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And entirely unnecessary. >> clayton: and one of the things it was meant to prevent was picking winners and losers, right? hey, you know, this large bank, bank of america, wells fargo, citigroup, a large institution that they're not free from being allowed to fail in the future, but has that happened or has that occurred under dodd-frank? >> no, we really needed serious regulatory reform. and dodd-frank did none of that. we need to fix the regulatory system which is way too politicized and spread out over way too many agencies, we need it as consolidation of the regulators, needed more stronge...

Starring role. >> that is a separate type of business. but on the residential side. you want to keep people in the homes and they will vote for you once again. but if you let the foreclosure happen and get the government out, you get back to the true housing bottom and true prices and a true market, wayne. >> as i said that is a separate question and this particular settlement with the banks. the problem is, big banks already. four banks that were involved in the settlement and command over 54 percent of the banking assets of the united states. you have to break up the banks number one. you ha...

Banking assets, but consolidation itself does not make it risky. i believe it's a regulatory problem. and i believe if you get rid of all of this regulation, go back to the 19th century where you had panics, booms, and busts, because there was nothing regulating the financial system or the economy. >> go ahead, quickly. >> the 19th century had all that, approximately the same degree as the system we've had since world war ii. >> that's not true. >> it is true. i'll -- the recent scholarship shows that the things that were thought of as being big recessions in the 19th century were simply mista...

After september 15th, 2008, a lot of us were comforted by the fact that governments were big enough to bail out institutions that were too big to fail but you asked the really frightening question. what happens when there's nobody left to bail out those big governments? >> right. well, the governments essentially -- this story started when i was working on the big story and i was talking to my hedge fund manager who had made a bunch of money betting against the sub prime mortgage market. by the time i saw him in 2008 he had moved on to what he thought was the next thing and he thought, he esse...

You allowed banks to conglomerate. we have four banks that control 54% of banking assets in the country. they should be broken up. >> let me finish, please. let me finish, please. >> they should be competitive. competition is the national regulator. if we had all of the banks competing with each other instead of conglomerating, which is what the congress allowed them to do. we'd have a competitive economy. a freer market if you will. it would work. >> cheryl: jonathan, hang on because your favorite topic is up next. stave tuned for this one. because these top solyndra execs not talking but one...