tv Washington Journal Roben Farzad Discusses Financial Markets and the Trump... CSPAN February 5, 2017 9:08am-9:41am EST
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wl kehaanth foowp. esreee colatshaheant nd buwhc't eyan ist cae oth "ne rela tt.ra p o th itesfppvi a annd mtge? its hu pbl rhtow ha se he obmsreucormuan anthdendasotee the. u ve sma binswns mpinbo tccso credit but also a real estate market that has changed enormously, far less speculative using cheap mortgages and people making cash acquisitions or investors, commercial properties that i really not the kind to interface with small community bank. youthe complaint to see megabanks, like the bank of werica, wells fargo, is that
are being bogged down in bed tape, and all the checks you need to extend it alone. i'm not told that is the real bottleneck in terms of getting credit out there. it is much more about underlying economic activity, and there is a lot of, people that have talked about taking on debt. host: let's follow up with al. caller: yes, you are still wrong because the basis -- the basic start of a business comes from a small bank, and i am telling you about banks around here. they are too stringent. they cannot put many out. they are afraid to lend money because the same paperwork -- the amount of people if they have to put up for a $20,000 loan is the same that while she puts out for the $20 million loans, and that has stymied business, growth, and our economy.
hiring people is the key. frank has taken and put in -- if you look the banks, the big banks gobble them up because small banks, the board says, let's just build a market up and we will seller banks to the big banks, and that is what wall street has done. it is greed and it starts on wall street. you come from goldman sachs, one of the biggest offenders. there's not a bigger offender on wall street the goldman sachs. what has happened is they had taken the power of the individual person in these small town, big towns, cities, it makes it so much harder for them to become a not, to grow their business, to hire more people. and let's put on top of that now what obama did with the health --e, where people are afraid they have to pay taxes, employers have to pay taxes where you keep that our stuff to 32 hours. the other thing with china, the best thing we could do with china, we had china now in a weak spot.
china is going to military come up or what we could do was take all or american companies out of china, where they are not manufacturing, and that country will fall from within like russia did. but the banking, you are too close to it. coming from goldman sachs, all you think about our large banks. it is the small banks, son, the small banks make the big banks big. will stop you there because you put a lot of issues on the table and give our guest chance to respond. guest: if you think you back to the era of jimmy stewart" it is a wonderful life," even when i came to the united states in 1970's, i remember going to america's loan, you would make the banker, they would come my pennies, give me a toaster, my mom a blender. consolidation is consolidation, where do you want to the left by j.p. morgan chase and goldman sachs, the banks have long since realized they cannot compete in an environment to it and make a
regional. make originals that will walk -- like -- maker regionals like one liksvia, -- mega e wachovia. these happen before the financial crisis. there is a wave of consolidation happening and there's truth to the idea that if you walk into a bank right now, you walk into a bank of america, you are lucky if you get a teller. they want to push you to do direct deposit. it is more automated. they want to cross sell, one of the big problems bank of america encountered with the merrill lynch acquisition. that is frustrating. i would like to have -- thursday leave a 60-year-old a career it is likequent, but
the time were up and i don't get the impression there are many banks that anymore. there have been these irresistible urges for them to sell out and marriage. host: our guest is coming out this fall. when will it be released? guest: coming out in november and we will debut at the miami book fair. host: we will carry that book fair, so we will look for that. check out our book coverage every weekend on c-span two book tv and today's "in-depth." you can get more information on www.c-span.org. david, florida, good morning. caller: good morning. i would like to say something. cavaliersent his attitude, especially his comments about the lawnmower job
that he is talking about. there's lawnmower job is important to the individual american. it pays his mortgage and his family. americans are really getting paychecksending their to mexico and other countries. realized by the upper classes of america. this is why we selected president trump. that is all i have to say. host: david, thank you. made: i did not in anyway to seem cavalier with that. the lawnmower example is i just remember doing a story for business week i've years ago with subaru, in indiana, and whichhat near lafayette, is a model auto plants, making subaru outback's, legacy c cars, a handful of toyotas, and everything this company has to do to keep those jobs onshore
when it is almost irresistible for them to move manufacturing to mexico, where the prayer hour labor costs are far smaller, where you can be much more competitive. i took the example of the lawnmower company not to denigrate lawnmower companies or users, but it is the same problem. oryou have a chinese upstart even a mexican company that can get its act together in offshore , the labor input cost versus manufacturing in indiana are just far smaller and you can undercut the final price. harley davidson, for example, send out because they have such made infinity and it is america, and you want it made in america and you cannot imagine it being offshore from china, but we have seen unprecedented gains in ip ended replication and the ability to have products from not just china but korea, malaysia, a lot of flatscreen tvs they could only imagine
being made in japan as recently as 25 years ago are made in these brand-new megalopolis is inchina and it is happening malaysia, indonesia, and i in no way intended to be cavalier. i am just saying it is dog eat dog in terms of competing products. from the's hear democrat line in maryland. caller: my question is this, i russia andrecently china signed a deal to bypass the dollar and pay each other. actually, trying to undercut the domination of the u.s. dollar as an international reserve currency. how that affect our economy? to be seen.mains china has explicitly said that next was auld be the currency of the world. when china is strong, it can say
that you can say we had the second-biggest economy in the world and within decades, the biggest. maybe not on a purchasing power out. all spaces, but the trend is the trend. that cuts out the united states and the could hurt the dollar, which should make it more expensive for us to buy things overseas and imports, but china has really no vested interest in hurting the dollar. china needs a strong dollar. it once americans buying chinese a strange pain from its yuan to the dollar and it doesn't let the currency float freely. host: is it manipulating its currency? guest: i believe it does. it is not a free player. he would see much more uan butation in the ya china has an enormous reserve of dollars. china was a voracious buyer of u.s. treasuries, and china can
flood the market or deprived the market at any point in time. as our previous caller mentioned, that would be cutting off your nose to save your face. china lives and dies by manufacturing. it says every now and then that they want to be much more of a domestic, consumer, consumption-based economy but there is no evidence it is close to being what he would need to kind of wing itself from american exports. host: let me conclude with this tweet from john in north carolina, who frequently sends us one, so thank you, essay part of the problem with dodd frank is it made me stop closing homelands after 35 years. the red tape made it unprofitable. the attorney fees doubled. we have heard that a lot. goes to the pendulum of overregulation and under regulation. donald trump selection is indicative of i think the perception of overregulation are perception that may be washington got too big and that the overreach was there. yes is coming on an anti-d.c.
and he is wasted no time with executive orders. -- he is coming in on an anti-d.c., and he has wasted no time with executive orders. he ises it seriously and instructing his treasury department, with no confirmed treasury secretary, to give him the instruction, even the wall street knows that a lot of these things might well not be implemented until 2019. the fact that this is telegraphed across austria in that bank stocks have been doing with roaring me well -- have been doing well, he is out there surrounded by wash to people even though he run against wall street, it is more like follow what he does rather than what he says. host: roben farzad, pbs, npr, your podcast, "full disclosure. " guest: thank you. host: who will win the super bowl? guest: please let it be the falcons. not tom brady. [laughter] host: we will not talk about the
patriots or falcons specifically, but should the super bowl be a politics-free zone? in the remaining 25 minutes, we will get your comments and falls. (202)-748-8001 for republicans. (202)-748-8000 to democrats. for independents, (202)-748-8002 . 51in, should the super bowl feet a politics-free zone? begins i mean now and we will get to your cause and comments in just a moment. -- begin diving now and we will get to your comments and calls in the moment. ♪ yourday, nick adams taking calls, tweets, and facebook questions during the program. >> despite all of the culture america, this is still by far in wide the greatest country in the history
of the world. " nick adams is the author america: the greatest good," "america, the boomerang," and "retaking america: crushing political correctness." he is also the founder and director of american greatness, an organization dedicated to promoting american exceptionalism and combating anti-americanism worldwide. watch "in-depth" live from noon to 3:00 p.m. eastern today on c-span two. male and i ame prejudiced. is is something that was in top is something i learned. i do not like to be forced to like people. i like to be led to like people through example. but can i do to change, -- what can i do to change, to be a
better american? >> that was a remarkable moment i do not realize until i stepped out the set because there were more cause we had to keep rolling. how powerful that was. there was something in his voice that touched me. it was so authentic us the searches for the words to say something to a national audience that most of us will not admit in our homes, i'm prejudice. heathight on "q&a," mcghee was a gue on c-span's "whingtonournaln augu 2016 wnary caed to reac you tas abouthe intaction d to folloup withim. arheect eath isyoha tremb ts austweadhiraal chgesueritdold u's cpan, aclis ole oong a th tgievtsn to roe,als,t s al a mehepeleel le a th we ei otvbo
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