alan greenspan said that's an interference i won't do that.then the republicans took over congress. we tried on several occasions to pass the laws to regulate predatory lending. the bush administration is federal powers to preempt dad and tell them they couldn't regulate banks. in 2004, democrats in the house tried to pass a bill to restrict subprime line and. when i became chairman in 2007 i did get a bill through the committee. tom was still there and voted for it on the floor that said no lending to people who can't pay you back. "the wall street journal" attacked me. why is mr. frank stopping islam to low income people? in other words, some of the republicans, alan greenspan in 2007. in the appendix. when he wrote about before the crash. he said i am aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk and not subsidize homeownership initiatives distort market outcomes. but i believe then as now -- remember, he has the power to regulate. i believed then as now that the benefit are worth the risk

that was very unlike alan greenspan.ernanke almost weekly in terms of confronting fed policies or fed intuitions on the taylor rule and other policies. so let's have a beer and talk about these things and why, why is it that you're so public with your comments. i like it but it's very unusual. >> if you get a beer with ben bernanke, bill and i'm not invited i'll be personally offended. thank you very much. have a great day. >> all right. again salesforce.com crm halted for volatility. let's get more on this story. >> this is a bloomberg report saying salesforce.com according to people with knowledge of the matter has been approached by a potential acquirer and that it's now working with financial advisers and bankers to look at possibly the idea of selling itself. now this is a big deal. sales force is worth about $44 billion. this is no small doe acquire. the story goes on the say that again possible suitors could include big competitors of theirs like oracle or microsoft. that's why you have that trading halt. again no

bill gross: well, when i was with pimco, we hooked up with alan greenspan, and he came for four or fivery quarter, and we had discussions, and i think it is a good move from that standpoint, and it is obviously not a -- it is a public relations effort. erik: it is a public relations expert? bill gross: of course, being able to hook up with an bernanke. that is one of the reasons we did it with alan greenspan, but we found that there were some very positive benefits. erik: what kind of value can a former pred -- fed chairman revived? bill gross: well he can provide, and she can provide, a sense of what the fed thinks in terms of how they approach a forward-looking problem, such as inflation too low, or the real economy too low, and so that is helpful. and that does not mean a buy in. but at least you know what they are thinking. and it is always good to not fight the fed but to put on a coffee mug long ago to be there. erik: so you would hire him, if you could? bill gross: i have moved on in terms of my personal experience,, and i am more than glad to read his weekly blogs and get inform

and then didn't seem to notice when the economy got worse and seemed incapable of working with alan greenspanhe fed, his own treasury secretary nick brady wall street to keep the united states recession from hitting and in his re-election campaign i didn't recognize him. he was harsher and more shrill than i've ever seen him and his re-election campaign which he eventually lost. c-span: bill clinton. >> guests:bill clinton is i want to say this correctly. he has a compelling personality, incredible political smarts and overcame something that surprised me. i thought the impeachment and the personal stain of the monica lewinsky episode is something that people would not forgive him for. it has been more than a decade now and it seems that americans have very much forgiven him. c-span: who is behind-the-scenes kind of controlling during that time. period what the message would be? >> guest: one of the more effective people behind-the-scenes, clinton had a good staff but i think mike mccurry was an exceptionally good choice to take over from dede myers as the press secretary. mike did two things

>> ed if you want to go to youtube, you can see the dialogue i had in the house with alan greenspan and taking him on talking about all of the wonderful benefits of deregulation of wall street. i told him he was dead wrong then and he was. as a member of the house, one of the leaders in opposition of the deregulation, i think it was a tragic mistake. this is what i'll tell you. i would go further than just reinstating glass steel. i think we've got to appreciate when we have 6 financial institutions that are equivalent to 60% of the gdp of america, you know what? let's be honest. you can't regulate that. >> you break up the banks. >> absolutely. absolutely. if they're too big to fail they're too big to exist. they are issuing 50% of the mortgages and two-thirds of the credit cards in this country. if teddy roosevelt were the president, what do you think he'd do? >> probably do that. >> okay. >> senator sanders, stay with us. we've got more to come. follow us on facebook and watch my facebook feature, give mef a minute and my video podcast at ed.com. >>> details from baltimore, freddie g

at the same time if alan greenspan was sitting here he would remind everybody that he in '05 about aundrum. i keep raising short term rates and long-term rates are not going up. why bill dudley you should read every word out of his mouth he talks about preventing that again. >> how do you view the market as we sit here today? the valuation of where we are, where you think we could go, when the fed will raise rates and investors want to be, irregardless of the conversation about a crisis or not? >> so at lot of points there. one is that we've seen a lot of short-term volatility not just measured by the vix but in the day to day swings. january especially was volatile, february settled down, march shaky economic data and see huge market swings. our perspective we'll see that a while longer and probably until we've reached a point where we get an interest rate rise. if we get one the recent weak data has pushed that date out to late july meeting or mid-september meeting rather than june. but in the meantime we probably will see more volatility. longer term we continue to believe this is

a fun fact alan greenspan had formally acted as a senior advisor at pimco as well.s developing story and we will bring you more details. ♪ just because i'm away from my desk doesn't mean i'm not working. comcast business understands that. their wifi isn't just fast near the router. it's fast in the break room. fast in the conference room. fast in tom's office. fast in other tom's office. fast in the foyer [pronounced foy-yer] or is it foyer [pronounced foy-yay]? fast in the hallway. i feel like i've been here before. switch now and get the fastest wifi everywhere. comcast business. built for business. >> live from bloomberg headquarters in new york. this is "market makers," with erik schatzker and stephanie ruhle. matt: welcome to "market makers pickup by matt miller. olivia: i am olivia sterns and we are in for erik schatzker and stephanie ruhle. they will be back from the milliken conference. matt: julie hyman is in the newsroom on weekly inventories. julie: the smaller bill of inventories. the build of about 1.9 million barrels last week and analysts were in look

even alan greenspan's message two or three years ago, david ignacious.id it on this show a thousand times over the past several years, there are two americas. there are two americas in criminal justice. there are two americas in education. there are two americas in economics and the rich do keep getting richer the poor keep getting poorer. wages are flat and going down since 1973 if real terms. these are fought democratic or public issues. we fix them and you can blame it on attacks policy here or attacks policy here. but the tide of change i.t. revolution globalization, there are a lot of forces that are pushing this and we have to push back. >> i think you are absolutely right. there is the issue that candidates on all sides will have to deal w. hillary clinton is beginning. you know you remember the clintons are associated with a kind of center right version of the democratic party. the democratic leadership council, pro wall street. she's trying to break away from that. i don't think she knows the answers yet to the questions she was posing. >> she h

i thought it would -- i would show it to you because it is the only known photo off alan greenspan smilingis is ari flesher. i was chewing him out here. i am saying, i am sick and tired of you not fully answering all the wonderful questions asked by our hard-working press corps. are you sure? we are not leaking enough. have we given them enough access to me? i have an idea. i will do more interviews. with baseball tonight. part of the job of a president is to meet with representatives of special interest groups. here i am meeting with representatives from the american cloning counsel. i try to work with republicans and democrats alike. for political reasons, some prefer it not be known they are working with a republican president, so they sleep in the back door. like hillary clinton here -- slip in the backdoor like hillary clinton here. it is not all work of course. one day, i decided to show some of the staff the white house bowling alley. boys and girls there is a reason you where those special shoes. [laughter] of course, another job of the president is dealing with the press corps. yo

interest rates down, and that helped explained as i argued at the time it helped explain what alan greenspan called the ka none drum even as the feds was tightening rates the long-term rates were made quite low with contributing some extebt to the boom in housing prices. the other effect can be that with financial capital flowing into the united states, that strengthened the dollar and contributed to our very large trade deficit. so in the middle of the 2000s, in 2006. we had a trade deficit more than 6% of real gdp, which meant a lot of demand from ghesic consumers and firms was being sifenned off to the global economy. and this was the the problem of global em balances talked a lot about during that time. so that loss of demand through the trade deficit could contribute to slower growth in the united states, and offset to some extend as i mentioned before the pods effects on demand from the housing bubble, and all those things i think are tied together. # gsz oi i let me characterize how the world has changed in the last ten years and what global imbalances and the global -- looks like tod

because the rich this isn't elizabeth warren saying this alan greenspan said it. it's unreal.ch are getting richer. the poor are getting poorer. the working class is getting left behind. too big to fail banks are getting bigger. and we have got to stop preaching capitalism to single moms while we practice socialism with the biggest banks on wall street. crony capitalism doesn't work. this year i've got to tell you this year with the candidate that looks like the republican party is going to be running against, i think it's an issue that will work well for republicans if we let hillary clinton and bill clinton take care of their 1% friends on wall street and we worry about the other 99% in the republican party. we can win. [applause] one of the things that we've got to do and i think we're going to do it because i think we're all excited, just walking around excited about the field of candidates that would we have. we've got to get somebody that understands in their got that what we believe in, that conservatism, that free enterprise that freedom it applies as much to an 18 yea

you want to be cautious going into the first fed rate hike and i think one of the things here alan greenspanr point al because he would use quarter point every meeting both up and down. what is going to be different this time in my view steve, i don't know whether you agree e. i think it's very likely you'll get a move and then a pause for a couple of meetings as they see how it affects financial conditions. that could be a very important, very powerful signal for a risk later on this year. >> i think it sounds trite and not very up front. it depends on the data. if they have a scare when it comes to wages, that will be an issue. greg, did you hear anything last week. and i was very interested in what lockhart said which he had told me the end of march that he was definitive in this june to september range and then took june off the table. are you hearing the word, the center of gravity of the board move out a little further from what you initially thought? >> i think you've nailed it. lockhart as good a bellwether you can ask for on the center of gravity. he's talking about september. yeste

because the rich -- and this is not a lisbeth warned saying this -- alan greenspan said this, it is a reality. the rich are getting richer. the working-class is getting left behind. two big -- too big to fail banks are getting bigger. we have to stop practicing capitalism to working moms while we practice socialism to the banks on wall street. crony capitalism doesn't work. i think it is an issue that will work well for republicans, if we let hillary clinton and bill clinton take care of their 1% friends on wall street, and we worry about the other 99% in the republican party, we can win. [applause] one other thing. i think we will do it because we are all excited, walking around excited about the candidates we have. we have to get somebody who understands in their gut that what we believe in, conservatism, free enterprise it applies as much to an 18-year-old in south-central l.a. as it applies to a hedge fund manager in greenwich, connecticut. in fact, if you believe what ronald reagan believed and margaret thatcher believed, a shopkeeper's daughter, then actually what we believe mat