for their corporate overlords it's conservatives like phil gramm who pushed rick repealed glass steagall which set the stage for wall street to go crazy and crash our economy with the housing bubble it's conservatives who are trying to destroy labor unions and those have driven middle class wages into stagnation for thirty years while corporate c.e.o. paychecks just get fatter and fatter and fatter leading to the largest wealth inequality in america since the one nine hundred twenty s. right before the conservative policies of presidents harding coolidge and herbert hoover through our nation of the great depression it's conservatives who want to erase the last century in america and return this nation to a time when the robber barons ran the show and the rest of the of the country the rest of america was the working poor so when herman cain and the rest of the conservatives say liberals are on a mission to destroy the united states and just have to wonder what the hell are they talking about especially herman cain who wouldn't even be able to make a living much less run for president had

. >> glass-steagall should be reinstated.ple are starving, people are struggling to pay their bills, pay their mortgage. the uptick rule for short selling should be in effect. people are being kicked out of their homes. someone needs to take a stand. >> that sounds entirely reasonable. >> i think so. >> and you're dressed like a viking. >> yeah. ♪ we're not gun that take it, no we ain't gonna take it ♪ >> we're fighting the man. that's our anthem right there. >> am i the man? you're making me feel like the man. >> you have a suit. >> after just a month they'd already begun to things. managing to replace our ineffective and annoying parliamentary process with their own system of decision making that was so much worse. okay >> okay, so first off this means i really like the idea and then there's this meaning i like some of the stuff but not some of the other... not some other stuff. and then this means no, i don't like any ideas. i don't like the idea at all. (laughter) >> you can't just make up gestures. >> why not? >> well, b

>> no, no, no, peter, it was wall street that put the pressure on government to undercut glass-steagallinvestment banks and commercial banks could merge so they could trade rather than lend, and speculate rather than provide resources. that was -- >> i don't -- >> let him finish his point. i'm sorry, professor, finish your point. >> -- with politicians who are themselves, either shaped and forced by big money or sometimes involved in legalized bribery. i think you got the story wrong. it was the influence from outside, it was the 1%, the oligarchs putting their pressure on government. >> the problem is that washington shouldn't have that influence to give out. the problem isn't washington having the power that people are lobbying to benefit from. but, remember, glass-steagall was put in place to counteract the damage of another government regulation, which was guaranteed bank accounts. the government has already poisoned the banking system by guaranteeing everybody's account. that's not capitalism. if the government wasn't guaranteeing bank accounts, banks would be a lot more responsibl

and that was not good enough but there was a regulation call g lass-steagal.licans change that. now the thing is all messed up. the problem in banking and finance is we have too much integration. [laughter] nobody really knows what they are doing and they are doing it in secret and they are not using their minds. they are using their greed behind. s. [applause] in atlanta, we tried to straighten that out a little bit. i'm not against wall street. i am just saying that we have to learn the rules and use it to our advantage. maynard jackson said at the airport. it cost us about $10 million. we have had black mayors in atlanta ever 44 years. we have tried to do things within the economy and we have been able to generate jobs. the airport cost $10 billion but it generates $30 billion every year and creates about 60,000 jobs. kasim reed is adding an international terminal that will probably add another 5000 jobs. the system works if you know how to work it. martin luther king gave his life to end poverty. you will not end poverty by preaching. you and property by l

glass steagall legislation which will be reenacted i mean these are all just for steps and obviously you know getting running. a. bribery campaign finance robbing and. all these things need to be addressed and you know once those are there are many things about that. ultimately breaking up getting money out of politics this is what we need right now in my opinion. david the occupy wall street protest now it's been going on for over a month. there is some fear that you know that it's going to remain stagnant these people may want to see some real change what else can they do to make their their message loud and clear. and actually take action to lead to change i mean do they need to take it a step further or what can be done to move this along. well you know i don't know the exact answer but you know right now i would say you know people watching this if you haven't taken for a local station you know go down there everyone has a skill that they're good at something that they're passionate that they can contribute to this movement we've got the moment you know it's up to people who hav

to fail they're even bigger now about twenty five percent bigger he didn't didn't reinstate glass steagall which would have separated the investment banking side and basically passed on watered down economic reform at the same time that he extends tarp which is a bailout to the banks the stimulus went and into the pockets of many corporations over you know infrastructure projects shovel ready projects and the fed was loaning an additional one point two trillion dollars to wall street during this time to banks so i see him as being incredibly pro corporate is the idea that he would be labeled a socialist is absurd some of the protesters maybe not so absurd but i think you have a lot of mainstream folks down there too who just want a fair shake in the economic game and caroline speaking of socialism economist nouriel roubini as quote one thought once looked down upon do you think it's starting actually you know what that is not the quote there it is. there it is i have a united states becomes like europe and we've already extended unemployment benefits three or four times over our otherwise

to an insurance company attached to a brokerage house to a commercial bank they got rid of glass steagall ok they ran roughshod over that was bipartisan obama gets in we expected him to do something about the banks he didn't do anything he just beholden to the same corporate interests it's very disillusioning to these young people to come out in mass for a president they think that might do something then it will larry summers and tim geithner running the show still now there thing is a rico statute the racketeer influence and corrupt organization it's still on the books they they prosecuted michael milken in the eighty's with rico they could prosecute these people who packaged these c.e.o.'s and bet against them you know citigroup just paid two hundred seventy million dollars to settle with investors after they stole a bill. and from them recently out of court now that's just one example they were they were running rackets with the c.d.o. zx and they collapse the entire housing wealth of the nation and cause all this unemployment i mean they wrecked the economy and worsening i mean a pop

pay their fair share medicare for everybody reduction of the national debt reenactment of glass steagall student debt relief and ending the war. it's all pretty specific stuff and all things that a lot of other americans who aren't camped out on wall street would agree with but let's go back to the millionaires stossel on our rally and their take on this. ok look you don't know if you believe. that's true they all had their own little gifts doug schoen took a poll you know he's a former cleaner we're going to go to wall street journal and you guys all should we get article done so article today he's just well luckily i the bills advice i have doug schoen the whole right here take a look at it first let's listen to bill's take on. he says that most and more radical leftists they hate capitalism want to burn it but the system down that's the commonality here they want force redistribution of wealth i'm not arguing that i think that's what it is right for her to worry about is fifty million bucks there most of them are radical leftists who want to burn the system down and want forced redist

started deregulating the laws that made us that robinson patton and the show began to trust glass steagall act that put all the clay in the power of the big you want to start a business promise you're going to create several hundred jobs go give you tax breaks no guarantees you name it infrastructure but if you're an entrepreneur and want to start a business the way they got the state agencies the local agencies they have everybody down on your back getting licenses and making sure you buy by the letter of the law and this other guy like students who are oh these are the people who come out with well what we have to do is do you regulate big business and give them before you head have a seat regulating the privacy regulating the average person out there know that they have this thing it. these are the people he was in the senate look at the great job that skull there are no but there were dreadful they you are rick the state capital over there is wildly bankruptcy why would anybody listen to these people and gerald and lastly you predict that president obama will win the next election his

his name is glass-steagall. meetings, you stated for the record that it should not have been repealed. i have a list of all of the co- signers. what is going to take to have you add your name to that list of co-sponsors? because that will restore of the debt, the deficit. you know all about it. maybe the audience does, too. we should scrap anything else -- that is not going to work. what is going to take to add your name to it. we have the president following the pathway of dick cheney's unity executive. and function has a strong man or a leader in the congress to check the president because the executive could lead to a banker-style dictatorship. the president has been praised by dick cheney. those are my two questions. what is going to take you to add your name to the list of co- sponsors? and the other is the pathway to a bank dictatorship. >> first of all, glass-steagall -- i will explain it to you. it was adopted to separate banking from investment banking, essentially, so the tape deck below would not be c

the glass-steagall protections are not outdated. wall street opposed them in the 1930's just as much as they do today. in the 1930's it was a commission and we need another one that was an instrument of this congress that was charged with investigating wall street abuses in the banking system following the great depression. their work is often credited with creating the momentum for passage of the glass-steagall banking act of 1933 and one wrote that bitterly hostile was wall street to the enactment of those regulatory reforms. what is different today is how tamely congress and the executive branch reacted to wall street abuse. following the 2008 economic collapse, there was not an immediate recognition that what was needed was restoration of that sound financial framework. mr. speaker, i have a bill, h.r. 1489, the return to prudent banking act. i ask my colleagues to co-sponsor this bipartisan legislation. america surely needs to restore a secure, dependable and prudent banking system so we can get on with the job of job creation.

want to throw them in jail why don't we throw away throw the people in jail who repealed the glass steagall act that that actually directly had an impact on the economic meltdown why don't we focus on some of the policies of the bush administration past that i think are definitely. more of a reason for why we are in this economic disaster that we're in now so i his point is ridiculous it was a great way to distract the audience from the people who are actually guilty of this economic disaster yeah i think we saw a lot of that distraction technique last night too and now i'm going to play a clip of something that rick santorum who we know is very conservative and hate gay people and sometimes just really says these crazy vile things that. making have to blink twice so listen to what he thinks is going to fix the economy. the biggest problem with poverty in america we don't talk about here because it's an economic discussion and that is the breakdown of the american family we need to have a policy that supports families that encourages marriage the right has fathers take responsibility for th

we need to reinstate glass- steagall immediately. they screamed and gave mocking orders to obama and nancy pelosi and squashed the repeal or any chance of getting on the floor to reinstated. there is a house resolution, 49, right now -- 1489, right now that hawill reinstate glass- steagall. the first major step that we need. the system is bankrupt. host: thank you, caller. guest: absolutely. we need to be able to separate investment banking from commercial banking. it will not and too big to fail, but if we have the public subsidizing investor banking, we will be in trouble. there will be bad investments and we will have to do more bailouts. we cannot commit to more bailouts. it is just not fair. it is not sustainable process. it could happen tomorrow that we pour billions and trillions of dollars into another bailout. on top of that, we did $9 trillion more in loans to big banks and wall street firms. how will that continue? i do not understand this. this is the type of thing that requires legislative solutions, but it takes the pub

it upholds the idea of the glass-steagall act.ts have indicated that a draft final rule will include a significant loophole, allowing banks to continue to make risky bets with their own capital to hedge against portfolio risks. we have one indication here about specific banks that have allocated specific rules about $2.7 billion. with their own capital a hedge against portfolio risk, that's what they're doing this new exception significantly diminishes the impact of the volcker rule. how can we expect to see a change in bank behavior if we continue to allow proprior tie trading through a watered down volcker rule? >> well, first let me say we're about to put out a proposed rule, i would say within a couple of weeks we should have something out that the public can look at and give us comments on it. it's a complicated rule, we want to make sure it's workable, but at the same time we want to follow the spirit of the statute. there are in the statute provisions that allow banks to hedge their positions which is something you want the

glass steagall which divides our community banks from the wall street investment banks. fdic insurance and s.e.c. regulations so you can invest on wall street and they can't cheat you too directly. for 50 years we have no bank failures, no major crises. it works. gets to be the early 1980s. we go with this idea of let's get rid of reguregulation. what happens? late 1980s savings and loan crisis. should have been a warning. late 1990s. should have been a warning. early 2000s. enron should have been a warning. we let it go. where do we end up? in the biggest crisis since the great depression. >> we're here to inspire a nationwide movement. >> we're here to inspire a nationwide movement. >> joining me now, adam green, whose organization the progressive change campaign committee was at the protests today in new york. also former louisiana governor and current republican presidential candidate buddy roemer who met with the protesters today in new york. thank you both for joining me tonight. buddy, this is your second night in a row on the show. can i call you buddy? >> i'm go

you are right, the glass- steagall act was a part of that referee.ing at it. >> [inaudible] >> the second question you asked dealt with the unilateral cy.siden on that we do not agree. i believe this president has been a collegial. this president has made his proposals. he has, to his detriment, cried to work in a collegial way for a long period of time -- tried to work in a collegial way for a long period of time. i do not agree with you on the fact that he has been at unilateralist -- been unilateralist. i find him open to read a leader who state where we ought to do bochco -- i find him open. a leader who states where we ought to go but will sit down and discuss with the opposition. they say, he need to get tough. he is trying to lead the country. i do not agree with you on the second. i will tell you this, probably ought not to mention this, one of the most unpopular bills was the troubled assets relief program, tarp. we made money on that. it has not been all paid back $700 billion was put on the table. much of that has been paid back. we earned

it's not just bringing back glass steagall, it's not just let's increase taxes on the rich. everyone agrees with all this. we're going to have a new problem. like you said, with the bank of america, with the debit card charges. they'll come up with something if we don't change the fundamental foundation of this economic system that's unfair, it's unjust, it's not democratic, people have had it. and this isn't going away. >> and it's human beings who are working on wall street. you know, mitt romney is fond of calling corporations people. well, if they are people, they have a corporate, civic citizenship that needs to be brought to their decision making. i mean, one of the things i like about what you're saying, this demonstration is beyond politics, it's beyond pass this bill or pass that clause of this bill. you're not going to be able to anticipate what these companies will do next as long as they have absolutely no sense of corporate citizenship. >> and as long as they can buy the politicians that run for congress. as long as they can control that, it's a rigged game and

that of course is poor oversight from the sec, the repeal of glass steagal, and the fact that many of these are driven by people concerned about their own enrichment and the well-being of the constituents and middle- class citizens they are supposed to serve. host: how you do that? guest: the first step is showing up. our generation has been accused of a lot of things. one is not showing up and up. from a civic engagement perspective, we're applauding the fact is some of the people across the country are exercising their first amendment rights and are petitioning their government and having their grievances. but this has been a decentralized, organic uprising. it has not been cooperative -- coopted by a labor union or a political party head. i think that that is an encouragement because it is citizens. how ultimately there is a broad message here that we are the 99%. that is what everyone is saying. we have not seen the people's bailout, we've only seen the banking bailout. i think we will have of series of proposals that come out of this, but not even the tea party does not have a ce

and that was not gd enough but there was a regulation call g lass-steagal. republicans change that. now the thing is all messed up. the problem in banking and finance is we have too much tegration. [laughter] nobody really knows what they are doing and they are doing it in secret and they are not using their minds. they are using their greed behind. s. [applause] in atlanta, we tried to straighten that out a little bit. i'm not against wall street. i am just saying that we have to learn the rules and use it to our advantage. maynard jackson said at the airport. it cost us about $10 million. we have had black mayors in atlanta ever 44 years. we have tried to do things within the econo and we have been able to generate jobs. the airport cost $10 billion but it generates $30 billion every year and creates about 60,000 jobs. kasim reed is adding an international terminal that will probably add another 5000 jobs. the system works if you know how to work it. martin luther king gave his life to end poverty. you will not end poverty by preaching. you and property by learning some economics

three, you make sure that wall street has agreed to resurrecting the glass the goal -- the glass-steagall, separating investment from commercial banking. small banks and small businesses in america are in trouble now. the best thing we can do to help small banks and small businesses is to make sure there is enough money in the pockets of working people and the poor so they can go to small businesses, and small businesses can thereby go to banks and expand. that is what it comes back to the demand side of the equation, not the supply side. every time you hear somebody using a "supply side" methodology -- supply-side thinking says it is the big businesses, wall street, and the rich who supply the jobs and the innovation, and everything else in america. what you need to do is stop them in midsentence and say, "supply- siders have been proven wrong for the last 30 years." here is what we know. it is the demand side, because it is the aggregate demand -- it is ordinary people, working people, that are the center of this economy. we have to get them working again. we have to get their wages up.