back to the kaiser and for a time now to go to new york and talk with rolling stone journalist matt taibbi matt welcome back to the kaiser report are you doing next all right matt i want to talk to you about your piece the real housewives of wall street but first tell us what is tell for it's the term asset backed lending facility it's a bailout program that was created by the fed and it was awesome to be designed to help spur consumer lending you know it sort of at the end of two thousand and eight after the crash there was a whole bunch of panic on wall street and it really actually started with car dealerships that were unable to get financing from. from the banks as usual because the parents were just afraid to invest in any kind of asset backed securities so the government came up with this program the talf and it essentially provided a government backstop for the banks to lend to consumer outlets like car dealerships and it was eventually expanded to student loans and commercial mortgages and basically everything else under the sun ok so flash back to two thousand and eight the econo

the debts are only going up and not down what why is that message not getting through to people matt taibbi it doesn't really make and he says you know the funny thing is the defenders of this program are going to say what are you complaining about the program works you know they were they had a good there were the credit markets were frozen in late two thousand and eight and and now after talf the credit markets run frozen so the program works why are you complaining well of course the program worked if you throw a trillion dollars of public money at a lending problem you're going to have more lending it's not it's not a secret that that's going to be effective the two things that are a problem here is the ascension this is a massive government lending program that they essentially allowed billionaires and millionaires to to be middlemen in debt in the middle of these transactions and make gigantic commissions. and all of them risk free and then just as you said it added to the overall indebtedness of the system and couldn't possibly be a stabilizing force in originally the bailouts were d

there was an article by matt taibbi in "rolling stone" about spending, and to read it makes you sick,he waste of money and the insider shenanigans that went on. you are between the rock and a hard place, a live at that. host: the speaker of the house, john boehner, at the white house later this smarting. he will be joined by house and senate colleagues, including senator kyl, and senator mcconnell, also harry reid and nancy pelosi. there will be a speech by the president this afternoon, live coverage including c-span3 and on c-span radio and as with all the programming, streamed on the web at c-span.org. the deficit speech will be a lightning rod. the midday speech in washington, he will propose a sweeping plan that includes cuts to entitlement programs such as medicare, limits on military spending, and an overhaul the tax system designed to bring in more revenue. further into the story, alan simpson, the co-chair of the commission on the deficit, all former dot -- gop senator, saying that the speech would be a mistake if the president does not outline in detail. one of the points in