for regulators to reign on wall street so this is the headline playing on with the notion that jamie diamond remember when he was speaking to congress he told the story of his daughter asking what happened what is the financial crisis and he told his daughter well financial collapse is something that happens every five or seven years so we're due for another one in two thousand and fifteen however the new regulations being in two. by basil basil three accords there are now totally water down there allowing leverage of thirty three to one which is where lehman brothers was when it collapsed and in fact these rules are not being brought in until twenty eighteen yes obviously the way to stop fraud would be to make the banks increase their reserves but they don't want that to happen because then they again it would jeopardize the model of reserve list banking when every time the u.s. quantitative easing for example ben bernanke is talking about that is to say somehow creating more quote unquote money to ease the economy there's no reserve backing it up so he's just putting in more debt he's actu

we're going to continue with this he says the missing thing for guys like lloyd blankfein and jamie diamond would be those magnificent beals and maybe a purple felt with a feather sticking out because basically their pimps their wall street pens and they're making an outsized profit for their pimping and as a result the normal economy that exists outside of the ghetto is shrinking you know steve keen also says the only way to get out of this depression is to shrink that income to the bankers down or to abolish large slabs of debt which brings us to the next headline from ireland irish debt under fire and fresh bank jitters so ireland's borrowing cost of soaring again and part of the reason is it's just emerged that the european commission revealed this week that it had approved a government support worth twenty four point three billion euros for anglo irish bank a b. which is significantly higher than what dublin said it would be in the spring while they created the bad bank. and that's an open ended slush fund and the number of bad debts in ireland will continue to increase as they disclos

. >> jamie diamond himself said if you run a restaurant and you can't charge for the soda, the burgers are going to get a lot more expensive. >> reporter: in other words, making up for lost profits elsewhere. the head of chase used that burger analogy after reporting nearly $5 billion in profits in the last quarter alone. and we wondered, if the banks are making that kind of money, why do they need to raise rates at all? a lot of folks are looking at these numbers and saying the banks found a way around these new rules. >> no, no, no, the banks are responding to the new rules. >> reporter: the banking lobbyists who fight for the banks in washington told us today this is not about profits. so if it's not about making money, then why hike the rates? >> well, we have to cover the costs. you have to cover the operating costs. >> reporter: operating costs and delinquent accounts they say. customers told us today they've had it, charging less and paying balances more quickly. >> every time i pay in full. so they don't charge me like extra fees. >> reporter: you don't take the chance? >> i'm

. >> jamie diamond from chase said, if you run a restaurant and you can't charge for the soda, the burgersd us they've had it. charging less and paying balances more quickly. >> every time i pay in full. so they don't charge me like extra fees. >> you don't take a chance? >> i'm extra careful compared to where i was. >> paying the balance off on time? >> yep, every month in full. >> reporter: you heard the banks blame in part delinquent accounts. but in fact, the largest banks in this country have recently reported delinquent accounts are at their lowest point all year and that americans have reduced their credit card accounts by $131 billion in just two years. david muir, abc news, new york. >> definitely one of the good things for people with credit card charges, now it has to be a proportional late fee for wha you charge. in other words, if you owe $20 cha tha before the average was something like $39, now it's proportional. >> that some oghlie. you can opt out if th ar majo o- cunt. no one under 21 can get one unless an adult co-signs. you have longer to pay your monthly bills. it doe