- Highlights
- Full Text
[0:21] ..." heavier hand on the powers of these folks new powers for the Federal Reserve for example."...
[0:51] ..." the whole world. And so he's proposing regulatory reform of the Federal Reserve more power to control some aspects. The big banks and Wall Street firm."...
[1:13] ..." reserves and given the Fed's power to require a Goldman Sachs or Bank of America or any of the big banks -- to put more money in their reserves. When it looks like they're taking in more"...
[3:08] ..." political nod to a voting bloc that's become very impatient with the White House in recent weeks."...
[3:36] ..." the states is so far have. Stepped up to the plate on same sex marriage for instance. But I think it's a move that probably most Americans say we understand we think it's right -- the night."...
[0:00]" Joining us as he does each Wednesday to talk about the Washington political scene is Sam Donaldson from ABC. And that Sam good morning thanks for being back on WBZ. This a very busy day for President Obama where to begin let's start with the plans for a sweeping overhaul of the financial industry. Apparently we're going to have a heavier hand on the powers of these folks new powers for the Federal Reserve for example."
[0:27]" What you know obviously that Calvin Coolidge when he was governor of Massachusetts over the Boston Police strike and -- struck out he -- you know no one at the right to strike against the public is safety that -- time anyplace what what President Obama is saying in effect today is that these great financial institutions do not have the right to do anything they want to do. When it strikes at the financial safety in the whole country -- the whole world. And so he's proposing regulatory reform of the Federal Reserve more power to control some aspects. The big banks and Wall Street firm."
[1:01]" What powers are we talking about."
[1:03]" Well we're talking about the power -- hedge funds at the moment are not not regulated at all. To any extent have bringing them into -- regulatory system where they've got to have -- reserves and given the Fed's power to require a Goldman Sachs or Bank of America or any of the big banks -- to put more money in their reserves. When it looks like they're taking in more risk. What they did was take a lot of risks and then when the chickens came home to roost. They didn't have the power to keep themselves in business without the big federal bailout which is going to cost the grandchildren about a lot of money."
[1:38]" And Republicans in congress Republicans in congress are -- a pretty bitter fight on --"
[1:44]" Yes I think you know. Anytime -- oppose reform whether it's healthcare related regulatory reform you have a lot of players who -- in -- in the old system whatever that might have been the -- in the change. And who could blame them if you look at their self -- made. We're all for instance is giving up subsidies they happen to give up your subsidies lowered the fine. That's what happens to get. Reform movement going and congress is going to be beset by lobbyists between now and the timing on this is set."
[2:15]" Right and then of course the health care bill and I understand the Senate health committee takes set up today which is of course chaired by our own Senator Ted Kennedy."
[2:23]" That's right now but here's the problem with the Kennedy Dodd bill they unveiled last week. The Congressional Budget Office looked at -- and on Monday of this week said. That doesn't cover everybody audit covers about sixteen million additional people leaving 26 million still uncovered. And it can cost a trillion dollars what I don't know what the CBO is right I haven't crunched the numbers myself but look at the disagreement. Senators Kennedy and Dodd say here's our idea and cover everybody and the Congressional Budget Office at which you didn't do it. That's the problem."
[2:57]" And is an eye popping figure. How this says this move today by President Obama to extend benefits to same sex partners of federal employees Sam. Some people are saying oh this is just a political nod to a voting bloc that's become very impatient with the White House in recent weeks."
[3:13]" Well it is that. But on the other hand a lot of people think it's the right thing to do means sometimes. Politics. And policy merge. And and that produces a good result I don't think that the partnership -- of this kind of care is kind of what that you don't like it. But I that the country's moving in that direction I think he's seen that everywhere not just in the states is so far have. Stepped up to the plate on same sex marriage for instance. But I think it's a move that probably most Americans say we understand we think it's right -- the night."
Del.icio.us
Digg
Reddit
