impossible to deal with speculation in the oil industry. we have a rule pending as a result of the bill we passed that the commodity futures trading commission that would restrict the right of people who don t use oil, who don t burn it, who don t sell it to buy it up and hold it off the market. speculation. they have a bill that would kill that. they are trying it as you noted to undo the consumer protection agency. for years consumer protection for most of our history was run by the bank regulators. now even manage some of the tea party people those things aren t popular. they can t make a frontal assault. i am not worried in this case i welcome debate. i welcome openness about this. i don t think the open people are ready to deregulate derivatives and tell goldman sachs and aig to play the
before that they are going to have to negotiate with the republican congress. why do you think the republican congress is going to negotiate with them? well, wall street say it again. i hate to bring the news but they won on financial reform, they won on everything. they always win. you made a gallant effort and tom makes a lot of points. i think that they basically paul volcker says that modern banking hasn t done a single thing to help a single person other than the atm machine. i m with you. tom, who would you have brought in? they won. who would i have brought in? yeah. my god, you have the wrong person to ask that question. president for a day. i have nothing to do with the inner workings of the democratic party or the white house or anything like that. they don t tell me what s going on. i have no idea about something like that. i m just an observer like you guys, right? and when i watch something like this, it puts me in mind of the western front during w
anything like that. they don t tell me what s going on. i have no idea about something like that. i m just an observer like you guys, right? and when i watch something like this, it puts me in mind of the western front during world war i, okay? i think of the british general planning the battle, okay, we ll just have another direct frontal assault with another million men. you know? they ve learned nothing. they ve learned nothing. wandering into another blood bath. they haven t understood anything from what s just happened in the country in the last two years. well, they have understood what s happened, tom. come on. the american people just put republicans in the house and they clearly this is the poverty of centrism. no, no, no on a scale of one to seven, they need to choose a guy who is say three or a four, but that s not it at all. it s the people versus the powerful. it is the elite against the people. this is not just a wall street victory. so the fellow is pro bus
inner workings of the democratic party or the white house or anything like that. they don t tell me what s going on. i have no idea about something like that. i m just an observer like you guys, right? and when i watch something like this, it puts me in mind of the western front during world war ii, okay? i think of the british general planning the battle, okay, we ll just have another direct frontal assault with another million men. they ve learned nothing. they ve learned nothing. wandering into another blood bath. they haven t understood anything from what s happened in the country the last two years. well, they have understood what s happened, tom. come on. the american people just put republicans in the house and they clearly this is the poverty of centrism. on a scale of one to seven and they need to choose a guy who is a three or a four, but that s not in at all. it s the people versus the powerful. it is the elite against the people. this is not just a wall street victo
like a frontal assault, on unions. they don t want to bail out the states and force them to make tough decisions. is there a political part to this? yes. unions. republicans want to defund the unions and reduce their political influence. absolutely. you say there s an economic argument for this. isn t it more political? the cbo said that the stimulus, the build america bonds program, any money that went to states not for infrastructure, were some of the most stimulative of the whole package. overall, states have huge fiscal problems they have to make decisions about. they owe maybe $3 trillion in pension benefits. i don t think they can come up with the $3 trillion. something has to be done. and what republicans do not want to spend the money. they don t want to bail out the states and let the states off the hook from making tough