>> guest: mr. zandi, i'm very angry this morning. i just changed channels, and onn the other channel they're saying wall street's about to hand out its big bonuses. one guy in particular is getting $5 billion. a and i'm watching my fellow americans lose their jobs, theit homes, their retirements, people trying to scuffle to get a job for $9 an hour, and these guys on wall street are handing out billion dollar bonuses.s is there a total disconnect on wall street? and the second question is, should we be out in the street like the egyptians are? i'm sorry for being sarcastic, but that's my question. [laughter]i >> guest: no, not at all. yeah, it does seem to be a disconnect, yes. so after three years after the great recession and financial de panic and after hundreds of billions of dollars that were put forward by u.s. taxpayers tl support the global financialrd system and wall street, yous to know, wall street is back doing quite well and compensation is now rising. now, that $5 billion number you refer today, i -- referred to, i thin

i really appreciate what mr. zandi has been talking about. the thing he has not mention yet is we the tax money to bail out the banks, which were criminally fraudulent against people and damaged our society, but now when it is time to bail out state governments, we have no money to do that. the bank should be required to bail out our state governments of zero interest. i also think we need a -- host: let's take the point on whether or not to bail out states or let them filed for bankruptcy. what is the economic impact? guest: first let me stay the state governments have received a significant amount of help throughout the recession. i think if you add it all up, it comes close to $175 billion. that has gone up from the federal government to state government for various things, police, fire, education, the medicaid program. the states have received a significant amount of help. the problem that money from the federal government to the state government runs out at the end of the state's current fiscal year, which is june 2011. after that they g

i really appreciate what mr. zandi has been talking about. the thing he has not mention yet is we the tax money to bail out the banks, which were criminally fraudulent against people and damaged our society, but now when it time to bail out state governments, we have no money to do that. the bank should be required to bail out our state governments of zero interest. i also think we need a -- host: let's take the point on whether or not to bail out states or let them filed for bankruptcy. what is the economic impact? guest: first let me stay the state governments have received a significant amount of help throughout the recession. i think if you d it all up, it comes close to $175 billion. that has gone up from the federal government to state government for various things, >> checkout c-span.org to see the rest of this segment. to the eisenhower executive building here in washington. >> the success that are proper partners would like to encourage. please join me in welcoming zoe damacella. [applause] >> hello, everyone. thank you for attending

mr. barofsky also has asked what did it do for main street. i think the study you pointed out, the zandy -- >> i would ask unanimous condition sent for an additional one minute for the witness to respond. >> it makes it very clear, we would have entered into a second great depression. we could have entered into unemployment of above 16%. the fact that we averted that is a benefit to main street. the fact that people can now borrow again and they couldn't as a result of this crisis is a benefit to main street. the fact that we have an auto industry in this country and we saved a million jobs, not just at the auto companies but their suppliers is a benefit to main street. there are a number of benefits to main street. i don't think one has to look very far to realize that. as to the progress in implementing dodd frank, a lot of work is going on. i'm not responsible for that, but i'm happy to tell you what i know and make sure the proper officials of treasury give you additional information. the financial stability oversight council has been meeting actively in developing a number of rule m

mr. barofsky also has asked what did it do for main street. i think the stu you pointed out, the zandy study -- >> i would ask unanimous condition sent for an additional one minute for the witness to respond. >> it makes it very clear, we would have entered into a second great depression. we could have entered into unemployment of above 16%. the fact that we averted that is a benefit to main street. the fact that people cannow borrow again and they couldn't as a result of this crisis is a benefit to main street. the fact that we have an auto industry in this country and we saved a million jobs, t just at the auto companies but their suppliers is a benefitto main street. there are a number of benits to main street. i don't think one has to look very far to realize that. as to the progress in implementing dodd frank, a lot of work is going on. i'm not responsible for that, but i'm happy to tell you what i know and make sure the proper officials of treasury give you additional information. the financial stability oversight council has been meeting actively in developing a number of rule m

mr. barofsky also has asked what did it do for main street. i think the study you pointed out, the zandy study -- >> i would ask unanimous condition sent for an additional one minute for the witness to respond. >> it makes it very clear, we would have entered into a second great depression. we could have entered into unemployment of above 16%. the fact that we averted that is a benefit to main street. the fact that people can now borrow again and they couldn't as a result of this crisis is a benefit to main street. the fact that we have an auto industry in this country and we saved a million jobs, not just at the auto companies but their suppliers is a benefit to main street. there are a number of benefits to main street. i don't think one has to look very far to realize that. as to the progress in implementing dodd frank, a lot of work is going on. i'm not responsible for that, but i'm happy to tell you what i know and make sure the proper officials of treasury give you additional information. the financial stability oversight council has been meeting actively in developing a number of

mr. barofsky also has asked what did it door main street. i think the study you pointed out, the zandy study -- >> i would ask unanimous condition sent for an additional one minute for the witness to respond. >> it makes it very clear, we would have entered into a second great depression. we could he entered into unemployment of abe 16%. the fact that we averted that is a benefit to main street. the fact that people can now borrow again and they couldn't as a result of this crisis is a benefit to main street. the fact that we have an auto industry in this country and we saved a million jobs, not just at the auto companies but their suppliers is a benefit to min street. there are a number of benefits to main street. i don't think one has to look very far to realize that. as to the progress in implementing dodd frank, a lot of work is going on. i'm not responsible for that, but i'm happy to tell you what i know and make sure the proper officials of treasury ge you additional information. the financial stability ovsight council has been meeting actively in developing a number of rule maki