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Liar loans. the really ironic thing, of course, is if banks were only too happy to be lending to the kind of people that could be deceived by predatory lending practices. finally, that law is still on the books where are we in another housing bubble here? i've always been amused. >> i think also in terms of what exactly the practices were that were going on during the bubble. you hear these things. here is one example, something called yield spread premium, wonky but important. krista comes in and she thinks i am trying to get you the best deal. i go and look at all these loans and i am gettin...

>> absolutely. >> but republicans are better at pretending. >> i have the funniest -- yes, please. >> but they have this reverence for experts and expertise that, a, i think sells really poorly in peoria. b, walks right into the conservative credit teak of liberal elite. they're forever talking about people like you and me as the liberal elite. what do they mean by that? it's all -- >> you read books. >> and, hell, i write books. >> you write them, that's worse. >> you are part of the liberal elite. you had something to say in your last block. >> thanks very much. the basic thing i want to thr...

It absolutely can be. where there are unions, they are. >> the point is autoworkers were once janitors, especially, home care aids in terms of what their wages were, social status, the amount pow arer they had -- >> but the period in which he had got paid more was a very different period from the one we're living in now. and right now those jobs, i would pause it to us all, without having a solution, are exposed to much fiercer competitive pressures than they were in this golden period when those wages went up. >> i want to put in a plug for the fact we'll be discussing the way in which privat...

They do improve efficiency. there's also the argument the private equity guys will tell you they revolutionized management across the land because mitt romney came in and taught people about how to look at a cost curve and project cash flow and do all sorts of analysis that had been cordoned away in the ivy league -- this is a huge knowledge transfer into the boardrooms of america. if that was the case, why -- why don't these deals work out? incentives misaligned? intentions of people running the private equity firms? what's the problem? >> i think the main problem is when you buy a company an...