they want no bail outs in the future, no possibility of bail outs in the future and they want a systemesigned where everyone on wall street and everyone in washington can say no bail outs ever. and if that means that our banks have to be smaller than their foreign competition, that is something i think the american people are ready to accept. so let us talk about breaking up those that are too big to fail before we talk about bailing them out. and hopefully, we can do better capital reserves, better regulation eliminates both possibilities. thank you. >> the german from california for two and a half minutes. >> thank you, mr. chairman. i would like to thank the witnesses for coming here today to testify at a special thanks to peter wallace from aei who for years warned about the systemic threat posed by government-sponsored enterprises, fannie mae and freddie mac. and i got to know peter back in the old days when he was raising these concerns. eventually, the federal reserve itself became convinced that peter was absolutely right in about 2004 they began to warn on what he was warning,

as you may remember, you bailed out citibank. guess what? a top trader there could end up getting a bonus worth $100 million. yes, your hard right, $100 million, just one man, $100 million -- you heard right. joining us is steve moore with "the wall street journal" editorial page. >> he actually has made a lot of money for citi, but this is a company that lost tens of billions of dollars last year. of course, we own it. it is a company that was bailed out by the federal government, and now, he wants this $100 million paid out. even though he was making money for the company, when you are talking about that they were bankrupt, i do not see where you get the nerve to ask for $100 million. greta: this guy is not starving if he does not get a full $100 million. a percentage of how much money he makes when he traits? >> yes, and he has been a spectacularly successful trader -- how much money he makes when he trades. he called the oil marker. he made hundreds of millions of dollars for the company. i do not have a problem with that. i do not have

being about financial stability, bailing out chrysler, bailing out gm, many of us said we're going to throw good money after bad. they're going to end up in chapter 11 anyway and roughly $80 billion taxpayer dollars later, they did. how is that fair to ford, who actually had to take on more debt to try to survive. so you know, to what extent is it even fair, to what extent is it even smart, once you go down the road to start bailing out these firms? so many of us fear, i have introduced legislation that would end t.a.r.p., that t.a.r.p. is now, regardless of its noble design back in september, october of last year, has morphed into a $700 billion revolving bailout slush fund that frankly is doing more harm to the economy than good. now, i do want there to be an opportunity for large financial firms that fall into financial distress to be resolved, resolved quickly. that's why in the republican financial markets reform bill, there is provision that would create in the bankruptcy code a new bankruptcy chapter to do just this. but you know, you got to ask yourself the question, should it

ok, coming up next -- we bailed them out, and what did they do with our money? using it to try to get even more of our money. plus, states giving the boot to government workers. !ow it could give a booth to america's news h.q. now back to "cashin' in," only here on fox. terry: ok, get this -- remember all those companies that we bailed out with hundreds of billions of our tax dollars? well, many of them spending millions to lobby congress to get even more of our money. wayne, he is not happy about it one bit. wayne? >> i don't think anybody in the united states should be happy about it. i mean, the fact of the matter, is you have over 15,000 registered lobbyists in washington, d.c. they were paid over $3 billion last year of taxpayer money to go and lobby and bribe, if you will, congressmen to do something that they wanted to do. we have three ex-speakers of the house, leaders of the senate, who are not even registered who lobby. tom daschle is not even registered, yet he got paid by austin over $2 million last year just to be an advisor. i mean, this is outrage

ok, coming up next -- we bailed them out, and what did they do with our money? using it to try to get even more of our money. plus, states giving the boot to government workers. how it could give a booth to our job market. pulation: 49 mil. right now 1.2 million people are on sprint mobile broadband. 31 are streaming a sales conference from the road. eight are wearing bathrobes. two... less. - 154 people are tracking shipments on a train. - ( train whistles ) 33 are im'ing on a ferry. and 1300 are secretly checking email... - on a vacation. - hmm? ( groans ) that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. sprint. the now network. deaf, hard of hearing and people with speech disabilities access www.sprintrelay.com. finally, good news for people with type 2 diabetes or at risk for diabetes. introducing new nutrisystem d, the clinically tested program for losing weight and reducing blood sugar. hi i'm mike, and i lost 100 pounds on nutrisystem d when i was first diagnosed with diabetes, that first ste

so they bail out the day after they let their competitors out, they bail them out to the tune of $85 billion. these two jean uses, say yes, you have to do that for the economy. so who is the biggest single payout from aig? what a surprise, on the check, make it out to goldman sachs for $12.9 billion. now, the treasury secretary again hank paulson, remember goldman sachs ceo, he decides he needs somebody to head up tarp. who do i know? there was a guy goldman sachs. he is going to appoint to oversee tarp and one of first things he does, goldman sachs has to be changed to a banks holding company. that way they can have access to tarp, fdic money get money from the fed. that way they can be saved! right, right. so cash carry, he's out. he has been replaced by gary ginsler, he is former partner at goldman sachs. now, once cash carry has made goldman sachs a bank holding company, they don't have that pesky sec thing. they have a guy named steven friedman, the former chairman of goldman sachs, now overseeing them because steven is at the fed, used to be at goldman sachs. but not now. steve

all right, bailed out banks paying back uncle sam with interest, which means a dividend check for you, right? not so fast. barney frank has a better idea of what to do with your mononon keep it right here on fox. those stories and much more throughout the day. i'll see you in 30 minutes. brenda: good news, america. the government so far making $6.7 billion in interest from banks repaying bailout bucks. so we can all expect a check from uncle sam, right? wrong. congressman barney frank may have other plans. >> this is a bill that would expend that $6.7 billion to deal with the ongoing foreclosure and mortgage problems we still have. a brenda: so gary b., you say that's not his money to give away, huh? >> exactly. i mean, the hubris of these people like barney frank to think, a, they can originally spend the tarp money however they want, and b, when, you know, by the grace of god some of it's actually paid back, spend it again how they see fit, it's just unbelievable. look, he wants to give money to people who can't pay their mortgage. well, you know what if i'm sitting there and get mo

so they bail out the day after they let their competitors out, they bail them out to the tune of $85 billion. these two jean uses, say yes, you have to do that for the economy. so who is the biggest single payout from aig? what a surprise, on the check, make it out to goldman sachs for $12.9 billion. now, the treasury secretary again hank paulson, remember goldman sachs ceo, he decides he needs somebody to head up tarp. who do i know? there was a guy goldman sachs. he is going to appoint to oversee tarp and one of first things he does, goldman sachs has to be changed to a banks holding company. that way they can have access to tarp, fdic money get money from the fed. that way they can be saved! right, right. so cash carry, he's out. he has been replaced by gary ginsler, he is former partner at goldman sachs. now, once cash carry has made goldman sachs a bank holding company, they don't have that pesky sec thing. they have a guy named steven friedman, the former chairman of goldman sachs, now overseeing them because steven is at the fed, used to be at goldman sachs. but not now. steve

the defense agreed not to seek bail. details of his personal life were revealed. the i-team has learned that he has a long criminal history, his first contact happened at the tender age of 10. most recently, police charged him with robbery back in may. he punched and kicked a teenage girl and then took her cell phone. he was in juvenile court the day before the shooting. >> it is not because these young men did not have a center to go to or that there were not enough parks and recreational opportunities for these two 17- year-old maniacs' that were fighting in the middle of the street. >> davis now faces two counts of first-degree murder. davis is accused of trying to kill 17-year-old. just before the shooting, they engaged in an altercation. >> it was a fist fight where mr. davis was fighting with another 17-year-old teenager. mr. davis seemed to have decided to take it to another level and went and secured a semi- automatic handgun. >> the arrest exposes all kinds of issues regarding how the juvenile justice system handles children. in jayne miller has more on h

do you need a bail-out? you're the backbone of the american workforce. businesses employ at least half of all private sector employees. so should some of the $700 billion plus that were allocated to bank bail-out funds go to help struggling small businesses? those on main street, the white house made an exception to bail-out the auto makers. how about you guys? floyd chapman is president of the american small business league. he's looking out for you. so, how badly first of all do small business owners need assistance? >> they need it really bad. so far about only 1% of the bail-out money has gone to small businesses. that's shocking when you realize that 95% of all new jobs come from small businesses and half of the gross domestic product. only 1%, so 99% of all the money so far has gone to big businesses. >> jamie: the plan talk about would increase the credit line. are you concerned that if the small businesses have access to more credit it might present a whole portfolio of new toxic loans for lenders who have the cash to lend and might reduce their

stuart: you bailed out a union and disrespected white-collar management. that is what happened. >> we made a decision to continue in domestic automobile industry in this country. you do remember that during world war two, that industry was a chart with making tanks. stuart: your employer may be changing investments without asking. and a lawmaker wants to get every penny back from stimulus. 4l stuart: the white the you have to say about your employer changed your 401 (k) without you knowing? >> they have that right now since 2006. it is a default provision. if the employee does not select an option, the company selects them. even have a right to throw a person in the plan without asking. if you get something in your mail box to work or at home about the company your company uses, you can dictate your options. it is a thing -- it is more of a regulatory thing that allows them to do that. stuart: drudgery, is it not? with no pain killers. i think you have that right. ok. listen, then. neil is out today, but we're still answering your questions. do not forget

all right, bailed out banks paying back uncle sam with interest, which means a dividend check for you, right? not so fast. barney frank has a better idea of what to do with your money. having to go in the middle of traffic and just starting and stopping. having to go in the middle of a ballgame and then not being able to go once i got there. and going at night. i thought i had a going problem. my doctor said i had a growing problem. it wasn't my bladder. my prostate was growing. i had an enlarging prostate that was causing my urinary symptoms. my doctor prescribed avodart. (announcer) over time, avodart actually shrinks the prostate and improves urinary symptoms. so i can go more easily when i need to go and go less often. (announcer) avodart is for men only. women should not take or handle avodart due to risk of a specific birth defect. do not donate blood until 6 months after stopping avodart. tell your doctor if you have liver disease. rarely sexual side effects, swelling or tenderness of the breasts can occur. only your health care provider can tell if symptoms are from an enlarge

i'm not saying paul son is being bailed out, but financial institutions are being bailed out.w they are making that up again. the issue of the warrant is interesting. the point is right. you do not want to have the warrants framed so that the lending institution has control of it. there has to be another method where by they can determine when those warrants can be exercised. it's a part of this concern. who is gaining and who benefits. the very people who got them into trouble. it's an unpopular term and piece of legislation. it's a sense on an individual basis and unfairly because it's a matter of government regulation and it's not just justified to him to have to pay the taxes. that looked as though he benefit and that is the problem. when he goes and here i will disagree, but lehman brothers like goldman sacks and morgan city loan, when they wanted to save them, they allowed them to be bank holding companies. if they had, they would have legal authority to hold lehman and that would make consequence financial squeeze and crisis that we entered into. >> it would seem fair,

remember leonard padilla the bounty hunter who bailed casey out?access to the family dynamic. he had conversations, his employees did. now jose baez, the attorney for casey anthony, wants those conversations basically stricken from the record, not used as evidence. he says padilla was working for him. we're going to talk with leonard padilla in an exclusive interview coming up and take your calls, 1-877-tell-hln. >>> new today in the casey anthony case. the mother accused of killing her little 2-year-old little girl, little caylee, her defense team scrambling to block revealing testimony. reports of incriminating statements casey made to the bounty hunter who once bailed her out of jail. caylee found dead in the woods, blocks from her grandparents' home. did casey anthony reveal anything to indicate she was responsible? what did she tell leonard padilla? we're going to ask him ourselves. bounty hunter leonard padilla joining us in an exclusive interview via skype. also with us florida state prosecutor pam bondi. and natisha lance, producer from the

but i've got to tell you, michael, enough already with bailing out companies that don't need to be bailed. there is no systemic risk here. if it fails on its own, let it. what do you say, michael? >> well, i say, what are you talking about, dennis? we're standing here looking into the abyss. continuing to look into the abyss. >> we are nowhere near it. armageddon is behind us, my friend. >> well, you are the only person in america who says armageddon is behind us. >> the stock is up 20%. >> but on the chance that even off chance that you are not right, dennis, i would like to certainly bail out definitely small businesses, which i have a soft spot for. >> oh, gosh, jacko owe small business -- jack, let 'em tie. >> let me ask you this, what is this meltdown, this abyss? let us assume that the government let aig and citibank go under? what would have happened? there would have been no meltdown. what would have happened is the next morning, capital would have reformed. >> well, you might have missed it, but there already has been a meltdown. >> there would have been smaller, sharper, better

we've already bailed out the auto industry, the banks, aig, freddie mac, fannie mae, we're about to bail out health care. the energy sector. let's just take over small businesses now. there is a small provision in the tarp legislation that says that anybody who participates in the program will have to give part ownership to the government. so we're just going to take over small businesses now. look, what the government needs to do, the stimulus is not working, bailouts are not working. cut taxes for small businesses. that is the only way they're going to be able to hire new people. >> the administration has not yet considered the cutting of taxes and we are continuing to spend. the economy hasn't turned around like they wanted by now. how do you know that jobs will be created by this program? >> cutting taxes is about the only idea the republicans ever had and since teddy roosevelt came up with -- >> let's tray try it. >> wait a second. the fact is the government will not own part of small business. there is a loft money for small business in the stimulus package. it's only been out ther

they drove to the area of king avenue and franklin square drive, where the suspect and bailed out of the vehicle. the have a description of the suspect responsible. baltimore county police have taken into custody the vehicle utilized in this robbery

and we,he average citizen, have to bail them out so that they can go back t their summer homes and their limousines. >> makeit more dangerous actually. perhapthey didn't plan on it but looking back, it i quite an amazing stea >>eporter: the banks' positio knockedut by this week's ficial news that the govnment bailout could, in theory, cost $23 trilln if everything collapsed again. just a few about months ago ameri's entire banking system was on the precipic and were not for hu government inteention of one form or the other many of these baks sily would notexist today. yet a fe months and my of ose same banks are now making record prfits. and planning buer bonuses for their bankers. surprise that beyondhe skyscrapers ordinary america's notvery happy. this i your baltimore road to

they decided, yes, you should bail out a.i.g., so a.i.g., they bail out the day after they let their competitors go out, they bail out a.i.g. to the tune of $85 billion. these two geniuses, both from goldman sachs say, yeah, you got to do that for the economy. so, who is the biggest single payout from a.i.g.? what is surprise? on the check, make it out to goldman sachs for $12.9 billion. now, the treasury secretary, again hank paulson, remember, goldman sachs' c.e.o., he decides he needs somebody to head up tarp, you know, somebody to make sure he can figure it out. who do i know, who i do know? there is this guy at goldman sachs, neel kashkari, he decides he will be appointed to oversee tarp. he changes -- one of the first things he does is goldman sachs has to be changed to a bank holding company. why? well, you know, that way they can have access to tarp, fdic money, get money from the fed in the discount window. that way, they can be saved. right. right. so kashkari, after he makes this decision, he's out. i mean, he's still in the system. he's out. he has been replaced now by ga

why don't you bail out these guys? if we bail out cit, who is next in line? every time we do it, we find out that it's not limited to the systematically important banks, not limited to the big guys. now it's everybody step in line and get your bailout.. >> isn't it failure a part of our system? if you're going to have an efficient-free market system, isn't failure part of the system? >> i completely agree that failure does have to be par of the system, and the only issue i'm raising is the message this sends to small businesses when we have been there over and over again with an open hand to the tune of hundreds of billions of dollars for the big guys, and when somebody is helping the little guys needs some help, money that seems negligible compared to what everybody else has gotten, then the message may need to be that we're there to help you too. >> but john, isn't this a situation in which a lot of these small businesses can still get loans from other financial institutions? isn't this part of the argument against helping them here, because it's not like f

quit bailing them out in the first place. my friends on the other side of the aisle are enshrining us as a bailout nation system of you complain about the taxpayers picking up the tab, i've complained about the taxpayers picking up the tab. quit bailing them out in the first place. now, again, we have to read the bill and not just read the slogan. because if you read the bill, what you find out is, number one, this isn't just pay restrictions that go to those in the troubled wall street rms. again it's almost every covered financial institution. guess what? if you read further into the bill, it doesn't just cover the top officers, the top executives. every single employee, every single employee who has a yet-unquote incentive-based can -- a quote-unquote incentive-based compensation can be covered by this. we've learned that somehow work a very intrerptive approach to the english language that general motors and chrysler have been found to be financial institutions. this means any employee, any employee who receives a tip a s

when the bail bondsman wouldn't take a chance on mike grogan. why? >> he said this man has other names. other than mike grogan. >> other names? his bride-to-be couldn't believe it either. i can't imagine the night before your wedding, the man you're going to spend the rest of your life with -- >> yeah. >> -- is in the back of a police car and a cop is showing you a picture saying, it isn't even him. >> yeah. >> help us understand what that feels like. >> i don't think anybody can understand. it is very -- it is very surreal and horrible. >> a bride left at the altar. friends left with huge debts on luxury cars and an old couple who had invested their life savings. they all wanted to know if this man wasn't mike grogan, navy s.e.a.l., football star, millionaire, then who was he? the answer was more complicated than they could imagine. coming up, the con man's past reveals he scored big-time in seattle. >> i saw a million dollar plus check written to open one of the stores. >> and later, he brags about his prowess. 4m4m

. >> reporter: oer lawmakers lashed out at paulson fohis lack otransparency in bailing out wall street-- whher it was by financinghe bank of america deal, or selng the tarp to congress. representative steph lynch says he thinks lawkers have been misled. if you had come up here wit mr. bernanke a said, "i got a plan, i want to ta $800 billion taxpayer money, i want to give it toy pals in the nine biggest banksn america," how many voteso you think you would haveot up here? >> reporter: in is case of "he said, she said," many wmakers stilfeel taxpayers picked up the tab for the meill lynch- bank of america deal. but pauln says what taxpayers really got was financial system that is still worki. da bate, "nightly business report," washington >> susiec.i.t. is inching closer to bankruptcy the small business lender is expected to fileor chapter 11 protection asoon as tomorrow. and that will leave ndreds of thousands of firms scrbling for finaing. erika miller has more out the impact of a c.i.t. failure on small anmedium sized businesses. >> reporter: the difrence of justne letter makes all th

they actually made quite a bit of money on bailing out lenders. i cannot see how they will get the money back on aig. that was, perhaps, not the one to do. there is a possibility they will do it, and, frankly, if they could make a good deal, i would do it. neil: if these companies are right in saying that they see a turnaround, that things are improving, and now we add into the mix and $1 trillion health- care package that could substantially raise taxes on the rich, many of whom may not consider themselves rich, but wealthier folks, what will be the fallout, do you think? >> i-team raising taxes on the people who are reproducing a lot of the jobs in this country -- i think raising taxes on the people who are producing a lot of the jobs -- i am not in favor of that. that is a very dangerous thing to do. this is a very, very delicate economy. it is starting to come back. we are starting to see good news. we are starting to see confidence, most importantly, but raising taxes is a very dangerous thing to do. neil: we're going to talk to a prominent d

. >> the suspect has not yet pleaded his case for bail. police are charging him in the attempted murder of 05-year-old girl in the attempted murder of a 17-year-old. according to charging documents before hand david n. hicks fighting. investigators say that david left and returned with a fire gun, shooting at hicks suffered a wound on his forum. little raven stuck in the head by a stray bullet. she is listed in critical condition at johns hopkins. witnesses identified davis as the shooter through a line up and a crime camera also assisted. we will have much more on this story and whether the judge grants bail in your newscast. reporting live from central booking downtown. >> thank you. we are hearing from the family of a woman found dead alongside foundravens quarterback , steve. the 20-rolled sister spoke on the family's behalf. >> she said [inaudible] there were going to move in together. >> he was reportedly dating her. both were found dead yesterday afternoon inside a condominium he rented with a friend. he was shot twice in the head a

gee, who can not print money and bail themselves out? i remember. your state.ats against this bill. one governor is a democrat from tennessee. he said he feared congress was about to pass the mother of all unfunded mandates. gee, you think so? and mistake was made by the republicans and democrats. -- a mistake. why would we want to repeat that mess? the original bill from running's, what was millions of dollars -- from mitt romney's millions of dollars. $156 million over the budget. we are friends. what is 33% over budget? our bad. you know what? it should work that well on a national scale, should it not? itç is only 200%. let's go to the nancy pelosi soak the rich policy. the state would be short about $109 million. if obama tried to pay the çmagical savings part of his health-care plan, when dollars trillion, using the entire kennedy family fortune, america would still come up about $995 billion short -- $1 trillion, using the entire kennedy family fortune. the media often misses the connections and because they do not see how all of the stories are missed

. >> that will make them pull back the next time because they feel like they get bailed out. >> hold on a second. >> let's let leslie get in on this. i can't help but think a lot of what government is doing is no longer aimed at healing, avoiding systemic risk, aimed at finger wagging and making sure they get their hooks as deeply into business as possible. >> absolutely incorrect. this kills me. the majority of voters in america voted for president obama to do exactly what he's trying to do. >> take over businesses. >> and if you expect in over 2100 days something over eight years to be repaired, put down the crack pipe. if he wasn't doing it you would be complaining and finger wagging at that. don't forget the best socialized program in america medicare, welfare, social security, ssi, et set remarks how come you haven't been complaining since fdr. >> you want a historical perspective. >> fdr made it worse, not better. >> we expect. >> one at a time, let steve speak. >> the historical perspective is there have been columns written in the "new york times" comparing the obama economic

s bail-out, themerican taxpayerbecame, effectively, this chinese cmakers second rgest shareholder, after him now with china's stimus measures bearing fruit, a bullish mr. yin is throting up prodtion. and he expects morus strategic investments to folw. >> ( translated ): i think that after experienng this financial crisisespecially the deal with lifan, they will invest more in china eitr with other companies or if ey are willing and lifan agreesthey n have more shar in us. >> reporr: in the first five nths of 2009, china's auto industry sold almost five llion vehicles-- a million morehan in america. attractive subsidies for fir time buyers,romotions across thcountryside, a 50% sales tax t on smaller vehicles and slashed showroom pris have help return the industry to growth. but that's not to say eryone s a model balance sheet. the ct is, china's auto indust is badly in need of coolidation. of the country 150 registered manufacturer just 20 account for 95% of all sales. the big winns, are the foreign brands with their statowned joint venture partne. they produce the cs of choice- - command

su forma de baile, de moverse arriba del escenario, tiene muchas formas y tiene muchos momentos en lante que no conoces. a mÍ no me gusta aislarme. soy una mujer que necesita de su familia, sus amigos. tengo amigos de toda la vida. la familia es muy importante. hay la leyenda de cuÁndo comienza este chico, te aÍsla se te vuelves sÓlo. >> ¿cÓmo haces para ser normal? >> nadie es normal. >> pero es que no pueda ser las cosas como los demas. >> no hay que olvidar... hay que tener los que se la tierra. la familia tiene que apapachar. te tiene que bajar un poco. en un momento tuvo un problema que se me subiÓ a la cabeza de adolescente pero cuando suele parte tÚ vida... se me subiÓ a los 12 13 o 14, no sabes manejarlo, no eres consciente y no tienes las herramientas como para manejar una situaciÓn. al final el poder es el espÍritu, tu esencia, tu cariÑo, el amor por los demas. mi mama es muy importante me ha dado muchos consejos. mantener el equilibrio. >> como cantante y figura a nivel internacional tienes una plataforma enorme, lo que digas hoy en baker lado la gente escucha. lo has aprov

dollars along with yours and everyone else's went to bail the banks out and they're back to business as usual. and we need to put a stop to it. >> the federal reserve concerned about overdraft abuses is proposing new rules requiring banks to spell out all their fees and get customers' consent before they're enrolled in overdraft programs. >> again, i'm sorry about the check. >> but what used to be so embarrassing has now become a rich, new stream of revenue for banks that have figured out even more ingenious ways of turning rubber into gold. i'm chris bury for "nightline" in dallas. >> thanks to chris bury. you can read more about the fees and how you can protect yourself in tomorrow's edition of the "usa today." >>> when we come back, michael jackson's fortune in life may have been a story of black and white, but in death is it gold? we'll ask another king. you'll never go back to your old mop again. ♪ don't you want me baby? ♪ don't you want me ohhhh! [ femama announcer ] whwhgo part of t w way clean? swiffer wetjet titibacterial cleaner kills 99.9 percent of bacteria mops can spre

major push by casey anthony's defense team to block crucial testimony from the bounty hunter who once bailed her out of jail. what did casey say to leonard padilla? he talks shedding light on his conversation with an accused child killer. >>> a babysitter accused of jumping in the sack with a 14-year-old boy at least four times. she is twice his age. police say she even asked for mom's blessing on this sick relationship. so they could be a couple. give me a break. >> controversy, opinions, your point of view, this is "prime news." >> welcome once again, i'm mike galanos. this is "prime news." two big developments on michael jackson's death. we'll have to wait longer. just into us and also this, unreleased song from michael jackson's stash, reportedly he made tons of extra tracks, overrecorded when he made his albums. we are going to let you listen to one of his songs that could go back several years that was not released. a couple of fronts, take your calls 1-877-tell-hln. joining us, anita kay, defense prosecutor and with us on the phone dr. daniel spitz. doctor, why do you think it's takin

eric: john, did we make a mistake by bailing out wall street and not bailing out small businesses main street? >> we most definitely made a mistake. you never should bail out any company of any size. capitalism is not capitalism unless there is failure, also. bailing out wall street ensures more cies cease in the future when banks are taught they can make mistakes and that politicians will cushion their mistakes. it is a huge error. eric: what about it, barry? >> there is a great quote that says "the result of shielding men from their follies will fill the world with fools." that's what we do when you have bear stearns and citigroup, when they're insolvent, you let them go belly up, otherwise you encourage more recklessness. eric: thanks, guys for joining us. >> our pleasure. >> states trying to balance their budge budgets and it is not just california. the budget battle could come to your hometown next. glenn: do you ever lay awake at night and wish you had a juggler on hand to explain the role of government interference in our lives, or maybe a big pile of monopoly money to make sens

. >> reporter: simpson's lawyer says there is no risk he'll disappear if he is freed on bail. he is serving 9 to 33 years. one of the two memorabilia dealers says he wants charges against simpson dropped. the man swore under oath, he didn't promise him anything to change his story in the case. >> a panel of judges will hear oral arguments on simpson's bail request in august. >>> a conviction in a fatal carjacking in anapol i guess. leander blake-- annapolis. leander blake was only 17 when he and another man shot griffin in the head and ran over him during a carjacking attempt. >>> an early morning police pursuit in carol county ends with the driver arrested. police tried to apprehend randy brown junior on outstanding warrants. they say his mother created a distraction while her son fled the scene. brown is charged with numerous offenses while his mother is charged with obstruction. >>> time now for a quick look at some of the stories you'll find in the baltimore sun. a look at the better and worse. >>> and was the late steve mcnair a hall of fame caliber quarterback? for these

. >> reporter: other lawmakers lashed out at paulson for his lack of transparency in bailing out wall street-- whether it was by financing the bank of america deal, or selling the tarp to congress. representative stephen lynch says he thinks lawmakers have been misled. >> if you had come up here with mr. bernanke and said, "i got a plan, i want to take $800 billion in taxpayer money, i want to give it to my pals in the nine biggest banks in america," how many votes do you think you would have got up here? >> reporter: in this case of "he said, she said," many lawmakers still feel taxpayers picked up the tab for the merrill lynch- bank of america deal. but paulson says what taxpayers really got was a financial system that is still working. dana bate, "nightly business report," washington >> susie: c.i.t. is inching closer to bankruptcy the small business lender is expected to file for chapter 11 protection as soon as tomorrow. and that will leave hundreds of thousands of firms scrambling for financing. erika miller has more about the impact of a c.i.t.'s failure on small and medium siz

but then here we are bailing out the auto companies and now trying to make americans buy more cars. when it sounds like the real goal of the administration has people buying less cars and take mass transit. is there a contradiction here? >> not at all. we want people to drive fuel-efficient cars. one of the aspects of this program is that people will drive cars that get much better gas mileage than the older one, and the whole idea of promoting high-speed rail is because america doesn't have high-speed rail. there's no place in america where you can get on a high-speed railline today. you can get on an amtrak train but it's not a contradiction at all. it's really trying to get a number of different forms of transportation that people will use, but the idea behind this program is to sell automobiles, to give people a good rebate, and to get people to drive fuel-efficient automobiles, to clean up america. >> thank you very much, secretary lahood. always a pleasure. i'm sure i will be speaking to you soon. >> thank you. >>> the other big story, and it may end up being the biggest story

you guys say, well, they bailed out the big banks so therefore they should have to bail out the little consumers. we bailed out the banks so they could help the consumers. >> let me say. this you're saying mere the consumers are the only one at fault. you don't take into tkt predatory lending? >> no one had a gun to their head. >> excuse me. you don't think -- come on. it's like you were not around the past few years. you don't think there was any preer to lending involved? >> i don't excuse that people took mortgage that's they were unqualified for. >> doesn't it make you mad that i get a government sponsor reidentify? >> it doesn't bother me. i'm thrilled for you. >> this is going to be worse if health care reform passes. you're going to see higher unemployment. higher taxes. >> bring it back to housing. >> you have to keep in mine that the government, you know, i'm hear from the government to help you. the federal government caused almost all these problems in the first place with two thing call fannie and freddie. >> thank you so much for being with us. i love that spirited discuss

. >> but 15 months ago we destroyed the premise of the country when we started bailing out wall street and creating the moral hazard. >> mcdonald's went to switzerland. last time i checked they had a giant government held care plan and huge taxes. terry: but they don't have a lot of people. >> the point is that you don't need low taxes to have companies come. you need the lowest tags. as long as our taxes are lower than others they will come. >> it rule of law. >> we are talking about keeping a company in america. we can have 70% as long as everybody else is 80%. >> we have the same conversation when they passed sarbanes-oxley. all the companies will leave the united states because of the rules. it is all this media mayhem and everybody stays put. it is more expensive to move your headquarters. i get that some people are leaving. >> you are wrong, tracy. i'm on the board of a new york stock exchange company and they are thinking about doing just that, leaving the united states because of the taxes and sarbanes-oxley which cost this company $4 million a year to comply with sarbanes-oxle

certainly, if you look at who they bailed out, they bailed out gmac. they're a factor, right? >> yes. >> why don't you tell us about that. >> gmac is a factor, wells fargo, dbmc and cit being the biggest factor. i don't think people understand how factoring works. that what you're doing is you're assigning your receivable to the bank. they're guaranteeing that it's going to get paid. i'd kind of use it to -- look at it like a big credit card, okay? so you go into the store and you're buying. and you place your credit card in there and it goes through and the store gets the credit immediately. right? so they get the money immediately. and then you don't pay for 30 days later. right? >> right. bew, summer classic -- >> this is the same thing. this is the same thing but for business. so you take your receivable and you give it to cit. they guarantee the credit because they know the people that you're selling to, right? >> correct. like if you're a company that's making something, like, let's say, patio furniture like you make, some patio furniture and garden furniture, you're sel

. >> the best way to deal with risky pay schemes is to quit bailing them out in the first place. my friends on the other side of the aisle are enshrining us as a bailout nation. and so you complain about the taxpayers picking up the tab. i've complained about the taxpayers picking up the tab. quit bailing them out in the first place. >> suarez: georgia democrat david scott contended that the bill would ensure that the free market is working for all americans. >> this is a free enterprise system. but it's not just free for top executives. it's free for shareholders. it's free for those men and women who've given their lives, their blood, their sweat, and their tears. and to see their companies in shambles because of excessive pay by, by executives who have abandoned those companies. what about their pensions? what about their retirement that have gone? >> suarez: in the end, the bill passed 237 to 185, mostly along party lines. the senate is expected to take up the legislation after it returns from its august recess. we get some analysis now on efforts to curb compensation and the

and their boat, or i could bail out main street, why did we pick wall street?you know, glenn, it is so baffling to me, particularly -- let me tell you my theory. glenn: say it. >> i sincerely believe that the president has a real fixation against rich people, people being rich, and i think that the only way -- glenn: hang on a second. i speak your same language. let me try this again. the president is a marxist. >> i think it is more of a voltare france thing. glenn: whatever. >> the bottom line is there is this serious effort to not only go after the rich but to dissuade people from becoming rich, and the average person out there, glenn, the only way the average person watching this show can become rich is to become a successful entrepreneur, small business penn. glenn: let me go here. i think we are setting up a class system. if you are ted kennedy, you're rich, you're powerful already, this is what was talked about in "democracy in america." the really itch are rat some point going to -- the really rich are at some point going to block the door to stop anyon

in it.Ñ there are even signs of free market capitalism reemerging from washington's decision not to bailout cit. for the moment, i'm going to try to forget the horrendous tax spend and nationalized health care bill. i still believe it will never pass. the best piece of economic news i saw this week, the plunging jobless claims, actually nearly 100,000 drop in the past two weeks. and if that number holds up, it is pointing to an imminent recession and a peak of unemployment, which seems to be the stock market message. but let's put some balanced realism into this calculation. actual job sales, incomes and production, are still falling through the month of june. credit problems are still plaguing the banks, even though i believe banks can earn their way out of it with a zero interest rate and a steep yield curve. now, pessimista paul krugman says what's good for goldman sachs is good for america, i don't agree with that. but we will update you on the goldman story. they are acquiring the treasury department. you won't want to miss this one. >>> there are so many tax and spend and borrowing

but states can't be bailed out by the federal government. we've got our own budgetary problems.o we need to set the stage for policies that will mean economic growth. let me give you an example. if we pass strong energy independence legislation which means that, finally, we move away from global warming, we will create thousands and millions of jobs in this new alternative energy sector, which will absolutely prime the pump. in terms of stimulating the economy, we've only gotten about 25% of that stimulus money out there. we need to get it out there. i think it is going to make a very big difference. i think we see already in housing and my state in opinion particular, it looks like we've turned the corner, so my job is to really focus on policies, like getting good health care bill passed, like getting a good climate bill passed. these are the things that are going to directly help the states, as well as our usual appropriations bills and so on. >> senator boxer, i want to ask you about some of the executive pay caps. there has been a lot of talk in recent days and recent weeks

andrew cuomo released the report on the bonus payments that bailed out banks that showed no rhyme oreason to the way banks compensate or reward employees. when the banks did well, employees were paid well. when the banks did poorly, employees were paid well. even banks that were bailed out by the taxpayers still paid their employees and doled out bonuses. >>> southwest airlines istrying to acquire denver- based frontier airlines. the move could strengthen southwest's position in denver and speed up new routes such as atlanta. the sale was already approved to republic airways but that can be canceled if a better deal comes from southwest. those are the business headlines. >>> musicians from the southwest orchestra have agreed to salary cuts. the bso already had furloughs as well as job cuts. remember, everybody's struggling right now. we want to help you out during these tough times. check out the financial survival guide. today, three money handcuff saving ways to save on ketchup. >>> plus, ready to fall without breaking your piggy bank? higher unemployment equals competition. some a

traffic slows significantly on southbound 895 because a lot of people are bailing out there. that slows from moravia road. in the nottingham area, a couple of incidents, expect bel air road to be closed between henry and fullerton avenues because of the crash that resulted in a vehicle fire. southbound bel air road between slater avenue and necker road, two left lanes closed because of the watermain break. back to you. >>> coming up on "good morning maryland" at 9:00 -- do you know someone who has been laid off? spirits can be down. we'll tell you how to help them get their spirits up, hopefully land a job. >>> and the grand reopening of a thrift store. we'll tell you how it works and who it benefits. >> that and more at 9:00. in the meantime, thank you for joining us. have a great day. ( music, toasters popping ) ♪ mmm... hot fudge sundae. ♪ ooh! frosted blueberry?!? ♪ over 25 flavors of kellogg's pop-tarts®. and they're all for fun and fun for all. pop-tarts®. made for fun™.

smith's bail review this tomorrow. >> she was a beautiful girl. >> tonight, investigators are looking for the cause of the fire. firefighters were called at 9:30 p.m. last night. they found two men unconscious on the third floor. both men were taken to the hospital were one of them died. another man was suffering from severe burns. baltimore city police are investigating a homicide in east baltimore. a man was shot last night icahn would avenue and east madison street. a second man was shot and legs. >> we're learning more about a carbon monoxide scare at the apartment community. yesterday, nine people from the dutch village complex were taken to the hospital. this is not the first time this has been a problem in that community. >> the alert about carbon monoxide came from a detector and -- in an on occupied -- in an unoccupied units. >> managers of the dutch village townhomes in baltimore say that it was caused by a faulty water heater. nine people became sick and two women and seven children were sent to the hospital. >> they need to do something about it. >> the dutch village of ma