CEO Pay. Should it be capped?

I don't like it -- INS you know politics I really do I understand the politics -- furious as anybody else what a corporate jets but crappy attitude allows the inept performance that did the destruction of companies and wealth and jobs all that stuff and people give themselves pats on the back and bonuses on about going out the -- is ridiculous but. To say then that they go to our response as -- country should be that government is gone to stick its nose into every work place and say whoa this is our assessment of the yard value you've got to be.

Outside every work place it's just ones is from the companies that are taking the government money that -- agree with you that this is Steve you can't to a one size fits all. With how much executive should be paid 500000 dollars might be a lot of money for me and might be acceptable to you. A hot. I detect is giving me the middle expects that a there's a lot of environments where you might hinder company's ability -- people in need Joe now but I think there's one part of the -- are like -- that is it says if they get stock they can't sell that stock. In silicon but he is paid back all the bail on my dog the and that goes to the heart of the problem to me which is that executives don't have an incentive. To do what's best for the company now they have an incentive to do what's best for them. Based on their pay package so they have a lot of stock options that they can exercise next year they can try to run up the value of the -- to next year and not do -- shares of the company long term and and that's a problem -- but the and that's always been a critique of stock options as a formal compensation of people take -- the long -- value of the company that's -- structural problem bluntly I -- you -- to fix any underlying problems but I think that's one that needs to be -- I think we should take some calls on the 6172. Dogs -- 68.

Well I think lead from -- have suddenly your -- what the color of somebody it was a global recall authority can make paid leave from going out of the money you're on the it would -- and Tom. Especially the female members of the audience.

The slippery slope side question here. Now of where I compensation. -- taxpayer money -- well it's taxpayer money that goes into port eighty yet. Would they start tying the.

It is says is this -- set up call for Fenner and nobody knows it's not that the smile that broke out of my face as -- softball spontaneous wisdom that Lee is obviously bringing to the show and this is this is a great great topic taxpayer money -- supported those stadiums is absolutely preposterous -- and always -- bad. Always has -- I can't believe what fools the voters in the elected officials -- and other jurisdictions who fall for this nonsense multi billionaires. Paying athletes multi millions per year in the go to the tax -- say we really need help for you -- build a little playpen how little arena what a bunch -- crap. You gotta be it may actually see where you got started here at. Yeah are at 611 lay you you you gotta solve fire you have and another that Tom stood up to the patriots when their loved him for saving money. Yeah he's he's a one guy it was one of those situations where -- when McCain is the Alamo and.

Little the little Hitler their Fenner was our parents and no no no the little -- dramatically. --

You know what you're always start -- about how much they get paid I was I would be happy and if they want to go back retroactively assessed and I'd like to be paid a percentage of the money I just say if taxpayers consistently year in India around Africa 1% of what I said. I'd be wealthy guy. I'd I would own the entire company not just the station. In you would be my lead program why don't you propose legislation for a tractor reimbursement because that would be an ex post facto law when it not so that they'll do whatever they want you know that six especially if you're one of the -- 6172661. Of the favored few -- 2666868. Is the number -- you want to talk to taught in taught -- dial right now we are talking about Barack Obama's proposed cap on executive compensation. He says no more than 500000. Dollars a year. Anything else is excessive anything else is greedy Chris scholar and from -- the late bill hey Chris welcome.

Org eyesight told us more returns. They question what it's absolutely ridiculous to. Now the eight K almost trillion dollar bonus. Estate while all political and now he's just a rural bidding war. I we can't make any more than X number of dollars you really think it's gonna make it different stick by double wait to get park street you don't. Just like that guy who's running back coach -- in a new shoreline somewhere. Or at tied its work normal loading dock he's going to do whatever he had to make the most money -- We all like everyone you.

Yeah you're absolutely -- you know what the trouble is here though Chris this is the guy digs a hole and then the thing collapses. And they give them an extra bonus for doing such a wonderful job and that's what that's what they're gone after Wall Street. But it really work no I think there's a political pander.

You if you know what I I don't -- us I don't disagree obviously with the do you look at taught art christened the terms of the political panda. The may be an unintended consequence here and it might be a positive ourselves by a positive one. If this is very tightly drawn skillfully drawn in imposes that type a cap you'll see fewer companies come forward with the handouts and oh by the way -- would think we need rescue money well they would look at that and say well wait a minute this is going to affect my life with my wife my family you know my life.

I need the legislation skillfully drive center right over the Nancy Pelosi than that huh.

It's a question that it -- the government wants to want to regulate how much people make it believe me I don't make. Forty million policy here I -- on what's wrong with Ukraine's. He's white I kind of -- the audit department -- don't. But if that's the Portugal -- regulate how much people look at it made or or what apple with the proper. They should open -- widget factory. A ritual to widget factory or windows. Business to compete against well private.

Fortunately Chris that's what's gone on here is that whereby -- up essentially. They're becoming partners in these organizations and that's why the government feels compelled and I think we're compelling them. With our outrage over these salaries the trouble is you know a 500000 dollar cap I don't think is effective I don't think it's smart I don't think it's good policy I think it's good politics -- great politics but in this case. And on on principal on long term effect the cure is worse than the disease know and what can make this an inherent problem too I'll allow every few years principled sued to trickle in politics it's confusing to be. Six point 7266. City it's 68 let's go.

Walt Walt this holiday well the good morning. Walt. Command plays Walt. Going one -- totally into Boston hey Jim good morning welcome your idea what to -- job.

Ally of him as the speaker Jim good deal Hornets blow me it's funny I didn't really really you know not yet again right -- that. -- they gotta do something they get eliminated it would still have money like it it was the first that. They get right that. He added in the end they shouldn't make happening in the -- going to make a 100000. It's I have money was paying them now have you -- Rita devastated supposedly according to make it a 1008.

A little a little north of that but not much more -- and 913. It's not -- to pay no attention allies got units and real yeah. Yeah. Yeah that's right hard -- seniors were you reach a certain -- everything should be for everything should be freed up a -- that's usually a gas for your changes. At six and had a thanks for the real salt for the front walk 6172666868. Tom -- Todd Feinberg and may have succeeded WRKO Stephen colors that's field. Ash what is that I don't know I Connecticut I have wondered if Gupta has a typo via.

I shouldn't Democrats can alert despite two lawyers as well break the good tempest saying the same type that. Oh god forbid we put a cap -- Judgments -- come from the legal community. Yes.

Now but it -- the difference would be I mean let's just play around with -- a little bit the difference is no attorney that I know no law from that I know practically the plaintiffs' groups. A goal of the government have a hand in -- by the way and you billion dollar.

Tell us what if there are things. -- It's money is oddly the long term Democrat. Or actually yeah yeah but did not but did not dull and full leg GM. While bank does not. Okay. Manager so now in the -- on their boss and I took it Steve the other car lot so I'll ask you and I can be a chorus okay. I let my name the firm that is getting government money as a lot of the operational. Do -- it.

CLU. I really shot should I got them by congress. Nobody -- there are Tamara.

And debit don't answer that question because with Tom's very clever at throwing off -- the track was ridiculous questions the point is. There are the legislature. Is filled with what Stephen. Lawyers -- congress is filled with what how many mr. 2% -- three point 2% -- wrong. It -- isn't that ridiculous it's probably around. Twenty. The okay -- what -- what's the next highest profession were present. Is is there some profession that's higher than lawyers. Just general business BO lawyers -- dominant insurance agent this dominant special interest in the legislature. -- By that as lawyers I mean there aren't more teachers. There are more accountants. Unity of pick your profession maybe more insurance salesman. Could have -- on the insurance and -- but people who make laws. Are ones who were benefiting from those laws.

So when you EU attorney Todd Feinberg of serving your community or you're you're the state representative. Your writing laws that what put money in -- park of course what are you crazy what what I write laws that would hurt. You might not likely you might all between the -- which which you was so -- writing a law around the standards that you need to become a teach year reading a law Ron transportation funding your -- a law Ron environmental protection. How the hell does that benefit you as a stenographer senators enemies happens to be in a trendy restaurants such soft balls I'm going to -- into the audience and -- out of our forward -- 617 we leaving the topic -- Barack Obama's canola and I don't want to sell six point 726 we have another -- up to date doesn't know all we need all notes and -- while the welcome. I get a Walter. Walters also we're gonna start to take this personal Walters Tony.

Good morning talk all -- just ignore violence. I act as well no I agree with Obama all you have to do so they're not checked -- my. They have no problems you know how -- government made things worse. And the banks all they had to do -- Was to bring order to everybody what -- get ready for. That -- eight billion dollars into this country. And the government had to do it -- god you know -- language. Factory back into this country and becoming a Third World country.

the end you know I think some of the people -- congress might be -- at the -- because there's a big buy American provision in some of this legislation that would which -- controversial political football but -- if you -- if you worked for a company were all the good CEOs are two million dollars a year would you want your company cannot be able to get a good CEO because of a 500000 dollar cap.

Just don't get it. You don't -- know where do you want just don't get the government --

I understood but it could be a company that needs a government money to survive. Not a the banks don't have any money that's what got us into the situation but I understand the feeling behind -- my greatest frustration -- I just think this is such a perfect this politicians -- pandering taking that emotion. And make it look like they're doing something that's constructive when they're not -- up.

So if you were to one of those not necessarily pandering politician but if you estimate of how would you vote on this this provision would you look what would you put the limited because you're -- good politician. Well when you about why I -- this stock.

articulated your principle I would try to get it changed on the salary would raise the salary cap and maybe get some kind of industry test in their word it shouldn't actually be fixed number yup but it should be the average for the industry or something like that -- a higher cap. But I I like the stock portion of -- that won't let them sell the stock until after the monies paid back I'd say don't give them money anywhere money until the monies paid to among his payback 6172666868. Is the number start hundred Tom -- AM 680 WRKO go to rob in Westwood. Want to rob.

Good morning good morning -- at. No he went zero. Out okay I like to say that the government is not.

Yes CEOs that -- 500000. Only -- they take government money just our. Isn't -- Not. Now if they take. It is based on the apartment. -- be right now yes okay because they. They're completely incompetent. Yeah. I'd walk away with six million dollar air you know that's the lack of I don't but he bought the economy.

Rob it's a bull's -- you just you just -- there's no question about it that's the but that infuriates people the most if the company was growing. If they were earnings if the stock the price the stock was improving. If they're adding employees and showing innovation and -- good long term prospects I don't have a quarrel with anybody getting paid a billion dollars let alone. A million dollars a year year creating value creating jobs you moving the company forward. Good feel god bless you but it's one did drive and it off the road into the ditch wrecking. Absolutely destroying a company and they walked around is if somehow or other day -- God's gift. To the rest of us and they pay themselves handsomely that's a disgraced by the executive himself who participates in it by the border ratifies it and by a group of shareholders I told them 55 down though on the latter in terms of culpability but the -- is kind of going along for the -- San I guess there's nothing we can do go to the stock called the meeting and engage in a little bit of --

As a systemic problem civil disobedience to dump that the board of directors would make some of these deals the most glaring once in Maine is that sovereign bank just got sold. A week ago ten days ago. The new buyer fired the guy who'd been in the CEO position for one month yeah. -- of his contract requires that he gets seven point two million dollars for his thirty days of service now what kind of more on -- ever sign a contract that would allow that.

As an -- and hopefully that is absolutely amazing and really as when you think that a month service from rose seven million bucks while we would have missed an out we gotta give it different. We gotta get that he get these jobs everybody wants to know pop pop pop pop pop we'll get to that -- paid for scrap its like if the Red Sox would bonus you. 400 strikeout -- you get all your daughter -- Heard on the second game of the season all your bonus clauses -- Arafat -- a lot of.

First travellers headlines and -- start bringing you the stories behind the wall bears general I don't find first on Boston's talks there's an AM 680 WRKO. Welcome back in good morning talk -- again Tom Finneran with you on a hold today it's clear it's going to be good at that summarize -- reminded -- look to the east and a few minutes spring is definitely on the way speaking of spring. Definitely swear using signs have your focus is coming up. Purposes that the nudge -- oh yeah pushing through the ice in the snow well and Matta and as I told you it was about me 10 degrees this morning yachts when things are -- younger it's absolutely. And that you know obviously have been part.

That we have been talking a little bit about Valentine's beamed Valentine's Day be right around the -- solicit this you're an -- Leo at these incredible 75 dollar gift certificates to scroll flowers. And we giving them a way to -- if you out of the fourteenth. Column. The fortieth call it's 6179311680. You can win one of these 7075 delegates it to -- for all the best Valentine's Day this Valentine's Day deals go to pro flowers dot com. Click on the microphone on the upper right hand -- this is simple leave and I condone what it used -- code WRKO. So you go to. Pro flowers dot com click on the microphone on the upper right had -- And used to code WRKO that's pro flowers start compound prerogative -- Valentine's Day need to be the fourteenth scholar at 617931. Point 680 and you -- a 75 delegates to pocket two.

Profiling ever to throw flowers at what is a professional flower. I guess I've always got an amateur flowers because they tended that you don't want a day and ultra bright you'd you'd have waited -- you see the -- could to give you from his dad used to do a lot of -- salesman yet he's approach where there were talking about Barack Obama -- baby wants a limit I I just think this is playing political games he wants to cap the executive sellers 500 grand. It's a very interesting game like how they come up with that number the president gets 400 Randy right. -- was I think he has more under grant got so he's gone higher than me he's -- is now he's second more than -- excel are going to comply and but it's. Big enough number so it feels substantial small enough so people can't say he's trying to -- around and troubled. Oh on the principle of this I'm troubled about the principle of the government. Beginning to stick its nose into the private decisions and I'm not troubled failures is a voluntary thing that beginning to stick their nose in his giving -- fifty billion dollars for now that seems everybody's picking their nose at. But to sail along with a fifty billion dollars you can't behave like. Malicious thieves I have no problem with that I just think this particular provisions -- he would -- yet you then you -- is guilty of pandering has Barack Obama narrow favorite target I agree on I would try to around then just like -- I which and that's all I'm not proposing that I would try to amend it and I would probably go along with -- and -- just are about amendment to be exact language it's like the meanest thing anyone has -- so tonight six.

2666868. Is the number let's go to Greg he's scholar from New Hampshire good morning Greg.

Good morning Leo do Greg Greg -- about a -- away yet on the -- The percentage I think they should -- delegate but that edge of -- AM that you know hold themselves or 500000 -- of opponents.

What you guys so we saw a percentage of current contract is that he's suggesting right.

Yeah it all depends on their contract of course.

You'll run but see that's a problem because then you'd be punishing the good guys if you said you can only get 20% of your contract -- some guy's got a ridiculous hundred million dollar deal does well but the guy -- Macon 500 grandest get screwed.

Well I'll think he didn't -- we're getting screwed by the money being put it airbase just. I think -- from what the government gave.

this really points on the dangers of William who have crossed the line so it's -- I had virginity I'd get it back you're doing the right thing though Greg which is to return to figure out a way to make this a meaningful effective. From law and I I don't think the five entering cap does it. But you but I like.

Are you I agree that I want her -- it's a bit arbitrary number and I pushed all parties would be equal there and number of Republican and Democrat. And -- stop here and everybody call -- each -- on each party.

Right that's but that's the nature of the place you know if if it taught as an idea that he thinks is better than he does then. He's going to pushed out and men and amp but I you know what I mean 6172666868. Scott. Scholar from New Hampshire demonic Scott.

Good morning guys. And with a different rules and NATO what are you know -- the and that step in and you know regulate how much money they get paid my issue is how much tax revenue where they got him. From point from a one million dollar income at their feet back on 500000 pelican.

How much tax income as a government analysts and -- 40% of the difference in what percent of the of the so what that the amount that was reduced although a lot of these amounts. Our has taught as pointed out in the form of stock options which sent to -- exercise usually many times later. Pot of estate tax is later -- yes -- right so it gets.

If -- experiment in the stock option you know that's the that's also become the -- The government says here's how to catch up those -- but it strip and short on our short term capital -- We just are accurate than what they're going to be on. So we do it's well -- but it looked well I don't know I I don't think the -- regulation under it well. Actually I think that back if if they are is it the government can step and the AV company that yes there should be oversight. What should be -- bet any money you know. If a company taken million dollars a year if there there video -- a thousand. And it and it companies storm -- 500 million dollars here's all the compartment doubt that it -- It -- it's there should be some sort of they got you know what percentage of of the company's revenue or present of the company's you know profit or whatnot.

Libertarian about this some I'm like I want to see I want to see several companies -- collapsed. I'm I'm just so angry about the whole thing. We -- now this is something -- so many bad directions they got the whole notion of bail out the an aunt and I bought into the first 350. Billion dollars. Based upon all love financial and economic people saying look. This is essential oxygen and liquidity to finance system I'm not into the bailout for the Big Three they've made their Ramesh you gotta live with the -- and perhaps die. So okay that's capitalism. But this I I fell far and now I'm seeing the you know -- the unintended consequences and the further ramifications it gets worse and worse his uncle every there's something like 6172666868. Bryan college for New Hampshire good morning Brian.

Good good morning gentlemen. Regular caller to show up pretty conservative guy but the thing is. --

Pat attorney and I know -- companies that are trying to get funding from venture capitalists --

Venture capital assert that the accompanied our business plan and they always they always look at compensation schedule. Put limit -- what people can pull out of the company uniform. Up compensation you know and so sort of thing it paid the company -- they did the government here exactly like to venture capitalist. In testing and these companies.

I don't necessarily. --

A problem with the exception of the fact that I feel that it makes the company less competitive when you look at salary to get a world class. CEO -- Of course a a court didn't.

But the -- that -- to protect all the companies from lighting up like Oliver twist.

bailout money for no reason but it. If you made 508. Updates. -- you may you may god you. Bonuses were based on profitability that paid to our stock quote performance yet been purported based. Which sort of split the difference -- but typically you're right it can't eat it just can't accompanied. The what you can't see yellow -- paid. Being paid tens of millions of dollars to what company into the.

The ground Bryant I that I love the calls from guys like Brian yes I'm serious I I am not him pretty well anyway shape or form. We we have a smart audience that is a smart guy. Radar observations that you wish he was done in congress at least for the day. Offerings of testimony some advice to Barack -- about being being being being paying this is the way do and I would I would sign onto the -- plan right now I in the grand plan is what the -- plan is. Don't limit yourself to perhaps 500000 got to make sure that this pool -- that database is that it is an additional compensation is based upon legitimate performance -- you hit twenty home -- he had to -- okay you -- 6172666868. Is -- about Barack Obama is in the news and his proposal to limit executive -- a lot of -- this was very -- the real purpose of this proposal yesterday was to have to -- Tom -- off the front -- he had he had changed the news cycle around so that. --

You guys should got a job. And look at the Taliban and Canada's vocal group little -- I try to work -- used bureau. And dash -- allowed to -- are qualified for the job because she had a foreclosure on her out. Now because of government intrusion into our banking system not unbelievable. Control.

She had -- because oil Jeffords disclosures she was not allowed to apply for a job.

Sure -- applied for a but then they told version let me qualify.

As she had bad credit. You -- you know that's a very curious thing now somebody's credit would be interfering with their ability and -- are you wouldn't compare and contrast Amy to John's point.

So you have all these CEOs who have by definition. But the companies and at at great risk or run them into the ground the a look at the bailout and and they're going to be applauded and as as you know as as captains of industry and this poor -- can get a job that the sentence for the bureau. Because she's gonna tell us believe I don't get that John appreciate the call 6172666868. Is than about let's go to Hulu.

Mr. Dumont -- you don't let. It's safe and -- see it gonna secretariat is you'll got a little bit to -- for it and but it.

sometimes I have to get to real or reorient that and that's but the college still.

We have -- microwave -- real way to become more conservative.

microwave and god rest his -- wolf while good guys officially banned from the show forever. Oh it'll bring in a microwave why is that -- the worst scholar talk radio listener how do you why do you go and offend the neighbor and a friend -- went. What is -- I don't know he feels much more comfort when insolent person walked 6172666868. Kevin is collar from aims very good morning Kevin Todd and Tom waits for the call.

The court though he didn't. -- apartment about the cap or ia -- on the spot or 2000 -- after Obama mentioned yesterday Goldman Sachs you know -- said. There they packed their money's what we've also they don't want to be -- doubt that what that tells me that this is money convenient for a lot of the bank that they don't actually need it. So is that taxpayers losing out on it actually get back quicker because. Companies want to have the best employees in CEOs that are going to pay equity owner in order to be able -- get this part. You know if you will off their neck so expect.

No you're right if if we get that by products from it'll be great -- unintended consequence Todd and I talked about appreciate the call Kevin that the may be considerably fewer people who -- run into Washington with a tin -- begging for our money. -- They -- I think he had -- Lawrence and the wonderful. Welcome back and good morning if you're just joining us it is chilly -- Chile's not the right word it is damp cold is what it is damn cold this morning. -- five million voter hot spot and I trying to do our best to warm up your commute to bring a smile to your face and to keep you informed on all events live local world -- The big story is Barack Obama's proposed cap on executive compensation for those companies that'll lining up like bag is at a banquet. For a -- taxpayer money to bail out the company keep them don't. He would put a cap of 500000. Dollars on a taught his troubled the by it I'm troubled by wearing yet we're coming out coming down in different spots and a lot of our colleagues have their road -- six once.

You know in or has me really gone and so if you hold it said the idea that this is you know you gotta watch out for the whacko liberals -- uses terminology but this is the essence of liberals love the idea of the government controlling every absolutely loved the idea that they could destroy business all by themselves because they hate business in their hearts they're Communists. And they don't believe in capitalism. They think the government should control everything to make the world more fair. The -- would be fairer for only -- comptroller -- yeah. They do a fair job on the roads. A hot hot hot they were a fair job regulations -- Osiris and they think it would be a more fair world like mediocrity drugs are everywhere -- so. Barney Frank is quoted reaction of this that we need to control all companies that are engaged in dangerous behavior final -- read me read me the quote is so I'll -- this can enjoyed just take a quick call and -- to show okay let's go to Steve.

Caller from Braintree -- good morning you're on the air with Todd and Tom. Are there were great this want to Steve how are you.

Party -- that quick stop and give back the money we paid dumb and not take -- salary for the rest of their cab to the -- a tube boom which got up and do actual card that does that that and the democratic congress.

Let's I mean there's there's a lot there's a lot of political risk when you -- talked and I agree with you Steve. -- But to give loans to people who have no business getting loans whatsoever I am still astounded by the Steve and Todd by the way that. No matter how aggressive Fannie Mae and Freddie came but became based upon that congressional pressure and community reinvestment act issues and the like. No matter how aggressive.

It does but it is impossible. For it to measure up to what we -- trying to know what the numbers we announcing 350 billion another 350 billion a trillion here a trillion here I mean what we are talking about somebody was quoted yesterday that was -- are we going to need to system -- current congress in testimony yesterday we're going to need many many many more billions. Starts and there's no. Way you know we're not just -- crappy. Applicants struck crappy loans have to has caused this collapse is no way of the world Iraq is now setting the stage are going to be coming back looking for more bail -- money for Wall Street in the backs up because the first three cores are trailing didn't do the job politically it's gonna become I think really big. Fat pitch for the Republicans over the next two years because people -- becoming. More and more resistant and more more resentful -- sent for you lose your job to the ineptitude that you see you look for scapegoats and that's not necessarily a bad thing. And you stat reading listening and learning particularly to shows two shows like this. And you -- unity is certainly developed targets for you fury no question about it so Republicans. If they maintain a consistent principled. Unified opposition could benefit from this nonsense. You mean this political opportunity I think because is critical opportunity in the continued -- and -- bailouts. Rockets -- up on in the -- well. I don't know that he has any choice to be perfectly honest I mean he did not campaign on the basis of I'll -- in on the sideline and -- capitalism sought out its own mess he's he campaigned and he was elected on the basis of I'm better prepared than my opponent John McCain to step in and bring some right regulated to bring simply create stimulus doesn't come.

Out of what you campaigned for anymore because everyone knows that's all fantasy land anyway this is real life Joe what are you gonna do. To fix this thing -- and if everything that Democrats come up -- has to do with making the world more socialist more social programs more spending what Americans and our -- I think is what Democrats are read out. Which is the devious desire to at all times find a way to expand the government new programs that's what. They're messing up the bailout in their desire to create new programs so even at a time of crisis all want to do is spend money they don't care fits well spent.

Going to be interesting to see how the relatively conservative senate Democrats. Vote on the stimulus and what they decide to -- route because you can take that -- right announced that cutting away. And you have a pretty good opportunity convinced Barack Obama and others and colleagues to say when actress spent ten billion dollars on. You know whatever the study of STD's to some of the other nonsense that would have been floating around on the house let's go to Kevin from -- berry hey Kevin good morning.

According got a call back broke records -- both retired or pop. Always blaming enough already phrase in god regarding the the collapse of the.

default why would you want to tell you another all -- but Todd.

I don't disagree at eight in if something to do it -- sort. You know what you are ready at any -- he loads of things like that but most so far this exploration improper took place between 2005 and seven. It pretty stable pretty much off the -- then there -- already trouble because bacteria laden ninety rebel leaders. Went out. Gramm from Texas repealed the glass Steagall act and let these base does would be dead in doubt in the leveraged themselves so much --

It did to be honest about -- wasn't just Phil Graham a lot of Democrats in Republicans I actually think it probably made sense believe it or not I don't think the you know the abolition of glass Steagall. Is the cause of this. I also think that the Republicans beyond two Bonnie and Chris Dodd and the others that we can you know -- a little bit. I I think there's something to be said for the Republicans slavish devotion to Alan -- double we have asked this theory was that.

Nobody was slavishly devote its -- more -- we have to know that there was -- there was a price there was a mindset. That you could corrupt. In a positive way in the -- of liberals you could corrupt the natural order of things without damaging -- thing to force banks to do stupid things and that the that would be harmless here's a New York Times caller from 1999. In a move that could help increase homeownership rates among minorities and low income consumers. The Fannie Mae corporation is easing the credit requirements on loans that are will purchase from banks and other lenders. The action which will begin as a pilot program involving 24 banks in fifteen markets including the New York metropolitan area. Will encourage those banks to extend home mortgages to individuals whose credit is not good enough to qualify for conventional loans this was pushed by the Democrats. Frank Raines was a big guy behind it is and -- ties with Barack Obama and Bill Clinton at this is with the spirit of this destruction. Was consciously and deliberately generated by Barney Frank and and I -- I.

And nor accept that at full face value everything you said no argument no disagreement however. Then the folks on Wall Street you know those geniuses with that you know two and 3M DM BA is -- all the rest that phony stuff. Those geniuses took. Crappy loans and anybody you'd you'd just pull that -- second eight under on the and they realize how -- how much Democrats that destroyed thanks way way you can't blame the Democrat has a crappy -- you and I acknowledge it everybody acknowledges it's crappy while. The Wall Street fool's gold leverage that thirty. 4050. Times you have them a lot of money Hassan -- you mind if we get some news and then see -- we'll talk more about the stuff which -- here they have 680 WRKO. Radio. -- your test.