Elizabeth Warren Destroys CNBC Anchors

Elizabeth Warren is now senator from Massachusetts that's fantastic now she was a person who pushed for the Consumer Financial Protection Bureau they thought that was unrealistic and that will never happen except in fact it did happen shoes very effective in getting that done their problem is blocked her a nomination to become the head of the bureau that she created well said okay great the ago and join you in the senate hoops me dear what you wish for so that's going to talk to CNBC about her nubile and what they basically want to do is reset to glass steagle now a glass steagle that is really important a pass back in 1933 and actually create a great euro stability in banking it separated out the parlor bank where you deposit your money for the party the bank where they do investment banking an basically the kind we are putting it is the invest their own money or you can say the gamble with their own money the reason you separate that out because you don't want them gambling with your money well-paid is when they are allowed to gamble with your money they take more risks because the downside is for you and the upside is for them so now when we took last legal way at the end a bill clinton's term by the way you wanna be an absolute disaster so now interestingly lose with one is paired up with republican senator john mccain to bring it back and say don't gamble with depositors money very sensible but when she goes i CNBC who they don't like that idea at all CNBC basically represents the bankers if they were PR flacks for the bankers they couldn't do a better job now the first question by 10 bankers a spine she aggressively challenged her saying well some other top bankers say that your bill would hurt competitiveness of course is what they always say ACP letting me gamble with your money but that's fine she's challenging a United see senator it on the opposing view on her bill okay no problem at all now when was once or some other fax of regulation a bank's in this country that had somebody gets interesting you're going to use the CNBC personally Brian Sullivan step in here class to correct the record except he gets his own ass corrected watch senator I will push back till on the relative security that you're portraying glass steagle to have given us because continental Illinois yeah in the early eighties weekend largest bank in america he had failed almost set of base pay another major banking crisis shouldn't we just told the american consumer that no matter what we do there will be bank boom-and-bust cycles no matter what the laws and regulations you can't protect every no bad ish just wrong why look at the history family history where felt it was wrong he said no that doesn't hold on I system now from 1797 to 1933 the American banking system crashed about every fifteen years in 1933 we put good performs in place for which glass steagle was centerpiece and from 1933 to early nineteen eighty stepped-up 15-year period we don't have any effect none week have the system's steady funds secured a and it was only as we started deregulating you start hitting the S&L crisis and what did we do we deregulated some more and then you have long-term Capital Management at the into the nineties and what did we do as a country this country continue to deregulate more and then we hit the big crash in 2008 you are not going to defend the proposition regulation can never work not here anymore regulation ever work center but by far and away and I agree there were fewer bank failures in that time after class day going for a reason up the big ones 90 but I'm at all in all I was the seventh biggest bank in the United fail fifty years to get the exact okay that was awesome so for so all he's like not you gotta understand no matter what we do we're always gonna bang Crashers now why does he say that because the banks always a a dodo to regulation does matter this although was a crazy place nothing we can do so don't regulators let's keep gambling with your money rate and of course every ankara CNBC's a lap dog for the banks so these two they're talking about stop stutter to correct the record on this one and then she comes in with his Chile elbow Sam she's like who hold on let Super Bowl history classical president either you fifty years ugh 0 crashes what happened there is nothing we can do then you begin to deregulate in nineteen eighties immediately a crash that's of course when redeeming you deregulate a little bit more S&L crisis then you do the major deregulation you take away glass steagle at the and love around 1999 2002 Clinton's term and then just eight years later the biggest crash we've had since the Depression waves of deregulation leading to waves a gigantic crashes when we had tight regulation fifty years ovno crashes and then I I loved the guy had the temerity to say well you know i i I didn't say no regulation a is the right answer that it doesn't work no actually you did you literally said no matter what we do. based other you know other bag risers so but she's not quite done kicking their ass yet warm or a glass steagle would not have prevented the financial crime not all by itself that absolutely right but what glass steagle can do is it can wind saw more of the risk out of the system he can help laying down the five of the largest banking institutions don't forget you see it there was too much concentration in the banking industry in 2000 8 now here we are in 2013 and the big for are 30 percent bigger that puts too much worse back in a similar to the way the there's other ways above shrinking them um obviously work with all due respect at every report I've read every person I've spoken to says that there's a very very very slim chance that this up with even Pasig well let me put it this way if you don't fight for it the chances r0 you three different anchors came out her and I love the exclusive the second male anchor there who's like while I mean our you seem to have gotten all the facts right but others probably other ways a fighting them a other than your belt really which was the support alright know the CNBC anchor ever support any of the ways ary regulating the bank's or pretty any control or control their risk or gambling with our money on the banks your support any of those bills but why she's got you dead to rights like well yeah I mean are you your bill whatever ideas as well the other bills know there are and you support any other know you know because you work for the banks CNBC's really discuss the actually a and then finally the last thing they got is okay you beat us on all that but haha it's not gonna pass anyway flathead US Senator I'm not sure about a do your accelerator I don't know anybody who thinks this bill can pass because the rest the senators are brought up by the bank so haha yes I gotta work anyway would be wasting your time for she's like well that's the same thing you guys home and a super Financial Protection Bureau and I believe that exists and by the way that's your best argument CNBC after you get your ass handed to you well the rest the senators are with us basically the corrupt people who all work for the banks but s3 was enough so Jim Cramer another CNBC anchor had a pilot he wasn't on the show so he tweeted afterwards: quote there's a weird strata father CNBC got beaten by senator warned well I like to senator but she had no impact story she could have an impact right on top of their heads but basically he's going back to that talking point saying no its not government-backed I because we got the rest love you all congress bought such a negative impact double talking about us psychopaths otherwise the banks might endanger the money that they get that we get over here CNBC your pet that ik I like how she regulated on you warned she like I gangster I

Channel: The Young Turks

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Keywords: Elizabeth Warren CNBC, Elizabeth Warren financial reform, Elizabeth warren Glass steagal, Elizabeth Warren squawkbox, Elizabeth Warren wall street, elizabeth warren youtube, Elizabeth Warren CNBC YouTube, Elizabeth Warren YouTube video, Elizabeth Warren banks, Politics News, Squawk Box, Cenk Uygur, News, Politics, tyt, young turks, the young turks, news, cenk uygur, politics, ana kasparian

Id: nTWfa-iO9Nc

Length: 8min 27sec (507 seconds)

Published: Thu Jul 18 2013