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In terms of differentiating himself from hillary clinton who did a good job in trying to sort of draw him close. >> right. >> but i think this was a good first step for him. i imagine we're going to tell in a couple days to see if that resonated with voters. >> angela. i was never so happy to see cnn kill it in the ratings like they did last night. not usually my reaction. but i was gratified. i was thinking to myself, two things. one, this is pretty substantive. like we're talking about shadow banking and weather glass and reposition and address the financial regulatory concerns that might br...

Secretary clinton, he raises a fundamental difference on this stage. senator sanders want to break up the big banks, you don't. you say monitor them. >> my plan is comprehensive and tougher. of course we have to deal with the problem that the banks are still too big the fail. we can never let the american taxpayer and middle class families ever have to bail out the kind of behavior that we saw. but we also have to worry about some of the other players. aig, a big insurance company, an investment bank, there's this whole area called shadow banking. that's where the experts the tell me the next ...

Shadow banking. that's where the experts tell me the next potential problem could come with. i'm with senator sanders and governor o'malley. the plan that i put forward would empower regulators to break up big banks if we thought they posed a risk. but i want to make sure we're going to cover everybody, not what caused a problem last time but what could cause it next time. >> senator clinton just said her policy is tougher than yours. >> well, that's not true. >> why? >> let us be clear that the greed and recklessness and illegal behavior of wall street where fraud is a business model helped t...

What is shadow banking? >> well, it means bank do sufficient off their balance sheet that is not readily transparent to regulators or even the general public. jenna: so in their accounting, it's not necessarily accounted for. >> the regulars don't see it. it's side loans, they set up subsidiaries. enron had whole shadow corporation what they financed themself concern where they fitnessed themself off balance sheet, and the company blew up. shadow banking's probably not a good thing. some of it is good because it helps provide some sort of credit, people can borrow money more readily, but the r...

Income so in other words, people were borrowing about what they were making to feel good. >> absolutely. >> that's why everybody had a great car. everybody had a nice house. >> sure. exactly. >> it wasn't realistic. another thing they say, a problem that the bill doesn't address is the shadow banking market. it's very interesting what this article says. during the great depression, you couldn't really hide the great depression because you saw the food lines and you saw poverty. here, you didn't see the problem because it was all in a shadow banking. what is the derivative? show me what a deriv...