about 1.5 trillion dollars over 10 years. some symbols improve -- proposed others. we are much closer to the framework, as are the other bipartisan efforts out there than the plants on the table from the president's opponents. those plans have the defining features of a very steep path of austerity that would be damaging to growth. they do not have a dollar of additional committed and revenues, which means all of the burden will have to fall on medicare beneficiaries so that they cut very deeply into the safety net, and they would deeply erode the capacity to invest in things like education, infrastructure, or investments that anyone who looks of the country recognizes the critical

mass of the future growth. we have much more in common in our basic framework with the bipartisan things stand do -- you will hear about the other proposals, but that is because you have to look at. if you ask yourself, do the plans provide a plausible strategy for growth for expanding opportunity for investing in human capital, not just due date restore fiscal sustainability. to go on that, i think we will end. thank you for your time. good luck. [applause] >> reading has become over the past 200 years, the ultimate democratic act of the ultimate democratic country, because it makes it possible for many to teach themselves what the few want. the president kim " mark twain, because he has read "huck fin."

quote mark twain. careful reading, falls are revealed to ordinary people like us. it was not for nothing that the nazis made bond fires of book. >> in 1992, and the quinlan won a pulitzer prize for her comments on a wide range of political topics. in a few weeks, talk to her on "book tv." get a head start by watching some of her other comments on the c-span video library. her life in journalism all archived in searchable at c- span.org/videolibrary. >> the house is in at 10:00

eastern. work begins on defense programs for 2013. the senate is set at 9:30. they will take procedural votes to move ahead on the measures. live senate coverage on c-span2. did the fbi opened a probe into the $2 billion in trading losses at j.p. morgan chase. this morning the house will hold a hearing on how to designate financial institutions as too big to fail as part of the new dodd-frank regulations. >> coming up this hour, we talked to radio and tv talk show host, and schulz, about the 2012 campaign, gay rich, and recent trading losses at j.p. morgan chase. and, as part of the spotlight and, as part of the spotlight on