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Are guaranteed, and their cost of live increases, and that is sort of the focus and, mayor bloomberg here in new york has said he will devote his third term, third and final term, because we do have term limits, will devote this term to fixing the pension mess and also the mandates, which is, in other words, the state legislature sweetens the benefits of the -- many of the pensions and forces the localities to pay for them and the mayor says he is really going to focus on that and i hope he does and the city needs it and his reputation could stand boosting over this and he, himself, participat...

Large banks and go back to the fundamental banking business and of course the public is, there's an outcry because of public spending, bailing out some of these banks. >> exactly and that takes us on to the bonus issue as well. doesn't it? >> right. >> there's a great deal of concern that bankers are getting big bonuses when a lot of the banking sectors are publicly owned. we'll have lots of controversy in this bonus season, do you expect? >> i think so. there's a lot of suffering, a lot of people have no jobs and of course, like i said, because the government is behind some of these banks, ei...

Mechanism. so, you mentioned aig. under these type of bills if you had an aig situation occur again there would be available a regulation mechanism which, again, you can impose losses on shareholders and repudiated employment contracts and have them continue to perform instead of paying them off, there are a lot of advantages that worked well. >> while most people are mad about the bonuses fide aig, the real story was something was going wrong we should have been able to stop before it went wrong. i'm more interested in the regulation than the bonus issue, we want to make sure before they fail...

$90 billion fee on banks over ten years so we can say to the american people they will not be exposed to a penny of loss of all the things we had to do to step in to rescue. of course they are angry. they should be angry until they have more confidence the government is going to put in place reforms that will fix what is broken. they see more traction in bringing growth back, bring unemployment down. >> the bonus issue specifically and i know it is not central to the financial system but it is central to how much political will there is to get things done in this administration. >> first of al...

All the terrible things we had to do to step in to rescue this financial system that was burning. of course they are angry. they should be angry until they have more confidence the government is going to put in place reforms that will fix what is broken. they see more traction in all the things we're doing to try to bring growth back. >> the bonus issue specifically and i know it is not central to the financial system but it is central to how much political will there is to get things done in this administration. even on a host of things that have nothing to do with financial reform. >> first ...