rich folk in america would suddenly believe that they had been elevated to near divinity thus hank paulson saying suddenly c.e.o. of goldman sachs is doing god's work you know that's the direct outcome of nine eleven the see his insanity went ballistic when speaking in vain greedy and arrogant larry summers optimistic about middle class he says people aren't going to live with their parents forever so that's the one hope you americans ok buck up you're not going to have to live with your parents forever doesn't tell you about sixty maybe seventy years older than you could maybe they'll be dead by then but again larry summers he's never actually worked a day in his life he's written some white papers that no one's ever read he's got great connections and apparently he's like the equivalent of a beltway fluffer who works in washington kind of keeping. people anxious you know but his actual skill set is zero he has no skills so i believe he was part of the whole crew in the clinton administration that helped overturn glass steagall and introduced the commodities futures trading at letters nat

your questions for him were not as hard as your questions or hank paulson who was the treasury secretary when the crisis hit. he was a former goldman employee. the camp -- questions for tim geithner did not follow up about how the a.i.g. bailout for managed and how that money went to wall street firms and overseas banks. i'm wondering why you showed him that deference and where do you think the leadership of the federal reserve bank of new york was an issue? >> i would beg to differ with you. we try to be civil in our questioning but tough. the focus of our inquiry is not happen after the bailout but how did we get to the point where the only choices for the american people were to allow the financial system to collapse or to shell out trillions of dollars. i point out mr. -- i pointed out tim geithner had made several points but not act upon them. we pointed out in that hearing with citigroup and other federal reserve banks reviewed the conduct of the federal reserve bank of new york and found it wanting in its oversight of citigroup. you can expect us to be as critical and tough on the

actually how it started it was a reaction against hank paulson and george bush rescuing the financial system here is the headline by a co-founder of the tea party carl denham to who we have had on the show before to the tea party go screw yourself eloquent carlos' all was well this is on his blog and at first he threatens to sue the tea party for using the phrase tea party for defamation and then he says yeah that's a joke but so are you all of you especially sarah palin newt gingrich bob barr and douche bag groups such as tea party patriots and he points out that he's gone to several meetings as a leader of the tea party and it always descends into guns gays and god and they talk nothing about the banking oligarchies and these fraud after fraud in the last two or three weeks leading up to this election season they have said zero about it so he implies that the tea party is now quote nothing other than the republican party stealing the anger of a population that was fed up with the republican party's own theft of their tax money at gunpoint to bail out the robbers of wall street and f

violation of this underlying accounting now every time for example in two thousand and eight what hank paulson put a gun to congress and said give us seven hundred fifty billion dollars going to blow up your economy of course he was not complying with the law he was not complying with f.a.s.b. he was not complying with any of the financial rules and regulations that should have been governing the banking industry so he's saying is that what he's saying give us the money even though they themselves are not complying with any of these laws goldman sachs is not doesn't comply with f.a.s.b. their their capital on their books does not does not meet basil written minimum reserve requirement has not met that basic minimum reserve requirement for twenty years because they abuse this basic accounting law white. said to gregory later in the present united states simply say you guys are prick of the lot go to jail i can tell you in a very simple and rather vulgar way because the accounting the regulatory bodies and political powers don't have the balls to do it you're absolutely right all these people ar

manipulated by the pull of bureau as it were the nazis that run the federal reserve bank with hank paulson as the himler of this current fascist takeover of america and germany is saying you know we've seen this before you can't let these criminal nazi types take over your economy trust us it's a bad idea and of course americans are like words are free food stamps that you stole the money from the rest of the world just don't tell us how you get the money just give us the money all the help and germany do the people don't want to know where the money came from they just one of the free food stamps they don't care where the government got the money they don't have the government killed people in afghanistan killed people in iraq they're going to bomb iran to steal the money from them they don't care this love the free money of the american people we don't you know we look at least tells us they're just killing they're committing war crimes or committing genocide for what so that these fat trog apply to the suburbs to take a little triangle down a wal-mart buy chinese made toothpaste. the ge

your questions for him, frankly, were not as hard as your questions for hank paulson who was the treasury secretary when the crisis hit. the questions for tim geithner did not really follow issues other oversilingt bodies were pointed out, how billions of those dollars went to other wall street firms and overseas banks. why you showed him that deference? and what do you think the leadership was during that issue? >> well, i would beg to differ with you. we tried to be sil in our questioning but tough. by the way, our focus is not so much what happened after the bailout but how the heck did we get to the point where the only choices for the american people were to allow the financial system to collapse or to shell out trillions of dollars. and i pointed out that mr. geithner himself had made many warnings about risks in the system and hadn't acted on them. we pointed out in our hearing on citigroup that in fact other federal reserve banks had reviewed the conduct of the federal reserve bank of new york and found it extraordinarily wanting in its oversight of citigroup. and i think you can

so the authorities blew it up i thought that's a great way this is exactly what ben bernanke or hank paulson. bush obama all these people should have done it was so expensive to fix this corrupt banking and financial system they should have just blown the whole thing up yeah well i mean that's what a lot of people proposed another words put all those bad banks ringfence them essentially nationalize them which is the same thing as blowing it all up and then start a few new banks that are clean of any of these toxic debts and hire managers who are not tied in with robert rubin larry summers tim geithner and anybody who has been responsible for corrupting and destroying the u.s. banking system the global banking system for the past twenty years i mean that's what they could obama could have done that that was an option that he had. but because he's got larry summers and tim geithner whispering and do is there he did the absolute worst thing speaking of funny dried beef sort of moment here's another dried beef moment e.u. set secret group to save the euro. two months after the collapse of lehman

percentage of the paper given to the guts of the american taxpayer in 2008 by george bush and hank paulson and perpetuated by barack obama and tim geithner, what percentage of that is fraudulent and why don't we know that two years later? >> that's exactly what we've been calling for. why didn't we know it at least five years ago when this was done. bernanke has just announced they're going to do an intensive review of the assets up to this collateral. so, you wait a year and a half and then look at your collateral. now, what would happen if you were the most junior vp at a small savings and loan if that's what your approach to business would be. this is supposed to be the most sophisticated guy in the world. we should look on a scientific basis. we have the ability because of fannie and freddie, the federal home loan banks and federal reserve taking all this money in collateral, to do a superb samueling job that will tell us what happened in the market. it cannot be done by the fed. the fed cannot admit it took over a billion and a half dollars in toxic garbage and didn't recognize the lo

him more credit for stepping in and saving the economy than he did and called former treasury hank paulsonbernanke heroes saying they stepped in at exactly the right time. it's clear he doesn't think this economy has fully turned around. still a lot of repair ahead but very interesting what he said about taxes. he's been outspoken about saying tax rich people like me more. he's never before said you need to cut taxes for the poor even more than they are already cut right now. >> he brings up a good point. the t.a.r.p. program watts under president bush under a bush appointed treasury secretary henry paulson and bush appointed fdic chair. bot om like he's trying to apportion the credit where it needs to go for that part of the economy. good to see you. thanks for bringing this to us. >>> let me bring you up to speed in some of the top stories we're covering. the man who tried to bomb times square and failed has been sentenced to life in prison. fayssal shahzad was defiant warning the car to brace yourself. in connecticut the first department tried in a gruesome home invasion found guilty of

caller: i wanted to s that the media, they pounded us before tarp, before hank paulson and ben bernanke got this through congress. they pounded us in the media. we were not going to get our paychecks. there was such a fear launched at us if this did not go through. by congressman from this district, a democrat, a blue dog, he voted against it. he had a letter from 400 different economists signed saying, do not do this. the media feared me into this because at the time ihought, well, i guess it is something we have to do. but i find out on the back side after a little more study is the fact that basically -- it bailed out all of the bankers but all of the investors lost money, it did not do a thing for them and the bail them out on the taxpayers' dime. i changed my mind and i see now that mike mcintyre was right. i think we should not have done it and let the chips fall where they may. host: pontiac, michigan. stanley, democratic line. let us move on -- stanley, are you on this line? go ahead. william on the independent line and in new york. you are on the air. have you changed your mind

hank paulson did. my first job in the navy during the vietnam era i was damage control officer. in mr. bush's last six months 3 million americans lost their jobs. and the first three months of mr. obama's term we lost another female. in the last eight or nine months we have created 1 million jobs. congressman toomey said it would have been slightly harder if we have not done this. mr. john mccain's actual, said another 8 million americans would have lost their jobs. he is correct. i want to do something else. i had wanted to work with republicans to say small business tax credits from a 50% for every small business, would have created another 1 million jobs. it was not perfect. pat toomey said we should have given the money to corporations. 66% of all corporations in america paying the taxes already. he was to eliminate all taxes. how can you go below zero? everyone watching in a working family tonight pays more than most fortune 500 corporations do. now he wants to eliminate all taxes for corporations after having voted that if you invest in a factory in china, an investor corp

when they created tarp, the bailout mechanism for the banks, it is interesting that hank paulson, theush administration secretary treasury did not really work with the house republicans. he was working generally with people he knew from his days at goldman sachs. he was the ceo of goldman. that was generally nancy pelosi and barney frank. those were his main conduits. republicans were always very uneasy about tarp. one year later after all these bailouts, the republicans started returning. jamie dimon was famously known as the shadow secretary. he met up with barack obama in washington. they were complaining the far left tilt of the democratic party. even more than the policies, i think the heads of the wall street firms hated being called fat cats. dimon despised the name calling. if you are being called names by the president, people will be less likely to give you their money. i go through that in the book. that was senator baucus's comment to them. host: charlie gasparino is with us. he has written a book, "bought and paid for -- the unholy alliance between barack obama and wall s

very end, during the nadir of this crisis when all of a sudden everyone from treasury secretary hank paulson and the bush administration ben bernanke, realize the financial system was something they no longer comprehended. and the extent that this sort of shadow banking crisis, these products that or off the books and not monitored, were sinking the system. that realization came far too late to do anything about it. host: michael hirsh writes in his book -- also lost was any sense, finance, would complete a least came to dominate economy rather than serve in this traditional role as a supplier of capital of the real economy of goods and service. talking about the serial major of the stock market versus concrete items and goods. guest: at some indefinable point things passed over -- rollicking venture capital market, which are good, which in most of the country's history, even though they occasionally go overboard that -- have been healthier than the over regulated markets around the world -- to supplying capital to companies. the silicon valley, a lot of companies and the biotech boom benefi

caller: i wanted to say that the media, they pounded us before tarp, before hank paulson and ben bernanke got this through congress. they pounded us in the media. we were not going to get our paychecks. there was such a fear launched at us if this did not go through. by congressman from this district, a democrat, a blue dog, he voted against it. he had a letter from 400 different economists signed saying, do not do this. the media feared me into this because at the time i thought, well, i guess it is something we have to do. but i find out on the back side after a little more study is the fact that basically -- it bailed out all of the bankers but all of the investors lost money, it did not do a thing for them and the bail them out on the taxpayers' dime. i changed my mind and i see now that mike mcintyre was right. i think we should not have done it and let the chips fall where they may. host: pontiac, michigan. stanley, democratic line. let us move on -- stanley, are you on this line? go ahead. william on the independent line and in new york. you are on the air. have you changed your mi

very end, during the nadir of this crisis when all of a sudden everyone from treasury secretary hank paulson and the bush administration ben bernanke, realize the financial system was something they no longer comprehended. and the extent that this sort of shadow banking crisis, these products that or off the books and not monitored, were sinking the system. that realization came far too late to do anything about it. host: michael hirsh writes in his book -- also lost was any sense, finance, would complete a least came to dominate economy rather than serve in this traditional role as a supplier of capital of the real economy of goods and service. talking about the serial major of the stock market versus concrete items and goods. guest: at some indefinable point things passed over -- rollicking venture capital market, which are good, which in most of the country's history, even though they occasionally go overboard that -- have been healthier than the over regulated markets around the world -- to supplying capital to companies. the silicon valley, a lot of companies and the biotech boom benefi

a dollar bill signed by larry summers, a dollar bill signed by john snow, a $5 bill signed by hank paulson, and to $100 bills, one signed by robert rubin and one by paul o'neill, but i did not have a timothy geithner. i was wondering whether i could exchange one of these four >> i don't carry those, but they do exist. we are using up the old currency before we spend your money printing the new. >> i hope you enjoyed today's program, brought to you by the commonwealth club of silicon valley. again we would like to thank timothy geithner, the 75th secretary of the u.s. treasury. or audience here in palo alto and those of you joining us on the radio. i michael morris in this meeting of the commonwealth club, celebrating over 100 years of enlightened discussion, is adjourned. [applause] >> tonight, live from denver, a debate with senator bennett and republican ken up. it begins tonight at 8 here on c-span. >> on thursday, the federal communications commission held a summit on the wireless spectrum. chairman julius genachowski announced the release of the spector report that emphasizes the spec

when they created tarp, the bailout mechanism for the banks, it is interesting that hank paulson, theush administration secretary treasury did not really work with the house republicans. he was working generally with people he knew from his days at goldman sachs. he was the ceo of goldman. that was generally nancy pelosi and barney frank. those were his main conduits. republicans were always very uneasy about tarp. one year later all these bailouts, the republicans started returning. jamie dimon was famously known as the shadow secretary. he met up with barack obama in washington. they were complaining the far left tilt of the democratic party. even more than the policies, i think the heads of the wall street firms hated being called fat cats. dimon despised the name calling. if you are being called names by the president, people will be less likely to give you their money. i go through that in the book. that was senator baucus's comment to them. host: charlie gasparino is with us. he has written a book, "bought and paid for -- the unholy alliance between barack obama and wall street.