>> hello nurse. >> why don't you eat nuts and berries like all the other bears. >> nuts and berries, what a grouch. >> the ranger isn't going to like this. that's all, folks. this is the biggest point drop ever seen. >> what does that mean of the health of the financial system. >> we're in the midst of a financial crisis and the federal government is responding. >> these guys have been gambling with the money for years and we're bailing them out? >> the largest swindle in wall street history, an alleged $50 billion ponzi scheme by bernard

madoff. >> every official that committed a crime can expect to face the consequences. >> you belong in jail. >> the party is over. ♪ ♪

why? it is the chosen word of the non-conformest, defiant. if you're not afraid to ask why. >> why. >> you can change whatever it is you want. >> why, why, why? ♪ ♪ >> if there was any company that could make energy cool, it was enron. >> texas energy broker trade electricity like any other commodity. a sophisticated trading operation buys and sells billions of dollars worth of energy every day. it's the largest company of its kind in the world. >> enron is a company that deals with everyone with absolute integrity. we play by all of the rules. we stand by our word. we mean what we say. we say what we mean. >> ken lay was the original ceo. he ran enron when the company was created out of the merger of

two pipeline companies. he seems like the ultimate success story. >> ken lay hired jeff skilling for commodity trading. >> every year, every day, every week, you have to come up with new ideas. >> he was very caka ris mat tic. he could get you to drink the kool-aid like a colt leader. >> we're working to create competitive fair markets and prices are lower and customers get better service. >> you're the good guys? >> we are the good guys. we are on the side of the angels. >> the pendulum business as in many aspects tends to swing too far in either direction and this was deregulation. >> the deregulation is causing one problem after another. >> enron was very good at weakening existing rules and regulations and taking advantage of the space between the rules.

>> in the midst of the heat wave. >> californians could spend another day in the dark. >> the energy crisis in california was not just a force of nature. it was a result of market manipulation by energy generators and producers like enron. >> i want you guys to get a little creative. >> okay. >> and come up with a reason to go down. >> okay. so just coming down for maintenance like a forced outage type thing. >> right. >> and that's cool? >> hopefully. [ laughter ] >> they were gaming their system with holding power at the borders, taking power plants offline and it was devastating to california's economy. >> they had to do a rolling blackout and there was a red light there he didn't see. [ laughter ] >> that's beautiful. >> there is causing animosity throughout the state now. cars are blowing up. >> they had strategies for raping california called death star, get shorty, ricochet. >> as the lights went out on the

west coast, enron's whole sale services revenue quadrupled from $12 billion to $48 billion and doubled again three months later. >> every time there was a shortage of a little price spike, it's collusion or >> you know as well as i do, it's nice for a business. you're in the business of making money for your shareholders, as a company. you would be foolish, as you said, to turn down the find of money you can make this past winter in california. isn't there a -- >> i think you put words in my mouth there. >> what happened in california was a flashing red signal of the nature of what enron was all about. but what brought them down was the brazenness and the scope of their manipulation. >> the s.e.c. is investigating the accounting procedures, after it inflated earnings by $500

million. >> enron had businesses that were losing money. the company ceo, andy fastow, found increasingly creative accounting methods to please wall street and keep the stock price high. >> in the same period, when an in-house whistle-blower was privately warning ken lay that i am nervous we will implode in a wave of accounting scandals, lay was ensuring employees that i have never felt better for the prospects of the company. and urging them to buy more company stock. >> leadership knew we cooked the books. and ken lay was selling stock, telling others to buy, and he was dumping. >> wooten and many others who work for enron or a subsidiary, saw their retirement nest eggs,

made of enron shares, wiped out this month. worst, they have stopped from blocking it. >> when i saw the stock drop, i called to sell and i was told i was locked out. so, i had to stand by and watch my savings disappear. >> many of the mutual funds were invested in enron. the company is widely expected to become the biggest bankruptcy case in history. >> enron was the moment that we realized that so much of the business world was not what we thought. >> something is very wrong in the case of enron. and a lot of knowledgeable people on wall street were either duped or purposefully went along for the ride at the expense of thousands of others. >> this is not a story of a few bad people. this is a story of a lot of bad people. they were aided and abetted by

account cantants and lawyers. you have to put limits on the greed that drives a whole lot of people. >> kenneth lay and jeffrey skilling were once the most celebrated business leaders of america. tonight, they are convicted felons. >> enron was the first domino. it was followed by worldcon, tyco, one accounting fraud after another. and on and on. this belief that giant corporations are going to be restrained from running amok was revealed in this decade, to be a fairy story we tell ourselves at night so we can sleep better. >> no executive is too prominent or powerful. and no scheme to defraud is too complex or too fancy to avoid the long arm of the law. still nervous about finding a new apartment?

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[ applause ] thank you, all. please, be seated. i am here today because we are taking action to bring many thousands of americans closer to owning a home. >> home ownership had been expanding during the early and mid-2000s. part of this comes from president bush's administration really making this a priority. >> one of the biggest hurdles to homeownership is getting money for a downpayment. i'm honored to be here to sign a law that will help many

low-income pliers to overcome this hurdle. >> this is everything that americans were supposed to want. the security and instability of owning their home. you were supposed to por rborro money. on average, nation home prices had gone up. >> the house market, a hot market, in hopes that real estate will continue to gain value. >> john and camille carter are joining the group of first-time home buyers. >> we prequalified a weekend ago. >> everyone was talking about property. they all saw buying a house was the main way to get wealth. house prices kept going up. this seemed like a no-risk, no-brainer thing to do. >> mortgage applications hit a

al all-time high. >> americans seek to lower payments and put more cash in their wallets. >> this business has gotten so competitive and so aggressive, because everyone wants a piece of the american dream, the housihouse ing market. >> people were flipping houses. they were quitting their jobs to buy houses and sell them at a higher price. >> i see prices continuing to climb at a tedsteady rate. >> the american dream of owning a home converged with the american dream of risk-free investments. or you might say, the mist of risk-free investments. >> new numbers suggest that the housing sector of the american economy is something of a house of cards. >> the housing bubble started to come undone in 2006-2007, and suddenly, people started to

default. and then, they started to default in big numbers. it became a domino effect. and that devastated whole communities. >> from bad to worse in the mortgage meltdown. home prices experience the biggest drop in 20 years. >> two out of ten who have bought their home in the last ten years are upside dun-down. >> in the last years of the bubble, that's ground cover for pernicious activities. >> in the last six months, americans have seen investments shrink, and the property values plummet. and at the heart of something, is something called the subprime mortgage crisis. >> loans made to borrowers for no downpayment, are called subprime mortgages. and the market for them has exploded in this country of late.

>> there's decent aspects. it's an effort to reach people whose credit isn't as good. an effort to give them the ability to move up and reach the home ownership dream. but like so much else, it starts as a good idea that eventually gets perverted. the history of the modern age of finance is that. >> washington has failed miserably for the last 10, 20 years, as the mortgage market has changed, but washington has been concerned about, is for lenders to makediligence. >> it became possible to buy a house with no provable income, no assets and maybe not even using your real tiname. >> people are saying, you're going to give me a mortgage when i don't have a job, i can lie on my form and sign it and you give me the money anyway, give me the free option to buy a home, i'll do that all day long. people love free options. >> one company considered an

innovator in these risky loans and one that pursued that market, was countrywide financial. the company made a torture and so did the ceo. >> this may be the deeply-tanned face of the mortgage mess. the face belongs to angelo mozilo. the once-celebrated ceo of countrywide. now facing allegations of predatory lending and greed. >> if you don't bear personal responsibility, i don't know who does. >> i take full responsibility for anything that happens at countrywide. >> ameriquest and new centuessc concocted a new area of loan products, going after people that couldn't pay the loans back. >> they say sign here, sign here, you think they have told you everything important about the loan and you just sign. >> i feel so stupid.

>> the system was designed to go after people at marginal means and give them the highest fees possible. >> the banks didn't have to care about whether the loan got paid back because the loan was sold to wall street. >> instead of keeping the dicey loans, the big banks and giant mortgage companies sold them off to big new york investment houses. >> firms like bear stearns and merrill lynch, sold them to the best customers around the world, as high-yield, mortgage-backed securities, turning sow's ears in silk purses. >> instead of buying one mortgage, they could take 1,000, put them into a package, and cut them into 1,000 pieces and sell the pieces as a much safer investment. >> all this was diversified in 100 different ways. everybody has little, little

pieces of it. therefore, if one of the pieces went down, the other piece wouldn't go down. that was the fallacy of the whole scheme. >> today's foreclosure numbers are foreboding. >> they could soon involve 1 in 100 american homes. >> the fact millions of americans were getting mortgages they shouldn't have had. that's an isolated virus. but wall street, wall street sent the virus all around the world. capital one and hotels.com are giving venture cardholders 10 miles on every dollar they spend at thousands of hotels. brrrr! i have the chills. because of all those miles? and because ice... is cold. what's in your wallet? but allstate actually helps you drive safely...

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now, i'll dream gig. now more businesses, in more places, can afford to dream gig. comcast, building america's largest gig-speed network. good evening. there is no shortage of evidence showing a u.s. economy either already in recession or heading there. every day, there is a new shock to the system. >> the housing slump has turned many lives and bank accounts upsid upside-down. >> dow futures down sharply for today's open. more banks report losses in the billions. >> economists say the nation is in increasing risk of recession. what do you say? >> i say that the fundamentals of our nation's economy are strong. >> firms began to announce

losses from prime mortgage-backed securities. then, ben bernanke of the chairman of the federal reserve, and hank paulson said this is contained. >> the u.s. economy is diverse and resilient. our economy will continue to grow, although at a lesser pace than we've seen in recent years. >> hank paulson had been the chief executive of goldman sachs. he was an insider, for better or worse. he knew where the bodies were buried and how the markets work. >> chairman ben bernanke through his weight behind a stimulus package. >> getting money to people is good. and money to low and moderate-income people is good. >> his one focus was to avoid another great depression in this country. and we enter the great recession. >> the fallout from the mortgage mess deepened today.

bear stearns recorded its first corporate loss in its history. >> investment banks are on the same as banks. you are not going to go in and open an account. investment bank clients are sophisticated investors should and do know the risks of the institutions that do business with them. >> bear stearns was one of wall street's bigger firms but with a riskier reputation. >> bear stearns was the guy flipping you the bird in the corner. it had a greater percentage of the toxic sludge, mortgage-backed securities than anybody else. >> the firm has been buffett by constant rumors of a liquidity problem. bear maintains its capital positions are strong. >> questioning the liquidity is

akin to yelling fire at a movie house. once that cat is out of the bag, it risks triggering a stampede. >> should i get my money out of there? no, no, no. bear stearns is fine. >> our liquidity position has not changed at all. >> if you have to prove you have credit, you don't have any. if you have to prove the assets are worth what you say they are, they're not. that dawning fear that all of these mortgages might not be strong and reliable, suddenly had everybody second-guessing. >> for weeks, there had been whispers of trouble at bear stearns. but the opening bell, it was a full-blown alarm. >> schwartz said the kags position had deteriorated other the last day. >> the rumors got too ahead of even the people's ability to manage it. >> who should imagine, that bear

stearns, would have a losing quarter in the fourth quarter of 2007 and be out of business 2 1/2 months later, in a week. >> the fact that a company could lose 90% of its value in one weekend, have some convinced the markets and the economy have farther to fall. >> most of the country was looking at this as one investment firm is teetering, it's a different story in washington. >> an investment bank collapsed, one as big as bear stearns, is what wall street experts would have called an economic nightmare scenario. it's been averted. bear stearns has been bailed out by the government. >> the federal government had never step inside before in the history of our republic, to save an investment bank. but the fed decided to change that in bear stearns' case, it

wasn't that bear stearns was too big to fail, it was too interconnected to fail. >> given the global economy and financial system, the damage caused by bear stearns could have been severe and difficult to contain. >> the fed knows this isn't just one firm. when one fall building on wall street falls, it is likely to land on another one, and another one. it's the institutional risk, the idea that you have an uncontrollable fire on wall street, that concerned bernanke and the policymakers in washington. >> the big question is are there other banks in a situation similar to bear stearns right now? is this just the beginning? >> our banks are very strong. and i'm convinced they're going to come out of this situation very strong. our markets are resilient, they're flexible. i'm quite confident we're going to work our way through this

situation. >> after bear stearns collapsed, most people thought we dodged that bullet. there was debate and criticism of the government stepping in. the sense was, it was a ripping, not a bombshell. >> no question about it. wall street got drunk. i should ask them to turn off the tv cameras. it got drunk and now there's a hangover. the question is how long will it sober up? ♪ ♪ ♪ raindrops on roses and whiskers on kittens ♪ ♪ bright copper kettles and warm woolen mittens ♪ ♪ brown paper packages tied up with strings ♪ ♪ these are a few of my favorite things ♪ ♪ ♪

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wall street is bracing for another possible victim of the housing and credit crisis. lehman brothers, one of the largest and oldest brokerage firms in the country, has been experiencing what many fear is a slow death, because of the demise of bear stearns in april. >> there had been rumblings, if bear went down, lehman would be in trouble. and dick fuld, their ceo, had been warned, you may be next. >> hank paulson said, you might want to find a partner. get somebody with a bigger balance sheet. and fuld had dismissed those as absurd and unnecessary. >> wall street is on-edge after a weekend of talks and rescuing the struggling lehman brothers investment bank. >> banks and federal officials,

met under tight security to buy lehman in whole or in parts. >> lehman is on the ropes. every ceo of all of the big banks gets a phone call. get down to the federal reserve. hank paulson had been lambasted for effectively bailing out bear stur stearns. he sat all of the ceos in a room and said, fix it. >> when i was talking to folks at the treasury on friday, they were saying, we're trying to find a buyer here. but let's be clear, we're not going to use taxpayer money. >> people believe that if lehman went under, the panic might spread. but people were worried in a if they bailed lehman out, it would be this idea of moral hazard. if you believe the u.s. government is going to bail you out, why wouldn't you make bad decisions? >> the government is trying to restore confidence in the markets. you don't restore confidences by

rescuing one institution after another after another. >> that friday, when we brought the market together of the new york fed, i don't think any of them, or any of us, realized how bad it was going to get. i would say we were terrified at that point, but probably not terrified enough. >> lehman brothers, a cornerstone on wall street. failure to find a buyer over the weekend, means it is bankrupt. >> meanwhile, merrill lynch fearing it could be next, agreed to a shotgun marriage with bank of america. >> now, we're left with morgan stanley and goldman sachs. out of five three months ago, there are two left. >> how long have you worked for lehman, sir? >> when they declared bankruptcy, i cannot explain the shock and awe of the industry. >> you're talking about investment banks. these are the smartest money on wall street. how have they been getting it wrong for so long? >> they say, on wall street, that nothing happens until the lines of fear and greed cross.

and there's no better example of the lines of fear and greed crossing than the lehman bankruptcy on september 15th, 0 2008. the markets were fearful. >> your future, my future, the future at stake. a meltdown on wall street. >> this is a once in a half-century, probably in a century event. >> is it the worst you've ever seen in your career? >> by far. >> because he let lehman go under, the shock in the financial world that gold man sack goldman sachs is going to go under. and you have panic. >> nobody understood what was happening. they couldn't believe that these grand institutions were about to come undone. and they were waking up in the morning and finding out it was worse today than the day before.

>> it's the latest crisis to rock the markets. aig teetering on the brink of bankruptcy. if it fails, the ripples will travel far and wide throughout the economy. >> who would have dreamt this other bombshell goes off, which was aig. >> it's this massive insurance company. but they also had a division called aig financial products, which would offer something called a credit default swap. >> a credit default swap is a contract between two people. one of whom is giving insurance to the other, that he will be paid in the event that a financial institution, or a financial instrument fails. >> it's an insurance contract? >> it is an insurance contract. but they've been careful not to call it that, because if it were

insurance, it would be regulated. >> aig essentially facilitated a lot of the mortgage securities by essentially providing an insurance policy should they go bad. but because the derivatives market had been deregulated, aig could do this without any requirement to put up reserves. it's like an insurance company selling you a life insurance policy and not having money when the time came to pay off. and the time came to pay off. >> aig must raise at least $40 billion and fast. >> you had a full-scale run on aig. and there was a real view, by the way, that if aig went under, the game was over. >> aig does business with every major financial institution and in 130 countries. >> aig will destroy much of the capital formation process in the western world. >> paulson, bernanke, tim

geithner, they saw the risk that this could be not just a fire that would burn wall street down, but could burn down our economy and burn down the world economy. >> it is uncle sam to the rescue. but what a price tag. >> the federal government is saving insurance giant, aig, from possible collapse with an $85 billion loan. all of it, your money. >> the move was designed to calm and bring stability to the financial markets. did it work? maybe, down the road, but not today. >> another anxiety attack on wall street. even after the aig bailout, the dow tumbled another 450 points. >> in your 30 years, have you ever seen a market like this? >> no, never. >> hank paulson and ben bernanke are working very hard. but it doesn't feel like they are in control. that's very unsettling.

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the $85 billion the federal reserve put up to save aig from certain bankruptcy, was not enough to give investors

confidence. >> banks are nervous for giving loans for appliances, cars, troubles. putting economic recovery even farther out of reach. >> the markets are freezing. the whole american economy is built on the ability for lend and borrow and to invest. and all of a sudden, companies throughout the country, who borrow because they need to make payroll, they can't borrow. millions of people are losing their jobs. >> we're closer to repression. forget the recession. >> it wasn't just a lost job. it was am i going to have a bank to go to? where am i zboigoing to deposit check? ben bernanke and hank paulson were concerned that people weren't going to go to atms. >> america's economy is facing unprecedented challenges.

we're responding with unprecedented action. >> it is no stretch to say after this week, the eera of big government is bank. >> it and a request for $700 billion to stabilize the financial system. >> thursday afternoon we started to hear about this thing called t.a.r.p. t.a.r.p. had variations. burr they were going to infuse capital directly into companies. >> the troubled asset relief program must be sufficiently large to have maximum impact, while including features to protect the taxpayer to the maximum extent possible. >> the $700 billion price tag isn't pretty. but the president says it is a big package because it is a big problem. >> my first instinct was to let the market work. until i realized, upon being briefed by the experts of how

significant this problem became. i decided to act and act boldly. >> george w. bush unls underste has to put his ideology aside. put 30 years of small government, no taxes, small budget, aside, because the country needs it and the economy needs it. >> opposition seems to be growing here in congress, for the legislation that could be the most important of mr. bush's presidency. >> this isn't legislation. this is extortion. >> this is a huge cow patty with a piece of marshmallow stuck in the middle of it. >> please, please, don't betray this nation's great history the. >> being ruled by the rich minority. >> main street went to wall street to protest the bailout plan. >> people say, why give the banks money? we can give banks to homeowners to pay off their mortgage. is it fair that a company that

should be going bankrupt, be guinn a handout? >> they just mortgaged our future. >> they live by the free market, let them guy by the free market. >> it's survival of the fittest. this is what capitalism looks like. >> the last thing in the world i wanted to do, was to be going up to congress asking for these kinds of things. it is a terrible position to be in. the only thing worse is, the alternative. >> if the credit markets are not functioning, jobs will be lost, more houses will be foreclosed upon. the economy will not be able to recover. >> i know we will be able to live up to our side of the bargain. i hope the republicans will, too. >> thank you, very much. >> good day. what a day it's been so far. the president's financial bailout plan has suffered a major defeat. >> they go to capitol hill and the bill fails. and the results are dramatic.

>> wall watched washington with shock and package went down, the dow went down like a sub. >> there's mo americno american not feeling this one way or another. >> wiped out everyone's 401(k). >> there's pure disgust with the politicians. >> paulson called me that night, stunned and scared. people were days away from not being able to take money out of the atms. it was a very dangerous, global crisis in scope. we were out of ammunition. >> two days after the house killed the financial rescue package, the senate leadership is determined to pass it tonight, and pressure the house into taking action. >> to democrats and republicans who oppose this plan, i say, step up to the plate. let's do what's right for the country at this time.

the time to act is now. >> we fail to act, the gears of our economy will grind to a halt. >> this is a greatest market disruption that's happened since the crash of 1929. reality finally imposes itself on capitol hill. >> the motion is adopted. >> the house did an about-face, easily passing the $700 billion bailout of the financial industry. >> there were moments when some thought the federal government could not rise to the challenge. thanks to the spirit of cooperation between capitol hill and my administration, we completed this bill in a timely manner. >> in the aftermath, people criticize paulson and others for this. that's fine. if they hadn't have been there and they hadn't intervened, we couldn't crawl out of that hole.

>> they rescued the financial system. like it or not, you can wish all day long, they had gone down the tubes. i don't think we would have enjoyed that one bit. >> our so-called ownership society didn't make the break. but we saved the wall street banks. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? most pills don't finish the job because they don't relieve nasal congestion. flonase sensimist is different. it relieves all your worst symptoms, including nasal congestion, which most pills don't. it's more complete allergy relief. and all from a gentle mist you can barely feel. flonase sensimist helps block six key inflammatory substances. most pills only block one. and six is greater than one. flonase sensimist.

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there are new details about what may beat largest swindle in wall street history. an alleged $50 billion ponzi scheme by former nasdaq chairman, bernard madoff. >> what would you say to them? >> when you have a collapse on wall street, i always thing of it as the the water going out of a lake or see the roots of the trees, ugly stuff that gets caught in them including dead body. that's huh i feel like the water went down, so much. and everybody was like, that's bernie madoff down there. >> a wall street whiz with a golden reputation. bernie madoff earned trust from many clients because he made them money. lots of it. or so they thought. bernie madoff was a modern day dr. jekyll and mr. hyde hyde. he had a legitimate life.

successful. and a darker secret that fed his need for success. >> madoff allegedly had been using new investment money from cloonts clients to pay profits. under the weight of a tumbling stock market the scheme collapsed. >> desperate investors and lawyers scrambles to madoff's eastside offices friday looking for their money. they were turned away in the lobby. >> there has never been a ponzi scheme on the scale of madoff ever. we are talk thousand of people who thought that they had millions of dollars socked away for retiermrementtirement. >> rose and jack say they invested every penny of savings with madoff. >> we started to sell our furniture. some of our thing that we value. so that we should have some money immediately. >> then there is 91-year-old ian fearman. he had to take a job at a grocery store after losing $700,000 to madoff. >> the human offering that

madoff caused, i don't think we can ever fully grasp. homes had to be sold. college educations truncated. people had to come out of retirement. go to work at whatever job they could get. and, for those people, the madoff fraud is never going to be over. >> what may very well be the final steps of freedom for perhaps the most despised man in america. bernie madoff entered federal court in manhattan today pleaded guilty to greatest investor fraud in u.s. history. >> i think the connection, between bernie madoff and financial crisis was one fundamentally about truchlts st. a loss of trust inlt cy the sys. a loss of trust in people you thought were worthy. we all trusted the free enterprise system. we trusted these deregulated markets to foster our prosperity. all of america felt that they had been betrayed by wall

street. >> the stock market just can't seem to find a bottom. >> day after day, week after week. and it is hurting the public morale. >> there is a deep sense across the country that those who were not responsible for this crisis, are bearing a greater burden than those who were. >> the scariest thing about that time was that the united states had already thrown a lot at this problem. and the recession was getting much worse. we were losing 750,000 jobs a month. >> just this weekend there was a job fair at dodger stadium. 500 jobs available for ushers, food workers, security, 9 to $1 an hour. part time. 500 jobs. 4,500 showed up. >> it's a lot of competition. i'm 55 years old trying to get a job. it is heartbreaking. >> millions of people lost their jobs. millions lost their homes. cities and towns were devastated. and on the other hand, wall street survived. quite nicely. i might add.

>> after they got their 84 million bailout. aig executives spent hundreds of thousands on fancy hotels and spa treatments. >> they were getting their manicures, their facials, their pedicures and massages. while, american people wrer footing the bill. >> your company is bankrupt. the economy is in a state of crisis. but you get to keep $480 million. >> continuing source of frustration that, essentially, no one at the big banks was ever prosecuted or held accountable for this. >> i do not think that we did anything wrong. we did not cause the financial crisis. >> there were a lot of people who made a lot of mistakes. >> the question is -- whether they were criminal mistakes. it was hard to make the case. >> you belong in jail? criminals. >> you should go off to jail. >> there is just part of us that wants justice. and some times justice is not

what you should be asking for. you should some times just realize a system is broken. and needs to be fixed. that said, wall street never changes. >> there is always going to be people out there who are paid to try to find the loophole, or if there is a regulation to try to roll back the regulation. it never ends. it never will end. >> that's why wall street has always been a very dangerous place. and it remains a very dangerous place. there is, plenty of reasons why the same thing could happen again. in the near term. >> you won't get burned on wall street. $10 here. >> the results of a survey from cbs news and "the new york times" reveal the financial hardship is taking a psychological toll on families. but there is one silver lining in an otherwise heartbreaking report, that challenge has motivated people to learn new skills and more than half are confident their next job will be as good as their last.

though the american dream has evaporated for some families at least for now, am can optimism has the proved to be a renewable resource and perhaps the most important tool on the road to our recovery. ♪ ♪ >> we're all going to diedn't mean to remind you. but it is on your schedule. >> we found the loss profound. we had fun with them. they were in our home. >> she would make you feel she had a special place in her heart. >> laughing with somebody. bind you to them. >> comedians don't have a great mortality rate. we lose a lot of people. >> oh. >> when you lose a comedian, it is more personal, because i know the [ bleep ]. ♪ ♪