>> and joe punched his parking ticket. >> and i heard you were a terrible crazy 8s player. mike, let's do it again tomorrow. the gang will be live tomorrow out in southern california for a big fortune summit. all week the west coast tour, they have the rv moving up the west coast. right now we start the meeting with dylan ratigan. >> president obama is about to give a major address on the economic crisis and his plans to stop another collapse. and today, senator chris dodd, chair of the banking committee, and elizabeth warren, and the "huffington post." >> until we change the rules, we

are not safe. plus, connecticut police find the body in a basement of the yale building. is it a missing graduate student? and will joe wilson be censored. speaking of outbursts -- >> and beyonce has one of the best videos of all-time! one of the best videos of all-time! >> kanye west with an interruption. the "morning meeting" starts right now. a good monday to you. it was a monday morning one year ago that we were breaking the news of the collapse of lehman brothers. lehman brothers is like the ugly opening that showed you just how bad it was. today president obama heading

back to wall street where it all began. air force one to land in new york in about two hours. he has a big speech midday. and the president will head and go to the federal hall. will the government do what they need to do with too big to fail or not? and then back to the white house later in the afternoon for the president for health care and the rest of it. and peter alexander with a preview of the president's remarks. we understand he is bringing plenty of company from d.c. with him? >> yeah, for most of the summer the president has been focusing on the health care debate, and now he is focusing on the health of the economy as he tries to revive this conversation in the country. he will layout the ground work for trying to wind down the government's intervention in the

sector. and he will push for massive legislation that he wants before the end of this year. and also emphasizing global cooperation that has happened in the past. it will be needed in the future to avoid any future crisis like this. and what he will doing, interestingly, is essentially lecture wall street saying you need to take more responsibility for yourselves. and last night he spoke to "60 minute minutes", and steve croft defending what they did. >> this did happen under my watch, because we neinitiated a recovery act. when we came in, they said if we don't have a stimulus of some sort, then this is potentially going to get a lot worse. >> reporter: the president will

come with significant company as he arrived today at federal hall. this is where the government used to store all of the nation's money, gold and silver. it will be where he makes his speech about dollars and cents. and he will be joined by the counsel of economic advisers, christina romer, and timothy geithner, the treasury secretary. and now the question is how much changed in the course of the year. and people around here are still looking for answers to that. >> dylan? >> we know the answer. not much. the question is what are they going to do about it. bonuses are back and financial lobbyists are the biggest spenders and hardest at work. we know very little had changed at this point. the question, again, what happens from here? one of the people that will be very influential in that decision and conversation, is democratic senator chris dodd, chairman of the senate banking

committee. we welcome you to the program. >> thank you. >> i want to start with a comment from elizabeth warren. we will air the whole interview in a second. she had very aggressive comments to make about the role of financial lobbying and its efforts to protect the role. take a listen. >> the financial services lobby is out in full force. they are thundering through the halls of congress. and they are thundering through the halls of congress on every single aspect of change in the rules. what we are talking about is a lot of people with a lot of money who are pushing congress just to do nothing. >> is that true? >> well, certainly there will be those that take that position, dylan. things have gotten substantially better, not that they don't need changes. i a disagree with them totally.

and we put together an outline over the summer. i think we have a good chance it will be a strong bill which i will be delighted to share with you a couple of major points. elizabeth warren i supported her to be on the oversight committee. we have people actively pursuing this. there are people out there that feel strongly about having the consumer product safety agency and commission, and the clearinghouse for derivatives. >> two major issues strike me. one, too big to fail. and there is a nice piece of bloomberg about how the too big to banks have become bigger, and not smaller. and there is a commentary about the board member or ceo compensation. they risk trillions of dollars of american taxpayer money that currently resooids in the balance sheet of the federal

reserve. yet, no compensation fallbacks. now we are bigger than ever. >> clearly, you have to have some sort of strong resolution mechanism for the too big to fail concept is gone. we have not had one. that has to be part of this as well. whether it's a separate piece of the legislation or part of the overall package. you cannot have the -- you have to have something in between the two polar opposites that provide flexibility to deal with the matters that we have. >> let's stay on too big to fail, because it's the most relevant going forward for this country. and i am sure you talked to some that argue that allowing the institutions to assume the size they have makes it difficult to make them smaller again.

have you to break up the banks. this is systemic theft. what do you think breaking them up will be? >> you have to get away from the idea you can be commercial enterprised and a financial institution. that's a major step in the wrong direction. and that would narrow the size of the operations. there are both commercial activities and banks. >> and yeah, you are using personal deposits for speculative risk taking? >> yeah, and that was going back -- >> that was in '99. >> nobody in the business wants to go back and wish they did it differently. the great debate, dylan, was over the -- what was it called, the community reinvestment act. that was a battle. we did not pay enough attention to blurring the lines in

commercial banking. and the resolution trust mechanism has its problems. i thought you would raise this point. i am very much for it. but by having a resolution mechanism, that's almost in a sense of too big to fail concept. >> isn't it the government's responsibility, senator, to create rules to insure free market capitalism? they insure open competition. shoon shouldn't we have a set of rules that prevent financial institutions or automakers, or media company or drug company, i don't care, from assuming a size so large they can risk the wealth of the nations or others in an act of simple greed? >> yeah, you said it more articulately than i would have.

that's one of the moral hazards in the process. >> why don't you break -- i am sorry to keep interrupting you. but why not just break up the banks? >> that would be harder to do. and one of the efrlts here in the last number of months, it has been on the top down to create the stability in the financial institutions rather than having the thing entirely collapse. i suspect, dylan, at this point that approach will not succeed. it will be hard enough. it's an awful battle, and elizabeth warren pointed it out. and the idea of having a systemic risk regulator not totally located in the fed is something that i support because i get uneasy about having the fed's independence law. and they did not do a good job over the years monitoring. >> bingo. >> the idea of breaking up the banks, and i suspect it would be

very difficult. >> i understand that. i appreciate you coming on with us, senator, and particularly the conversation on too big to fail. i hope you will join us over the next coming months. >> i would be happy to, and you do a great job, dylan. and warren is trying to figure out what the congress is doing, and we need to re-establish the basic rules of competition and capitalism in this country. and pessimism on congress's ability to respond to that they work on behalf of the people and not on behalf of the bankers. plus, my take on the meltdown a year later today on the "huffington post." america held hostage still, 365 days later. was there any sum of money we would not have given aig, and

how much longer will our country be held hostage to the forces of systemic theft? i do want to get the balance of the day's news off to you. what was supposed to be her wedding day, anni le was found dead. what are you learning, jeff? >> it took them five days to find that body since the disappearance. the reason is it was stuffed inside of a wall in the basement of her research lab. the surveillance tapes showed her walking in at 10:00 a.m. tuesday. police launched the major search and put out the flyers, and she has been in the research lab the entire time. police will not comment on suspects or who they think may have done it.

who did it was familiar with the building and had access. you need an i.d. card to swipe yourself in. and police are questioning every student in the building that day, trying to figure out when they saw annie, and when they last saw her, what she was talking about, trying to figure out who did this. >> jeff, thank you for the update there. we are seeing new video from osama bin laden, or somebody claiming to be him. and as you can see, the video does not provide new footage of bin laden. he has not release add new video message in more than two years. and the finance committee will meet this morning to try and hammer out a agreement on the health care reform proposal. and joe wilson says he will not apologize any more during his "you lie" outburst.

nbc's kelly o'donnell will join us more later with more on this controversy. >> i want to know if it's a lie or not. i forget the yelling and screaming, it's the misrepresentation of actual information, which makes me laugh and cry at the same time, sometimes. and up next, conservatives with other concerned citizens watching in washington waving anti-obama. and are the understandable frustrations of the american people being manipulated by the extremists on the right and left to push their particular agenda? is there a more intelligent focus for the anti-government sentiment in this country then good old-fashioned stupidy?

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welcome back. tea parties, and many showed up for it. it was big government, and specifically president obama, and signs suggested many were mad as hell. savannah guthrie, live at the white house with the reporting. >> reporter: as you said, there were tens of thousands on the mall here in washington providing quite a sight. here at the white house, something of the down playing of the impact of that protest. we heard david axelrod saying he

did not think it represents the majority voice. the folks the angriest are often the loudest. hear what president obama had to say on "60 minutes" yesterday. >> the truth of the matter is that there has been, i think, a coursening of our political dialogue. and i will say in the era of 24-hour cable news cycles, the loud eest voices get attention. >> reporter: one thing the president acknowledged is many americans are very angry and stressed out because of their own economic positions. at the same time they talk about big companies getting bailouts and financial regulation reform is one of the things the president will talk about later today in new york. dylan? >> thank you, savannah for joining us. joining us now, jonathan

capehart, and carry hall you you see in the middle is one of the protestors. we are working on getting her microphone working. what strikes me about this is the obvious anger and frustration that so many people feel, and we all see it when you have conversations at home or when you see people in the streets, and i am wondering if we are watching it in both sides for partisan benefit. in other words, it's understandable to be upset about the bailouts, but the bailouts were perpetrated by the president before, and the laws that founded it were created under clinton. when you take that anger and try to direct it for a partisan purpose as opposed to a constructive purpose, which would be to get accountability

and honesty across the board as opposed to playing for a power grab. >> i think if you looked at some of the speeches on stage and talked to other people as well, there was a lot of anger against obama's policy, and nancy pelosi, who called these folks unamerican. there was a lot of anger at the bush administration, too. and this grassroots up rising did not start with the stimulus, it started with the bush bailout. the accountability in a free market should be to let bad actors fail when they make mistakes. >> amen. >> instead of that, we took taxpayer money and bailed them out. >> the origin of the frustration, i think you hit it. america watches the banks as they continue a massive multitrillion-dollar taxpayer

funded stystemic theft, which pisses people off. what do you think people can do with the emotion that is represented here? what can they do that would be constructive as opposed to destructive? >> there is a chance people on both sides are getting too worked up. i marched with the folks from freedom plaza up to the capitol. hundreds of people. i don't know what the number was. it was the most peaceful beautiful crowd of people that i have ever been with. you can poke signs out more extreme. but the most radical thing that i saw as people walked past the museum, looking at the first amendment, cheering for the first amendment. i thought that was a good thing. >> i could not agree more.

what strikes me, we are going to air a conversation that i had recently with elizabeth warren. she says that she has never seen such a thing. they are thundering down the halls of congress. how do you direct the energy and intensity of the people you have protesting to communicate the intai intolerable matter, whatever it may be, that the system of government is not acceptable? >> i think that's exactly the question. the reason we gather people at town hall meetings and on the mall of the capitol is that we think special interest own this process unless people are willing to show up and voice the

pop si opposition. you are redistributing trillions of dollars to the taxpayers to the banks. the same thing is going on with health care, you are talking about a multi-trillion-dollar program. >> yep. we will never control people. some are going to go left and right, gay marriage or whatever you want to talk about, we will argue all day. the system allows bad actors and bad influences across the board to exploit the american people for their benefit. in a nutshell, how would you improve the system? what must we demand from the government, both left right and center so that we all stop feeling held hostage to the broken system? >> well, transparency. and seconds, openness so everybody gets a chance to debate these things.

i don't think that there is anything wrong with a heated, spirited debate, as long as everybody's voice is heard. if the system is closed real people don't get a voice in that. there is a reason i think government spending should be limited. when you put these resources on the table, it's inevitable the special interest get the first cut. >> i could not agree more. matt, i appreciate your time this morning. we will take a momentary break. let's hope the energy of the frustration is not used for cheap political purposes but an opportunity to meaningfully improve the quality of the construction of the government. straight ahead, we will plug into a few things. blagojevich back in the mix. unfortunately he has a fund-raiser found dead. plus, music fans fired up over kanye west's outburst at the vmas.

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a former fund-raiser for illinois blagojevich died in the hospital. >> they describe 51-year-old christopher kelly the go-to guy when it came to lucrative fund-raising. he was scheduled to report to lock up on friday. he plead guilty to tax fraud charges. there were about $8.5 million at the airport. he was supposed to stand trial with blagojevich on corruption

charges. >> he was not going -- was he going to testify against blagojevich. >> he never signed a cooperation agreement with the prosecution. there are questions now how this will affect the case, the prosecution versus defense with his death. but at this point, it looks like the police are saying it looks like suicide. they found pills in his car. they are not saying whether they found a note or not. he was supposed to go to jail and serve up to eight years anyway, and then another trial on the corruption charges for blagojevich. >> this is not necessarily a key blagojevich witness. >> he had not agreed to cooperate with the prosecution. we don't know what he was going to testify to or whether he was going to take a fall for a friend. >> the truth is far more compelling than anything can you imagine. >> typically. still to come on the "morning meeting," president obama talking to wall street on the anniversary of the fallout.

nothing has changed after a year. profits are back on wall street, and unemployment is up in america. harvard law professor and chair of the oversight committee, elizabeth warren, has insight as to the risk. and then joe wilson says enough of the apologize with his finger-pointing during the president's primetime speech. i think his lie was a lie. you can't get in a health insurance plan if you are not a registered citizen of the united states. that's crazy. we are back with elizabeth warren after this. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels, we're not competing with the food supply. and they absorb co2,

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today marks the one-year anniversary of the lehman collapse following the bailout of aig the following day. any sum of money we would not have given aig? how intense has the hostage taking been this morning? the dow opened 2,000 points lower than a year ago. and taxpayer money was used to cover up and perpetuate this broken system. nothing has been done to fix the broken system. and the president wants to kick-start efforts, or so he says, when he speaks hours from

now. >> what i hope he will be delivering is an honest assessment of where we are now. there is some good news, but an enormous amount of risk in the system. we cannot let congress say health care, too much, we have to quit. that's when the lobbyist win. >> the push for reform was mentioned last thursday when the secretary had an opportunity to question tim geithner. i asked her about the job she thought the secretary was doing? >> we are pulling back and fourth on issues. and secretary geithner made it clear in the hearing that the question of regulatory reform is

really on the table now. he was saying in effect, if we don't change the rules going forward, we are not going to be able to pull all the pieces out. we will not be able to get ourselves out of the crisis without risk of falling right back into it. that was very strong and a very different message from the one that he delivers last time we were talking. >> you particularly asked him about why it was that general motors and its failure and its ultimate government support was forced to renegotiate yat contracts across the board from its employees to various creditors, etc., and a year ago almost to the day the american taxpayer delivers 100 cents on the dollar to aig and goldman sachs and a bunch of european banks, taxpayer money. i want to play for you this. >> aig insaolvent company.

they all took big hair cuts. aig had people holding credit defaults, and they took no hair cut at all. i am trying to understand why those two are different from each other? >> you understand this better than any people. it's a tragic failure about the system we came in with. we did not have the legal capacity to manage the orderly unwinding of a large complex financial institution capacity we do have for small banks. that's forced us to do things that we would not ever want to do. >> was that answer satisfactory? >> well, that answer was deeply distressing. it's the acknowledgment that the financial institutions got a nice, warm, generous treatment, whereas manufacturing

industries, jobs on the line and bond holders and investors in that industry really took a smack. i think the problem has been all the way through this crisis that the banks have been treated generally, and everybody else has been treated pretty tough. >> startling statistics. in 2009, 89 bank failures to date. and only 11 in 2002. and tax revenues dropped because of the collapse. it dropped 16.2%. total jobs lost since the recession began, 6.9 million and counting. the system that caused the problems remains unchanged. nobody is dealing with too big to fail from what i can see? >> i will make this worse. we just also put out a report from the congressional oversight

panel pointing out the toxic assets on the books of the banks a year ago, you remember when secretary paulson came to us and said congress, give us $700 billion. do you remember the reason? to remove the toxic assets from the books of the bank. those remain on the books of banks. they are still there today. and so they continue to pose a risk to the american taxpayer, and they continue to tell us we have not changed the rules. until we change the rules we are not safe. the risk takers will take all of the up side and the american taxpayers will be the chumps paying on the other end. >> so it becomes more obvious as time goes by and less and less happens, and too big to fail is not dealt with as yet, what can american individuals who would like to see the congress

actually work for them do now? i know they can vote next fall. thank goodness they can. before that, what can they do to communicate to their congress people the imperative to work on their behalf, not to empower banks to continue to systematically steal from the american people? >> i have to say the power of the e-mail, the power of the phone call, and the power of showing up at a town hall meeting that is not about health care cannot be overstated. i have been in senators' offices waiting to meet with somebody when a phone call has come through. those phone calls are logged in and there is a note made. if somebody from back home cares enough to call, cares enough to send an e-mail, and says something rather specific, i want to see real reform, i want to see a change in the rules

governing our banks, then i think there can be change. but without that, let's face it, there are no lobbyists on behalf of the american people. the lobbyists are about a very narrow interest group and the lobbyists are focused on how they can maximize their profits at the expense of the rest of us. >> what are the rules people could ask congress for? >> i would ask for three things. the consumer financial protection agency. that makes sure you have basic safety rules, rules of the road so you don't feed the enormously high risk instruments into families and on into the economic system. i would ask for regulation of the credit rating agencies. the ones that gave aaa ratings to the pile of junk. >> yeah, too familiar there. >> and the third one, when we talk about systemic risk

regulation, that is slightly different. until we get laws in places we can creditbly say to big companies, if you do badly enough, you are broke, that's it, you are gone, we can break you up and let your creditors pick over the bones and you are finished, until we have a credible liquidation threat, we don't have capitalism in america. this notion of too big to fail means for the largest segment of our financial services economy, it's not a capitalists system, it's a system that is backed up by the american taxpayer as gar untore. >> how do we see the risk that allowed people to make billions,

which appeared to be evidence of success, but we found out it was evidence of idiotcy, and what ultimately can people do right now to express to their representatives the importance of dealing with these issues? >> hit those e-mails and phone calls. the only chance we have here is if the american people will speak out. otherwise, the lobbyist will own this place. >> professor, thank you for your time. >> thank you. as yet, they appear to own that place. billions of dollars from the banks. you think the health insurance companies send a lot of money to washington, d.c.? there is only one constituency that sends more money, and that's the banks. you can see how they have been treated up to this point. professor warren hit it on the head, until the american people

express themselves directly from the left and right and center against the congress, and its willsness to accept narrow donations for the complete theft of the wealth and the future of the nation i can't see how anything changes. next up, trends are talkers. everybody has anxiety these days. take a look at this. >> are you serious? i did not say that! >> serena, her behavior at the u.s. open. lots of f bombs flying around. we already watched joe wilson shooting his mouth off in congress. kanye cannot keep his trap shut. man, alive! you thought -- toure thought i interrupted. we are back with some of the antics of the so-called public leaders and public figures after

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welcome back. a little bit old and a little bit new. "morning joe" calls them talkers. and our question, toure is a big trend follower. he is like this is what is happening, and this is not what is happening. so the question is whether these outburs outbursts, tourtoure, and mr. capehart is here. is it because people are completely any sense of civil discourse? >> i will not have something grand -- >> describe what happened before you make the judgment. serena is playing tennis. this is a big match. >> semifinals.

>> yeah, they are moving on towards the championship, and serena lost it because she was fault. >> she was called for a foot fault. [ bleep ]. [ bleep ]. >> i did not say that i would kill you. are you serious? are you serious? i did not say that. >> my favorite was the beeping out of something i could not otherwise here, and it was nothing, nothing, beep. >> yeah, and it was take this beeping ball and shove it down your beeping throat. now, joe wilson did not say take this bill and stick it down your beeping throat. thank goodness. we lost respect for the umpire here and most hugely the presidency, and something as

stupid as the cmas jonathan. the joe wilson drives me to -- >> let it rip. >> joe wilson. it's a joint session of congress. the president of the united states is speaking. now, you may not like president obama, and you might not like the fact that he is president. how about respect for the office? yes, you have apologized. yes, you are not going to apologize again. i think it's very important for the institution of the house that he is reprimanded, and he is, you know, it be demanded he come to the well of the house and apologize, at least to the institution of the presidency. otherwise you will end up having a greater loss of decoream. we will all be asking, how did this happen? >> and yeah, isn't there a total loss of accountability whether it's the banks and theft or in the congress. as long as people don't feel

accountability, they will indulge in what strikes them at the time. >> with serena, she is getting fined. there is accountability. >> yeah, $10,000. >> yeah, that's like cab fair. >> kanye was like joe but they were having video awards and going along fine. taylor swift gets an award and kanye disagrees with it so i'm going to immediately tell you what i think. >> thank you very much for giving me a chance to win a vma award. >> hey, taylor. i'm really happy for you. i'm going to let you finish. but beyonce had one of the best videos of all time! >> what? >> things were really happening. >> what was that? what are you doing? i mean, like -- here is how to make your point in a way that assures that nobody will agree with you. nobody wants to be on your side at all.

and embarrassed hip-hop, mtv, himself, taylor swift and also a great shot of beyonce after that like why am i in this? this is between y'all. what is going on? >> beyonce proved herself to be a class act. later on in the show she won an award and called up the woman who got kanye and called her up and had her finish her speech. class act, beyonce. >> now if so much accountability for joe wilson and serena williams, we might think our government has some degree of responsibility to the american people. >> good luck with that. >> in the breck room, late night comedy, jay leno takes his prime act to two nights and apparently toure is bringing a friend to the break room. hopefully, he has treats for all of us. we're back with him after this. sfx:racking of a taillight.

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to the break room we distinguish. i warped you toure was going to bring a friend and making good on his threats. i'll let you introduce him to us. i thought he brought treats for everybody. >> jay leno show debuts tonight at what time? >> 10:00. >> that's right. this is something new in tv history. nbc spent $10 million to make sure you know the chin will be on at what time? >> 9:00? >> no. >> 10:00? >> 10:00 eastern! 9:00 central. >> central. >> but what is the ratings bar for this? what numbers do the peacock and advertisers want to see to call this a success? "e.r." once got 40 million viewers in that time slot. >> it costs $40 million an episode. like a billion dollar of taxpayer money every time they did an "e.r." >> what is at stake for nbc? tim broox is here, tv historian. is this really tv history? what do they need to do to have this moment -- >> how do you become a tv

historian? >> you're right. a big book about it, write a big book and that is how you do it. this is a huge risk. maybe 20% chance of success but if it works. >> 20% chance? >> oh, yeah, if that. >> good for tv. >> that is the average for prime time shows, actually. if it works, the payoff will be enormous for this kind of thing. it could be like "all in the family." or "friends." >> in terms of that level of success? >> cheaper to put on than "e.r." how much less audience can they get for it to still work? can they do half the audience of "e.r." and get that audience? >> he appeals to a older audience and they want a younger audience at 10:00. >> how do you get a younger audience, mr. pop culture? purple shirt? >> i don't know. >> how old was ed sullivan, for heaven's sake, but he put on the beatles and elvis presley. he brought in a younger audience

so jay has to surround himself with that. >> are you suggesting jay leno is not in touch with the kids? >> no, i'm saying he has to do that. it has to be jay leno at the center of all kinds of things going on. >> in five years do you think this will be on and fox and others will be trying to do the same? >> if it succeeds, you will see talk shows all over the place. >> at different hours, at 8:00 maybe? >> and at 10:00. >> nbc wanted to do -- they wanted to do oprah in prime time. do you think that would have worked better than leno? >> no. >> i'm out of time. appreciate you bringing a friend. nice to see you, tim. >> nice to see you. >> ahead in the second hour of the "morning meeting," american held hostage. day 375. how one year after the financial meltdown, wall street still engaged in risky behavior and still collecting from the american taxpayer and the american taxpayer has yet has done nothing to free themselves from the hostage takers.

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i'm dylan ratigan. welcome to the second hour of the "morning meeting." american awaiting comments from the president as we do so. the american people still held hostage by the financial crisis that nearly crippled our country one year ago and as yet nothing has been done to repair, fix or acknowledge the deep flaws of systemic theft that exists in our country and our financial system. the president getting ready to speak. again, two hours from now on what he plans to do to make sure it never happens again but will he, in fact, deal with too big to fail and does he have the capability to claw back all of that compensation paid out on the back of the american taxpayer? meanwhile, no more jeez from joe wilson who shouted you lie

at president obama. should the democrats let it go? is twasn't a lie, by the way, if anybody cares. facts are also interesting. the late senator ted kennedy in his own words. his much awaited memoir hitting the book shelves today. mike barnicle will talk to us about that in a second. fun with politics. at what point do the democrats have to let acorn go and maybe for good reason? it's 10:00 a.m. pull up a chair and join the "morning meeting." the president hets to wall street two hours from now. his comments come one year after lehman brothers filed for bankruptcy if you want to call it that, triggering a domino

effect. markets went into a tailspin and, most importantly, you have to understand that this was the evidence, it was this we had a rotting carcass and opened it up and it was the stink of that carcass that emerged through the lehman brothers' bankruptcy and now we've simply wrapped it up in bandages uses trillions in taxpayer money and are pretending that nothing is wrong. nbc's peter alexander is live on wall street what the president is expected to say about all of this. >> dylan, good morning to you. perhaps a little more rosy outlook for the president who will warn against this future catastrophe like we've seen from happening before happening again. the country used to store the nation's money, gold and silver here and the president will come here to talk more about dollars and cents and not talking about health care reform as he has done the course of the summer but focusing on the health of the economy. he will lay out grork groundwork

and push for massive legislation before the end of this year in terms of regulatory reform, reinforcing the need for global cooperation to avert a future crisis and he'll also essentially lecture wall street say do not misread this moment. while things app to be disable now the potential for disaster still exists without proper change. he spoke about this topic defending his actions during this crisis last night on "60 minutes." >> what i think is a legitimate concern, because this did happen under my watch, is that we initiated a big recovery act of 800 billion and the reason we do is every credible democrat and republican economist at the time when they came in said if we don't have a stimulus of some sort, then this is potentially going to get a lot worse. >> just a couple of hours off,

also in attendance expected today to be the treasury secretary, timothy geithner as well as the chair of the council of economic advisers, christine yeah romer. a lost a lot of people questioning what has changed in a year's time. in terms of pay, big bonuses are back. risk is back and, dylan, one of the figures that was out over the course of this weekend was the 30,000 goldman sachs employees still on average making $700,000 a year figures across this country people facing nearly 10% unemployment will be shocked to hear at this point. >> you can stick every bill i have and keep all the money and you would make a lot of money is the wall street motto. we as americans are hostage to exactly that model. they keep the upside, we take the downside. as the country we have been held hostage for 365 days. and the count continues. joining us now, arianna

huffington, cofounder of the huffington post and a syndicated columnist and author of a dozen different books. the latest, "pigs at the trough, how corporate greed and political corruption are under mining measure." and author is peter author of "bailout nation" howl the banks and the insurance companies in this company were able to create a system legitimately going back to the clinton era passing laws to take us hostage. also with us "the washington post" editorial writer, jonathan capehart. arianna, what is at stake if we don't do anything? >> well, what's at stake, dylan, is what you've been talking about. the fact we are still being held hostage and if we don't do anything, if we don't fundamentally change this corrupt system, we are basically going to be held hostage again. they are going to turn to us at some point, the banks, and say, sorry, if you don't give us more money, we are going to blow up

the system. that's what they did a year ago. and we gave them trillions of dollars without fundamentally reforming anything. they are now taking as many risks as they were taking before. they are bigger than they were before and it was not really very encouraging to hear senator dodd tell you that, you know, it's not going to be easy, if possible at all, to break them up. until we continue to allow them to be too big to fail, we are being held hostage, period. and i'm thrilled to have liz wedge warren be a real champion for the people here. this brilliant harvard professor who has a real storyteller's gift and cannot help convince the administration that some fundamental change is needed. >> what struck me, barry, was the lobbying. i want to play elizabeth warren on the role of lobbying and how concerned she is the american people, once again, will be taken by special interest. take a listen to the professor. >> the financial services lobby

is out in full force. they are thundering through the halls of congress. and they are thundering through the halls of congress on every single aspect of change in the world. what we're really talking about is a lot of people with a lot of money who are pushing congress just to do nothing. >> what do the people that are held hostage need to understand so that they take enough action? elizabeth made the point if people e-mail and communicate you see the birthers and the er, whatever it may be of the day, what do they need to understand so they can understand how violent the exploitation of the american people to the point they will leave their couch? >> two things they need to know. to quote rahm emanuel we never avert a crisis. there was a window we could have gotten through all sorts of really needed reform to keep wall street from blowing themselves up impacting the rest of the country and the global economy.

moving forward, that sort of sense of crisis motivation needs to be found at that level. people have to turn around and say, you know, it's clear the country is really angry but i think it's unfocused and misdirected, talking about whether or not undocumented aliens are covered by health insurance. >> a ball of energy that -- >> frustration. real frustration. >> we were talking about matt swho a conservative organizer just a mu minutes ago and we were talking about how to properly direct that energy. >> the right answer is i think you get people from the left, the right, the center to say we -- since as taxpayers we're on the hook for what wall street and the big banks do, we have to prevent them from holding us hostage. we've just gun gone through a few decades of experiment of letting the big banks have their own way. we have to go back to the way it was after the great depressions in the '40s, '50s and '60s and '70s where banks were boring and bank house earned their money

and they didn't take wild risks and expect the taxpayer to cover it when the bets come up snake eye. >> arianna, if you look at the most healthy way to focus this unfocused frustration that barry talks about and you and i have discussed it, what do you view as the most beneficial way for people lost or right to focus this energy to something constructive for america? >> well, the first thing, dylan, is to make it very clear as you've been doing throughout the show today, that this is not about left and right. on "morning joe" you about wrob bin wright agreeing with pat buchanan something has to be done about wall street. this is about the status quo versus the american public and that how we need to refocus the debate and we need to put some flesh and blood on the pain out there, out in middle class america. >> what do you mean when you talk about the foreclosures and the rest of it? >> let me just say that it is

not just that we have 300,000 foreclosures a month now. it's the fact that this is affecting america's middle class families. the backbone of america. not just economically, but politically. as elizabeth warren says again and again, brick by brick we are allowing the middle class to crumble and that is the foundation of our system and our democracy and i'd love us to really put flesh and blood on it by look what is happening at schoolchildren. my heart aches when i think all of the children thrown out of their homes by the same banks that we have bailed out, that stand around and refuse to modify contracts and refuse to negotiate with the homeowners. we need to make this mandatory because foreclosures is a gateway. when you have a million schoolchildren going to school harmless not because their parents took out crazy prime mortgages but because they lost their jobs you have a fundamental problem in this country and the anger and frustration that is being

unleashed needs to be challenged in positive directions. >> jonathan, the last word. >> right. arianna is right. i saw the 9/12 protesters on saturday. i was struck by two things. a lot of the t-shirts asaw one said barry obama care with teddy. those extreme messages i think scare away folks who are equally angry from act pavert part of the protests. the second thing i noticed was just how many people were out there when i heard the estimates being, you know, in the tens of thousands of people, those numbers, that's a message that the white house and the administration should pay attention to. yes, some of their messages are extreme but they have tapped into an anger and unsettled feeling out there among the american people that should be paid attention to. >> jonathan, thank you. arianna, thank you. barry, thank you. air ran that particularly thank you for providing a great platform for me this morning to

write the piece that is on the front page of your -- >> great to have you on. >> thank you. american held hostage, read it on the huffington post this morning and all day, bailout nation. we referenced arianna's book and jonathan is not going anywhere. msnbc live coverage of the president's speech on the financial crisis after noon eastern time and dr. nancy will host and i will join her for that hour and we will discuss what the president says at that time. again, read our take on the meltdown specifically on the huffington post this america. americans held hostage still 365 days later. contessa brewer has the balance of the news. what is going on? investigators belief they have found this body of missing yale yoompt grad student an ni le. police say someone hid her remains in the wall of the lab where they worked and where she was last seen alive a week ago. friends say they just can't imagine what happened.

>> it doesn't make any sense to us all. i can't imagine anybody mad at annie, much less wanting to hurt her and we can speculate all day about the motives. the only thing we can come up with is somebody was jealous. >> an autopsy will be performed and determine the cause of death but investigators are calling le disappearance a homicide. let me gli clint van zandt. are they looking at this at a inside job given the fact you have to swipe your i.d. card to get in the building? >> you have to swipe your card multiple times once to get in the building and i'm told once to get downstairs in the basement where her lab was. you have to swipe the card to get in there. the good thing about that is there is an electronic record of not only who just entered the building but who was downstairs in the lab. the university says we know who was down there at the time. the question is now who killed an ni le. >> the fact that the body was

found in an area that houses utility cables that run between floors, the interesting thing is if you're a college building, cliff, you don't know the layout like that, even if you're just a student. >> well, if you're looking around. you know, i think it's somebody who knows the building, either a student or a worker in there or a contractor, somebody. but my impression is it's like something like maybe a high school gym locker where you have a door and cables and things running in or somebody was looking around. they either knew or saw this quickly and put this young woman's body in there. unfortunately, it stayed there five days before the authorities found her. >> ironic since she wrote an article about how to stay safe on campus last went. clint van zandt, thank you, sir. >> thanks. on the "morning meeting," still to come, congressman joe wilson says once is enough and he is not apologizing again.

will congress ultimately have the last word? and really does he do us a favor because we're able to explore the issue of illegals and health care and as we discussed last week, it is, in fact, from the president not a lie. that next on msnbc. show and tell you weren't always my favorite day. with all the pet hair in the air, i'd spend class preoccupied, bothered by itchy eyes. but now i have new zyrtec® itchy eye drops. it works fast, with just one drop, to relieve my itchy eyes from allergies for up to 12 hours. no other allergy itchy eye drop works faster or longer. which is good, 'cause there's a lotta paws to shake. with new zyrtec® itchy eye drops i can love the air™.

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game time costs call or click today.sese. representative joe wilson if he doesn't apologize on the floor. kelly o'don done nell is on the beat. >> we are seeing yet another cycle what is becoming the yell and the apology drama. wilson said he would make a decision when he was informed by democratic leaders he would be required to make an apology on

the house floor. the apology he made to the president and the white house did not take into account what they say is an offense to the members of the house, the official body here. they've all described to me a sense of embarrassment and concern they have about that conduct is, so they want to put additional pressure. wilson says the democratic leadership is behind this and turning it into a case of for a partisan political gain, he said. over the weekend both wilson and the president talked about this controversy. >> i am not going to apologize again. i apologized to the president on wednesday night. i was advised, thank you, now let's get on to a civil discussion of the issues. i've apologized one time. the apology was accepted by the president and the vice president who i know. i am not apologizing again. >> now he is claiming he is a victim, he is being attacked.

>> well, see, this is part of what happens. i mean, it becomes a big circus. instead of us focusing on health care. >> reporter: and both wilson and the democratic opponent he faced a couple of years and expected to face again have both been raising big campaign cash, more than a million dollars each since this happened and we've seen more discussion about the underlying issue that got wilson so angry. would illegal immigrants benefit in any way from health care reform? democrats say they are going to try to add some additional provisions, certainly democrats on the senate side, to try to have more enforcement about citizenship is one of the issues that has angered republicans and is part of the ongoing debate. >> thank you very much, kelly. joining us right now, matt is a republican strategist and former press ses to kay bailey hutchinson and jonathan capehart is still bus. what strikes me is the need for

republicans to find a cohesive strategy on immigration and health care. in other words is this evidence of the continued struggle for the republican party to identify where they are collectively on immigration, period, where they are collectively on health care, period. so the circus develops because there isn't that collective focus. >> that's an interesting question, dylan. i think it may be unclear what type of immigration reform proposal republicans want right now. >> isn't that because they have so much support along the border politically and along the border politically being hard on illegal immigrants is a disaster? >> that's right. i mean, look. your position on immigration is based on your constituency. in south texas, along the border, sure, those members believe we need a lenient immigration policy. if you're a conservative member from west texas you probably have a different view. i think what is interesting about this is what kelly o'donnell reported which is repeated over the weekend the

concern that congressman wilson has has been validated. >> that's not true. >> it is true. >> it hasn't been validated. >> hang on a second. let me make the point. >> sure. >> we went from 47 million uninsured to 30 million. the reason we did that is because he took out undocumented immigrants from that figure. he mentioned that in the speech. late friday the committee added they would add strict procedures into the bill to sort of deal with this concern that they have. there is a provision in the bill that says we cannot fund illegal immigrants however, no enforcement for it and no way to find if you're legal or illegal in the bill. >> you make a great point. i concede that point and would even go so far to say lack of enforcement across our government in ten different ways has been a problem. taylor west, how do the democrats avoid getting sucked into these sidebars? whatever the sidebar may be, it's as if the -- those who would seek to have a health care

conversation to make the president's point have a hard time doing that when there is constant and perpetual screeching and distraction. >> that's not an accident, dylan. these side distractions are the tactic that the republican party is using to try to kill health care reform at any cost. and it's a shame, because it means that we're not -- >> can i correct you? i would argue, at least in my reporting, taylor, i don't think that everybody in the republican party wants to kill health care reform at any cost. i think there's a faction of the republican party that looks at this as an opportunity to take down the president. >> yes. >> and doesn't care about health care. >> yes. >> but unfair i think to indict the entire republican party as that. >> i'll give you that in the sense that, yes, i think they have decided to sacrifice health care reform to tear down the republican. >> some have. i think to indict all republicans is a disservice to that party. >> maybe so, but it's difficult to find people legitimately working in good faith any more. even chuck grassley who is

supposed to be the poster boy for bipartisan work on this was putting out fund-raising letters talking about how he was going to kill obama care. really, it has gotten the point where you can't see a lot of these guys working in good faith with democrats and the president. >> jonathan, you get the last word. your thoughts on -- boy, you heard from both sides and where you think we go from here. >> i think where we go from here is to see what this senate finance bill is on health care and then to really see once we have language to see what the republicans in the senate and on the hill actually do. what will they support? what won't they support? and how willing are republicans and democrats to compromise to actually come up with somebody. the president said on wednesday and the administration has said and even some republicans who have said, you know, there is 80% on agreement on what needs to be done. so unless folks focus on that 80% and use that as momentum to get something done, we'll be bogged down in joe wilson's death panels, illegal immigrants

conversation, rather than actually doing something that many americans care about, most americans care about. >> we feel like we need an extremist center left and extremist center right to deal with all of these problems. but i suppose that is oxymoron. appreciate both of you guys joining us. jonathan, thank you very much. speaking of dealing with things, the president boarding air force one and heading for new york city. he will speak about the financial crisis live on this network and across the country. noon eastern time. dr. nancy is your host and i will join her for that hour. still to come in this hour, senator edward kennedy's memoirs out today and we are talking about them with my friend, neighbor, and colleague and a handsome devil in his own right, mike barnicle along in just a second. get wrapped up in the luscious taste of butternut squash, blended with delicate herbs. v8 golden butternut squash. from campbell's. a soup so velvety and delicious

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moments away, talking to ted kennedy's memoirs with kennedy

friend, dylan ratigan friend for that matter. msnbc contributor, most importantly, mike barnicle. a many of many words and many charms. and a man who knew teddy well. he is with us after this. walmart checks other stores' prices so we can save on all our game time favorites. and if there is a better price out there,

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welcome back. less than three weeks after senator ted kennedy passed away his long awaited memoir has finally been released. contessa brewer that details.

>> senator kennedy spent decades working on his auto biography entitled "true compass. >> we are learning he never got to hold the finished copy. it arrived at his home the day he died. book is released today and lay out the senator's life story as well as the story of the kennedy family. in there he is painfully honest and the pain and anguished caused by his drinking and crash at chappaquiddick and he reflects on what it was like to grow up a kennedy and how it shaped his life. here is late senator in an interview with his publisher last year. >> i had a sit-down with my dad. he said, i just want you to know i have other children that are out there that intend to have a purposeful and constructive life and so you have to make up your mind about which direction you're going to go. >> in his book, kennedy also discussed his reaction to his cancer diagnosis last year. he wrote that his brothers and

sisters were never taught to give up aever nen to passively accept fate but to exhaust every last ounce of will and hope in the face of any challenge. dylan? >> of course, kennedys perhaps best known as family, as a group. this was a community of people all related and all sort of with tremendous access and tremendous power and tremendous tragedy. mike barnicle joins us. i want to read you a quote from the book from teddy kennedy on family. he says as i grapple with the dire implications of my illness, i realized my own life has always been inseparable from that of my family. when i sit at the front porch i think of them often and my parents and my brothers and sisters all departed now save for jean and myself. my store why is their story and tlars tlars is mine. in your words what is that story? >> i think part of it is the

huge influence that ambassador joe kennedy was on this, his youngest son, teddy kennedy. he had an enormous influence on him. >> how so? >> i think from the beginning. i think when that clip we just showed, teddy sitting there talking about his dad saying to him, look, i don't want to waste a lot of time with you unless you're going to lead a purposeful life. get something to do and pick it out and make sure it's important and go to work on it. you know, you're my guy. if you want to fool around, i'll still love you but i'm not going to have as much time for you as i'll have to joe or jack or bobby. >> more than any of them, because teddy kennedy never came off os a chosen one. anything from it or far from it, i should say. he was the accidental one. the one who just happened to be there, the one who was left, the one who kept showing up and in some ways, it speaks to more than anything his persistence, his willingness to continue to engage after dismissed this way and that way and faced with varieties of tragedies both self-created and from the

outside world. >> well, yeah. i mean, when he was young, he was a little chubby kid. he was the runt of the litter, the last of the litter, an after-thought. >> handsome older brothers destined to be the president of the united states? >> absolutely. and so by fate and by accident, he is left alive. he is left over three decades as the only kennedy who ever got the opportunity to have gray hair. and i think he took it seriously, especially so after 1980. 1980 was a liberating year for him. >> why? >> he knew then he was never going to be president, so that weight of expectation and anticipation largely held by others and placed upon him as a vehicle for their desires, their ambitions, not necessarily his, the oval office, he was free of that. and he could be become who he became. >> what lessons can be learned for other politicians that may not feel that they have the most

charismatic path or they are the chosen one from a given community, but they are in the room, and they are able to be a benefit from the privilege of that presence in a way that no one else in this country is able to do, because they are simply not in those rooms? >> well,, you know, one of the secrets that ted kennedy's success, obviously, everybody says his famous last name, his wealth, the family history, the legend and history in massachusetts of continually electing kennedys. but a good percentage of was his ability to deal with constituent services. there are very few people in massachusetts who haven't been affected by something he did, some legislation that he helped pass. very few people in massachusetts who haven't received letters, correspondence at some point or other across 46 years from senator kennedy. for those in the back of the room without the charisma, it's hard work. that's what he put in, hard work. >> mike, a pleasure. always nice to see you. i like to describe you as a

handin devil because you are though you were up early this morning and doing this tv stuff. how are you holding up? >> two handsome fellows. >> i consider 9:00 a.m. early let alone 6:00. contessa brewer what is going on some. >> after nearly a week-long search for missing yale student an knee le, police annie le. police believe they have found her body. the same day she was supposed to be married when they found the body. police are working to identify the body but treating her disappearance as a homicide. suspects in the kidnapping and race of jaycee duggard due in court today. they pleaded not guilty. after snatching her off the street in south lake tahoe in 1991. investigators are looking at whether the two were responsible for a string of other unsolved mureds. george lewis is in burbank today. what are you expecting to see out of the court hearing today? >> well, one of the things they

will be talking about is the possibility of bail for the garridos. the attorneys for phillip and nancy garrido will make the argument they should be let out on bail. legal experts tell us that is probably an exercise in futility because of the seriousness of the charges they are charged with. bail will probably not be granted. the judge could set a date for a preliminary hearing in the case as the wheels of justice grind guard. the garridos have been kept in the county jail apart from the general population of jail prisoners there because of concerns about their safety. it's likely they will continue staying in the el dorado county jail for the foreseeable future as the legal process goes on. >> i've seen some reports that there have been other inmates who have threatened the pair. they are facing here 29 felony counts. are all of those related to jaycee dugard and her kidnapping? >> yeah, exactly. it's all related to the kidnap, rape, and the detainment of

daysee dugard over this period of 18 years when she bore two children allegedly to phillip garrido and she and the children were kept in a compound behind the garrido house and sheds and tents concealed from view and apparently not noticed by garrido's parol officer who visited from time to time. after a break, the murder trial of amanda knox resumed today in italy accused of murdering her british roommate in 2007. today a forensic expert is testifying for the defense challenged some of the evidence collected at the crime scene. we will stay on top of that throughout the day. a man charged with plotting the biggest terrorist attacks on september 11th about spend at least 40 years in jail. two others sentenced. they were planting explosionives designed as soft drinks on an airplane. iraqi man jailed for throwing shoes at former

president george w. bush will be released tomorrow. he was supposed to get out of jail today but he has to spend one more night behind bars because of delays with the paper work. the man's family says they will sit outside the jail until he comes out. if you've been waiting for swine flu vaccination you may not have to wait longer. kathleen sebelius says she expect to have ample vaccine available by the middle of october and high-risk groups may be able to get vaccinations at the start of the month. a "star trek" themed wedding this weekend. so mow romantic. the wedding took place on a mock "uss enterprise." lucky winners in a "star trek" wedding contest. the pool of applicants here a whopping 15 couples! the trekkies met three years ago at a "star trek" convention in chicago and you have to assume with a ceremony like this they will live long and prosper,

dylan. >> you can't help yourself. look at that! very impressive. >> you have no idea. >> the hidden talent. still ahead here on the "morning meeting," the grassroots group accused of voter fraud during last year's presidential election under fire once again. at what point is acorn far more trouble than they are worth for the democratic party? we will have the conversation here after this. upbeat rock ♪ singer:wanted to get myself a new cell phone ♪ ♪ so i could hear myself as a ringtone ♪ ♪ who knew the store would go and check my credit score ♪ ♪ now all they let me have is this dinosaur ♪ ♪ hello hello hello can anybody hear me? ♪ ♪ i know i know i know i shoulda gone to ♪ ♪ free credit report dot com! ♪ that's where i shoulda gone! coulda got my knowledge on! ♪ ♪ vo: free credit score and report with enrollment in triple advantage.

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registration effort for last year's presidential election but it was targeted by conservatives. when some employees accused of submitting false voter registration. remember this? had names like mickey mouse registering to vote. now, the group is coming under new secrete knee. after hidden camera videos allowed them to fire two fou workers last week. >> sex is kind of like dancing, right? >> yeah. i'm thinking like if you worked in like -- put it this way. what is the name of that? they usually go under performing arts or either performing arts. which is what -- what you are, performing arts. >> that video allegedly showed workers in two separate acorn housing offices helping a couple posing as a pimp and pros stus prostitute and applied for illegal housing loan for a brothel.

a.c.o.r.n.'s chief organizer says the filmmaker who posed as a pimp in the film is threatening legal action against the makers of the video and fox news which a.c.o.r.n. calls advocacy for right wing -- >> i once rented a brothel before i lived in and not a pleasant place to live. we're off topic. head of a.c.o.r.n. is with us. what is your explanation for that video? >> an explanation for this video as an attack on the work that a.c.o.r.n. is doing. we got 150,000 people in their first homes and kept 50,000 people free of foreclosure this work. we see this after coordinated attack driven by fox entertainment, not news but fox entertainment on the work and the members of our organization. >> i was thinking about the conversation that you and i are about to have and the one i was fortunate to have with matt of

freedom works which is a conservative organizing group and different agenda. we were talking about the frustration that exists in this country about the government process. >> thank you for asking that. >> the bank bailout and all of these sorts of things. i agree with you that you have been targeted from conservative groups. but when they target you, they find things that are unsettling and when i look at matt, i understand your issue but then i look and you say, well, kill obama this and not kill but kill obama care. so it's when the radical -- >> you're right. process actually matters so it's very important to look at in these films, as you'll see, none of these people got a loan or a mortgage and none of these people filled out an application. none of these people even filled out an intake form. so we at a.c.o.r.n. have a multistep process that keeps

people from doing the wrong thing. these people never got to first base. >> if you looked at the vulnerability -- in other words, let's assume about bl it's any of these organizations that the intense is good, the intention is to manifest political interests but that those on the left or right are willing to behave when not properly monitored in an an unethical, manipulative and destructive manner that ultimately comes at the expense of the country. i don't care what side it comes from, obviously, your process could use some improvement. >> with you again, this is why process matters because we set up these 12 steps. it's very difficult when you have an organization like fox entertainment -- >> forget them. >> i understand but it's not just that. it's millions and millions and millions of dollars in resources. when you have -- >> i understand. >> when you have processes that are able to take these shams shames and stop them at the

gate. >> your point the shams happen inside a.c.o.r.n. and fox sees the attempted sham and makes it look as if the sham was actually perpetrated? is that your defense? >> through an edited and doctored tape that doesn't depict what happened in the room. >> you don't deny idiots will behave in idiotic manner the way freedom works? >> people do stupid things. that's indefensible. >> your point is that that is different than what a.c.o.r.n. seeks to get done? >> it's actually different than the work we do every day. the work we do is focused on keeping people in their homes. 50,000 people this year and 150,000 first-time home buyers and attack on our members and the work we do is what this is essentially about. >> if you say fox has a doctored tape, what would the undoctored tape show? >> we are in the process of going through the transcripts and re-create what actually happened and i will be happy to

come back and tell you. >> let's use the frustration to improve the government system which is vulnerable to the government and at the expense of the american people. back with the take-away. what a show it has been. - ( music playing ) - a work of art. a finely-tuned machine. a sanctuary. a command center. ( both revving ) a sophisticated sedan. a sports car. together. nissan maxima, the four-door sports car. now get a new nissan maxima for 0% apr financing for 60 months. your hair mixes with pollen and dust in the air.

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time for the take-away. a historic period for us over the next couple of months. we want to remind you the president is speaking live from federal hall on wall street after noon eastern time and dr. nancy will anchor and i will join her for the balance of our coverage this afternoon. the president trying to get congress moving on financial reform but will it, in fact, be done? here is what the chair of the

grevent chairman told us irks senator durbin tried to get something through to put breaks on the mortgage foreclosure. he couldn't get more than 45 votes in the senate for this bill and he was so frustrated at the end of the process. he said publicly the banks own this place. >> well, they do. no wonder. you consider who is applying the pressure over the past decade, the financial sector has spent more money than anybody in our country on lobbying. 3.7 billion dollars and think about it. if you can get access to 23 trillion for a $3.7 billion is a good deal but makes you wonder why the rest of us are paying taxes. even health care comes close and they can't beat the financial sector when it comes to lobbying. the goal for the lobbyist about too big to fail or for that matter anything at all. the president is trying to get things going two hours from now and we'll see how he does.

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