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March 26, 2009
Posted: 10:02 PM ET

The White House wants to look at corporate books now.  Often.  Too much regulation?
The White House wants to look at corporate books now. Often. Too much regulation?

Rick's guest in this clip is Jared Bernstein, President Obama's economic adviser.

He says some companies are so big, so interconnected, that they pose a global risk should they fail.

So the U.S. government is going to take a much more involved role in the financial health of some American firms.

Is everyone on board this plan? Ohhh, no.

Watch Rick's interview with Jared Bernstein and tell us if you think this is "über-regulation".

Filed under: Clips From The Show


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Nor Cal   March 27th, 2009 2:02 am ET

Any company that is to big to fail is un-American by nature. Capitalism drives our creative spirit. Those companies need to fail so new smarter, better companies can fill the void, hopefully learning from the mistakes of thier predicesors.

ARNOLD   March 27th, 2009 2:09 am ET

Why isn't it possible, with our Sattelites and our technology to find the origins of the drugs being grown, and destroy the source of drugs?
As far as crime in the USA, we should have more police fighting crime and drugs, and less police giving out tickets for no seat belts, and other minor violations, that accomplish nothing but suck more money out the public.
We seem to have our priorities mixed up.

eric   March 27th, 2009 1:10 pm ET

one people...one world...even... one dollar...

eric   March 27th, 2009 1:11 pm ET

when will everyone understand nobody is alone or above

indydee   March 27th, 2009 1:53 pm ET

Don't give me the TOO BIG TO FAIL gimick.
Citi Bank/Group
IBM
AIG, etc...
All big ofenders of shipping our jobs to India. The gaul of IBM to let go of 5,000 American jobs to give to India & then ask for TAXPAYER money. IBM, treats American workers like trash. NO MORE BAILING OUT SO THEY CAN GIVE MORE JOBS TO INDIA. GRAVY TRAIN IS OVER!

RJ   March 27th, 2009 2:01 pm ET

Hey Arnold, people have been doing drugs since the beginning of time, you`ll never stop humans need for drugs! Its a waste of money, if we just legalize them like a lot of more intelligent countries have already done then the crimes associated with drugs will for the most part be a thing of the past! If its legal there will be no need for drug cartels and gangs trying to battle over the money that can be made! You Arnold have no business worrying what other people do! Its none of your business! I feel we have way too many cops in this country and its getting to the point of being a police state! Police have way to much power in this country and if you are not a minority the Police can get away with committing murder, trust me I`ve seen 2 cases of this very same thing right here in mid Michigan in the past 2 years! Both victims were white and both victims were unarmed but still ended up dead in the hands of the very same people that have sworn to protect and serve the people! Have any answers for that? I bet not!

Roger in Atlanta   March 27th, 2009 3:07 pm ET

I trust the Obama administration to solve the problems we face. We should not try to micromanage the administration.

Jeff Chelton   March 27th, 2009 3:16 pm ET

"The issue which has swept down the centuries and which will have to be fought sooner or later is The People vs. The Banks." Lord Acton, Lord Chief Justice of England, 1875

fred retired NYPD   March 27th, 2009 3:21 pm ET

The excuse that Police Officers always hears these stories may be true, HOWEVER when you have flashing hazzard lights and you pull into the parking area of a "HOSPITAL" then and there common sense prevails and if necessary he could have escourted the driver inside, not to mention one of his own tried to advise him as well as the hospital personnel. If this officer by his very statements about "I can screw you over" is more than enough to get him fired. If he's doing this on this level imagine what he's doing when the cameras are off.

RJ   March 27th, 2009 3:22 pm ET

Rick thats the problem, we aren`t letting these companies fail, we will all pay for this in the long run! We should not under any circumstance borrow, lend, loan one red cent to any company that has out-sourced one American job! If they want to employ other countries and disregard the country and its people who gave them the right in the first place, then they should have to renounce their American citizenship and go move to that country! This crap will stop immediately, like yesterday! We need more protectionism, otherwise the rest of the world will just take from us what we let them have, its gotta stop, we Americans should come before any country no matter!

Thomas I Green   March 27th, 2009 3:22 pm ET

Financial and banking regulations protect the little guy from the rapacity of the corp CEO's and financial bigwigs; our present economical mess proves this.

Tracy   March 27th, 2009 3:26 pm ET

Rick,

I think the officer was callus in his administration of a basic traffic law. Every situation should be based on individual merritt. The fact the car went to the hospital and occupants did not resist arrest, but tried to explain his situation seemed to sufficient to a rational person. The officer lacked compassion and based on your comments, so do you.

Elizabeth Guzman-Arredondo   March 27th, 2009 3:27 pm ET

Why not more coverage on the slain police officers? Your deicsion to air your slanted views about the police officer and the NFL player are unprofessional. You encouage the viewer to decide for themselves but lead the viewer to your own conclusions. Why not put more emphasis of the fact that that the man violated traffic laws and the officer was unaware of the mans dying mother-in-law and was trying to enforce the law with the man who should know better. The man's disregard for the law, disrespect and poor attitude is what caused the problems. What if the man would have hit another driver then what. ?

Josh   March 27th, 2009 3:29 pm ET

I feel the police officers in this country think they are above the law.

Monroe   March 27th, 2009 3:31 pm ET

Rick, its a given that Reps must run every 2 years and Sens every 6 years. If they did in private what the do as politicians do you know what the would be doing every 2 or 6 years? Going befor a parole board.

gloria brantley   March 27th, 2009 3:32 pm ET

when will the people understand Pres.Obama is Human he don't have all the answers. give the man a chance

Badgewife   March 27th, 2009 3:33 pm ET

To that last guy who got his post on t.v.-Where in this country are there cops that are not trained? They have more training for law enforcement than any other profession I can think of. And the training is ongoing. Some people just aren't meant to be cops.

Andrew   March 27th, 2009 3:59 pm ET

This comment is in regards to the Dallas Police Officer being criticized for doing his job. It is tragic that the driver's family member passed away before he could see her, however it would have been even more tragic if the driver would have killed or injured himself or other drivers/ pedestrians by running red lights and stop signs. The Officer had a situation where a dangerous driver was failing to stop, At night! The driver is lucky he wasn't shot. The occupation of the driver is of no consequence. It makes no difference if he was a famous athlete, a celebrity, a politician or a news anchor, he was still a danger to other citizens. The dallas police chief needs to "grow a pair". No. I am not a police officer, I am a firefighter/ paramedic.

Ms.Johnson   March 27th, 2009 3:59 pm ET

Rick,
As a child growing up,my grandparents had many sayings
and this is one:"to correct a problem,you've got to get to the
root of it".Now,I'm taking a page from their book;"How did
the Muslims come to hate America so much,they attacked
us in the first place?"

Louisiana

Ileana DeWitt   March 27th, 2009 4:00 pm ET

ileana582004 Hola Rick! Don't fall into the same trap your family and the Cuban people fell into in believing the Marxists beliefs that it's good for the government to take of the people. These socialist beliefs it's exactly what's befalling this country. Obama is playing with fire! Dangerous!

galveston340   March 27th, 2009 4:14 pm ET

President Obama is just a figurehead for the one that is really making the decisions....NANCY PELOSI..I sure wish he would get a backbone and stand up to her!

Mark   March 27th, 2009 4:24 pm ET

Rick, I want to take this opportunity to point our your own and your guest Mencia's hypocrisy. So all White Americans call "Hispanics" Mexicans? Well, ALL "Hispanics" call ALL White Americans "Anglos" in a pejorative manner too – as if ALL Whites are descended from one Germanic tribe that settled in Britain in the 7th century. We notice this, but have tolerated it, but for how long? This week, the president of Brazile said that the economic crisis was caused by blue eyed White men? Who causes Brazil??

Keith Reyes, PhD   March 27th, 2009 5:49 pm ET

Hi Rich!
CNN ratings would continue to fall. Viewers are not idiots. We have not forgotten that Bill Bennett was the Education Secretary who wanted to "abort all black babies to reduce the crime rate???" He has no credibility as a CNN contributor!!
KR

oscar benavidez   March 27th, 2009 5:50 pm ET

When I took drivers training in high school over fifty years ago, I was taught that if you had an emergency and were driving to the hospital all you to do was wave a .hankerchief. out the window. If a policeman saw you, he woulld get ahead of and and clear the way for you. Is that still true today?

john   March 27th, 2009 6:05 pm ET

How can the auto industry get out of thier financial distress when millioms of auto owners are up side down on rheir Auto loans.
The banks have been refinancing just about any amount the cuatomers asked for. Now the cars are 10 years old and barely operational and the owners owe more than the car is worth.
How can they trade for a newer car?

apple   March 27th, 2009 10:10 pm ET

In regards to the present editorial found on this page "too big to fail:" I believe that some people are ignorant to a few facts. I am just a blue collared worker who coincidentally has an economics degree but even i know that as we outsource jobs abroad OUR FORIEGN ASSOCIATES ARE GIVING JOBS TO OUR COUNTRY. Anyone needing explanation of this needs only to take a LOOK AROUND. Those in favor of free enterprise need to understand that FREE ENTERPRISE is exactly what ALLOWS companies to get so big AND huge financial companies are what allow FISCALLY RESPONSIBLE people in our country to LIVE SO WELL. I believe instead of pointing fingers at others for "allowing" this or that we need to look at oursevles. We should be teaching our youth more about fiscal responsibility, but instead WE IDOLIZE THOSE TRYING TO "BEAT THE SYSTEM" through all forms of entertainment.

James.   March 28th, 2009 2:02 pm ET

Looking America now and see that we are our greatest strength and as well our greatest weaknes, we are tired of excuses and playing the blaming game. what we need now is movement and what would get us out of this economic crisist. Everyone have responsibility and the blaming game is not working anymore I am tired of turn the tv or reading a news article and see the and see the government is playing the same card over and over again. The president been talking about how he inheritated this debt and all the problems, I am sure anyone who run for president wasn't expected to get everything easy for the them, you don't take a job you think you could do, you take a job you know that you know how to do it, so what we the american people need now is less talking about the same thing and more action about what need to be done.

Andrew Kemp   March 28th, 2009 6:22 pm ET

I haven't heard the term "moral hazard" so much since freshman college economics. This is just another excuse by economist and financiers to not take the blame for past mistakes in the financial markets.

Erik Garcia   March 28th, 2009 9:24 pm ET

My input on the united nations' help in a poem

FREED

Together as one the United Nations helps thy flee

Only because one feels as if thee

can see ever so clearly.

You feel as if there’s nothing to fear

Yet only one mishap can bring upon the fear

Tearing and tearing apart everything

That made life ever so clear

Bringing you back to that one tear

That makes you fear that you will never get near

That thing that made you feel as if there was no such thing as fear

Fear no more for thy god has thy key

To the map directing thy flee

Fleeing darkness as if the sun had not yet been freed

Being free, can instill in thee

Wisdom, as thy one thy looked too when in need of being freed

Once one flees you are freed as one’s soul into God’s eternity

Not only freeing thyself but whomever accepts the key

thy God has to offer thee

Anne Kenney   March 29th, 2009 12:14 am ET

You say "so big, so interconected" we could liken that to the American people themselves as an entity each life interconnected with the next...I'd say that this is the "business" that can not fail. No one will go to the obvious solution and that is to bail out the individual taxpayer who "can not fail" and everything else will fall into place with the exception of the greedy getting paid. What would not be set right if taxpayers had money to save, invest and consume? After all haven't we all been brought up to be good consummers?

frank c.   March 29th, 2009 10:37 am ET

Bachmann; SEN Gregg; one of the most difficult problems for the GOP; two snowflakes are makeing roads impassible for the party in 2012.

Brandon   March 29th, 2009 4:52 pm ET

To big to fail? the titanic was a unsinkable ship..how did that turn out? An economy is like domino's if one goes and you do not stop it it will all go...to many cookies in one basket and you are calling for problems.

Omar Gonzalez   March 29th, 2009 7:02 pm ET

Rick: Obama say the change coming,Iam wan to Know where,because I'don't have Job,no unenployed benefits,no medical insurance,my house in foreclosure,my electric bill pay only half and my wife ( the only person with job) at border of nervous breakdown because we don't se solutiont near, please ask the president about the date of the change,
Thank you
OGG the electrician

Omar Gonzalez   March 29th, 2009 7:15 pm ET

Hei Rick is me ( again)in Jacksonville Fl we have 9,7 porcent of unenployed,also a high the same in foreclosures,so we wan to know
where is the change anunce from Obama, or al lease when coming,whithout jobs you can't afford bills,rescue for homeowners and gas for driving to job applicationts ,my doub is : Obama say that for win the predidential seat or is true.
OGG
Electrician unemployed
(without benefis of unemployment)

JERRY WINTERS   March 30th, 2009 3:31 pm ET

TIRED OF HEARING EVERY ONE BLAME THE AUTO INDUSTRY FOR WHAT THEIR GOING THROUGH. THE PROBLEM IS OUR SENDING AMERICAN JOBS OERESEAS. PEOPLE CAN'T SPEND MONEY THEY DON'T HAVE. JERRY IN ALABAMA

DBRodriguez   March 30th, 2009 3:43 pm ET

Hey Rick, I heard a comment this morning that I thought does ring true, "why does GM try to sell $8,000 vehicle for $30,000?". I have built Camaros&Firebirds in the 80's-90's, and I was told by a very reliable source that the average cost to assemble those autos was about $1,700-$2,000, and the final sticker prices ranged from $16,000-$23,000. So using that formula averaging and yearly wage and cost increases over the last 20-25yrs, can you imagine the enormous profits GM gained and mismanaged. Please note we the United Auto Workers only produced what GM engineer designed and GM execs authorized. DB Rodriguez-Mission Hills,Ca

Wayne Gilliam   March 30th, 2009 3:46 pm ET

like so many others I would like to know why dont we treat the banks and AIG people like we do the car comps? seams like to me if they take 1$ of taxpayers money they are no longer a co, anyone else agree with me?

thanks

Joe   March 30th, 2009 3:49 pm ET

Hey Rick, you've shown the Senator predicting the implications of ending Glass-Steegle, could you also show Senator McCain's prediction about Fanny and Freddie failing from 2003?

georgia   March 30th, 2009 3:52 pm ET

Instead of bailing out the banks and auto companies, nationalize them, re-structure, and then sell them back to private investment. In the mean time, bail out the taxpayers. Take over the home loans and reduce the payments to help them, put a stop to the insane credit card interest rates, put all that money DIRECTLY into the economy, not into already failing monoliths.

Tom Bondurant   March 30th, 2009 3:56 pm ET

It's seems we always look at things backwards and then run with it. . Instead of saying that the banks are "too big to fail" why don't we start saying that the banks are too failure prone to be as big as they are? We need to break up banks that are so huge that they drag down the rest of us with their irresponsible acts. Every time we talk about bailing them out we are crazy if we don't also talk about breaking them up.

Esmum   March 30th, 2009 4:21 pm ET

I saw someone write that the American car companies had the opportunity to go green years ago but refused to do so. I wouldn't be so quick to judge the car companies when it is the purchasers who want to drive the big, monster vehicles.
Personally, I drive a full size van. Why? It's paid for and I'm the one that pays to put gas in it. Not the person next to me at the red light. I am extremely uncomfortable in the new, "safer", small, plastic cars. I've seen some of them after an accident and it's not pretty. So, as for me, I will continue to drive my big van until the day comes that it just won't go anymore.
My point is: Get off the American auto makers' backs! They built what the purchaser wanted. It's not like they can build four or five cars a year then wait for the car climate to change then build what the people want and wait to see if those sell, then ...it's an endless cycle.
And I will not turn in my van for cash: thank you.

Ed. Waller   March 30th, 2009 4:26 pm ET

Rick, I enjoyed your chat with Sen. Dorgan. He does make a lot of sense and was prophetic, when it came to the bank mess we find ourselves in. He has also warned about the lack of enforcment of
our immigration laws and the support of E-verify but nobody seems to be listening. Could we find ourselves in big trouble again, this time
with the immigration mess? Signed Ed.

Anita Welsh   March 30th, 2009 5:13 pm ET

Dear Sirs: cc to The Dallas Police:
My comment is about the Young Officer who is being hauled over by the media unjustly for chasing a black SUV that would not pull over, because the mother was dying in hospital. From the video in his car, it is obvious that the vehicle went thru stop signs etc.,(3 traffic infringements at least, plus driving dangerously) and despite the sirens would not pull over. This officer had no way of knowing who was driving, or why they were not pulling over.(even running the license plate would not confirm who was actually driving as it may have been a stolen vehicle). He had no choice but to take caution when they pulled into the parking lot of a hospital. Also how was he not to know that what they were saying about the mother dying was the truth ? they could have been using that excuse just to get away from him and make a run for it. His tone in voice may have been a little higher, but let us face it, your officers have to be ready for everything and anything. If it had been the other way around, and the van had killed or injured someone at a stop sign, or the officer had been shot and killed, this would have been a different story altogether. I would rather have this incident than be honoring a dead Police Officer or some innocent citizen.. The person driving the vehicle should have pulled over and let the officer know the problem and I am sure he would have escorted them with sirens to the hospital, ensuring they got there even quicker and safer not only to them but to pedestrians and other vehicles. Your Officer should NOT BE REPRIMANDED, but thanked by the people of Texas and Dallas that his concern was for them, not to some upshot Sports Icon who feels that he is above the law. It is about time that so called celebrities realize they cannot break the law, and then run to the media, shouting racism and prefential treatment as a minority or a so-called Celebrity. Would the Media be as responsive if it had been just a normal citizen, not a high profile football player. I do not think so, it was only newsworthy because of the celebrity status. Also your Officer allowed the two women to leave to go in the hospital and could have in all rights stopped them, but did deal with the male. When the Police Officer asked for insurance, he was told by the Male, that he did not have it, yet finally produced it. They in fact are the culprits in stalling by arguing with him. We believe as Winter Texans that your Police Officer did the right and only thing he could do under the circumstances. He does not owe them any apology whatsoever. They could have arrived at the hospital in body bags if they had been in a bad accident because of their irrational driving through the streets of Dallas, along with anyone else they may have injured along the way.

Herbert Pairitz   March 30th, 2009 5:47 pm ET

President Obama knows how to crack down on our big four automobile manufacturers but made no attempt to stop the unacceptable activity of the greedy Wall Street loan institutions that caused their own failure. The automobile manufacturers have been forced to compete with cheap foreign labor which has led to their inevitable destruction. The U.S. should not participate in global trading unless we plan to reduce our labor costs to less than $2/hr.

Tom   March 31st, 2009 10:18 am ET

Putting another finance guy in charge of a car company is stupidity. Finance guys cannot run car companies. Cars are a passion with the American public. A numbers guy doesn't understand this passion. A car guy needs to be running GM. One that understands the American dream of owning a piece of machinery that represents their freedom, enhances their egos, gives them a feeling of power and importance.

Richard E. Armistead   March 31st, 2009 12:08 pm ET

Rick, if you do not own a car that gets over 60 miles per gallon, you should be as mad as I am, and I DO OWN SUCH A CAR. The reason I am mad is because for the past 5 years or so I have been trying to find out why my car, a 1984 HONDA CRX with a 1.3 L engine, was taken off the market, not only in the USA in 1985, but also in Great Britain. It was made in Japan, designed to get 67 MPG on highways and 51 MPG in city driving, but only 2,000 or so were ever allowed to enter this country. My car is a 2 seater, stick-shift sportster that still runs and has averaged 70 miles per gallon on Interstate highways.
Can you imagine how much our dependency on foreign oil would decrease and how much it would jump-start the economy if the AUTO Giants would put the technology of this engine back in production?

Zapata   March 31st, 2009 8:05 pm ET

YOU WILL NOT, PUT IN WHAT I HAVE TO SAY.........ZAPATA.

Zapata   April 1st, 2009 4:46 pm ET

Hey guess what all you drug dealers just go to a hospitial and tell the cop your mother is dieing , once inside get rid of the bag hehehehehehehe ho im sorry,were the ticket. unbeleveable.That officer should have put them all against the wall and no one leaves.This man could have been carring anything. this young officer was willing to put his life on the line and all he got was B.S. I say thank you SIR for your three year of service to your Country....ZAPATA

TalkingHead1   April 2nd, 2009 4:11 pm ET

I happen to be a democrat, but I can appreciate a less centralized way of dealing with our failing industries. Those billions of dollars we borrowed to prop up these dinosaur institutions would have been better spent buffering THE PEOPLE in social support nets while these industries are allowed to fail in the normal economic process. I guarantee you, there are millions of entrepreneurs out there who would have swooped in and, with their specialized financial expertise, would have carved up the spoils and gotten our global economy back on track much faster than a bunch of politicians knowing nothing about business and industry. But I predict this will be the ultimate lessons of our times.

Zapata   April 3rd, 2009 9:18 am ET

When Obama, said all the Indians can have a refrigator will that meen,we the Aboriginal People the Native American, can have a refrigerator. Thats nice of him!....................Zapata.

Tony   April 20th, 2009 4:27 pm ET

Rick,
Like your show. But when your guests with differing opinions become rude to each other and you don't properly moderate, I change the channel. Put a leash on some of your guests.

T.

euandus   October 26th, 2009 2:08 pm ET

How about relying not only on regulations, but also considering Paul Volcker's advice from experience: being too big is itself a problem that can and should be remedied? I've just posted on it at http://euandus3.wordpress.com/2009/10/25/bigger-banks-too-big-to-fail/

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