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>> and that's the problem, they bet against us. they're supposed to be the engine that helps power the economy and they ended up becoming an engine unto themselves for themselves. that's really the problem. >> another thing is, a lot of these guys, it was said the other day very well -- they come from a really high gene pool. smart people. they could have been winning nobel prizes in physics, and what do they do with that incredible i.q.? this. >> look, they are villains and that's not new. that's historic. but people remember what happened last year. they associated this very bad period with ...

Billion a year because they bet against us. >> and that's the problem, they bet against us. they're supposed to be the engine that helps power the economy and they ended up becoming an engine unto themselves. >> and they come from a really hygieigh gene pool. and what do they do with that incredible iq? this. >> look, they are villains and that's not new. that's historic. but people remember what happened last year. they associated this very bad period with bailouts by both parties. that's why one party has gone against them. one party is standing up. >> is what the president is doing now, wha...

>> another thing is, a lot of these guys, it was said the other day very well -- they come from a really high gene pool. smart people. what do they do with that incredible i.q.? this. >> look, they are villains and that's not new. that's historic. but people remember what happened last year. they associated this very bad period with bailouts by both parties. that's why one party has gone against them. one party is standing up for them. >> let's be proactive. is what the president doing now, what chris dodd and barney frank are doing right now, would it prevent what we went through in 2008? >> ...

>> i think they do. you still have not solved the problem. if you have a crisis and all of a sudden you have counterparty risk, which is that if you -- >> paul: creditors of a big institution. >> it ripples through the system. the test here is there a back stop and one of the things in the bill is it creates a fund. >> the $50 billion -- this is just like deposit insurance where you tax the banks, they pay a fee and that's money so it won't have to go taxpayer. >> what you want in a new system is something that raises the doss creditors for not doing their homework and finding out what it is t...

>> i think they do. you still have not solved the problem. if you have a crisis and all of a sudden you have counterparty risk, which is that if you -- >> paul: creditors of a big institution. >> it ripples through the system. the test here is there a back stop and one of the things in the bill is it creates a fund. >> the $50 billion -- this is just like deposit insurance where you tax the banks, they pay a fee and that's money so it won't have to go taxpayer. >> what you want in a new system is something that raises the doss creditors for not doing their homework and finding out what it is t...