welcome back. it a peers we do indeed have a two-party system today in america unfortunately, it s not democrats or republicans. it is clear from the latest developments in the fight for financial reform, that the great divide in our political system right now is between the people and the people s party. and the banksters. and the bankster party. for example any of these 33 lawmakers who yesterday voted for the kaufmann-brown safe banking amendment, legislation that actually would have dealt with too big to fail, deserves to be considered a member of the people s party. at least for the day. special props to the three gop lawmakers, who crossed that aisle. you can see here senator coburn, senator ensign and senator shelby. unfortunately, the amendment was ultimately defeated by 66 nay votes, including some nos from a numb of lawmakers who were happy to give away your money in the
because over the last several months as we ve done our investigation, the facts have become clearer and clearer, but the enormous amount of risk and leverage and fragility of this system, it s quite something to behold. you know, every major investment bank was levered 35, to 40-1. they still are, many of them, sir. tremendous leverage. why is that okay? why have the american people, why are we allowing our bankers to operate at 30-1, or 40-1 leverage. to pay themselves out on marked myth accounting and continue to incur the implicit risk and deprivation to the rest of our country? why is that acceptable? and by the way, it s not just the extraordinary leverage, it was the extraordinary risk being taken. the bets being made. but also a system dependant on overnight loans. so when it came apart, it came apart fast and hard and left millions of people unemployed. losing their homes. and the fact is, dylan, as of
said earlier, to questions about the relationship between the real value in the economy and what happens on wall street. there are some things in the current legislation that begin to address some of the problems we ve faced. decreasing leverage. increasing liquidity. but there s miles to go here, dylan. so much is not dealt with. all these new structured products, some people say, if we just make them transparent. they re so complex. so difficult to understand, that i m not sure you can ever have true transparency. because of their complexity. and i still want to know why is it that we need synthetic cdos? why is it that we need all of these synthetic products? what do they add to the real economy? at the end of the day, a financial system is supposed to be about providing credit and financing for american families so they can prosper and meet their needs. to american businesses, so they can grow and create jobs and create products. that s sustained wealth. and the one, one of the m
things to track the unusual volumes from the floor, dylan. but i can tell you that there s no need just like you re saying, when you re trading millisecond to millisecond, you re not making a market, you re not taking risk. you re basically just picking people off. that s what the system has been set up to do. that doesn t mean that an investor can t make money with a longer-term time horizon. but as your analogy about the ferrari. why do we want these guys running around a track at 1,000 miles per hour. that when they crash, they re going to kill all of us, not just themselves. i mean, indy cars, they throttle those things back. they don t let them go flat out. because you re going to kill the driver, that s bad, of course, but then you re also going to kill a bunch of people in the stands. if the investors are the fans, and the drivers are the wall street banks, somebody needs to step up, a regulator needs to say this is going too fast. you re not serving any purpose with 60% of th
original bailout package. those senators, some of whom you see here, are definitely in the bankster party. giving away your money when the banksters ask for it. refusing to reform the system after the fact. how do you actually have the audacity to vote for a handouts with no strings attached to stinking-rich bankers who have leveraged our system to its nose, cause an economic collapse. and then you do nothing to fix the problem a few years later. you guys are funny. oh. another disappointing blow to the people s party ned, a compromise on senator bernie sanders audit the fed amendment. on thursday, the people s party, democrats and republicans a part of it, had the momentum, transparency, and accountability. it s easy to say, right? well, the fed was thrown up against the ropes, with senator sanders amendment gaining more and more traction, to reveal to the american people just how big