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About a year ago and what's happened is we've raised problems with that plan to begin with. about whether or not it had adequate scope, whether or not it was sustainable. and whether it was putting people into permanent modifications. we looked at it again, six months ago and had some problems and i want to be fair. treasury made some changes. they've announced some new programs. but here we are. a year into this same program. three years into the crisis. and we're just not getting the job done. >> chairman, some people would say the reason why that didn't get the job done, you put $700 billio...

And elizabeth warren, she runs the t.a.r.p. program, which is not a very popular program itself, but elizabeth warren is in charge of keeping track of the money. and of late the government has been saying that money's coming back in, so maybe her story has gotten a little bit more favorable in recent days, on capitol hill, are they gearing up? is this going to be a big fight or are people waiting to see who it is? >> people are waiting, but obviously they're gearing up, as it happens with every single supreme court pick, we have the name, every interest group has the names and they're doing th...

That's a joke. megyn: you are an economic guy. you understand the economy. people are unhappy. it's not a huge headline. they are not happy because we have high unemployment, a hi-def sit, the question is d a high deficit. and how much can he do about it? >> he can't do much about it. he put into place a big stimulus program that didn't do much good at all. that's a mark against him. he spent almost a trillion on a stimulus program that produced almost no results. the tarp program did a huge amount of good. i cannot see what stimulus steps he has taken that have done any meaningful good. they ...

Clearly has already proven itself more interested in cultivating growth and it's more of a gardener than a regulator. more interested in promoting the growth of the industry than it is in regulating the industry. how do you see the federal reserve's relationship with our government right now? >> whether we will give the fed more or less regulatory authority, i think the fundamental problem, particularly this week, which happens to be sunshine week, is we need much, much more transparency in the fed. for example, it would be really great to have all of the documents that congress' requested on ...

The pay as you go rules. the same rules they busted and they're celebrating today. mitt romney confused in town to discus his new book. >> this pay as you go event at the white house this evening, to celebrate this pay as you go type of legislative procedure that, by all accounts, was violated yesterday on the extension of jobless benefits, what do you make of that? >> well of course a lot of people agree we should extend jobless benefits, but there are a lot us that feel we can't continue to borrow more from the chinese to do that. we have to say let's cut back. we have the tarp program which...