so dodd-frank, in part, they're doing their job. hey'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 sifi is an appropriate way to address that industry? >> no, absolutely not. i agree with them that that would be a mistake and i reiterate, there's been an

before dodd frank, u.s.ompanies operated with cash on their balance sheets equal to about 9% of u.s. gross domestic product. that's an example of efficiency. the european number by the way is 21%. now that we're beginning to see the beginning impacts emerge that 9% has grown to 12%. we're clearly moving in the wrong direction hundreds of billions of dollars have been simply sidelined on u.s. balance sheets as a precaution against the uncertainty of the regulation. if we were to reach the level of the european markets that would sideline an extra $1 trillion. on that object oppenheim dodd frank we miss. transparency. yes there are certain banking activities that are not more transparent and they come under the microscope but the important thing and real issue is risk. it's the risks of the banks that's key. risk can neither be created nor destroyed. it can only be transformed and shifted. so by taking them off of and away from the visibility of a bank's balance sheet we are, in fact, making the risk less tran

barr. >> i reviewed the dodd frank law on its fourth anniversary. chairman frank i -- the reform provisions of the law were directed to encourage more risk retention. i have a bill, hr-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 not only was the bill marked up on his committee including mr. pearl letter voted in favor of that, and my question to you is would you support such a proposal to give a harbor status to portfolio loans in which the mortgage originator retains the risk. >> i would have to look at the specifics and i'm in favor of that although you said you would encourage this. >> we ought to give into the senate and loosen the risk retention and i would like to have the portfolio allowed to be whatever and objectionable. and the risk retention. i appreciate the retention and the favorability toward that. i want to have your retention as the small community banker, and it alluded to the fact that you should have no problem orig

frank and mr. dodd. >> well, he was -- >> well, i know both of them, and they are very nice, but. >> and you know, people are looking at this, charles, and saying, you know, i don't believe that -- we hear it a lot, but i don't believe that we are are of how close this was close to nuclear. >> and adam, the idea that the banks have you covered, and wasn't that the -- the fdic, and that is by the way,our account that we showed at the beginnings. and also, these are dry runs. dry runs for something bigger. >> ultimately. >> and i know that. i believe that. >> amend it is reconnaissance if you will, and go and see what you can get. >> oh, no, i believe they are direct. >> and one thing is, and i have looked into this dodd frank, young man and i looked into the details and in one case, what they did is to get into the experiment of how you could make an account disappear and pull it back, and experiment again and pull it back. and experiment and pull it back again. >> that is the experience of hacking. beca

we had dodd-frank pass. one of the questions about dodd-frank, does it take to big to fail off the table? does it provide a way to wind down the feeling institution without having to do a lot of unnatural acts? is there an orderly way to deal with an institution that is insolvent? >> just to broaden it a little bit, i think of it as three pieces. up front, banks will raise liquidity and capital and cut their leverage. if you will see your doctor, diet and exercise. put the preventative measures up front. on the backend, there is an orderly resolution authority so we do not have this lehman brothers type failure where nobody knows who owns what. thousands of pages long, but the barriers are up front. along the way, we get an annual health check up. we see our doctor the federal reserve. you pass or you don't pass. >> that is been happening with banks since the federal reserve was created. >> i do not think they were testing bank's viability in a severely adverse scenario. the parameters were much worse in 200

both men expressed frustration frank wouldw dodd ultimately be incremented. is now the head of the hollywood industry. frank is also retired. he blames it on the fact that republicans have held up funding for the fcc. that means they have to implement tons of new rules but have very limited resources to do so. that is why barney frank says it is going slowly. zachary, the white house and economic correspondent for the washington post. thank you so much for joining us this morning. we want to hear from you. do you trust wall street? has the increase in the stock market and these changes restored your confidence in the markets? you can call us on the republican line at (202) at-3881, the democratic line (202) 585-3880 or the independent line at (202) 585-3882. you can join us on social media. or send us an e-mail. we are going to turn to your calls now. our first one is from john in florida on a republican line. good morning to you. good morning to you. i've been a broker for 35 years. --caller: good morning to you. the people in this field today are some of the

there's so much compliance stuff in terms of dodd-frank, the volcker rule, that they are obsessed.at this all day. i just wonder how much other business gets cone when you're spend -- gets done when you're worrying about whether your firm complies, are you paying enough attention at a senior management level -- adam: so when you say volcker, you're talking dodd-frank. >> yeah. adam: russian mob, italian mob, i'm going to quote my favorite movie, let's talk italian here. i'm going to use jpmorgan chase. they made $10 billion in net income, $16 billion the year after that, $18 billion the year after that, and $20 billion -- >> after they paid all those fines. adam: right. jay my dimon's told us he's spending 250 million. sounds to me although they've got to comply with dodd-frank, they could spend a little more money to up their security, couldn't they? >> i don't know. i'm a reporter, i'm not inside these banks. when you're spending from a management perspective that much time on, like, minutiae, on, you know, are we dotting the is and crossing the ts of dodd-frank and the 4,000 reg

many have said that dodd frank andrelief, epa, maybe not totally d dismanltalling that program.ight now that confidence does no not exist, when i talk to our bankers about the commercial pipeline, it's wide but not deep, many small businesses are not borrowing, they're holding back, and we're technically out of this recession, i expected this in '09 and '10, '11. >> alex, it's good to have you on the program. alex sanchez, joining us, ceo american florida bankers association. >>> a court ruling about lois learner's missing e-mails a set back but not a defeat. (trader vo) i search. i research. i dig. and dig some more. because, for me, the challenge of the search... is almost as exciting as the thrill of the find. (announcer) at scottrade, we share your passion for trading. that's why we rebuilt scottrade elite from the ground up - including a proprietary momentum indicator that makes researching sectors and industries even easier. because at scottrade, our passion is to power yours. you knso i get invitedpeople have saved with progressive, to quite a fewfamily g. heck, i saved d

many have said that dodd frank andrelief, epa, maybe not totally d dismanltalling that program. right now that confidence does no not exist, when i talk to our bankers about the commercial pipeline, it's wide but not deep, many small businesses are not borrowing, they're holding back, and we're technically out of this recession, i expected this in '09 and '10, '11. >> alex, it's good to have you on the program. alex sanchez, joining us, ceo american florida bankers association. >>> a court ruling about lois learner's missing e-mails a set back but not a defeat. hello! three grams daily of beta-glucan... a soluable fiber from whole grain oat foods like cheerios can help lower cholesterol. thank you! just you...with the when gray creeps in do you lose it all? not you. new touch of gray mustache and beard reduces gray without getting rid of it all in just 5 minutes. for the perfect gray look you want. new touch of gray mustache and beard. ♪ ♪ great rates for great rides. geico motorcycle, see how much you could save. >>> from america's news headquarters, i'm eric shaun. here are so

. >> reporter: it's been six years since the financial crisis and four years sits the dodd frank reformaw passed. they focus on two areas key to the financial crisis. asset-backed securities and financial ratings agencies. the rules would force credit rating agencies to strengthen their internal controls, beef up conflict of interest requirements, and establish policies to spot analyst reports biased by the prospect of future employment at a financial firm. credit ratings agencies came under fire during the crisis for issuing unrealistically high ratings, a particular problem in the housing market where bad loans were given top and a half ratings. the new rules would also require specific loan level disclosure for certain asset-backed securities. so investors can see exactly what they're buying. some s.e.c. commissioners said the ratings took a moderate approach. >> today's rule makings directly address two major components of the financial crisis. a failure of confidence in the securitization markets and a failure of competence by credit rating agencies in producing structured finance

health care reform, dodd/frank, education funding. and yet, they haven't worked for the people he's trying to help. yet, he doesn't acknowledge that his policies haven't worked! >> hold on, because i've got numbers. >> okay. >> i have numbers to make you go hmm. and this is not about president obama. this is all presidents. because this has been growing forever in the united states. here we go. 175,000 pages in the code of federal regulation. 180,000 new federal regulations since 1976. 4 million, the approximate number of words in the u.s. tax code. by the way, the hong kong tax code is 400 pages, not 4 million words -- >> i think we can all agree that the tax code and dodd/frank are labyrinth. eve he says some of the legislation was oversupplicate kplikted. he's also faced more dysfunction on the hill than perhaps in u.s. history. >> i disagree. >> are you kidding? >> three major pieces of legislation -- health care reform, dodd/frank, education. these are major -- those are transformative pieces of legislation! >> he's had to govern

as you mentions tom hoenig is vice chairman of the fdic which is very busy on dodd-frank implementationfinancial crisis work. and it has been busy today. it was part of this $17 billion settlement with bank of america over flawed mortgage-backed securities, about a billion dollars of that money will go to the fdic and so, tom, i wanted to ask you, get your comment on this. is it a fair settlement? is there more work to do? what is your take on it? >> i'm not at liberty to talk about individual institutions and so i won't but, issue is more broad than that because there have been several penalties been assessed and forth. i guess i would make three points. number one is, in the institutions that were acquired, those institutions did cause harm. there was damage done and therefore there is a certain degree of accountability that is become looked for. the second thing is, that when these institutions, larger institutions acquired them, i won't, i have no idea pressure what was around it, but they did make a business decision, given the risk return on those, and they did purchase them. and

dodd/frank, just sort of a classic for example, whatever you think of it, i happen to think it didn'tblem. but basically what that very complex regulatory structure did is make ten banks too big to fail, five banks too big to fail, record bonuses being paid all around, and meanwhile the community banking system is struggling consolidating, moving out of communities. that's important because the community banking system supports main street entrepreneurs, sole propry toreships and small businesses. >> and the president, carly, to "the economist" saying that the affordable care act, dodd/frank, these are regulations that many businesses are citing for red tape and greater expenses. so it's certainly something that on both sides of the aisle, there are a lot of thoughts. we could debate this all morning, but unfortunately we have to leave it there for now. but we appreciate you coming to the phone this morning. >> hey, thanks for having me. have a great day. >> you, too. carly fiorina who is leading some outreach for the gop, we should add, former chairman and ceo of hp. >>> we also want

dodd-frank was past four years ago. 398 rules have to be written to comply.een completed. to the extent to which, as we keep making progress on dog flying, banks will feel somewhat more confident. on dodd-frank, banks will feel somewhat more confident. >> totally focused on jpmorgan, bank of america, wells fargo. there are many other banks out there. which banks attract strategists most? uglies,e the big jpmorgan, bank of america. at this point, mainly because they has done a very good job of reforming themselves, i think they're poised to do well as the economy starts to broaden. the economymportant itself is less focused on finance engineering and long-term growth. the simple answer is probably not. they have to have that. that is part of the risk of that shareholders, that is -- they have to be compensated for the risks they are taking. they do not want to own tech companies or a company that is going to be focused on capital appreciation. they want the income. that is an important part of the process. >> is citigroup right to look international? >> they h

but there is this thing called dodd-frank.onsequently homeownership right now is that a 19 year low and i wanted to take a look at this. moderate to substantially higher, over 50% and people want the american dream and i wanted to take a look at this. banks are being responsive and mortar banks doing? almost 24% say they are making it easier to get along. if demand is going through the roof and banks are making it easier, what is the problem? the new rules make it too hard. the same banks asked about the new rules and how they are impacting the ability for people to get loans. if you have a score of 680 or less, you have a large percentage, 19% of large banks, 14% of smaller banks thing that's hard give you a loan. 50% say it's much harder and even if you had great credit, even with really good credit, large banks still say 19% in and 44% say smaller banks. so it's about housing in the mix getting back to equilibrium. we have to talk about this. i have to tell you another major amazing thing that i saw in "the new york times."

they have to figure out ways to grow a stable business, a business that is not affected by dodd-frankis wealth management. what we to know is that the wealth management part is something that goldman sachs' management right now -- that's brokerage -- they are stepping up their efforts to figure out how to deal with that and how they're going to expand that. we should point out that there's plenty of names in the news that goldman sachs may look at in terms of buying. e-trade is one, schwab is one. another name that pops up still is payne weber which is the old brokage firm which is essentially owned by ubs right now. ubs has said they don't want to sell it, but clearly, these are the names that bankers are talking about that goldman might be interested if they want to expand in this space. then there's also the action management part. if they go that route, we talked about in the other day -- liz: raymond james. >> that's wealth management. liz: but you said that's what they're looking into. >> yes, but if they go the asset management, they're looking at a franklin templeton. but we d

. >> there was interesting discussion about obamacare, about dodd-frank.hey kind of disagreed on that. melissa: yep. >> here is where they agreed on. summers likes obamacare. summers likes dodd-frank. here is where they agreed. janet yellen's comments about social media. from what we understand larry summers criticized fed chair, remember he was almost fed chair. melissa: right. >> for going out there attack valuations of social media stocks, somewhat unbecoming of a fed chair to go after those stocks, to make a market prognostication. we should point out hub ard agreed with him. that was the one of the takes. melissa: 100 people there. super loaded folks from greenwich sponsored -- >> sponsored by greenwich chamber of commerce. good friend, larry kudlow was moderating. former colleague at brand x. we don't say that name anymore. comments were really interesting. he went after janet yellen. remember he got turned down the job because he couldn't get senate approval in order for janet yellen to get in there. criticized yellen about social media stocks and d

the problem this was not dealt with back in dodd-frank much.dealt with a lot of other things that maybe shouldn't have dealt with but it didn't deal with this. it was left to just linger. congress basically passed the buck by basically putting fannie, freddie on autopilot. so there is no decision congress has to make to say, oh, we want to change it. if they want to change it, they have to make affirmative decision. there is no requirement, even in consearch toreship. they could be in there for five more years. gotcha. crazy to be in conservatorship. already been in 60. david: they won't change it until the next crisis. ed pinto. good to see you. >> thank you. always a pleasure. >> gopro's slogan is be a hero but the real hero in the highly competitive camera market could be maybe a blast from the past. we talk to ceo of a company once a symbol of american innovation and wants to get back in that game. david: also could be a game-changer in football. new wearable technology could transform football forever. we go live to the miami dolphins trai

so -- so you know you're not going to have dodd/frank, obamacare, and any host of other poor legislation. >> it's an odd way of looking at it, but there are so many regulations and so many things in the way of businesses hiring, whether it be epa, dodd/frank, aca, that maybe the gridlock is better. >> and yet in terms of regulatory environment, we are wonderful compared to europe. >> true. all right. let's take a short break. reports this morning that the earthquake in california could have done hundreds of millions of dollars in damage. the economic impact across the united states as we look ahead on "sunday morning futures." latest on the earthquake, next. . his doubleheader day at the park starts with back pain... and a choice. take 4 advil in a day or just 2 aleve for all day relief. peanuts! peanuts! crowd cheers! so ally bank really has no hidden fethat's right. accounts? it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees, from the bank where no branches equals great rates. with the top speedou compare of comcast the top speed of business ds

they and credits and dodd/frank makes big things bigger and obamacare that is credibly and insurgents so people learn that getting hired even though the cbo will not work because of the disincentives of obamacare. taxes cover regulations the debt is $17 trillion and growing with no reduction in sight and you have a political modus operon day that does not seek to polarizing and intimidate to divide people based on what divides them and pray on the emotions of the year and anxiety the political system this speaks to people with ideas that unifies people based on aspirations and hope and opportunity in ronald reagan did this very well and it can be done again but i do believe the philosophy is employed in a third obama term whoever will see things going and it is this loss of the on the policies that flow from it that we need to move our decisionmaking to unelected bureaucracy is to run our lives effectively to micromanage society in the economy. it does not work the whole idea is the rule of law and to the private sector shrink says a result. [applause] >> q and i have had a fantastic

are the banks so worried and under pressure to comply with some dopey rules from dodd-frank that theyre not spending enough time with this? i spoke with the bank ceo the other day to spends 90, 90% of their time talking about how to comply with dodd-frank regulations, how much capital, we complying with the volcker rule, much of this meeting was -- we need some regulation. stuart: are they spelling it out and saying quite clearly that dodd-frank distracts them because of all the regulations they have to comply with, is a distraction from this huge threat of packing? >> they are saying when i had this conversation before the latest attack isn't in the context of the hack attack but what the gentleman was saying to me and and won't say his name, they are distracted from business, being with this, this is a cute story. jpmorgan, it is ironic a couple months ago i was speaking with someone at jpmorgan, they are like prime suspect number one for the hackers because of the biggest banks of their attacked every day, they're working with the state department on this. i am not saying they don'

>> i think dodd-frank has been more effective than people realize.an excellent column, just this week, actually. my colleague has been pounding the same drum. i think there is a lot of reason to believe there have been big strides in our ability to see inside of them on to exchanges. i think dodd frank is in many ways underrated, but i do not believe we're at a place where we can say this will not happen again. >> editor in chief of vox.com ezra klein, thank you as always for your time, my friend. >> thank you. >> coming up the mcdonnell courtroom drama is not stopping any time soon. the former chief of staff describes her as a nut bag. that a had head. and a choice. take 4 advil in a day or just 2 aleve for all day relief. peanuts! peanuts! crowd cheers! dovisit tripadvisor new york. with millions of reviews, tripadvisor makes any destination better. where the reward was that what if tnew car smelledit card and the freedom of the open road? a card that gave you that "i'm 16 and just got my first car" feeling. presenting the buypower card from capita

dodd-frank sure isn't beloved by banks, but it could have gone a lot further.bama administration hasn't really tried to push major campaign finance reform or other ideas that would fundamentally change how washington works. this ultimately speaks to one of the most important choices the obama administration made. they decided it was more important to change the laws in people's lives than to change the process that made the laws in washington. obama has brought a lot of change to america, but he's done it by accepting and in some cases, accelerating the breakdown, the partisan breakdown of american politics. judged against the high rhetoric of the campaign, his presidency has been both an absolutely extraordinary success and a huge disappointment. we're going to talk about what it means to straddle these two notions, next. people all over the world know us, but they don't yet know we're a family. we're right where you need us. at the next job, next adventure or at the next exit, helping you explore super destinations. and do everything under the sun. twelve bra

two of the topics that come up is obamacare and dodd/frank. are those actually strangling business?uestion that dodd/frank is constraining the financial community but we needed to make a lot of changes in the financial community and some regulations are definitely necessary and we're still working through those. but we need great global financial corporations. as far as the obamacare, i think the jury is still out on that. we haven't faced the fiscal consequences of it. i think we're coping pretty well and exchanges are working better than everyone had feared. i among them. and i think that's a wait and see. whoever thinks they are booming, we need to take the lid off. look at the i.t. industry. we won't let people higher master and ph.d. candidates and who educated in the united states and are getting sent home. if we can't resolve immigration at the border with the illegal immigrants, let's solve the legal immigration so we can continue -- >> we don't have much time. i wanted to say, he did say that he thanks the corporate community for drawing interest in that issue in a positive

>> well, you know, the living wills are one of the biggest oddities of dodd-frank.nd a very clean way, low-impact way, dissolve the large financial institutions in the middle of a panic and chaos is questionable. second of all, the plan to create to do this are going to be based on the particulars of the last crisis. but the next crisis will not be the same as the next one. it will have its own anomalies and peculiarities. certainly, these management team strength around kool-aid for breakfast, lunch, and dinner. they've built these empires and now you are asking them, in the event that you fail as the leader and the empires you have built a crumbling around you, what is your plan for us to put you out of business? the whole idea is really ludicrous all around. that washington leans on to allow themselves to believe that too big to fail is tolerable because it is going to be ok next i'm. is anything but a quest to break up the big banks at the end of the day? wecertainly, that is what believe is inevitable. we don't see any other way around it. to the extent that th

so dodd-frank was a step in the right direction, but a lot of those problems still exist. the problem of banks that are too big to fail that we might still need to bail out, but there's still time to try to correct that. and i hope the federal reserve remains strong and pushes those banks more in the needed direction. >> host: harry holzer with georgetown university, always appreciate you coming by. >> guest: thank you. >> the pentagon has announced a briefing later today. we'll have that live for you starting at 2:30 p.m. eastern on our companion network, c-span. >> join us later today for more from the american institute of cert tied public accountants and and their conference on accounting and auditing practices. the two-day practice includes a discussion with officials from the office of management and budget expected to talk about key financial management issues and future challenges. that'll be live starting at 2:50 eastern on c-span. >> we'll continue to monitor congressional tweets, and we'll try to bring more to you throughout the day. >> all week watch booktv in

. >> is dodd-frank your enemy, your friend, your frenemy, your worst nightmare?question. i would say all of the above. where dodd-frank has gone too far is given the relative -- regulatory agencies the leeway to do whatever they want. >> if you had a cup of coffee with the treasury secretary jack lew, with your public service and your interesting mix of working on wall street as well, what is your number one to do list for the secretary to help the american people? itfor all people, i will say is global coordination in regulation, it is u.s. quarter nation on regulation, just making sure that all regulators, whether it is with the cftc, the sec, the fed, and their counterparts overseas are all approaching things -- macro -- veryf quickly, macro prudential, are we anywhere near that? >> i'm not sure what they mean by that. -- iey fischer, others mean, i think that is going to be how the fed will manage the economy going forward, and that is what it is currently debating. >> tim bitsberger with bnp paribas. overet, we need to wonder to you for a data check. >> befo

because the historic sources of the revenue for wall street have dried up and it has been cramped by dodd frank so part of it is response to the survival for the banks and the individuals in the ban banks. it's the same thing playing out in the stock market. and i think that is why it's happening. basically, technology has reduced the natural and the useful role played by wall street and eliminating it in some markets and you have to find other things to do. [applause] we are going to bring a table up your just get a couple of minutes to get organized. barnes and noble is out on the patio and they have some mouth on cloud well books available for sale to the because they'lln washington, d.c. in june. >> we are privileged to have with us a recognized figure in the business world eyehole end editor in chief of "forbes" magazine in he has headed a media company that includes not only asian and european editions but a number of properties focusing on politics and sports and financial markets. many of you will remember steve spirited campaigns for the republican presidential nomination to ritchie pr

we had dodd-frank pass. one of the questions about dodd-frank, does it take to big to fail off the table? does it provide a way to wind down the feeling institution without having to do a lot of unnatural acts? is there an orderly way to deal with an institution that is insolvent? >> just to broaden it a little bit, i think of it as three pieces. up front, banks will raise liquidity and capital and cut their leverage. if you will see your doctor, diet and exercise. put the preventative measures up front. on the backend, there is an orderly resolution authority so we do not have this lehman brothers type failure where nobody knows who owns what. thousands of pages long, but the barriers are up front. along the way, we get an annual health check up. we see our doctor the federal reserve. you pass or you don't pass. >> that is been happening with banks since the federal reserve was created. >> i do not think they were testing bank's viability in a severely adverse scenario. the parameters were much worse in 200

and we did dodd frank, which looked at wall street and what we could do to stop wall street from doing to us what they did to us before. we passed that. it was hard. if you want to get education on lobbyists, take a look at the financial world out there. they had limousines lined up for blocks making sure we would not change the law. did we change it enough? probably not. we now have the opportunity to ask, tell the financial institutions information. we made progress. more should be done. we can see that with the problems we have had here, especially with foreclosures. businesses have been treated so unfairly with the fdic. they take -- they aren't willing to save the person who took a chance on that land. we have more to do. >> if i could ask you a specific question, the three kids mind project. >> we have for done that for a long time. for you folks in boulder city who don't know about it, there is a great hole in the ground out here cents after the war -- since after the war. we tried to decided for many years what to do with it. we put junk and it, because it is a big call. we hav

obamacare, dodd-frank, higher taxes. when you combine the schizophrenic policies, you get what you have now. melissa: i would take a complaint from the federal authority with a grain of salt. they always complain, that's their job. >> they don't always complain. >> charlie, the stock market is up because of the experiment we've never had in history. when you say the circumstances -- >> what i'm saying is it's this time that it's different. >> okay, the gop doesn't say anything against what obama is saying. >> i want to point out michael kors falling out of fashion, taking a hit amid weak forecasts for the next quarter. they tried to move fall merchandise into the store in may, that didn't resonate with customers. do you buy a lot of fall jackets in may? >> yeah. i shop michael kors all the time. i'm a big fan. melissa: they tried to roll out the fall merchandise in may. it's very early. that was much earlier than usual, didn't resonate with customers. it was on comparison to last quarter and a lot of markdowns. >> the re

passed obamacare, dodd-frank, policies that are against correction. i want to address something to your other guest. >> zerlenna. >> you said there is low crime in missouri. >> i was specific there. >> ferguson, that is being disingenuous. according to the violence policy center, missouri in 2010 ranked as the number one state for black homicides, in 2011 it ranked number two. and for us -- let's paint a clear picture about what's going on in ferguson. of the 59 folks that were arrested in ferguson monday night. 41 were ferguson residents, they're not all coming from out of town. >> let's give her a chance to respond. i want to put it in slightly different context. my old buddy at the "wall street journal" jason reilly said the black crime rate in the 1960s was much lower than it is today. and yet in the 1960s, nobody would argue in the 1960s there was more opportunity for minorities than there is today. nobody would argue that there was less racism in the 1960s than there is today, and yet the crime rate was lower, why? >> the crime rate has increasi

slash the corporate tax rate, deregulate, dodd/frank, obama care, things like that are holding back all the ships. it's not zero-sum. >> hold on, jared, to your point, the psychological impact or the perception of income inequality which is in a lot of headlines these days, tends to slow things back? >> no, no, i don't agree. >> i want jared to speak. >> do not filibuster. >> i do in the believe the mainstream has impact on the economic data. >> i don't need to invoke the media here. i can in fact invoke a fact that larry kudlow makes every time i talk to him, and he happens to be right. he complains about the growth rate of gdp during this recovery. it's intimately connected to the point that i raise. we actually have a very brought middle class that isn't readily getting very much houst economy's growth thus far, and of course that damping consumption. over the longer term, of course we can all embrace -- but the thing this study points out is the proclivity, the abundance of cheap credit and debt accumulation among middle-income families whose income is stag innocent in order to keep

and specifically, there's a part of the dodd-frank act that requires mortgage lenders to approve your to repay, it's the ability to repay rule. and that went into effect january. and, you know, it sounds really obvious that lenders would want to know that you can repay the loan, but, you know, if you remember back to the days of the mortgage boom, people are always talking about you can get a mortgage if you can fog a mirror, well, this is like the mirror defogging. so the lenders have to do a lot of work to insure that you have the ability to repay that -- gerri: go right ahead, holden. >> well, that work is staff time, and staff time translates into higher fees. gerri: because we have to pay for that. they would never assume that cost themselves. let's talk about origination fees because they're up dramatically, up 9% to almost $1900. we've got third party fees up 1% to $662, and let me tell you as somebody who's bought a house, when you pay those closing costs, it's like the last thing you have to pay, or it feels like it is, and it's so much money out of your pocket, it's really d

management and management spend about 80 to 90% of their day dealing with regulatory stuff like dodd-frank and volcker rule and how to comply with this rule and that ruleof they just don't have time to do a lot of different things. does that mean jpmorgan jpmorgan is computer programmer, on part of cybersecurity? no. when you're management, top level management up there dealing with all this other stuff, maybe they're letting this stuff fall through the cracks. cheryl: government has to know what they were doing. i want to say, actually this kind of ties to the cyberattack story, this is coming out of russia. we think russian hackers coming in against the banks. ukraine's president, this is what started alarm, accusing them invading the country on eastern side. these are satellite images of nato, show build up of troops inside of ukraine. this is last couple month. 2000 troops fighting now. all according to u.s. officials. markets go up and up and record after record. yet you have russia invading ukraine. >> markets are on their own path. you have to separate what the market is doing with

policies, what you can't see is increasing regulation, whether it be the e.p.a., affordable care act, dodd frankamacare, all of these things have represented an enormous pressure for companies. it's no secret that companies are sitting on $2.5 trillion in cash because they want the wiggle room. they don't want to do anything with all these fees and regulation sts quickly, you guys talk to company ceos every day. are they optimistic? are they pessimistic? >> they feel reigned. in i think they have seen their stock price go up and certainly that's what we have seen with the policies from the federal reserve. it has fueled the stock market, that has made the wealthy even wealthier. and has left the middle class even further behind. i mean, it's ironic that the policies that have come out of washington have only made that gap even bigger and more pronounced. >> i could talk to you guys all day. i really could. >> unleashing of new money, bret, right after the mid terms because companies have been sitting on their fasting. they have not wanted to spend money on hiring. it's great to be here. thanks f

because the historic sources of the revenue for wall street have dried up and it has been cramped by dodd frank so part of it is response to the survival for the banks and the individuals in the ban banks. it's the same thing playing out in the stock market. and i think that is why it's happening. basically, technology has reduced the natural and the useful role played by wall street and eliminating it in some markets and you have to find other things to do. [applause] we are going to bring a table up your just get a couple of minutes to get organized. barnes and noble is out on the patio and they have some mouth on cloud well books available for sale to the because they'll blink bac >>> co-author steve forbes and evil is a talk about their books and how the destruction of the dollar threatens the global economy. this event was held at politics and prose bookstore in washington, d.c. in june. >> vr very privileged to have with us this evening a very recognizable figure in the media and business world. steve is of course editor in chief of forbes magazine, the nation's leading business magazine

today dodd-frank had the implicit purpose of driving small banks out of business. the reason they're doing it, you talk to a small blanket and a will to you it's not the economy that's killing them. it's regulation that's killing them. the reason they're trying to do that is it's easy for government to control that a lot of small entities out of the that's why they make it impossible by the way for single practitioners and health care. you spend 90% of time filling out forms instead of practicing medicine to they don't like you having so many doctors out there. they want you to be part of the collective in the hospital or big company. user to control the easier to regulate. that consolidation is as much artificial more than it is the nature of changing marketplace. the other danger of the feds grasping for power, they're now putting their in the insurance industry. after the elections they will go after mutual funds and money funds, equity funds, hedge funds, anything that moves they're going after to reduce risk. what it means is when you reduce risk the way they

there's a re-regulation process going on supposed to prevent things like this from happening and the dodd franksd down but objective and i hope they do it the right way. the second thing is, financial institutions will make a deal if they think it's in their economic self-interest. a lot of smoke and mirrors about some of the deals. i dealt with this in the jpmorgan case about bears stearns. jpmorgan thought it was the deal of the lifetime. promoted it heavily. bought it for the price, got the entire price for the cost of a building bear stearns owned. i don't buy it they were forced to do this. banks do what is in their self-interest at any point in time. countrywide that deal was started negotiating that deal long before the crisis hit. this is something they thought was a good deal. >> the opportunity to do these kind of deals may have been a good thing for these businesses, but the opportunity or lack thereof to do any sort of adequate due dill gents virtually over night or over a couple day period or a weekend in the midst of that crisis, you have to admit, it's a call -- >> no. a judgment