have a 30 situation where you have deflation and that's not good for anybody. >> our guest host is john stumpft's happening with the interest rates here in the united states. when he an analyst on earlier this morning that says wells fargo is the best managed bank but said you have the disadvantage of having being tied so closely to interest rates because you have such a big base of people who are putting in money there and it's hard to get ahead when you're dealing with low interest rates. where your betting where interest rates will be. >> we try not to bet on interest rates. banks do best -- we make our money some on margin, some on fees for service. short rates are low and long rates are high and higher rates are the best place to be. today we have a steep yield curve but we have very low rates. so our total cost for deposits are $925 billion, around 20 basis points and as assets are priced down it compress that largely. over time that will normalize. but in the meantime we're trying not to taking it in rate bets, trying to offset liabilities with our assets and making sure that we don't h

. >> john stumpf, with the largest originator, both of them lauding the recent ag settlement saying it'seeded to get the housing market healthy again. stumpf said they're reforming freddie mac and fannie mae. >> the government still needs to be involved in some way. because there's $10 trillion of mortgages in this country. so you need a secondary market. and i think there is where the government can play a role. it should be explicit. it should get paid well for their risk. and it should be a catastrophe kind of risk support. >> reform not expected anytime soon. but they see a program to rent foreclosed properties launching in the near future, and expect it to be a joint effort. as for the $25 billion settlement, wells, jpmorgan and three others signed for improver foreclosures. >> start with the $3 billion of the $25 billion that's for refinancing. those are people who could not refinance. those who can refi, those who can modify will have a benefit through their life of the mortgage. so i think it's more impactful than people say. >> on a positive note, he also said he believes there

i grew up in john stumpf, pennsylvania. the airport -- johnstown, pennsylvania.the airport to grew like you wouldn't believe. he was in charge of the committee. the same thing you are doing, congressman hyde not understand the idea of these subsidies to anyone. i owed a small business. i employed seven people. we do construction work. no one ever gave me a penny, nor do i want a petty. this stuff has to stop. i think the idea with the internet and social media -- you guys are under the microscope. i really hope that somewhere down the line, you can't put a stop to it. quit calling these things -- you can put a stop to it. guest: i did something to get this process moving, and there were some people on the senate side -- now, this is a per- airline ticket subsidy in excess of $1,000. that is what i put in the extension. again, we are sent here to represent the american people. we have $17 trillion in debt. you have to start somewhere. i did the change the world, but we kept some of these subsidies, and kept the funding at a minimal, but responsible level. we refor