hydro carbon, that check will come for 30, 40, 50 years. john: it s my money, i have a deed to my property. i own it. in my country, the government will own it. in england, the queen will own it. john: why bother? why should they bother? they re not going to benefit. here in america, the people benefit. you can see that no more so than in north dakota where this has been a game-changer for people. john: energy is important. put the slide up of the woman in africa. this has been life for people forever. the washing machine liberated people more than the pill. the truth is that this woman should be either having a cocktail or finding a cure for cancer, and instead of that she s doing this back-breaking, mindless rubbish of a job. john: almost all day. anyone who traveled to india or africa see women wasting their lives, when they can be playing tennis or finding cure
to inspire new technology such as wind, solar. what did think of that? guest: well, i don t think republicans in the house of representatives are opposed to green energy. i m certainly not. but we want a rational market driven energy policy and the fact is that 85 percent of our energy in the united states comes from hydro carbon. depending how you define green energy, less than 10 percent comes from the so-called green energy. neil: but this could be the wind that president s back, and the environmentalist back, if the prices go as high as my prior guest said the potential of $5 a gallon, people will look for the alternatives and not oil, right? guest: i would respectfully disagree with your previous expert. egypt itself is not a major oil
looking at becomes law, wouldn t have any affect on the things we re talking about with goldman? well, look, the things with goldman, that was a contract between two consenting individuals, the s.e.c. of course is charging that there were some shenanigans with how it was represented, you know, on one side to the other. that aside, that s a customized contract, could that have been standardized and traded on the exchange? no. could it have been cleared through a clearinghouse, maybe. one of the president s advisers this week told me, yes, maybe they could figure out how to clear something like that out of a clearinghouse of so it would be more transparent. in terms of having that become a standard contract like cattle futures, some of these exotic instruments will never be able to be traded like cattle future. one cattle future is similar to another. one oil future is similar to another. you re going to be back with many we in a little while. we re going to have a broad discussion o
more offshore oil drilling. is there something about rig wes should know about? obviously complicated pieces of equipment that are working in very dangerous environments. this particular rig is one of the newer ones and certainly the company trans ocean, the biggest driller and they ve got a pretty good record of safety. the rigs themselves, it s dangerous, dirty work. they re working in extreme conditions with extreme pressure. any time you stick a pipe into the earth thousands of feet, you re dealing with a lot of pressure. of course, the hydro carbon. just by the nature, it s dangerous. this is a newer unit. there are a lot of older out there on the ocean as well. there s also a lot of investment in the last five, ten years or so and new equipment. one thing to take an issue with my description of it, i ve spent time on a rig and they have a lot of safety briefings. every shift gets a safety briefing. they ve got firefighting crews on every rig because they know that help is not
accounting scandals. that changed accounting standards on wall street. let me show you along the same span, i want of show you another graphic. along the same span of time, regulatory changes, came some other things. the savings and loan collapse of the 1980s. and then after that, long-term capital management. you heard about that. it taught us about the potential risks of hedge funds. and then it was too big to fail, before we knew that too big to fail was common. but things failed. we all remember the enron debacle in which rules already existed were largely side stepped. lat later, of course, the made i don t have madoff scandal. so what should the next wall street milestone look like? i m joaned by robert of forbes magazine, from the university of maryland, investor peter marissy and christine romans. bob, i m going to start with you for a second. with always talk we showed