David Stockman, a former budget director in the Reagan administration, talks about about the state of the banking system.
Stockman, speaking with Carol Massar and Matt Miller on Bloomberg Television’s “Street Smart,” also discusses the role of the Federal Reserve in the financial crisis and the challenge of the U.S. government’s debt.
00:00 Deutsche Bank, need for more bank capital
03:05 Banks are “far too big” and “too dangerous.”
03:36 Role of Fed in crisis, financial regulation
04:48 “The U.S. economy is a leveraged buyout.”
Running time 06:00
Last Updated: Bloomberg, September 9, 2010 17:31 EDT