captioned by the national captioning institute --www.ncicap.org-- >> we cannot have a circumstance in which a meltdown in the financial sector once again puts the entire economy in peril. >> this week, president obama takes on wall street. >> they are not interested in making a deal with us. they want to jam through a totally partisan bill. >> world leaders conclude the nuclear security summit here. what did they achieve? >> the american people will be safer and the world will be more secure about the president appears to nominate a successor to justice john paul stevens. will he had a fight on his hands? >> we all need to stand up them on income-tax day, the voices of the tea party card across land.

>> he comes in crash as our party. start your own party. f>> the economy is looking better. the jobless rate is much too high the stock market has really happened resell sales are up, housing is a problem but people are buying cars again and the banks, the banks are raking it in. had we take the big boys from taking as down the road to perdition again? the democrats say to regulate and that is president obama's next big fight. can he win this one? >> he will win this one and win big. he will win it because it is a popular issue. wall street is unpopular. there are republicans that also recognize this and will get on board. >> if you have a bill that would

propose putting the bankers in stocks in times square, it would pass the mood of the country. anything you label, regulatory banking reform, will pass. >> let's put it this way -- if he does not win it, the democrats will run on at. >> whose side are you on? it's that simple. i think as the formulation that will carry the day. >> the senate republican leader mitch mcconnell says the regulation the president and senator chris dodd are pushing will lead to more bank bailouts. >> it is a bill that actually guarantees future bailouts of wall street banks. >> to bail out or not to bail out, it is a new season about. >> christopher dodd says republicans are getting their talking points from bipartisan mammal. >> the single best way to kill the legislation is to link it to the big bank bailout. >> let's talk about this. the bill would establish a $50

billion fund, a fund financed by the banks, not the taxpayer. but what happens that bank failures betsy that some? >> i don't know. the important reform is that the banks are initially going to have to bear the brunt of this themselves. there is in a solvency of one institution or another. >> is the bank going to be allowed to fail? >> the whole point of the bill is to prevent bailouts by spotting these things with regulation and taking over an institution early to prevent the kind of thing we saw with lehman brothers which failed and then the entire credit market rose. that is the whole point of the

bill. >> of the language in the bill is pretty specific. it's simply says that the fund is there to close the bank down. it is not to bail the bank out but to close it down when it represents a threat to the financial system and the country. it is not a bailout. that is a smokescreen. >> you will wipe out the shareholders. you will force the board -- members of the board to resign. this is not bailing a bank out. >> it seems that this is tailor- made to republicans. >> it does not matter was in the bill. it is an empty argument. it does not matter what the bill says. if we reach a situation which we did in september, 2008, where the whole system is on the brink, we will invent any instrument t any thearp. we will do whatever it takes and that is what happened. there was nothing in bill law requiring a bailout at the time.

people will make a judgment as to whether you can lead a bank go or not it is the estimation is no, as was estimated in 2000, you will get the bailout. the fact that we had the ballots in 2008, is a signal to anyone in the market that we if we are in the brink again anyone -- the government will step in. everybody knows that and the details of what is in the bill are arguments about steering. you will of the situation and make a judgment on the spot. >> what about regulating derivatives? >> the banks would not be fighting so hard if they did not think this was not serious regulation. there's a certain amount of good cop/bad cop going on. >> no one likes paying a fee and no one likes putting together the fund. i understand why the banks are opposed to it but it makes eminent sense. the fdic which insures the smaller banks requires a thief from the banks. that is a way to self insurance.

that is perfectly reasonable. >> what about derivatives? >> it is a 60 -- $630 billion industry which is not regulated. this is an attempt to bring regulation and accountability and transparency and like to bear on what goes on. the banks are fighting it. i get the biggest kick out of this part of if the banks were for this why are the jamie dimo ns and lloyd blankfeins of the world opposing this? >> but bush's administration did the bailout when we were on the brink of collapse. you would think they had nothing do with it. >> let the hair and a former banker on the panel. >> mitch mcconnell was wrong when they say they try to force this down our throats. we have had republicans negotiating this.

you had senator corker from tennessee and you even had the senator from alabama, richard shelby trying to work something out. dr no from kentucky is on that kick. it is not true that the democrats are shoving anything down the republicans the road. they are negotiating. >> the other piece of news that affects this is the treasury is now estimating that losses from the bailout are much smaller than anybody expected. everybody talked about $800 billion at the beginning. it turns out that if you said the banks and you have a piece of the bank and a bank recovers, you make a profit. it looks as if our losses are under $100 billion and that is almost entirely a.i.g. and the automobile bakers, not the banks. >> the democrats needed to. they need a record going into the november elections.

they are on the ballot. president obama is not on the ballot for two more years. he would like to see a democratic losses fell to a minimum but no one is talking democratic losses fell to a minimum but no one is talking about a democratic where will the energy come from to move us forward? from natural sources in abundant supply? or perhaps a manmade source. at nrg, we believe innovation will solve our energy needs. that's why nrg is moving away from fossil fuels... towards wind, solar, and other sustainable technologies... to power the smart grid, the electric car and our clean energy future. we're using all of our energy, to develop more of it. >> just 50 pounds of high

purity uranium smaller than a soccer ball could destroy the downtown of all our capital cities and killed tens if not hundreds of thousands of individuals. >> we face a cruel irony in history. the risk of a nuclear confrontation between nations has gone down. but the rest of nuclear attack has gone up. >> president obama and vice president joe biden on the recently completed 47-mason world nuclear summit this week. the russian president says the summit was a success.

some analysts would not say that but they would agree that it is an important first step. you do not agree? >> the day after the summit, two members of the military gave testimony to congress to the effect that iran will likely have enough material for a bomb within one year. at the same time, earlier, the presence invites the largest number of leaders to our country since the founding of the web and he considers that -- to the since the founding of the un and calls a great success. mexico, ukraine, and canada are putting aside uranium. this is a great relief because i lie awake at night worried about canadian uranium. i know these people. i grew up their crire. you have no idea what canadians

are capable of. i feel this is a complete success. >> it is all hollow, that is what you're saying? >> it is a misdirection. you can have access -- experts in geneva. it goes at that level. we have the largest summit in the world and you leave that iran and pakistan? that is observed tha-- that is p cert. -- that is absurd. >> it was a great public relations mo. it had serious moves in it. as a result of this meeting and these first steps, the united states has outlined and apparently has at least a chance of getting past very stiff sanctions against iranians. >> we heard the president say a minute ago about the consequence is that the american people will

be safe and the world will be more secure. >> president obama levitate above the group. he moved around the room 10 feet above everybody. somebody would say he was just showing off. he gets credit for nothing in some quarters this was an important first step for it is the world safer? no, but the world is more cognizant of the problem we're facing. that is an important first step spread he got a consensus on that issue. there has to be a follow-up. >> on tuesday, the russians closed down a side during reactor that had been producing weapons-level plutonium for the past 50 years. it is a first step per it is a public-relations coup? yes, do a lot of publipolitical

leaders hide their light under a bushel? it is on the agenda and the chinese are on board as far as iran is concerned. >> do we have anything more than we have before the summit? >> we actually got sanctions. >> what makes you think that the chinese will support strong sanctions? >> i said we had a chance. there seems to be a real possibility. >> there is no evidence whatsoever. >> you will the right or i will be right about. >> the chinese foreign ministry issued a statement that said its object in the un is to achieve conciliation through negotiation and diplomacy and it added that pressure and sanctions cannot solve the problem. that is a definitive statement.

>> the political reality is that there has been some success in the isolation of iran. iran is totally dependent on china for its trade support. they know that and they are not happy with that either. they have very few other places to turn. china can put the screws to them. >> i cannot believe the spin you guys put on this. iran can live in isolation for 100 years. will the develop a bomb? the military says it will have enough urine and one year and will have a weapon a few years after that. >> the commitment from 36 nations to lock down nuclear material is what we get out of this. we will find out whether we act on it. it's an important first step.

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justice john paul stevens is about to retire as he approaches his 90th birthday. this man was no flaming liberal when gerald ford appointment to the court, was he? >> he was a moderate conservative. he has changed a little bit of a couple of issues but he argues very strongly that it is not he who has changed, it's the court that has changed, the competition -- the composition of the chip accord. -- the composition of the court. >> did he write the opinion banning george carlin's seven dirty words? >> he did. >> didn't he vote to reinstate the death penalty? >> he did and they came to say that he thought the death penalty was useless but in view

of the fact that the court had upheld a for many years, he was not prepared to change that theme that is not a change in the court. that is a change in him. >> at one point he said there was a school desegregation case. he said that he did not know a single person that he had ever served with money came to the court who would have voted in the manner the supreme court did. to not allow this formerly segregated system to take the steps to desegregate. i think that is a fair observation. i still don't think he is a flaming liberal. everything has to be taken in context. >> will talk about some names as nominees. will the republicans fight the nominees?

>> the republican formula has worked pretty well. they have opposed everything. health care is the most conspicuous example and their poll numbers have gone up and their prospects for november. there's a natural inclination of the republicans to oppose it. this is tougher because this is john paul stevens' seed purdue will not tip the balance of the accord in a different direction. >> you'll probably get a more conservative because all the names that are on a hot prospect list are more conservative than john stevens, in all likelihood th. it will depend on how left or ideological the nominee is. >> republicans are the conservative party. the liberal party is in power and will nominate a liberal and a -- and there are actually people in washington who have

principles and believe and ideas. i know that is a strange idea on this show. >> let me speak for the on principled as i normally do. i think there will be opposition from republicans. not any of the individuals would be acceptable to senator sessions from alabama. he does not like anybody who has a sense of responsibility and a practical mind and liked and likes to do what is right theme that's what you mean by open- minded. >> i want to congratulate charles for his new book," dale carnegie was wrong." >> there are three hot

prospects. elena kagan is the youngest at 49, garland merrick, diane rudd, who is a liberal judge based in chicago. >> and surprises out there? >> everybody notices that there is nobody on this court who has ever run for office or serve in the legislature or ever dropped a piece of legislation. everybody notices that when john stevens retires, it is possible there will be no protestants on this court in the majority protestant country. there will be nobody from the mountain west on this court. there are many western issues. i don't see any other names but it is not out of the question. >> a western province and wrote -- lieutenant governor. >> watch for that it

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the government taking a reading i own. >> this is directly related to liberals and the more taxes we have, the less liberty we have. >> people are having these rallies. about taxes parable you would think they would be saying thank you. [laughter] >> that is president obama at a miami fund-raiser who says he actually cut taxes. >> they are not saying thank you because there is an anchor in the country, and antigovernment feeling. what is fascinating are the facts and reality. we have had an incredible disparity, a growing disparity of income in this country. the top 400 earners in the united states saw their income in the last, since bill clinton was elected president, by reason

go up by three of the 99%. the others went -- -- went up by 399%. >> tax rebellions occur in bad times. people feel the pinch the most when there are bad times. when there are good times, it eases up. there is a disparity between fact and reality. middle-class taxes are lowest in american history at the moment. >> that is a good point. 47% of american households are not paying any income taxes at all for the year 2009 and 55% of our senior citizens households which do not pay taxes. >> that is disgraceful. >> there is more at work here than just taxes.

it is legitimate that some people feel we're tet paying too much. they have a long list of grievances that go beyond taxes from the health care bill to this guy that was saying he thinks somebody is getting something for free. that kind of grievance you have heard before. you hear it in good times and bad times. people can identify the segment of the populace and that talks this way and talks about big and intrusive government. we have heard it before the 1960's. george wallace worked this very well. it is the same old song. >> one of the supposed it ignorant and free semi-racist people who was one against big government is the chairman of the federal reserve who said in congress today that under the budget proposals of this administration, we will go to

wonder% of gdp in debt by the end of this decade. we will have a $1 trillion in debt service in 2020 with was us in the league of greece. that's why people are talking about taxes today. does about the inevitable -- it is about the inevitable increase in taxes which are coming. all that is on the way because of the policies of this government. >> last word, f