i would like to ask what you glass-steagall. you think it is a negative thing for the economy or a positive thing for the economy? >> i'm not an expert on glass-steagall so i will answer this in a more broad point of view. he to what the two what you were talking about, the rule of law and that we do not confiscate wealth. in the banking area, we've been doing that. look up the way federal regulators have been going after the banks and just plundering them of money for not even wrong doing. they have surrendered tens of billions of dollars to the federal treasury for an activity that is not even illegal. thing that's really troubling to me. when he talked about we do not a cdscate wealth, but federal government doing that. they do that through the strong- arm tactic of using statutes and so on. the banks have no other recourse and fork over the money. >> i don't know if you guys have an opinion on glass-steagall. >> is a tough one. >> ok, right here. >> i'm also just a private citizen. i don't know if it is part of the index, bu

glass-steagall goes away and ken lay is very, very happy. and then he also want to be able to come that he could trade in commodities. and he wanted to trade in commodities. what about trade in commodities that don't exist? what if instead of saying i'll deliver 1000 bushels of wheat to you at the end of the, you would say, i'll bet with you that at the end o of the year i'll havea thousand bushels? no one thought, i'll bet with you that george to is the farmer will have 1000 bushels of wheat to deliver at the end of the year. and then bill betts with somebody else that my bet is going to go bad, and then ralph over there bets that bills that is going to go bad because my bet is going to bed because george will not have the week. they all have this underlying actual physical thing that has value from which all of these vets are derived and they are called derivatives. they are bets. what a commodity futures modernization act, a program pushed through congress, what it said was it doesn't have to go to the chicago board of trade. it doesn't h

glass-steagall, i don't know if you have that. it is a tough one. >> not sure the wings are going on. right here. >> i am just a private citizen. i don't know if it is part of your index but i wonder if you could comment, the countries at the top of your list and if you could comment on what effect maybe their educational system, the size of their middle class, their immigration policies have on the fact they are at the top of your index. thank you. >> every year we look at a lot of different factors and i am really excited about the author's we have that have contributed. we have different authors who look at different aspects of our index. of the ten factors that we rank we don't specifically include those policies but we have had writers who have delved into those specific issues in the past. one thing that we hope is that people will be able to use these statistics independently to do research on issues like that, how the educational systems factor into the various outcomes, i can't recall some of the other -- [inaudible] >> o

>> i'm not an expert on glass- steagall so i will add to this from a more broad point of view. it gets to what the few of you were talking about. the rule of law and that we do not confiscate wealth. the banking area, we have been doing that. but the way federal regulators have been going after the banks. moneylundering them of for not even wrong doing. these banks have surrendered tens of billions of dollars to the federal treasury for activity that is not even illegal. that is one thing that is troubling to me. that is a very important principle. they do that to the strong-arm thatc of using statutes basically the bank have no other choice but to fork over this money. [indiscernible] >> rate here. -- right here. part of't know if it is your index, but i wanted to know if you could comment -- if you could comment on what effect the educational systems, the size of the middle class, the immigration policies has on the fact that they are at the top of your index? year, we look at a large number of factors. we are real excited about the offers we have -- authors we have who have

their derivatives exposure but once they do this you know ultimately they we need to reinstitute glass steagall and bring a meaningful sense of integrity back into the regulatory system. and so that consumer deposits are not at risk the way that they are currently. that was the best of our guests from this week now it's time for us to hear from you. the margins time with ed harris and no one and only it's your turn to take front and center stage here on boom bust our friday feedback but you the viewer in the driver's seat and this week's comments come in response to thursday's interview with economist dr thomas howie our first comment comes from nico it's mind straights aggregate demand is an oversimplistic an incorrect way to look at economics for example country one spends one hundred billion on roads to nowhere obtaining plants such as tulips and pieces about the art country to spend one hundred billion on factories mines and building an industrial harbor according to keynesians these two economies are equal however country one is destroying wealth and country two is creating a present and f

talk to each other so that breaks up the too big to fail model we need to get back to put it glass-steagall the focal role was a distraction -- the full parole committee banks were the only ones. >> but just a follow-up based on your experience can be remade optimistic tubal street? >>, wall street is filled overwhelmingly with good people. americano will look at that to say wall street, the broad brush, the bad guys. overwhelmingly they have good people but in my opinion this system is broken in the system of oversight, people with all street are negatively impacted but overwhelmingly good people who do a good job if we kim brink transparency to the regulatory process we have to get the cronyism out. this is not more regulation or less regulation on capitol hill the money will stop flowing we will start to represent the public's interest get the cronyism about ned you will see capital start to flow. it will flow would it is protected. it does take time. these are aggressive mashers but what about there i will consider this book a success if this creates dialogue that is all i want. to that

the derivatives exposure but once they do this you know ultimately they we need to reinstitute glass steagalland bring a meaningful sense of integrity back into the regulatory system. and so that consumer deposits are not at risk the way that they are currently larry thank you so much for your time in here and say we have having you on the show and good luck with your book and excited to get through it aaron thanks thanks for having me on i appreciate it thank you you thank. that was larry joy author of in bed with wall street the conspiracy crippling our global economy and now it's time for today's big deal. and harrison joins me now to talk about the recent of arrest of a major player major player now charlie shrem a big point millionaire and one of the most prominent players in the big one world was arrested on monday and charged with money laundering along with cooperating and excuse me operating an unlicensed money transmitting business whatever that means now is room with co-founder and c.e.o. of bit instant a big point exchange where a big point can be bought and sold using dollars now

thinking that we need to get back to implementing glass-steagall. it's kind of a distraction.who is negatively impacted by the bulger rule? community banks. they are the only ones. >> just to follow-up, based upon your experience and what you know, can you remain optimistic? can you be optimistic towards wall street? you personally? >> wall street is filled with good people. and i think that america will look at this and say, you know, wall street and bad guys. this is a disservice. but wall street overwhelmingly have good people in the system is broken. people on wall street are actually being negatively impacted by the broken system. and i think good people trying to do a good job. if we could just bring some transparency to the regulatory process. so what we have to do? get the cronyism out of this. this isn't more or less regulation. the money is going to stop flowing. okay? and let's get the cronyism out of it. if you do that, you'll start to see capital start to flow. because capital will flow once protected. but it has to be protected. and so take time. this is again, i

she has introduced a bill, kind of a new glass-steagall. don't see that getting traction but i'm glad she did it and i'm glad that john mccain joined her. this process. on this she supports stronger consumer protections. there's a lot of agreement. asple try to tag elizabeth somebody really far to the left on bank regulations and i joan see it. a lot of the things that she says are quite accurate. i'm glad that she is a voice on the senate banking committee advocating for those reforms. >> thank you for joining us, sheila bair. >> when we come back, we are taking pot to the polls. thehe crabs may leverage issue of legalizing marijuana in next fall's election. -- democrats may leverage the issue of legalizing marijuana in next fall selections. >> pro-pot voters in florida might unite to pick the governor. governors -- democrats are pushing for a statewide referendum on marijuana and republicans say the only reason is to manipulate voter turnout. megan hughes is here with the story. talk to us about pot politics. >> republican say that there

they deregulated wall street to extent, final nail on glass-steagall which separated financial bank from bill clinton. i believe this led to the financial crisis. not the whole story. wall street loves the clintons. they believe in hillary is in there, blankfein told people this, they, that -- ashley: this is interesting because you would think a democratic party leader would be more for regulation. >> i'm just telling you they think the clintons are pro-wall street. that they will allow goldman to be what it used to be the risk-taking institution. we should point out morgan stanley announces earnings tomorrow. here is the interesting thing. this is something inside morgan stanley. they call it the james gorman body indicator. last year when, last quarter we were first to report they were going to have a great quarter. how did we know that? someone noticed his body language. he was walking around like mr. big guy. lori: a lot of bravado. >> a lot of bravado. another term they use inside morgan stanley. lori: these are employees. >> people telling me that. now he is walking around like --

if he were to talk about bringing back glass-steagall, i would be the first one to champion him. voted for him the first time, because i was sick of bush. i think at this stage in the game, he is george bush on steroids. everything he said he is going to do, he has doubled down. returningng the veterans are domestic terrorists? that is scary. host: gary, high point, north carolina, what are your thoughts? we are at the highest unemployment we have ever been in north carolina. stay off the golf course and stay in the white house for a while and see what is going on. work with the people. work with the house, work with the senators. don't try to be a king. that. not under we put him in there. hopefully everyone gets them out. host: did you vote for him? caller: i did. host: did you over and twice? caller: the first time. host: when did you decide you did not agree with him anymore? caller: i gave the man four years to do the job. if you don't have something done in 48 hours and construction, you get fired. host: is that what you do for a living? caller: yes, ma'am. i am an electric