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Went out in a three month period, created out of thin air. what is the effect of that? we start to see it now a few years later. rising prices. food, beer, gasoline. the number was startling and to people that watch this for a living the $3.3 trillion in that short period of time. >> shepard: it was nothing. i mean they literally added zeros to the back of their accounts. >> yes. >> shepard: and now the banksters are having -- just had the most profitable quarter of the new millennium. >> listen to this. they borrowed some money from the treasury on the fed in order to pay back the fed the mon...

You a loan anytime you wanted and float commercial data anytime you wanted. it's a different world and makes much bigger sense with a cash cushi cushion, is fear. >> brenda: eric, that's so self-evident. >> we've opened the discount window, et cetera at zero or low interest rates. the banks sat on it, and stole our money. taxpayer transferring wealth to bankers. >> wrong, wrong, wrong. the demand for credit has been going down for the past 18 mont months. >> and so is loan. >> not a supply issue, it's a demand issue. if nobody's asking for the money you're not going to lend it out. >> brenda: ...

No, it is not a bailout bill at all. whether it is an ex anti-fund or an ex post fund, certainly, that's a subject of negotiation. the basic idea that we end bailouts, that's not negotiable. >> nair are other provision that is do amount to a bailout, the fed's discount window would be open to banks in trouble should she hit a crisis even if the crisis is precipitated by the banks. critics have said this does nothing to stop them from becoming too big to fail. even robert reicht says at a time we ought to be trimming the sails, the dodd bill puts more fwhind them. what do you say? the discoun...

Buying, selling. trying to run 12 people, a $15 trillion economy by the hour, by the week, by the monthly meeting. you can't do it. i would say that we're at the point where this is so broken, where the fed has destroyed so completely the capital markets. interest rates don't mean anything. they're simply manipulated numbers by the fed, that we ought to say, let's get rid of the open market committee. put those 12 people in retirement. let the fed run a discount window for emergency liquidity, if it's needed. let people, banks, pay a penalty rate if they get in trouble, because they've borrowe...

Targeting the white house which is the source of their problem. the unemployment was not as high when obama took office a couple of years ago and it has risen, specifically with young people and the country as a whole sense he took office. >> sam, let's talk about what is going on. they are mad at the corporations. they are mad at the banks saying the banks are not hiring. work with me. so, the bank says, the banks have been allowed to go to the fed discount window, they show up and they say we need to borrow your money, that is the treasury. the treasury gives them money and throws it into th...