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Atone themselves to the public so they pushed through this bill which wouldn't have prevented the last crisis, won't prevent the next one. it don't fix the system and doesn't end too big to fail. we need reform, if we're truly going to have too big to fail. >> clayton: and sense and congress go hand in hand. the former chair of the fdic and the book "senseless panic". >> thank you, clayton. a former tsa worker says the real reason he stole one million dollars worth of stuff from the passengers, he didn't get paid enough. and how safe are you on the rail. a shocking report says that amtrak work...

"senseless panic" how washington failed america, william isaac, nice to see you this morning, welcome to the show. >> great to be with you. >> clayton: we heard of dodd frank as an effort to protect us from having to worry about bailouts again. did it work? >> i think that dodd-frank was basically an efforts by members of the congress who voted for tarp to protect themselves in the election. i don't think it was a serious effort at reform. it heaped 2500 pages of new statutory provisions and probably 10 or 20,000 new pages of regulations on top of the community banks. and it's going to lead to...

Of that. there were trillions of dollars that were allowed to go off balance sheet. let's take another one. the s.e.c. allowed banks to securitize loans and take trillions of dollars off their balance sheets that should have been on. then you have all of the derivatives and swaps and things that were off the balance sheet without capitalization. we way overleveraged the system and created too much risk in it. >> i could not recommend your book more aggressive. "senseless panic." thank for the time. that will do it for us. i'm dylan ratigan. "hardball" is up right now. >> obama makes his pick. ...

Bill clinton or larry summers liberalized the game. william isaac is the author of "senseless panic" and former chairman of the fdic white house from sarasota, florida. what's the essential point, if you will, of your book? >> well, the essential point is captured by the title. we had a financial panic in 2008 that really shouldn't have happened and didn't need to happen. it was brought about by failed government policies over the last two decades and a miserable job of handling the failures and near collapse of the system. we had sort of a schizophrenic failure resolution policy where bear st...