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Responded to the scale of our problems, whether it's the scale of our debt, the scale offer unemployment problem, the scale of our housing problem, the scale of the banking problem, the scale of the health insurance monopolies on a scale that recognizes the magnitude of the problem, and if using the word "depression" somehow magically forces you to think beyond incremental policy and into an actual evaluation of the financial system, et cetera, et cetera, that to me seems like it may have some merit. i know you're nodding. what do you think about that? >> i think politicians generally use scar...

Suddenly had a huge credit crunch. i think that's a very different part of the problem. i don't think anybody, whether the chairman of the federal reserve or the council of economic advisors or other folks, there were very few people who saw the intensity of the housing problem as it broke loose. there were some people. peter wallace is a good example at the american enterprise institute, who had for a long time been warning that these government-sponsored enterprises were too big, they were too overleft religioned and that they needed to be reformed. and peter wallace is probably as good an a...

To the housing crisis is no answer. >> well, because there's no good answer. i think that's why. there's no obvious solution to the housing problem. and only the -- the only other ideas that are out there are not really popular with the republican base. >> so far only front-runner mitt romney has spoken out specifically on foreclosures and democrats were quick to attack. >> foreclosures everywhere. and what's mitt romney's plan? >> don't try and stop the foreclosure process. let it run its course and hit the bottom. >> let arizonans hit the bottom? >> newt gingrich told the "las vegas sun" the...

They'll have another initiative under way that will deal with foreclosures by allowing investors to buy foreclosures and to rent them. they have another effort with the attorneys general on the robosigning settlement that might well address as a result of a settlement the banks providing a principal -- >> you do have money to go directly to the principal reduction for folks? >> no. it's just the nature of the requirement of the banks in order to get a settlement is what i think is sort of in the works. >> so the point is there are individual pieces. i think the administration may not yet have ...

if we don't fix it more downgrades of our economy are coming. the president rolling out some changes to his tenth housing plan today in one of america's hardest hit cities, las vegas. >> if you meet certain requirements you will have the chance to refinance at lower rates which could save you hundreds of dollars a month and thousands of dollars a year on mortgage payments. >> in a nutshell the plan increases the number of home owners eligible to refinance. now the administration says it would allow more of the five to seven million under water home owners who are still current on the...