greatest expansion of our economy, especially after world war ii, and there were very strong restrictions on banks. i mean, keith has had elizabeth warren on the show, and she makes the point very clearly that from the time that those laws were put in place during the depression by roosevelt and the congress, up until the 80s when we had the savings and loan crisis, when reagan started removing the regulations, for all those years there was never one huge banking mess or huge failure where the economy was going to collapse. those regulations worked very well. and once they were removed, by republicans and democrats, well, we saw the results of this, and they re still going to not have the old rules back in place. that s what has to go back in place, that s why the sherrod brown amendment has to be put on this democratic party bill. michael moore, please stand by. there is much more for us to discuss tonight. including the latest black mark against health insurance company, wellpoint
the democratic bills, sometimes even before the bills were written. first the republican claim that the senate bill includes future bailouts for the banks, encouraging them to take more risks. in fact, the bill forces the banks to create a fund that would be used for liquidating banks. what s not legitimate is to suggest that somehow the legislation being proposed is going to encourage future taxpayer bailouts, as some have claimed. that makes for a good sound bite, but it s not factually accurate. it is not true. in fact, the system as it stands [ applause ] the system as it stands is what led to a series of massive costly taxpayer bailouts, and it s only with reform that we can avoid a similar outcome in the future. in other words, a vote for reform is a vote to put a stop to taxpayer-funded bailouts.
rules, that s when we had the greatest expansion of our economy, especially after world war ii, and there were very strong restrictions on banks. i mean, keith has had elizabeth warren on the show, and she makes the point very clearly that from the time that those laws were put in place during the depression by roosevelt and the congress, up until the 80s when we had the savings and loan crisis, when reagan started removing the regulations, for all those years there was never one huge banking mess or huge failure where the economy was going to collapse. those regulations worked very well. and once they were removed, by republicans and democrats, well, we saw the results of this, and they re still going to not have the old rules back in place. that s what has to go back in place, that s why the sherrod brown amendment has to be put on this democratic party bill. michael moore, please stand by. there is much more for us to discuss tonight. including the latest black mark
to frighten these people to obey the law. and i think that unless the sherrod brown amendment, and the senator from delaware, they re offering an amendment. and i hope that that is brought to the floor because it will at least put a cap on the size of these banks so they won t be allowed to be too big to fail from that point on. but the current bill doesn t say that. it s still going to allow them to be too big to fail, and frankly i agree with the economist simon johnson who says these banks should be broken up. into about 28 different banks. that would protect us. michael, i always find in a normal universe, i find it to be a legitimate question about whether government can get something more right than, say, the private sector. let s just for the moment think about, well, okay, the size of banks. what are the odds of government being able to measure that and get that more right than the
roosevelt gave a great speech just down the street here in madison square garden in 1936 where he basically, he put it on the line to wall street. he said, government by organized money is just as evil as government by organized mob. and he told the bankers and the wall street people that he wanted historians to record his term as president as the president who became the master on behalf of the american people, the master of wall street and these banks, not the other way around where we all work for them and in many cases lose our jobs, our homes and any number of things because of this incredible crime that s been committed. i just i can t believe that nobody s been arrested yet. and i m glad that the s.e.c. filed those civil charges. but hopefully the criminal charges are coming somewhere down the pike. what do you make of the transparency issue? there s a lot of talk about let s make all this transparent. but with some of these things,