those people who were trying to regulate the banks were considering legislation to go back to glass steagall to break up the hard banks those people were not told those congressional leaders were not told of the incredibly bad condition that the wall street banks were in and of these secret loans. and so the banks you all say that the banks there or they were getting and bigger trouble than the public knew about what do you mean by that well without this seven point seven seven trillion dollars of money they would have been toast they would have been on the verge of bankruptcy or a bankrupt and the case for breaking them up and reorganizing our banking system would have been much greater instead the desire to create stability was first and foremost which meant financing we actually financed the large banks to grow even larger while we were complaining about too big to fail we made them bigger and it was done secretly that's the bad part because it means that our democratic process these are being subverted even from our congressional leaders so this is all happening with public taxpayer mone

morgan chase ok they are separate glass steagall came about after the depression and was repealed during the clinton administration now as for the volcker rule the framework came in october and several agencies have to vote on it and of course now we're seeing calls for delays now there are some exceptions to the rule too so it's pretty unclear how this would work out in implementation now on wall street. banks like goldman sachs j.p. morgan chase morgan stanley are against it because it eats into their profits and consequently it was one of the most intensely lobbied parts of dogs frank and now that it's going through this whole regulatory phase the trade industry's behind the banks have been lobbying regulators to extend the comment period along with some lawmakers like we see now now it's supposed to go into effect in july two thousand and twelve so we shall see but now you basically know what the volcker rule is and a little bit of trivia it's named after paul volcker who is behind it he's a former federal reserve chairman he has championed this and incidentally he does need for an i

it didn't restore glass-steagall.ean, we should have restored the glass-steagall bill, we should have put in place those protections that existed for 70 to 80 years after the great depression, saying you've got to separate banks from securities and the other risky enterprises. but, you know, the financial reform bill didn't do that. and as dylan just said, you've got trillions and trillions, hundreds of trillions of dollars of credit default swaps out there, and some of the same activity is still happening that causes risk to this country. >> all right. we just bailed out -- i mean, we just bailed out the entire european swaps market, using the western world's currency. it's crazy. senator, your existence, however, gives the rest of us who fight from a smaller perch with a different platform that much more hope to persevere, because if you've been hammering on these folks going back a few decades, surely the rest of us can hammer on these folks for a few decades to come. thank you, senator. >> thanks a lot, dylan. >>

why do you think glass-steagall put a wall between commercial banking and personal banking?ole framework fell apart, and here we are, right back where he was in the great depression. >> and the 1920s was an issue of leverage. people w

i think glass-steagall served a purpose and it was something that when it came apart, you saw the systemeeds to be brought back in some form. i don't think the volcker rule itself is sufficient. although it's -- will at least limit the ability of firms to just trade with taxpayer dollars. >> and even paul volcker, krystal, is saying the volcker rule is too complicated -- they turned a rule into 300 pages of incomprehensible regulations that will keep lawyers for the banks occupied for years. but krystal, ask your question. >> yeah. i want to thank you first, michael, for being out there and putting your voice out there, which i think is really powerful. and i wanted to ask you about something that is quite timely. congress established the consumer financial protection bureau and elizabeth warren spent a lot of time setting it up. and now republicans have blocked the president's nominee, richard cordray, to that agency, and there's some talk of potentially the president forcing a recess appointment in january. i just wanted to hear your perspective on how critical the work of that agency

went on and these banks were in serious trouble so the idea of breaking them up in reinstituting glass steagall separating commercial banking from investment banking was on the agenda was being discussed now if those congressmen knew. that these secret loans were being given out then they might have acted more forcefully instead they were told oh no these banks are fine. we need them to compete in the world economy they produce jobs blah blah blah. and you also say that wall street the secret government they serve to protect themselves rather than the public can you elaborate on that a little bit you know this this is an unbelievable story. hank paulson was treasury secretary under bush was about to nationalize fannie and freddie take them over because they were in such bad shape when he in doing so it would wipe out the share or hold or value of those companies. meanwhile he was telling congress and the public that it was going to take some minor fixes and some audits and everything would be ok but he secretly met with a roomful of hedge fund managers who had a lot to gain from this informatio

remove government and deregulate everything because we already saw how that worked repealing dadt glass steagall repealing reserve requirements repealing derivatives regulations all leading to the stock market bubble then crashing and burning just like what happened in the one nine hundred twenty s. after the free market was deregulated in one nine hundred twenty one a president harding who slogan was literally this is election slogan less government business more business and government we saw it lack of regulations did in the b.p. oil disaster in the gulf last year that killed eleven men in the massey mine disaster that killed thirty eight people when you get rid of all the rules and the referees and the market will inevitably descend into chaos and sometimes the people die. by generate a boatload of wealth for the one percenters at the top for a little bit but then as has happened every time free marketeers have succeeded in letting the free market work it all comes crashing down. imagine if you want to a baseball game and there were no rules there were no empire players there were no balls a

whether it's campaign finance reform whether it's wall street reform a number of issues restoring glass steagall whatever you have a little you know martin luther king never changed the law but because of what he did laws change so you're talking about influencing legislators or becoming legislators to be honest i think both might be useful tack to take the tea party did an excellent job of exerting their influence over the republican party but what do they get the same corporate as policies that failed this country under reagan through bush and the most hated congress in american history which is quite a bit to achieve i would say that we need to look at both sides to take on the system from the inside and the outside and i tell people you know at the end of the day i think laws need to be changed specifically campaign finance and among a number of issues but we need to have this conversation that's the first step and then taking what the night whatever ideas emerge from that conversation and moving it forward marching the flag further down the field so that the average person can prosper and s

went on of these banks were in serious trouble so the idea of breaking them up in reinstituting glass steagall separating commercial banking from investment banking was on the agenda was being discussed now if those congressmen knew. that these secret loans were being given out then they might have acted more forcefully instead they were told oh no these banks are fine. we need go do compete in the world economy they produce jobs blah blah blah. that was a communist and author lezak leopold but we've shown you some of the shocking images of police brutality throughout their crackdown on occupy wall street protesters police have resorted to using pepper spray beating protesters with the times and arresting them by the dozens we've seen their massive presence at the sites decked out in right there as if it were a war zone some call it proof that the police force is becoming militarized in the u.s. but not all cops are jumping on the police brutality bandwagon and fact some are coming forward and speaking out against it are to correspond over in a corner and i have takes a look at police officers

to start making some more people who are going to lose we're going to lose billions on house glass steagall if we're going to bail out wall street we should have been no strings attached but i think it proves that when you when you bail out working people as you did with the auto industry versus bailing out banks there is on wall street it there was one of the auto well what we've seen though is that the big three are making cars that people want to buy and the average age of cars on the road is ten years and so that's kind of cyclical but people are getting back in it and i mean to fire new car and you know when things to their benefit the companies are putting out better cars that people want to buy and that's a great thing in the stimulus must be working well i've got you know it could be it could be that these got that these facilities of g.m. when if g.m. was zeroed out you know these factories would have been completely idle these workers would have found something i mean would just disappear or maybe if it's a you go away take it any crack up the northeast or make of the water so you

it is ridiculous when you get rid of glass steagall which separated we business and individual. way to break it up. >>neil: the man who has broken more business stories on the planet combineed. countdown to iowa, less than two weeks, so why are so many republican voters just saying they just don't know? woman: my father came to america selling fishcakes from the back of his truck, and in 1942, of course, they were sent away. after the war, as a japanese coming back from camp, he started a little store on main street in seattle. of course they needed some money, and bank of america was the only bank who would talk to my father. and we've stayed with bank of america. we have four stores now, three in the pacific northwest and one in oregon. my parents would not believe how popular it is now. >>neil: 12 days to iowa and a majority of republicans have no idea which candidate he like. 64 percent will change their mind a poll says before pulling the lever and what that can mean. dumb question: is that unusual? >>guest: extremely unusual. i am really surprised a lot of people are still

we've not seen the regulations glass steagall put back on to wall street now three years after the crashwhy hasn't that happened? president obama, we the people need you to take them by the throat and say, damn it, this is the united states of america, you don't steal from the working people of this country and this is the way it's going to be. >> i'm going to take you by the throat after the break and ask you a different question, i'm gonna say, michael moore, how many times have you been properly in love in your life. >> this is not "headline news." this is the real cnn. >> we're on the normal cnn. what's this? it's progresso's new loaded potato with bacon. it's good. honey, i love you... oh my gosh, oh my gosh.. look at these big pieces of potato. ♪ what's that? big piece of potato. [ male announcer ] progresso. you gotta taste this soup. >>> 10:00, newt gingrich skyrocketing in the polls, downplaying has pass as the first speaker to be reprimand for ethics violations trying to get answers from the millen >>> back with my special guest michael moore, has spent the entire commercial br

we've not seen the regulations glass steagall put back on to wall street now three years after the crashed? president obama, we the people need you to take them by the throat and say, damn it, this is the united states of america, you don't steal from the working people of this country and this is the way it's going to be. >> i'm going to take you by the throat for the final section after this break. and ask you a different question. i'm going to look you straight in the eye and say, michael moore, how many times have you been properly in love in your life? >> oh, my god. on what show are we on? this is not headline news. this is the real cnn. >> we're on the normal cnn. [ woman ] i know my kids are growing up. i see it in last year's pictures. i hear it in their plans for tomorrow. it makes me miss a couple of things. but i have a way to keep them close, even when they're far away. [ male announcer ] the inspiron one 2320 with the second gen intel® core™ i5 or i7 processors. performance for your unique lifestyle. for a limited time purchase select dell pc's and receive our holiday photo

first, you know, real step as far as finance reform, re-regulating wall street, bringing back glass steagalla number of different issues. scott hit the nail on the head. this isn't going away. the movement is going to go forward and we're going to change things. >> robert, whether this young man wants to or not, he's a folk hero for a lot of americans right in line with the thinking of the 99%ers out there and what their mission is and what they want to do. oftentimes movements like this have benchmark moments. is is that onerecovery? >> his being attacked i think and his recovery and the students at uc davis and the police overreaction all are indicative of a building and growing and important social movement. you know, it's only going to get stronger and stronger, ed. 400,000 veterans are coming back from iraq. where are the jobs for them? the 99%ers are going to need to speak up for them. >> now, the occupy wall street are promising a day of action that's going to be focusing on the foreclosure crisis. jesse, what about this? is this the next big move? >> there's a couple big moves coming

we've not seen the regulations glass steagall put back on to wall street now three years after the crash obama, we the people need you to take them by the throat and say, damn it, this is the united states of america, you don't steal from the working people of this country and this is the way it's going to be. >> i'm going to take you by the throat for the final section after this break. and ask you a different question. i'm going to look you straight in the eye and say, michael moore, how many times have you been properly in love in your life? >> oh, my god. on what show are we on? this is not headline news. [ male announcer ] going a little overboard with the holiday spirit? [ buzzer ] saving $50 on a no contract htc wildfire s from virgin mobile at radioshack. so right. ♪ rx plan gives you the lowest plan premium in the country... so you can focus on what really matters. call humana at 1-800-808-4003. [ regis ] we love to play tennis. and with it comes some aches and pains. and one way to relieve them all is to go right to the advil®. tennis is our game and advil® has become part of o

we had glass steagall in the financial industry, for example. and things worked much better. was when that began to unravel, starting in the mid '70s, coming all the way up to the 21st century, that things went haywire. you see where we are now. >> are you happy from the perspective of somebody who writes from a center left perspective, are you happy that that would be the turf the republicans are staking, or at least this one leading republican candidate is staking for the big argument of the election? >> oh, yeah. this is a tough environment for obama or any democrat to win in in event. and the republicans are just, from their perspective, fouling things up fairly well. you have someone like romney talking about this invisible boot and talking about the need to get rid of regulations and that sort of thing. just emphasizing the fact that he is essentially for the 1%. to use the occupy terminology. and then you have the crazies in the tea party in the house, for example, who are thwarting at least until now this, the extension of the tax decrease. the payroll tax decrease. a

and if you look north, look to the canadians, they have one major regulator, they got rid of glass-steagall 20 years, investment banks work as regular banks. >> but they have capital requirements. you need a one-page regulation that says, you must have money if you want to do business. interesting, karen, to look at tom coburn's legislation on disclosure in the senate. the complete abundance of evidence to the lack of transparency in the european debt markets, with the fed, with the swaps lines last week to bail out the european debt markets. do you agree at the very least that all of this will help push us towards better transparency? i know that the swaps market was still really unreformed, even though there were aspects of dodd/frank that aspired to do that. >> you know, dylan, i don't know. i think there's a larger metaproblem, if you will. and that's this sort of culture we've come to where nobody's really responsible. i didn't hear jon corzine say, i don't know, but i'm responsible. right? he apologized, he hemmed and hawed it's this lack of responsibility. we talked about it with pen

and that was not good enough but there was a regulation call ed glass-steagal. -- glass-stegall.t banks -- it kept investment banks from messing with investment banks. republicans change that. -- changed that. now the thing is all messed up. the problem in banking and finance is we have too much integration. [laughter] nobody really knows what they are doing and they are doing it their minds. they are using their greedy behinds. [applause] in atlanta, we tried to straighten that out a little bit. i'm not against wall street. i am just saying that we have to learn the rules and use it to our advantage. maynard jackson said atset up an airport. it cost us about $10 million. we have had black mayors in atlanta ever 44 years. we have tried to do things within the economy and we have been able to generate jobs. the airport cost $10 billion but it generates $30 billion every year and creates about 60,000 jobs. kasim reed is adding an international terminal that will probably add another 5000 jobs. the system works if you know how to work it. martin luther king gave his life to end pove

on glass-steagall, let me just say what i would be willing to do would be in the spirit of glass-steagall. in terms of a remedy, for the banks that are too big to fail, i would impose a fee. it would be an onerous fee and it would cause the banks to say we can't afford to pay that fee so we better divest ourselves of holdings that allow us to go from $2 trillion or whatever down to a size that say commensurate where they were in the mid-1990s. so if they screw up, they can fail. let me give you an example. goldman sachs in the mid-1990s was about $600 billion in size. by 2008, $1.1 trillion in size. did we get any better as people? was our nation better served by size alone or did we assume more of a risk as taxpayers? we assume more of a risk and so since the economic collapse of several years ago, these banks have only grown bigger because they've been encouraged to buy up these underperforming subsidiaries. so i say i'm going to impose a fee until they get down to a size where they're no longer too big to fail. and then i will withdraw a fee and i think that is the right approach. i th

we could reinstate glass- steagall. a fair bank settlement. the attorney general's are working on a bank settlement. right now, it is a slap on the wrist. it need to be significant, to hold the banks accountable for what they did in the financial crisis. lots of policy change is needed. but it will take time, and we need to have patience, and we need to form the kind of coalition that can truly match big money. the only way we are going to beat big money is with organized people. host: a few minutes left with e fallon. stella tweets this -- -- ed fallon. guest: i cannot speak for what has happened elsewhere in the country. and we have done a good job picking up the ladder in the park where we are occupying. we have even helped to the playground equipment fixed when it was broken. the one time we had snow this winter, we shoveled it before the city crew could come out and do it. maybe we have saved the taxpayers some money. certainly, it is all right to have access to public places to make our voices heard. we have less and less opportunity for

they had the glass-steagall act which divided banks and basically slapped back not their all speculative activities but at least gave the population protections that we don't have now. which is a sad lack of historical understanding in today's world. but all of that aside, going through it at the time -- if you can imagine going back and seeing kind of a simpler world as a person just coming here and figuring it out with their heart, with their head, struggling between family, struggling between the wealthy and the poor and everything else, you know, you get a sense for how we are really not that different from how we were 82 years ago. so -- [applause] >> i just want to say one thing about matt in addition -- before he starts responding. no, when he wrote the piece about the vampire squid which was my old firm, i had so many calls about him. we didn't actually know each other at the time. it was sort of like, you know, who is this -- i mean, i knew of him but i didn't know him and we didn't have a personal conversation and i think we had so many calls about that piece and about this guy

>> he signs a bank reform act, too big to stale, glass/steagall is still dead, capital ratios don't gogoes to wall street, has a fund-raiser at $35,800 a ticket and sponsored by goldman sachs. there is no change under this president. he is bought and sold by the special interests. >> okay. let me respond to that. because i think there is -- i think there's a critique of the president you see both on the left and among some conservatives that this is all rhetoric. let's talk about the financial reform bill, too, because to me whatever the shortcomings of the reform bill, remember, squeaked through the senate, because of pressure on scott brown, head to his re-election campaign, that bill -- if the president was truly bought by special interest, truly owned by wall street whole-heartedly, there was no reason to bring up the bill. why expand capital on dodd/franc? go through the rig a mamaroll. >> the senate saying we're not going to let the head of the consumer protection finance agency be named just on general prince we're not going to let you nominate anybody right now. that's insane.

what i would say is what i would do in the spirit of glass steagall. in terms of a remedy, i would impose a fee, an onerous fee causing the banks to say, we can't afford to pay that fee so we better divest ourselves of holdings that would allow us to go from $2 trillion or whatever down to a size that's commiserate with where they were in the mid 1990s. goldman sachs in the mid 1990s was $600 million in sites. by 2008, $1.1 trillion in size. did we get any better as people? was our nation better served by size alone? or did we assume more of a risk as taxpayers? we assume more of a risk. since the economic collapse of several years ago, the banks have only grown bigger because they've been encouraged to buy up these underperforming subsidiari subsidiaries. so i said we'll impose a fee until they get down to a size until they're no longer too big to fail. then i would withdraw the fee. i think it's the right approach. it needs to be done. if we don't, we can fix taxes. this is what we talked about. we can improve the regulatory environment. we can move

reinstalling glass-steagall? having the banks being held accountable. grievances is pretty long. if people want to dismiss that notf they want to say we're being clear, i don't think they are paying attention. will your group be doing? guest: would become affinity groups and each affinity determines what kind of action they want to engage the particular candidate with. maybe going to their headquarters and showing up and trying to dialogue a bid and getting more -- a bit, we might see people staging a sit-in. maybe they will gather outside the headquarters are pitching tents. and making that corporate- political commitment. groups may go to wells fargo or bank of america or some of the institutions that are the corporate poster child -- children of the occupy movement. host: several articles talk about that your group may look for disruption and that the police will have to be called. is that part of your goal? guest: we have a good report with the des moines police department. the mayor has been several allied and has been willing to find a park for th

we need to refocus on bank reform and on some sense real time to look at the glass-steagall act.e must restructure these banks. >> we hear from people, you hear from them too, is the situation that why we are fortifying banks a lot of people can't get homes. you must have a much higher credit rating to get a home loan. on some levels, we didn't want banks just giving loans and pushing loans on people. where is the middle ground between where we are now, where banks are overly cautious and where we were in this period we are talking about with country wide loans, where they were not only overly cautious, but putting people at risk. where should we be? >> they got bailed out without links to lending or reinve reinvestment. there must be some plans for community restoration and reconstruction. i'm here in detroit today. 100,000 plus homes abandoned on vacant lots. some government, some deal between hud and banks to restore homes. if you begin to remove boards, put in window panes, rebuild houses, put people back to work. revive a tax base, begin to educate children, the ramification

reinstating glass-steagall, a fair banking settlement -- the attorney general working on a bank settlementnow it is a slap on the wrist. it needs to be a significant settlement to hold the big banks accountable for what they did in the financial crisis. a long list of grievances. lots of policy changes needed. but it is going to take time and we have to have patience and we have to form the kind of coalition that can truly match big money. because the only way to be big money is to organize people. host: a few minutes left with our guests, ed fallon, from occupy des moines. guest: i cannot speak to what happened elsewhere in the country, but here in des moines we have done a really good job picking of the litter and the park where we are occupying. we even had a playground equipment fixed when it was broken. oh, and the one time we had snow, we shoveled it before the city crew we could come out and do it. maybe we have actually saved the taxpayers money here in des moines. certainly, it is our right to have access to public places to make our voices heard. and we have less and less opportu

not one candidate in these debates has said the word "campaign finance reform" goldman sachs or glass- steagallthe people running for president of united states or the president of united states, none of them will actually engage these issues. nothing is going to change. all of it will just be temporary, gimmicky propaganda. host: thank you for the call. here are a couple of the e-mails -- from our tour page -- -- our twitter page. on "newsmakers"at a 10:00 is the john barrasso as our guest. among the issues is the impression that congress is unable to reach agreement on some of the major issues. >> to you have any idea why the public has such a low impression of congress right now? >> what they do is see a lot of arguing and bickering and they don't see places where we actually do get along. the president seems that he wants to run against a do- nothing congress. there are things we can accomplish but he tries not to look at those. we had the free trade agreements with south korea and colombia and panama. we finally approved of them and they never had a signing ceremony and there was a broad,