[0:00:49] ... seeing what could we have done this last year -- is any bank could have been looking desperately. Hunting around for cash as a C -- And we said now that have been held. Politically it would have been the right thing to do. You know on the early ninety's the -- the -- situation in Sweden and Japan -- the same thing happened is what happened that's last year. Sweden did the hard thing they tighten their belt they took a couple big banks. Crunched them up. You know that. Creative destruction and let them get destroyed and new things emerge and it worked well for them and -- Japan. They've been they've been having zombie banks and is on the economy for seventeen years. It's what we should have done is I think skilled at the FDIC last year and let the big banks to wonder and not create the zombie banks is insisting that those. Passed -- help for -- okay Ford comes to mind. On and it it was outselling even in ...
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[0:00:02] ... Welcome back former Treasury Secretary Hank Paulson now in mixed. Telling Bank of America's CEO that the Federal Reserve could dump the bank's board. If -- backed out of that proposed merger with Merrill Lynch later this morning. ...
[0:00:40] ... accuse them of a shotgun. Marriage but twist -- Merrill Lynch and Bank of America's so is that. Four criminal is -- a big problem. Fox News legal analyst Peter Johnson junior joins us live boy did I all right so it sounds like gun these guys the government said to the bank. All right if you don't go ahead and merge. Oh we might destroy the entire board out of business because we got. ...
[0:01:26] ... The banking industry the top eight -- nine banks in America sold their soul to the American government and took the 125 million dollars. And the banks were effectively nationalized. ...
[0:01:38] ... So once the banks were effectively nationalized. When the secretary of the treasury comes to you and says listen. ...
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[0:16:41] ... lot of countries will -- what you don't have an independent reserve bank. They end up in hyper inflation and all kinds of other troubles I wonder if that should be explained in a way ...
[0:17:24] ... there's the people who have bought homes they couldn't afford there's the banks to lend them money. There's that accompanies that on securitize those -- there's -- Wall Street firms that came up with their ...
[0:19:09] ... in largest government. Just like we've seen you know the Ted nationalizing the banks that take over the car companies you know do these efforts -- true raid and got executive compensation whether. That's companies that ...
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[0:04:04] ... If they want to dictate CEO pay if they want control or nationalize the banks and we know now they -- all GM. As a result of this bankruptcy deal that we're talking about they want to take over healthcare they want to tell us what kind of cars to drive. You're saying that they want to and nationalize health care they want to do all of this because it's government power. ...
[0:06:18] ... the extension of the TARP funds and how they don't want banks get back guitar company. There -- money. He's doing the exact same thing so if you if -- if it's. Acting one ...
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[0:00:44] ... ask you this in the stretch to think about this logically the banks already follow strict reporting standards and the FDIC does stress tests that -- little all the time. So what is it that we're supposed to learn that we didn't already know who. Stress tests are nothing more than a way for the government to flex its muscle to show the banks whose boss or possibly. Nationalize through a back door. I am feeling that the results of the -- just digits that's going to mean more power for the federal government. And you know what another player that I think we need to keep our eye on his the FDIC. I think the FDIC is going to become a clearinghouse. For your money anything to do with your money why. Because he noticed the politicians -- their -- shy away from bailouts and everything else that nobody's talking about getting more money to the bank's. Well they're doing something else we'll talk about in the second but the FDIC. That's familiar to you I mean they're the good guys that -- the stickers on the bay doors you know them that still knows right. FDIC chief Sheila Bair said recently that the agency should have more power to take all over and close insurers. Bank holding companies and other financial institutions. Instead of just commercial banks. You watch they're going to get that power and a whole lot more. They're also playing a game with the budget President ...
[0:03:08] ... we should. There's a game being played in the government with the banks and now also the media that's -- being played for a long time and yesterday have to be honest with -- And ...
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[0:05:05] ... the minorities are being impacted by the stimulus package. No questions about. Nationalizing the banks he answered that but north the very end there was one that obliquely. Nothing challenging him on the economy nothing going after ...
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