Those workers will get their money on tuesday. Marks the fifth anniversary of the collapse of lehman brothers. Used tomoney has been support some large banks and the dodd frank legislation has been passed addressing those concerns. On this 50 Year Anniversary we want to hear from you and your stake in the Financial System, your confidence level, whether it be how wall street operates now, how congress handled the matter, what you think about the system overall. You can call us at if you want to rita reach out cspann twitter, our wj. An agreement between u. S. And russia has been reached. The agreement will be back by Un Security Council resolution that could allow for sanctions or other consequences if serious fails to comply. That is according to the secretary of state. Mr. Kerry also said this 50 Year Anniversary of the collapse of lehman brothers. The subject of a couple of oped this morning, or at least long pieces. Matthew iglesias said we are interested in your thoughts on your confidence level in the Financial System. Especially five years after the start of the financial crisis. If you want to give us a call, it is we have those we have posted this on our facebook page. If you want to send us tweets, you can do that too. Joining us on the phone from , she wrote the cover story, how wall street won. Thank you for joining us. Your two cents of some of the ele ements . Did do aile washington good job of saving the Banking System with the swift bailouts and quick action, which averted even worse damage, i think a good counterexample is europe and what happened there with a much slower solution. I think youre still seeing the limitations of that. Still seeing the ramifications of that. I dont think we have done a ofd job of refinancing connecting the financial industry to the economy. Things are back and making profits. In some cases they have offloaded some of their risky assets and increased capital they have to work with. Doingey are still not this sort of lending to the real economy that they were set up to do. In thisthe major banks country, big investment banks and large financial institutions, make most of their money trading. What isthis sense of the Banking System supposed to be doing . Isnt it supposed to be helping us . Host as far as wall street itself, what is the reaction to dodd frank . What has been the end result . Guest you can look at the statistics and say that only 40 of the new rules cause new rules called for by. Frank have been written. Unless those rules are actually written and implemented, it does not make any difference. Ill take Capital Requirements for banks for example. Banks by the way and banks use only five percent of their daily capital to do business. The rest of Corporate America would not dream of borrowing 50 to do their daily business. It does not look like they are going to be implemented until 2018, 2019. I think that is a real problem because it gives enough time for more bubbles to build and more problems to brew. Host one of the elements you talk about in your piece this morning in Time Magazine, there were three weaopons of massive financial destruction. Guest gary gensler has done at 10 past it job read he has had has done acess great job. Some great success. That is because of some compromises that were made in banking. For example, Foreign Exchange derivatives, are still not going to be under the dodd frank rules. These derivatives, that Warren Buffett wants to call weapons of mass financial destruction, theyre still out there and being traded. Are talking about confidence level with our viewers, what can you add to that as far as what confidence is being felt toward wall street and these large banks . Guest if you look at polls done recently, theres very little. This goes back to a point in my story. We need to reboot the culture of finance. There have been studies done about the amount of mouth seasons if you are making profits for the firm there is this culture of risk taking that is encouraged. I think it is important to acknowledge it and start a discussion about how banking is supposed to serve the real economy and not the other way around. We have become so deeply embedded in it that it is hard to remember that the original Business Bank was simple. It was lending to real people and business. Host shes the assistant managing editor of Time Magazine, talking about her cover story. It could happen all over again. Thank you for joining us. Our first call on your confidence level, five years after the financial crisis, eugene oregon on our democrat line. David, thank you for holding on. I think hearing her was absolutely spot on. She nailed it. We do not have any confidence, i dont anyway, in the baking system. I have in the Banking System. I have a free Checking Account that anytime i do anything there are three dollars or five dollar charges. They charge me three dollars for mailing my statement to me. This used to be a basic receipt and now they want everything electronic and you downloaded off of your own computer if you are so rich to afford those things. I think that is the disconnect. Myself, aree, like really pushed out of the banks to where we are almost having to deal with payday lenders all the time. Before we let you go, what would restore confidence . Lowt my confidence is very , what would restore it is by on theg with putting tax amount of the Financial Service people at the top can make. I think this is a real problem with everything area host. Host mark, republican line, good morning. Guest Time Magazine is a trash propaganda machine. What a joke. They should have put this out last year before obama was reelected. When he are coming out cant be touched. They are just liberal trash rag. There is no confidence. I live in southern california, long beach. We have more Homeless People than ever. Obama and democrats have destroyed this economy. Around, im doing well, im not poor. I make 100 grand prix year. The only thing i spend money on is paying my mortgage and bills. I dont buy anything, i dont go anywhere, because im scared to death things are going to go down again. I dont trust my bank. I take every dime out that i can. These banks will close up, take your money and tell you to go jump off appear. Jump off a pier. Cash and alltheir legum coming in. To listen to Time Magazine come up with about how the economy is the republicans have been saying dodd frank is a joke for years. Host we let you go. Ralph from washington dc, you are up next on the independent line. Wall street, any society has to have a method to allocate capital. Are we going to finance manufacturing, are we going to build these houses . We have a complex of is to tissues that make these decisions. I think one of the problems is there was a show he for, the ,ournalist a show before with barney frank and steve grisman. Presenthe things for stiff thomas said is how the enemy is us. Literate cially financially illiterate. That is why we elect people who pass dodd frank. That time reporter was saying it is still doing a bad job in terms of risktaking. Federal reserve policy forces risk. Have no confidence in the system but it is not all wall streets fault. Some, people like camera was who was ceo of bank of ken and bob rubin lewis, who was ceo of bank of america and bob rubin. I think that people, including myself, need to have more confidence can have more confidence in the system if they suffer the consequences of their negligence. Host off of twitter your confidence level in the Financial System, five years after the start of the financial collapse, that is the topic for the remainder of our time this morning. If you want to join us on the phone lines the previous caller gave us a good segue that event. Barney frank was one of the key people behind the dodd frank legislation. One of the questions he was asked was why people involved in the financial crisis did not go to jail. [video clip] pass a lot of laws because some of the things that people should not have done were not illegal. What i heard from the administration was we do not want to prosecute an institution. Here is where i want my liberal one to remember element of due process, fundamental to our liberty, is that you cannot be criminally prosecuted if you did not have if theason to know activity was illegal. Ambiguity is the and me is the enemy of due process. You have to be able to prove beyond a reasonable doubt. Ignorance is no excuse. If the law was there and you didnt know about it, that doesnt help you. If the best informed person of the world could not have been sure if that was illegal, it is very hard to do a criminal prosecution. Our reason for this is that is why you see so much Insider Trading in criminal prosecutions. There was great ambiguity. If you want to see that full event, you can go to www. C span. Org. It did feature a for i. T. Of people talking about the financial crisis. We are turning to the same topic and asking about your confidence tem ando the sys congresss reaction to it. Then eyes, california, democrat line. California, democrats line. The biggest victims are small savers and People Living on fixed incomes. If you try to live off interest youre making in the bank, youre talking well less than onecent rated percent. That is not reasonable. Be four percent or five percent you could count on. It pushes people who are not comfortable taking risk into going into risky ventures. I would not listen to a word barney frank has said. His mind has been addled from years of receiving host jan on the republican line. Caller im a fiscal conservative but i do not have much in common with the Republican Party. We still have big banks investing our money overseas while starting this country for capital. Capital has made the rich richer. It is the american taxpayer that has to guarantee pensions, backed mortgages. They also have to pay welfare to the companies that will not pay their employees decent wage. I dont have any confidence in our fiscal system. I dont care which party is in there. Thank you. Host off of twitter the telegraph newspaper out of london has this, taking a look at the financial crisis you can read the rest on their news site patricia from indiana is joining us next. On their news site. Tricia is up next from indiana. Be at my comment would the beginning, when president obama was elected, i was very optimistic. The last president dropped the ball and let the country down. I was very optimistic. Going into as many years as we have been into this, i see the disparity still upper income wealthy in the country and the people who are the hardworking factory laborers who have to live on benefits. S, decreased we need to change that. We need to raise the minimum wage. The prices of gas and food go us go up continuously. Speculators in oil prices are the ones behind this task price going up the gas price going up. Hasrecovery in wall street been much greater than it has been for average working class person. You think about how congress has handled this whole thing . Caller i was very disappointed with them in the beginning of this. I still am very disappointed with them. Host what is the main reason . Done a they could have lot more to help working classes, they could have put regulations on wall street years notyears ago that would have allowed them to do things they did read they could have done something about the Housing Market that would not they did. They could have done something about the Housing Market that would not have allowed the bubble. They could have done more. And they didnt. Belleview, florida is up next on our democratic line. You and your callers are put quite a bit on the table in contrast to what the caller of long beach says, i thought that the lady from Time Magazine was quite articulate. Overlooked in all of this is the Federal Reserve, which we live and die by, is an illegal enterprise. The semblance of ron paul and rand paul, though should be taken to heart. The Federal Reserve needs to be honored on an annual basis. Legally ted a promulgated illegally. After that immediately there was the first great war and war has been ever since we live in a war economy. Turning to confidence level in the fiveYear Anniversary after the financial crisis, what you have to say about that . Caller obama is deeply she to the dollar to an enormous is theked is depreciating dollar to any enormous extent. Way to endemic welfare. The cream is rising to the top. Host that is daniel from florida, mentioning the Federal Reserve. Areeet from power if you saying that the reserve bailed out wall street at the expense of main street a tweet from a viewer. That the reserve bailed out wall street at the expense of main street. Larry summers is a name you have probably seen associated with the story many times. Another saying he reached out to a member of the Senate Banking committee, elizabeth warren, to talk about the issues and concerns. The headline your faith in the Financial System, five years after the start of the financial crisis. Steven from grand rapids, michigan on the democrat line. I just wanted to make a quick comment. Confidence is pretty darn low. I think the general people feel pretty hopeless. If youre looking to start a moneyy, dont give your to a bank. You can be your own bank. That are lending rates and lower tax rates. There are friends that will allow you to be your own bank instead of giving money to a at 25 interest. Now im looking at four percent or higher. Something to think about. Give a little bit more power back to the people. There are things you can do to and give people the you dont want to cap you dont want to have power the power. Host there is a write up on this website here is brady from ohio, independent line. Caller good morning. Host go ahead. Caller my confidence level would be, on a scale of one to 10, im thinking 2. 5. Not very confident. Host because why, specifically . Unemployment is really high. My goodness. Year, we the fifth havent even gone back to the unemployment level when this thing happened. I believe it was about five percent. Is down, it wont go up. Seven percent. We cant seem to get it up and get it up. Comes around,sing people pay their mortgages, second start the ball rolling that can start the ball rolling. How much stability do you think there is in the Financial System . Caller i would say it is stable. In other words, you are asking about the amplitude of the Business Cycle when you say stability . Host how the system works, lending and receiving. Think it works fine. I dont think there is a problem with rent with lending and receiving. I think it is an efficient market. Some people claim that the rich people are the big banks are ripping us off. Thats not true. Theres not a monopoly of banks out there. Host from tennessee, democrats line. Caller i would just like to mention some things that maybe people arent thinking of. I believe the American People and to be more informed this Carte Blanche on the ilitary is going down the tubes and people turn a blind eye. And they walk on and walked past. It seems to be the new way of being. It is all wrong. Would you rate your confidence in the Financial System . Caller the Financial System, it is just a matter of time before it will crumble. There is no accountability out there in these programs. They are being funded by the government over and over and over, frivolously. Nobody is saying what they are or what they will be created into. Our federal employees get full medical, dental, and vision all paid for by the government. And yet they wont turn around and put obamacare on the people. Hat can afford it they have to pay out of these pocket out of their pocket when people on the hill are making six figures. The regular bluecollar worker has to go through hell to get insurance these days. They get a Carte Blanche paid for by the government. A story in the paper about federal workers, at least some not getting their pay on friday. The headline is you are asking about your confidence level in the Financial System. This is mike from North Carolina, republican line. As far as the system, i think we are just buying time. It is pretty much what we have been doing for the past five years. 70 seeds of this were sown years ago with the creation of fannie mae and the insertion of the federal government into the mortgage markets. That became a political football. Wall street does what wall street does. You cannot fault a lien for eating a wildebeest. Forcannot fault banks making a profit. Even as barney frank said on the show, no one was prosecuted for what happened five years ago because no one roque any loss. Derivatives were not regulated, credit default swaps were not regulated. None of these guys were not none of these guys were doing anything illegal. They are financers, they are creative people people who look for creative ways to look for money. The problem lies with both parties. I am a fiscal conservative but the fact that we have politicians that have been up on ,apitol hill for 30 years people like john mccain and , i dont think it will solve everything but it will go a long way to getting new blood in capitol hill and in our government on a regular are not so iney bed with the Financial System. Y would be willing to beam willing to regulate and bring the hammer down. Host fannie mae and freddie mac was the topic yesterday at the Ameri