Rick Sanchez seems shocked to learn that Wall Street's lobbyists out numbered the poor unpaid lobbyists working on the side of financial reform 1800 to 60. No big shock here. Rolling Stone's Matt Taibbi talked to Sanchez about that and the problems with the financial regulation reform bill that would be expected after that amount of intense lobbying on the Congress, such as not addressing to too big to fail and the derivatives market.
SANCHEZ: Now to this. You know how I feel as we have these conversations every day, and we talk about a lot of different things, you and I. But you know how I feel about conventional wisdom. As far as I'm concerned more often than not, you know, a quarter will buy you a blow pop. Conventional wisdom often will get you very little. More often than not it's more like conventional idiocy, as a matter of fact.
I want to bring in somebody who often tackles conventional wisdom as well. As you know, he works for the "Rolling Stone," Matt Taibbi. And he's writing now about this new financial reform that all of us have been reading and writing about that most have believed is the right thing to do that will salvage the situation on Wall Street and never let us have to go through what we've been through before, meaning what happened two and a half years ago.
He joins us now, and let me start -- let me start with this -- general question to you, Matt. If what they're doing is undoing the problem that led us to the meltdown itself, you know, putting back in the regulations that we needed, putting back in some of the laws we've gotten rid of, isn't that a good thing?
TAIBBI: It is, but they just didn't do enough of that. They really address add few things. There are some good things in this bill, but the really, really key thing, the big problems they left unaddressed or they did a half-measures or quarter measures, and they didn't really tackle the problems head-on.
The key things are too big to fail, they didn't really fix that problem, and they didn't really solve the derivatives issue very well.