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Two days ago told reporters there are now going to be additional rules for blowout preventers. the rule making process is going to start in the next few months which would seem to be an acknowledgement that the standards now are too lax an they need to get tougher. if so, why give out permits now before the new rules are in place? >> you can always improve the equipment that's being used but that doesn't mean that you bring activities to a standstill until you can enhance those rules. i understand you've used the air bag metaphor in some of your program on this. for a long time air bags could ...

Away. it's going to take the federal government time to go through the rule making process, work in terms of implementing this into new vehicles. it is real and coming somewhere down the line. >> do you know how much this annoys me? i don't like already let me go on the record. i don't like being bossed around. i have machines that boss me around. my washer and dryer beep at me if i don't unload them soon enough. my dish washer beeps at me. my car beeps at me to keep going straight. do i need to be told to keep going straight? i don't know about cars that boss you around in that way. hey, you'...

Lost. the important thing is there are not fights that are over yet. right now you've got a lot of lobbyists gearing up to try and get involved in that rule-making process. it moves out of the hands of the politician and see into the hands of the regulators in the coming months, and the devil is going to be in the detail of how that law is written and what it means to banks. >> according to the center for responsive politics, there are about 1,000 lobbyists involved in this whole thing at one point and about $600 million has been spent lobbying this bill. matt, that sort of figure would seem t...

About financial regulatory reform, the president signed it into law yesterday. it is the beginning and falls to the rule makers to come up with how the statutes will be enacted. medium and large-sized corporations are making large profits and not hiring. i don't have to tell you. they say it's because of uncertainty, uncertainty that persists because of the rule making process to last years. do you think they have a legitimate beef there? or do you think that the business are just making up a prete pretextual argument? >> i think a major source of uncertainty is the overhang from what were the...

Undertaken by the current rule making process and some whole 75 studies, god knows what all will be in there, but the bottom line is it's not going to create jobs. it's not going to put people back to work. it's going to add to the uncertainty that job creators in the private sector experience now -- >> neil: let me ask you about that. >> one more thing. they're going to have a $20 billion tax on the banks that have already paid back the money. >> let me address the point of the prior guest that had it not before for the stimulus we did see and have seen, we would be in a deep are mess. do you...