in san francisco, anyone can have a bank account, things to an innovative program, bank on s.f. >> everyones welcome, even if you are not a citizen or have bad credit to qualify for a bank account is simple. just live or work in san francisco and have a form of id. >> we started bank on s.f. six years ago to reach out to folks in the city who do not have a bank account. we wanted to make sure they know they have options which should be more low-cost, more successful to them and using chat catchers. >> check cashing stores can be found all over the city, but they're convenient locations come with a hidden price. >> these are big. >> i remember coming in to collect -- charged a fee to collect a monogram. >> people who use check catchers, particularly those who use them to cash their paychecks all year long, they can pay hundreds, even a thousand dollars a year just in fees to get access to their pay. >> i do not have that kind of money. >> i would not have to pay it if i had a bank account. >> bank accounts are essential. they keep your money saved and that helps save for the future. most ban

a bank has failed. [stopwatch ticking] >> it's weird economics when it really comes down to it, isn't it? >> well, from our perspective at the united states mint, it's unsustainable. you can't sustain losses on pennies and nickels and expect to be a viable organization that benefits the american people. >> welcome to 60 minutes on cnbc. i'm leslie stahl. by most accounts, the financial crash of 2008 pushed the u.s. economy to the brink of collapse. in its aftermath, some of the country's biggest banks received very big bailouts while large numbers of small local banks failed. this edition features a unique inside look at the seizure of a failed bank and a rare interview with one of the men at the center of the 2008 economic crisis and the recovery plan that has followed, the chairman of the board of governors of the federal reserve system, ben bernanke. plus, morley safer asks, "can america afford the lincoln penny?" well, we begin with bernanke. after the crash of '08, bernanke invoked emergency powers

opportunity fund is not a bank or a government agency. we are an independent nonprofit organization with a mission to provide capital to working people to help them earn, say, and invest in the future. we focus primarily on businesses that are not yet bankable. most of our clients are themselves low or moderate income people or working in low or moderate income neighborhoods. but not exclusively. we will look at any business we think can bring about substantial community benefits. i want to talk about what type of loans we make and whatever products we have. that is important to note that in our case, they mentioned -- i mentioned some acronyms. the service corps of retired executives, women's business centers, renaissance and entrepreneurs should here in san francisco, women's initiative for self-employed -- those organizations offer classes often and one-on-one counseling. in some cases, whether or not you are seeking a loan -- in our case, and rising is strictly tied to a loan. we are a financial institution. but if you come to us for

central banks have a gold the way they trade it with one another is through these billion banks and of course if they want to loan their gold out to generate a return because if you have dollars for euro's or yen you can make loans and you can earn interest although the interest that banks are now is quite low many of them that will buy longer term bonds to get more interest but if you have gold there's no way to earn any interest on your gold deposits unless you can allow them to be loaned out and i think the the bullion banks facilitate central bankers loaning out their gold but part of the problem is once they've blown their gold out and they still counted as if they owned it you know what happens if they can't get it back because the whoever borrowed it from the central banks has sold it and they don't own it either so they have to get it back in order to return it to the central banks i mean this process is done through the gold carry trade which was developed in the one nine hundred eighty s. and central banks are and money on the gold reserves by leasing it out to t

crucial step towards the goal of a european banking union that ministers hope will bring stability back to the eurozone. >> our correspondent in luxembourg has been following the talks. are we really a step closer to a banking union? >> yes, we made one step forward last night when they talked about the direct recapitalization of banks, and they even managed to break in with the vicious circle you talk about, that the taxpayers finally helped the banks in the euro crisis, but it not as simple as it sounds. it is not as though a bank can call and say that they need money and ask for help. it only applies if the government itself cannot help the bank. that is one big step forward. they are talking now about another centerpiece of the banking union, and that tackles the question -- what should happen if a bank is in problems? should it be downsized or even closed? >> what are the main sticking points? >> there are basically two -- the first tackles the question of how creditors and investors should be involved to absolve the losses. the o

creditors and the positives take the onus of a what cyprus forced the creditors to recapitalize a new banking entity but this presupposes the creditors have the money to do this after all is too big to fail goes down worth doing all is not well in the land. and here is a listen i meant. i . don't want is the largest commodity market in the world according to the world gold council there are more than one hundred fifty thousand tons of gold in existence of that central banks hold a thirty thousand tons and their vaults however central banks have started lending some of their gold to boyan bang's banks that are licensed to deal in gold and silver this is not a very transparent process central banks publish gold per they publish their gold purchases and sales but they do not release any statistics on the amount of gold loaned in swapped into the market by central banks i spoke earlier with peter schiff the founder and c.e.o. of your euro pacific capital and he gives us the breakdown of the relationship between boyan banks and central banks. the central banks own gold i mean all all the major cen

crucial step towards the goal of a european banking union that ministers hope will bring stability back to the eurozone. >> our correspondent in luxembourg has been following the talks. are we really a step closer to a banking union? >> yes, we made one step forward last night when they talked about the direct recapitalization of banks, and they even managed to break in with the vicious circle you talk about, that the taxpayers finally helped the banks in the euro crisis, but it not as simple as it sounds. it is not as though a bank can call and say that they need money and ask for help. it only applies if the government itself cannot help the bank. that is one big step forward. they are talking now about another centerpiece of the banking union, and that tackles the question -- what should happen if a bank is in problems? should it be downsized or even closed? >> what are the main sticking points? >> there are basically two -- the first tackles the question of how creditors and investors should be involved to absolve the losses. the o

a european the m.p.'s who called the banking system a criminal counterfeiting handle very far. well. technology innovation all the developments around russia. the future are covered. the worst you are the only. one. it's time the federal reserve engages in quantitative easing and expands the monetary base the monetary base is the sum of currency in circulation plus the reserves of the banking system and it is one of the few things that a central bank can control directly but where exactly is all the newly created money going for more on this i turn to private jets producer justin underhill. the scene could you tell us exactly how the federal reserve is defining science sure well the first law of thermodynamics states that energy matter can't be created or destroyed it can only be transformed and that's in other words you can't make something from nothing and yet this law seems to apply everywhere except when it comes to the federal reserve and we can see this in the graph of excess reserves at the fed and when the federal reserve system was created it was all member banks had to keep

and being a criminal. all the banks are broke. and rolled bank of scotland they're all broke while they broke to god it is some sort of tsunami that broke because we have a system called fractional reserve banking which means that banks can lend money that they don't actually have it's a criminal scandal and it's been going on for too long. but this going town by u.k. is ron paul somewhat yeah. and although it's been going on for hundreds of years here's the issue with fractional reserve banking is that there are what's called maturity mismatches in other words the bank you put money in your checking account the bank can loan that money out for two years five years ten years but you can withdraw that money tomorrow so the very nature of a fractional reserve. system is that the rug can be pulled under. ok so that the broken be pulled from underneath it at any time and that means that it's inherently set up for the requirement of moral hazard it's built into the cake here. but isn't this how we get liquidity in the market

a european the m.p.'s who called the banking system a criminal counterfeiting handle very far. well told you my language as well but i will only react to situations i have read the reports like. to know i will leave them to the state department to comment on your plan a plan. to secure you every car is on the job here. they do no more weasel. when you say you did the right question are you prepared for a change when you run you should be ready for a. pretty speedy little down the street in two parts. the civilized world produces more foods in. other countries. millions of victims every year. where a meal is the most treasured. flood or droughts to blame. it was a bad year without a train. we couldn't anything but that. there was great hunger. is a good help comes too late and without good intentions. charity diplomacy and business are no. i. i i. it's time the federal reserve engages in quantitative easing and expands the monetary base the monetary base is the sum of currency in circulation plus the reserves of the banking system and it is one of the few things that a central b

a european the m.p.'s who called the banking system a criminal counterfeiting handle. are. old. technology innovation all the developments around russia. the future are covered. mission is free accreditation free in-store chargers free arrangements three risk free studio types free. downloads free broadcast morning videos for your media projects and free media gone to r t v dot com. here is mitt romney trying to figure out the name of that thing that we americans call a dollar. i'm sorry i missed the guy who cares an awful lot about what you sorrow are a fool you know what kind of cells in your neighborhood all want usa to feature a song be on limbaugh all the crystal ball consumers at least some other people. are going to support you to distract us from what you and i should care about because they're a profit driven industry that sells a sensationalistic garbage he calls it breaking news i'm happy martin and we're going to break that. please please. please please. please. let's. see. i. i i. it's time the federal reserve engages in quantitative easing and expands the monetary

banks. the big ones seem to have hedged a bit. that's some good news. the real question is, what's happening to the smaller banks. and here in washington, the fdic put out a very interesting set of numbers earlier this year, suggesting that, actually, if you look at the long-term concentrations and exposures, they're at record levels, and that could be certainly a reason to be careful. >> hey, gillian, it's brian kelly. this is the problem banks always have. so names like jpmorgan and that type of thing are going to get hurt. but do you have specific banks that you're hearing that may have gone outside what they call in the hedge fund world style drift? start buying some of these risky things and are now really subject to problems? >> well, here's the issue. the big banks like jpmorgan have a lot of money into hedging their books. we have no idea how good those hedges are. because one of the big problems that still hangs over the balance sheet that everyone should be concerned about is the sheer opacity about the banks' trading books and their balance sh

liability to venice are so we need the cascade of responsibilities now what happens if the bank itself is not in a position and also the face capital. the equity of the bank is not sufficient what will happen in that scenario in such a case you know what it true boy what has consequences for the economy the state has to come in and if the state cannot do that well then we have our european solidarity mechanisms only as a last resort and then the state has to apply to the same and so on the support and part of the volume of them is there and also. should be available for this for this purpose but. we as governments can actually do much from governments the business or the business has to be changed the size has to be amended you know obviously as a german chancellor i cannot get a stake in the bank elsewhere so if you have to find people who have to change your business model this is not it's going to work and therefore the political responsibility or is i'm responsible for the money of the german taxpayer and elsewhere governments are in charge of other i suppose money so therefore we have to be a

. >> it provides a new beginning for an old bank robber. >> i've been writing "bank robber blues, the tales of the mummy bandit." it's a page-turner. >> and a mother who puts drugs before her son gets another chance. >> me being over there in afghanistan and seeing my mom in jail, it's really hard on me. >> that's my boy. >>> orange county, california, conjures images of well-manicured neighborhoods and a surfer culture that gave birth to the beach boys. but blending seamlessly into the heart of one of its busiest neighborhoods is a reminder of the county's other side. the theo lacy jail is the largest of five jail facilities in the orange county system. it sits on 11 acres and has a capacity of more than 3,000 inmates. >> let's go. hands behind your back. back row go to the house. >> marc gonzales is one of them, and except for his jail-issued t-shirt and scrubs, he could easily be mistaken for any other fun-loving oc teenager. >> i love surfing. i love the ocean. it's the best. the promised land here. nothing could go wrong except for robbing a weed store and getting arrested. my mo

mary poppins, it's a wonderful life, a lot of very good movies. so the banks established a positive presence. so the depositors kind of felt secure. over the years, they stopped putting their own money along mess. but to the original question i never would've imagined that thatntees. guarantees. you want to live a little bit more on the edge. sometimes it is a little bit more biased towards risk-taking and diverse to saying things. because once it is in place, the upside gets magnified even more. >> all that being said, have we put in the reform into this since the two dozen a crisis and what would you like to see primarily have been? >> welcome in the system is fundamentally fragile. one thing that people talk about is the too big to fail. do we explain how this comes about. it comes about because certain institutions would have a lot of system making. good job a lot of dominoes if they fail. so there are relatively small banks compared to today. the banks would tell you the capital requirements. my favorite line is they always have to say how much bigger the

at the end of the day, he walks into a bank with a gun.ens if something goes wrong in there? someone could get killed because of his actions. >> the folk status may actually harm him. with the use of these surveillance videos and images, the fbi hopes all the exposure and even his nickname will make it easier for the public to identify him, and ultimately easier for them to catch him. >> we like to name them as quickly as possible because it gets it in the public subconscious that oh, that's the drywall bandit or that's the geezer bandit or that's whatever. and it helps them remember so that ideally they are able to at some point generate some leads that will help us solve the case. >> the fbi is offering a $20,000 reward for information leading to the geezer bandit's arrest and conviction. after sitting for an interview, they asked us to help get some information out to the public. >> we can't catch him without the public's assistance. if someone is inside a bank or sees someone like this outside the bank, they need to call 911. they need

but i will say that we want to be an alternative for folks that cannot obtain financing from a bank. this may be a combination of that. maybe they need to go to a bank and get something and we can fill the rest or if they get decline by a bank, we can come in and assist with financing. >> [inaudible] you can only do so much to get people here. that is why we are asking for help from not only our media partners, but those of you in the room. people do not often come to ask for assistance until they are hit with a lawsuit. until they receive a complaint letter or a threat of being sued, they do not take the issue very seriously. by that time, a lot of your investments are gone. you will be exposed to lawyer's fees, exposed to having to make copier repairs immediately. these are all things that are very hard for small businesses to weather. what we are trying to promote today is the fact that you can protect yourself as a small business if you are private about it. it is a hard mentality to get people to think about, but that is what we're hoping people will accomplish. we know if you ge

non-profit organization sponsored by [inaudible] to help small businesses that could not obtain a loan from their banks. we created a loan program for small businesses who are trying to become compliant. under this loan program, we can provide financing for small businesses up to $100,000. those are the small businesses who have been sued, and there are small businesses trying to preempt of a protect themselves against these issues. i will talk about the second rocket first. for the small businesses out there that have been hearing about compliance issues and what to protect themselves and make the improvement and have inspections done, we are willing to work with you and willing to look at the plans that you have any inspections you have to enable you to have tenant improvement to become compliant. for those folks, we would recommend that you go and get a task report done and see whether the contractor can lay out the plan and complete the requirement and then come to us and show us your plan. [inaudible] and have had complaints against them because of compliance, we are also able to work with your pe

this is the job of the occ which is a banking regulator. s the job of the fed to make a profit cost for breaking the law. for pushing people into foreclosure. you said this was the foreclosure crime scene the occ settled about legal foreclosures on veterans and folks like that. and people are getting checks in the mail for 300 bucks. >> right. >> and they are not changing the cost/benefit analysis. >> so i think the, look, it is clear that up until now they really don't fear law enforcement. and it may be that they feel they've been sent messages by some folks in the government that it's okay. you know, the message that every other company in america's allowed to feel but not you. we're not going to let you fail. it's not just not american, it's anti-capitalist. from my point of view, we've had to use everything we can do to watch these banks. now, look, i don't want to take away from the benefits new yorkers have gotten. we've had a plummeting rate of underwater mortgages. we've gotten over $2 billion, belief, new york homeowners, the banks

a while. especially bank statements. we need to see consistent income coming in. so far, a credit union delinquent rate is quite low because we are working with a client. we want to keep that low and as part of our mission. there is no application fee. if you are interested in an application or information, i have brochures, or you can give us a call. >> thank you. next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it w

in return a bank note or research or receive in return and accounts with a credit in the account when that started happening banks became. influenced in the sense that they received an incentive to start handing out loans to people that weren't actually covered by gold they just created money out of thin air and that's what caused. inflation. and then some banks started to go bankrupt their bank runs when people found out that their bank had created so much money out of thin air that their goal backing it was so low that it became a risk to put your money to keep your money in that bank and when that happened banks started lobbying with the governments to create a central bank and the purpose of the central bank was to make rules that all the banks now had to follow as to how much they could inflate how much money they could print out of thin air so that with that all the banks would inflate together at the same rate so that the risk of bank runs would now disappear and that's what's happened and as a result inflation has become rampant if you look at the value of our currency today c

banks. it's coming back again. is this sort of a too big to care sort of situation with these large banks with a relatively smaller portfolio? they're just sort of disdainful of doing anything with refinancing student loans? >> i don't think it's too big to care. i think they're interested in profit opportunities where they can find them. i would associate myself with the response from the fdic. it's not clear why this isn't happening more. our regular that story policy would certainly -- regulatory policy would certainly permit it, indeed encourage appropriate workouts. so like the fdic, we're interested in exploring this further. >> mr. lyons? >> senate, i would ec -- senator, i would echo the comments of my federal regulators. i think also it may reflect possibly some market inefficiencies like competition as well as, ms. eberly said, many of the private student loans today are priced off of a cosigner, so they are actually at a low or rate than would normally be the situation. so, you know, that may also factor into why we're se

your reaction. >> well, i'm a big fan of mobile banking. is is part of the wave of the future. you touched a lot of the important points, particularly the cost strture. it will cost annually about $300 toaintain a checking account. think it will be able to get the cost down. they still have to get their customers to be willing to pay five, six, $7 per month on average. i do worry about the cost structure. again, they're trying to do essentially a fee-for-service model, kind of a debit card model which sets aside the concern about the durbin amendment and wheth there will be able to make that much money on the interchange. it will have a target audience. a lot of people under 30 who are big mobile users will be intested. once you start to get people above 30 you will see a lot of skepticism. you raised the issue about primar account. i think the way this will work the first is, you will see people put sll amounts in this. no way i will move tens of thousands. someone might put a couple hundred to seal a works. really to see how the fed develo

this may be due to a rise in bank repossessions. foreclosure activity is down from a year ago. sessions jumped 11% from may -- in may from april, according to a new report from realty track. 33 states saw the rise with some quite dramatic, as you can see. >> i think this is the leading edge of a trend. we're not going to see bank repossessions as high as we saw in at the peak of this in september of 2010 when we saw over 100,000 in 1 month. but those numbers are going to inch up because this is a market where it makes sense for banks to get rid of this distressed inventory and sell it. >> so more bank-owned homes on the market could mean the spike in prices start to moderate again. >> just to put a fine point on it the difference between foreclosure is foreclosure sits for a while but the individual's still in the house, and repossession the bank says, time to get out, we're putting it on the market, doing something with it. >> we are talking about the final stage, the bank repossession when the bank takes the home back, homeowner has to vacate the house, and the bank puts that

and a good bank. the balance sheet. that's not easy work. >> thanks for that. that guessing game. stephen hester's departure surprised investors. one major shareholder called it plain stupid. to get the reactions on that move head to cnbc.com. still to cobble the show, meanwhile, a big and dangerous line of storms could threaten to wash out the first-round of the u.s. open golf tournament today. what's going to happen and if we get through the storms who will actually take the major? we'll update with you the book maker's favorites when we come back. >>> last half our of "worldwide exchange". this is a recap of the headlines. today markets are in a bit of a turmoil. stocks in europe led lower, financials tapering fears dow's second straight triple-digit loss. in japan 225 leads declines. strong yen down 6.4%, nikkei back in bear market territory. bond yields and periphery head high per. greek and the year up 11%. russian president vladimir putin warns the country can't raise spending forever and sugge

the cash belonged to a bank but they are not naming the bank. ney, all their 100 bills, were going to be sent to a federal reserve facility in either new york or new jersey and would be swapped out for new bills which would then be sent on to the bank's offices here in the area. a new york fed spokesman declined to comment. they don't know for sure if the cash was stolen here in new york as there's no sign of forced entry in that cargo contain err. they are looking to see if it vanished in zurich, but we're told where the money was loaded has tighter security and more surveillance cameras in place than here at jfk. a whodunit as the investigation continues, whether it was an inside job and who made off with that $1.2 million in cash. back to you. >> josh than, thank you very much. we appreciate it. >> sure. >> new york's superintendent of financial services ben lawski had a busy month. last month he fined tokoyo's biggest bank $250 million from laundering money from iran, myanmar and sudan, and just before that he fined a unit of deloitte $10 mil

so a lot of things are wrong with banking and there is a lot we can do about it but there is a lot of nonsense. >> historic we in your view has banking ever been right size or rightly positioned in our economy? >> this inefficiency in banking i think it's basically fundamental. i don't think -- sometimes people say banking was always fragile. it's not this. it's not that. it's true that it's always been too fragile and you can understand that and we try to give a flavor for why that is. but it doesn't follow because of this fragile that it was ever really efficient as an industry because really what happens if you want me to start with the teaching, start with deposits which we all know like a road system, like infrastructure. we want a payment system and to not carry around cash or gold or something like that. so that's how it started, giving the money to the banker. in the trade shows the banker there isn't a suitcase that you leave for safekeeping, you know, you just want your money back at some point and so we lend the bankers the money and from that point on they have this money

lots of money on that where does that all come from and they will draw the conclusion that someone a bank or an organization funds to candidates and that means when a candidate takes power he will have to give back the money he will oldham and with such strings attached you'll be never free people will never vote for a politician like that with. us but the reason we for candidates to cost grassroots space to change with people like you is that the times in different political problems that. some voices to complain the place obstacles in reaching the larger public. people's right. to include things more than two million people alone no use an interlude. so. it is much easier to communicate with. but the people in more rural areas we need more more trying to get through them this is the. weak point but. this year for the first time ever iran had live t.v. debates between candidates of the form and still faced some internal and external criticism but big decisions maintained that despite the need for iran you know it's still better to give it a try it's the rather than has a name do they wer

been whether you're a community bank or regional bank or large bank, you are playing on a much more level playing field. i think competition will be well served. >> leveling the playing field is the purpose of the dallas this proposal. >> the gentleman's time has expired. the chair recognizes the gentleman from delaware, mr. gornick, for five minutes. >> thank you, mr. chairman. and thank you to the painless. this is but a very interesting and fascinating discussion today. i don't know that we've shed any light on answering the question whether too big to fail exists or not, but without some really great discussion i think about that. i would like to say with respect to sifis been a privilege designation, it's funny, i've not had anybody company requesting to be put in the category of being a sifi. in fact, just the opposite. people come to say it -- people come to us and said we shouldn't be in this designation, just as an observation. but i would like to pick up where mr. perlmutter left off, in the district court. and again start with you, mr. fisher, and asks the question, i think he

utility, but there are some people in this town who would like to see a bankome a utility. that is the absolute worst thing that could happen. we have 7,000 banks, highly competitive market. you can pick and choose from every bank across the street. >> why, what's wrong with being a utility? >> no. >> maybe i want to know my money is safe the way i know my lights are on. >> your money is safe today, period, in any bank protected by the fdic. we think it's good you don't have a one size fits all banking system. you can pick and choose what you want. >> so long as it's transparent. >> absolutely. completely agree with that. >> all right. good to have you on the program. >> thank you very much. >> thank you very much for the important insights. >>> up next, somewhere, somehow, george orwell is feeling very satisfied tonight. the national security agency surveillance leaks still fresh. is it any wonder that sales of orwell's classic novel "nineteen eighty-four" are surging 37% this week on amazon.com? coming up, hear the debate over the nsa leaker snowden. >>> and

goldman sachs fall into that category is this. >> it's a bank. let me tell you something. i love the people there. i love gary and the whole place. i think the stock has treaded water for the last week, week and a half. it should make a push towards 168. i like it. >> lastly starbucks leading off once again, shares of the coffee giant hitting an all time high in today's session. mike? >> we were talking relative to names like duncan. let's bear in mind this company is the second largest publicly traded company in the country. it's worth $50 billion, half the size of mcdonald's. i wonder how much longer growth can keep up. i still like the stock but i'd wait for a pull back before i would add.

project hero is the code name for a report that was commissioned by the government from a bank. they appointed him sometime around may two thousand and ten and the report run for eighteen months is basically a feasibility study into how to turn the outstanding student loan balances into an investment grade pro to be sold in a kind of a reason not to distribute model right now the student loans of course going back a few years. if i remember correctly they were sold to the public as being top up fees that the government just needed a few bob to cover the cost of education and as we predicted this would escalate and now it's become multi thousand pounds per student per year and now because the government is in a situation where they are outsourcing so much of what they do to bankers all the time they're trying to package this forty billion pound student loan package out to some investors so here you have we're all child bank there's tank to make this attractive for outside investors we want you directional actively go back break the contracts and raise the interest on these loans c

a day care? >> the chinese banks of the biggest. n the biggest bank in the next days and the world made $21 billion since. the smallest-made 22 billion who the basement 34. american banks are substantially smaller than the chinese banks. the chinese in and saying it's the smaller. what does it mean him? for lose the global reserve currency which is china's cool who cut to push aside and take the world's reserve currency pairs to repair debt hadn't. interest rates would go up-. because of commodities, every product and american who will be this one thing. secondly, the job market will shift even more dramatically. in order to finance major projects is corporations will have to give iis hand hand. the american makes the only had the smaller banks and non, but there would be substantially smaller wound one. the american consumer will be her. melissa: really cook cut they say this is a we're perilous. why can't we just creative system where we leave banks the size they are the creative system where they can go through bankruptcy him be.