Host: But if you target one you know this kind of goes to the same argument when Congress was all up in cahoots and all up in arms over the AIG bonuses and decided “okay let’s table a legislation 90% poisonous punitive tax rate on TARP bailout funded bonuses. I mean if you try to so narrowly target one swath of the population, what are you going to do? Anytime somebody’s upset about something, what are you going to do – legislate? You’re going to have 2 million amendments to the US Constitution.

Todd G. Everts: Exactly, a friend of mine said to me earlier today when was the last time most American actually read the Constitution?

Host: I did in school. You did too. You remember it?

Todd G. Everts: No it’s a little too long to remember that.

Host: What’s the second amendment?

Todd G. Everts: I don’t remember.

Host: Right to arm bearers. Anyway go on…

Todd G. Everts: Bear arms actually. So the point of the constitution is being used for this political purposes of legislators in a way that they weren’t design to be able to do and that’s frustrating. That’s the tail wagging the dog and it’s not the right approach.

Host: : Okay, are you ready here? Here we go. We’re going to start going in all different directions here because people ask a lot of different things. Here’s one from Francis who writes in: who do you think is most responsible for the financial crisis? Is it Greenspan or was it the repeal of Glass-Steagull which separated banking and investment arms. Global imbalances, what was the real culprit? This is really going back to the sort of beginning of all these problems to speak of.

Todd G. Everts: It’s very difficult to absolutely pinpoint one event that is the problem. I think the systemic problem is the average American many times related to unions don’t understand the world economy that we live in and don’t understand economics. They’re more concerned about their season tickets to the sporting event, they’re more concerned about buying a new car, they’re more concerned about their vacations than working. An average Asian, a Latin American would think more about the world economy and the way in which we transact. The average American, they’re frustrated if they can’t buy something at Wal-mart at a lower price and regardless of where it’s made to them it’s based on prices not based on economics.

Host: The thing that’s made this whole banking crisis worse is they hear about the egregiousness, the excesses, about people getting 6.49 million dollars and bonuses when it’s their tax money that’s paying for a big chunk of that.. What they’re upset about is they’re still paying 595 a month for basic checking and you could only write 3 checks and anything over that is an extra 3 bucks or something like that…it’s like they’re screwing me as a consumer and “…this is what they do?” It magnifies the negativity out there.