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When they could have the heads we win, tails you lose economy. they could bet it all. bet on the credit default. if they lose we still bail them out. the american people really need to pay attention to this. >> you're right. and congresswoman, the thing that galls me. banks just had their best quarter since the crisis. posing their biggest quarterly revenue increase since 2009. yet that's not enough. more rule changes are needed? they're going to do this if democrats can't do this on this one. it will divide the party and people like me will be loud and long calling them out on this. >> exactl...

Progress snuck into that piece there at the end. if they're all saying the default would be a disaster, there is a little bit of progress. thank you for the reporting this morning. we'll take any hope we can get. let's assume that of any political stripe down there, they're starting to see that going into credit default would be economic disaster. but why? what exactly would happen? how would it impact you? let's bring in christine romans. she'll break it down for us. what does it mean? >> it means the treasury department is about to run out of manien to pay all of its bills? why? because it c...

Think of the country much like a company. >> at the end of the day, there's a perception that if we simply cut costs, we cut spending, that suddenly we will have magically have prosperity. how does -- if you have an economy where the banking system is designed to suck money out of your country, not invest it using the credit default, the trade agreements are rigged in favor of trading partners, when you look at the tax code, which is designed to distort the flow of capital to a very specific group of people that is bought and sold every day in washington, if you have a rigged tax code, how doe...

It four, five, six maybe and then you are maybe tracking a disillusionening period that takes a while. he moved to different offices. he was in new york and then london, some other office at a certain point. so these are the different stages of grief when you are a capitalist. >> i guess. >> i guess what you could say is this was not a rush to judgment for him. he took it in over a careful enough period of time. >> right. >> if we were sitting here and saying he only worked there four years they would be telling us oh, come on, he didn't experience it. >> but he sat through the whole mortgage ...

Takes a while. he moved to different offices. he was in new york and then london, some other office at a certain point. so these are the different stages of grief when you are a capitalist. >> i guess. >> i guess what you could say is this was not a rush to judgment for him. he took it in over a careful enough period of time. >> right. >> if we were sitting here and saying he only worked there four years they would be telling us oh, come on, he didn't experience it. >> but he sat through the whole mortgage ripoff. he sat through all of the derivative credit default. >> and watched their reacti...