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Detailed text transcripts for TV channel - MSNBC - 20120219:14:16:00

Basically arguing to make the rule tougher. right? first i want to talk about how you did this. because you guys are real occupy folks and you do all the hand signals. twinkles and do the human mike. my first thought was how did the 325-page letter on regulatory enforce many get written under those conditions? the first thing is we didn t intend to write such a long letter. it evolved that way. the process went like this. you have plan to show to i got involved in occupy wall street on right after the big pepper spray incident. and i heard naomi give an open forum talk in wrigley square and asked her a question about glass/steegal. people came up and asked what is this. i do this teach-in. i know what it is. i can do a big teach-in about that. our lawyer came up to me after and he got in touch with me and basically said the time is right, this is perfect, let s write a comment letter. we all thought it would be about 60 pages long. we sort of slowly but surely got ....

Volcker Rule , Hand Signals , Human Mike , Regulatory Drafting Process , Occupy Wall Street , Teach In , Pepper Spray , Wrigley Square , Comment Letter ,

Detailed text transcripts for TV channel - MSNBC - 20120219:14:29:00

For everyone to leave the status quo untouched and that is is that a fair description of what is happening with dodd/frank? i want to get your sense of where we are in this because dodd/frank seems like a big accomplishment. consumer finance bureau and the president talks about it a lot. is it really going to solve the problem as it is headed now? well, i think there s two parts. right? you are right in this sort of regulatory drafting process. there s so much potential for things to be watered down in the loopholes to be introduced. you were talking about mitt romney before. there is a big careyi interest in the volcker rule. there s stuff in dodd/frank that s already there. section 121. public citizen filed a petition to the federal reserve saying bank of america needs to be broken up. and so far we haven t really seen any response to that from the fed. i think there s two parts. we need to sort of make sure that it doesn t get watered down in this drafting of the regulation be ....

Frank Bill , Consumer Finance , Status Quo , The Problem , Mitt Romney , Regulatory Drafting Process , Volcker Rule , Big Careyi Interest , Bank Of America , Haven T , Public Citizen , The Fed ,

Detailed text transcripts for TV channel - MSNBC - 20120219:14:18:00

Shine the light on this part of the process the media and public tends to go away at this point. right? banks and whatever regulation you are talking about usually the only people that comment are the people that are about to be regulated. and so we wanted to provide a different voice to say well, hold on. we want to give you guys alternatives. we want to, you know, try to represent a different opinion than what the banks are going to say which is predictably take this out, this is too harsh. this will ruin the economy. one thing we sort of say is how stupid do they think we are? ruin the economy? i mean when did that happen? why did that happen? the people in the group that were going through the rule, it is long, 300 pages itself. you worked on wall street. what did you do? you are too kind. i wouldn tkind call myself an executive. i was a vice president but lots of people are vice presidents. i worked in technology, three different firms. i started out as programmer and move ....

Regulatory Drafting Process , Hold On , Volcker Rule , Wall Street , Vice President , Vice Presidents ,

Detailed text transcripts for TV channel - MSNBC - 20120219:14:28:00

Sort of the decisionmaking bodies, so to speak, you are free to sort of do what you want. i take your point and lots of people would first of all, say well, this isn t good enough, let s go back to glass/steegal. ing the system is so broken it cannot be reformed. our approach is we don t think you have to choose. you can try to work within this system and you can try to build the a new system in a group called occupy bank thinking about how would we build a new bank from scratch. yeah. one of the things i think is fascinating in terms of the context of this, political context we talked about in terms of politicians finaling themselves, squeezed between voters and donors, you don t pop list many and certainly anti-bank sentiment is very popular. it has proven itself popular politically and not popular with the people you are taking checks from. one of the ways out of that bind is precisely through this process which is to go and pass a law and say look, we have regulated wall ....

Decisionmaking Bodies , Lets Go , Isnt Good Enough , Bank Of America , Pop List , Regulatory Drafting Process , Wall Street , Rule Writing ,

Detailed text transcripts for TV channel - MSNBC - 20120219:13:49:00

Everything marx told bus communism was false. everything he told us about capitalism is turning out to be true. but i think that this is the core of it. right? that you know, it didn t work and it was a terrible system economically and also politically. right? let s not forget. but capitalism is causing problems, a lot of problems, too p. the only thing i say about the conditions of the industrial revolution being exported to safe places like china which is true is that tin does treeal revolution worked. it was actually a really terrific thing. and it is working in china and india as well. now the way it works is brutal and horrible but it is also true that hundreds of millions of chinese people have been lifted out of absolute poverty. so it is a contradictory process. i would think there is another adding to what my call of confusion or the search for some kind of way to ....

There Hasn T , Everything Marx , Bus Communism , Industrial Revolution , Treeal Revolution , Regulatory Drafting Process ,