>> well, i think the president will have the advantage in the money race of the gay marriage. this is an issue the that community extremely, extremely important. and, you know, it is an active -- politically an active community. and they contribute heavily to democratic politicians and now have somebody that they can contribute to who actually is with them on the issue of gay marriage which for many in the community is the most important issue now. >> of course, you can also make the argument, robert, this is an issue very important to the conservative community and i don't know if you saw the cover of "newsweek" this week the first gay president, an rue sullivan making the point that while the president lost money with wall streeters, with jewish donors that aren't happy about his stance on israel, this will enthuse big donors in the gay community. maybe also some younger donors, whether they are gay or not. what do you think? who has the advantage here?

>> you know, to be fair to this argument, i don't think anyone has the advantage per se. i think this cuts both ways. as steve mentioned a few moments ago, gay and lesbian community which i am a member of, obviously very proud that this president came out on the right side of history. however, the conservative win in this party that has been lukewarm but -- with mitt romney has all of a sudden said okay, this is literally the line in the stand here. i'm going to give even more money. i'm going make more phone calls and bust even more people to the polls. so really does energize both sides. real question is mathematically who does it energize more. we simply don't know yet but from a political standpoint, one can make the argument that purely from a political standpoint is that this probably -- the upper hand for mitt romney because it really does gather social conservatives out there. >> "usa today" gallup poll had a poll over the weekend. there is another one out today that's pretty write similar. 15 5 1% of those polled support gay marriage. 45% disapprove it. when you look at if the i shall sue moving the needle, steve, when it comes to how people will

vote, only 13% say that they are more likely to vote for the president. 26% say less likely. and do you think he might lose some independent voters here? >> no. actually i don't. if you look at the cross tabs on these polls, what you find is that the opposition on the right is -- incredibly strong and very extreme in terms of the disconnect between the folks who oppose gay marriage and folks who do. on the left, you know, extreme the other way. in the middle independents that will decide the election in 12 states are more with democrats than republicans in this. independent tend to favor gay marriage. and so for that reason, i think that this is an issue that probably for the most part is a wash because the poem who are going to vote against the president because of this issue wouldn't have voted for him anyway. people that are voting for him because of this issue probably were going to vote for him anyway. independents are where this thing will be determined and they generally are a little more supportive than opposed to gay marriage. i think politically this is a

little bit after winner for the president but at the end of the day i don't think lit make that much difference. it will be an election about the economy and the future of the country. >> "the new york times" piece has a piece about how immediately after the gay marriage announcement president obama reached out to pastors to get them onboard. let me play for you what congressman jim clyburn had to say. >> elect a president had a evolved to a point of marriage equality. the rech rverend feels the same about this as i just expressed to you. he gave some history as to how we have evolved on various questions. >> i can tell you when this came up in california, there were a lot of pastors in black churches who spoke very, very frankly from the pulpit about this issue. in the end of that phone call, i

should say, robert, most agreed to get behind the president. how key is that support? >> if your question specifically is how key of the black clergy support of the president, it is very, very important. i think that's what the obama administration or obama campaign has to be very cognizant about. at the end of the day, african-americans are very proud of this president for obvious reasons. most likely will vote for him for obvious reasons. however, from a more am standpoint, you know, you have to ask -- ask yourself the question -- am i going to vote for this president from a more am standpoint and based on my convictions or based on skin color? meaning african-american. i think a lot of african-americans will scratch their heads and ask that question of themselves but i have a on sneaky suspicion that overwhelmingly african-americans will vote for this president again for obvious reasons. the real question is -- let's be honest about this -- there's a handful of states in the country that decide who our next president will be. the question becomes whether or not in those states ohio, west virginia, florida, to a certain degree michigan and pennsylvania

and north carolina are they going to punish this president for coming out in support of gay marriage? we will see. >> hold on, guys. i want to bring in ralph reid. good to see you, ralph. good morning. >> good to see you. >> let me get your take on this. and where you think that this will come down. i mean, this -- this conversation has not gone away in the last week or so. obviously it continues to be something that is of great concern, both to the left and to the right. tell me a little bit about your reaction, reaction you have heard in your community to the president's decision. >> well, i think it is really inexplicable on a lot of levels. you start with the obvious fact which is if you look at all the polling, you know, somewhere between 50 and 70% of the american people say that their number one concern is jobs and the economy. you have had unemployment over 8% important 39 months in a row, for 32 of the months it has been over 9%.

this is the most anemic and weakest recovery from a recession since the great depressi depression. >> is your suggestion that this is kind of irrelevant in terms of voting and in terms of fund-raising? >> i didn't say that, chris. what i said was -- what i was attempting to say is that with all that going on, and 5 million mortgages on the verge of foreclosure, the president looks like he's tone deaf and out of touch when he launches his re-election campaign by talking about this issue. and i think you start with that. i think the sgd thing you start with -- >> the president and insome democratic law make verse things going on. mortgages, white house would certainly argue about their economic -- let me ask you specifically -- >> chris, chris, no, no, no, chris, he formally -- the week that he formally launched his re-election campaign with rallies in virginia and ohio, his vice president went on "meet the press" and preempted him. and he lost a week of media coverage when he could have been

talking about the economy and he's talking about this. i -- there's no way you can tell me that the campaign senior heads in chicago thought this was good idea and wanted this to be the script. >> so you are basically saying that you are happy about it because you think he made a tactical error? >> i don't think it was just a tactical error. i think it was a strategic error of leaving aside for a minute the question of whether or not the polling is moving in the direction of being more in favor of same-sex marriage. i think the jury is still out on that. what we do know -- >> pretty consistent over the last couple of years, they definitely have been moving in one direction. >> but now they are receding. 53% supportive in the gallup a year ago. today it is 49%. in the pew it is 47%. so it moved up and down. it is within the margin of error in both the pew and gallup. but the national poll sing irrelevant. what matters is what's going to happen in ohio, in florida, and in north carolina, and in iowa.

in ohio and florida, i would argue that the two biggest swing states in the country both pass marriage amendments by 62% of the vote including and a majority of african-americans. so i -- i think that this is a serious problem for the president. he looks like he's out of touch on the one hand. and then on the other hand he's going into states where people voted overwhelmingly -- chris, in missouri, the marriage amendment passed by 71%. that's a swing state more than two-thirds of the voters voted for marriage. >> and you are obviously backing up robert's point. i also said this is a situation where you think that the president looks like a flip-flopper and mitt romney looks consistent. however, i just want to play for you what messages governor due pal patrick said earlier on. he insists that, in forecast, it is mitt romney who has flip-flopped. let me play that for you. >> i think what we know is that mutt romney has occupied many

positions on many issues and he has, you know, back in 1994 when he was running important the united states senate, he said publicly that he would be better than ted kennedy on gay and lesbian issues and takes a different position in front after different audience today. >> he's also changed what he has said about gay adoption. he at first seemed to support it. and was speaking very positively. then he just said it was something that was the law in his state. i mean, can you really say that mitt romney has been consistent on this issue? >> on the marriage issue he has been consistent throughout his entire career, both private and his public career. when he ran for the u.s. senate in '94, he believed marriage should be between man and woman. when elected governor in 2002, and then a couple of years later, the massachusetts general court, their supreme court, ordered the government to begin issuing marriage licenses and he not only opposed that move but he initiated an effort to pass a

constitutional amendment to affirm marriage as between a man and woman. so if -- the person who has either, quote, evolved or flip-flopped, depends upon your perspective, is barack obama. and the problem that obama has on this issue, chris is that interest isn't just a personal statement. it isn't just an expression of his personal opinion. it is administrationation policy, this administration through the justice department went into federal court and filed briefs claiming that the defense of marriage act was unconstitutional. that law doesn't restrict new york, massachusetts or connecticut from issuing marriage licenses. all the defense of marriage acts says if those marriages are valid in new york or connecticut, they don't automatically become valid in oklahoma, utah, or florida. this is a very extreme position that he staked out. it is not just a personal opinion. it is administration policy and hear's the other problem coming up on the horizon. >> quick.

>> the -- the california marriage amendment is working its way to the supreme court. is his administration going take a position that gays and lesbians have a 14th amendment right to marriage? that, i think, would be a really significant flip-flop. >> ralph reid, always good to see you, thanks so much for coming on. it is inning to me, robert, i mean, he -- criticizes the president for saying -- you know, saying anything about this in and what he said was the kickoff of his campaign. yet, certainly the conservatives have jumped on it. how many -- do you think that this issue really does have legs? look, we all know in the end it is going to be the economy. but when you talk about wage issues, when you talk about those things that really can move states, are we just reciting some of the states like ohio and north carolina that are swing states? could this really be a significant difference? >> i think it is a significant difference. look, elections are all about choices. they are ball the future and all about the positions that a candidate takes.

recall back in 2004 george w. bush almost lost the white house in southwestern ohio on one issue. gay marriage. that was on the ballot in 2004 and obviously won ohio by 117,000 votes. if you look back at that, lot of folks are saying the reason why he won is because gay marriage was on the ballot back then. at the end of the day, this is about the economy. ralph reid said it. steve said it. i'm saying it. at the end of the day the majority of people out there are trying to figure out how they are going to pay their bills and keep a roof over their head and don't care whether or not i or you or whomever else is with the same sex. when it doms something as it relates to the personal belief and religion, personal view about that. when it comes to the person running for president of the united states with the economy being so sluggish as it is, that's the number one issue. that's what americans want their candidates to talk about. >> yet, steve, couple of senate democrats are running away from this. john tester, claire mccaskill. do you think that this could hurt democrats' chance of hanging on to the senate or, you

know, what is considered to be a long shot, nevertheless according to the chairman a possibility to take the house? >> actually i think it is more of a challenge for senate candidates and house candidates out there than the president. because the president speaks for his administration and he's running a national campaign and his campaign probably doesn't include the strategy, probably doesn't include carrying states like montana. so for john tester who is a democrat, he will be asked a lot about this and puts him in a fairly difficult position. but doing the right thing is what people expect of a politician and leader and so i presume that john tester and claire mccaskill and other folks out there are going to do what they feel is best. some of those folks might feel for more or whatever reasons the best thing is important gays and lesbians is not to be able to get married. that's a legitimate position in our party. usually generally provided that people believe in full rights under civil unions or some other marriage equality or -- equality of unions in relationships.

so, you know, the president got there a week and a half ago. other democrats, some of them haven't gotten there. some of them maybe never will for reasons that are unique to them or to their state. >> i have to let that be the last words. always good to see you. 3 robert, thank you, sir. we are going to get hear from lawyers from former senator john edwards. thrng this morning the defense starts. they will try to move the folk from us sex, lies and betrayal to the heart of the legal issue. did then presidential candidate edwards violate campaign finance laws? the first witness on the stand is a former federal election commission chairman. but the big question is will edwards take the stand himself? his lawyers say he will decide that. ♪[music plays]

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the fight for the youth vote

is being waged on student loan debt. crossroads generation is launching a campaign today. >> makes me think wow, why did i go to college if this is what it is ending up with? >> somebody broke back home with mom and dad before they even get start. >> the group is pulling from three-quarters of a million dollars. richard lui is with us now. boy, they are pushing this message, aren't they? >> they are. crossroads generation pointed to this number, $1 trillion in total student debt across the country. the super pac launching the social media ad campaign targeting younger voters today. this is their website here and highlights numbers like unemployment of young people. this number over here, two times higher than workers over 25, it says. the group faults washington. hoping to swing youth vote. youth vote the obama campaign counted on back in 2008. and skyrocketing student debt may help put this vote in play.

94% of students have borrowed for their higher education says "the new york times." that is this case, 19 out of 20. back in 1994, half that number needed to do that. the amount of students owe, though, when we look at this number, is not small. according to the federal reserve bank of new york, last year's average student debt is over $23,000. that's a big number. and some owe more. one in ten opportunities owe 54,000 or greater. one in 20 students owe more than $100,000. twice what the average grad makes. now the problem, student loan debt amount is growing. after we, it bloond by over 500%. that would be okay theoretically if students could afford that. when luke at that time numbers. but their does posable income has only inched up, and have you have to look at the huge gap. these 11 states you see right here, most are in the northeast and midwest. students in new hampshire, they have the highest debt.

about 30,000. though michigan, number 11, is not too far behind. what you will notice, chris, here is that four are battleground states. and republicans will not forget that as they try to woo the most indebted college generation. >> yeah. meantime the president has been out talking about that. joining me now is cnbc contributor ron insana, author of "how to make a fortune from the biggest bailout in u.s. history." haven't seen new a while. how are you doing? >> doing fine. thanks. how are you? >> these numbers that i saw yesterday were shocking. 94% of students borrow for college. that wasn't as huge problem when we were back in school. what's changed? >> i don't know. when i was going to school it was -- still is a state subsidized school. $90 a semester to start and $350 to finish. still $7,000 a we are. what changed is tuition inflation is outpacing that of even health care. so the rising cost of education for a variety of reasons is making college less and less

affordable over time. >> when the president has been talking about what to do about student loans, he has really put this in the context of it being a major economic crisis. you need to be able to educate students and we knee to be able to fill some of those jobs require specific kinds of training but, boy, it is easy to step back and say is this really worth it. is it a major economic crisis the students are facing and american businesses are facing. >> certainly it those the chose wrong profession and heavy debts where they can't make that money back, a profile of a young woman that chose a job as a social worker and yet had over $120,000 in debt. that may be a mismatch not fixable. when you look at the unemployment rates themselves, if you are 25 and have a college degree, your unemployment rate is in the 4% range. if you don't have a college degree, you are double that. at least. maybe closer to 10%. so it is a double-edged sword. not like you can go to high school and go to a stamping class and work on an auto

assembly line. you need specific skills where you need to be an autoworker. not just move the car along the lines. this is going to cut in a lot of different ways. how they solve the problem is an open question. getting tuition down is critical. particularly when they spend a lot of money on things like atsz lettics on coach salaries and things like that. that's a lot of money that costs the school and ultimately cost it is students let me ask you about a another big story in the news. jpmorgan's $2 billion loss ahead of the bank jamie dimon is under fire. looks like we will see the chief investment officer drew resign. what's this mean for people seeing these headlines back at home? >> not a lot at the moment. it means that jpmorgan's risk controls were not terribly good in their chief investment office where they put to work money that's going currently, $360 billion. presumably they were hedging their risks in the european debt markets. now, when your hedge costs you

more than $2 billion, it may not really be a hedge. it raises a couple of questions. one, was the bank supervising itself well enough? did they go too far with the complex derivative trades? where would the regulators who are supposed to be overseeing banks of this size and talk them out of making trades of this kind and this complexity which really -- in most people's opinions, shouldn't happen in a bank that has customer depossible fits ron insana, great to see you, as always. >> you as well. we just learned the senate will hold a public hearing next week on the sex scandal involving the secret service. the head of the secret service, mark sullivan, is expected to testify. this will be the first time we will hear from him since the april 11 incident in colombia that included heavy drinking and payments to prostitutes by agents. the chairman, peter king king, says he will not meet with the colombian escort at the center of the controversy. his panel also investigating the incident.

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to politics now. graduation season. this afternoon the president about will give the commencement speech at barnard college. mitt romney addressed the class of 2012 at liberty university this weekend. the largest evangel cam university in the country. he talked about his family, christianity, and hard work. >> your values will not always be the object of public

admiration. in fact, the more you live by your beliefs, the more you will endure the censure of the world. christianity is not the faith of the complacent, comfortable, or of the timid. >> meantime the first lady talked to graduates at the historically black north carolina agricultural and technical state university. >> what's important to you? how does your job fit into a full life, complete life? how are you going to give back? are you going to be an engineer or are you going to be an engineer who volunteers at a science class at a local school twice a week? are you going to go into business? or are you going to be the ceo who sponsors community theater productions in those 5-k runs and local little league team? >> good questions. more to come. you know, graduation season isn't over. making news this morning, fire fighters are battling five wildfires across arizona.

largest is about 90 miles northeast of phoenix. it has grown to more than foursquare miles. flames damaged at least three buildings and forced hundreds of people from their homes. no help from mother nature. temperatures about 100 degrees, low humidity in the forecast. this morning, roger clemens' chief accuser is expected to take street stand against the former pitcher. brian mcnamee said he injected clemens will steroids. this is a key moment for the prosecution. trying to prove clemens lied when he told congress in 2008 he never used those drugs. from janitor to ivy league graduate. a refugee from yugoslavia came to the u.s. in 1992, took a job at columbia university as a janitor so he could go to school for free. and after learning english, jack was accepted to lump yeah and sunday at the age of 52, he got his bachelor's degree in classics. he hopes to teach. on "saturday night live,"

the return of will ferrell's impression of george w. bush. why he was counseling the vice president biden? the obama campaign is out with a new tv ad. painting mitt romney as a money hungry job killing corporate titan. the ad is focused on workers who lost their jobs at a kansas city factory after bain capital came in. >> we view romney as a job destroyer. >> to meet up national tv and brag about making jobs when he has destroyed thousands of people's careers, lifetimes, just destroyed people. >> jacky a political reporter with "usa today." >> katie is an author. president obama is trying to undermine, obviously, what's his rival's biggest perceived strength, business credentials. what do you think about that ad? does it work? >> you know, we will see.

it worked in south carolina for newt gingrich. we have seen this before. does this narrative about bain capital and something mitt romney has been dealing with. as long as he's been in politics really. so i -- it remains to be seen. but they have -- this has been successful tactic against mitt romney in the past. >> took about a nanosecond for his campaign to come out with this statement. let me read part of it. the obama campaign is going to do everything they can to distract voters from the fact their policies are not working. president obama can't come close to matching the many years of experience that mitt romney has as a private businessman so he has chosen to attack it. that's the romney spokesperson, andrea. i'm wondering, katie, does this -- does this kind of response saying it is a distraction mute the impact of the ad? >> i think it does a little bit. i also think that mitt romney is going to have to come out and say look, under president obama, he's the first president since world war ii who has lost net jobs. more americans than ever on food stamps.

people still can't find a job. students with stun loan department can't pay off their loans because they can't find a job. there's 17 million unemployed 19 to 30-year-olds. mitt romney has to come out with the numbers and hit back on this. yes, bain capital, the way that corporation works, sometimes jobs are lost, lot of jobs are gained. president obama with his policies are not working to create an environment where businesses can create more jobs. >> you know, just from are a strategic point of view, could it be argued the president is taking kind of page from the gop playbook? you turn away from your weaknesses which in the president's case he can argue is the economy. talk about gay marriage, foreign policy on the anniversary of osama bin laden's death, painting romney as this out-of-touch elitist is that what's happening here? >> i think that's a part of it. i also think it is part of the -- the obama campaign is trying to define mitt romney before he has a chance to define himself with voters who are just starting to pay attention and a lot of this is a fight for the

middle. there is a lot of appeals to independents. i think that's what you are seeing now is that campaign really trying to define mitt romney with that small fwrup of voters that are going to make a difference in this election. >> yeah. conversely, obviously, mitt romney is trying to define president obama as a job killer and he has been comparing the president to jimmy carter, both had to deal with the recession and deal with high gas prices. let me play this for you. >> it was the most anti-small business administration i have seen probably since carter. who would have guessed we would look back at the carter years as the good old day. >> show has been bringing up jimmy carter not infrequently and i'm trying to figure out if this is really effective. >> i think it is effective because you look back at the carter administration and you say things were not working under the carter administration. fast forward to today, you can say things are not working well with the economy and job growth under the obama administration. there are very many things that are similar that can be made. the class warfare, jimmy carter

used that tactic and interest didn't work. president obama's using that tactic, especially with the new ad. it is not working. it is quite ironic that president obama and house campaign team is trying to paint mitt romney as elitist when president obama was at a hollywood fund-raiser with george clooney just last week. i mean, you know, that line really isn't going to work considering he -- president obama's also in that class. >> jackie, katie, inning discussion. that's kind of the messaging strategy for the presidential campaign. but what about for congressional races? the head of the democrats' efforts, thinks taking control of the house is possible. but look at the numbers democrats would need net gain of 25 seats as well as hold on to three vacancies that were held by democrats. let me bring in the chairman of the democratic congressional campaign committee. congressman steve israel. good to have you back. >> great to be with you. >> your republican counterpart not only says you are wrong. he says that the gop will gain seats in the house. so tell us what you are

thinking. >> did you know, that kind of chest chumping doesn't win elections. may make my counterpart feel good. i agree with another republican. speaker john boehner. the republican speaker of the house who two weeks ago said he believed that the house republicans could lose the majority. he believed and i think -- >> you don't think that was a fund-raising ploy? >> no. looking at the same numbers we are, chris. we need 25 seats to take the house back. he said that there are at least 50 seats in play. i actually think it is more towards 75. fact of the matter is every week we get closer, i'm not saying we are there. it is still uphill. >> charlie cook, very respected, pollster, looked at it. he says thinks the democrats will pick up 5 to 15. how do you close that gap then of another 10, 13 seats? >> we close the gap by indicating that fundmental differences between extremist house republicans and solution oriented democrats will close the gap this week. this week the extremist republican congress is going to try to dilute the violence against women act. this is a republican congress

that has chosen extremism over solutions every step of the way and this week they are going to do it again. after declaring this war against women, this is the new battle. they are going to try the dilute the violence against women act, protections against women. because they are extremists and out of touch. they have focused more on shutting down planned parenthood offices than opening up new small businesses. you take that record and extreme after extreme after extreme of obstruction, obstruction, obstruction. add it up at the end of the day this will be a close election. >> let me ask you about other issues out there. we have been talking a lot in the last week about gay marriage and the president talking about gay marriage. even though the polls do seem overall nationally to be movering in the direction that the president has staked out, look at a lot of the battleground states and places like pennsylvania and ohio and north carolina, sit going to be tough in some of those districts for some of your folks who are running there? >> i don't believe it is going to be much of an issue in congressional races. i think the president made the

right decision. i supported this decision for my entire time in congress. and as a public official. it was a right decision. but every member of congress and every challenger has to reflect values and priorities of the districts in which they are running. i don't believe that this issue is going to sway the election one way or the other. >> given that point congressional districts are very specific and obviously you run a much more localized campaign, do you think that there will be some overriding issues that -- are there overriding issues you are talking to some of your candidates about? let's say the paul ryan budget. >> this is an election that will be a referendum on extremism versus solutions. people elected a tea party congress that has been focused on ideology and that ideas. that's been focused on taking the job -- one job away from the president and instead of creating more jobs for the american people. that has an ideological agenda and has not brought the country forward but hijacked the country to the far right. people have to wake up every morning and say has my republican tea party incumbent

created jobs, made life easier, and reduced the cost of college for my kids? stabilized taxes? and every single one of those questions, the answer is no. they have been about extremism. we need a congress that's going to be about solutions and that's why all of our recruits around the country are about solutions. >> it takes money to get that message out there, obviously. i think especially when you have some new candidates, people who are -- might not be the most familiar faces, if you want to be able to define yourself, define your candidate, we have numbers up there earlier. i want to ask you to put them up again. dcc outraised republicans. $83.6 million compared to $73.7 million by the republican congressional committee. is money going to be a problem for you? >> we outraised the republicans by nearly $10 million. we have outraised them and outrecruited them and outmessaged them and out-energized them. this never happened before the minority party in congress outraised the majority party. it is because we have such a

broad base of support. our grassroots donations are off the charts. people want a member of congress that will vote to strengthen laws, protect women from domestic violence. not weaken laws to protect women from domestic violence. the result is our fund-raising is going exceedingly well. >> you think you are going to win? >> you know, i have never said that. i said that it will be in range. it is in range. we can see the coast. >> how close in range? >> i will let you know sometimes after midnight on election day. >> thank you very much. happy birthday, mark zuckerberg. facebook founder and ceo turns, get this, 28 today. 28. we have suits older than that. big week for the birthday boy. expected to go public friday. $100 billion. zuckerberg at 28 half the age of the average s&p ceo. age is but a number. [ female announcer ] e-trade was founded on the simple belief

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damage control today. one of the u.s.' largest banks. "wall street journal" reporting three executives of jpmorgan chase are expected to resign after the bank lost more than $2 billion on a bad bet. the ser is investigating. even j.p. dimon, ceo of the company, agrees regulators should look at them. >> we know we were sloppy. we know we were stupid. we know that there was bad judgment. we don't know if any of that is true yet. regulators should look at splo g something like this. that's their jobs. >> senator, it is always good to have you on. room great to be with you, good morning. >> wall street -- it is a little bit nervous about this, that it will lead to more regulation. when you look at what happened here, does it beg for something to be done? >> well, it begs for the regulators who already have the power we gave them under the

wall street reform legislation to ensure that risks like this cannot take mace. particularly when those risks can become disproportionate to a point in which it is not just the bank individually that's at risk but collectively our economy. that's what we want to prevent. we don't want to revisit 2008. the regulators have the power. they are in the midst of defining exactly what the volcker rule of that whole issue of self-trading by the banks is all about. >> but do you think this is covered? do you think that -- i mean, obviously, whatever safe barreds were in place -- safeguards in place didn't work. >> the investigation pending before the regulators, how they defiant could very well cover this. you know, the fact that jamie dimon says, you know, it was poorly vetted, poorly supervised, it was stupid, that's all bright in hindsight. but the reality is that we need

to ensure that what right now is a $2 billion loss and i have read public reports that suggests could grow as high $4 billion, that's still -- that still may not undermine jpmorgan. jpmorgan was the gold standard in terms of looking at risk and controlling risk. there are a lot of other entities out there that could very well have that type of risk and maybe not sustain such losses. we don't want that to become the collective risk of all of us as taxpayers. this is why the regulators have to get it right and do it well. that's what we are pushing them to do. >> this morning, senate candidate elizabeth warren called for jamie dimon to step down, resign as chairman of the board of the new york fed. do you think that there should be something more that happens to jamie dimon? >> well, that would be for jpmorgan and its shareholders to decide. but what really i care about is not as an individual, i care about a system and in having the system controls to ensure no matter who is at the head of the

company that can't happen. >> the president has been urging congress to make it easy for people to refinance their home loans. you have historic low interest rates. you and senator boxer have proposed legislation that could help as many as, i guess, 3 million homeowners who wouldn't otherwise be able to refinance because of higher peas. tell us a little bit about that and why you think it would be such a net positive. >> well, chris, our responsible homeowners -- refinancing act would allow millions, p 3 million might be at the low end of it because there are about 17 million homeowners who are locked in to fan write and freddie may mortgages where they can't refinance easily. and we want to take advantage of that historical low rate. 3.83% right now. and be able to allow a responsible homeowner, homeowner who has been keeping current on their mortgage to refinance. what we do is we take out a lot of the obstacles to refinancing.

you know, have youing a second mortgage and you can't refinance. this allows to you do it. you have mortgage insurance. up can't refinance. this allows to you do it. you need another appraisal, this allows you to ultimately meet that cha evening. inens, we take -- since the government has this risk already, we take out all of those obstacles to refinancing and that can save the average homeowner about $4,000 a year. that's significant in two ways, chris. number one, that roof i have had that's been leaking, i have been patching it up because i don't have the money to replace it, i can replace it now and put somebody back to work and preserve my property or use my savings to help pay down a bigger part of my principal. and, therefore, more quickly reduce the time in which i will liquidate that mortgage. so this is good for the home owner and good for the economy p the best thing is the congressional budget office says it won't cost us a dime because of the number of foreclosures and defaults that will prevent.

>> senator hernandez, good to see you. today's tweet of the day comes from a friend of the show. "the washington post," ezra klein. i feel comfortable saying dimon will not replace geithner as secretary of the treasury. owboy. instead i got heartburn. [ horse neighs ] hold up partner. prilosec isn't for fast relief. try alka-seltzer. it kills heartburn fast. yeehaw! want to hop in the back and get weird? no. family vacation... vegas. ♪ no. no. give it a big yank! really? yeah! [ knock on window ] no! no. ♪ ugh, no! [ sighs ] we can have hotdogs for dinner?! yes. [ male announcer ] in a world filled with "no," it's nice to finally say "yes."

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manic monday on wall street. let's take a look at the boards. we see red arrows all day. dow jones down over 100. this after jpmorgan chase announces more than $2 billion in losses. major shake-up. sending shock waves south to capitol hill. president obama heads to the big apple. the president holding his last lgbt fund-raiser before november. holding it this afternoon with ricky martin. how much cash will he get? it is the defense's turn for john edwards in court.

will john edwards and rielle hunter testify to prove the former presidential hopeful didn't violate campaign finance law. we will have that and more. biden and bush, "the avengeiers." we saw the return of will ferrell's president bush "saturday night live." offering advice to joe biden. >> just so sick of the way presidents are always riding me. i mean, i'm an adult. >> hey, hey, i have been there. i have been there. i used catch grief all the time for president cheney. i mean -- i would be in the oval office hooking up the slurpee machine. that penguin would come waddling in and yell get your damned pants on, we are about to bomb blab, blab. >> "the avengers" shattering more box office hits.

it is expected to pass "the hunger game" the top grossing movie this year. another weekend and royal event. prince william and prince harry taking part in charity polo match. they won and afterward prince william's wife, duchess of cambridge, presented them with medals. and a kiss on the cheek. that wraps up this hour. i'm chris jansing. thomas roberts is up next. i will see you back here tomorrow. what was i supposed to wish for? why am i wearing a bow-tie? where did i leave my bicycle? after all, when you're enjoying the beefiest, juciest bite of pure kosher beef, nothing else matters. goodness gracious, that's kosher. with no fillers, by-products, artificial flavors or colors. hebrew national. the better-than-a-hot dog- hot dog. pssst! don't go in there! it's your surprise party and we want this hair color to be party ready.

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