thomas hoenig made these remarks on the dodd-frank act. this event runs about 45 minutes. >> we are halfway through our 1- year anniversary event. it is time for our lunchtime keynote. it is my pleasure to introduce thomas hoenig, president of the federal reserve bank of kansas city and the senior fomc member. he is a person who is rich in law from colorado to missouri. it is a big chunk -- is that the louisiana purchase pretty much? pretty much. dr. hoenig has had a distinguished career with and the bank of kansas. he joined the federal reserve bank in 1973 and has been president for 20 years since 1991. dr. hoenig has the legendary and jackson hole seminar every year which we either have i attended or had intended but were never invited. his kansas city federal reserve bank says dr. hoenig has been outspoken about the regulation of the financial industry during the recent crisis. to share his thoughts on why we have not solved the too big to fail problem yet and how we can, i am honored to introduce president thomas hoenig. [applause] >>

joining me now, port manager for capitalist pig.com and a regular on fox's cashin' in, jonathan hoenigo see you and you're here in the studios today. >> happy to be here, thank you. >> kelly: jonathan, the question, how would this prolong partisan budget brawl over solving the country's debt crisis affect the markets next week? what are your concerns about that? >> well, kelly it's already having an effect. markets aren't just dealing with the market realities, two years after the end of the recession are still keeping investors on the sidelines, but obviously, the situation in washington taking center stage for many investors, and they're beginning to weigh actual possibility of an american default. and it's got many, many traders nervous, not even so much the stock investors, but kelly, the bond investors, those who hold the debt that the government is trying to refinance, trying to sell. they've seen what happens in greece, they've seen the net results of big spending entitlement programs that aren't addressed and many in wall street are concerned it might happen here. >> the presid