On the one-year anniversary of the Lehman Brothers bankruptcy, President Obama visited New York City to make a case for expanding federal regulation of Wall Street. To parse the President's speech and the impediments to regulatory reform as the economy's nosedive slows, we speak with Arthur Levitt, a senior advisor at the Carlyle Group and former chairman of the U.S. Securities and Exchange Commission. We also speak with Peter Morici, an economist and business professor at the University of Maryland.
"We have institutions, banks, who are too big to fail. The government has taken the position of salvaging just about every major financial institution in America. That has a vast, vast danger to the system. "
—Arthur Levitt, senior advisor with the Carlyle Group and former Chairman of the Securities and Exchange Commission, on the danger inherent in saving large financial institutions