i am convinced chris worked on bipartisan things with dick shelby. i believe the maximum you can do legally to make clear that if a large financial institution had debt that it cannot pay, it is out of business and no taxpayer money will be used. the most interesting critique i hear these days and tim geithner repeats it in his book which i saw an early copy of and others is that we were too tough on the anti-bailout. we didn't leave the successors enough flexibility to bail out the system in general. what we have is a self fulfilling prophecy. we have people that argue that somehow our system for putting these banks out of business will not work. they then point to the fact that they still enjoy some people argue a kind of edge in financing but to the extent that they do it is because people denied that they are there. i looked at the reasons they give why it won't work. one is one of the stupidest arguments i have heard. it is that if a large financial institution got into trouble, despite a law that in maine to will be felony for the secretary of

there was an amendment as we began integration of this legislation and dick shelby offered the legislation. it carried 92-5 on the floor of the senate. it was the first of 60 amendments on that debate over it. clearly, that bipartisan effort on that language that was designed -- today, but we did in the fall of september 2008 is against the law. not only is it against the law, i would defy anyone to stand up and offer on the floor of the to give of the senate billions of dollars the financial institutions. >> the secretary of treasury is now against the law for him to use public funds. he has to recover them. secondly, the statutory authority that ben bernanke no longer exists. thehe argument is that chairman of the federal reserve and the secretary of the treasury would he pressed by overwhelming political pressure to violate the law to give more money to a large failing bank. no. >> do you think that congress would support something right now? >> they would impeach and convict of impeachment any official who did that. we had a hard enough time getting -- we had a republican president, a

dick bove but he is boycotting tv until 2015. he is very positive on fannie mae. see a political angle. see the republicans taking senate and shelby becoming head of the banking committee. that will protect fannie and freddie. they will not dissolve it. those bills out there to dissolve fannie and freddie will go nowhere because shelby is against that. possibly that means equity in these things is pretty safe, right? melissa: it also means we'll have another housing bubble. that we're not -- >> 20 years from now. who cares. >> carl is 79. >> becomes more blurred lines, melissa. you have activist investors and government all coming together and fighting each other and not solving the problem for the housing market at all. melissa: jack? >> bill ackman argued these stocks could be worth 10 times their value eventually. the argument here that the government overstepped its bound in changing the deal with fannie and freddie. >> there is court case. is it a good bet? i think it is. >> a lot of smart money is going into it. >> would you go out and buy fannie and freddie stock right now? >> i don't tell people what to do, if uncle carl i