towards congress debating financial reform in our country, the question must be ask asked it make sense for our got give more power to a federal reserve and banker con men who unrepentantly caused this crisis and make money on your expense, on the pension side and on the credit side. that s the current plan. give them more power. joining us now congressman alan grayson, democrat from florida who sponsored the audit in the fed bill with ron paul. congressman, pleasure to see you again and on the phone president of fleckenstein capital and more importantly author of does an exceptional job of explaining exactly how the godfather greenspan allowed the banks to perplate to con. and bill profited rather handsomely against the conspacek because knowing it was a bubble. i would likely more frustrated than i am that our congress unwillingness to acknowledge or understand the con or address it.
theoretically elected by us refuses to cover the stolen money by the con men or fix the system that allows them to continue to perpetrate the con against you and me. the current financial reform legislation proposed by our government would give the godfather, the federal reserve in this case, even more power to regulate the game, the conmen represent by the wall street bankers of course giving our congress the cust action, $344 million so far lobbying against the bill. second only to health care earnings we saw how well it worked out for special interests on health care. home run. guaranteed customer with no reform. i m sure the bankers will do pretty well as well, all of this acourse assuring our lawmakers many do not understand how the con works in the first place that the financial crisis has been fixed of course with an infinite supply of your money. after all, just check out stocks over the past year. we are back over 10,000 on the dow, thanks to that blank check from the federa
derivatives and of course as you pointed out earlier in the show, that was a key part of what put us in this financial mess that we re in. and they and no one at this point in our congress has had the ability to actually come up with the plan to regulate it because the banks apparently control the legislative process. how do you interpret the yes vote and then the no vote on health care, and where do you come down on it? well, i said that i would have amended the initial health care bill to make it stronger, make it take on insurance companies even more, but then voted for i would have voted for the reconciliation bill. you know senator lincoln voted for the cornhusker kickback in the initial senate bill, and then by voting against the reconciliation bill, she voted against removing that cornhusker kickback. there were improvements in that bill but she clearly didn t didn t want to make them. the truth is, and you and i both know this, there is a stunning level of dissatisfac
system that money seeps it s way into other places, and if you it will end up creating a bubble and the more leverage in the bubble, the more dangerous it becomes. greenspan not only made the interest rates too low, he advocated the possibles and curled for the housing bubem importance. he made a speech where he tried to explain why housing could not possibly be a bubble. so it was not just his conduct of monetary policy it was the things, the speeches, he made and he was held in such higher regard, other people adopted his behavior and philosophies. you mentioned campaign finance reform in the need to get the lobbyists out because the bank lobbyists $344 million, a cut of the action on the con goes to congress. are you as cynical as that would suggest? that, basically congress knows that they should create transparency and capital requirements which would end the ability to be a con like this but refuses to do so because
they re afraid of losing those checks? i think it s worse that than actually. we lived through an economic disaster and now we re slowly recovering from it. we lost 20% of our national wealth in 18 months, the last 18 months of the bush administration. and housing topped out 3 1/2 years ago. not just in florida, but around the country. and nobody has been held responsible, not alan greenspan, not anybody else. in japan they have a way different solution to these kinds of problems. it s called harry carey. i think what confuses people that the point, congressman, and having been talking about this incessantly for a few years now most people, if you look at the polling, understand, at least enough of this, to know that congress works for the banks, not for the american people, and yet congress still seems a phenomenally willing to drag its feet in addressing this. harry carey may be interesting or nice, we re probably not going to see it. we live in a democracy where we re told we el