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u.s. he simple hasn't aktd. that trade debt is choking the economy, there's not enough demand for what americans make and the economy doesn't move forward. >> he doesn't have a compliant congress, specifically the house of representatives. >> that's true. the reason he doesn't is because he squandered his first year. now as a consequence, the country elect add congress that wants a change in direction. the congress for its part doesn't seem much capable of providing it. to say mr. obama is alone in getting us out of this mess isn't fair. the republicans aren't providing a path either...

But who should be upset about it and who i think will be upset about it as they figure out how this thing works are small banks and medium sized banks because it's going to be much more difficult to lend and the bureaucracy is going to be more difficult for those small banks. >> senator whitehouse, is it as horrible as senator gregg suggests? >> no, it's the most significant reform of the financial system since the great depression. it creates fire walls so that banks are no longer infesting in highly speculative matters with other peoples, regular folks, money. it sep ramts the investment sid...

Symptomatic of the changes taken place at the firm. you're a trader. they say you come out of the trading side of the business, not the advisory side. is it fair to say that your rise represents the rise of the trading business? >> i think this firm has always gone back and forth. by the time you get to a medium level at goldman sachs, you 'em bed in you the principles of the banking side and the sales and trading side. you can't avoid it in this firm because all of these things are interconnected, as i described before. so, for example, this is the firm of hank paulson, who is a banker but al...