taxpayer money to bail out the country s financial institutions. essentially, the economy and all the banks don t go down on top of each other. at the same time, congress creates a commission to watch over the program and to study possible regulatory reforms. the motion is adopted. professor warren is tapped for the job. i am at home in cambridge. the phone rings. this man says, harry reid. i said who? he said, harry reid. the leader of the united states senate. i want you to come to washington. i want you to do something for me and the country. try to put accountability on how this bailout goes forward to try to hold these banks accountable for the money they were getting. right on the spot i just said yes. she had written a book about
don t tread on me to say all things for everyone is the same, it s kind of one of the reasons you saw people over the last years say things like they felt like obama was leading towards having socialist tendencies. it s this idea. you got bernie sanders and elizabeth warren talking about a single payer system that has republicans saying see, if we don t pass a bill in the bill now, we go to the issue. health care itself while unusual expensive in america, health care is not broken. coverage, access to health care is broken. if you said to someone, don t you think everyone should be cared for, that person might say back to you yes but i want my freedom more than that. yeah, it s an interesting topic. it s complicated. let s get back to gary. the president s lead economic advisor, former president of goldman sachs. i sat down with this man. he left goldman sachs after 25 years and talked about cutting
taxing and getting rid of regulation regulations. two things that will spark economic growth this year, in fact, the very success of the policies that administration is putting forward are counting on it and remember what we said about baselines. not goals. baselines. well, when i challenged mr. cone on this, things got spirited. american business is over regulated. businesses are unable to expand that s not true. it is true. banks have been able to lend. you yourself the president of goldman sachs said we have a stronger balance sheet than ever. banks don t have a lending problem, middle market banks have a lending problem. stephanie, how do you get a strong balance sheet? you horde cash. you don t lend. the strongest balance sheet in the world you mean to tell me goldman sachs, jp aren t lending? they are lending. they are lending to the most credit worthy borrowers in the
than ever. banks don t have a lending problem. stephanie, how to you get a strong balance sheet? you hoard cash, you don t lend. the strongest balance sheet is a cash balance sheet. if goldman sachs, jp morgan aren t lending, they are lending. they are lending to the most credit worthy borrowers in the world. you don t expand the economy by lending to the top borrowers, you expd the economy by lending the smaller medium size businesses that are hiring people to grow their businesses. we all know that the very credit worthy borrowers in the world have access to capital and bank loans and capital markets. that s not where economic growth comes from. economic growth comes from this sole proprietier ha has ten employees to 30 employees. you think that they triple their employees. that s how you create employment growth. we know that. the facts are out there, small and medium sized businesses
if you think where we ve been in the last eight years, muddling around either side of 2% gd g, we ve done it in an environment where american business has been overregulated, very highly regulated, businesses have been unable to expand, banks have been unable to lend, banks have been unable to return capital. that s not true. it is true. banks have been able to lend. you yourself when you ear the president of goldman have said we have a stronger balance sheet than ever. banks don t have a lending problem. middle market banks have a lending problem. how do you get a strong balance sheet? you hoard cash. you done lend. the strongest balance sheet in the world is a cash balance sheet. you mean to tell me goldman sachs, jpmorgan aren t lehning? they re lending. they re lending to the most creditworthy borrowers in the world. you don t expand the economy by lending to the top borrowers. you expand the economy by lending to smaller, medium-sized businesses that are actually hirin