send your kids to college. now hopefully, their lives will be even better than ours. that's what i wish for malia and sasha and i know you feel the same way who have kids. that's where we need to go. i've been pushing congress to help us get there bypassing a few common sense policies that we're convinced will make a difference. we even made a handy to do list for congress so they can just check them off. it is a list like michelle gives me. i know paul is familiar with that list. he gets it from val. there are only five things on this list. because i don't want to overload congress with too much at once. but they're ideas that will help create jobs and build a stronger economy right now. first up on the list. it makes absolutely no sense that we actually get tax breaks

to companies that ship jobs and factories overseas. that doesn't make any sense at all. so we told congress, it's time to end tax breaks for company that ship jobs overseas and use that money to cover moving expenses for jobs that bring jobs back to america. second. instead of just talking about job creators, congress should help small businesses and help small business owners who create most of the new jobs in america. so we want to give them a tax break for hiring more workers and paying them higher wages. the third thing on our to do list. congress should extend tax credits that are set to expire for our clean energy companies. these businesses are putting folks to work here in this state of nevada, the last time i was here. i went to see a huge solar

plant. solar energy plant. a lot of folks are both in the construction of it and maintaining it. that's happening all across the country. so we've got to make sure that we are helping those folks, because that helps us break our dependence on foreign oil over the long term, that will help drive down gas prices and puts people to work right now. it is the right thing to do. fourth. congress should create a veterans jobs corps so we can help communities hire returning heroes, our veterans, as cops and firefighters, and employees at national parks. nobody who fights for this country should have to come home and fight for a job or a roof over their heads. that's four. which brings me to the fifth. the fifth thing on the list. that's why i'm here today.

i'm calling on congress to give every responsible homeowner the chance to save an average of $3,000 a year by refinancing their mortgage. it is a simple idea. it makes great sense. and i know it will have an impact. last october, i was in clark county where i announced new steps to help responsible homeowners refinance their homes. and at the time, congress wasn't willing to act so we did. we went ahead and did what we could do administratively without a new law being passed. and as a result, americans who were previously stuck in high interest loans have been able to take advantage of these lower rates. and they've been able to save thousands of dollars every year. and it turns out that two of those people are your neighbors. paul and valerie keller.

so i just had a chance to visit with paul and valerie and look at their beautiful home and check out the grill out back. valerie says paul is a pretty good cook. so i'm going to he at a her word for it. the kellers have lived in this house for 14 years. val works nearby helping secure loans for farmers and ranchers. paul is a retired electrical contractor who started the family business with their son. last year with mortgage rates at historic lows, the kellers decided it would make sense for them to refinance. they thought it would be easy. since they're current on their mortgage, they make their payments on time. so this is an example of responsible homeowners doing the right thing. but when they tried to

refinance, they were told they couldn't do it. because the kellers house, like thousands of others in this state and probably some of the neighbors here, their house is under water which means that the price is currently lower than what they owe on it. so they were hit, you were hit with a historic drop in housing prices which caused the value of home in their neighborhood to plummet. and a lot of banks historically have that, well, we won't refinance you if your home is under water. now luckily, the kellers saw my announcement that i made down in clark county. so i'm assuming it must have been val. because whenever something smart is done, it is usually the wife in the house. so they called their lender and within a few months, within 90 days, they were able to refinance under this new program

that we set up. their monthly mortgage bill has now dropped $240 a month. and that means every year, they're saving close to $3,000. now, val says that they've been talking to some of their neighbors. maybe some of you here today and you're saying that sounds like a pretty good idea. and a lot of folks across the country recognize, this is a smart thing to do. not only for homeowners but for our economy. if paul and val have an extra $240, $250 a month, then they might spend it on the local business. they might go to a restaurant a little more often. they might spoil their grandkids even more. and that means more money in the economy. and businesses do better and slowly home prices start rising again. so it makes sense for all of us.

and the good news is, since i've made this announcement, refings applications have gone up by 50% nationwide and 230% here in nevada alone. that's the good news. people are taking advantage of this. that's what we want to see. here's where you come in. you have to pressure focus. the pool of folks who can refinance right now when their homes are under water is still too small. the reason they were able to refinance is because the only thing we could do was refinancing norfolk with a government backed loan. an fha backed loan. but in order to expand that opportunity, we want to include everybody. people whose mortgages aren't

government backed. and in order to do that, we've got to have congress move. there is absolutely no reason why they can't make this happen right now. if they started now, in a couple of week, in a month, they could make every homeowner in america who is under water right now, eligible to be able to refinance their home if they're making their payments. if they're responsible, if they're doing the right thing. and think about all those families saving $3,000 on average a month. that's a huge boost to our economy. and for some of you who are under water, you might say, instead of spending that money, i can plow that back into equity in my home. and build that back up. which would further strengthen housing prices here in nevada and around the country. so it is the right thing to do.

there is already a bill in the works. it is supported by independent nonpartisan economists. it is supported by industry leaders. congress should pass it right now. and let me say this. maybe there are members of congress watching. if you need some motivation to make this happen, then you should come to reno and visit with folks like the kellers. i'm not saying, i'm not saying the kellers want all these members of congress up in their house. it's bad enough having me and seek service in there. but at least, they probably wouldn't mind saying hello and talking to them here in front of their house. but they should talk to people whose lives are better because of the action that we took. all over the country, there are people just like paul and val, folks just like you, who are doing everything they can to do the right thing.

to meet their responsibilities. to look after their families. to raise their kids right. to give them good values. you're not looking for a handout. you just want to make sure that somebody is looking out for you. and that when you do the right thing, that you're able to keep everything that you've worked for. it is what folks are looking for. and that's what they expect from washington. to put the politics aside and the electioneering aside. and just do what's right for people. so i need all of you and everybody who is watching to push congress on their to do list. nag them. until they actually get it done. we need to keep moving this country forward. send them an e-mail. tweet them. write them a letter if you're

old-fashioned like me. but communicate to them that this will make a difference. it is one small step that will help us create the kind of economy that all americans deserve. that's an economy built to last. an economy where everybody has a fair shot. everybody gets a fair share. everybody is playing by the same set of rule. that's what made us great in the past. that's what will make us great in the future. thank you, everybody. god bless you. god bless america. and give val and paul a great round of applause. >> that was the president speaking right now at the home of paul and valerie keller. they have a government backed loan and were able to refinance their loan. the president said they have been able to save $250 a month. $3,000 a year. but he made a plea, a five-point

pl plea. a final plea so that government backed loans can be easily refinanced in the same way. i'm joined in the studio by professor michael erick dyson from georgetown university, and by karen finney, former communications director for the dnc and writer for the hill. professor dyson, your immediate reaction to what the president was saying. >> it makes perfect sense. it is for the american people. not giving attach cuts to rich people or those very wealthy at the top. refinancing of home can stimulate the economy. the vigor of that economy is predicated on the participation of people in the economy. the american dream is about the ownership of a house. it makes perfect sense. i'm glad the president gave us a tgif. >> karen, he just said that he refuses to sell this country short. he said we've heard the republican ideas of the past. they didn't work for a decade. they won't work for now. and he said, i want a better

future for my two daughters like everybody else does for their children in this country. >> yes, he did. in doing so, what you have the president doing is going back to some of the theme we heard when he started rolling out the jobs act. which is this idea that he is on your side. it is the president and the american people. together we got to push congress to get congress to get some things done. so the positioning of this i thought was really wise. also it showed, he went to a place that was the hardest hit in the economy. the hardest hit in material of the housing crisis. >> the highest number of foreclosures in the country, nevada. >> that's right. and went to a home that benefited from his programs. remember what he said. i did what i can do. now i need congress. so again, that's part of the argument that he is making on the economy. and contrary to what the romney folks would have you believe, he is not afraid to talk about his record on the economy. but he is trying to remind people that congress has a role to play which i think was also a very wise thing to do in

addition to talking about the policy. >> he actually said, i want congress to put politics aside, electioneering aside, and do what's right for the people. but many republican there's say, what has he been doing on the west coast apart from electioneering? speaking at george clooney's mansion at a lavish $15 million dinner. speaking in seattle and now speaking in nevada. is that not electioneering? >> the man has to acknowledge the situation on the ground as it is. he is running for reelection. he is campaigning for the privilege to serve the american people for a second term. to put into effect the laws that he is articulating here. he has to do that. he can't change that in the middle of the game. but tame, he draws back. and he says, look. this is the bigger picture. these are the people who i've served. i've done everything i could. they are manifestation of my dream come real and do you know the same thing they're doing. if congress helps me, we can have a lot more pauls and vales throughout the country. >> remember, also what he said. and this is something we know about the housing program and

that is, we need, he needs more people to actually make that call and apply for these program. one of the challenges that they've had is actually communicating about the program and getting people to come forward. some people are not coming forward because maybe they're embarrassed or they don't know about the program of it is part of his job as president of the united states of america to say, hey, this program is out here. it is available to you. i want you to come and take advantage of it. and there is more that we can do but here's where i need your help. so again, that is a distinction between raising money for a campaign. talking about real ideas and real solutions that can help people as he like to say, right now. it is part of his current job. >> i must comment, the president was holding a baby and it look like he was at a baptismal service. it was beautiful. when we come back, mitt romney and the question of his character.

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today mitt romney is having to perform day two of damage control on the story of hit bullying past. the "washington post" story of mitt targeting a classmate and forcibly cutting the boy's hair has forced an apology from romney and stopped him from using his usual talking point of ironically, a president who goes around apologizing. >> i don't recall the incident myself. i've seen the reports and i won't argue with that. there is no question that i did some stupid things when i was in high school. >> the problem isn't so much the story itself, bad as it appears to be. the problem is that it feeds into a large he portrait of romney romney, the political bully. this is what mitt's former classmate, philip maxwell said about participating and now call a haunting memory. the boy was pinned down by the state champion wrestler, the

captain of the football team. this was bullying supreme. other people did the real work but maxwell said it was romney who wielded the shears. match that with how newt gingrich describes the onslaught from romney's super pac buddies just after gingrich's primary win in south carolina. >> he has a basic policy of carpet bombing his opponent. he doesn't try to build up mitt romney. he just tries to tear down whoever he's running against. >> indeed it seem romney has relied on super friends on pinning his enemies down. the story has carried an additional resonance, given the president's evolution and endorse many. romney has tried to take the air out of this momentous event, trying to characterize it as a flip-flop. >> we don't change positions to try to win states or certain sub groups of americans. you have the positions you have. >> so when asked, will i preserve and protect a woman's

right to choose. he make an unequivocal answer, yes. >> i believe that abortion should be safe and legal in this country. i believe cynic row v. wade has been the law for 20 yearsering with should sustain and support it. >> mr. romney, you may want to rethink that flip-flop line of attack. >> back with us, and joining us for the first time, rick tyler. head of the assumer pac that supported newt gingrich throughout the primary campaign. karen finney and of course, professor eric dyson with me in new york. rick perry, excuse me, mr. tyler, you've just come off one of the most ferociously contested primary seasons. i wonder if you could share with us something of the experience. immediately after your success in south carolina. when the romney campaign suddenly turn its fire on newt gingrich as you were preparing for the primary in florida? what was that like? >> well, we wanted to keep the momentum going. in retrospect i wish we had not

spent any money in florida at all. we wanted to see what they had done in iowa and we were prepared for them to do the same in florida. we were a little surprised the degree to which they ran negative ads. 99.9% negative ads. nothing about mitt romney at all. all about newt gingrich. >> mr. tyler, i think you're not really giving due credit to what romney did. your own candidate said he was carpet bombed. he was relentlessly taktd. personally attacked. every single element of mr. gingrich's past was thrown up in relentless advertising against him. >> that's true. that is the past. we are now in the future. we are now in a new campaign. we won't litigate the old primary campaign because it's moot. >> we're not but here's the important thing. would you say that your candidate was in effect, bullied as he approach that primary? >> no, look, i don't think what mitt romney did at cranbrook has

any relevance. >> i'm not talking about cranbrook. i'm talking about what happened to your cat in florida where you yourself have just said, you could not believe the ferocity of the attacks. did that feel as though your candidate was being bullied during that primary? >> i wouldn't consider it bullying. i would say barack obama bullying the supreme court. epa bullying business owners. bull yig the romney campaign. that's what bullying is. when they have an effect on private citizens. not people running against them. people who disagree with them. >> you're obviously still very loyal to mr. romney. professor dyson, you recall what happened. newt gingrich that it was carpet bombing. it looks as though he was severely attacked by mitt romney during that period. >> two bullies bullying each other. except in this case, romney had the deeper pockets and the bigger bully pulpit.

so this bullygate is a pattern being established here as he said, carpet bombing and the unprincipled assault that is involved there. also the flip flopping that he is accusing the president of. trying to bully the president into a narrow definition of beliefs when the evolution has been made clear and he has been transparent by it. mr. romney on the other hand, flip flopping constantly for political gain and expediency, never acknowledging it. i do think the cranbrook situation reveals a person who is capable of engaging in activities. then having plausible deniability. you know i don't remember that but if you say i did, all of the accumulated empirical evidence says you were there. so it is easing in the back door of truth as opposed to standing up and being honest about it. >> karen finney, what does this incidence tell but mitt romney's character? >> call. things. number one, this is a period where we learn a lot about a

person's level, ability to have empathy. >> to see someone who is a little different than themselves. rather than bullying that person, maybe i'll make a friend will what i find interesting about the way this campaign has handled it. bullying is one of the top issue concerns for parents today. it is an issue that outside of politics, people are talking about it all over this country. we just had a major film out about it. flfs an opportunity for this campaign to use that and use it with a way to connection with people. empathize with people. that was not their first instinct. it was to say we don't remember. we'll brush it off and say kids will be kids rather than saying, this actually still is a real problem. let me be a part of how we talk about this problem and move past this problem. >> mr. tyler, finally, what do you think of the story in the "washington post"? what is your reaction to the coverage of this incident in

mitt romney's past? >> i think it would be fine and it is fair game. the romney campaign is a victim themselves. every time they try to make mitt more relatable, they make him less relatable. it would be fine if the "washington post" dts due diligence and looked at barack obama who said admittedly in his own book, wait a minute. for two years, his senior year and junior year in high school he barely went to class. he used to get high on the beaches of hawaii. >> wait a minute. we spend a whole week last week talking about his college girlfriends. >> not four years ago we didn't. >> four years ago we talk about that. >> i'm afraid we did. >> mr. tyler, i think you've got that wrong. >> i said has the "washington post" -- >> mr. tyler, are you sure you haven't been affected by mitt romney's selective amnesia? i don't think you can remember what happened four years ago. >> i think it is interesting. what are you going to do when the president starts carpet bombing mitt romney? are we going to have the same

discussion about mitt romney? i don't think so. >> of course we will. well, rick tyler, thank you for joining us. professor michael eric dyson. thank you. [ male announcer ] they were born to climb... born to leap, born to stalk, and born to pounce. to understand why, we journeyed to africa,

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♪ i can go anywhere today ♪ la la la la la la la [ male announcer ] dow solutions help millions of people by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything. solutionism. the new optimism. from same sex marriage to water skiing and golf, the week in review. >> it's shameful. people dying for the right to vote. friends of mine. colleagues of mine. >> a simple proposition. who do you love? >> at a certain point i just conclude that had same sex couples should be able to get married. >> i'm in favor of traditional marriage between a man and a woman. >> there is a grand canyon between these two positions.

>> mitt romney. we're going to beat you like a drum in november. >> they are great people. adorable people. >> he is going to vote against it. >> i want them to get a good job torborg get out of poverty. >> 80 and 90-year-old seniors who rely on the provision of meals on wheels. >> you took over $1.5 million in foreign tax credit. >> i'll look at it. >> i'll take a lot of credit for the fact that this industry has come back. >> he is super mitt. forget president. he should be emperor. >> i think this is one of his etch a sketch moments. >> i want to know -- i do agree. he should be tried for treason. >> i anxioused the question. >> you don't agree -- >> aren't there issues of significance you would like you can to about? >> this is a significant issue in colorado. >> a paragraph 13, he said, i endorse mitt romney. >> if that was a love letter, i would call it a kiss through

glass. >> you cannot sing. you said yourself you're not cool. >> i think i can sing. >>. ♪ above the fruited plains >> i don't think i'll play the president a round of golf but i'll be happy to take him through a water ski course. >> let's get straight to our own version of "happy days." richard wolff is an analyst. richard, if i can start with you. romney is doing his best to stay on message and talk about the economy. we just heard him say, he is okay with gay couples adopting children. so just so i have this right. he endorses well, i don't think what he was saying, to be perfectly honest. >> what he is saying is there is the severely conservative romney running for president. if that doesn't work, there is

also the massachusetts governor who also ran to the left of ted kennedy. >> i'm so glad you're here because i was completely confused. >> that's the way mitt romney has run his campaign. it is not like normal candidates where you have to tack back. he wants to be both to the right and in the center tame. >> that's a pretty impressive achievement if he can do it. despite his gaffes and flip-flops, even taking credit for saving the motor industriering remains neck in neck with the president in some key battle ground states including north carolina where the president leads by just 2 points. and in florida and ohio where he leads by just one point. making it a statistical dead heat. whatever happens here, this is a very close election, isn't it? >> every single election is a close election. every single presidential election starts off the same way. it is a 46-46 election. and then you look at about a

dozen battleground states. and in most of those, the president has been doing very well. but you know, it is true. we come back to essentially a tie game when we get into may and june. >> the key thing for the republicans. the president that about 40 and 44% of the white vote which is very good for a democratic candidate. his number in the african-american communicate, hispanic communicate, the gender gap which we talked about. all the fundamentals look very, very good for the president as we've discussed on this show before. the economic trends seem to be in his favor as well. richard is exactly right about wanting to have it both ways on the conservative moderate approach. but i think he is .9 pandering to the left. pandering to the right, rather. and i think maybe .1 from the moderate. in 1992 bill clinton that we need, cut the white house budget by 25% and the era of big government is over will 100,000

cops on the street. that showed he had character. the bail to kind of stand up to the far left when it was the right thing to do. it showed he was a strong leader. you will see romney doing exactly the opposite at liberty university. >> romney seems to believe his only strategy is to keep discussing the economy and nothing else. it is obvious there are many other questions in the minds of the american electorate. for example, the issue the president raised this week in relation to gay marriage. he can't just say, i'm not interested. i suppose he can. if he is ever questioned by anyone, he can't just spout i want to create jobs and i want to create jobs. >> clearly that is his biggest opening and his strongest card. he needs to play the. that's what voters want to hear about. there is a difference between being a ceo and a president. and that is that ceos can just focus on one mission. they're going to make money, sell a certain line of goods.

a president has to deal with lots of things. most of them unplanned no matter what you think your agenda is. and yes, you have to deal with thing that often, if you're a challenger, are set by the incumbent. in this case, the president managed to dominate the news psych well a little assist, not always welcome from his vice president. and that means he gets dragged into another conversation which is running through the american electorate right now. there was a reason north carolina took a vote. this country is changing its opinions. some people, some states, some interest groups are a reluctant to move along with the rest country. mitt romney if he is going to lead this country has to speak for it as well. so no, you cannot just be one note even if you think that note in s your best one. >> and isn't there also a problem for romney? because he has always been a bit reluctant to speak about his mormonism because he is aware that many evangelicals think of mormonism as a cult. now he has problems with his own personal history. if he wants to talk about his

childhood and that sunny period of his life before he was 18, he'll have to talk about what happened at cranbrook when this poor child had his hair severed in such brutal fashion. >> and i think as a general rule, the silly things that we all do when we're in our teenage years should be off limits in terms of a political campaign. i think the reason that this may be different -- >> you say that but -- you say that should be off limits. but i remember the president's childhood being dragged up every day. i remember him being accused of attending a madrasah for fundamentalists when he was growing up in an elementary school. >> and that's correct. that's kreg. and i consistently came out and said that it was not only an inaccurate important trail of the president but that kind of thing should have been weigh off limits in the other attacks should have been way off limits. something that came from the clinton side during that campaign, as you remember. and they should have been off limits. and i'm trying to be skin. the reason that i think this is different is because it fits

into a large he narrative about mitt romney putting his dog on the roof of a car. saying i like to fire people. i don't particularly care about the poor. let detroit go bankrupt. a much larger narrative that shows that he is not only inauthentic. >> please stay with us. you're too good to let go for just one segment. we'll be right back in a moment. >> in the end, people can only define you if you let them. in the en, it is up to each of us to define ourselves. it is up to each us to invent our own future with the choices we make and the actions we take. (spoken in mandarin)

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[ male announcer ] this is your moment. this is zales. the diamond store. take an extra 10% off storewide now through saturday. hi, i just switched jobs, and i want to roll over my old 401(k) into a fidelity ira. man: okay, no problem. it's easy to get started; i can help you with the paperwork. um...this green line just appeared on my floor. yeah, that's fidelity helping you reach your financial goals. could you hold on a second? it's your money. roll over your old 401(k) into a fidelity ira and take control of your personal economy. this is going to be helpful. call or come in today. fidelity investments. turn here. mitt romney is preparing to deliver the commencement address tomorrow at liberty university in virginia. liberty is one of the nation's largest conservative evangelical

institutions and was formed in the 1970s by the late television evangelist jerry falwell. the same jerry falwell who said this just two days after the 9/11 attacks. >> the aclu has to take a lot of blame for this. i know i'll hear from them for this. but throwing god off successfully with the help of the federal court system. throwing god out of the public square, out of the schools. the abortionists have to bear some burden for this. because god will not be mocked. >> mr. falwell was succeeded by his son, dr. jerry falwell jr. and there has already been something of a back lash to his inviting romney to speak. pastor andrew steven, author of making a strong christian nation says, this is betrayal to god. jerry falwell jr. should publicly repent and renounce mormonism as a cult or step down. liberty needs someone faithful to god to lead the university. for his part, mr. falwell sent an e-mail saying the role of

commencement speaker is not to promote their own beliefs but to showcase liberty and its mission. back with us now. richard wolff, what are the effects of this? >> it is one of timing, really. there is obviously the risk of people criticizing from the evangelical communicate. the bigger danger is this issue of what, who are you trying to reach at this point? really, if romney was in a strong position with his basering should be reaching out to people who are infrequent conservative voters who are independents and not the base. the problem is to panneder to this crowd. he will surely panneder to this crowd. he will have to throw them the red meat. the president with his decision on same sex marriage, at least a statement on it, has given some defining character to this speech. but this is the wrong group of voters that mitt romney should be appealing to right now.

>> right. there are any number of colleges and universities where romney's speech would not make any news at all. why would he pick liberty? i guess richard makes the point. but he knows that there is going to be an intense focus on his mormon faith and of course, the incendiary remarks of the late jerry falwell. >> richard is right as usual. this is a big exercise in pandering. and romney begins to seem a little like a grifter who will go from audience to audience saying anything that will please them. and he has about as much authenticity as say, a kardashian marriage. richard also is right that the president, a presidential candidate at this point needs to be to the center. not to the far right in the case of republicans or far left in the case of democrats. he is not doing that. he is task to the far right. he is doing that because his credentials are not well established. he doesn't have the kind of political ability or the spine to stand up to the far right as

i said in the previous statement that clinton did in 1992 when he did for example, the sister soldier moment. you will not see a sister soldier moment as you did not see when jerry falwell made the obnoxious comments about sandra fluke. he doesn't have the courage or the spine. >> it was actually rush limbaugh who made those comments. >> i beg your pardon. i beg your pardon. rush limbaugh. but he doesn't have the political spine or the acumen to know when you have to stand up to your base and make a point. and he has missed opportunity after opportunity. >> let me read something that jerry falwell once said about aids. aids is not just god's punishment for homosexuals. it is god's punishment for the society that tolerates homosexuals. during the week when the president aif i recall his support for same sex marriage and mitt romney heads to liberty university. the differences between the two could be be more vast. particularly when you consider how the electorate is evolving to use the president's word on

this issue. >> the choice is stark. but stark for both sides. if you're mitt romney and you know you have a problem with evangelicals, you're worried about the turnout. you want to remember that them with a choice. you don't believe in me. mitt romney. but you actually really, really haste the other guy. i want to draw that. i was with bush in 2000 when he went to bob jones university. bob jones university at the time, banned interracial dating. the differences that bush did that when he was down on his luck. the nomination was further and further out of reach. this guy has the nomination. why now? what kind of message is he sending to those crucial swing voters? >> okay. let's imagine for a moment that you are a republican strategist. please don't throw up. what advice would you offer mitt romney on how to deal with the issue of his mormon faith, his

issues like same sex marriage. the president has set his own stall out there now. how does romney respond? >> he is painted into a corner. it is very difficult for him to make a john f. kennedy like speech about the importance of tolerance and diversity that religion can inform your positions but we're not a theocracy where religious dictates will determine what public policy is. it would be easy for him. that would be the moment that i'm speaking about. this would be the place for him to do it at liberty university. to talk about the importance of, while faith is very important in our lives and inform our philosophies about how we approach issues in the public square. it doesn't mean that public policy needs to be dictated by religious dictates. that this would be a perfect opportunity for him to do it. but he doesn't have the spine or the action men to do it. he will miss this opportunity as well. >> a tragic indictment there from julian epstein. thank you for joining us on this sunny friday afternoon. thanks. and we're just -- do stay

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federal regulators are now investigating that staggering $2 billion loss by jp morgan chase. the disclosure pushes wall street reform right back -- sorry, you need to spool up, tom, what are you doing? thank you. back to center stage in this election. the lords of hot finance have fought the law tooth and nail on this front. will things change? let's see. joining us now is william cohen, author of "money and power." i actually read your piece and you said you didn't think it was a big deal that jp morgan lost $2 million because the banks have been poo-pooing the risks posed by large, speculative bets

like this since the financial crisis. >> it's a very big deal that they lost $2 billion, that was sort of tongue in cheek. >> of course. >> he made a point, his big point, jamie diamond's big point, was this is going to allow the pundits to start taking shots at him because he's been, how shall we say, a little holier than thou than the rest of wall street the last four years. he's the one asked by bear stearns to buy mutual, he was the one poo-pooing the london stories a month and a half ago saying they were a tempest in a teapot, martin, and six months later, a billion dollar loss, maybe another billion on the way, and jamie diamond doesn't look so smart anymore. >> the senator republican from tennessee says taxpayers need to know if they're protected from any potential losses.

are they? >> at the moment, jp morgan did take $10 billion of t.a.r.p. money or 20, whatever it was. >> 20. >> they paid it back with interest and a warrant that made a profit for the treasury. but look, you know, they are clearly a too big to fail bank, they clearly are able to back up to the fed and get their short-term financing if they need it. i mean, we have to know more about what these companies are doing. it is an incredible black box, an opaque black box. we don't know what jp morgan is doing. >> simultaneously making bets on both sides of a deal, nobody knows who is doing it. it's interesting because jamie diamond has been complaining about dodd/frank, complaining about government regulations, but doesn't this incident blunt also mitt romney's complaints? mitt romney's whole attack on the president has been, you've introduced too many regulations. well, guess what this proves? this proves you need regulations. >> martin, this isn't four years ago. this isn't may of 2008, this is

may of 2012, post dodd/frank, post the new regulations being written with the voca rule, post commodity rules on derivatives. this just proves beyond the shadow of a doubt that we need the regulations we have, we need people to really pay in their pocket if they do something like this. >> there is a rich irony here because the $2 billion was lost on trading that the white house has tried to regulate. mr. diamond, you say, he's whined about it, he certainly hasn't concealed his views. take a listen to this. >> it should be overprescribed. some of the things i read, if you want to be a trader, you have to have a lawyer and a psychiatrist sitting next to you determining what was your intent every time you did something. >> again, mocking the possibility and saying, trading requires a lawyer and a psychiatrist next to them. >> you know what? maybe they should have a lawyer and a psychiatrist next to them. maybe jamie should have a lawyer and psychiatrist next to him because he needs to overcome his incredible sense of hubris, and

may i say arrogance, that led to this absolutely terrible loss that was, as he said, totally self-inflicted. yesterday he actually showed some hubris and was well behaved. but six weeks ago, he was totally poo-pooing this story that was started by bloomberg and the wall street journal. jamie poo-pooed the journalists who were reporting on it. >> the final question, going back to mitt romney, doesn't this blunt his whole attack on the government, saying regulation and red tape stops growth? >> is he a laissez 1-faire regulator. this proves we need more of the right regulation, not less. on sunday, david gregory talks with ceo of jp morgan,

jamie dimon. we'll be right back. [ female announcer ] did you know the average person smiles more than 50 times a day? so brighten your smile a healthy way with listerine® whitening plus restoring rinse. it's the only rinse that makes your teeth two shades whiter and two times stronger. ♪ listerine® whitening... power to your mouth.

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thanks so much for watching. i hope you'll have a wonderful mother's day weekend. matt miller is in for dylan ratigan and he's here to take us forward. matt, good afternoon to you. >> i was watching yesterday. i feel like i should be asking you for some fashion advice right about now. >> don't be ridiculous. you look magnificent as you are. >> i'm also aware that your neck is bigger than mine, so i stand in deference to you. >> that's nothing to be proud of, matt, i can tell you. >> we have an action-packed hour ahead. we have your briefing on where the presidential race stands, martin. we'll have a look at the $2 billion bid consumer loss that jp morgan incurred and what that will mean for financial reform. plus a harbored psychiatrist explains the new biology of normal and abnormal. apparently they figured out what's wrong with cable hosts and guest hosts,