so dodd-frank, in part, they're doing their job. they're working to reduce the risk and also the likelihood that these banks will fail in the first place. mr. frank, i want to ask you about -- you talked a little bit about this earlier with mr. garrett. i want to go to the issue of asset managers. now, they have, as you know, the dodd-frank act recognizes each financial institution and company. and differently. and it should be reviewed in its unique characteristics in mind. the fact is outlined as we know in dodd-frank includes the amount of leverage that the institution has. the off-sheet balance sheet exposure of the company and the degree to which the company is already regulated by the primary regulator. now, that seems to suggest that these asset managers are not folks that we intended to go after on the risk side. and i'm just wondering, do you believe that designation as a siffy is an appropriate way to address that industry? >> no, i agree with that, specifically, if there has been an argument on the republican side that bei

dodd-frank codified too big to fail into law. and it is showing four years later the big banks are bigger and the smaller banks are fewer. financial stability is now defined by the unelected and unaccountable bureaucrats. i don't know if the larger financial institutions whether one it say we have achieved financial stability. but it comes at an incredible cost. it is harder for low and moderate income americans to buy a home. thanks to dodd-frank there are fewer community banks serving the needs of small businesses and family. thanks to dodd-frank mainstreet businesses and farmers faced higher cost in managing their risk and producing their products which is impacting every single american at their kitchen table. thanks to dodd-frank's vocal rule the capital markets are less liquid than they were before making it hard for companies to raise capital and harms individual's saving for retirement and children's education. services like free czech -- checking -- are being curtailed or eliminated. it is one of the reasons the house fi

the dodd-frank act hasn't made the consumer safer. as we celebrate the birthday i think the american people realize there is not such to celebrate. >> the chair now recognizes the jim from connecticut for two minutes. >> i welcome the panel, chairman and my former friend barny frankfran frank. i read the papers closely and carefully and what is interesting to me and this opportunity on the 4th anniversa anniversary what interesting about the 80 passenger report was the dog that didn't bark. if you don't have something nasa to say don't say it at all. they are related to two titles of the bill. it makes no mention of the billions that have been returned to badly abused consumers and mow mention that we are stopping the selling of toxing mortgages to american family. no mention of the meaningful regulations of the market that was at the center of the meltdown of 2008. and of course there is no mention in the 80 pages or opening statements from the friends on the other side about the fact that the financial markets are thriving and the b

barro. >> i appreciate the opportunity to examine the dodd-frank on its fourth anniversary. chairman frank i appreciated your earlier testimony that your intention in crafting the provisions of the law were directed to encourage more risk retention. i have a bill h.r. 2673 and that bill is a portfolio lending bill that would encourage more risk retention on the part of mortgage lenders, small banks like mr. wilson's bank and in fact not only was that bill marked up out of this committee several of my colleagues and the other side of the aisle including mr. perlmutter voted in favor of that. my question to you, would you support such a proposal to give a safe harbor status to portfolio loans in which the mortgage originator retains there is? >> i would have to look at the specifics. he said it would encourage it. we have to give it to the senate and loosen the risk protection. i would like to have a portfolio allowed to be whatever -- to have stronger risk protection. >> i appreciate your general favorability towards that. mr. was my want to show the slide here. the ranking me

on that objective of dodd/frank, we miss. transparency. yes, there are certain banking activities that are now more transparent and they come under the microscope. the important thing and the real issue is risk. the risk of the banks that's is key. risk can neither be created nor destroyed. by taking them off of the -- and away from the visibility of a bank's balance sheet, we are, in fact, making the risk less transparent, more difficult to manage. so on that point we fail as well. too big to fail. i alluded to this earlier. before the passage or since the passage of dodd/frank, u.s. gdp, even including inflation is up 14%. bank assets up 25%. the banks are getting bigger. eliminate bank bailouts. taxpayer bailouts is one of the objectives. i point to the balance sheet of the federal reserve bank which has grown from $1 trillion to $4.3 trillion since the enactment of dodd/frank. this is a huge concentration of risk which, by the way, is invested in longer term assets, unlike what led the rest of the advice of the bill includes. and is fu

describing from the "wall street journal" dated july 21st and a bank of america executive said dodd frank certainly cataly catalystized substantial amount of simplification and we're moving well beyond that through our own initiatives. that was what we did. if i could enter it into the record. >> without objection. >> so mr. frank, i'd like to now see if think of these things triggered thoughts on your behalf and -- >> let me say -- i am pleased that mr. diamond and mr. blank fein recognize the value of the bank. it wasn't because they were glad to be designated. that was never in question with them. i recognize that they believe we brought stability. i don't think every piece but we brought some sta b9 and among other thing it gave them some protection. we had a situation where this was articulated. i asked him once why the hedge was structured investment on their balance sheet and he said if i do it i'll be at a disadvantage, vis-a-vis goldman. and to being the main purpose. the main purpose of the bill was to not get to the point where institutions failed by not having the bad loans an

somebody mentioned the incredible cost of dodd frank and i want to start with before dodd frank, summer of 2008 to january/february 2009, the stock market lost 6,000 points at $1.3 per point, february of 2009, the stock market lost 6,000 points and $7.8 trillion. home value dropped by 25% across the country. trillion and trillions of dollars and millions of jobs lost. since dodd frank, stock market has increased 10,500 points. 10 million jobs have been gained. and housing prices have rebounded. now, whether there is a direct cause and effect, i don't know. but it certainly the economy has improved dramatically since before its passage. now, mr. kubiac, i'll mention a few things because i disagree with your basic premise that the primary goal of dodd frank was too big to fail. and having sat on the front lines of this thing, i know we were dealing with credit rating agencies, derivatives, mortgage lenders with their no-docs, no-down, mortgage servicing, appraisals, foreclosures, learninged generally across the system. disclosures, ponzi schemes. hedge funds, swaps, stay on pay, exclusive

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i'm looking at the dodd-frank act.america's economic recovery, and why it doesn't feel like a recovery to a lot of people. ♪ ♪ >>> four years ago, president obama signed a law designed to prevent another financial meltdown like the last one that as you know created the worst recession since the great depression. the law known as dodd-frank is an 848-page beast requiring that regulators draw up new rules to reign in reckless behavior. so far about half of the rules have been approved. all of those facts aren't up for debate. but the law's effectiveness is a huge source of disagreement. mary snow has this report. >> reporter: created in response to the financial collapse of 2008, the dodd-frank wall street reform and consumer protection act became the law of the land in 2010 [ applause ] >> reporter: among the reforms was the creation of the consumer protection financial bureau, tasked with protecting consumers from predator lenders. and also checked risky behavior in the financial industry. and dodd-frank also institute

it was supposed to level the wall street playing field, but critics say the dodd-frank, four years onsed huge damage to the financial industry and the economy. american bankers association ceo frank keating is here to weigh in. liz: hedge fund changed their bets on gold after the precious metal's longest rally in nearly three years. details ahead. ♪ she inspires you. no question about that. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get me

dodd-frank has been the wrong remedy.adding incomprehensible complexity to the incomprehensible complexity. gringott lake in washington and i say frequently, regrettably it is the rule as well is the exception laws are always evaluating either advertise benefits, not by their actual benefits are actual costs. this time dodd-frank was passed we were told it would quote increase financial stability and increase investment and entrepreneurship. instead what have we learned? we have learned it is now official that we are in the slowest weakest recovery in the history of the nation. tens of millions of our countrymen now are unemployed or underemployed. negative economic growth in the last quarter, business startups at a 20 year low, one out of seven depending upon food stam stamps. again increasing entrepreneurship, i don't think so. ending too big to fail? we have had this debate before. we had it yesterday, we had today and we will have it tomorrow. dodd-frank codified it too fell into law. it's demonstrable four years late

obamacare, dodd frank, all the regulations he's shackling our economy with.t's what's keeping our economy from moving forward. >> what dodd frank is a horror movie for the american economy, a horror movie for if people are interested in taking risks and creating jobs. >> a horror movie? shackling our economy? it's time for a reality check. four years later -- or should i say four smears later -- they were flat out wrong. on wall street the dow is breaking records. the dow is up 76% since this day four years ago. we have had 52 straight months of private sector job growth. the longest streak on record. but today, they are still attacking dodd frank as a failure releasing a 100-page report. got to hand it to them. at least they are consistent. they are also consistently wrong on taxes, wrong. on the deficit, wrong. on jobs, wrong. we might be waiting a long time for that apology. joining me now is jared bernstein, former chief economist for vice president biden, and senior fellow with the center for on budget and policy priorities. jared, four years later they

we see gdp has grown slower and one reason is dodd-frank.: only half it yet has been put into place. why does it take so long to do that. >> because it is a very long, complicated bill. and we should be always wary of long, complicated bills. it is very random, some of the provisions. consumer financial protection bureau for example. with dodd-frank, the government has power to take over any company that it thinks might fail, not just a financial institution. it could say any large company poses systemic risk to the economy and therefore can get taken over. that is vast intrusion of the government in business's lives. gerri: a vast intrusion but i wonder if they ever really do it? look, promises of dodd-frank would keep us from wall street. we'll go in and shut down, jpmorgan, and go in and shut down goldman sachs if they present a risk to the system. that will never happen, right? >> it gives them power to harass the enemies and be nice to the friend. i think that is very dangerous. giving regulators that much power i think is harmful to th

also today on the fourth anniversary of the controversial dodd/frank financial regulation, the two authors of the bill are here exclusive. the law by many measures still incomplete in many areas. we will get the reaction of chris dodd and barney frank to where the bill stands today, the impact that it's had and a lot more. >> looking forward to that very mu much. also, netflix bucking the trend today, trading higher by about 1% ahead of earnings that are due out about an hour from now. netflix kicking off an avalanche of major earnings from some of the biggest and most influential companies on wall street. we will have the numbers, we will have the analysis, the market response, all of that that only "closing bell" can do, so don't go anywhere. >> yeah, we're really getting into the thick of earnings this week. after hours today. it picks up tomorrow morning. a lot to watch for. here's where we stand on the markets right now heading toward the close on this monday after such a difficult end last week with so many geopolitical events swirling about. the dow jones industrial average off 38 p

dodd-frank?e to ever agree with elizabeth warren on anything, but i think there's a growing consensus, including the consensus of the president of the united states of america, that dodd-frank did not end too big too fail and too small to matter. so before this congress is over, our committee has done a lot of work on that, but at the end of the day, dodd-frank has ensured that the big banks have gotten bigger. the small banks have gotten fewer. the taxpayers have gotten poorer, and our economy is less robust. i mean, the answer of dodd-frank kind of, through the arrogance and hubris, that it meets incomprehensive complexity with incomprehensible kplesty and low and middle income americans become collateral damage. they have fewer choices. they're sees products they used to take for granted, like -- now disappearing. >> chairman, we're out of time. next time i want to talk about inversions. thank you. i know you're busy. thank you for taking the time this morning. sara and carl, back to you. >> t

it's section 113, part d of dodd-frank. and what this in essence says is that you will have an annual review of the sifi designation, right? that there is a mandate under dodd-frank that no less than annually there will be an undertaking by fsoc to review the sifi designations for nonbank financial institutions. you as well as secretary lew have both pledged that you're committed to that prausocess, ai assume that remains the case. the question i have is what metrics are you going to use for review, that annual review? >> so you know, i have not been involved in that. it hasn't come to fsoc yet. i'm not certain of exactly what they will look at. i would assume that they would look at some of the same metrics and whether or not those have changed, that they used in deciding to resonate those -- >> i would appreciate if you would follow up with me on this to give us an understanding of what that is. this is for -- the four-year anniversary of dodd-frank is next week, and for us to not have an annual review process set up on t

dodd-frank was based oen a faulty premise and this is it. the financial crisis caused exclusively by the greed of large financial institutions and intrusive government regulation could have prevented all this prevented the crisis by keeping them from making risky investments. with these ideological blipeders on it's no surprise we ended up with these designations, instead of solving the problem of too big to fail, dodd-frank codified it. fsoc is not working out as intended. with every reckless designation of a nonbank company, fsoc steps in and makes our economy more dangerous and more unstable. as i say, you find yourself in a hole, you should do what? stop digging. so i respectfully request that you support my amendment and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. for what purpose does the gentleman from new york seek recognition? mr. serrano: to claim time in opposition. the chair: the gentleman is recognized. mr. serrano: dodd-frank doesn't designate any entity as too big to fail as paragraph one

as someone who advocating strongly during dodd-frank non-banks could be this, i tell you, i shire the senator's concern about the transparencies as we go through the process. we've got to get it right. and my concern is that for the non-bank siffy designation, a great question on transparency whether it is size or product component, and the more clarity we can get on this, the better. the two questions i want to get at, one is -- an issue that's not been raised yet. i know some of us on this side of the aisle have grave concerns. around student debt. $1.1 trillion now, greater than credit card debt. i personally believe it is retarding recovery in the housing industry. clearly retarding the growth of in a number of aunt tra the pra nuers. some of us proposed refinancing proposals. we've looked at income based repayment plans. there's a bipartisan opportunity out there that would allow an employer to take a portion of an employee's salary and apply it directly to the student debt and pre-tax, the same way we allow for tuition. but is this a subject that at the fed you've looked at and

coming up the fourth anniversary of dodd frank. ofwill take a look at some the unintended consequences of the law and if any new regulations might be needed. >> what happened to the housing recovery we were expecting? the job market is booming and yet housing starts plunged last month. michael mckee has the real deal on the construction conundrum. the report we got from the national association of homebuilders on wednesday, it took homebuilder confidence way up. on thursday we got this. not only were new home sales down -- housing starts, rather, but may housing starts were also revised lower. 2%.r shares are only up it is bad for the economy. contracted and we are still short one million jobs in construction. this was, as you say, the year that housing was supposed to come back strong. the best guest of analysts and economists is we don't really know why. that is not completely true. there is a group that might have a clue. a lot of homebuilders are reporting today and a couple more later to -- later this week. there calls should

. >> yesterday was the signing of the dodd frank protection act.nd instead of being the grand fix for a broken financial system, many critics say that dodd frank let left us more vulnerable for another meltdown. not the law itself, but ut enforcement of the law. whether the system is still broken four years later, sharron, a professor of political economy at columbia university. and what's your sense of it when you look at dodd frank? are we better off or worse off? i find it hard to believe. >> there were some things that it did that were very g first of all, it increased the capital buffer, that allowed banks to be more. >> i would say that's a particularly good one. >> that's a positive one, and it also provided for a means of resolution outside of bankruptcy, and it gave you a plan to do that. if we look at lehman, what happened, it was in bankruptcy and a free-for-all. >> left to the regulators to figure it out. and let's be more organized and what would happen if your institution got in trouble. >> careful unwinding, it keeps the value of the

pushing back on the regulatory overload such as repealing obamacare, dodd frank, and some of the epa mandates. about energy independence, building the keystone byline -- keystone pipeline. i am very proud of the fair tax author jon lender has endorsed my candidacy, along with rob woodall. we are fighting to get tax simplification done because we know it will stimulate the economy and be good for georgia jobs. i have also been a great champion of the military in the state of georgia. ira present to of our eight military installations. the economic impact is $20 million. thehe point is to create -- point is to fight and win wars and i have been a solid advocate for georgia's military. >> you also have 60 seconds. >> first of all the six-point plan in 2014, every tenant in that plan is the same as it was in 2000 six. not one of those tenants got accomplished. tummy tuck t about economic growth. it requires several things. you have to have an educated workforce. we have colleges underutilized. we have to get them going. we have to get an energy policy. anwaited for years to get all-inclu

because four years after financial crackdown and dodd-frank isn't all it is cracked up to be.if these guys, if the extra regulations did work, why are we reading about the london whale fiasco at jpmorgan, a 5 or 8 billion loss. >> that's out of london. >> not really, the balance sheet is here in the u.s., it was a trading mishap, and the reason why is because for all of the regulations, these guys can't stop the bottom line stuff, which is excessive risk taking occurs on wall street. firms will go out of business. the question is when they go out of business, how do you prevent them being so big and catastrophic that it destroys the financial system and dodd-frank doesn't do that. >> when you say dodd-frank doesn't do that, too big to sell still exists. >> the banks are less concentrated, they took over bear stearns, merrill lynch was taken by bank of america, on and on. these banks are more systemic, bigger, and you know, i hate to say this, i am sure there's some smart regulators, most aren't smart enough to catch the -- >> smart enough to leave out political -- fannie mae a

this is the four-year anniversary of dodd frank. not have an annual review process -- >> we are taking a quick break from janet yellen's testimony before the house financial services committee. it is a short one. stick around. ♪ >> welcome back to "market makers." of janetng you day two yellen's testimony. let's take you back. we will work with the fdic to give these firms feedback on what we want to see them do to facilitate resolution. of course, that is the objective. we are close, we have not even finalized feedback to the firms on their second round submissions. the chair recognizes the gentleman from texas. ranking member of our investigation subcommittee. >> good morning. welcome again to the committee. i have three questions. each of which could easily consume five minutes of your time. i do not believe that i will get through all three. i will ask, if possible, that you give an answer to each. you have used the term unusual headwinds. i have noted that the term fiscal policies of been associated with this. would you explain

so, first and foremost, the entire agenda from dodd frank and more broadly coming out of the financial see a more recently and better capitalized system i would say is the core of that effort so if there were an asset price bubble and we didn't intervene effectively to deal with that and the bubble burst, we want to make sure the financial system can withstand such a shock that is an objective of our efforts. we can also use more targeted tools that try to make sure that as the business cycle conditions improve as we go into more robust boom times for example of the stress tests we've automatically designed the scenario two in in prose that firms need to be able to survive as asset prices increase and the economy goes more robust so those are the kind of tools i largely have in mind. >> senator crapo. >> thank you mr. chairman. in your testimony you mentioned you anticipate the federal funds rate will continue below the levels the committee views as normal for an extended period of time and you also added depending on economic outlook it could occur sooner or later as we get a better f

as someone who advocated very strongly during dodd-frank that nonbanks could be sifis. i share senator tester's concerns about the transparencies. we've got to get it right. my concern for the nonbank sifi designation there is still a great question on transparency whether it is size or product component, and the more clarity we can get on this, the better. the two questions i want to get at, one is an issue that's not been raised yet. some of us on this side of the aisle have grave concerns around student debt. $1.1 trillion, greater than credit card debt. i personally believe it is retarding recovery in the housing industry, retarding the growth of entrepreneurs, some of us proposed refinancing proposals. we looked at income-based repayment plans. there is a bipartisan opportunity out there that would allow an employer to take a portion of an employee's salary and apply it directly to the student debt, pretax, the same way we allow for tuition. but is this a subject that at the fed you've looked at and want to make a comment on in terms of this rising potential bubble

we are at a new book is a dodd-frank and we were able to have a lot of discussions with gary gensler and so a lot of what we then got into our first round was incorporating some of the rules he was going to make engaged. so it's kind of a bit of a nudge nudge process. so that worked well. a few places it didn't work, but basically it did work usually for deliberate reason. in our case there are quite a few things that i wanted and the parliament wanted and the commission had a different view. i think they now realize we were right. so i do wish that our tri-logs, as they call them in the two-part, the house and the senate were televised and hopefully one way or another we will get there again. the biggest frustration i find if i need for things to work with getting the e.u. and the u.s. together, we need to get intervention even at the pre-basel stage in our markets are different. a lot of where we have made changes and yet i've been guilty. i deliberately made that because it didn't work. now i don't know quite what the european regulators that basel were doing other than sleeping o

there are provisions included in the bill that would require new reporting requirements for dodd frank and derivatives provision. and anything to do with fcc is always a flashpoint. abortions, a lot on the floor i am sure. theyhe irs, it is not like are processing on the irs but they may offer amendments to try and increase the funding. >> you can read katie o'donnell's stories at roll cal l. an interview with former vice president dick cheney and his wife and daughter. and then the house committee. >> former vice president dick cheney and his wife, lynne and daughter, liz system down with mike allen. topics include the war on iraq and the midterm elections. the hour-long interview is interrupted by protesters. [applause] >> thank you so much for doing this. thank you for doing this. toolbar for being here. i appreciate it. -- thank you for being here. thank you for joining us. mr. vice president, you draw quite a crowd. >> a what makes you think it is him? , the are a month ahead chinese will be celebrating 50 years of marriage. will be celebrating 50 years of marriage. mrs. cheney sa

. >> it is tough, in and wake of dodd-frank they have much streufbger lendinerstricter lent record ofstubs. neil: is that much different from pro meltdown? >> -- premeltdown, you know like in my day? >> we're just returning to old stonards? >> it was there was no-money down loans they were common. neil: before then. >> neil, returning to higher standards with federal accounting security board. the market is more regulateed now, and since 2000 we have sarbanes-oxley, dodd-frank, and hundreds of thousands in regulations and restricts on mortgage finance specifically. >> are still looking? >> very much. neil: i want to help you out, but you resist. i am kidding. she said, i am never coming back to the show. >> here is how cheap has become, family dollar, dollar tree, billions to hook up. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp support

as someone who advocated very strongly during dodd-frank that nonbanks could be sifis. i share senator tester's concerns about the transparencies. we've got to get it right. my concern for the nonbank sifi designation there is still a great question on transparency whether it is size or product component, and the more clarity we can get on this, the better. the two questions i want to get at, one is an issue that's not been raised yet. some of us on this side of the aisle have grave concerns around student debt. $1.1 trillion, greater than credit card debt. i personally believe it is retarding recovery in the housing industry, retarding the growth of entrepreneurs, some of us proposed refinancing proposals. we looked at income-based repayment plans. there is a bipartisan opportunity out there that would allow an employer to take a portion of an employee's salary and apply it directly to the student debt, pretax, the same way we allow for tuition. but is this a subject that at the fed you've looked at and want to make a comment on in terms of this rising potential bubble

thell skip over some of armor protection issues and dodd frank. let's talk about this at some point. is borrower versus loan to value. it is the best, safest mortgages there are. we're not talking any crazy features. the far right corner at the top word says 1.0, that is the prime borrower who puts down a sizable down payment and everything else is normalized. borrowers who have lcds over 95% who have ficus under 580, are eight times more likely to default than borrowers who are prime borrowers who but a sufficient amount of equity down. the point here is, despite all , almost all of the intention and dodd frank to mortgage finance reform over product features like down payment and documentation. let me be very clear, a tremendous amount of data and evidence, those things are rounding errors when it comes to credit score of the borrower and the down payment. we have learned you can make borrowers.or credit you can make loans at no down payment if it is a prime borrower. low prime loan to a subprime borrower, you will not get your money back. we ne

studies conclude there is not the funding advantage and the administration is making the case that dodd-frank has dealt with a lot of these issues. conclude more needs to be done, they are prepared to do that but at this point, they are satisfied dodd-frank for the moment has addressed this issue satisfactorily. this debate is unlikely to end anytime soon. but that is unlikely to end, certainly with this report. interest on the part of wall street and members of congress. it's an unlikely bipartisan duo -- david bitter and sherrod brown will stop it suggest this is a different kind of issue. but thank you so much. coming up, ingres said for recess and we will look at what's likely to be on the agenda when lawmakers return from a five-week summer break. stay with us. "bottom line" on this last day of july continues in a moment. ♪ >> congress wraps up legislation today before embarking on its five week summer break. kim wallace is an executive managing director nominated by president obama in 2009 and served as treasury assistant secretary for legislative affairs until october of 2011. >> happy

as someone who advocated very strongly during dodd-frank that nonbanks could be sifis. i share senator tester's concerns about the transparencies. we've got to get it right. my concern for the nonbank sifi designation there is still a great question on transparency whether it is size or product component, and the more clarity we can get on this, the better. the two questions i want to get at, one is an issue that's not been raised yet. some of us on this side of the aisle have grave concerns around student debt. $1.1 trillion, greater than credit card debt. i personally believe it is retarding recovery in the housing industry, retarding the growth of entrepreneurs, some of us proposed refinancing proposals. we looked at income-based repayment plans. there is a bipartisan opportunity out there that would allow an employer to take a portion of an employee's salary and apply it directly to the student debt, pretax, the same way we allow for tuition. but is this a subject that at the fed you've looked at and want to make a comment on in terms of this rising potential bubble

david: jim, very quickly. >> strongly agreed on dodd-frank.ity of capital to small and large business and regulatory environment is getting worse, not better. david: okay. >> 1.8 trillion of expenditures a year that is just getting flushed, trying to keep up with it. david: guys, we've got to leave it at that. sorry to leave on a pessimistic note, mike levin, jim anthony, good to see you both. have a great independence day weekend. >> thank you. liz: he makes such a good point. can you imagine the economy would look like if we get some of that excessive regulation? david: yeah. liz: appropriate regulation, okay. david: lower tax rates. liz: how could the summer blockbuster "transformers" transform the future of the movie-making business? booming ticket sales in china might very well change the way hollywood makes and markets all movies forever. >>> speaking of blockbusters, the wheeling and dealing on wall street is red hot this summer. we have details on the deal mania that has mergers and acquisitions market on track for a record year. how m

frank -- the dodd frank given the margins. you and former chairman bernanke and the governor all indicated comfort with exempting and users from the costly margin requirements. true today?l do you still feel this way? >> yes. >> good. you indicated the rule would be out by the end of the year, the end-user role. i just wonder if you are still on schedule? >> i think it is correct that we are. >> ok. that is very good, thank you for that. i want to talk a little bit about the assessment just to give me an idea. atn you are looking about the assessment of incoming information when it comes to the economy and hedge funds, the labor market is one of them, gdp is one of them. i would assume housing is one of them. what are other indicators you are looking at? >> we are really trying to of thethe likely path labor market in employment and inflation, which are the two on.s congress focuses in trying to make those assessments, we have to look at a huge range of data. housing, consumer spending, the strength of investment spending, wha

neil: washington secures make the illness worse. >> you saw the same thing with dodds frank, think what a decade with sarbanes/oxley, the last big financial crisis. enron and adelphia caused a lot of small companies not to go opinion. so every time we get a crisis caused by government. you get more controls. that's why despite all the regulation put to fix the financial crisis to monica's point, we haven't seen the lending pick up and the job creation and employment pick up due to the controls in the financial sector. neil: bottom line, we're all human beings and make our own bed and all are realistic enough when we sign a loan. i have yet to run into a mcdonald's and the manager force feed me a quarter pounder. i did it myself! a federal judge looking for answers on the irs and all the conservatives. did we just find the one smoking gun? via an e-mail we thought was missing? . neil: we warned you about this judge looking into the whole e-mail mess and the targeted conservatives at the irs, but he find a smoking gun. former irs director admitting in e-mail mess she warned employees what

>> did those dodd-frank regulations make it easier for banks to make loans to people? >> no!st everything he did hurt the economy! >> now, is mitt romney telling the truth to the american people when he talks like that? i mean, mitt, do you have numbers that other people don't have? do you have something to report to america? is there something out there that we don't know? because what we've done here on "the ed show" tonight are all facts. mitt romney is dead silent this day and he should be. all republicans are going to lose their favorite line of criticism across the board. from here on -- from here on out, they have no right to slam the obama economy. john boehner should keep his mouth shut and quit asking where are the jobs. that's old. it's tired and doesn't play anymore and if boehner and the republicans don't feel like fools today they never will. they have been wrong. republicans have absolutely nothing to do with this recovery. they have done nothing but lie to the american people about this president for six years all of the way from his birth certificate to the e

so think about the repeal of dodd-frank.t matter, the efforts, i think you said 50 vets earlier in the vote to repeal the affordable care act. we need financial oversight if we don't want a speculative market to go off the rails in such a way it brings economy to its knees the way we saw in the late 2000s. we also know that recovery act -- excuse me, the affordable care act is now leading to a considerable coverage among people who previously couldn't afford it. so it's interesting. you listen to the president. and i thought he gave a great speech. he really nailed this bit about the lack of cooperation from congress. even be a isn't their cooperation, he's made real progress and they seem to just want it claw it back. >> you know, recently president obama has been taking aim at a new target and namely big corporations, not paying their fair share of taxes here in the united states. here's what he said today. >> there's a loophole in the tax code that lets a small but growing group of corporation leave the country -- they de

and i think quite frankly dodd frank i don't think anybody would let it happen today. >> not just in the economy but in the banks themselves, are people cynical at this point? >> i think people are cynical, and i think mark is completely right. in a lot of ways you can point to specific ways in which this situation is worse. and and a big huge problem and remains so, and it makes these banks particularly reckless. i think there were practices that were often not appropriate, their lending decisions are all distorted. >> how so? >> well, they behavior, they're lending too much and too little at the same time. they were part of different kinds of lendings. they responded to their own indebtedness a behaving in ways that shows significant overhang of debt, and the fact that they can benefit from the upside and leaving the down side to others and pass their costs to others. the nor they grow, the more that's the case. i think people are not trusting the banks, and i think they're right not to trust the banks. >> as they talk about the justice department's settlement, and they hope that t

do you read that as more rules coming, even though 50% of dodd frank has not been implemented yet?well, it makes me very nervous. i cringed when it heard the president talk about, you know, more oversight over the banks because there is a dysfunction in the banking system right now, mar marie. you know what it is. banks aren't lending money. that's one of the reasons the economy just hasn't been growing nearly as fast as we would like. and if the president -- he was vague about what exactly he was talking about. but if he's talking about more regulations on the banks, i think it will process further contraction of the credit market and that will cause more of a restreet in the economy. >> if you have to hold more and more money in reserve, then of course you're not going to use that money to lend it. >> correct. also the irony is the president said profit was motivating these banks too much. i had never known that there was another motivation to capitalism and banks. look, the pivot is classic. this is what we've seen from this president. his numbers are as low as they've been, hov

as part of the dodd-frank bill, the s.e.c.modities futures trading commission imposed new regulations on companies that deal extensively in derivative products. as a result of that action, credit default swaps now clear through exchanges or clearing houses, but they're still exempt from insurance regulatory oversight. [ticking] coming up, the harsh reality of state finances. the state's a deadbeat. >> yeah, i mean, the state of illinois is known as a deadbeat state. you know, this is a reputation that has taken us years to earn, and we've reached, you know, the heights of, i think, becoming the worst in the country. >> it's the day of reckoning when 60 minutes on cnbc returns. when you're awake and can't sleep an ounce, unwind with tide, downy, and bounce. the sweet dreams collection is so relaxing, so you can tuck in and turn off after a day oh so taxing. tide, downy, and bounce. official products of the national sleep foundation. if yand you're talking toevere rheuyour rheumatologistike me, about a biologic... this is humira