Exclusive - Elizabeth Warren Extended Interview Pt. 2

  • Aired:  04/22/14
  •  | Views: 28,342

Senator Elizabeth Warren shares her hope for a future of reform in the American political system in her book "A Fighting Chance." (9:46)

>> Jon: ALL RIGHT, SO WE'REBACK. WE'RE TALKING TO

SENATOR ELIZABETH WARREN. SOHERE'S WHERE I THINK IT GETS

INTERESTING. ALL RIGHT, SO THEIDEAL IS FAIRNESS, IDEOLOGICAL

AT LEAST PRINCIPLED CONSISTENCY,BUT

YOU ALSO HAVE CONSTITUENTPRESSURE THAT CAN'T BE IGNORED.

THAT'S THE BATTLE YOU'REFIGHTING.

LET'S SAY IT'S THE MEDICALDEVICE TAX FOR OBAMACARE.

THEY HAVE THIS IN PLACE, IT'S A2 TO 3% TAX ON MEDICAL DEVICES

TO HELP PAY FOR OBAMACARE.

YOU'RE FROM MASSACHUSETTS.

>> I AM.

>> THEY ARE THE SECOND LARGESTSELLER OF THESE MEDICAL DEVICES

>> SO YOU VOTED AGAINST TAKINGTHAT TAX OUT.

NOW THAT SEEMS ANTITHETICAL TOWHAT I WOULD THINK YOU WOULD

STAND FOR, BUT YOU ALSOHAVE THAT CONSTITUENCY.

>> SO LOOK, THE QUESTION ON THEMEDICAL DEVICE TAX FOR ME, I

ACTUALLY DON'T THINK IT'S AGOOD IDEA TO TAX

MANUFACTURING EXTRA OF ANYKIND. BECAUSE I THINK WHAT WE'VE

GOT TO DO IS PRODUCE MOREMANUFACTURING JOBS

IN THIS COUNTRY.

BUT IF WE'RE GOING TO TAKE THATOUT WE'VE GOT TO FIND ANOTHER

PLACE TO PAY FOR IT.

BECAUSE THAT'S HOW IT WORKS TOKEEP THE BUDGET GOING.

>> RIGHT.

BUT YOU'VE HIT ON A KEY PART.

>> RIGHT.

>> ABOUT HOW WASHINGTON WORKSRIGHT NOW.

WHEN WASHINGTON ACTUALLY WORKSAND WHEN IT DOESN'T.

I WANT TO GO BACK TO THE POINTIF WE CAN FOR JUST A SECOND

ABOUT COLLEGE, BECAUSE IT SHOWSTHIS SO WELL.

>> YES YES YES.

>> BUT WE CAN DO IT AROUND ANYPART OF THIS.

WHEN I GREW UP MY MOM WORKED AMINIMUM WAGE JOB AT SEARS.

MY DAD SOLD CARPETS, ENDED UP ASA MAINTENANCE MAN.

I MADE IT TO THE UNITED STATESSENATE AND A BIG PART OF THE

REASON FOR THAT IS THAT I WENTTO A COMMUTER COLLEGE THAT COST

$50 A SEMESTER.

AND I WENT TO A COLLEGE THATCOST $50 A SEMESTER AND GOT A

GOOD EDUCATION BECAUSE I GREW UPIN AN AMERICA THAT SAID OUR JOB

IS TO INVEST IN OUR KIDS AND TOHELP THEM BUILD A FUTURE.

AND THAT'S WHAT'S FUNDAMENTALLYCHANGED.

>> BUT HOW HAS IT FUNDAMENTALLYCHANGED? THAT'S STILL --

YOU CAN'T FIND A POLITICIAN WHODOESN'T SAY OUR JOB IS TO INVEST

IN OUR CHILDREN'S FUTURE.

THIS COUNTRY IS AN OLIGARCHY INTHE WAY THAT IT'S ALWAYS BEEN

AN OLIGARCHY. THERE'S BEEN VERYLITTLE CHANGE OCCASIONALLY. WE

ARE BACK TO WHERE WE WERE IN THE1920s IN TERMS OF INCOME

INEQUALITY IN TERMS OF SYSTEMICCORRUPTION.

>> BUT THAT'S THE KEY POINT.WE HIT THE DEPRESSION AND

FOR 50 YEARS COMING OUT OF THEGREAT DEPRESSION, WE DID TWO

THINGS. WE PUT TOUGH RULES

IN PLACE, SO THAT NOT ONLY COULDNO ONE STEAL YOUR PURSE ON MAIN

STREET THEY COULDN'T STEAL YOURPENSION ON WALL STREET.

WE HELD THOSE BIG BANKSACCOUNTABLE FOR HALF A CENTURY.

AND THE SECOND THING WE DID ISWE INVESTED IN THE FUTURE.

AND THAT MEANT EDUCATION IN OURCHILDREN, WE INVESTED IN ROADS

AND BRIDGES AND POWER GRIDS SOIF YOU WANTED TO START A

BUSINESS IT WAS A WORLD THATREALLY WORKED.

WE BUILT A GIANT PIPELINE OFIDEAS THAT BUILT A FUTURE,

INVESTING IN MEDICALRESEARCH,

INVESTING INSCIENTIFIC RESEARCH.

>> BUT WE'RE NOT ANINHERENTLY DIFFERENT PEOPLE,

THOUGH. WE'RE THE SAME PEOPLE.

>> BUT THEN STARTING IN THE1980s THE REPUBLICANS SAID THEY

HAD A DIFFERENT IDEA. FIRSTTHEY SAID LET'S START FIRING

THE COPS. GET THE COPS OFFTHE BEAT. LET'S LET THE BANKS DO

WHAT THEY WANT TO DO.

>> IN TERMS OF REGULATION.

>> AND WE SAW WHERE THAT LED. INTERMS OF REGULATION.

IN TERMS OF BUILDING A WHOLEBUSINESS PLAN AROUND CHEATING

AMERICAN FAMILIES.

AND THEN TAKING ALL THOSEMORTGAGES THAT THEY TRICK,

PACKAGING THEM UP SELLING THEMOUT LIKE SELLING BOXES OF

GRENADES WITH THE PINS ALREADYPULLED.

AND WHAT HAPPENED, THISGOVERNMENT CAME BACK AND IT

BAILED OUT THOSE BIG FINANCIALINSTITUTIONS, TODAY THOSE BIG

FINANCIAL INSTITUTIONS ARE 38%BIGGER THAN THEY WERE IN 2008

WHEN WE SAID THEY WERE TOO BIGTO FAIL.

THEY STILL BREAK THE LAW ANDNOBODY GOES TO JAIL.

I DON'T KNOW ABOUT YOU BUT ITHINK THAT'S WRONG.

>> THAT'S INCREDIBLYFRUSTRATING.

>> I THINK WE'VE GOT TO FIGHTBACK AGAINST THAT.

>> NO QUESTION. BUT I THINK THEPROBLEM IS DEREGULATION IS ONLY

ONE PART OF THE PUZZLE. THERE'SALSO EXCESSIVE REGULATION.

YOU KNOW, YOU SEE SOMETHING LIKETHE VOCAL RULE TURN INTO A

700 PAGE DOCUMENT, WHERE ONLYCORPORATE AND MONEYED

INTEREST GET TO CARVEOUT EXEMPTIONS AND EXCEPTIONS

AND OVERREGULATE SO THE BAR OFENTRY FOR SMALLER BUSINESSES

BECOMES TOO HIGH.

SO, DEREGULATION IS A PROBLEMBUT OBTUSE REGULATION IS AN

EQUIVALENT PROBLEM IS IT NOT?

>> NO NO, SO LET ME DESCRIBEIT DIFFERENTLY. THE PROBLEM IS

THAT TOO MUCH OF THERULES AND THE REGULATIONS

ARE WRITTEN BY THE LOBBYISTS.

>> NO, YEAH YEAH.

>> SO, IT'S NOT AN OVERUNDER. IT'S A WRONG. IT'S THAT

THEY KEEP TILTING THE PLAYINGFIELD TO MAKE IT WORK BETTER

FOR BIGGEST CORPORATIONS AND FORBILLIONAIRES.

AND EVERY TIME THAT HAPPENS ITWORKS LESS AND LESS WELL FOR

FAMILIES.

SO IT COMES BACK TO THIS BASICPOINT.

ARE WE GOING TO STAND UP ANDFIGHT, AND SAY LOOK,

STUDENT LOANS, WE HAVE GOT TOREFINANCE STUDENT LOANS DOWN

THE UNITED STATES GOVERNMENTSHOULD NOT MAKE A PROFIT.

>> DON'T YOU THINK,FORGET ABOUT THE PROFIT.

THE AVAILABILITY OF THAT MONEYDOESN'T THAT DRIVE UP COST?

DON'T THE COLLEGES THEN TAKEADVANTAGE OF THAT CORRUPTION AS

WELL?

I KNOW ALL THIS MONEY FROM THEFEDERAL GOVERNMENT IS FLOWING

INTO THIS SYSTEM.

LET'S JACK UP TUITION.

THERE IS NO WAY THAT A COLLEGEEDUCATION IS WORTH THAT MUCH

MORE TODAY THAN IT WAS 20 YEARSAGO BUT THE PRICES HAVE SHOT UP

LIKE CRAZY.

>> SO ONE OF THE THINGS WE NOWHAVE A BILL PENDING IN THE

UNITED STATES SENATE, SENATORDURBIN AND SENATOR REID AND I,

IS TO SAY COLLEGES HAVE GOT TOHAVE SOME SKIN IN THE GAME.

THAT MEANS THAT WHEN ALL THESTUDENT LOAN MONEY THAT GOES OUT

THAT FALLS ON THE FAMILIES ANDIT FALLS ON THE TAXPAYERS IF THE

KIDS CAN'T PAY IT, THAT SOME OFTHAT HAS TO BE THE

RESPONSIBILITY OF THE SCHOOLS,BECAUSE THERE ARE SCHOOLS,

FOR-PROFIT INSTITUTIONS

OUT THERE THAT ARE JUST SUCKINGIN TONS OF MONEY IN STUDENT LOAN

MONEY AND NOT GIVING KIDS ADECENT EDUCATION.

SO EVERYBODY GETS CHEATED.

>> ARE YOU HOPEFUL? BECAUSE THEWAY YOU DESCRIBE IT THESE ARE

ENTRENCHED INTERESTS AND ASYSTEM THAT IS ILL EQUIPPED TO

DEAL WITH IT.

A SYSTEM THAT IN MANY WAYSENABLING OF IT.

SO OTHER THAN US -- STANDING UPAND WE HAVE HEARD THE CLARION

CALL BEFORE.

ARE YOU HOPEFUL THAT THERE IS AWIND A-BLOWIN'?

WE WERE TOLD THAT THESE LAST 8YEARS WERE GOING TO BE THAT

WIND AND IT HADN'T BEEN THATWAY.

>> BUT LOOK, EVERY TIME YOUTELL ME THINGS CAN'T CHANGE,

I'LL JUST SAY IT BACK TO YOU,CONSUMERS FINANCIAL PROTECTION

BUREAU. THE BANKS SAIDWE WILL KILL IT.

[APPLAUSE]>> THEY LOBBIED, THEY SPENT $1

MILLION A DAY. I TALK ABOUT THISWHOLE FIGHT IN THE BOOK.

THEY DID, THEY SPENT $1 MILLIONA DAY TOO TRY TO KILL THAT

LITTLE AGENCY.

NOT ONLY DID WE GET IT PASSEDINTO LAW, I JUST WANT TO TELL

YOU A LITTLE REPORTON THAT AGENCY.

IT HAS NOW PUT MORE THAN $3BILLION BACK INTO THE POCKETS OF

REGULAR FOLKS WHO GOT CHEATED BYBIG FINANCIAL INSTITUTIONS ON

CREDIT CARDS AND MORTGAGES.

WE MADE A CHANGE.

WE MADE A CHANGE THAT MAKES AREAL DIFFERENCE FOR MILLIONS OF

FAMILIES.

>> THAT'S TREMENDOUS. AND THENYOU WONDER --

[CHEERING AND APPLAUSE]>> AND THIS IS WHAT -- WE'RE

ALREADY IN GOD-KNOWS-WHERE INOVERTIME.

SO WE'LL JUST KEEP TALKING.

AND, WE'LL MAKE A RIDICULOUSLYWEIRD EDIT.

>> BUT YOU LEAVE THAT CONSUMERAGENCY WHEN YOU DO THAT WEIRDEDIT.

>> THAT WON'T EVEN MAKE IT TO,THAT IS JUST FOR THESE PEOPLE.

THAT WILL ABSOLUTELY GET INTHERE. BUT IT DOES, YOU KNOW,

EACH STEP THERE. I SAW THISMcCUTCHEON DECISION,

AND IT JUST MADE MY HEARTSINK. THIS IDEA, THEY HAVE

BASICALLY BLOWN OUT EVERYBARRIER TOWARDS MORE MONEY

POURING INTO POLITICS TOEQUATE MONEY WITH

SPEECH AND CORPORATIONS TOPEOPLE IS A PERVERSION IT SEEMS

TO ME, OF ANYTHING, AND HOWWITHIN THAT SYSTEM THEN, IT

SEEMS LIKE THEY'RE SHORING UPTHEIR OTHER DEFENSES CREATING A

KIND OF MAGINOT LINE AND LITTLEINCURSIONS CAN BE MADE BUT BOY

IT'S OVERWHELMING.

>> IT'S TOUGH OUT THERE.

IT REALLY IS A RIGGED GAME ANDIT'S SET UP NOW OVER AND

OVER AND OVER.

>> IT'S PROBABLY ALWAYS BEEN.

>> WELL, NOT LIKE THIS.

IT'S SET UP OVER AND OVER ANDOVER THAT THE RICH GET RICHER

AND THE POWERFUL GET MOREPOWERFUL.

THEY HAVE ALL THE ADVANTAGES OFCONCENTRATED MONEY AND

CONCENTRATED POWER.

AND ALL WE'VE GOT ON THE OTHERSIDE IS WE GOT OUR VOICES AND WE

GOT OUR VOTES AND IF WE MAKESOMETHING OUT OF THEM

THAT'S HOW WE MAKE A DIFFERENCE.

[APPLAUSE]>> NO, I HEAR YOU.

I TELL YOU, GOOD ON YOU FOR YOUKNOW BELIEVING IT AND GETTING

INTO THE FIGHT AND DOING WHATYOU CAN WITHIN THAT AND DEALING

WITH OBVIOUSLY ALL THE DIFFERENTCOMPLICATIONS THAT OCCUR WITH

IT.

A FIGHTING CHANCE IS NOW, DIDYOU DO THE AUDIO BOOK?

>> I DID IT ALL, IT'S ME.

>> YOU DID THE READING?

>> I DID. I WROTE THAT BOOK ANDREAD THE AUDIO.

>> WOULDN'T IT BE NICE TOGET A LITTLE WILFORD

BRIMLEY IN THERE? A LITTLEWILFORD BRIMLEY IN THERE?

>> IT WOULD HAVE BEEN NICE.

>> Jon: YOU KNOW A FIGHTINGCHANCE IS ALL YOU NEED.

I'M GONNA GET IN ANDLISTEN TO IT INSIDE MY

CAR THAT I KEEP INSIDEMY PRIVATE PLANE.

A FIGHTING CHANCE, IT'S ON THEBOOK SHELVES NOW.

ELIZABETH WARREN.

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