angelo mozillo and bernie frank was the unholy alliance allowing country ride in those who copied them to create loans people could not repaid. because they sold those loans to the federal government made possible of barney frank through altruistic social benefits of housing putting people into house is they cannot afford. that is the world we barely survived. >> host: what do you do for it a living? >> ien investment appraiser for other investment in risers and giving advice when the markets to other investment managers who serve customers counselors are hedge fund managers. >> host: how much government regulation is and what you do? >> i don't handle the money. very little. but microfinance they are so regulated they cannot pick up the phone. i am now and know little firm that can influence $15 trillion without being regulated. >> host: what is it about ayn rand that has such a strong reaction? >> a great moral clarity. a romantic philosophy that draws young people where the good guys are passionate, a creative who know who they are and want to do with they want to do. jon called wan

bernie sanders has exposed the fed giving out trillions of dollars in addition to the tarp bailout. >> barney frank has taken a hike. >> that is worth talking about. you see in this congress michele bachmann and michele bachmann one of these -- wannabe's. there are fights about redistricting. >> use of the one strength the president obama, his rhetorical skill, is not sufficient. >> it has not been used at the scale necessary in this time of crisis. america is in a crossroads. this is a moment comparable to coming out of the great depression. this was a moment coming out of the financial crisis when tectonic shifts are under way in this country. hope is not a policy. policy is a wonky word. hope needs a story, a narrative. here is what is going on in this country. president obama now is speaking more forcefully about what he wants to do it and against smoking out those who are obstructing. this is really wonky. anyway, i think one of the most exciting things are the movements of our times. i closed this book out before occupy. i wrote about wisconsin. our correspondent was there for 57 days. that w

bernie goldberg angry about a story being told if you tax the u.s. more the u.s. economy will be badly >> bill: personal story segment tonight, growing up in hawaii. president obama sought advice from frank marshall davis a member of the communist party. the president chronicles his association with mr. davis in his own book dreams from my father. well, now there is a new book, the communist, frank marshall davis, the untold story of barack obama's mentor. joining us now from pittsburgh, the author of the book dr. paul kengor who teaches political science at grove city college. mr. obama never said davis was his money tore, david. you use the word in your book title, why? >> i think he was clear laymen tore, bill. he refers to him 22 times by the name frank alone in his memoirs, dozens of more times pronounce. he is in literally every section of the memoirs. not just the first part in hawaii but obama mentions him when he gets to europe, africa, when obama gets to chicago, the first thick he does is he visualizes frank marshall davis. ironically it was davis himself who found himself professionally and politically in chicago just like obama did. so, i mean, i'm an historian and cold war

frank made that there was excessive paid to ceos, that there were parties held by many of the members of wall street, that there were criminals and crooks like bernie madoff, by the way they are in jail like they belong. but i think it's important to understand that wall street plays an incredibly constructive role for our economy. in fact i would say that wall street is the central nervous system that provides the seed capital that makes our 15 trillion-dollar free-market economy operate and grow. what does wall street to? what makes it such an integral part of our economy? a lot of people can answer that question and i would simply say the role that it plays your honor and members of the jury is to allocate capital, scarce capital, to the highest value-added companies so that they can grow and create jobs and create profits. i would submit that despite all of the mistakes by wall street and by the way not just by wall street. i would submit everyone in this room, we all make mistakes. we all lost money. we all got carried away in the frenzy of the runaway markets in the late 2000. but, in the last 30 years we would all have to agree that wall str