have the right to make the recess appointment, is actually doing substantive things that matter and apply directly to what brought us into the crash there? end of lecture/rant. deepak, how much energy do you think there is around? one of the things you do and one of the things i want to have you on the show, you are an amazing liaison in what is happening in washington and communities around the country. center for community change has working people on the ground up against bankruptcy, foreclosure, joblessness. i wonder the connection between tom was saying during the break, does nibble care that the cfpb person was appointed. i think people care a lot. this is about what are the fees people get charged. should people have sub-prime loans that have outrageous interest rates? the forms we fill out, understanding them. no one in this country understands the forms they are
exploded. so, we had private equity firms raise enough money both from investors and then from banks to buy companies. in which today they own companies employing about 1 out of every 10 americans. very quietly private equity firms own companies ranging from hca, largest hospital chain, to dunkin donuts, which we re enjoying right now. they are pervasive. the biggest employers in the country, have a big include on the country and few people realize it, but more people are becoming aware of it because of romney s candidacy. one of the things i think i found interesting in doing research on private equity, and i was talking to someone on wall street who was talking me through this. he said private equity is responsible for bringing the values approach and culture of wall street to main street. in this way, if there s some widget factory in peoria, illinois, with 500 employees and there s this kind of there s a kind of vision of the relationship between the ceo and workers, that is a
it ultimately doesn t matter. have you this labor dispute, let s consolidate there instead. the thing is they are a very powerful incumbent. so, one of things you see happy one of the things we do when there s a downturn, very aggressive monetary stimulus, perhaps a case for that, but what happens with that is that it s designed to encourage certain kind of innovation. it is what you might call exmroe tattive innovation in which you increase the scale of operations. when you do that you do that by substituting technology for labor. that s not very good for labor levels that contributes to a larger kind of slack employment markets. what you really want to ee is exploratory innovation. that s what you get when you have really competitive micro-economies, new intrants. the nlrb is a side hoe. boeing has a legal department and they re going to fight those battles. then we ll just have them in washington state. that s cool. they re going to keep piling on enormous profits as long as they
jpmorgan. one of the things that has driven me crazy, all of it has been about the process, can he make the recess appointment or not, no one is saying, what is this entity with the four letters? what is it doing? what is it tasked with doing? one of the causes for the crisis and the furies about what came about. you had a part of the banking sector regulated and part of it unregulated. one of the things it is tasked with doing is looking at those places that have previously been unregulated. the nonbank banks. the nonbank banks. the cfpp is tasked by dodd/frank to regulate them but cannot without a director statutorily. the most crucial aspect of what think can do is look at credit reporting agencies, debt reporting agencies, all that stuff has been largely
signing at the mortgage process. we have had a massive foreclosure crisis. there is a deep strain of populous anger how the financial sector has made billions of dollars on the back of ordinary people. if we can show that having a regulator in charge who is on the side of ordinary people, not captured, can actually deliver transparency, decency, eliminate some products that are toxic, i think it will make a huge difference. is there any danger of pushback? one of the jobs of this kind of regulator is going to be to make it harder to get a lot of forms of credit. one of the reasons the crisis happened, it was too easy to get credit in the united states. these better regulated financial systems we have been talking about with fondness and affection, which i think is correct, are places where it is a lot harder to get a mortgage. do you think there is going to be any danger of pushback?