Elizabeth Warren

  • Aired:  05/03/10
  •  | Views: 29,633

Elizabeth Warren supports financial regulation that will put rules back in place and rein Wall Street in a little bit. (6:06)

WELCOME BACK, EVERYBODY.

MY GUEST TONIGHT IS AN ADVOCATE FOR A STRONG CONSUMER PROTECTION AGENCY.

GREAT.

NOW OUR CREDIT CARDS NEED TO WEAR CONDOMS.

PLEASE WELCOME ELIZABETH WARREN.

[CHEERS AND APPLAUSE]

MS. WARREN, THANK YOU SO MUCH FOR COMING ON.

LOOKING FORWARD TO TALKING TO YOU FOR A LONG TIME.

NOW, MADAM, YOU HELD A VAUNTED POSITION IN AMERICAN POLITICS AND FINANCE.

OKAY.

YOU HAVE BEEN CHAIR OF THE CONGRESSIONAL OVERSIGHT PANEL THAT BASICALLY LOOKS OVER THE

SHOULDER OF THE TARP PEOPLE TO SEE HOW EVERYTHING IS BEING DISTRIBUTED.

HOW DID THAT GO?

>> WELL, WE'RE STILL IN THE MIDDLE?

>> Stephen: HOW FAR ARE WE?

>> OVERALL WE'RE ABOUT THREE-QUARTERS OF THE WAY THROUGH.

>> Stephen: AND HOW MUCH MONEY IS THAT?

>> IT STARTED OUT AS $700 BILLION.

WE EXPECT WE'RE GOING TO GET ALL OF IT BACK.

RIGHT NOW WE HAVE $137 BILLION OUTSTANDING.

>> Stephen: SO WE'VE BEEN PAID BACK?

>> MUCH OF IT.

NOT ALL OF IT.

>> Stephen: HOW MUCH IS OUT?

>> $137 BILLION.

>> Stephen: OUT OF $700 BILLION.

>> IT NEVER WENT OUT.

OUT OF $700 BILLION THAT WAS ADVOCATED.

>> Stephen: DO YOU EXPECT TO GET THE REST BACK?

>> IT EXPECTS HOW THE AUTO INDUSTRY HAS DONE.

>> Stephen: GM HAS PAID EVERYTHING BACK WITH INTEREST.

IF THAT WASN'T TRUE, THEY COULDN'T RUN THAT COMMERCIAL.

THAT'S THE LAW, MADAM.

>> WE ARE SHAREHOLDERS IN GM AND HOPING TO SELL OUR SHARES TO SOMEONE ELSE AS A WAY TO GET

PAID BACK.

>> Stephen: OKAY.

>> SO WE'RE WORKING ON THAT.

WE'RE WORKING ON CHRYSLER.

THERE IS A.I.GOLD MEDAL.

THERE'S CITIBANK.

AND THEN THERE ARE A FEW OTHER,

G.M.A.C., A FEW OTHER FINANCIAL INSTITUTIONS NOT DOING SO WELL.

>> Stephen: YOU BELIEVE THERE IS A BANKING AND FINANCIAL REGULATION BILL THAT THE

DEMOCRATS WANT TO JAM DOWN AMERICA'S THROAT, AND YOU'RE IN FAVOR OF THIS BILL, CORRECT?

>> I AM IN FAVOR OF A CHANGE IN THE FINANCIAL RULES.

>> Stephen: NOW, THE OLD FINANCIAL RULES GAVE US YEARS OF UNBELIEVABLE BOOM.

WE JUST HAD A HUGE BOOM OVER THE LAST TEN YEARS, CORRECT?

>> WELL...

>> Stephen: EIGHT OF THE LAST TEN YEARS, PRETTY GREAT, RIGHT?

RIGHT?

>> NOT SO MUCH.

>> Stephen: HOW SO?

>> NOW WE'VE SORT OF PROVED INTO WHAT WE MIGHT CALL THE BOOM-AND-BUST CYCLE.

THAT WORKS FOR SOME PEOPLE.

SOME PEOPLE GET REALLY RICH.

>> Stephen: WORKED OUT GREAT FOR ME, BABY.

[LAUGHTER]

>> IT DOESN'T WORK SO WELL FOR A LOT OF MIDDLE-CLASS AMERICAN FAMILIES, UNEMPLOYMENT,

BANKRUPTCY, FORECLOSURES, A DOWN ECONOMY, FLAT WAGES.

>> Stephen: SO WHAT DO YOU WANT TO DO TO THE BANKS TO HAMSTRING THEM SO THEY CAN'T

MAKE PROFIT?

[LAUGHTER]

>> WELL, THE IDEA BEHIND THE REGULATION IS TO TRY TO PUT SOME RULES BACK ON WALL STREET AND

REIN THEM IN A LITTLE BIT.

>> Stephen: NO FREE MARKET?

>> NO, NO, NO.

THIS IS TO SUPPORT A FREE MARKET.

>> Stephen: RULES, RULES?

YOU SAID REIN IN?

>> THAT'S RIGHT.

>> Stephen: A FREE HORSE HAS NO REINS ON IT.

WE'RE TALKING MUSS STAGES.

YOU WANT A GUILDED CLYDESDALE.

>> WHAT I WANT IS A HORSE THAT WORKS FOR ALL OF US.

>> Stephen: THE HORSE BELONGS TO ALL OF US.

>> NO, I WANT A STRONG CONSUMER AGENCY.

>> Stephen: WHAT WOULD THEY DO?

>> THEY WOULD MAKE SURE WE CAN ALL READ OUR CREDIT CARD AGREEMENTS.

>> Stephen: CAN YOU READ YOUR CREDIT CARD AGREEMENT?

>> NOT THE ONES WE HAVE NOW.

THEY'RE 30 PAGES LONG, TINY PRINT.

>> Stephen: YOU'RE A PROFESSOR OF CONTRACT LAW AT HARVARD UNIVERSITY.

>> THAT'S RIGHT.

>> Stephen: AND YOU CAN'T READ THEM.

>> IT'S DESIGNED NOT TO BE READ.

>> Stephen: AND YOU WANT TO MAKE ME READ MINE?

[LAUGHTER]

>> I ACTUALLY THINK WE SHOULD CHANGE THE CONTRACTS SO THAT YOU COULD READ YOURS.

THE IDEA IS THAT EVERYONE SHOULD HAVE... WE SHOULD HAVE SIMPLE PRODUCTS WE CAN READ, LIKE

TWO-PAGE CREDIT CARD AGREEMENT,

TWO-PAGE MORTGAGE AGREEMENTS.

>> Stephen: EXPLAIN THE A CONSERVATIVE WHY HE SHOULD SUPPORT CURTAILING THE ABILITY

OF BANKS TO DO ANYTHING THEY WANT.

>> WELL, BECAUSE CONSERVATIVES BELIEVE IN MARKETS, AND THE WAY MARKETS WORK WITH CONTRACTS IS

THAT YOU UNDERSTAND IT AND I UNDERSTAND IT.

WE DECIDE TO MAKE CONTRACTS THAT ARE IN BOTH OF OUR INTERESTS.

SO THE IDEA IS JUST TO LEVEL THE PLAYING FIELD HERE A LITTLE BIT.

YOU GET TO UNDERSTAND THE CONTRACT.

PERSONAL RESPONSIBILITY.

MAKE A DECISION.

IF THAT'S A CONTRACT YOU SHOULD TAKE ON.

>> Stephen: BUT IF I'M THE BANK, DON'T I GET TO CHANGE THE

CONTRACT ANY TIME I WANT?

>> WELL, THAT'S ONE OF THE THINGS THAT MAKES IT NOT LIKE REAL CONTRACT LAW.

>> Stephen: BECAUSE I'M FINE YOU UNDERSTANDING THE CONTRACT,

AS LONG AS I GET TO CHANGE THAT UNDERSTANDING WITHOUT TELLING YOU.

[LAUGHTER]

ISN'T THAT HOW IT WORKS NOW?

>> AND THAT'S A PROBLEM.

>> Stephen: AND THAT'S WORKING OUT FOR THE BANKS.

>> IT'S WORKING OUT FOR BANKS,

BUT IT'S NOT WORKING OUT SO WELL FOR MILLIONS AND MILLIONS OF AMERICAN FAMILIES.

>> Stephen: THE DEMOCRATS HAVE THIS FINANCIAL REFORM PACKAGE.

>> THAT'S RIGHT.

>> Stephen: THE REPUBLICANS HAVE FINANCIAL REFORM PACKAGE,

TOO.

LET'S HEAR ABOUT THAT ONE, SAY A COUPLE POSITIVE THINGS ABOUT THAT.

>> WELL, SO THE IDEA BEHIND THE REPUBLICAN CONSUMER AGENCY IS THEY WILL TAKE THE HEADS OF ALL

THE AGENCIES THAT FAILED AND BROUGHT US TO THIS ECONOMIC CRISIS, THE FOLKS WHO WERE

ASLEEP ON THE JOB AND DIDN'T PROTECT CONSUMERS, AND THEY'LL

PUT THEM ON A COMMITTEE AND PUT THE COMMITTEE IN CHARGE.

[LAUGHTER]

>> Stephen: THEY KNOW THE LAY OF THE LAND, THOUGH.

>> THEY DO.

>> Stephen: WHY DO WE NEED REFORM?

WHY DO WE NEED TO REGULATE THE BANKS?

DON'T HAVE WITH BANK REGULATORS NOW?

THERE'S SOMETHING CALLED BANK REGULATORS.

I'VE HEARD THAT TERM BANDIED ABOUT.

WHY DO WE HAVE TO WEAR A BELT WITH OUR SUSPENDERS.

WE ALREADY HAVE ONE SET OF REGULATORS.

>> ACTUALLY, RIGHT NOW WE DON'T HAVE ANY PANTS ON.

[CHEERS AND APPLAUSE]

>> Stephen: ON THAT NOTE,

MS. WARREN, THANK YOU SO MUCH FOR JOINING ME.

EVIDENTLY WE WE HAVE A NUDE||||

Loading...