and paperless society and do we want one? these are the social questions scientists say society should answer. and money matters, wall street. leaping stocks have investors jumping. >> we will turn the ball loose. >> one of the great things is we can seek profit. >> is money the number one goal? >> you have 29-year-old making $1 million a year. >> if you have plastic money there is nothing holding you back. >> history will prove the bakers were honest people. insider trading could become wall street's watergate. >> what we call greed? >> we have called it success, recently.

the u.s. economy, which used to be the envy of the world is in the most serious trouble since the great depression. inflation is rising, standard of living is declining.

>> tremendous inflation and not much growth. the country was not in a great depression but the united states is in the dumps. >> wall street was cold, gray, wet, and miserable. there was no comfort to be found outside for investors there was not much inside. the tickers carried almost nothing but bad news. >> we would have a terrible decade for investing. people were skeptical of the stock market. it was a sleepy wall street. >> most economists expect a serious recession with at least 2 million more americans losing their jobs. >> regret to say we are in the worst economic mess since the great depression. >> from the first moment of his presidency, president reagan let him know that his top priority is the nation's economy. >> i put a freeze on pending regulations of the task force under vice president bush to review regulations with an eye toward getting rid of as many

as possible. >> markets work better than government control. >> this represents the first step in our in ministrations program of financial deregulation. >> finance began to get more creative and frankly more profitable. >> and money matters, wall street. leaping stocks have investors jumping good >> when the market opens, the dow jones will stand at its highest level ever. >> the past few months have been among the wildest in wall street's history. stock and bond prices soared in a frenzy of activities. optimist on wall street are talking about the beginnings of economic recovery. >> supporters of deregulation point to the stock market that a deregulated economy makes money for all. >> the stock market took off, and the public saw this happening and they would read about it. all sorts of people who used to have nothing to do with this

world started pouring their own money into it and that is in large part what drove prices higher. >> the ronald reagan motorcade on wall street, to the new york stock exchange. >> in the last five years we have moved from la's hope, confidence, and opportunity. the value in shares traded hitting record highs and more americans than ever before participating in the market. it is a bull market. >> when reagan shows up at the stock exchange and the yell, "ronnie," that's the way of thing america is back. he was able to link economic faith with faith in america. >> no president had visited the stock a change before and no recent president would have been reagan for the honor if a vote was taken among floor traders. they gave him round after round of cheer. >> we will turn the ball loose. >> the whole world, from

reagan's white house, was saying wall street was the engine of our economy. it represents growth, it represents opportunity, the american dream. they were basically saying, we will do it. >> this is the big draw, the smell of money. >> this is where the action is, the trading. within 17,000 daily transactions involving millions of shares and millions of dollars, made and lost here, every day. it is a game for young people. >> when you get home and look back on what you've done, what gives you a sense of satisfaction? >> making a lot of money. >> for yourself? >> when the economy started to recover and become more vibrant, there was a great sense of exhilaration that we had survived. celebrate, party, we have money to spend. >> the fat is to have big salaries, fancy clothes, and

fast cars, and they are called yuppies. >> who are these portfolios? >> they own a macintosh, drinks white wine. that's me. i'm having a great time. >> a 29-year-old making $1 million a year, expecting to make $1.5 million the next year. >> business is hip. capitalism is no sin, it is in. >> is money the number one goal? >> yes. >> in a world where millionaires are a dime a dozen, there is a new billionaire in town. 40 years old, new york city, and he has made his money from manhattan real estate. >> he puts his name on almost everything he built and says it is a symbol of quality. others say i. he is the brand, and he is the swashbuckling approach to conspicuous

consumption. >> we do have people who have become celebrities just from being rich. i will take the trumps as an example. their celebrity is that they are rich. >> donald trump has ventured into gambling, special football, and says he could negotiate a disarmament treaty. >> they say he is land hungry, money hungry, power-hungry. >> i love the creative process. >> what about trump city? trump tower? trump plaza? trump counsel? >> it sells. all i know it has nothing to do with the ego, all i know is it sells. >> what do you do? >> security. >> we don't need security. we have people outside. >> leona helmsley was the wife of harry helmsley, one of the major, much bigger than trump, real estate developers in new york. >> i ask for something i did

not get it from you. i wanted. your nothing to do? >> the queen of mean. the idea was that she was so mean, because she wanted you to have a great experience at one of her hotels. really? she was just mean. >> oh my. >> it's paradise. you stand here, he says, i'm taking inventory. i own this, i own this, i own this, and that, and that, and that it >> he plays monopoly with buildings. >> they bought this estate one year ago. 26 acres, 28 rooms, for two people. and this building structure is just, what? >> the enclosure of a swimming pool. on top we are going to have of course, a tennis court. >> helmsley became a symbol of the excess of the 'it is. >> am i comfortable? i make a living.

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lets medicare negotiate lower prices with drug companies for the first time. that's more savings for us. this is the way we live, now. even temperature, no rain, no snow, no loud noises. music is playing. everything is perfect. >> you had 16,000 miles popping up like mushrooms, and they become the high temples of the great american religion. shopping. >> pam and melissa come to the mall almost every day. they call themselves "mall

rats." >> i love it. >> it's only $24. >> consumerism took over in the 80s. people emerged from the 1970s and went, wow, we can spend. >> think about this florentine plum. >> that will set your eyes off point back the economy was growing. it was a consumer driven growth. it was funded by debt point >> the bankruptcy rate is soaring. greg and diana, $32,000 a year, had over $12,000 in unsecured debt when they bought a new home and then they bought a new washer, dryer, microwave oven, and betamax tv recorder. then they went bankrupt. >> if you have plastic money, there is nothing holding you back. >> it seemed acceptable. it was acceptable to have a credit card. more than acceptable. you wanted to pull it out of your wallet and use it. >> live from tampere, florida,

the home shopping club! >> every doodad and tchotchke. americans seem utterly hooked on home shopping. >> your order has been completed for ruby bracelets. ivy down for two of the plush musical bunnies. >> home shopping club parties, like-minded consumers gathered together to do what comes naturally. >> i want to follow up those bird figurines. >> you don't have to leave your house. stuff will come to you. welcome to america. he >> give us 300 more people to call on their credit card right now. >> if you and enough people would send me $100, immediately. i need quick money did >> go to the phone and >> quit talking about saying that you believe in god without acting on his word. faith is an act. >> there are 1600 television ministers and of the $1.5 billion grossed annually, three of them, pat robinson, jimmy swaggart, and jim baker's, took

in close to $500 million. >> the prime time preachers say they need the money to stay on the air and need to stay on the air to raise money. money, for the kind of electronic equipment any network would be proud to own. >> i believe god wants us to have every one of these bills paid in full and ppl can live if we pay our bills. >> it pays the bills, if we would all just do something. >> jim baker is the one who truly gets it. he understands that preaching on television is not just about standing up and giving a fire and brimstone speech. he understands the age of television, the johnny carson approach, the intimate, showing your lifestyle and your beautiful family is essential because it brings people in. he's a brilliant entrepreneur and salesman. >> here are jim and tammy! >> the appeal is powerful.

last year 1 million people responded to the baker's constant request for money. >> how many do you have? >> 30. silver, 7000 floods. matt that is $90,000. >> they have been criticized for their own lavish lifestyle. >> that doesn't mean i don't like nice things. i love nice things. we work very hard for nice things. >> they say the only difference between men and boys is the price of their toys. he >> a fleet of luxury cars and fancy homes from palm springs, california, to south carolina. >> the gospel a prop prosperity, i them living well and having a rolls-royce, everyone will think, god is shining upon them and on us. it also becomes the vehicle for their media empire, for their theme parks. if we are to be fishers of men, we are fishers of men, we have been using lousy bait. we have just built a better bait to reach people. >> you can have a lifetime

partnership with ptl for a one- time gift of $1000. four days and three nights, every year, for the rest of your life. >> that makes of god and greed derails them and leave them to breaking the very roles. >> jim baker has stepped down as the head of the praise the lord or ptl ministry. >> the resignation report of the game because of a sexual encounter seven years ago. >> jessica hahn is to be paid monthly as long as she keeps quiet. the mac it turns out jim baker has been paying off the secretary and that shakes the evangelical world. >> effort and money have been expanded to cover moral failure. >> if jim bakker paid her hush money, what has he been doing with the money? >> dear member the investigations? >> history will prove the baker's were honest people.

>> we interrupt this program for an nbc news national report. >> and jim baker, head of the ptl ministry, has been found guilty on all 24 counts of fraud and conspiracy by a jury in charlotte, north carolina. >> he was selling lifetime partnerships at heritage usa, even though he knew they were oversold. the heritage grand hotel can accommodate only 25,000 partnerships, but 65,000 were sold. for the lower-priced bunkhouse partnerships, 7000 were sold for a building that had only eight rooms. >> they sent $50 a month for 15 years. she thought by giving to them god would ease her pain and that of her husband. >> i made billionaires at those people when i don't have enough to live on good >> baker could be sentenced 120 years in prison and fined over $5 million. the mac i would say i feel sad but encouraged in god.

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today we traveled to the lone star state to visit tycoon, entrepreneur, t boone pickens, highest-paid ceo in the country. even here, wall street is in charge, and he reigns over a foyer that runs the entire length of the house and at the end of that, we find boone pickens. good morning. how are you? >> good morning. >> why don't we head into the trophy room? >> sure. >> pickens was a texas oil man who became the original corporate raider. he would buy stock in the company, talabe executives needed to be tossed out, and make a play to take over the country. >> his company, 1/20 the size of phillips, moves first by buying 5.8% of the stock privately. he let it be known that he wants to buy another 15% from

the shareholders, and gain a seat on the corporate board. >> one thing i want to put in place is a stockholders own companies and management is employees but >> agreed to buy back stock to stop a t-bones t boone pickens. the prophet? $89 million for pickens but >> you have made half $1 billion through losing on these takeovers. do you anticipate that a loss will stand you well? >> you never like to lose, but if you lose and make money, it makes it easier. >> i remember, someplace, the guy got up and said i have a question. he said, you are making a lot of money on this. and i said, the shareholders are too. he said that yes, you are a fast buck artists. i said, who would want to be known as a slow buck artists? >> i see as the free enterprise system. >> pickens was the first major investor to realize how undervalued american companies were and what you could buy,

there. it was his early tilt, all of these famous deals, that brought this new reality to the attention of other investors, who followed in his wake and sought to imitate what he did. >> i am an investor and i want to make a profit. >> it is not wrong to want a profit in capitalist america. it is fair. >> ivan boesky made an fortune by companies. he doesn't want to run them, just a profit from the run-up in stock prices. >> he is among the 400 richest people in america. he estimates his wealth at over $200 million. >> where is my share? >> he gave the commencement speech in 1986 at berkeley and became famous for one line in that beach. >> seek wealth.

it is all right. >> a new film used his words as a basis for some of the dialogue. >> greed is good. greed is right. greed works. >> when michael douglas said greed is good, it was a cartoon expression. but there is truth. there was a sense that it is okay to be greedy. it is okay to maximize your wealth. >> what i want to see is that this country remains a country where someone can always get rich. >> big companies are gobbling up little companies. little gobble up big. eight years ago there were 1500 corporate takeovers. last year, there were 4000, involving $200 billion. >> this is called a leveraged buyout. the company borrows the money using assets as collateral for the loan and in turn they issue ious. because the deal is risky,

those carry very high interest rates and they are called junk bonds. >> you may not have heard of michael milken of the investment banking firm of drexel burnham lambert incorporated, but this wall street whiz is said to be the most powerful financier in america. he brought respectability to low rated junk bonds and use the money to finance corporate raids and takeovers. without him, t boone pickens couldn't have rated petroleum. >> that was the first time i saw milken. he said, if you want to take over, it will cost you $13 billion. and i go i get it. and he said, i can get that. >> he is the guy pickens goes to them heard of him. >> he doesn't care about publicity. all he cares about is making money doing deals, and having power. >> he was this shadowy howard hughes figure that those of us in the press never saw.

you just heard. you knew it was his genius. that is the correct word. that created an entire market and fueled this takeover phenomenon. >> we romanticize them. the fact of the matter is, these are fatcats, first cousins, to the financial manipulators, the robber barons. >> they are out there, trying to make a buck by doing nothing. they are putting people out of work. >> economists agree that some unemployment, some hardship, is unavoidable an important process of making the united states lean and mean. the takeover specialists call it corporate restructuring. >> corporate america needs kick to become a little more efficient, a little less entrenched. that would probably do our economy a lot of good. >> goodyear funded off a hostile takeover bid. >> goodyear one by buying back

roughly half of their stock in taking on a huge debt. plants were closed and workers laid off. the company pays $1 million a day in interest to 17 banks worldwide. >> they jump out of the closet, shot got you, and by up a company with its own assets and dismember it and erode the industrial base of the country. >> maybe we didn't understand how it works, but we saw a lot of people losing their jobs, and a few people getting superrich. the bible the culture was, that's cool. >> how much is enough? >> and of what? >> enough money, and of power, enough influence. >> this is my work. this is what i do. let me do what i do. it's not a question of how much.

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a week to remember. bankers hours posted on the doors of savings and loan institutions in ohio did not mean a thing. doors were locked. the run began one home state savings bank was besieged by depositors who demanded their money. >> and 79. i need that money. >> i made a decision after weighing several options that we had to close all of the savings and loans institutions. >> plus is the dilemma of solving the worst financial

crisis, the worst banking crisis in the u.s. since the depression. >> in a deregulatory climate, savings and loans which had traditionally invested only in mortgages, are free to invest in anything they wanted. >> what happened was the entire s&l industry was taken over by a bunch of entrepreneurs, who saw them as banks. >> vernon's savings was shut down. saddled with $1.3 billion in bad loans. the owner lived a life of private jets, yachts, and mansions. >> it is that they took risks. the entire industry, ultimately, went belly up. >> get in line. >> quiet down but >> i will disperse all of you. >> this is the third day on the run. >> the only thing i can do, i am no choice. we have to close. >> i don't think it's right.

that's our money. >> a record 260 banks will go bust. that is almost 800 in the past five years. bad loans to oil industry, bad loans to real estate developers. >> one of the reasons bankers made these loans was because of federal deposit insurance. if the loan went well, you rake and profit. if it went poorly, then the federal government picks up the tab. >> they got into that commercial real estate market and lost their shares. >> the boomer building projects for which there were no buyers. mile after mile of partially completed condos, all on s&l books. >> there is something wrong about the industry and it's not me. >> charles keating was a lawyer who got into banking and was able to buy a savings and loan. when he bought lincoln savings and loan, of irvine, california, he used it as a

private bank for his ambitions, like the venetian hotel, which cost $500,000 per room to build. >> that was a magnificent investment for savings and loans. no question but >> the problem is when our appraisers looked at it they said, it's not so bad, but it's worth 200 million point >> the block was the chief regulator who was really the guy who spearheaded going after keating. >> we discovered likely fraud, really basic things. things that no other spanker would do. the examiners looked at 52 real estate loans lincoln made. there were no credit reports on the borrowers in all 52. >> on top of that, charles keating has lincoln savings so uninsured junk bonds and he targets the widows and the

retirement community. >> there were 22,000 customers who would buy $250 million of these bonds. >> we sold our home in sherman oaks. the husband had a stroke. we moved down here, went to lincoln savings. >> how much did you venture? >> you want to know? $30,000 and for us that was quite a bit. >> capitalize on this, the bond salesman were told. the weak, meek, and ignorant are always good targets. >> they were looking at us and saying, this guy is a disaster. we have to stop this. by that time, keating had a construction company in arizona, thrifts in california. his tentacles spread to several states. he was able to call on congressman and senators and say, hey, get the dogs off my back. >> the crisis goes to capitol hill.

the senate ethics committee is looking into charges against five senators accused of intervening federal banking officials on behalf of s&l owner charles keating, republican john mccain, and democrats alan cranston, john glenn, donald riegel, and dennis taking cd. reportedly received a total of $1.3 million in campaign contributions or donations to favorite causes. former chairman edwin gray says the senators tried to subvert the regulatory process. >> i was told to come alone. i did. >> did you find it unusual? >> absolutely. never happened before. the whole time i was in washington i never saw that. >> and no witnesses. >> no. deniability. perfectly built into the meeting. >> they said they wanted us not to take the enforcement action against lincoln savings. the only thing that got them to back off was when we finally said, we are making criminal referrals. you are going to bat for criminals. >> awaiting trials on criminal

fraud, keating refuses to testify. >> was there something wrong with five senators? it's about appearance. the real question is, did john mccain abuse his office? the evidence indicates clearly, no. >> they became a symbol of the 1980s, a group of distinguished senators accused of taking bribes money. they get off the hook, eventually, but it rocked the country because it showed that not only was corporate america being questioned for corruption, but the u.s. senate seemed to be a beehive of bribery. >> one question among the many ways in recent weeks had to do with whether my financial support in any way influenced several political figures who took up my cause. i want to say, in the most forceful way that i can, i certainly hope so.

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it's not available to anyone else. >> this might be a secret earnings report showing disastrous losses, or confidential assessment of future profit. if you are one of the 32 million americans who own stocks, such information can cost you money or earn you money, perhaps millions of dollars. in either case, it is illegal. >> the biggest currency on wall street has always been information. in the '80s, the information was trading back and forth. investors were talking to their buddies at business school and law school who were working on his deals to find out. it was pervasive. >> security and exchange commission says that currently, penalties are not strict enough. >> this is a serious course of misconduct and at present the sanction is simply a kin to asking someone to put the cookies away. >> the biggest insider stock trading case, ever. >> and dennis levine collect did go $.5 million in illegal

profits. he did it by getting advance knowledge of 54 pending takeovers and from a phone booth he would call an accomplice in the bahamas would buy stocks in the name of two dummy corporations which levine set up in panama. >> this is the first time they've been able to nail down insider trading by one of wall street's big dealmakers. someone with a $1 million a year salary, apparently not enough. >> insider trading could become wall street's watergate. >> plea bargaining is underway with dennis levine. authorities might be able to develop a list of new suspects. >> we saw the investigation. once his lawyer advised him to cooperate, he would give you the information. it is just another deal to him point >> i think the judgment clear that he wanted to give mr. levine a heavier sentence except for the cooperation. >> dennis levine was one guy doing insider trading and that is not something new, but what he did was lead time in boesky.

>> the securities and exchange commission stunned wall street when it announced that ivan boesky has been finds the largest penalty ever for insider trading and has been barred from the securities industry. >> he did what he publicly claimed he would never do. use insider information to buy huge blocks of stock in companies, secretly involved in takeover deals. >> he was a crook. handing bags of cash to people who would give him inside information. >> if we had capital punishment for white-collar crimes, i would say he'd be able and canopied >> he arrived in court to hear himself described as a man whose arrogance has been stripped away. no doubt the man is become a symbol of what is wrong with wall street. >> the news of the indictment was the bombshell of the decade on wall street. >> what we call greed the day before an indictment is filed? >> recently we have called it success. that some of the people who have now turned out to be engaged in criminal activities were hailed as heroes while

they were at the peak of their careers. >> aliens of america small investors have been appalled at the affair point >> they should get everyone of them and put them in jail. >> since 1984 there have been more than 28 cases of insider training trading brought by rudolph giuliani. >> back then, he was the best man in law enforcement. >> maybe we can catch them all, but we can deliver a message that if you do get caught, you will lose your liberty. you will go to prison. >> as a prospect of a wider scandal seems certain, the market was off more than 30 points. it was learned that ivan boesky was talking, and then some. as a former official put it, this is like arresting the madam of a brothel and finding her private book of clients. >> he takes the fall and all over wall street's, they are jumping out windows. he has been taping his phone calls and maybe his private talks for three months. big shots begin well, you get

the idea of it >> of course he was guilty. all he had was bargaining power . who can he deliver? >> levine was a fish. boesky was a shark. who is the whale? >> i don't know. >> drexel burnham? >> it's possible. >> in the middle of this is drexel burnham. until a few years ago, a little-known wall street firm. it's shot to the top of the world by specializing in "junk bonds, high interest but high- risk. >> drexel and the department made a secret deal with convicted stocks when there ivan boesky to make millions of dollars, illegally. >> california company, wicks, came to the firm and told him they were planning a takeover. the government charges that and whispered that secret ivan boesky. so he bought the stock before it went up and made millions

and shared the profit, but bottom line, loken betrayed his client, charged a $1 million fee and earn 6.5 million more of the client's expense. >> authorities are worried that further disclosures resulting from the affair may weaken public confidence in financial markets and we can the markets themselves. weaken the markets but >> i came from inside. it's a madhouse point >> the bull market is over. >> it's a bloodbath. >> they are calling it the monday massacre, the worst drop in wall street history been >> the nearest thing to a meltdown i ever want to see. >> the dow jones industrial average was down more than 500 points. >> this is a crash people had not seen since the great depression. no one had seen the stock market fall that fast. >> paper losses, more than 500 alien dollars. wall street's black monday. >> that crash was one of the

first signs of had dangerous this new era could be, that what the market had given the market could take away and it could take it away really quickly. >> there are two emotions. one is fear and greed and usually have an excess of one or the other. we have now in excess of fear.

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>> we always have a recession. i guess it's probably 1989 or 1987. >> a little present for the new president. >> they always seem to manage to get that after the inaugural spirit >> i promise you, if congress tries to raise the taxes when i am president, and you know they will, i will say no. they will try one more time and i will say no. they will try a third time and i will steer them in the eye and i will say to them, read my lips. no new taxes! >> 1988, george h.w. bush is running to take on the reagan mantle. read my lips, no new taxes. when ronald reagan left the white house in january, he left george bush holding the bag, with an assortment of staggering problems did >> when the president calls, some come running.

all agree that this is an urgent problem. >> could they be bailed out without a tax increase? >> i don't think so. i think that is becoming the conclusion of most people. >> bush had to fill this smoking hole left by reagan and the only way to do that was to pass new legislation. we do start dipping into taxpayer money. >> senator say the only bailout will be for depositors, not bad anchors. >> no needs to worry about one nickel of their money. >> this legislation says, to tens of millions of s&l depositors, you will not be the them of other's mistakes. thank you very much. i am proud to sign this monster. >> essentially, george bush is covering the biggest overdraft in history. >> bush caves. he raises taxes. that kills them politically but saves america economically.

>> listen carefully to this number. 500 billion dollars. that is the latest estimate of what the failure of hundreds of federally insured savings and loans will eventually cost american taxpayers. >> can you make bail? >> the once rapid growth of keating's failed savings have been fueled by the sale of a quarter million dollars worth of uninsured and now worthless bonds. the majority were bought by seniors, many losing life savings. >> charles keating was convicted in two trials, but both verdicts were overturned and then he pled guilty to avoid a retrial and was allowed out for time served. >> they were condemning wall street, pretty quickly. >> milk and pleads guilty. it might be the largest

individual case of fraud to ever rock wall street. the case ended in a plea bargain with the government. >> judge kimball said these crimes merited his removal from society. she sentence the one-time king of wall street to 10 years in prison. >> just under two years. quite possibly, and multibillionaire. >> the game of monopoly could have been invented for donald trump. when you borrow $2 billion, and the economy goes into a tailspin, and you have interest on your loans, the bankers move in. donald $100 million yacht goes to the fosston safe-deposit trust company. is half interest goes to bankers trust. his from shuttle goes northwest airlines. the man who was the darling of the 80s is in trouble, and he

knows it. >> insofar as we could say that the 1980s was a time of hedonism and access, at the end of the decade, it was the hangover. >> they were taking a tumble. >> hemsley, one of the richest couples were treated as common criminals, in manhattan on 139 counts of fraud, tax division, and extortion. they renovated their $11 million k state and the cost off as a business expense i said many former housekeeper said helmsley was "we do not pay taxes, only little people pay taxes." she was sentenced to four years in prison, given a $7 million fine, in order to surf 750 hours of community service. for some, the sentence was too light. >> i am innocent. my only crime is that i am the only house he. >> no matter how long they are

locked up, the public will still be paying for this long after. >> so what did the 1980s add up to? we put that question to a fair number of people and more than 95% of them said, simply, it was the decade of greed. >> we learned that greed may be good, but too much greed is bad. sometimes, people on wall street get a little too greedy, but they learned their lesson and they will never do it again. >> some argue that today's bright spotlight on unethical behavior is exaggerated. but, there is no denying the problem is real. if we excuse unethical conduct by saying, well, everyone does it, it's really okay unless you get caught or it's not against the law, we missed the point of why it's important we not do

it. the point may be no less then a national survival as a people can live together honorably. if we let lying, cheating, and stealing become an accepted way of life, it's not just a few dollars that will be lost. it is the spirit of the country that will be lost. the decision is ours. >> welcome, joining us here in the united states, and all around the world. you are watching cnn newsroom. just ahead, at least 10 people stabbed to death in canada. many more were injured across multiple crime scenes. we will have a live report on the hunt for these two men. it is beginning to look a lot like midterm season, as president biden and donald trump crisscross battleground states. we will look at the