this room where all of this is going on. and there needs to be a cultural shift that says just because we can, it seems to me, doesn t mean that we necessarily should to this extent and without the money to protect investors. right? yes. the larger company. it s sort of like walking into a casino and heading straight for the high rollers room every single time. sometimes you ve got to say we re a smaller bank, we ve got to stay out here with the regular folk. take it easy, limit the risk, let mom and pa keep their nest egg in a spot. that s part of what this regulation would do, break up where your nest egg is kept from where the big guys are placing big, big gambles. thank you, jessica. that s good stuff. that breaks it down. still to come, we re going to have reaction from wall street traders to the president s plan to clean up the street in a little bit. and also, look at these dramatic pictures here. a frantic search is still on for missing workers after this fiery
basically, don t you feel like that s what he was saying? just get with the program. absolutely. earlier his team had been indicating that, look, they re not going to go there and browbeat them. they re going to talk to these guys and they did have meetings before the speech, i want to point out, letting them know this is like a business deal. this is the deal. you re going to have to accept it. might not be the terms you were wanting and frankly lobbying against, the legions of lobby t lobbyis lobbyistss a sending on capitol hill. this is the deal on the table we want you to take. that s the kind of language that wall street and business understands, tony. the president is talking about proposing what he calls, let s see here, updated common sense rules. we re looking at the first major change in regulation in the financial sector since the 30s. christine, what sector of american business, what part of american life hasn t changed since the 30s?
practiced in this country. you can t beat your wife. you cannot murder your children if you think they ve committed adultery or something like that which they do practice in these other countries. reporter: graham later tried to temper his remarks saying he had muslim friends, but graham has a long history of remarks that worried the military. shortly after 9/11 he called islam, quote, a very evil and wicked religion. the army which overseas the national day of prayer at the pentagon was afraid if graham spoke, insurgents would put his remarks on the internet and fuel tensions in the islamic world. graham s supporters disagree. what are they afraid that franklin graham s going to say? i think again, we re getting to the part in the country where what i want to do is try to exclude everybody from speaking if i disagree with what they re going to say. reporter: a watchdog group, the military religious freedom foundation complained to defense secretary robert gates not only
fundamental part of a free market is the ability to fail at your own peril, not this p perpetual bailout system. you said big financial. when it came time for t.a.r.p., which i voted against, big financial included the auto company. big financial included a lot of people that weren t there. so let s not pretend that this is only about goldman sachs who has been vilified by the s.e.c. in a very convenient time. this is, in fact, a very important bill. we need to get it right. if breaking it into parts we can agree on, waiting for the commission to report, and then doing more, is the right thing to do, then why can t the democrats take the part we can agree on today and work on these other parts when the commission has reported. which, by the way, is a bipartisan commission. what are you suggesting when you say that goldman sachs has been vilified by the s.e.c. at a very convenient time? what are you suggesting? i m suggesting that it is a very politically motivated attack by the s.e
i hung up with a republican source who said that he talked to these negotiators who are talking democrats and republicans and they say this is real. they re checking the box and checking things off on issues. how about this development? okay. there s always another side to this. so what are the bank, the big, financial firms doing to sort of prevent this train from gaining even more momentum here, dana? well, the banks and really all sides that have interest in this and we re talking about billions and billions of dollars of interest have done something that many people do for many issues. they have hired lobbyists, a lot of lobbyists and yesterday we were at a committee hearinging where they actually passed sort of a version or part of the larger attempt to reform wall street and that was this committee voted to have new, tough limits on wall street and specifically those controversial derivative trades, but when we went there, we did see many of