seen by some environmentalist as signs of manmade climate change but others disagree my colleague bill dodd spoke to piers corbyn of the weather action foundation to set us all down to climate cycles climate has always been china but it has nothing to do with man in fact we predicted that there would be extreme heat in east europe and russia this summer and it's caused by a circulation pattern c o two does not cause circulation patterns what causes those is a combination of solar activity and the state of the phases of the moon. excuse me just a minute you say this isn't caused by man how come the reporting this heat wave is recognize the worst in a thousand years of recorded history in russia and. has got something to do with this has really not nothing to do with only the only connection is man is here at design time as the sun and the moon are doing things you see a very similar situation happened about one hundred thirty two years ago where there was the side. of magnetic state there was he was in russia and there was so floods in pakistan. and in the previous few years there was also f

well in half an hour's time my colleague bill dodd will be here but for the meanwhile the people of l. try to find out what's at the heart of the debate on the burka women's rights or intolerance thanks for watching. and you can. start. to. slowly and welcome to cross talk i'm peter lavelle to ban or not to ban discussion continues whether muslim woman should be barred from appearing in public with their faces veiled is this debate about religion or a test of tolerance. and you can. discuss the ban on islamic face covering garments i'm joined by mariam friends was soraya in london she's a franco british writer and oxford university islamic society media executive see him in paris and she's the president of the organization translated into english as neither whores nor submissives and in new york we cross to mona el to how we an award winning columnist and writer and another member of our cross talk team on the hunger all right crosstalk rules in effect that means you can jump in anytime you want to marry him if i go to you first in london what is this issue can you give it to me is as

host: denver post notes that the dog frank bill -- the dodd fank bill requires a 67 authorities to be established. caller: ago when and how they are trying to change who is on the board of our companies. by saying the investors can put somebody in. you know full well the investors are now people. it is unions. it is the chinese -- the chinese communists. they're going to put people on the boards and if they do not make it fail, then the things like bundling, bundling of mortgages -- and i'm not sure to agree how that works, but i know that they sell it. host: let's take your point about foreign investors serving on these boards. guest: what she is driving at is really whether or not special- interest will be able to get into these positions and get on the board and the answer is, absolutely not. the labor unions, first, to play an active role in place of investors, but they are, in reality, a very, very small percentage of the investors. in order to elect someone to a corporate board, you will still have to get a majority of the votes that are cast. that means giving the shareholdings

i look forward to us continuing to work together on this issue, as well as vdot/frank and bill. -- dodd/frank bill. this act brings the over-the- counter market under comprehensive regulation. i know that when you're at the sec, you try to do that, but now congress has given the sec the necessary authority. i do look forward to that. our meetings to date have been remarkable. we set up 30 teams. the sec set up a different set of teams. you all have more work than we do, but some of these teams have met five or six times already, exchange e-mails, and really worked in a cooperative way. we do not always agree, but where we disagree, hopefully we will disagree agreeably. i want to thank you for that of script. the agency's are also working together on the issues around may 6th. the advisory committee and expert panelists we're going to hear from today are critical with regard to this review. i want to thank the staff for all of their hard work and planning this meeting and of course, everything they're doing around may 6th. i want to thank my fellow commissioners. the market events of may

he was talking about the franc- dog-francl -- be bill. -- dodd-frank bill. hope that we would follow up and a similar format that we have in that we have an open meeting and everybody is privy to the same types of recommendations that we were mandated to take a look at and what our staffs are going to be recommending to us. to that extent, there are other regulatory bodies that i still feel we ought to be working with as well to be sure that we get that out there. i would really like to thank the staff of both the cftc and the sec for the work they have done for us as a commission, but also as an advisory committee. since we are not paying you, we do not expect you to shoulder all the burden of that. as we say in an agricultural area, work them like a rented newell. -- work them like a rented mule. [laughter] >> i do not know what to do with that last statement. if the cftc and sec have been working tirelessly to get there. we are working round-the-clock to get these things together. between the ftc -- the cftc and the sec, we will have forms open to the pub

that has to do with the christopher dodd-barney frank bill. are there particular issues they raise that you think interact with what we should be doing? >> i cannot speak for the sec, as you know. the cftc largely swings in the terrain of derivatives. i do think market structure it issues -- structure issues will play a tremendous role. congress enacted a bill that said all standardized derivatives have to come to a clearing house. there are various estimates. it seems that would be a majority of the marketplace, by far. it does, after that, and need to be exposed to transparent trading venues. if they could be swop-execution facilities. from the world of the futures market, which, as people have pointed out, has been less fragmented than the securities market, the over-the-counter and derivatives marketplace might have multiple trading platforms. that could be dozens. the bill actually fosters competition among these trading platforms. i think it will be helpful, as you are thinking about fragmentation and market structure issues. congress ha

. >> rose: what's your assessment of the dodd-frank bill? >> first, the business community recognizes that something had to be done in order to make the public feel that the problem has been dealt with, and we won't deal with the kind of great recession or financial calamity we had before. i think it was a good thing to get a bill done. now, whether all 2300 pages are perfect and whether all of them will work as intended nobody really knows. it will be years before some of it is implemented. i think the so-called vokele rule takes seven years. nobody would say they like the bill perfectly. i wouldn't say it's perfect whanjts do you not like about it? >> the complexity. it's very difficult to know exactly what you're supposed to do when you have 2300 pages of legislation plus, presumably, a lot of regulatory-- regulations that will come out afterwards. the most important thing a citizen can do is know what the law is and comply with it. when you don't know what the law is it's not a very good thing. i hope people can understand the bill. i ho

dodd was saying. we passed all these bills. we need to get credit for it. they are not getting credit. they're now trying to say that we are better than republicans and republicans are the party that would bring it back to the problems we had in 2008 and before. >> as you look at the poll numbers -- unemployment is at 9.5%. a deficit is approaching $14 trillion. >> those are the big numbers. 9.5% -- that is the number you look at. that is the number that the white house democrats cannot get around. it is hard to message 9.5% unemployment. you can put to everything you have done, but as long as republicans are unified in their message of "where are the jobs" that is resonating with the voters. they spent all that money on the stimulus. this and money to the states for medicaid, teachers, and first responders. the nine -- the number is at 9.5% still. this is a millstone around the president's neck. he is not able to get around it. >> that same poll showed that support for the war in afghanistan is diminishing. we saw the first of a series of interviews this morning with general david pet

and that is contrast with the message that like chris dodd was saying, we passed all these bills and we need to get some credit for it. but they aren't getting credit for it and they are trying to say we are better than republicans and republicans are the party that will bring us back to the problems we had in 2008 and before. >> as you look at the poll numbers, the big numbers, unemployment at 9.5% and deficit approaching $14 trillion. >> 9.5%, that's the number you have to look at. that's what this white house and democrats can't get aaround. it's hard to message 9.5% unemployment. as long as republicans are unified in their message as to where are the jobs, that is resonating with the american voters. $787 billion on stimulus, another $26 billion last week to the states for medicaid and teachers and first responders. but still the jobs -- the number isn't going down. the underunemployment number is is at 16.5%. this is around the president's neck that he isn't able to get around. >> that same poll showed that support for the war in afghanistan is diminishing. we saw the first of a

the extremely well for reforms in the dodd-frank bill may exacerbate the problem. because they are raiding the ugly lungs from the capitalized institutions that supported the market until 2007, we have to pay better attention to access to credit. it will be good credit, but as several of the early panelists pointed out, it is expensive credit and we will kill the system that we want to protect. finally, the long term fixed rate mortgage which has been the basis for wealth accumulation need support from the federal government in order to be available at anything approaching a reasonable spread. as secretary geithner mentioned, the experience of other countries, i think we have to realize is that in other countries that have done without as much seemingly over government support as we have now, the underwriting standards set by the government for all mortgages are much more conservative doubt -- and we have in this country. there is enormous career support for rental housing that we do not have. i said that variations on both of those themes are important. that is no

here is senator chris dodd from this bill. >> also, we provided can consumer protection bureau, what a radical idea. people that buy mortgages, have a student loan, a credit card, a car loan, they might have some place in this city that watches out for them with their jobs, their homes, their retirement accounts. and so while this bureau is in place in this bill, the idea was that people when they have the problems they've been through or going through someone is watching out for them. we have a consoumer product safety commission. when you buy a faulty product, what happens when someone abuses or takes advantage, that's happened in so many cases in financial areas that people have a chance to have a redress of their grievance or at least in the outset have an opportunity to address that before it becomes a broader problem? host: it's a good idea, phil mattingly, that senator dodd said this agency but he's come out against elizabeth warren, who has been said by the democratic folks as the right person that's run this agency. what's happened there? guest: elizabeth warren, this was he

i would also tell you the dodd- frank bill addresses many of these issues. we always had regulations but the part was those that never got enforced. what the bill does not deal with is the second mortgage issue. it is totally silent on second mortgage. -- thisn't resolve this was built not on a revolving credit account. i think we should remember freddie mac was part of the bank system. we should remember what the agencies brought to it and make sure what the new structure is can still provide access standardization and the other benefits and a -- they only failed when the achilles heel, the profit motive came in. who will make institutions driven by profit behave differently than two agencies which used to say they were public service entities? >> thank you, lou about what dodd-frank could accomplish with the need for risk management. we are moving towards more careful risk-management on an institutional basis. how can we ensure we have responsible innovation. how do we make sure we don't lose the benefit of -- and market that benefits consumers while prote

i would also tell you the dodd- frank bill addresses many of these issues. we always had regulations but the part was those that never got enforced. what the bill does not deal with is the second mortgage issue. it is totally silent on second mortgage. -- thisn't resolve this was built not on a revolving credit account. i think we should remember freddie mac was part of the bank system. we should remember what the agencies brought to it and make sure what the new structure is can still provide access standardization and the other benefits and a -- they only failed when the achilles heel, the profit motive came in. who will make institutions driven by profit behave differently than two agencies which used to say they were public service entities? >> thank you, lou about what dodd-frank could accomplish with the need for risk management. we are moving towards more careful risk-management on an institutional basis. how can we ensure we have responsible innovation. how do we make sure we don't lose the benefit of -- and market that benefits consumers while prote

as soon as the bill passed, suddenly we had chris dodd making statements suggesting she might not be the best choice or would not pass the confirmation hearing. the word in washington now is that there is a less than 50/50 shocked that she will get the job. it is a surprise for a number of reasons. even though she is not popular with the banks, she has a lot of support on both sides of the aisle. republicans like her because she was very tough about tarp. she oversaw the bailout. she got a lot of support from americans who are against spending and the bailout. she has a lot of national support among democrats. it is a big surprise if she does not get the job. he would testify directly to the influence of the big banks over this process. host: matt taibbi comes from a journalism family. his father is a long time journalism reporter. matt has been a journalist most of his career since he graduated from college in 1991. he reported from russia for a stint. how much did you follow congress before you took this assignment looking at the legislation? guest: i have done a lot of reporting o

we also look at the dodd-frank bill. our sets of commissioners, who will introduce in a moment -- we are going to be working together very closely. this brings the market under comprehensive regulation. i look forward to it. our meetings in the last month have been remarkable. you have more work than we do because we have a lot of investor protection issues. some of these have come up five or six times. they exchanged e-mails and it has been cooperative. we do not always agree, but i think we agree on most. i want to thank you for that off script. the agencies are also working together on this issue around may 6. the expert panelists are born to hear from today are critical. i want to thank the staff for all of their hard work in planning this meeting and everything they are doing around may 6. i want to thank my fellow commissioners who were able to attend today. i know scott was unable to attend. i want to thank all of you as well? this requires continued review. the staffs of the joint agencies put out a report may 18

bill having to do with dissolving ailing financial entities. how do you avoid the bailouts. that's what they were tasked with by christopher dodd. and they did it. they finished their work and then began this period of dodd dancing with first one republican, richard shelby, the ranking member of the committee, then with corker who was a junior member of the committee and finally it almost seemed inevitable it would happen, it broke down, it kept breaking down. and corker, i was there in the chamber when he gave his final speech on financial reform. there was this wistfulness, this regret he was almost saying ""can't we try one more time? if we can't do it on this bill, this issue, when are we ever going to be able to work together? " in the end he voted no. he had his reasons for voting no but one thing that struck me while i was reporting this speech is how often senators seem to vote against their own wishes because their leadership told them "we need you on this one. you've got to be with us on this one." which suggests that the idea that they're actually independently making up their mind might be a little fantasy. >> there'

dodd. >>> president obama continues focusing on the economy this week. mr. obama signs a bill by $4.6 billion and to help cut the trade deficit. it could support 90,000 jobs by cutting tariffs on some materials. yesterday mr. obama signed the jobs bill that is supposed to save 300,000 jobs of teachers, police officers and others. >>> escaped arizona prisoner john mccluskey remains at large this morning. authorities are tightening border crossings to canada as the search continues in montana near glacier national park for mccluskey and his fiance. province, arrested yesterday, waived his right of extradition and could be returned soon. >>> work suspended in the gulf on the relief well because of a storm. a tropical depression headed towards the well with sustained winds of 30 miles an hour. it's expected to strengthen into a tropical storm today. there is some good news for fisherman, 5,000 miles along the florida coast have been reopened to commercial and recreational fishing. >>> katie couric has a preview of tonight's "cbs evening news." >> good morning. far from the mideast

chris dodd -- the money he takes, as far as the lobbying, working behind the scenes to take any teeth out of that bill to kill it. the senators and his own party debate maria cantwell -- they set up a watch on him so he could not put a substitute in. one democratic senator, congressman, him and geithner and schumer and the rest of those crooks -- that is the problem. that is why the american people don't trust our government. host: you have given us a lot to work with. i want to use this as a jumping off point for part of the piece that looks at congress and influence of lobbying. the magazine blew out this quote. lobbying industry is the true fourth branch of government. guest: the logging industry spent $3.5 billion -- lobbying industry spent about $3.5 billion. it is really a record. it has been steadily growing over the past 30 or 40 years. just one small index. it amounts to something over a million dollars for every hour that congress was in session. the single largest lobbing into the was the chamber of congress that spend something like $130 million, which is more than the combined payroll of

chris dodd -- the money he takes, as far as the lobbying, working behind the scenes to take any teeth out of that billto kill it. the senators and his own party debate maria cantwell -- they set up a watch on him so he could not put a substitute in. one democratic senator, congressman, him and geithner and schumer and the rest of those crooks -- that is the problem. that is why the american people don't trust our government. host: you have given us a lot to work with. i want to use this as a jumping off point for part of the piece that looks at congress and influence of lobbying. the magazine blew out this quote. lobbying industry is the true fourth branch of government. guest: the logging industry spent $3.5 billion -- lobbying industry spent about $3.5 billion. it is really a record. it has been steadily growing over the past 30 or 40 years. just one small index. it amounts to something over a million dollars for every hour that congress was in session. the single largest lobbing into the was the chamber of congress that spend something like $130 million, which is more than the combined payroll of a

chris dodd, the money he takes, the lobbying -- there were senators in his own party that set up a watch on him so he could not put a substitute in for those bills. not one democratic senator or congressman stood up and told the american people what he was trying to do. that is the problem. that is why the american people will not trust our government. host: you have given us a lot to work with. and part of your piece of congress and the influence of lobbying. the lobbying industry is a true fourth branch of government. guest: the lobbying industry in washington last year spent $3.5 billion. it is certainly a record. it has been steadily growing over the last 30 or 40 years. that amount to something over $1 million for every hour congress was in session. the scene this largest allotting was the chamber of congress that's been something like $130 million which is more than the combined payroll. the gap between the amount being spent by those influencing and those getting influence is large. >> good morning. i try to see who's on in geand t ideas. washington is corrupt. we do not need -- they want to bring americans. we have a constitution that pr