you know his wife wendy was on the board of enron and she was you know the one that was pushing phil gramm to do the commodity futures modernization act and gramm which while it deregulated the banks years and much of the commodity markets look at. gary cohn the president of goldman sachs testified to congress and he said he said he literally said there is no natural long in grain no natural long in oil what did he mean by this what he meant is that is that it wasn't possible for his bank to invest in necessary commodities like food the way you and i might invest in apple stock or general electric or something like that in others we might have bought it if we were lucky in one thousand nine hundred four and that we just hold it for thirty years but there's you can't do that with great well for obvious reasons there's you shouldn't hold grain for thirty years but what they manipulated what they were able to do with the commodity index is they would if they were able to say ok if we go take a derivative and then once removed from the derivative another derivative and we call it an index and

got squashed by that bipartisan coalition of the clinton administration and alan greenspan and phil gramm said that as soon as the f.s.a. got created that leaders the senior leadership of the f.s.a. began coming to the united states to industry conferences and saying you should leave america and do your deals and locate relocate in the city of london because we will give you weaker regulation and then a guy that have been with the securities and exchange commission for many many years said that's exactly what happened on initial public offerings i.p.o.'s that the city of london officials began coming to the united states to the trade meetings and say do your i.p.o.'s in the city of london instead of wall street because we will. look the other way while you do this and so i'd only make what might are you know thinking about your point of course the labor party finance issues is not a party that is remotely of the left it is was a party of what would be an us terms the extreme right the lib dems were every bit as bad as the conservatives of anything are worse and so there has been no choice

was on the board of enron and ken lay wanted to start speculating in unregulated markets and so phil gramm introduced the commodity futures modernization act but back to bit romney mitt romney has as said that he's considering a failed banks there is a treasury secretary doesn't this tell us something about mitt romney. but but come on tom that's a little bit insincere i mean bill clinton's treasury secretary was was reuben who was a coach chairman of goldman sachs i'm not here to defend what the world but i am i will not defend robert rubin they are i'm mad as i am you ronnie. and i think this will be bill clinton's not running for anything this is totally this is totally hypothetical we don't know who it's going to be but it can't get any worse than tim geithner i mean look at his record and you talk about bonuses how about one hundred sixty five billion dollars of bonuses does. or took none none of that was that he was at the fed he was not a bank that there take it but he overseen it he was the treasury secretary when these bonuses were paid in your in your opinion maybe there's someth

phil gramm? >> guest: phil gramm, there's another one. he's--he's--there's something in addition to--to the mean-spiritedness. there's a kind of smarminess about gramm that i find distasteful. but then i don't like him. some people do. c-span: congressman tom delay from houston? >> guest: oh, no. now we're talking about my favorite trio of bozos. c-span: they are? >> guest: tom delay, dick armey and bill archer are these three powerful republican congressmen from texas, and i must say of the three delay is probably the only one who is actively stupid. the other two are really fairly bright. i just happen not to agree with them politically. but delay, sometimes you do have to question that man's sense. c-span: like what? >> guest: oh, he--one of his ideas is that we should bring back ddt. he's--he's one of those people who thinks that environmentalism is--is a--a non--a nonsensical and pernicious thing. he wants to bring back ddt. c-span: you always refer to him as 'the exterminator.' >> guest: he used to be--be a bug exterminator in sugar

control the exit if the velocity of money picks up, kind of going back to an op-ed piece written by phil gramm and mr. taylor about two weeks ago. if you look at the charts, ten-year rates that slipped a bit. if you look at the dollar index in gold, they seem to have already keyed in on their moves of the day. it will be interesting to see if q&a changes that. >> the chairman will be wrapping up his prepared remarks in just a moment and then he'll take some questions. meantime our senior economics reporter steve leisman has been monitoring those remarks. you saw, steve, what struck rick as the standout point. what strikes you? >> well, not that. what rick put up there on the full screen was pretty much word for word what the fed said in the statement last week or when the med meeting was held. that's been known by the market. what bernanke's doing is something i guess he's been inclined to do individually, but also has to do professional as chairman because of the unique fed policy that's out there right now. didn't have to -- used to be that a fed chairman felt compelled to go out there and r

phil gramm of texas and fritz hollings of south carolina and you saw the picture of biden, reid and mcconnellhner and they reached back and got these three old senators' idea to take the budget. if you can't balance the budget you have automatic spending cuts and that's what sequestration is, nothing more, nothing less. that's what it is. so they said, okay, if the committee can't agree we'll just have sequestration cuts. the committee didn't agree and now we'll have spending cuts across the board so where are those spending cuts going to come from? from the pentagon, who's freaked out about it? john mccain is freaking out about it. guess what? john mccain voted for the sequester and guess who else is freaked out about it, why? more military ships in the country than in virginia than anywhere else and then you have folks in the house side as well. in the debate on monday night you heard president bush slip up and say the sequester will not happen, right? and then hand? afterwards in the spin room, i think it was on a cliff and i can't remember and i walked that back. >> and one of the davids.

. >> and the phil gramm piece and the letter to the editor from schumer. >> it has everything. yeah, i liked the phil gramm piece, that in previous election, we've never had people that have gotten to depend on the government so much. food stamp number up 65% in this presidency. no other president -- 25% increases. >> do you think this was the worst town tudownturn we've see? >> we've had they will before, but -- >> they weren't around for the great depression. >> but where was i. okay. so one of the first major hedge funds that try to profit from a rebound in the housing market by investing in foreclosed homes is now looking to cash out. reuters is reporting that och-ziff said it wants to exit from that business. we had someone from -- of. >> i don't know if we've had him before. if not and he's watching -- >> you've tried probably. >> i haven't, but i probably should. >> the hedge fund is looking to make a profit on on a portfolio of about 300 foreclosed properties in northern california that were acquired at distressed prices. and a new report says two-thirds of the national

john cornyn, seeking advice from senator kay bailey hutchison, seeking advice from former senator phil grammall of whom have given me their insights on how to be effective, how to defend texas. >> is there something you want to learn more about or maybe you think your knowledge base is not where you want it to be? >> i'm drawing on their experience and show them -- i haven't served in the u.s. senate, neither has mr. sadler, i welcome and rely on their experience about the institution, about the individual people in that institution and my intention if and when i'm elected in november is to put my nose down, roll my sleeves up and do the hard work it's going to take to fix these problems. >> mr. sadler, how would you get up to speed and is there a policy area you think you would have to lean on your colleagues? >> foreign policy. we're not privy to the security briefings that senators get. we don't have those things. i've been very measured in my criticisms of -- i've never been critical of mr. obama or mr. romney on foreign policy because i think it's important that you know what you're tal

john cornyn, seeking advice from senator kay bailey hutchison, seeking advice from former senator phil gramm, all of whom have given me their insights on how to be effective, how to defend texas. >> is there something you want to learn more about or maybe you think your knowledge base is not where you want it to be? >> i'm drawing on their experience and show them -- i haven't served in the u.s. senate, neither has mr. sadler, i welcome and rely on their experience about the institution, about the individual people in that institution and my intention if and when i'm elected in november is to put my nose down, roll my sleeves up and do the hard work it's going to take to fix these problems. >> mr. sadler, how would you get up to speed and is there a policy area you think you would have to lean on your colleagues? >> foreign policy. we're not privy to the security briefings that senators get. we don't have those things. i've been very measured in my criticisms of -- i've never been critical of mr. obama or mr. romney on foreign policy because i think it's important that you know what you're t