as barney has said. he has a wonderful sense of history. this is one of those rare occasions when the two bills are very close to each other. there is not a great deal of difference. we need to take the best parts of both bills and marry them and present our colleagues with our final product. but we believe that the public is correct in insisting we not leave them vulnerable to the same problems they witnessed over the last several years with too big to fail, too many jobs lost, too many homes lost, retirement incomes van rating. home values declining 30% or more and to give this country a sense of confidence and optimism by the financial institutions. we need to harmonize these ideas. we have come to the recognition we no longer live in an isolated place and events that happen in small countries can have a huge impact on the globe. we need to work with global friends to make sure we have consistent and harmonized rules. it is a strong day for america. this was not a battle of democrats beating republica

i am grateful to barney frank who has done a great job over there. a strong bill, a good bill. the combination of the best parts of both. i believe we can make it better. >> i agree with the senator. i can remember ever seeing two major pieces of legislation come out of the two houses so close and that is not accidental. we work and much of this you can fee -- see foreshadowed in the speech in march 2008. the need for the dissolution authority and how we deal with that. there was a bipartisan tradition. it did not always carry through. senator dodd thanked the four republicans who voted for the bill in the senate. i would think fowould thank the republicans if any of them decided to vote party discipline and bowed how i know they want to vote but are intimidated from doing. we have confidence it will work well. the formal parts will be conducted in public. no parts will be part of anything without being presented and voted on and discuss. i understand the urgency for the financial stability of the country and getting this done quickly. stability is knowing what is going on is i

senator chris dodd and congressman barney frank were upbeat as they emerged from their sit-down with the president. they'll be in charge of merging the separate house and senate bills. >> i understand the urgency for the financial stability of the country in getting this done quickly. stability... knowing what's going on is important. i think people are going to be pretty confident. it's hard for me to think this is going to take us more than a month. >> woodruff: that prediction was made possible after the senate passed its version of financial reform last night, 59 to 39. all but two democrats voted yes, while all but four republicans voted no. the opponents included wyoming senator mike enzi, who warned of what's to come. >> i want you to just understand how wide-ranging this bill is. this is going to get into everybody's pockets. and i'm not talking about businesses; i'm talking about individuals. the dadgum government's going to be in everybody's pocket with this bill. >> woodruff: the senate bill included provisions to: deal with the problem of "too big to fail" by making it ea

obama met with senate banking chairman chris dodd and house financial services committee chairman barney frank. after the meeting the congressional leaders said that a final bill will be passed soon. i understand the urgency for the financial stability of the country in getting this done quickly. stability knowing what is going on is important. i think people can be pretty confident. it's hard for me to think that this is going to take us more than a month. >> where this bill includes a lot of ideas that were offered by republicans as well as democrats. it was a long process. we went back many, many months but i think it's important that the public understand exactly not just in a conference where people can watch what happens, but actually on the floor of the united states senate there was a full floated debate of ideas. >> rose: joining me from washington steve pearlstein, here in new york andrew ross sorkin of the "new york times". i'm pleased to have both of them here. steve first i want you to characterize this for me. put it in the context is it the most historical financial reform

you got a story and hear about barney frank and treasury secretary paulson at the white house. guest: odds of timber 25, 2008, in the bush white house -- on september 25, 2008, in the bush white house -- remember, the economy was collapsing and a lot of people do think we were headed for another depression. mccain suspenses campaign and asks bush to have a big meeting in washington and that is my opening chapter -- called obama takes charge. in this meeting, mccain was silent the first 43 minutes and when he spoke he did not say anything and en though republicans m of ram, 1 whispered to a couple of democratic senators, jokingly, even the republicans here will vote for obama because he clearly showed much more command of the crisis that come -- mccain did. what happened in the meeting was there was a real problem with but republican support on the hill for part -- tarp, and it put paulson and a deposition. in the hall after the meeting obama says, this place is bugged. he retreats to the roosevelt room. henry paulson -- ha paulson comes in on bended knee with a nancy pelosi, an

. >> barney frank predicts the president will sign a bill before the congressional recess. he is joined by chris dodd outside the white house to talk with reporters following a meeting with president obama on the next step for the bill. . . >> this is one of those rare occasions where the bills are close to one another. we are going to take the best of both bills and married them together and present our colleagues in both chambers with our final product. we believe the public is correct in insisting that we not leave them ballmer will -- not leave them vulnerable to the same problems they witnessed over the past several years -- jobs lost and homes lost, in comes evaporated, home values declining. we want to give this country a sense of confidence and optimism about the financial structures of our country. we have to come to a clear recognition that we no longer live an isolated place, that events that happen in small countries can have a huge impact on the global economy. we need to work with our friends around the world to make sure we have consistent rules. it is a stro

you got a story and hear about barney frank and treasury secretary paulson at the white house. guest: odds of timber 25, 2008, in the bush white house -- on september 25, 2008, in the bush white house -- remember, the economy was collapsing and a lot of people do think we were headed for another depression. mccain suspenses campaign and asks bush to have a big meeting in washington and that is my opening chapter -- called obama takes charge. in this meeting, mccain was silent the first 43 minutes and when he spoke he did not say anything and even though republicans m of ram, 1 whispered to a couple of democratic senators, jokingly, even the republicans here will vote for obama because he clearly showed much more command of the crisis that come -- mccain did. what happened in the meeting was there was a real problem with but republican support on the hill for part -- tarp, and it put paulson and a deposition. in the hall after the meeting obama says, this place is bugged. he retreats to the roosevelt room. henry paulson -- hank paulson comes in on bended knee with a nancy pelosi

. >> congressman barney frank is worried republicans are scoring points by saying the financial reforml is incomplete because it does not reform fannie mae and freddie mac. we have more on today's politico polls. >> he sent a memo to officials urging them to return fire and defend the bill. freddie mac and fannie mae have already been reformed by virtue of being placed in conservatorship. the gop's proposal to abolish them would remove an important prop to the housing market. democrats need to do a better prop to the housing market. democrats need to do a better job in case of everyday emergencies... guys, go get changed! ...or soccer practice, it's important to be prepared for dinner. that's why i've prepared my perdue perfect portions fresh chicken breasts. they're individually wrapped, so you can cook what you need and store what you don't. we're not playing helicopter now. ready when you are, they're trimmed of fat and consistently sized to cook in just 10 minutes. life's not perfect. that's why there's perdue perfect portions. [ male announcer ] perdue perfect portions. ready when

go to it i just don't think they're calling like they took barney and betty. >> larry: david, has nasacovered anything? >> well, the -- we could go on for hours about paranoid theories like ufos. i personally find the ufo aliens unlikely because the number of cameras is doubling every single year, and the grays that they're talking about are such tedious boring versions of aliens. i support seth in that i have supported seti all my life. but i think it's been shown recently that seti needs to change track. seti has failed to see the garish, huge garish beacons that frank drake expected out there. seti should keep look. they may be farther away. but it turns out that what we should be looking for is more of those wow signals. and you do that not with a single telescope, but with 10,000 amateur telescopes in backyards all over the world. and this system could make sure that all parts of the sky were being watched all the time. and then we might see that wow signal come back, because calculations show that's how the aliens would far more likely try to communicate. >> larry: science fictio

and if you know the story of barney and betty hill, stanton friedman's book, herb shermer, the nebraskaay patrolman, he spoke to witnesses, callahan of the faa -- >> larry: dan, i've got get a break. you're making a strong point. one question i always ask, why did they land in wyoming? why not new york? chicago? >> i'll tell you that later. >> larry: maybe we'll get answers ahead. e to get everyone together for a night where everyone gets just what they want. combine two or three favorites, from new creations like crab-stuffed shrimp and pecan-crusted shrimp to classics like decadent shrimp scampi. it's everything you want in a night out. starting at just $11.99, during the festival of shrimp. we all have one. that perfect spot. a special place we go to smooth out the ripples of the day. it might be off a dock or on a boat. upstream or in the middle of nowhere. wherever it may be, casting a line in the clear, fresh waters of michigan lets us leave anything weighing us down back on shore. our perfect spot is calling. our perfect spot is pure michigan. your trip begins at michigan.org. (

but house financial services chairman barney frank was not ready to take those odds today. >> i wouldn't take a lot of investment advice from banks if they aren't better at that than they are at politics. >> reporter: the derivatives fight is one of the few big battles left to be resolved before lawmakers can meet their july 4th goal for a presidential signing ceremony. darren gersh, "nightly business report," washington. >> susie: here are the stories in tonight's n.b.r. newswheel: the dow rose 125 points, the nasdaq gained 25 and the s&p 500 added 16. in the gulf of mexico is a task force on the oil disaster in the gulf of mexico is supposed to report its findings tomorrow. meantime, b.p. said it's siphoning 2,000 barrels of crude a day. that's down but just next week, b.p.'s engineers will shoot heavy mud into the well. as the company tries a new way to stop the flow oil. >> tom: still ahead, our friday market monitor says with so much volatility in the market, he calls it a "blindfold yourself and buy" opportunity. he's duncan richardson of eaton vance management. >> susie: a big day

barney frank said a lot of things. christopher dodd has come from a lot of legitimate places. i want to caution against making this too personal of an issue in this sense. i do not think that the problems you are experiencing is one died orrone person is a politician or private sector actor who brings a lack of ethics. if that were theecause of his problems -- it is policy problems. that is what we're having. we have seen a fannie mae and freddie mac as a free lunch, a way to subsidize the market.+ somee the problems are from a series of misguided policies and decisions. and there. maybe less interesting for the headlines, but if we want to solve this, we have to look at the policies. host: one more call from pittsburg. the callers do not understand how complicated this problem is. it is on a number of different fronts.+ there is flat out corruption in congress. i have a couple of questions that get at the heart of the matter. why have knocked some people it is common knowledge that -pfannie mae and freddie mac wee in the hands of the democrats. second, why are not the whistle

did it take barney frank 30 years to get that body? what is harry reid bench pressing? five pounds? as you you know, the president has the most diverse staff in history. they represent every ward of chicago. and i think that is fantastic, mr. president. we have a lot of movie stars. michael douglas is here. where's michael? michael diagnose lass. as you know, he won an oscar for his portrayal of an evil greedy wall street broker who was willing to manipulate the market for his own personal gain. where does hollywood come up with these crazy ideas? where's bill maher? one of my favorite comedians. bill is the reason we have no opening prayer tonight. they were afraid he would boo, so we couldn't do that, so i'm sorry. and speaking of that, you know, everybody complains about the lack of civility on both sides. you see it in sports, you see it in politics. i think we have the answer. take a look. >> would not apply to those who are here illegally. >> are you tired of people saying what's on their mind? >> we ought to have one of the best videos of all time. everyone's got an opinion,

we don't see any real taking of blame by guys like barney frank four instigators three actually going to change the problem? are we getting out there so we can turn around? >> when i win the nobel prize next year you are right. the perfect question and unfortunately as far as i can see no recognition of a cultural problem that underlies it all. no recognition battle. it is unfortunate because the president is in a good position is a very good family man, he is not using the model he could to tell people get married, as they married, build a new state then buy a home. we're not hearing that at all. they're so artificial i am optimistic for the state of america but not for the next few years. >> you get married and meet tony rezko. [laughter] >> i forgot that. there are short steps but not for all of us. other questions or comments? >> to the lender see the housing crash coming? because of the government involvement to make it difficult. >> that is a good question and often misunderstood the blame comes down to the lenders but there is a very good book on the history of countrywide with

little barney curled up at my feet. but no, i got to pretend i like being here. >> larry: mr. president. >> hey, larry, good to see you. great to see you. >> larry: welcome aboard. >> thank you, thank you, a pleasure to be here. it's -- thanks for having me. it's always good to face the media, set the record straight. >> larry: you've had some differences with the media. >> it's true. you're darn right i have. you know the media makes -- makes -- it makes me look like i'm not smart by emphasizing when i misannounce a word. and that's just nonfair you know? and it's such a good thing, larry, that i can turn a phrase. because i can. i can turn it upside down, inside/out, down side/in, i can turn it and usually when it's all said and done it comes out the way i want it. >> larry: you're really getting into it. you feel that the media misrepresents you? >> absolutely. listen, listen, i never pretended to be the smartest -- the brightest bulb in the knife drawer but i did attend an ivy-league school. i just eye never let it go to my head. >> larry: you're faced with a lot of critic

i am grateful to barney frank, the chairman of the house financial services committee.e has done a great job. it is a strong bill. a good bill. >> i very much agree with the senator. i cannot remember ever seeing the glove major pieces of legislation -- two major pieces of legislation come out of the house so cozy. we have been working on this in the house since 2008. much of this you can see foreshadowed in the speech that hank paulson made in 2008. there was a bipartisan tradition here. unfortunately, it did not always carried through. senator dodd thanked the four republicans who voted for this in the senate. i would think the republicans in the house if there were any. i know they are intimidating -- a 10 -- intimidated from voting the way they want to vote. no agreements reached, no compromises -- which are being discussed -- will be made without being publicly presented and voted on and discussed. i understand the urgency for the financial stability of the country. stability, knowing what is going on, is important. it is hard for me to think this is going to take

smith barney had these golden parachutes. but if he was going to give up the golden parachutes, by god, he wanted that gulfstream that was on order you know? so you can see -- sandy loves his perks, and you see that throughout, that he can be -- i mean, he's like a -- slice you up, cut costs everywhere. you know, when he took over one company, he took out the coffee pots. he made them water their own plants. and then he goes to these elaborate dinners at night, where there's, you know, four different kinds of wine, six courses. you know, so he -- i mean, he would argue that his perks help him do business and develop the camaraderie with the senior management or with the clients or the people he's doing deals with. c-span: four seasons restaurant. >> guest: that is almost a character in and of itself in the book. there's a couple places that are real characters. one is carnegie hall, and i think the other is the four seasons restaurant. it is the scene of the true power lunch. you know, the origination of the power lunch was w

. >> once again, a huge rush -- the word from dodd and barney frank, we have to get it done by july 4thnk it's more important to get it done right than right now. there are things where they are trying to take things away. one is they want to cap the income on loan officers. a lot of people think that's good. they make too much money but look, if you cap an income what is next? more importantly, one of the things they want to do is limit the ability, when someone comes to buy a house you can do a combination of the lowest rate or highest rate. one or the other. the majority of the people do something in the middle, they take a rate that is slightly higher than par and use the extra profit to maybe pay closing costs or judgment. taking it away is anti-consumer but they think they are taking away the money. in this market no one is making the maximum amount of money allowed by law anyway. from a consumer standpoint i think it's not a good move. you talk to talk to the industry and consumer groups before they rush through on this one. >> lenders. >> this is the new low -- scary. over the w

in scowering the financial reform package in the barney frank bill or the chris dodd bill and setting up the word search and chasing it through there, mr. speaker, i don't find anything in either one of those bills that addresses the necessary form for fannie mae and freddie mac. they are completely insulated and i recall the debate here on the floor of the house in october 26, 2005, that the chairman of the financial services committee, mr. frank, was very much engaged in. he came to the floor to vigorously oppose an amendment that was offered by mr. leech of iowa that would have established higher levels of collateralization for fannie mae and freddie mac, higher stads -- standards for underwriting in the secondary market and higher standards for capitalization for fannie and freddie. the vigorous opposition that mr. frank flowed out on that day and the gentleman from texas remembers the exchange that took place on the thursday before easter in 2009, here on this floor, the gentleman from texas was there. the gentleman from massachusetts there. i think me up there somewhere. as we t

george wants to come play socker with barney and beasley out here. >> chris: i see the satellite up on the roof. is the president watching a lot of sports. >> we have a huge screen tv. that was one of the first things we bought and put upstairs in george's man cave we call it. the big room where his desk is and his computer. that is where he likes to watch the texas rangers every night. >> chris: welcome back to "fox news sunday" and thank you so much for inviting us to your home. >> thanks. glad you are here in my library. >> i want to begin with your account of 9/11 and the days after which i think is one of the most powerful parts of our book. you say of that day the world as i knew it irrevocably changed and you talk about the constant anxiety. how was it living in the white house after 9/11? >> there were both long days of anxiety and really grief. the grief of the whole idea of america being attacked like it was. and all of that really every part of that including the threat assessments that george read every morning after september 11th give us all this feeling of vulnerability

george grabbed barney, and i grabbed kitty. with spot trailing behind, we started walks down to the peoc. george wanted to take the elevator, but the agents didn't think it was safe. so we had to descend flight after flight of stairs to the state floor, then the ground floor and below, while i held george's hand because i couldn't see anything. my heart was pounding and all i could do is count stairwell landings, trying to count off in my mind how many more floors we had to go. when we reached the peoc, i saw the outline of a military sergeant unfolding the ancient hideaway bed and putting on some sheets. at that moment, another agent ran up to us and said mr. president, it's one of ours, it's our own. >> larry: you weren't being attacked. >> that's right. it was the plane, the military cap that flew over washington for a long time after that, after september 11th. >> larry: in those days no flying iraq, the war, criticism over her husband must have been tough for laura to hear. it's all ahead. stay with us. says something. yet

george wants to come play socker with barney and beasley out here. >> chris: i see the satellite up on the roof. is the president watching a lot of sports. >> we have a huge screen tv. that was one of the first things we bought and put upstairs in george's man cave we call it. the big room where his desk is and his computer. that is where he likes to watch the texas rangers every night. >> chris: welcome back to "fox news sunday" and thank you so much for inviting us to your home. >> thanks. glad you are here in my library. >> i want to begin with your account of 9/11 and the days after which i think is one of the most powerful parts of our book. you say of that day the world as i knew it irrevocably changed and you talk about the constant anxiety. how was it living in the white house after 9/11? >> there were both long days of anxiety and really grief. the grief of the whole idea of america being attacked like it was. and all of that really every part of that including the threat assessments that george read every morning after september 11th give us all this feeling of vulnerability

we don't see any real taking of blame by guys like barney frank who are really the primary instigators. i we going to change until we define what the problem is? i'm wondering, is this not getting out there so we can then turn it around? >> when i win the nobel prize for economics next year they will be more obvious. but excellent question. the unfortunate answer is that is as far as i can see absolutely no recognition of the cultural problems that underlay this whole mess. i see no recognition at all. and it's unfortunate because the president isn't a good position, as a very good family man, and he should be a real role model in that regard. he is not using the model he could possibly be to tell people, get married, stay married, build a nest egg and then buy a home. we're not hearing that at all. let alone and in the pictures we are hearing are so superficial and so wrong. i'm yet to be -- i'm optimistic about the fate of america. i'm not optimistic about the next two or three years. >> you miss this debt. unique tony, then you buy a home. [laughter] >> i forgot that. to double the

on the other side stood barney frank, a massachusetts democrat who said the companies served a public purpose. they were in the business of lowering the price of mortgage loans. congress chose to create a weak regulator, the office of federal housing enterprise oversight. the agency was required to get its budget approved by congress. while agencies that regulated banks set their own budget. that gave congressional allies an easy way to exert pressure. fannie mae's lobbyists worked to ensure that the agency was poorly funded and its budget remained subject to approval in the annual appropriations process. ofheo said more than a decade later in a report on fannie mae. the goal of senior management was straightforward: to force ofheo to rely on fannie mae for information and expertise to the degree that fannie mae would essentially regulate itself. congress also wanted to free up money for fannie mae and freddie mac to buy mortgage loans and specified that the pair would be required to keep a much smaller share of their funds on hand than other financial institutions. where banks had he

he is congressman barney frank, chairman of the house financial services committee. barney has been representing suburban boston since 1981, and has been chairman of the potential services committee since 2007. in that time, he has been working on all sorts of financial legislation that is very important to this audience, including mortgage industry reform, housing and finance industry reform, credit card reform, but most importantly to us here today would be reform of the regulation of the financial sector. the house passed its bill to reform regulation in december, and the senate finally just past 1 last week. they are never going to start reconciling those two bills and get some final legislation passed within the next few weeks or so that should have some profound implications for everybody in this room. we are very lucky to have congressman frank here. he is going to talk for 10 or 50 minutes and then open up to questions from audience. i expect a lot of them. without any further ado, congressman frank. [applause] >> thank you for cutting down the introduction.

. >> christina aguilera with max, she took him shopping at barney's new york. >> reporter: he now spendshard to sell a photograph of sharon stone by herself. >> it's actually a new thing that's been happening. back in the days of al pacino, robert de niro, you have really good celebrities like that, you can't even sell them anymore. therefore they have to be a new interest that arises. celebrity babies are it. >> reporter: each good, candid shot, especially the ones with those celebrity kids making a funny face or acting goofy, can fetch a few hundred to a couple thousand dollars. >> babies are a huge business. our readers are obsessed by the celebrity baby world. i have been in the business a long time. i can't remember the interest being as intense, you know, 14 years ago, as it has been in recent years. >> reporter: melanie bromley from "us weekly" won't give exact numbers. but she says when celebrity kids get cover stories, like this issue a couple of weeks ago with "grey's anatomy" star eric danes' new baby, the sales noticeably spike. >> seeing celebrities, seeing them go through t

chris dodd and barney frank were found so guilty of over their total obliviousness to what was going on in fannie mae and freddie mac. which was the root of this problem. host: "and democrats ideal and moderate reform bill, -- " democratic ideal for the moderate reform bill, banks pleaded with regulators and clients to help to overturn provisions of a financial regulation bill that they say will rock the market. chris dodd and blanche lincoln told the financial times that there was room to negotiate on a proposal that would force banks to spin off their swap desks. the industry and regulators warned that it is not workable. some are pushing for a $90 billion tax revenue to fill a funding hole created by the regulation bill. both measures are opposed by the industry but backed by mr. obama." this from the peace in "the financial times, "hedging -- financial times," "they also sells what the companies along with a floating rate loan to allow them to hedge their own interest rate risk." darlene, portland, oregon. good morning. caller: good morning. how are you today? >> fine -- host: fi

barney frank, it took him 30 years to get that body? harry reid bench pressing five pounds now? president has the most diverse staff in history. they represent every ward in chicago. and i think that's fantastic. [laughter] >> we have a lot of move -- movie stars out here. michael? michael douglas. he portrayed an evil greedy wall street broke are willing to manipulate the market. where does hollywood come up with these crazy ideas? bill mar? you here? one of my favorite comedians. he is the reason we had no opening prayer tonight. they were afraid they would boo. everyone complains about the lack of civility on both sides. you see it in sports and politics. i think we have the answer. take a look. >> the reforms i'm proposing would not apply to those who are here illegally. >> you lie! >> you tired of what people say what's on their mind? everyone's got an opinion and all compelled to share it with others. well, those annoying comments can go away with this, duct tape. a few inches of this gray sticky fabric solves it all. the solution to everything. [laughter] >> osama bin lad

the failure was when congress told freddie mac and fannie mae and i remember this statement from barneyrank, roll the dice, he said. roll the dice. support those mortgages even if they're not commercially acceptable to support. go ahead. and we got into trouble. those mortgages that should not have passed commercial tests were then able to gather into a security, sold the banks, and the rest is sad history. >> ms. fiorina? >> i don't often agree with tom campbell. he agrees with barbara boxer too often for my taste. bui agree with him that chuck devore has a selective memory. the wall street crisis was partially a reflection of a failure in regulations. for example, if glass-steagall were put back in place today, something that mr. campbell favors, the wall street crisis was still have happened. we had 20 or more regulatory agencies not doing their job. fannie and freddie are a huge part of this problem. one of the things that has happened in the dead of night is that the ceiling for conservatorship of fannie and freddie was raised from $400 billion to an unlimited ceiling. in other wor

it took barney frank 30 years to get that body? what is harry reid bench pressing now? five found?] >> the president has the most diverse staff in history. they represent every ward in chicago. and i think that is fantastic, mr. president. [laughter] >> michael douglas is here. where's michael? he won an oscar for high portrayal as a greedy wall street broker. where does hollywood come up with those crazy ideas? bill mar? he is the reason we had no opening prayer tonight. and speaking of that, you know, everybody complains about the lack of civility on both sides. you see it in sports, you see it in politics. i think we have the answer. take a look. >> the reforms i'm proposing would not apply to those who are here illegally. >> you lie! >> are you tired of hearing what people say what is on their minds. they have an opinion and compelled to share it with others. those annoying comments can go away with this, duct tape. this gray sticky fabric solves it all, the american solution to everything. >> osama bin laden releasing tapes blaming the united states on global warming. even the

being pushed in the house and this could have been worse from the wall street point of view since barneye really understands how the financial system works. >> right. frank aarons business editor with the washington post and we thank you. >> thank you. >>> it is 8:21 and more controversy out of the arizona as the state is removing teachers from classrooms if they don't speak perfect english. details coming up. >>> then you don't have to travel to costa rica to take a tree top tour. you can go on an adventure spot in rockville. holly is checking it out and we'll check in with here later on. stay with us.  >>> some diners at the cheesecake factory ended one more thans do ert because according to the washington examiner, a former worker at the friendship heights location skimmed numbers for a fraud ring. this happened between june of 2008 and may of 2009. diners got cheated out of $117,000. investigators say the worker recruited servers and paid them $25 for each credit card number that they stole. >>> more controversy breaking out in the state of arizona. the arizona depa

it took barney frank 30 years to get that body? what is harry reid bench pressing now? five found?ghter] >> the president has the most diverse staff in history. they represent every ward in chicago. and i think that is fantastic, mr. president. [laughter] >> michael douglas is here. where's michael? he won an oscar for high portrayal as a greedy wall street broker. where does hollywood come up with those crazy ideas? bill mar? he is the reason we had no opening prayer tonight. and speaking of that, you know, everybody complains about the lack of civility on both sides. you see it in sports, you see it in politics. i think we have the answer. take a look. >> the reforms i'm proposing would not apply to those who are here illegally. >> you lie! >> are you tired of hearing what people say what is on their minds. they have an opinion and compelled to share it with others. those annoying comments can go away with this, duct tape. this gray sticky fabric solves it all, the american solution to everything. >> osama bin laden releasing tapes blaming the united states on global warming. eve

host: can you set the stage now host: can you set the stage now that we have seen barney frank and chris dodd saying he thought this could be wrapped up within about a mth once the hearings began after memorial day? what are you looking at? guest: they said they are in the final stretch of this now. that is on the house and senate side. they bowed to send it to president obama's desk by july 4. there in the homestretch year. we are now in a conference between the house and senate. both sides say the architecture of the bills in both chambers is very similar. there are plenty of differences, but the basic architecture is there. host: the word that is being used in a number of stories, including some of the reporting of done, is on t issue of derivatives and new regulations on that trading practice. specifically, what do democrats and those republicans who support this bill what? guest: one of the biggest differences between the two chamberses' that -- how it treats derivatives. it exacerbated the crisis in 2008. this is the key point of the legislation that obama has bowed to bring oversi

this is -- it gives this bill, this chris dodd bill or barningy frank bill, it gives -- barney frank bill, it gives the federal government the authority to take over any business that they so choose. now, i hope to get to this. but at this moment, mr. speaker, i'd transition this subject over to the subject that i came here to speak about and that is right now we have attorney general holder testifying before the house judiciary committee. i came directly here from there, i will say almost directly here from there, having listening to a measure of his testimony in response to the people that is on the judiciary committee. and as this unfolds yet, i come here because i'm dissatisfied with the responses that i have received from the attorney general. i actually think that he's a fine fellow and would make a good neighbor, but i am concerned about the politicization of the justice department. and even though attorney general holder made remarks at the end of my question period that their office would not be political, they would be imparblee, they would function under the law, i happen