i didn t coddle the banks. disconnect between main street and wall street is so apparent. banks on a trillion plus and corporations and they are not investing. something endlessly confusing to me is the animosity between wall street and white house. we can talk about it for days. why given the treatment wall street and the banks received is there so much anger. the conventional wisdom is that wall street is completely on the outs with the white house or vice versa and there is no chance. i wanted to say the same thing, is it incredible thin skin, obama used fat cats, talked about corporate jets, is that it? is it dodd/frank? the democratic party forged alliance in the bill clinton years, wall street alliance, became a huge source of campaign cash, political cover for democrats. not mondale dukakis liberals, business community likes us, wall street likes us.
in the crisis. the question remains, was the was this litigated correctly when we talk about the financial crisis. the real tragedy we don t have wall street people suffering, how many people nowhere near wall street suffering to this day. i do think the story about dick fuld is sad, sad to see someone out of work, unable to put their career back together. he s hardly the only person, we re talking millions across the country. the premise of big rescue operations brought into the financial system if you healed the banking system, the economy would recover. sooner or later. some thought it would take a long time but it would snap back and powerful self-correcting forces. we haven t seen that. we ve had year after year after year of millions of people out of work. that s the tragedy her. katrina, the biggest things are bigger than ever. they are now 30% bigger than precrisis. dodd/frank has seen 40% of its
is something we need to think hard about. the system is built, you mentioned dodd/frank, we did an investigation at the nation, wall street money that poured into gutting dodd/frank is shameful. but the good news is we have consumer financial protection board which may not be strong enough but it s trying to help working families. you ve had people who emerged from this crisis, elizabeth warren, senators trying to restrukt you re a system that isn t working for working people. josh, i want to talk to you about people in the administration you think handled things in the right way. tim geithner is one of the people you interviewed. obama bet on his plan and stuck with him. geithner outlasted nearly everyone. as gene spurling said geithner went from someone people were unsure of to achieving the elevated status of being the guy with the toughes calls at
this takes money out of the social security fund. they did not work the last time that they put it into effect. it s not nearly adequate. what do you mean, it did not work? it dodd not work. the unemployment numbers got worse, not better. that to my measurement is something that didn t work. it wasn t adequate to the challenge. we can t do this every week. we ve got to find a major program that works. this is not going to work. it has nod worked in the past. therefore, i think it is a mistake particularly since it takes most of the money out of social security. i agree that we need a bolder plan. if franklin eleanor rest volt had a new deal i think we just heard president obama s fair share. that was a masterful weaving of rebuild the american dream of 49% fuse with a story this president needs to tell the american people about thoseç w are blocking his plans. i thought it was masterful. it speaks again to the themes i write about in my book the change i believe in that the p