wanted ken lay got enron got to play their game like crazy and of course crashed and burned it doing it and then everybody else got in and started playing the enron game and the entire american economy creation so really you're absolutely right bob we need to we need to go back and say there's a huge groups from the end of the clinton presidency and it's time to go back to making banking. yes i agree banking needs to be boring but i'm really interested in the the the opinion of the progressives on the federal reserve because i don't i think that you're you're somewhat against the subsidies against the banks or to the banks but i'm not sure if there is an understanding of the incredible large jets that it gives to the general economy so what is your opinion of the for. reserve i think that the fed should be answerable to the people directly and i don't think that it should be owned by a bunch of private banks nationalized yes i believe that the fed should be part of the treasury and and should operate with greater transparency and they should be audited every year and bernie sanders p

of this whole thing phil graham's wife when he was on the board of directors of enron yes he was ken lay of enron wanted to be able to have his own bank he had over seven hundred different corporations and he was doing the shell game of moving losses into one corporation profits in another corporation which goes on in many places today and many observations g.'s doing that yes to it but but the point is that he wanted to be able to do it with his own bank so he could hide his own you know behavior and he was also wanted to be able to gamble in energy derivatives and he couldn't do any of that stuff so there was actually two pieces of legislation in the commodity futures modernization act both of which phil graham proposed both of which ken lay wanted ken. enron got to play their game like crazy and of course crashed and burned doing it and then everybody else got in and started playing the enron game and the entire american economy creation so really you're absolutely right bob we need to we need to go back and say there's a huge hoops from the end of the clinton presidency and it's time

ken. >> hopefully they can get something going. is there any wiggle room if midnight comes and there's no deal? >> the union layed out in their intense of strike the possibility that, you know, if midnight comes and they don't have a deal, if they made significant progress, they could decline to strike. however, ken, they didn't say exactly how much or how little progress is needed. >> 180,000 people, depend on a decision. we'll keep them updated. thank you for that. you want to know what is really going on behind the scene of the bart negotiations? tomorrow is your chance. both sides will make a presentation to the governor's independent board of inquiry at a public hearing at 10:30 tomorrow morning. it will happen at the state building in oakland. big differences remain on issues like wages, pensions, worker safety, and healthcare costs. >>> and of course, we invite you to stay with kpix5 for all the latest developments right up to and through next sunday's deadline. also, ac transit for that matter, you can find information any time at kpix.com/bart. >>> a woman whose job it is to find people and discover the

that's creating a great buying opportunity for investors and he'll lay out his investment strategy next. >>> also, home depot co-founder kenill join me to host the 4:00 hour. find out if he thinks the market sell-off is getting started and where he is putting money to work in this environment. back in a moment. the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade. i'm monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> all right. welcome back. our next guest says he's a buyerest recent pullback. he's joining us now to talk more about it. steven wood, from russell investments. hello, steven. >>ly. >> you buy here? >> down 82. >> i think so. kind of add selectively to the portfolio. i think this will be more of an active management environment. a 4%, 5% pullback in the markets ma