glass steagall were kept commercial banks and investment banks separate from each other and prevented a major market crash for more than fifty years for the first time in this nation's history we went that long without correction it wasn't regulation caused this mess that's a lie it was deregulation it was repealing things like glass steagall nine hundred ninety eight it was deregulating derivative markets to allow banks like goldman sachs to manipulate the prices of everything from food to oil to real estate it was deregulating reserve requirements passing the bear stearns exemption and during the bush administration by the way letting five major banks go beyond the old rule of only being able to lend out twelve bucks for every one dollar in savings instead letting banks runs twenty thirty even forty bucks for a few every one dollar that they get and then because there were no glass steagall regulations anymore they lent it to themselves to their own gambling divisions and they gambled with it in the derivatives market which is why bear stearns for whose name this exemption was craft

and i helped get rid of glass-steagall. i was proud to help get rid of glass-steagall. but when you do that and you go to a worldwide international banking system, that is layer upon layer upon layer, based on each other, and each other's assets or fake assets, which is the problem, then you're going to have systemic risk. if you don't are skin in the game, it doesn't matter, you're going to screw over somebody else. and that's what's happened here. listen, the greek people, they ought to have their own autonomy, absolutely, without a doubt. they are a nation by themselves. but they are a part of the eurozone. i've said it before, i'll say it again. the eurozone is going to cease to exist within the next year, i guarantee it. >> and at the end of the day, susan, if you look at the political debate, it's still not where we are. it's still not where this conversation is. it's still on, how could greece do this to the world, and isn't it good we're able to get in there and get them to do -- and this is the short-term thinking -- and that analysis is correct in that it does

enforce the law or to refer to the department of justice he's done nothing to reestablish the glass steagall at he allowed the supreme court decision on citizens united to just pass by without. doing anything to even start a legislative process to redefine what the personhood of a corporation is because obviously corporations are not people in the way that people do they don't have rights they don't have duties obligations and responsibilities to the public interest in the same way that people do their effect their sociopathic you know they exist really. only to to have allegiance to the shareholders and the boards of directors and that's where it begins and ends so the idea that they should be able to express themselves freely by corrupting the entire political process by flooding money into the political process is absurd but more to the point president obama did nothing to introduce legislation to redefine what a corporation is or to stephen start the process of a constitutional amendment to redefine it he allowed the s.e.c. to destroy eighteen thousand files of matters under investigatio

government and we regulate everything because we already saw how that worked repealing dadt a glass steagall repealing reserve requirements repeal into riveted for regulations all leading to the stock market problem and crashing and burning just like what happened in the one nine hundred twenty s. after the free market was deregulated in one thousand twenty one a president harding who slogan was literally this is the actions load less government business more business and government we saw a lack of regulations did in the b.p. oil disaster in the gulf last year we killed eleven men in the massey mine disaster that killed thirty eight people when you get rid of all the rules and the referees and the market will inevitably descend into chaos and sometimes you will die. by generate a boatload of wealth for the one percenters at the top for a little bit but then as has happened every time free marketeers have succeeded in letting the free market work it all comes crashing down. imagine if you want to a baseball game and there were no rules there were no empire umpires there were no balls and str

it's currently bad because it just defied all that you know all potential of ever being a glass steagall act of ever being a division between the major risk in an institution in the deposit or side by getting the fed feds approval in the fed was was an enabler and a colluder and part of this to move those securities of those there is into that and that's also right now they are looking at a really risky poor folio commingled with their deposit for a feller that makes them really bad right now but i'm sure if we take a look at any of the other banks that they're looking at doing the same sorts of things because they really do tons of copy each other bank of america tended to be worse simply because they got merrill lynch and its acquisition of merrill lynch was never transparent and never understood it was losing value even as the ink on the deal of the federal reserve treasury department and bank of america was drying so in that respect it is the riskiest most scary bank right now right now as you said nomi prins thanks so much for being on the show the problem is so much larger and has

ways of europe we have people you guys that are under greenspan and cleans and got rid of the glass steagall act we did much the same we've made catastrophic errors with our banking industry we are governments of work on the basis that you can go on boring forever and the day of reckoning is not i. i have to say what i look at mr obama he just doesn't seem to recognize that national debt is a serious issue in america just as it is in europe we haven't got governments that are realistic we haven't got governments that are being truthful frankly with the people there is worse to come there are very hard times ahead but at least america it's a democratic state in the late least you've got the chance to vote for a different president if you want one the poor people of greece have got nothing like we also have an extended executive powers in our country as well but sounds like a plague on both of our houses i appreciate you being on the show mr fries. thank you very much now our interview did not end there i continued talking tonight authorising you can watch our entire interview online at you tu

part of it is the fact that we got rid of glass-steagall 20 years ago.eep propping them up. we have to let hard work pay, and it is not paying very much for the people of ohio, who were voting tonight to overturn their -- their governor's -- >> we'll talk about ohio in the next segment. let me say this it's not just businessmen, it's also legislators, speaker boehner. let me show you what mr. boehner said about giving more tax reform and the 1% paying more of their share. >> we can create revenue out of fixing our tax code, and bring that revenue to the table as long as our colleagues on the other side of the aisle are serious about cutting spending. come on. the top 1% pay 38% of the income taxes in america. how much more do you want them to pay? >> but, al, the top 1% own about half of the wealth of the country. if they are only paying 38%, they are not paying their share. the truth is, we were much better under bill clinton when everybody was paying more tax. much better under bill clinton. republicans came in, created enormous deficits, mostly by cut

i am interested in lyndon larouche mentioning glass-steagall which is not a bad focus. that is the answer to your question. >> thank you for your time. >> i feel the other questioners were intimidated by somebody. >> could i do a quick one? >> you do a quick one and got some up. >> the following question concerns our liberties. what is your stance on the new defense authorization bill sponsored by both fellow democrat carl levine and republican senator john mccain which will give the president and future presidents the authority to imprison citizens without charge or trial both abroad and inside the u.s.? what will you do as minority whip to fight this unconstitutional bill? >> during the bush said ministration i made it clear that i thought the suspension of habeas corpus even for non-citizens under this difficult scenario that confronts us, we are really not at war and these are not prisoners of war, they're not prisoners of war that you can take into custody. my father was finance officer of a pow camp. ss officers were prisoners of war. they would be released at the

it is time to restore class steagal. it is time to repeal yits citizens united and get money out of politics. can we have elections federally funded? that's what these folks want. it is time to invest in infrastructure and education, which mr. king your party has consistently voted down every effort to do. it's time to stop busting labor unions whether they are private, public, five employees or 5,000. it is time to stand and defend medicare, medicaid and social security because they are not in the streets marching for that kind of change. it is time to stop spending cuts and start to invest in america. the list goes on and on and if any of this stuff sounds familiar, you know what it is, have you ever heard of it before, all the things we mentioned here, hell, this is nothing but the democratic platform that the party adopted in 2008 at the national convention. that's all it is. go right down the list. citizens united obviously happened after the 2008 convention, but you look at what they are talking about, what they ar

a legislative change which is you have to break up the banks and you have to reinvoke the glass/steagallwhat's happening now is banks are looking at losing a lot of america. bank of america, a prime example. a ton of settlements going on with countrywide. a lot of faulty securities and loans, same thing with merrill lynch. why they moved the derivatives portfolio into the depositors side of the bank. they are looking to their captive must kers whethcutters welfare recipients, active service duty people or general population at large to figure out where they can make up for those losses and settlements they are facing in the other side of the book. if you split up their book, if you say, you know what, those losses in your securities portfolio, derivatives portfolio, you know what? we cannot let you pay those with nickel and diming and feeing up your captive customer base, that would be a huge step to ensuring that this kind of thing doesn't happen and customers aren't pillaged for the losses and speculative bad decisions made on the other side of the bank. >> great to see you this mornin

lot of the general assemblies have already passed resolutions saying we need to reinstitute glass-steagallto get rid of the bush tax cuts for the rich. there's quite a program that's coming together. this is one of those things that's so easy, just as we also need to tax every -- if there are fica tax, social security tax is around 7%, but the wealthy, after $110,000 pay zero social security tax, zero fica tax, that they -- i mean, literally, and you've covered this on your show, i mean, this is just another simple idea, if you're making $40,000 a year, they're taking 7% out of your check for this tax, but the wealthy person has 0% taken out if they make over $110,000. that's just -- it's such a simple idea. and i think the majority of the country would be behind it. obama said he was behind it at one time. and i think what we need with this movement is we need to keep things broad and keep the discussion going at the same time, we're going to start focusing on some specific things. and we need to push congress and the president. we're not going away. this movement is only going to get big

the policies were implemented, the eurozone, by the way, was created at the same time we did glass-steagalll one idea under clinton with rubin, and george bush advanced it, lifted the leverage requirements, and president obama said, this looks great, let's do more. anyway, let's talk about something else, shall we? do you want to feel inspired? are you feeling a little bit concerned by what -- this is a real pick me up i've got for you. i joke. this is the opposite of a pick-me-up, and it is a story that speaks more to our personal nature than our economic state. another storied college sports program is facing its own growing scandal today. syracuse university has fired assistant basketball coach bernie fine amid allegations of sex abuse from at least three accusers so far. there are calls for the head coach to step down. and in the latest twist, this will be a headline grabber, a newly released recording of a decade-old phone conversation said to be between fine's own wife and one of the alleged victims appears to show she was aware or at least suspected what her husband was doing. take a

glass/steagall. there are specific rules that you can say, here some are specific areas. agitate and influence the debate and get those passed into law. >> thanks very much to both of you. >> the numbers coming in, the nypd now saying there have been 276 protesters arrested. earlier we told you 177. so takes them awhile to get those numbers and aggregate them. we'll continue to keep you updated on that and exactly how this protest goes on. >>> "outfront" next. a lot of people have picked mitt romney as the inevitable front-runner. but the latest poll out in iowa has four candidates in a dead heat. >>> the man who allegedly shot at the white house. he's charged today with trying to assassinate the president and those bullets, why did hit the white house. >>> then san diego, california. investigators seizing $30 million in pot. after discovering a smuggling tunnel between mexico and the united states. we've got the story. we're america's natural gas and here's what we did today: supported nearly 3 million steady jobs across our country... ... scientists, technicians, engine

if you're going to replace dodd/frank, fine, let's replace and bring back glass-steagall. >> we've got a long list of things we've got to do. but at the very least, i do think the greece story is instructive along with the corzine mf global leverage. and thank you for noting that, jared, just to indicate -- listen, forget your politics. if you don't have capital in the system, you don't have a capitalist system. peter, jared, thank you both. coming up here, our job wars coverage continues. the political implications of this tepid job growth, where everybody from the sitti ting president, barack obama, to those who would be. along with a pro wrestling update on the tiny bits of legislation both democrats and republicans are bickering about right now. plus, a controversial assertion by our specialist today. he says civil rights are doing more harm than good. >>> and then, big brother for astronauts. six men locked in a fake spaceship for a year and a half. how it could one day get us closer to living on mars. ♪ ♪ ♪ walk, little walk ♪ small talk, big thoughts ♪ gonna tell them all just w

i am interested that neither of the larouche questions mentioned glass-steagall. it is not a bad focus. and that is the answer to your question, i think. >> thank you for your time. >> i see all the others were intimidated by somebody. >> can i do a quick one? the following question concerns our liberties. what is your stance on the u.s. senate new defense authorization bill sponsored by both fellow democrat carl levine and republican senator mccain which will give the president and future presidents of the authority to indefinitely in prison citizens without charge or trial abroad and inside the u.s.? congressman, what would you do to fight this unconstitutional bill? >> during the bush administration, i made it very clear that i thought the suspension of habeus corpus, even for non-citizens under this very difficult scenario, we are really not at war, they are not prisoners of war, they are not uniform soldiers that you take into custody. my father was a finance officer at a pow camp in camp for -- in texas for ss officers. they were prisoners of war that would

slates go ahead and have the -- let's have ahead and have the banks get rid of glass-steagall and so the banks can do what they wants. seniors didn't come here and foist this economic situation on us. and yet where are the other proposals to help fix that -- yet, the number-one proposal that we saw circulating in july was to right off the bat $300 billion coming on the backs of seniors. so that same proposal is still circulating here in the halls of congress, and my colleague and i are here this afternoon to say it's not the proposal we should be considering. and so i hope our other colleagues will stand up to protect seniors particularly women who are living longer and making sure that they have these important social security benefits. i thank the president and i yield the floor. ms. mikulski: would the gentlelady -- mr. president? i'd like to take the floor to ask the gentlelady to yield to a question or two. ms. cantwell: yes, i will. ms. mikulski: first of all, i want to compliment the gentlelady for the really wonderful teaching that she just did on this. you're a member of the

glass/steagall is still defeated.. it's a disgrace. >> we were talking about this earlier this morning. why does too big to fail still exist? what's the reason? we had this crisis that shook us to our core and yet it's still in place and bigger than it was. >> let me give you a word. money. cash. you know who the biggest corporate giver from the financial world was four years ago? a little firm called goldman sachs. you know who the largest corporate giver in america is to politicians in washington? general electric. have you seen their record? no one went to jail. ge made 5.4 billion last year and didn't pay one damn penny in federal income tax. you know why occupy wall street is there? they can read and they can smell. something stinks. >> and it's usually john who is reporting on the question. >> don't take that -- >> fair point. governor, i want to ask you a political question. >> okay. >> as you pointed out you are the only republican candidate who has been both a governor and member of the house of representativ