jim paulson of wells capital management, and cnbc reporters rick santelli and steve liesman. never has so much talent been assembled since thomas jefferson dined alone. jim, let me go to you first on this one. 170 will have point turnaround from up to down on the dow jones. in brief, mr. paulson what do you make of it? why did happen? >> well, larry, i think the fed left a statement today that i think sounds pretty good for the stock market. i think they bassically said they see the return of real growth without really inflation or interest rate pressure for the foreseeable future. i think the market initially did react positively to that and went up to 9900 on the dow. i don't really know why it sold off except sellers took advantage of that quick run to raise some profits. and then momentum took over for the rest of the day. i really don't know a reason. >> did the market give the fed a bronx cheer, you know, a little one of those. you know the old story from chicago. they got it out there, too. and why? i mean, was this a helicopter ben easy money, we're going to keep print

i think it was just hank paulson because everybody said you bail out everybody you bail out everybody we had to make an example. he should've let ten people go bankrupt. >> jim, could you really let ten -- it was bad enough the week after lehman collapse we had a run on the money market funds, if you let more than lehman go, we would've had global financial collapse. who would that have been good for? >> there's 6 billion people in the world, which is a bigger world than just cnbc. banks have been going bankrupt for a few hundred years, the world has not come to an end. and the way the system is supposed to work, when somebody fails, you let him fail. you let competent people take over the assets, reorganize the assets, and start over again. what we're doing now is we're taking the assets away from the competent people and giving them to the incompetent people and saying now you can compete with them with their money. this is just propping up the system. this is the noing go to solve the problem. you remember zombie banks from the 1990s in japan? this is not going to solve our problems at all. we're going to carry it over and over and over again, you're goin