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Problem we had is that there was too much oversite in regulation of wall street? >> gretchen: now that we're hearing that two more firms may be designated as too big to fail s more government regulation really the way to prevent another crisis? our political panel is back, erin task, sheila bair and fred malic. all right. i want to start with sheila again only because you were part of writing dodd frank with the treasury secretary, tim geithner. what did you argue for and what did he want? >> we argued for a ban on bailouts and we were successful and we did have a disagreement with secretary g...

Tax cut. when you add up all the loopholes and deductions that upper income individuals are currently taking advantage of, you take those all away, you don't come close to paying for 5 trillion dollars in tax cuts. >> virtually everything you said about my tax plan is inaccurate. so if the tax plan he described were a tax plan i was asked to support, i'd say absolutely not. i'm not looking for a $5 trillion tax cut. what i've said is i won't put in place a tax cut that adds to the deficit. >> gretchen: who is telling the truth? let's ask our political panel, erin task, sheila bear, and fred ma...

That shows us you can be resolved in bankruptcy without hurting the broader economy. if they can't make that determination, then they can be broken up by the regulators. so there is a specific ban on bailouts in what's called title 2 of dodd frank. we worked very hard on that. >> gretchen: tim geithner wanted more bailout flexibility. erin, you don't buy this? >> i don't. i have tremendous respect for what she did. all of us as taxpayers owe her a debt of gratitude, but i don't believe there is going to be a boilout if a huge bank gets into trouble. i think it's easier to say we're going to un...

The bank is about to launch a checking account that customers access on line. and only on line. so if you have this account and you want face time with your teller or if you want a paper statement, it will cost you. joining me now is erin task, a wall street correspondent for yahoo! tech ticker. is this the way banks will make money since they can't tack on overdraft fees for those who don't want overdraft protection anyway. >> you hit the nail on the head. the reform last week signed banks can't charge us overdraft fees, can't jack up your rate from 3% to 30% overnight. they're trying to find...