kind of wall street gambling houses to develop that we have today and the last hero is sheila bair who tried to stop the most extreme part of the nonsense that was happening in two zero zero eight two zero zero nine and she simply got shoved aside by tim geithner under obama and by paulson under bush because wall street was going to have its way even though sheila bair knew more about the real status of the banking system as head of the f.b.i. see as a long time practitioner of policy in washington than all the rest of these wall street characters combined and what happens that's why i call it a coup d'etat she is ignored she is told to keep quiet while the interlopers from wall street do the damage that they did in two zero zero eight and who have i would i would agree that she will bear has provided great leadership with her work at the f.b.i. see and i want to get your take on the younger generation which is inheriting a very rough economic future and i don't know if may or may not be available to them yet they're paying into them they're inheriting unsustainable amounts of debt inc

kind of wall street gambling houses to develop that we have today and the last hero is sheila bair who tried to stop the most extreme part of the nonsense that was happening in two zero zero eight two zero zero nine and she simply got shoved aside by tim geithner under obama and by paulson under bush because wall street was going to have its way even though sheila bair knew more about the real status of the banking system as head of the f.b.i. see as a long time practitioner of policy in washington than all the rest of these wall street characters combined and what happens that's why i call it a coup d'etat she is ignored she is told to keep quiet while the interlopers from wall street do the damage that they did. and i would i would agree that she will bear has provided great leadership with her work at the f.b.i. see and i want to get your take on the younger generation which is inheriting a very rough economic future and i don't know if may or may not be available to them yet they're paying into them they're inheriting unsustainable amounts of debt including federal debt and persona

under obama and by paulson under bush because what's good even though sheila bair knew more about the real sadness of the banking system as head of f d c as a long time practitioner of policy in washington then all the rest of these wall street characters combined and what happens that's why i call it a coup d'etat she is ignored she is told to keep quiet while the interlopers from wall street do the damage that they did and. i would i would agree that she will bear has provided great leadership with her work at the f.b.i. see i wanted to get your take on her generation which is inheriting a very rough economic future and i don't know if may or may not be available to them yet they're paying end of inheriting unsustainable amounts of debt including federal debt personal that there is that over a trillion dollars in outstanding fixed it loan debt and unemployment among young people as high as twenty seven percent you know what would be your advice to young people who have. employment. well they should be appalled by what their current generation is done we have had a party for the last

sheila bair says one answer is a bi-partisan bill from senators sherrod brown and david vitter requiring banks with more than a half-trillion dollars in assets, such as jp morgan chase, citigroup, b of a and others, to hold capital reserves of 15% - a much higher standard than exists today. a hedge fund founder is using tough talk to keep employees in line. cnbc reports sac capital founder steve cohen told investors the hedge fund would impose compensation clawbacks on employees who break rules with stock trades. cohen says it's to "deter conduct that threatens the integrity of the firm." sac has been the subject of insider trading investigations. intel's new leader may switch things up a bit. company veteran brian krzanich takes on the ceo role in two weeks, after paul otellini retires. krzanich is expected to steer the company in a new direction. analysts say he may turn over some production facilities to other chip-makers, as the industry switches from pcs to tablets and mobile phones. intel is first in the pc market, but has been slower to enter the mobile world. warren buffett has s

um, and sheila bair, isn't she involved with them? >> she's two doors down from me. >> okay. well, say hello to her. you have to look at my book, because she's one of the 20 heroes in the book. >> with i heard about that. i have to tell you, i read your first book when i was much younger, but it influenced me quite a bit -- [inaudible conversations] >> yeah, you have. concord coalition. >> and i'm -- >> really, oh, you're at cbo? so you're a budget lifer is what you are. >> yeah. >> okay. well, good for you. >> the author of the economist mom blog that you may have -- >> i put you up there a couple times on my blog. >> oh, you did? many well, i'll look for it and get it up on my list. >> okay. >> it's sort of static now -- >> you don't have a -- oh, is that right? >> yeah. >> and you, you're not in the budget business? >> oh, no. brookings. >> oh, you are? what is your field? >> [inaudible] >> oh, really. okay. so this is like a family affair. >> yes, yes. >> i've done a lot of work with alan auerbach. >> i'm really on the warpath because i think they use a model which is obs

george humphrey, it douglas dillon, william simon, paul volcker, bill clinton, paul o'neill, and sheila bair. explain that. of fiscalt 80 years monetary financial history, how we got into the mass of bubbles and the fiscal and monetary crisis of today. basically using the standard of threefold items. free-market, fiscal rectitude, which we balanced budgets, we do not make excuses for deficits because you do not think the economy is not performing up to your doctor and expectation, and not using the central bank and ordered to try to centrally manage the economy and, wall street and encourage risk-taking and all of that. these are not bad people and good people. these are good policies and bad policies in well-known careers. doctrine.rty or one individuals as examples of fiscal rectitude, and that is why clinton is on there. that is why eisenhower is on there. i have a huge problem with defense spending. this is also why eisenhower is on there. on the other hand, using the government to inflate the economy, to bail out the private sector, and so forth, it is bad, and that is why nixon is on t

i read last week that the former chairman sheila bair talked about the original push- out provision of section 716, and mr. secretary, i know you sent a letter prior to the committee's markup urging us not to advance the legislation, calling it premature, disruptive, and harmful to the implementation of key derivatives reform. can you explain why these bills, in your opinion, are disruptive to our economy and meaningful wall street reforms? important it is very for regulators who have been given authority to implement these provisions and for that process to be completed. are of the concerns that raised are actually going to be addressed to him as i understand, as roles are forthcoming. not all, but the legislation is premature because we have not yet had the opportunity to complete the process. the first two years of dodd- frank's history, the fight was should it be repealed or implemented. it slowed down the implementation process and then at the end of two years there were concerns that there was uncertainty because the roles were not yet in place. our first responsibility now is to

that the former chairman sheila bair talked about the original push-up commission -- provision of 716, and mr. secretary, i know you sent a letter prior to the committee's markup urging us not to advance the legislation, calling it premature, disruptive, and harmful to the implementation of key derivatives reform. and you explain why these bills, in your opinion, are disruptive to our economy and meaningful wall street reforms? >> i think it is important for regulators who have been given authority to implement the provisions and for that process to be completed. some of the concerns are actually going to be addressed to him as i understand, as roles are forthcoming. is all, but the legislation premature because we have not yet had the opportunity to complete the process. the first two years of dodd- frank's history, the fight was should we repealed or implemented. it slowed down the implementation process and then at the end of two years there were concerns that there was uncertainty because the roles were not yet in place. our first responsibility now is to make sure we get all the

. >> sheila bair: people need to rise up and say, "i'm sick of this -- >> angela glover blackwell: seeing themselves as a huge movement to transform the nation. >> martin espada: the change that we want comes from below. it comes from a movement. >> richard wolff: the american people can and will find ways to push for the kinds of changes that can get us out of this dilemma. >> vince warren: i want to see that change. and it's going to take people here in this country to be able to make that happen. >> bill moyers: to that chorus let us now add now the witness of marshall ganz. he's an american maestro of organizing who himself, has never given in to despair or given over to fear. >> marshall ganz: how can change ever happen if the powerful always win? there are conditions under which it turns out david can sometimes win. >> bill moyers: at harvard's kennedy school of government, marshall ganz teaches the next generation of organizers, students from all over the world. he tells them when in doubt, just remember the story in the bible of little david and his slingshot. >> marshall ganz: wh

congressman frank supports it, sheila bair, paul volcker, others.o you agree that we immediate to fix this? >> senator, i think that we're still in the process of seeing how these issues are addressed by the regulatory agencies. the fed still has some rule this is this area that are not yet completed. i think there are questions about end users, the definition of end users is always a challenging one. but i think we have to see where they end up in order to come back hen and see -- back then and see whether it addresses the concerns that have been raised. >> i'll wrap up with this, because i'm out of time, and i don't want to dominate the questioning here. senator tester and i have been working on this. again, i think we're trying to be very fair, very bipartisan about this. this is not a gotcha sort of thing. we just see some problems that we'd like resolved. if you could send your staff in our direction, we'd be happy to lay out for you our thinking and what we're proposing to try to deal with these issues. >> i'd be happy to have our staff follow

congressman franks supports it sheila bair, paul volker others. do you agree we need to fix this? >> we are still in the process is seen how issues are addressed by regulatory agencies. the fed still has rules not yet completed. there are questions about end-users. the definition is always a challenging one but we have to see where they end up in order to come back and see whether it addresses concerns that have been raised. >> i will wrap up with this because i am out of time and i don't want to dominate questioning here. senator tester and i have been working on this. again, we are trying to be very fair, very bipartisan. this is not a cut you sort thing. the gc problems that would result if you can send your stuff in our direction, we be happy to lay out or thinking about for proposing to do with these issues. >> a firm is trying to run its business and how that process the oil on site. the regular business and i.t. up with a preachiness termination with the need for further correct of action. >> you had a big agency and a complex agency. looking at this year's appropriations,

since the passage of dodd-frank i wasn't a supporter of dodd-frank, congressman frank supports it sheila bair paul volcker and others do you agree that we need to fix this? >> senator we are still in the process they have some rules in this area that are not completed there are questions about end users and the definition of end users is a challenging one. that is in order to come back and see whether it addresses the concerns have been raised. senator tester and i have been working on this again we need to be very fair and a bipartisan and this isn't a gotcha sort of thing. if you can send the staff and our direction we would be happy to lay out our thinking what we are proposing to do with these issues. >> with a firm trying to run its business with its fuel on site but the line between taking care of the regular business and speculating is a thin one and i would like to see where the regulators end up for reaching a determination as to whether or not there will be any further corrective actions. >> thank you madam chair. >> you have a big agency and a very complex agency. working at this y

i read last week that the former chairman sheila bair talked about the original push- out provision of section 716, and mr. secretary, i know you sent a letter prior to the committee's markup urging us not to advance the legislation, calling it premature, disruptive, and harmful to the implementation of key derivatives reform. can you explain why these bills, in your opinion, are disruptive to our economy and meaningful wall street reforms? >> i think it is very important for regulators who have been given authority to implement these provisions and for that process to be completed. some of the concerns that are raised are actually going to be addressed to him as i understand, as roles are forthcoming. the first two years of dodd- frank's history, the fight was should it be repealed or implemented. it slowed down the implementation process and then at the end of two years there were concerns that there was uncertainty because the roles were not yet in place. our first responsibility now is to make sure we get all the rules in place, get the certainty and we are now at the point where t