longtime bank critic elizabeth warren came out swinging in her first hearing as a member of the senate banking committee. >> reporter: banks and bank regulators got a taste of how their lives will be different now that massachusetts senator elizabeth warren is on the commit we oversight over their agencies. at her first banking committee hearing a simple question for the simple head of the ftc, cftc, fdic and the treasury, among others. >> the question i'm real asking is can you identify when you last took the wall street banks to trial? >> i will have to get back to you with the specific information, but we do litigate and we do have settlements that are either rejected by the commission or not put forward. >> okay. we've got multiple people here. anyone else want to tell meet last time you took a wall street bank to trial? >> now the s.e.c. chair echoed the views of fellow regulators that trials are costly and time-consuming and settlements can achieve their goals, but senator warren wasn't buying it. >> there are district attorneys and u.s. attorneys who are out there every day squeezing ordinary cit

. >> is her debut on the senate banking committee. >> pretty comfortable. >> can you identify when you last took the wall street banks to trial? >> they couldn't answer. >> i will have to get back to you. >> we have not had to do it -- >> folks, that is bs. >> don't have much incentive to follow the law. >> ezra klein holds out there are calling for bankers to go to jail. >> this is what she knows best. this was her moment. >> that is why she was sent to washington. >> also gets a triple a rating from standard employers. >> the weirdest thing happened in the days after the state of the union. my colleagues in the press, they watched the exact same speech i watched, i think. they heard the same policies i heard and a lot of them walked away saying kind of, nothing new here. the headline in the national journal was nothing big or bold about obama's state-of-the-union address, nothing big or bold. really? i had exactly the opposite take, i thought president obama's state of the union was shockingly bold. and the reason i say shockingly is that usually you get the second-term agenda during

the federal reserve chairman takes a seat before the senate banking committee for two days to field questions about the economy. and storm watch 2013: a nasty blizzard with powerful wind pounded the great plains. wild tornadoes could next spawn across southern states. fed ex is among the companies reporting delays in stormy states. larry levin of trading advantage is here to help us navigate the trading day. it could be a critical day here. good to have you on the show larry. what caused that big move yesterday in the market in the late trading session? > > to me it was about the sequester, everybody knew the politicians were going to come on financial tv and kind of start sparring back and forth, and it certainly doesn't look like we are getting closer to a deal, and we are getting closer and closer, and the market finally had enough and started selling off. > how concerned should we be about that massive move in the vix? it jumped about 28% yesterday. > > i think you should be quite a bit concerned. it was up, like you said, 25 or 30% yesterday. if it is up 25 or 30% again today, it is not

banking system. and then there was a similar exchange with senator warren, the new senator from massachusetts, who is now sitting on the committee for the first time, over the issue of too big to fail, where she argued that there's an implicit subsidy and the banks ought to pay the taxpayers for that subsidy. bernanke said the market subsidy on too big to fail is wrong and the government will not do bailouts, it would do so according to the new dodd/frank. two other points, on the exit he said the fed may not have to sell assets at all. interesting to think about how much the market has internalized that concept. in fact, just let the additional assets run off over time. and finally, a strong recommendation from the chairman, a strong political recommendation from the chairman, on letting the sequester happen at all is what i heard. he's very concerned about the headwinds from the sequester, scott. >> steve, it would certainly seem that he did at least provide some sort of clarity for market participants on where the fed stands on quantitative easing and whether it will end that policy any time soon as the markets were roiled la

he will be on capitol hill testifying before the senate banking committee about whether the fed will wednesday, bernanke will appear before the house committee on financial services. >>> the civil trial against b.p. is underway in new orleans. the government said on monday bp is responsible for most of the 2010 oil spill in the gulf of mexico. 11 workers died when the oil rig exploded. bp claims the company -- blame the company that owns the oil rig. if the oil giant is found guilty, it could pay billions in damages. >>> a surprise move by yahoo!. it's ordering everyone back to the office. according to a memo leaked from the company's h.r. department, yahoo! will end its work-at-home policy in june. the memo reportedly says working face to face fosters more creativity. critics say the policy change will hurt workers who care for children or aging parents. >>> and europe's horse meat scandal has snared furniture giant ikea. the swedish company on monday took its popular meatballs out of store freezers in 24 nations, but not the u.s. ikea says the meatballs in the states are safe. the

now, the new york times reports, senate banking committee members are asking white to answer detailed questions regarding her past experience. lawmakers are concerned due to white's time spent representing wall street as a defense attorney. white responded, stating she has an established track record and a reputation of being tough but fair. she will attend a senate confirmation hearing on march 11th. boeing is running lab tests on lithiom-ion batteries for its 787 jets, grounded since january. but the faa wants to see the results of those tests before deciding whether to allow test flights. some published reports indicated that federal regulators were close to allowing those flights, but that was refuted by the faa. the ceo of apple is still avoiding money talks. yesterday, apple shareholders gathered for the tech giant's annual meeting. ceo tim cook would only reiterate that the board is holding "active talks" on the massive amount of cash - $137 billion - on apple's balance sheet. the company is under pressure from hedge fund manager david einhorn to return some of the cash to inve

tomorrow, federal reserve chairman ben bernanke delivers the monetary policy report to the senate banking committee. you can see that at 10:00 a.m. eastern on c-span3. that all of the critical infrastructure sectors are moving together to increase cyber security because everything is so independent -- interdependent. >> tonight on the communicators at 8:00 p.m. eastern on c-span2. we are expecting the house to come back involuntarily to work on a bill that remains a california -- that renames a california flight center after neil armstrong. and then tonight, members of the congressional black caucus plan to topple -- talk on the floor for an hour. and then a discussion on the bill that reauthorize is the violence against women act. by tomorrow, federal reserve chairman ben bernanke delivers the monetary policy report to the senate banking committee. you can see that at 10:00 a.m. eastern on c-span3. that all of the critical infrastructure sectors are moving together to increase cyber security because everything is so independent -- interdependent. >> tonight on the communicators at 8:00 p.m. easter

ben bernanke will begin two days of testimony before the senate banking committee.

senate banking committee. investors are going to be watching if he gives any further indications about how long the fed intends to keep providing economic stimulus. also, you should expect new reports today about consumer confidence and the housing market. >>> in the meantime, the government started to sell the rest of its stake in general motors. in a report to congress, the treasury department says it sold more than $156 million worth of jm stock last month. the -- g.m. stock last month. the report says the government has recovered 29 of its nearly $46 billion bailout of g.m. >>> regulators are deciding whether to investigate a complaint about steering failure on the toyota prius. annual automotive laboratory in virginia asked for the investigation after a client's car was found to have the steering column not installed correctly. >>> and yahoo employees have been put on notice. come into work or quit. according to internal memo leaked by "the wall street journal"'s all things d blog, employees who work remo

he will be on capitol hill testifying before the senate banking committee about whether the fed will showdown or stop its bond buying program. tomorrow bernanke will appear before the house committee on financial services. >>> u.s. government has started to sell the rest of its stake in general motors. in a report to congress, treasury department said it sold more than $156 million worth of gm stock last month. report says the government has recovered 29 of its nearly $46 billion bailout for general motors >>> cars will soon go by fly. gm and at&t teaming up to add 4- g wireless service in 2015 cars and trucks. the feature will let you ditch dvds and stream video to the back seat. it will boost gm's onstar navigational system allowing realtime traffic updates while you drive. >>> show up to work or quit. sunnyvale-based yahoo's new ceo marissa mayer just dropped a bombshell on her employees, no more working from home. the hr department outlined the change in a memo to become the absolute best place to work, communication and collaboration will be important so we need to be working si

lives are and jackie done in tonight's conversations with great minds also in her first senate banking committee meeting yesterday elizabeth warren was kicking butt and taking names as she hammered home the point that wall street banks need to be held accountable for their role in devastating our economy so why haven't the big banks been put to trial and punished for their role in america's financial collapse that and more into night's big picture rubble and nobody should have to wait in line for hours to vote because of the republican voter fraud which that's become a reality in america the talking heads of fox news that that's why i explain in tonight's guilty take. for tonight's conversations with great minds i'm joined by bernard leo tara and jackie done for art is an international expert in the design and implementation of currency systems and a research fellow at the center for sustainable resources at the university of california berkeley and jackie is an award winning journalist from ireland founder and c.e.o. of. the new resource and emerging global leader in helping entrepreneurs devel

was addressed by one newly elected senator elizabeth warren who spoke to bank regulators on the hill and her first hearing as a member of the senate banking committee take a look. see what i want to know is tell me a little bit about the last few times you've taken the biggest financial institutions on wall street all the way to a trial. anybody. after financial regulators skirted around the question and try to justify why you know banks have been brought to criminal trial she followed up by famed neath. district attorneys and u.s. attorneys who are out there every day squeezing ordinary citizens on sometimes fairy thin grounds and taking them to trial in order to make an example as they put it i'm really concerned that too big to fail has become too big for trial indeed the immunity from bank c.e.o.'s have come to appear in my eyes the two tiered justice system where the richest and most powerful people in the world are held to a different set of laws to the rest of us so what's the answer do we restore justice through more government regulation or is the government the problem in the first place join me now to discuss this stuff on my new essayis

she seemed to settle in quite comfortably during her debut yesterday on the senate banking committee.ors to task. >> wow, she did. >> with a direct and simple question, which it was simple, but there was no answer. take a look. >> tell me a little bit about the last few times you've taken the biggest financial institutions on wall street all the way to a trial. anybody? >> we've actually had a fair number of consent orders. we do not have to bring people to trial -- >> well, i appreciate you say you don't have to bring them to trial. my question is when did you bring them to trial? >> we have not had to do it as a practical matter to achieve our supervisory goals. >> can you identify when you last took the wall street banks to trial? >> i will have to get back to you with the specific information. >> anyone else want to tell me about the last time you took a wall street bank to trial? you know, i just want to note on this, there are district attorneys and u.s. attorneys who are out there every day squeezing ordinary citizens on sometimes very thin grounds. and taking them to trial in

lives are and jackie done in tonight's conversations with great minds also in her first senate banking committee meeting yesterday elizabeth warren was kicking butt and taking names as she hammered home the point that wall street banks need to be held accountable for their role in devastating our economy so why haven't the big banks been put to trial and punished for their role in america's financial collapse that and more into night's big picture rubble and nobody should have to wait in line for hours to vote because of the republican voter fraud which that's become a reality in america the talking heads of fox news that that's why explain in tonight's guilty. for tonight's conversations with great minds i'm joined by bernard leo tara and jackie done for art is an international expert in the design and implementation of currency systems and a research fellow at the center for sustainable resources at the university of california berkeley and jackie is an award winning journalist from ireland fellow. good c.e.o. no it's a new resource an emerging global leader in helping entrepreneurs develop te

our first guest is on the senate banking committee and he questioned the fed chairman earlier today. ining me republican senator david vitter from louisiana. i was watching, senator, thank you so much for joining us. >> thank you, ashley for the invite. ashley: you didn't concentrate on the fed's stimulus or ongoing stimulus program. you wanted to focus on what elizabeth warren was talking about, too big to fail. you say it is alive and well and basically not a lot changed since we first got into the financial crisis? >> yes. i think it is noteworthy both i focused on that and elizabeth warren on the far left focused on that. i think there is a growing bipartisan consensus, she and i sort of define the spectrum of the banking committee, maybe the senate. i think there is a very growing bipartisan con send that's -- consensus that too big to fail is alive and well and that's a problem. and giving the megabanks a taxpayer-funded subsy essentially. and oh by the way, not surprisingly they're growing significantly in market share since the crisis. ashley: the fed chair said in response th

watch watch tomorrow is the federal reserve chief ben bernanke testimony in front of the senate banking committee. remember global markets took a big hit last week following the publication of the minutes from the fed is last meetings that could move the market. lauren: tomorrow, liz claman joins us live for this uni the h exclusive interview with treasury secretary. we don't want to miss that. david: but now we have "money" with melissa francis next. melissa: i am melissa francis and here's what is money tonight. in the looming budget with automatic spending cuts, some lawmakers are actually giving money back to taxpayers. south carolina congressman geoff duncan is here to explain how he is doing it. maybe the white house should listen up. i don't know. with three days left until the sequester cuts, is the president resorting to scare tactics? joining us exclusively on whether we heard the administration cry wolf too many times. those hoping to cash in and not be making the money they had hoped for. dealers are getting slammed by taxes of all things. some hang as much as 75%. will uncle sam driv

at her first hearing as a member of the senate banking committee last week, elizabeth warren, our newm massachusetts and according to rolling stone's matt taibbi and me, the future president of the united states did not disappoint. >> the question i really want to ask is about how tough you are. about how much leverage you really have in the settlements and what i would like to know is tell me a little bit about the last few times you've taken the biggest financial institutions on wall street all the way to a trial. [ applause ] anybody? >> john: that's a senator and not a lefty blog? the response was a series of regularities from the s.e.c., the occ and other agencies providing excuses for why they haven't brought any of the big wall street banks to trial in recent history. senator warren was less than pleased with their response. >> i'm really concerned that too big to fail has become too big for trial. that just seems wrong to me. [ applause ] >> john: i would have gone with too big to bail out but it works. joining me now to discuss this and many other issues are host of the week

a semiannual testimony in front of the senate banking committee tomorrow. joining me now, alec for the markets and the economy. senior economist.@ great to see you again. before we get all of that, i know you were a speaker at the big governors confab this weekend, and sequestration was also a huge topic of conversation. we know what the president releasing a state-by-state impact of the sequestration, he's trying to get the governors on board with his fight to promote his cause. how the governors feel about that? was your impression participating in the conference this weekend? >> everyone is concerned, and the way that i lay it out, we really don't know. i mean, you think it is much ado about nothing or another moment. and you would think that it is -- $44 billion, they say it's 85, but that's actually budget authority. and you would think in that three and a half trillion dollar budget that we could do that without bringing about armageddon. i mean it just seems -- it seems -- but it is also understandable because two-thirds of the budget is off-limits,

live coverage before the senate banking committee will be live on c-span 3 at 10:00 eastern. in a few moments, today's headlines and your calls live on "washington journal." the house of representatives is back in session at 10:00 eastern for general speeches with legislative business at noon. in about 45 minutes, we will focus on the automatic federal budget cuts known as sequestration with loretta sanchez of california. a number of the armed services and homeland services communities. then a republican from wisconsin and a member of the budget committee. at 9:00 eastern, we will look at

live coverage of his testimony before the senate banking committee will be on c-span3. . . ..s they are binding. -- >> they are binding. >> i am talking about the statement of the u.s. officials on the amputees. the best way to move forward is the major principles to be agreed to a sure iran and the states will respect the rights and to ensure -- the priority for the u.s. and the west is 20% enrichment. if this is true, if they want iran to tap its arrangement -- enrichment at five percent and then they went the wrong to limit it stockpiles, iran has said, we are ready to stop 20% enrichment. they would be ready to for any deal on the stockpiles. the issue is with reciprocation's. this is the big issue of no greater capability. capping at five percent. they are not ready to talk to the united nations security council resolutions at all. they are not ready to talk here are really -- unilaterally about u.s. sanctions. there is only one option for the europeans to take the unilateral sanctions if iran is going to accept a that i percent and limitations on it stop files. otherwise

he's going to appear on capitol hill before the senate banking committee. bernanke will likely face questions regarding the potential impact of sequestration on the economy, how long the fed will continue its bond buying program aimed at spurring growth. we're going to bring you live coverage. it begins with a q&a session with the lawmakers. >> we're back in the world where people say, it's all phony. when people -- when the market goes down, they come out and say, it was phony, it was all bernanke. that's all there was. i bridle at that. bernanke is not why home depot has good numbers. home depot is well managed. how high would they really climb, would they skyrocket if bernanke walked away and gave them a lack of loan demand? >> i think that's a key question. with the 10-year coming back, moving down in yield, people think there's another year where you were yelling and screaming at the beginning of the year. if they do need to remove qe, you could see a 200-base rise is not -- that's not me saying that, that's a lot of people's opinions. >> i think the 1

. >>> baeren bernanke is in the middle of testifying to the senate banking committee. the federal reserve chairman talked about how the economy is slowly but surely improving. he also discussed the impending sequestration and said he feels the $85 billion in cults is too drastic of a move with the economy still so fragile. >> replacing the sharp front-loaded spending cuts required by the sequestration with polities that reduce the federal deficit more gradually in the near term but more substantially in the longer run. such an approach could lessen the near-term fiscal headwinds facing the recovery while more effectively addressing the longer-term imbalances in the federal budget. >> bernanke added that the federal reserve is working with the various intelligence agencies to help prevent future cyberattacks from hackers on banking websites. >>> the nba's most infamous bad boy is working on his international diplomacy career right now. dennis rodman is spending some time in north korea. you're looking at his arrival earlier today. he's traveling with three members of th

. >> thank you, i want to start by saying how excited it is to bring in a member of the senate banking committee with my colleagues and look forward to working with you all and want to thank you, chairman johnson and ranking member crapo, my good friend, for allowing me to be part of this. in west virginia we have a lot of community banks that are released a bland done a good job and caught up in this whole banking change and regulations. with that being said i know there have been some things that have helped by dodd-frank, but most committee banks believe it has been very onerous. federal restored--federal reserve board governor gave a speech in favor of community banks that one size fits all, regulatory environment makes it difficult for community banks and i ring compliance experts can put an enormous burden on small banks and went on to say hiring one additional employee would reduce return assets by 23 basis points and for many small banks, 13% of banks with assets less than $50 million, they did not cause this problem that we got into in 2008 but they were lumped in with all the bad actor

want you to listen to a comment from ben bernanke before the senate banking committee, and then we can react to it on the other side. >> the cbo estimates that it would cost about 0.6% of growth in this year and the equivalent of 750,000 jobs, so it would be a drag on near term economic recovery. more broadly all of the actions taken this year from the cbo would be a drag of 1.5 percentage points which is significant. >> let me ask you. what do you think is going to happen from some of the conversations that people like you are able to have with some of the leaders in washington over time? what do you think is going to happen? >> i haven't had any real conversations as it relate to the sequestration. i do believe, you know, we need to get this country, as the rest of the world does, on more fiscal responsibility, and whatever it takes to get that done, whether it's a threat, a few days, a few weeks, i think it could happen. you know, chairman bernanke is certainly right and hard to argue with, but i think what he's referring to is over a projected longer period of time. i don't think w

the focus is not just italy but on the fed reserve chairman ben bernanke speaking to the senate banking committee he made clear that the bond buying program was indeed working there was absolutely no indication that he intends to slow down or to ended so no change the monetary policy that's a positive signal for the markets and as we're seeing right now both the dow and the nasdaq are gaining the nasdaq is ever so slightly and that's also thanks to a bit housing data and consumer confidence reports now moving on to the currency markets the euro was pretty much flat to negative to the dollar as for the ruble it ended the day a lower to both the dollar and the single currency as you can see right there and here in moscow equities ended the day in the red with plenty of volatility on the international markets and russia's main driver of crude oil being down on tuesday the blue chips pretty much had nowhere to go but down ross center on the bank of moscow war among the only stocks that managed to buck the trend. slower than expected economic growth rates are dogging not just the developed but also th

market seemed to take comfort into what bernanke said today in his testimony before the senate banking committee. fed's not going anywhere any time soon. economy continues to expand at a moderate but uneven pace. and warned of the significant headwinds that do exist for the market, if the sequester takes hold at the end of the week as it is scheduled to do. >> and a reminder that the cuts could kick in by the end of the week, if they don't get their act together in congress. >> yep. all right, that does it for us here on "the closing bell." thanks to you for watching. see you, sue. "fast money" starts right now. >>> and live from the nasdaq market site in new york's times square, i'm mandy drury, sitting in for melissa lee. apple in focus. can david einhorn and apple shareholders finally make the company cough up its cash? karen's got the fine print ahead of a key meeting tomorrow. plus, retail detail. from high end to low end, we're going to go on a shopping spree for the best names in retail with an industry pioneer. and the fear trade. why the latest moves in the vix are bad news for the bull

perhaps you can hang it on ben bernanke, the fed chairman, testifying today before the senate banking committeethoughts to market bulls and certainly they are running with it today as they do look at a triple-digit advance as we head towards the close. take a look at morgan stanley. interesting to look at the banks today. they have certainly been volatile and a volatile day it has been off the open. probably has a little to do with what's going on over in europe and bernanke making some decent comments or perhaps some comments about the banks that he's not so worried about the contagion from europe and then you have a nice recovery and the shareholder meeting tomorrow. that's going to be closely watched. there's nice move and goes sideways and that stock is going to end up 1.5% and we'll be following the shareholder meeting tomorrow. let's bring in terry dolan, brokerage and ceo, what's your read here? yesterday we're standing here and the market is down 200 points and here we are up more than 100. what's the person watching supposed to make of all of this? >> what we've seen is both the fear a

. >> you were in the bernanke hearing today, the senate banking committee, and the fed chairman saidhat this budget sequester, the budget sequester is going to damage the economy. slow things down. do you agree with him? >> well, i think if you calculate it as $85 billion and you took it out over a year it will slow it down. it is about 0.2% . >> you are helping the economy to grow, certainly in the long run and maybe the short run. >> what most people don't realize, this will be the second time in since world war ii we have actually made a cut in spending at the federal government level and even though they make this 1.2 trillion, the actual government spending still going to rise every year. so the first time we did that was 1995. we sequestered about we did a recision in the house and cut about $60 billion. one of the reasons we got the balanced budget and the late economic growth in the late 1990s and 2000 is because we did that. i think this is a moderate cut. it is 2.25% of a $3.7 trillion budget. my goodness. if we can't find that, something is wrong with us. >> that's why i t

now, ben bernanke is headed back on to the hot seat this week to testify before the senate banking committeeorrow and then the house financial services committee on wednesday. you can expect bernanke to defend the fed's easy money policies. the question is will the new committee chairman tangle with bernanke's money pumping? here now is the new chairman of the house financial services committee, mr. jeff hensley, republican from texas. mr. chairman, welcome back. i think bernanke is going to defend his policies to the hill, and what i'm very interested is in how is your attitude? this will be your first new real committee ben bernanke experience. will you tangle with him? do you disagree with his easy moneys? >> i'm not sure i would use the word "tangle." i have the greatest am of respect for chairman bernanke. but whether we're on qe-3 or qe-33 or qe-infinity, i feel that the marginal benefit of a policy is almost negligible. the risk of incredibly high inflation or possibly bringing us in to a next recession. possibly bernanke could prove to be chairman houdini and unwind this at exactly t

but senator warren showed no love for wall street at her first hearing as a member of the senate banking committeehere she pushed bank regulators to answer the simple question. when was the last time you took a wall street bank to trial? >> tell me a little bit about the last few times you've taken the biggest financial institutions on wall street all the way to a trial. anybody? i appreciate that you say you don't have to bring them to trial. my question is when did you bring them to trial? >> we have not had to do it as a practical matter to achieve our supervisory goals. >> can you identify when you last took the wall street banks to trial? >> i will have to get back to you with the specific information. >> while the video has become a youtube sensation with over one million hits in under a week, the banking community is less than thrilled. according to politico, one top wall street executive called warren's performance at the hearing shameless grandstanding, while others on wall street took issue with warren's claim that nobody believes that bank books are honest. that does not stop senator wa

be listening closely to fed chairman ben bernanke on capitol hill testifying before the senate banking committee bond buying program. tomorrow ben bernanke will appear before the house committee on financial services. >>> and a new survey finds americans are still struggling to save in the aftermath of the recession. here with tips to help you increase your nest egg, jill schlesinger, editor at large for cbsmoneywatch.com. and jill, i guess first question, where do we stand? >> reporter: bankrate.com says saving has stalled after the past two years. just 55% of americans have more emergency savings than credit card debt. a quarter admit to carrying more debt on plastic than money in the bank. 16% say they have no credit card debt but no savings so that means 40% of the population is living fairly close to the financial edge. >> do the results surprise you? >> reporter: you know, not really because during the recovery from the recession, real income meaning when we adjusted for inflation, real income per family grew by 1.7%. but don't be dismayed about this one. gains were very uneven. the top 1%

. >> the senate banking committee will hear from ben bernanke about monetary policy at 10:00 eastern look for live coverage on c-span 3. bob next. democratic calller. caller: my question is this, i am a retired food inspector. i heard on television the department of agriculture would be affected to the point that a lot of inspectors will not be working. how are these things going to be able to produce inspector content without inspectors? i think that will create a big problem. the inspectors would be required to bring them out of the plant. it would not be government inspected. >guest: thank you for that. thank you for making people understand what federal workers do. we had a couple calls where these people do nothing. again, go back to every day you are affected by the federal government. you go to the store and pick up your ground beef. you just assume that it is good. who we have? we have food inspectors, because what we find out is when we do not have enough people on the line looking out for your health but there are some bad players in the market. in europe they are grinding

two months ago she's been kicking ass and taken names using her influential seat on the senate banking committee warren has already called out the nation's top financial regulators for failing to take wall street firms who broke the law to trial there she was on c.b.s. recently talking about the regulation of banks we have to say as a country no the banks cannot regulate themselves they are financial institutions that run the risk of taking down everyone's job run the risk of taking down everyone's pension run the risk of taking down the entire economy and that means it's appropriate to have some government oversight. and in a february fourteenth hearing warren told bank regulators this we face some very special issues with big financial institutions if they can break the law and drag and billions in profits and then turn around and settle paying out of those profits they don't have much incentive to follow the law one continued taking on this nation's corrupt financial industry yesterday pressing federal reserve chairman ben bernanke he about the risks and fairness of having banks that are too

live coverage of his testimony before the senate banking committee will be on c-span3 at 10:00 a.m. eastern. >> on route 66, people were traveling. for fun, for a job, the grand canyon, working the agricultural fields in california. at first, it was just a way to get somewhere. your destination was california. later on, after all the stake pits blossomed up and all the store -- 08 -- all the tourist traps and the motel's. when those of things started springing up, it came like a big amusement park and rude 66 became the destination. it is not, can we go to the beach in california? it is like, let's go to route 66 because all the fun stuff is there. it is like a big klong amusement park. >> get your kicks on route 66. we look behind the scenes of the history. -- history and literary life in albuquerque. >> hearing from president obama and vice president biden in the white house, this is 20 minutes. [applause] >> i did not know jack is as good as he is. thank you all very much. you guys are much more disciplined than in the place i lived in 30 -- for 36 years. running ahead of schedul

the top republican on the senate banking committee aleurone peter barge yesterday in an exclusive interviewway. >> fha report is a part of that, and i would like to see as focus very aggressively in a broad sense on capital formation. too much capital on the sidelines because of what i perceive to be a climate in which business just does not know what the rules are going to be. >> reporter: across the house financial service committee and hosting a pair of committees and the fha. analysts are skeptical. congress accomplishes much on housing, major budgeting tax and spending issues, dominating the congressional schedule. back to you. cheryl: all right. thank you. well, we have been talking about it all morning, and here we are. 13,991, but the dow today entered a crossing the 14,000 mark, heading for an all-time high. now you can keep the bull run in your pocket book and make a little cash. dennis: super commercial bowles. ads sponsored with millions at stake. highlights coming up. first, take a look at today's s&p winners in a be a loser to. ♪ ♪ making the big romantic gesture. that's p

the truth is that i think the thing we should all be most outraged about is, look at the senate banking committee, who are the firms that are giving them the greatest campaign contributions? goldman sachs, jp morgan, morgan stanley -- look at the regulators. the hundreds of millions of dollars lobbying in order to kill regulation. this is very counterintuitive to me. a way to kill legislation in today's day and age is not to get rid of it or to get it struck from the act. it is to fatten it up. this was not obvious to me at first. a thing called the volcker rule , designed to completely eliminate proprietary trading, banks betting with their own money. it started out as a two-page document written by two senators as an amendment to dodd frank. two years later there was something like 700 pages. banks realize that if they can get the law firms to exert hundreds of loopholes and amendments you ultimately reach a point where the law is so complicated that nobody can actually -- you have achieved a victory were nothing has changed at the end of the day. we need to say the politicians, number one, why