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>> you can blame greenspan. can you blame the rating agencies. you can blame congress. you can blame the bankers that went wild. regulators that weren't minding the store. >> what goes on behind closed doors on wall street? >> we stand strong, and on the other side we'll eat golden sludge. >> could it happen again? >> i don't think anybody realized that we were within a day away from a major international catastrophic and economic meltdown. >> james wood from "too big to fail," andrew ross sorkin, the man who wrote the book on the crisis. this is "pierce morgan" tonight. good eveni...

It's a financial birth defect, and the parents aren't warned. >> reporter: in many cases, police don't have the time or resources to catch these crooks, leaving parents like katie's dad out in the cold. in a nutshell, what have the police done for you? >> nothing. it's almost like they don't want to be bothered. >> reporter: they don't want to be bothered, but we found two of the suspects pretty easily. in fact, we found manuel contreras in arizona in just two days. jeff rossen from nbc news. according to the credit bureau, you've been using a young girl's social security number and getting ho...

I don't understand. >> reporter: so we brought in our translator. you took out a home loan with this young girl's social security number in 2003 for $107,000. 2006 for 15 $3,000. also in 2006 for $238,000. that's against the law. >> you arrest, okay, go ahead. >> reporter: i'm not a police officer. i'm just trying to figure out why you did this. >> why no cops? >> reporter: that's a good question. i don't know why you haven't been arrested. that same day, we surprised another suspected thief. hi, jeff rossen from nbc news. mario solinas, working in a store parking lot, wrangling grocery carts....

Don't have to. >>guest: two things are important: you are right, if they have a tax increase that means no reform of the program. we have more than 30 countries around the world that have stabilized long run finances by moving to personal retirement accounts f he get as tax officer that is out the window. but a giant tax increase will not work. when you impose a big marginal tax rate increase on work effort you will get lower labor supply, you will get people using tax deductions, loop hes and shelters and the government on paper may think it will get this much money but in reality --. >>neil:...

Retirees per worker, and more money starts going out than is coming in. >> the ryan republican bill would partially privatize social security. future retirees would receive a combination of reduced federal benefits and income from a personal savings account carved out of their social security account. the president wants to lift the income cap on social security taxes, which is now around $107,000 a year. and in his speech today, the president may have unwittingly stumbled upon the reason republicans really want to cut education spending. >> how many of you who are in the audience have got an ...