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Is the idea that financial markets are inherently self-regulating and should be left alone. >> you're absolutely right. >> maybe it's alan greenspan. you know, not actually one of the big players in the movie, but if the villain is that idea he's the guy. >> somebody who pushed deregulation. it's been a few years since this has happened. could it happen again? what's really changed to prevent what happened in 2008 from happening today? >> oh it absolutely could happen again. i think, in fact, one of the really scary legacies of 2008 is that the bailouts, although it was necessary, has probably...

This period of very good growth, we would have been very happy. >> gregg: prices at the pump seem to have peaked 3.99 a gallon, they have been going down a little bit. so is there good news here, some of these high costs beginning to wane? >> fed chairman said most recent speech he did think the gasoline prices were about to peak. that is a real good indication, commodities are self-regulating. as the price goes up, it increases production and destroys demand. commodities go through cycles and they are up and down. it does look like gasoline is starting to come down. in the last two weeks, it'...

>> we have over 50 tlts in unfunded liabilities, medicare, medicaid, all unsustainable. i think we need to do something in connection with the decision to raise the debt ceiling. it deals with the debt. both medium and short-term, medium term and long-term. that what it would take to get my vote. >> a cnn contributor, secretary geithner said not raising the debt ceiling would be catastrophic for the economy. now, he concedes no one knows for certain what could happen in the event that it's not raised. are republicans willing to risk sending this fragile recovery that we're in into ch...

Very surprising. i have to say, one of the villains of the piece, really, is the idea that financial markets are inherently self-regulating and should be just left alone. >> you're absolutely right. >> maybe it's alan greenspan. not actually one of the big players in the movie, but if the villain of that idea, he's the guy -- >> there's so much deregulation. it's been a few years since this has happened. could it happen again? what's really changed to prevent what happened in 2008 from happening today? >> oh, it absolutely could happen again. i think, in fact, one of the really scary legacies ...

some serious concessions from democrats. >> we have over $50 trillion in unfunded liabilities. all of them are unsustainable. we need to raise the debt ceiling -- both short term, medium term and long term. that's what it would take to get my vote. >> will cain is a cnn contributor. secretary geithner said not raising the debt ceiling would be catastrophic for the economy. he concedes no one knows for certain in the event that it's not raised. are republicans willing to risk sending this fragile recovery that we're in into chaos to find out if they're right? >> no. but neither are de...