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did somebody actually rely on these payments and lose money as a result? if we cut through all the bluster, this is one of donald trump's defense stronger points here. this is not your typical fraud case where somebody was ripped off or somebody made a representation to investors and the money was taken or even a bank case where somebody made a false statement, got a bank loan, and defaulted on it. what trump's team argued is these are sophisticated multimillion dollar banks, they did their own diligence, they willingly maybe as loans, they got repaid, and i got repaid with interest. legally speaking, if there was still fraud, if the numbers were vastly inflated, you could still hold up on some of the counts, including the count that the judge already ruled in the judges favor on. yet, thanks to both of you, we really appreciate it. as trump today uses a new york courtroom as a campaign platform. other republican candidates are actually campaigning in iowa
and then the fed chair actually used that opportunity to just open the door wide open. for these big banks that wanted to do three things, load up on risk, boost their short term profit and paid themselves enormous bonuses and big salaries. and, then blow up the banks. forcing the government to come back and back stop them. it is very, very important that we in congress could have stopped them. we got to tighten back on these banking regulations. and you are right, lawrence. this is a part of why i'm running for president. because i truly do believe that we need a government that isn't just there, to work for the rich and the powerful, for those who are well connected, for those who can hire an army of lobbyists, come to washington, get ruled in their
stricter rules on banks so that they don't crash -- >> joining us now in her first and national television interview since announcing her reelection campaign's democratic senator, elizabeth warren of massachusetts. to the -- housing and urban affairs committee. senator, thank you very much for joining us tonight in your first and national campaign appearance. i know that you're very much concerned with what the fed is doing these days and i would like you to get into that for us and tell us what you think the fed chairman should be doing. but, also can you convey your interest in urgency about the fed to voters? i have never seen a senate campaign used that productively as an issue with voters. >> so think about it this way >> the fed has a lot to do with basic security of our akana me. whether or not when you put
money in banks you'll be able to get that money back out when he needed, and that is true for families, it's true for small businesses, it's true for nonprofit. it is true for all of it. now, the problem we have got is that the bankers, especially the big bankers, the ones with the multi billion dollar banks come to washington and say we can regulations. week in the regulations. following the crash in 2008 we tightened those regulations with -- but then it came back and they said we condemn some. aren't donald trump actually ran for president, telling the multi billion dollar bank that if people would elect him, he would weaken those regulations. he got elected, he then put regulators in place who had his same philosophy go light on these multibillion dollar banks. then he went to congress, and he said to congress, rollback some of the restrictions -- that's what happened.
tightening may be needed. and the feds projections pencil and just one more rate hike, but i would stress there's just so much uncertainty here. the biggest source of uncertainty is all of this pressure on banks and how the banking crisis is going to make it more expensive for everyone to borrow powell he considered the feds just doesn't know yet how much all of this will slow the economy. and i think the answer to that question is going to go a long way in determining just how much more work the fed has to do to get inflation back down. back to you. thanks to matt well, senate democrat elizabeth warren says the rate heights will mean two million layoffs. by the end of the year. she's accusing fed chair jerome powell of pushing the us towards recession is what she told cnn, strict tapa about powell and the banking crisis. he has spent five years weakening regulations over these multibillion dollar banks predicted five years ago. the
watching, but democratic senator elizabeth warren of massachusetts, says jerome powell, the federal reserve chair is doing what she calls a terrible job. watch what she told our jake tapper just a little while ago. he has spent five years weakening regulations over these multibillion dollar banks predicted five years ago. the consequence of that kind of weakening would be that we would see these banks load up on risk builder short term profits give themselves giant enormous up. bonuses and big salaries and then some of those banks will explode. and that is exactly what has happened on share pals watch. she says powell shouldn't be chairman of the federal reserve. do you have concerns mr secretary with his leadership? no. i think he is a appropriate fed fed chair. i have disagreed
kind of tighten the regulations a little bit where you increased oversight a little bit. his answer was oh, no, no. after the silicon valley bank failure, you sent a lot letter to the former ceo of that bank, arguing that his lobbying to weaken the rules . i don't know if you mean with congress, which actually activist. yes 1018, but also or also with with him with fed chair powell, but but you said his lobbying is what enabled the collapse and you asked him to submit answers to your questions by march. 28th it is not yet march. 20th. i should note. have you heard back? and what are you hoping not? but this really is the reminder. this is not a story that just one day fell out of the sky. this is a story that starts back with you remember the last crash put dodd frank in place. promised the american people we're gonna have tough regulations, and that means we're not going to have any more bank failures, then these multibillion dollar banks, including the ceo of this
silicon valley bank, come in and say no, no, no. they want to be treated. not like the multi billion dollar banks. they are, they said. we're just like those little tiny local community banks that do such a great job. of providing local loans and so on, so regulate us very lightly , they said, because they claimed they posed no risk to the economy. now donald trump then ran for president saying to those banks, multibillion dollar banks. i will lighten regulations on you. once he was elected, he put in regulators. who believed in deregulation. then he went to congress and said to congress roll back the part of dodd, frank that requires more supervision over these $50 billion. most republicans went along with it, but also a bunch of democrats to democrats got help from both parties. and then what happened? is that jerome powell said. you've opened the door. for much
say is, i made it very clear as publicly as humanly possible. that i didn't think that he should be reconfirmed as president as chair of the fed. and i think he's doing a really terrible job, and he's doing a terrible job on both fronts. remember there are two only two jobs for the federal reserve chair. one is monetary policy inflation. i think he's doing a very bad job there, and it's risking pushing our economy into a recession. his other job is regulatory oversight. and he has spent five years weakening regulations over these multibillion dollar banks predicted five years ago. the consequence of that kind of weakening would be that we would see these banks load up on risk build their short term profits give themselves giant enormous up bonuses and big salaries. and then some of those banks will explode. and that is exactly what has happened on share pals
is put millions of people out of work way the chair wants to do this i opposed chair powell for his initial nomination, but his renomination, and i've opposed him because of his views on regulation and what he was already doing to weaken regulation, but i think he's failing in both jobs, both as the oversight manager of these big banks, which is his job, and also what he's doing with inflation. >> if at this point, i am curious -- do you think -- it seems like we will never let a bank fail. is it a mistake? is it okay for banks to fail? >> you know, i always want to start with this area with the >> you know, i always want to start with this area with the resentment that our community banks feel the regulators for years have let them fail. >> right >> and they really have it bear the consequences if thei