role. >> i wanted this out -- i wanted this out. >> i am not wrong. >> he was not on a committee paul volcker was ad visor to alabama onissues volcker has never mentioned to president obama they show should do one thing and one thing only that is break up the banks. neil: he is now saying it have a problem is it? >> it is. charlie would agree -- >> don't assume anything. >> i should not he was against doing what happened 20 years ago when they split up or allowed financial and commercial banking to come together so financial wheelers and dealers on wall street had access to money pumped up by federal reserve that is when glory days of wall street started. volcker was against that he saw that normal focus on the there their money will be mixed in with wall street money that is a problem, volcker saw that. >> i never heard paul volcker saying we should reinstate glass-steagall that is what you are talking about. >> he was biggest enemy of getting rid of glass-steagall. >> this is what paul volcker wants. neil: he worked with him some so did i. >> and longer, and i am older and longer. neil: he

. >>> also former fed chairman paul volcker telling regulate, to wake up.have a huge financial problem yet addressed in our system. what is it and is he right? we'll debate that coming up. people ship all kinds of things. but what if that thing is a few hundred thousand doses of flu vaccine. that need to be kept at 41 degrees. while being shipped to a country where it's 90 degrees. in the shade. sound hard? yeah. does that mean people in laos shouldn't get their vaccine? we didn't think so. from figuring it out to getting it done, we're here to help. if you have a business idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reality. start your business today with legalzoom. >> sanctions coming down, i don't want to get out ahead of john kerry and my negotiators in terms of how to craft this. i would just take a general observation. and that is, that, how sanctions are, lessened, how we snap back sanctions if there's a violation, there are a lot of different mechanis

>> i want to ask you about the extraordinary group of pullers how did you get paul volcker so glowingly to embrace this book? >> he has enough is a few blocks away in their asking for a blurb with his time at the fed it was the test meeting. to have questions of my history and i was so surprised three months later nothing had happened then i got the endorsement but just with the very scope of it. >> also is in the future of money in there is the chapter of the future we can talk about. >> there will be a point with the on-line services that we will not in the coinage. is that possible? >> 85% of transactions which is surprising it is tough to find a credit-card reader or choose my pay credit-card with that germany over 80 million people the 10 billion with credit cards but so it means gilts sow their cultural reasons why they don't in tight end that the territory that has higher marriage rates that is when the marriage rates are higher. if you have more money in the bank there is an abundance of malone's of the economist rights the disease your id narrow began york and instantly to pay

[laughter] with a the greenspan underwear for all paul volcker underwear. [laughter] you are irrationally exuberant. >> but to all you young people who is the most offensive? brady? >> he is a gentleman. >> they just don't want to get into it. neil: is it back? neil: maybe he did catch a break. he is getting closer to the hall. [ male announcer ] we know they're out there. you can't always see them. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner brighter future. at boeing, that's what building something better is all about. ♪ ♪ neil: ready for the comeback? a new commission in says he will be allowed to participate in the all-star game in cincinnati. but former commissioner says that could be bad news for baseball in joins us on the phone. >> i am a fan of yours and i respect what you go through. bravo. neil: but what is mitt -- misleading is what they are allowing him to do since the event is in cincinnati that all of the all-star teams can

neil: paul volcker warning this regulators do not go far enough. >> in a way that reflect the changesn the market we're in trouble. big trouble. neil: volcker said, here is why we're in big trouble banks door big to fail, and problem for financial industry are too many to count. his big fear, big banks are way too

[laughter] with a the greenspan underwear for all paul volcker underwear. [laughter] you are irrationally exuberant. >> but to all you young people who is the most offensive? brady? >> he is a gentleman. >> they just don't want to get into it. neil: is it back? neil: maybe he did catch a break. he is getting closer to the hall. the world is filled with air. but for people with copd sometimes breathing air can be difficult. if you have copd, ask your doctor about once-daily anoro ellipta. it helps people with copd breathe better for a full 24hours. anoro ellipta is the first fda-approved product containing two long-acting bronchodilators in one inhaler. anoro is not for asthma. anoro contains a type of medicine that increases risk of death in people with asthma. it is not known if this risk is increased in copd. anoro won't replace rescue inhalers for sudden copd symptoms and should not be used more than once a day. tell your doctor if you have a heart condition, or high blood pressure. tell your doctor if you have glaucoma, prostate or bladder problems, or

[laughter] with a the greenspan underwear for all paul volcker underwear.laughter] you are irrationally exuberant. >> but to all you young people who is the most offensive? brady? >> he is a gentleman. >> they just don't want to get into it. neil: is it back? neil: maybe he did catch a break. he is getting closer to the hall. next. let's pin 'em to the wall. kick 'em around. kick 'em around, see what happens. because we're in the how-do-i-get-this-startup- off-the-ground business. the taking-your-business- global-business. we're in the problem-solving business. 400,000 people - ready to help you solve problems while they're still called opportunities. from figuring it out to getting it done we're here to help. ♪ ♪ ♪ (under loud music) this is the place. ♪ ♪ ♪ their beard salve is made from ♪ ♪ ♪ sustainable tea tree oil and kale... you, my friend, recognize when a trend has reached critical mass. yes, when others focus on one thing you see what's coming next. you see opportunity. that's what a type e* does. and so it begins. with e*trade's investing insight

. >> liz, i think of courage in federal reserve, i think of paul volcker, my job is to keep the currency stable, even if that leads to a recession. we had a two year recession. >> true. >> that is courage. >> and in middle -- >> what volcker did. >> in middle of a deep recession in mid elf 80s citigroup experienced first of 3 collapses. but bernanke was saying raising interest rates like taking a elephant gun to a mosquito. i am not sure he picked this title, this is an inept title. i understand their psychology, but, we're dealing with now is we tried everything. we tried triples of fed balance sleet attacks hikes and government spending what about tax cuts, we have yet to do that. >> simon and liz. one time all 3 of us were at "wall street journal." >> i am still there. >> thank you very much. >> so is the white house about to give thetic smek the economy some juice by squeezing the middle class some more. but first grover norquest is revved up, and he is here, that is next. the pursuit of healthier. it begins from the second we're born. after all, healthier doesn't happen all by itsel

that the point what you're seeing is because of the volcker rule, a rule named after paul volcker, themer presidential adviser, fed chairman, in the early 1980s. banks can't do that anymore, and other rules make it impossible for banks to hold onto inventory. this is what he's saying, if there is ever, ever a route in the bond markets, which essentially that was part of the financial crisis, people having to sell the prices of mortgage backed securities and other securities going down, wall street firms are prohibited because of new rules from jumping in and preventing a fire yard sale at holding inventory until things get better. that is what jamie dimon said, you have to read it three times. i covered the financial crisis, covered a lot of stories what was going on. i interviewed jamie dimeon. they're not going to hold onto the inventories. not only that, some other issues are going to go on here. firms will not be willing to step up to the plate like jpmorgan did and buy bear stearns. why is that? jamie, as he knows from firsthand experience assumed all of bear stearns liebt. he had

how did you get paul volcker to so glowingly embrace this book? >> it was certainly unexpected.he has an office actually, not -- across the street or two with blocks away from where i worked. i sent him a letter. not asking for a blub, just because i'd done some research, and i had some questions about his time at the fed. he invited me into his office and it was a tough meeting, you know? [laughter] he had a lot of questions about my history the history i'd worked on, and i said, well, i just want you to read it. and i was so surprised maybe three months later, nothing had happened. i got an e-mail from his assistant with an endorsement. but he appreciated i think, just the very scope of it because it wasn't it's not just a traditional history book. he was also fascinated in the future of money. we had a big conversation about the future of money and what that holds. and there's a chapter on the future, we can talk about that -- >> yeah. did you think -- some people say there'll come a point because of the online services that you won't need coinage and cash. do you foresee tha

bill: the experience from the late 1930's to 1979 when paul volcker turned it around with real interestence through world war ii and into the 1950's and 1960's was that the real interest rate averaged about -2%. that is the historical example. ben bernanke in his blog this week he basically says no deal. if interest rates are that low surely someone in the rest of the world would want that money and use it for investment. larry summers thinks the opposite, that there are structural influences in terms of high debt and demographic aging populations, headwinds that reduce the real rate. i'm in that camp if only because we have high debt relative to gdp. everywhere in the world. high debt, you need lower real interest rates to keep the economy above water. olivia: what are you looking for? what is going to be your signal that rates have hit rock bottom? bill: well, in the u.s., the signal would not be clear. you have this huge spread between 15 basis points in germany but if we move closer the u.s. treasury can continue to rally. i think where it is now is basically pinned between 1.65% an