we've had the republicans negotiating with chris dodd on a possible package. senator corker from tennessee. the senator from alabama, shelby, trying to work something out. they still may come onboard at the end of the day. dr. lowe from kentucky. it's not true that democrats are shutting anything down. >> there was one other piece of news, which i think is interesting and how it affects this. the treasury is now estimating that the losses from the bailout are much smaller than anybody expected. everybody spoke about $800 billion. it turns out if you save the banks and the bank recovers you make a profit. it looks like our losses are under $100 billion. >> the president needs this. he's not getting the bounce from health care that they had hoped. >> no, he's not getting it. but the democrats need it. they need a record going into november. they're the ones who run the ball lofment president obama is not on the ballot for two more years. he obviously would like to see a democratic losses held to a minimum. but no one's talking about a democratic victory that i k

there was a suggestion just now in my interview with chris dodd that balance needs to be achieved. you want to rein in wall street, do something about derivatives but not choke off any kind of economic activity, obviously, in the financial sector. >> i wouldn't use the words "too tough." that's not the sense. we want to make sure we get things right, that we don't lead to problems that don't need to be there. but we've got to fulfill what the president has called for on derivatives, and that is for these massive, literally hundreds of trillions of dollars of dark pools of derivatives, they've got to be brought out into the open. they've got to be put under sensible regulatory oversight that prevents them from threatening to blow up the entire financial system the way they did with aig. so, you know, we can work through the details to achieve whatever balance senator dodd is describing, but we're not going to compromise. if the republicans are trying to get loopholes written back into the law that say we don't need to bring these derivatives out into the open, the president's not go

republicans have already won a victory because chris dodd's bill is not a free-standing new agency. the democrats backed off of that. they did that in the house bill but not the senate bill. >> to argue all of these. >> exactly. it has the ability of another group of people, the people regulator what they call systemic risk to veto some of their rules. republicans think that the consumer protection agency should come under the other regulators. that's one issue. second issue is whether or not you actually have this fund that is designed to wind down firms that are failing. do you raise the money before the failure happens or do you raise it after the failure happens? some people think tim georgia tech -- geithner raised this argument, mitch mcconnell raised it and that means there's a cushion. the other question is derivatives. some went further to the left on derivatives than the administration did. she would require the big wall street institutions to get rid of their trading debts saying it's too risky and there are some other changes she would make. the president is not necessar

also i want to thank my colleague and the chairman, my friend senator chris dodd.ver the years as he said we'd work together on a number of bills and quite often found the way to compromise to work for work on some very difficult and complex issues. unfortunately, this far compromise has eluded us on this particular piece of legislation. it leads some of it. throughout our discussions, mr. president, we shared roughly the same goals. where we have deferred however is how to achieve those goals. michael during the consideration of this legislation will be to reshape this bill so that it actually ends bailouts, protect consumers without jeopardize in our small community banks and brings transparency as senator dodd mentioned to the world of derivatives without sacrificing economic growth and job creation with which we desperately need in this country. i, mr. president, along with many of my colleagues on both sides of the aisle, democrats and republicans will seek to remove dozens of provisions that on necessarily expand the reach of the federal government and privat

the man leading the reform, banking chairman chris dodd. >>> are republicans right when they call it house leader mike pence. >>> plus the party's not over. republican and democratic national committees sure know how to spend. exclusive reporting out today. >>> supreme court sweep stakes. the president consults senate leaders from both parties, but says a woman's right to choose is a big factor. >> i don't have litmus tests around any of these issues. but i will say that i want somebody who is going to be interpreting our constitution in a way that takes into account individual rights, and that includes women's rights. >>> good day. i'm andrea mitchell live in washington. senate democrats are in a tough negotiation now with republicans to try to produce a bill that would rein in wall street. just a few moments ago i talked with the point man on all of this, senate banking which i remember chris dodd, and asked if republicans are now at the table. >> i think many of them want to, andrea. they don't want to be a part of just say no strategy. this bill has involved a lot of republican i

want to get too far, senator. >> they were making significant progress when at a certain point chris dodd decided to pull the plug and go a strictly partisan route. i believe there is a substantial opportunity for bipartisanship working together to resolve the regulatory reform issue. >> chris: gentlemen, i want to switch subjects on you. you are both distinguished members of the senate judiciary committee and there is widespread speculation the oldest supreme court justice gave to the new york times and washington post today that he may retire soon. may retire before the end of this term which means, of course, that there will be another vacancy on the highest court. senator specter, if there is a vacancy, do you have some thoughts about the type of person that president obama should nominate? do you have some thoughts about the specific person he should nominate? >> i hope to begin a little earlier that justice stevens does not retire this year. i think the gridlock in the senate might well produce a filibuster which would tie up the senate on a supreme court nominee. i think if a year

the negotiations are moving ahead between richard shelby and chris dodd. i will talk about this tomorrow with president obama when i interview him at the white house tomorrow afternoon. we can talk about it tomorrow evening. >> first of all, i look forward to that. that's a terribly important and timely interview. congrats to you. i was very interested that senator shelby who is a tough guy, a free market guy and maybe most importantly, he's his own guy, he uttered the 85% statement. for me, john, it was an eye opener. >> yes, and i think what's going on, larry, is that republicans richard shelby, mitch mcconnell, the republican leader, are positioning themselves to say at the end of the process that we put the brakes on. we saw a bill that we thought was going to perpetuate bailouts. we obtained changes in it because changes are going to be made and that can be their exit strategy from the debate saying they made it a better bill. you may see both sides take credit in a shared way, ways that we haven't seen often in this administration. >> that would be a

>> senate banking chairman chris dodd weighing in, saying that the s.e.c. lawsuit against goldman sachs is serious and he won't comment on ongoing litigation, but he said, be clear we don't need the outcome of the case to know the opaque nature of the allocations were causing wall street to game the system, and he continues to call for financial reform. so chris dodd is weighing in as the politics are starting to heat up. >> certainly politics is a part of it, and don't forget that goldman sachs is easy pickings, and they have been the poster child for the mainstream media in terms of big bad goldman, so this is only going to add to that i would imagine. >> and here is senator shelby's comment on the goldman situation. if the s.e.c. finds fraud or anything else, they should throw the book at them and anyone else who breaks the law. and this should affect the financial regulatory reform -- there you go, what we were talking about. and also, david faber was talking about how deutsche bank was also a big hold oreer of th cdos. >> well, with the same equity fir

>> before the politics, the substance of this, chris dodd says the bill, his bill, will end bailoutsorever, and 41 republicans have today signed this letter that says dodd's bill will instead cause endless taxpayer bailouts of wall street. are either of these somewhat mutually exclusive statements correct? >> i would say neither are in this case. first of all, let's talk about the republicans. it is a staggering act of bad faith to say this institutionalizes bailouts for two reasons. one is the status quo is bailouts. this is the party that engineered the largest bailout in the history of the american republic. we all know exactly what's going to happen if something like this happens again under what we have now, which is that chamber of commerce, the big banks are going to go up to capitol hill and they're going to panic everyone and glenn beck is going to get on the air and say we need the bailout. that's an important piece of history for everyone, and the bailout's going to pass. that is the status quo. second of all, when you look at the actual substance of the bill, the money th

[applause] on health care, max baucus, chris dodd, henry waxman, and charlie rangel and so many others offer expertise throughout the year. congressman george miller, jim cliburn, ruben hinojosa lead the house . senator tom harkin's dedication

i interviewed chris dodd yesterday and he indicated, certainly signalled that the banking committee is going to write the final version of this by the time it gets on floor. where do you think the white house and treasury come down on derivatives? >> well, i wouldn't be surprised at all if blanche lincoln's language -- and everybody knows blanche lincoln is in a primary getting heat from her left in arkansas -- if it reverts back to something closer to the administration's proposal, which did not force the major institutions to get rid of those derivative swaps. the president is hoping that interview yesterday, his core principle is transparency. the exchange trading, the clearinghouse function not where those derivative desks lie. that was the signal i thought that this may be something democrats might give up in the bargaining with republicans. >> and john, you were there just briefly looking around the audience, lloyd blankfein from goldman did show up, mike bloomberg, contrary to earlier reports, did show up even though he's been critical of the white house approach to all of this.

safe banking act indicate, as i think it might, that you think the banking committee bill that chris dodd has does not do enough, or is not tough enough in some way? >> well, of course it can be approved. i want to see a more freestanding consumer protection agency. i think senator dodd's bill is generally very good, but there are always opportunities to strengthen it. i am very concerned about the too big to fail, that we've got to make sure that banks -- if they're too big to fail, they're too big, period. and we've got to make sure that those banks are simply not so big that they threaten the whole viability of the financial system in this country. one real quick statistic, 15 years ago, six banks in this country had, as their assets totalled 17% of gdp. today the six largest banks' assets total 63% of gdp. so clearly we can't let them continue to get bigger and bigger and bigger, because when they engage in far too risky behavior, it begs the question of what's going to happen to our economy. the last time we did real reform, real reform in this country, was in the 1930s and it protec

you and i both know that banking committee chairman chris dodd is negotiating behind closed doors with his republican counterpart, richard shelby to reach agreement on a bill that will produce 60 votes. the intention, to rush it to the floor with no debate on the obvious and blatant flaws in the legislation that perpetrate the corrupt system that mr.s dodd and shelby seek to perpetrate. and even in they don't reach agreement. senate majority leader, harry reid, said he'll put it up for a vote anyway, just to avoid the honest debate. the movers by reid and dodd are moves intended to silence the truth-tellers in our senate. people like senator ted kaufmann, senator sharrod brown, senator blanche lincoln, dick durbin, maria can'twell, carl levin. bernie sanders. they all want an honest debate about the fundamental flaws in the bill. however, those in the leadership role are attempting to quash that debate and serve the bankers who deliver them the money. lawmakers, actually trying to bring transparency to the shadow banks. lawmakers actually trying to stop the police and regulators for be

senate banking committee chairman chris dodd doesn't think they'll do it. >> as i read the letter fromcan leaders, the words about filibusters were not in that letter. they expressed opposition to the legislation. and, look, in light of events over the last week or so, again, for the s.e.c. is now moving, lehman brothers problems, i don't believe republican members want to be in a position where we're talking about filibustering a bill that would allow us to address those issues. >> let me bring in nbc's kelly o'donnell on capitol hill tonight. kelly, is there any climate for cooperation on this? what do you think? >> reporter: well, some of the calmer voices here, ed seem to indicate there might be a chance. that there are some conversations between democrats and republicans, behind the scenes, looking for ways to maybe make changes to the bill before it would come to the floor that might satisfy some of these concerns. now, democrats will tell you there are a lot of republican ideas in the dodd bill. most republicans that we're talking to, in fact, all of them say they're united in t

let me go to chris dodd the chairman of the committee. i want to get to this right now. we've got a lot of republicans possibly joining us. has this become a dishonest discussion with the republicans being led not by experts on wall street, just by people, a like frank luntz, whose job it is to come up with dishonest language? >> i don't want to brand them all this way, chris. i've dealt with a number of people who i think honestly are looking do get a good bill. we may disagree with parts of it. but i believe their motivations are good. unfortunately the minority leader i don't think is paying much attention to them. and i put this memo in the senate record the other day and compared the language between the minority leader's speech and frank luntz's memo. the memo was written long before i wrote a bill. he was telling them how to defeat the bill even before there was a bill. >> he's a spin meister, he used to be considered somewhat nonpartisan. now he's working for one party, he's brilliant at it he comes up with phrases like the endless taxpayer bailout. is there a sm

. >> the senate republican leader mitch mcconnell says the regulation the president and senator chris dodd are pushing will lead to more bank bailouts. >> it is a bill that actually guarantees future bailouts of wall street banks. >> to bail out or not to bail out, it is a new season about. >> christopher dodd says republicans are getting their talking points from bipartisan mammal. >> the single best way to kill the legislation is to link it to the big bank bailout. >> let's talk about this. the bill would establish a $50 billion fund, a fund financed by the banks, not the taxpayer. but what happens that bank failures betsy that some? >> i don't know. the important reform is that the banks are initially going to have to bear the brunt of this themselves. there is in a solvency of one institution or another. >> is the bank going to be allowed to fail? >> the whole point of the bill is to prevent bailouts by spotting these things with regulation and taking over an institution early to prevent the kind of thing we saw with lehman brothers which failed and then the entire credit market rose.

chris dodd, barney frank have all jumped on this. they've going to use it. feel of the question is did the s.e.c. move in a convenient tyke. what we also learned today was at the s.e.c. itself, there are five votes, three democrats who voted to bring the charges in, two republicans who oppose that. when the market heard that, they began to think, thab these charges won't stick. i think michael is right. there's something about this that smells. until we know the facts, i think it's unair to vilify or judge goldman sachs or the whole transaction. we need to know more than we know now. >> anderson, one obvious thing that needs to be addressed is why on earth should a wall street firm be making bets for itself on bonds that it's advising its customers to boy and sell. once they can make money by creating things they can explode, they'll create things that explode. thee functions need to be separated. this is what the rule gets at. i think it's -- i'm all for wisdom and making this whole discussion nonpartisan. but the fact is, that reform is going abbe an act o

as we know from media reports not my firsthand knowledge , chris dodd made tremendous efforts to try to get some bipartisanship in the senate. the senate republican leadership just pulled the plug. there were serious negotiations going on several times. indeed you can see some of the traces of that bipartisanship in the bill that is now presented as a partisan bill because having gotten some concessions none of the republicans want to support it. i very much agree with bob glauber. it would be better to do on a bipartisan basis. suppose one side won't play in the game? then i think we have to go forward. >> yves smith i want to talk to you about one of the other hot button issues which have come up lately in the debate over this book. that's about the kpliblgted betting process in which people are trying to bet against what these instruments will do in the future. do you think this bill goes far enough or is it trying ... throwing the baby out with the bath water taking what is in essence not a bad idea but then overregulating it? >> actually again i come at it slightly differently.

chris dodd right now is a prominent center, important senator in health care, financial services, but also one that is extraordinarily full marable and has decided i think under pressure to retire. so, we may learn something about our senators and about the institution of the senate and how careers are structured, how individual members choose. for example, i think the cost of running for the senate, first in dollars but also in psychic expense in this polarized electorate. the same kinds of people run for the senate in the 1950s as run today. you have got to be pretty ambitious. we are hardwired to do some of this stuff, but we also may find that senators have come either they are wealthy, jon corzine, willing to expend an extreme amount of money to get elected, or they have access to funds. that is crucial to running for the senate. it strikes me that it helps to be partisan, and it helps to have a very thick skin. other kinds of candidates may be less inclined to run in this environment and less inclined to serve with highly charged partisan elements to both running for the senate

. >> reporter: in fact republican senator richard shelby and republican senator chris dodd held one on one meetings until the vote on monday evening trying to find common ground. one republican vote would have tipped the scale. >> it appears if all the republicans have decided the rules in place now are the rules we should have going forward. that's what happens if we don't do it. >> reporter: but republicans insist they, too, want reform, they just want to go about it differently. democrats say the consumer protection agency created by their bills would protect americans from predatory mortgage loans and offers. republicans say it is too expensive and powerful. >> and democrats say it sets up a fund paid for by the banks to unwind failing financial firms republicans say it gives regulators too much leeway to prop up the banks when they take too much risk. >> we're not going to be rushed in to another massive bill based on the assurances of our friends on the other side. >> reporter: democrats pledge they will introduce the bill again. republicans say they may sponsor their own version

senate banking committee boss chris dodd and agriculture committee chair blanche lincoln are nearing agreement on a combined bill for derivative oversight. sources close to the negotiations have told abc news senator richard shelby, the top republican on the banking committee, indicated the two sides are close to an agreement. >> i think we're closer than we've ever been. will we get a bill by tomorrow? i doubt it. i would always hope so. >> the new provision would require most derivatives to go through a new network of clearinghouses and be traded on regulated exchanges. the first procedural vote is expected today. >>> china's growing economic influence is giving it more financial clou

i'm on the same page with dob, and i expect chris dodd is on the same place, too. it is a question of getting in a room and getting the language right. we had a bipartisan agreement here in the senate, develop by senator warner from virginia, which ac published what we needed to accomplish. it had a prefunded event, and i have reservations about that. not because i'm against a prefunded event, but knowing the congress i do, they'll spend it on something else, instead of protecting the taxpayer. but there are ways to address that, too. i don't see that as an issue that is a high hurdle to get around. >> susie: let me bring up another point that congressman barney frank said on our programme. he said if this proposed financial reform were already law, it would have prevented the alleged fraud of goldman sachs. is that how you see it? >> i don't know the answer to that question because i haven't really read the case and the issue. but i would pointer out that the fraud action was brought, so there were obviously laws on the books to address the issue. i don't think --

just before a key vote, senator chris dodd, the author of the overhaul bill, warned republicans are leaving the country at risk of another financial crisis. >> today we're just as vulnerable as we were 18 months ago. our house is still unlocked in a way. and what happened 18 months ago could happen again. >> reporter: republicans prevailed, preventing a final vote on a bill they say would institutionalize bailouts with a $50 billion fund. the legislative deadlock played out while the stage was set for a dramatic confrontation tomorrow between a leading senator and a major wall street c.e.o. senator carl levin of michigan defended his committee's findings goldman sachs took advantage of a major conflict of interest-- creating securities, selling them to clients, and then betting against them. on wall street, betting a security will fall in value is called shorting. for support, levin pointed to thousands of executive emails, citing one to the goldman board. >> we were overall, net short the mortgage market, and thus had very strong results. so, were they big-time short in 2007? you betcha, d

president obama, legislation chris dodd has and their administration, continuing bailouts, continuing to say to the big banks on wall street, the very same ones that provided campaign cash to them in the past, banks, don't worry, american taxpayers will be there in the future if you need it. that's what this perpetuates. republicans are saying no to that. we have to go back to a system where we don't bail out these systems anymore. >> wait a minute. who started the bailouts? no. no. you used the word bailout like it's your common word for every third word, bailout, bailout, fine, useful politically. who started bailouts? wasn't it president bush and the republican administration? now you say the trouble with the democrats they are perpetuating bushism? in other words, the worst thing you can say about a democrat is he or she is doing what your party did to start this ball rolling. >> right, exactly. >> of bailouts. >> we talked about this in the past. i was opposed to those bail outside in the past. i believe what we need to do now. what the american public says, if you haven't passed

chris dodd right now, prominent senter, important center in health care financial services, very -- but also want it is extraordinarily vulnerable and has decided i think under pressure to retire. so, we may learn something about our senators and institution of the senate and held a careers are structured, how individual members choose. for a simple to the cost of running for the senate. first in dollars but also psychic expense in this polarized electric. the same people who run for the senate in the 1950's run today. you've got to be pretty ambitious. others psychological mabey as political science are finding we are hard wired to do some of this stuff. but we also may find senators are wealthy, john gloor sign de beat de -- corzine willing to spend an amount of money to get elected, or they have access to the funds. that's crucial to running for the senate. and it strikes me that it helps to be partisan and it helps to have a very thick skin. other kind of candidates may be less inclined to run in this environment or to serve with highly charged partisan elements to both running for

chris dodd and barney frank have practiced bad legislation. we need common sense regulation that demands more investment in our country, which will help curtail all these derivatives and other things. that is all i have to say. host: the ap is reporting today foreclosure rates surged amid the biggest jump in five years, the record number of u.s. homes were lost in the first three months of this year. banks are starting to wade through the backlog of troubled home month at a faster pace. the number of u.s. homes taken over by banks jumped from a year ago. foreclosure grew 60% by 16%. more homes were taken over by banks than in any quarter going back to at least january, 2005, when realtytrac first began reporting the data "we are right now on pace to see more than 1 million bank repossessions this year." florida, david, independent line, go ahead, please. caller: i am a first-time caller. host: what made you call this morning? caller: well, i have been watching c-span regularly now for the last couple of months. the one thing that is drilled in

you've had chris dodd negotiating with bob corker from tennessee, the republican, going at it on hisublicans falling by the way said. complaints that mitch mcconnell was raising money on wall street and trying to sabotage the bill. both claiming that the other side was more interested in bailing out wall street than main street. what is the likelihood that this is going to actually move rather than get dragged down the way health reform did? >> there are a lot of echoes of health reform because both sides seem to have a giant sack of accusations and charges to throw at the other side. democrats like to call this wall street reform, making it clearer to voters at home because financial regulation can be a little eye glazing for those not in that business. we're hearing that harry reid wants to move this more quickly than the white house had wanted, meaning bringing it to the floor, forcing a vote, trying to get republicans to make a vote on this in advance of the election. now, republicans say they want to work with democrats on this. we heard that in the health care area. one of the

. >> that could be useful for chris dodd as he goes back to work on the house and senate and come upse. >> bret: go to foxnews.com/specialreport. vote for your topic of the week for tomorrow's lightning round. coming up, is the administration trying to take over the country's waterways? h. low in fat and cholesterol, heart healthy levels of sodium, and taste you'll love. girl: this is good for my heart? chef: you noticed. [cheering] announcer: campbell's healthy request. or annuity over 10 or even 20 years? call imperial structured settlements. the experts at imperial can convert your long-term payout into a lump sum of cash today. >>> i know what it means. and it's the purpose of this act to establish and maintain a chemical biological and physical integrity of the nation's waters. >> it potentially puts government in charge of all waters. mud puddles and irrigation [brief technical difficulty] >> the reason "navigable" was important to the entire debate in 2001 and recently with the oberstar measures, two of them, it enabled the people who were pushing the regulation of these water

chris dodd, we showed a chris of him saying it ends too big to fail. it doesn't. that is just not the case, i'm afraid. of course it has bail-out authority. that's what the $50 billion was for. as charles said, even if $50 billion is taken out, there is a discretionary bail-out authority for fdic and treasury, to the executive branch. they don't have to come to congress to get money as they did in october of 2008. power grab by government to wall street. there are ways to do it without giving unlimited discretionary authority to government. that's why the government got more traction than expected in opposing the bill. >> bret: originally, there was a letter of all 41 senate republicans saying they wouldn't allow the bill to go forward, they would filibuster it unless they got to the negotiating table. with the president with the full court press, can politically they hold the line there? >> yes. we talked to susan collins, a moderate republican, tries to work with the democrats. i think she is a little shocked at what is in this bill. this is not just regulating,

when we started chris dodd in connecticut. a member of congress. last year, the -- dodd has quit. [applause] arlen speck or the has changed parties to become a democrat to try salvage his political career. and thanks to the people of nevada, we have been, i think any -- of over 200 in nevada, we have been -- and harry reid is trailing by 10 and 15 points against all of his republican opponents. [applause] as park pointed out we expanded our target list after the vote on obama care. stupak quit. we were saying we're going to take back america in november of 2010 and i think we may take back america before at the rate we are going. [applause] so that brings us here. we have to expand our target list. we have to get a few more on the list. as amy pointed out, it is a combination of worrying our friends and punishing our enemies. one thing that is so important to do, as someone who got their political career started and working for an old actor in california back in 1966 when he eventually became president in 1980 it wasn't just republicans that allowed us to get the tax cuts in and o

. >> that could be useful for chris dodd as he goes back to work on the house and senate and come up with a compromise. >> bret: go to foxnews.com/specialreport. vote for your topic of the week for tomorrow's lightning round. coming up, is the administration trying to take administration trying to take over the country' ♪ grew up in a small town and when the rain would fall down ♪ ♪ i would pray ♪ i'll spread my wings and i'll learn how to fly ♪ i'll do what it takes till i touch the sky ♪ ♪ i gotta take a risk, take a chance, make a change, and break away ♪ i'm lawrence taylor. i lost 35 pounds on nutrisystem. give nutrisystem for men a try. losing weight has never been easier. that's me 22 pounds ago, and i'm never going back there again. don't miss our best tv offer: order now and you can get an extra four weeks of meals free. that's right, 140 meals absolutely free! hey, get back in the game like i did. i did...go...all...the...way, whoop! i lost 50 pounds with nutrisystem for men. get off your butt and try it. nutrisystem worked for me, and it can work for you, too. don't miss o

first of all, the bill -- and this is the democrats' bill written mostly by banking chairman chris doddld have new consumer financial protection bureau. that would set up a bureau designed to protect you, the consumer, from abusive practices from lenders, mortgage companies, credit card folks and others. republicans are worried that specific bureau would be too -- not only intrusive but set up too much work for a lot of banks, especially the small lenders in communities all over the country and it would make them fold and cost jobs. that's one example. another is a new process to liquidate failed companies. we all remember from the fall of 2008 when government had to bail out companies it was because they were called too big to fail. it would hurt the entire economy. well, the goal here is to set up a process to unwind or liquidate some of the companies in an orderly fashion so there wouldn't be such a thing as too big to fail. the problems with republicans is there are too many loopholes. the goal is to make sure taxpayers aren't on the hook anymore, but there are loopholes that actual

. >> aides say senators chris dodd and shelby did not meet after their appearance on "meet the press" to discuss the financial reform bill. senate majority leader harry reid, though, says a procedural vote is set to begin on the floor later today. republicans have vowed to block that in closed-door talks on a bipartisan agreement are ongoing. president obama's top economic adviser ask urging lawmakers to pass the bill. >> certainly no one associated with the white house, who believes that "too big to fail" is acceptable, to believes that it is acceptable for financial institutions to rely on the prospect of bailout to raise money, and who thinks it's anything other than an absolute imperative to make sure that the days of heads, i win, tails the taxpayer lose, end. >> top senate democrats are reportedly near a deal to regulate the $450 trillion derivatives market, including a provision requiring banks to spin off the swaps desks. but the measure has raised concerns from the white house and of course the treasury department. let's bring luca back in for some reaction. do you think gold

david gregory this week, chris dodd had a remarkable speech this week from the house floor. as well as richard shelby, who's always the most fascinating guy. >> yeah, it will be interesting. by then maybe we'll have a better sense of whether they're going into the week with an agreement as they go into that vote on monday. >> sunday it's "meet the press." this sunday's going to be a great one. >>> coming up, congressman elijah cummings of maryland joins us. >>> disaster at sea. the latest on the deadly oil rig blast in the gulf of mexico. now an environmental threat. the latest on that when we come back. i'm ed whitacre, from general motors. a lot of americans didn't agree with giving gm a second chance. quite frankly, i can respect that. we want to make this a company all americans can be proud of again. that's why i'm here to announce we have repaid our government loan, in full, with interest, five years ahead of the original schedule. but there's still more to do. our goal is to exceed every expectation you've set for us. we're putting people back to work, designing, buil

>> he is chris dodd. raising hell on the senate floor.entleman from connecticut. >> my gracious. >> hopefully we're going to be able to run into him this saturday night at the white house. >> we will. i'm sure when we ask, he'll come on the show. there are important issues to talk about in washington. and we're doing the show. >> we have a special sunday morning show. and i know savannah guthrie, we've got savannah guthrie at the white house. >> yeah. >> she'll round it out. >> sure. >> let's bring in savannah guthrie at the white house. what's that, savannah? i'm sorry. >> reporter: no. why are you guys doing a show sunday morning? that is crazy. >> tell me about it. >> it's a wrap-up of the white house correspondents dinner. chris, you told me that she's going to -- she's going to be on the show? >> yeah, i just assume if we're doing a show from the white house, she'd be there, right? >> white house correspondent. >> reporter: you won't even need me because you'll be here. you're all square. there's not even any room. do you know how sm

of course chris dodd up to his the obama administration in particular f you look at the numbers, i gotere in front of me, is obama going to tainted goldman sachs donation -- >> goldman sachs was his largest donors other than professors at the university of california. let me say this about the in 2010 we reveal there will be a new housing crisis, caused by subprime loans, being made by obama's fha. the fha has dispatched s.w.a.t. teams they call them, to banks to try to expedite subprime mortgage lending to low income people. precisely the same thing that caused this crisis if you want to read about the new subprime crisis look under fha in our book. >> sean: you think there's a winning strategy out there. i'm one of these guys, i don't like to count your chickens before they hatch. i think there is any one or two events that could happen that could change this election on a dime. i don't think republicans should get overconfident. like any election you have to work like crazy. you layout a prime strategy, -- >> i used to work for the other side. democrats understand that people mostly

>> let me ask you this, as a politician, a former politician, at least, you mentioned chairman chris doddrman saying today -- and here are his exact words -- that failure to enact his financial overhaul bill would leave the american public vulnerable to shenanigans in goldman sachs and other large firm? if you google this -- politico did story on this. what pops up? barackobama.com. democrats are using this to raise money. does it bother you they're using this to make political hay -- >> everything you do is going to be for political purposes. i spent years pursuing wall street, taking some real hits for people who disagreed with us. people always imputed you would tier carry motives. you just have to disregard that. i'm not worried about the motives. people will impute them to everything you do. i think the issue now is how do we get the best bill that does the most to restore capitalism as we need it to survive. what we had before was some crazy notion of libertarianism swirling through the halls with alan greenspan and even bob ruben and certainly chris cox, the prior chair of the sec,

chris dodd lost by one vote. coming up, is the senate any closer to a deal on wall street reform? just hours from now, another test vote on whether to permit debate. plus, homeland security secretary, janet napolitano, joining us right here with her reaction to arizona's crack down on illegal immigrants. msnbc is now on sirius xm satellite radio. ♪ [ pop ] [ man ] ♪ just another perfect day ♪ i think i'll walk this way with the trees ♪ ♪ i do sing [ man announcing ] the hybrid for everyone is here. the insight-- designed and priced for us all. >>> here are the headlines we're following now. some high school students across new jersey are walking out of class today to protest budget cuts. these pictures just moments ago in newark. >>> ford motor company has rebounded a year after almost collapsing into bankruptcy. the company beat wall street's expectations with the $2.1 billion profit. >>> and the first lady of california will be welcoming patients to a massive, free clinic in downtown l.a. dentists, doctors and

this morning there was a new comment from chris dodd trying to say republicans are not being as forthcoming as they think they should be. there's a lot of this partisan tension again and serious underlying issues. the president will put his own faces on words to try to push it through somewhat like we saw with health care in the final days as well. >> thanks, kelly. >>> a beloved school principal murdered in his own home. the latest on the search for his killer as they mourn a man who makes a big difference in their lives. >>> a store owner comes to the defense of a clerk and turns the tables on a would be robber. more on what happened there. nbc's luke russert sits down for one-on-one with former president bill clinton. what mr. clinton has to say about the u.s. being the world's only superpower years from now. [ male announcer ] crunch, wheat thins. that's what's gonna happen here. ♪ because you're tasty with toasty whole grain. [ crunch ] wheat thins. toasted. whole grain. crunch. the crunch is calling. right now, walmart has rolled back prices on top lawn care brands like poulan pro, br

which i think is the perfect swan song for corrupt-o-crat chris dodd. >> sean: he took a million dollarsns, harry reid took money, rahm emanuel took money. then craig representing geld man sakses. dick gephardt lobbies for goldman sachs, tom daschle represents companies on wall street. eric holder onceç represented and lobbied for global crossing. how do they make the case they are against cronyism when almost every member is involved in some capacity? >> yeah. what they do is what rahm emanuel did the other night. to meet in secret and behind closed doors, all of those so-called fat cats who know they are going to get beaten up in public but will be taken care of behind the scenes. that's now this administration has operated rfm day one. the way to remedy that is get rid of the corruption. you cannot reform. the only way to do it is reduce the size of government. >> sean: is this as some are suggesting, barack obama's enron or do they get away with it in the end? >> i think that we have to keep screaming at the top of our lungs as long as they keep screaming fat cat and demoç goinging

democratic senator chris dodd and republican senator richard shelby.hen our roundtable takes on the growing political divide over illegal immigration back on the front burner now as well as financial reform. how will voters sort it all out in november coming up this morning on "meet the press." >> jason campbell is heading west. he's been traded to oakland, but he's still keeping a positive attitude. >> lindsay czarniak spoke with the quarterback as he prepared for the big change. good morning, your sports on this sunday morning begins with former redskins quarterback jason campbell turned quarterback for the oakland r d raiders. it has been a whirlwind for campbell as he prepares to fly to california this afternoon. looking at at the raiders history, oakland is not a team that you wouldnarily jump at the chance to be a part of. for jason, this is a chance to % lead a team taking steps to turn around. everything about this is new for jason including moving across the country. >> the only thing i thought about was the long flight. it's a five-hour fligh

democratic senator chris dodd is working with republican senator richard shelby to achieve a bipartisanl which faces a vote on monday. is this something that has been achieved? what about the progressive democrats' bill which some say is the key to real reform. joining me now is neil irwin, financial reporter for "the washington post." good morning. >> good morning, alex. >> what does reform mean to you and mean? how does it shake down? >> try and give righters more tools they can use to reign in risky behavior by financial institutions and prevent a crisis like the one we've gone through. there's some key elements, a consumer protection agency housed within the federal reserve and the current version which would have power to restrict lending that might ab busive or dangerous for people. there's elements to try and reign in derivatives, these risky complex investments that are a major factor in the crisis. so a lot of things to try and prevent i future crisis and protect ordinary americans. >> you know, is there a clear line between democrats and republicans? i mean, are dems for the l

senator chris dodd worked hard on this bill, and it's a much more open process than the obama health care process, that's for sure. congressman, why not just put all of these failed banks, if they occur, into bankruptcy court. that's the simple. have some bankruptcy court reform. take the discretion away. just put them in the bankruptcy court like any american company who has to face the consequences of free market capitalism. >> look, i want to acknowledge that senator dodd has been working in a more open way than frankly what we saw in the cap and trade bill or what we saw in obama care, and i appreciate that. as "the wall street journal" reported recently, he's moved slightly in the right direction on a couple of these things. but i think you hit it right square center. at the core of the republican proposal is, number one, we end the era of bailouts. we reject bailouts as a legitimate response to a financial crisis. number two, we introduce a new chapter of the federal bankruptcy code that is designed to give our federal courts the latitude and the expertise to deal with either r

chris dodd seems not to love that idea. a lot of us think we need both.ough regulation, but we also need to break up some of these banks and create things that are -- >> we need judge green and judge green and ma bell being broken up again. >> i don't think you're being fair to the democrats. >> okay. >> you're not. if the big one goes down this time, they do like general motors, they're going to wipe out the leadership, wipe out the shareholders. >> okay. for everybody watching, that's the good news. i'm told, joan, that in europe, when they bail somebody out, they blow it all the big shots are gone. the minute you take a dollar or a pound or a franc from the government, the deal is,çóñr yo. nobody stays. let's look at it here's the president, completely shot down republican claims that the reform bill would translate into endless taxpayer bailout. that's the frank luntz talking point. what a victory for frank luntz, the president of the united states has to go to cooper union and respond to your talking points, here's the president taking on luntz-y. >>

now,, the bill that was written by barney frank in the house and chris dodd in the senate was such a pro-bank bill, as the republicans are charging, big banks on wall street, then why has wall street and big banks hired every lobbyist who isn't under indictment or in detox in washington to work against it? that's the first-- that's the first point. the second point is goldman sachs today. >> lehrer: i was gog ask you about that. >> goldlman sachs, i think it made opposition to financial regulation an increasingly unpopular critical position. >> lehrer: do you agree , david? >> wrts wts is already in the toilet. nobody is going to be defending wall street. the question is do we think a bunch of people in the f.d.i.c. can determine when a firm is about to go under. when you get into derivatives you're well below politics. >> lehrer: what about the nuclear summit, president obama's nuclear summit? 30 seconds. >> every issue that barack obama has basically addressed-- whether it's iraq or afghanistan or the bailout, has been something he inherit. this is his own-- this is his own issue.

consumer protection and all of those things are what barney frank has passed in the house, and chris dodd will try to pass in the senate. the administration was signaling solidarity with those two democrats saying that the shape of consumer protection and other elements in terms of the fed's role are all going to be worked out. they are looking ahead and looking for republican support, but they feel they can compel a couple of republicans to go along if necessary to get around a filibuster. maria? >> thank you, john. is a value added tax the cure to the deficit ills? we will be joined by the director of the resech committee for economic development, and brian gardner with kbw. gentlemen, nice to have you on the program. joseph, what about your thought of a debt tax? >> well, we have to do something. the debt is rising rapidly, and more interest, and more interest costs, more debt. you get on the wrong side of the roller coaster, and you are in trouble. we need to take every dollar that is not nailed down, and some dollars that are, and vat is one way to deal with the revenue side of the e