week, do you have to find a way for him right now. >> well, willie, we have always given handle at-bats. even if he does not start, it's tough not to give him a place out there if he is the guy, we're going to do it. he is a luxury. >> johnny: and he was the guy tonight there is willie harris being led across home played in the bottom of the 12th moments ago as the nationals win it 5-3 in 12 here at nationals park. >> phil: well, again, you have a couple of things at work here. you have a bullpen that seems to have found itself and a young starting rotation that has been remarkably good, defying logic good. obviously, you would have loved to have won this game 3-1 for ross detwiler's first major league victory. that didn't happen. he pitched well enough to win.

he had a situation tonight where kip wells came into the ballgame and he had not yet allowed an inherited runner to score and sooner or later it was going to happen. it happened tonight. bottom line, they won and willie harris hit a homerun to win the game. >> johnny: we'll take a break and continue the celebration here at national park with a great crowd on hand and willie harris celebrating his two- hundred homerun in the bottom of the 12th. 

. >>   . >> johnny:  nats xtra poe g show brought to you by verizon fios. this is big. fans continue to celebrate. great to see you guys hanging with us and staying all 12 innings, incidentally in a 5-3

walkoff homerun by willie harris. the nationals go on to win. they have now won four in a row, a second consecutive ser wise. when you talk about a guy getting the job done, we talked to ross detwiler a few minutes ago. let's take a look at his outing. he started like he was on fire. >> phil: he started off fast, striking out wells. in the 7th inning, he gets a little flare to second base. then kevin millar comes to the plate and he hits a flyball which is caught in right field. then he gets another flyball here in still by chavez. he had a ety low pitch count. first batter, bautista, the

pinch hitter, singled into centerfield. at that point, mapy acta came in and took aim out of the game. this is a quality start. this is one of those outings that they expected when he drafted him in the first round. >> johnny: dwight, two earned run, six hits allowed, threw 99 pitches. when you talk about the nationals' offense tonight, it seems like a highlight reel with willie harris taking the leading role in this particular movie. >> phil: again, thank goodness he did because some of his teamates were not getting the job done offensively. willie hits one to deep centerfield. then he steals third base without a throw. watch him here. stole that right off the pitcher. they didn't even bother to throw. and then your old friend, wil nieves, hits a sac fly. then in the 6th inning, an all doubles inning for the

national. cristian guzman comes to the plate, strokes the ball down the line. rolen never moved on it. then nick johnson comes up and nick has been red hot at the plate. he doubles to deep right centerfield which, can, drives in guzman. they elijah dukes comes to the plate and he smokes the ball out there which was almost caught but, again, the guy got the glove on it, could not hang on to it. that's a two-base hit. and elijah was thrown out at third base. >> johnny: there is no question that willie harris has the hottest bat on the team but he has made some great dave plays. he had one tonight and then one against a-rod in yankee stadium. chavez hits one, harris goes after it: then against alex rodriguez, look at this. he slide on his stomach, armed

stretched out like superman. then vernon wells last night, incredible catch. gets the applause from joel hanrahan. you do it every night, they're going to start expecting it every night. >> johnny: that's right. he had a great line. was last night's catch the greatest catch you ever made? he said not even close. he made so many of them. we'll take a break, phil and i will be back in just a moment to continue and we'll talk to mike macdougal who came in and go a great job. it has a very nice spice note. it has a little lemon zest and a historic brewing spice called grains of paradise. it's citrusy, lemony. sam adams summer ale. it just totally reminds you of summer, yeah. geico's been saving people money and who doesn't want value for their dollar? been true since the day i made my first dollar. where is that dollar? i got it out to show you...

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. >> johnny: i know you are disappointed, you had some tickets left for some friend in syracuse. >> phil: right into into that game has been postponed. brad lidge for reading throws an inning and gives up a hit. >> phil: the phillies hope that he can get that effectiveness

back. into page 2, there it is. winston-salem. you had tickets for that one, too. that's been postponed. johnny holiday, aloaning with phil wood. happy you are with us tonight. well worth the wait, 12 innings here at nationals park and a 5- 3, 12-inning victory and willie harris' two-run homerun in the bottom of the 12th inning. mike mac macdougal got a save against the yankees and now he comes out and worked two innings. >> i felt good deb - you did the right thing, got the double play. >> i will take t any time you get outs. >> debbi: how does a win like this affect this team? >> it's been great. it start the four games ago, kind of got it rolling. we hope to keep it going.

>> debbi: do you think you guys are feeding off each other? >> yeah, you see how excited we were after the game. the guys are really close. it's exciting. >> debbi: is it nice to seat fans stick around and watch? >> oh, yeah, of course. it makes it all the more exciting, involved in the game. it was great. >> debbi: it was a team effort but how about willie harris? he does it defensively, offensively. >> he made a great catch. he stole third and got the big run and the homerun. what can you say? i mean, that was pretty spectacular. >> johnny: tomorrow, you will have chance to visit with mike macdougal on the pre-game show. >> here was a guy who was released by the chicago white sox. that was not a deal that was raising eyebrows. it was like he was going to syracuse to see what happens. but he had a couple of years with kansas city where he was very, very effective. everything has that a little tail on it, he is throwing very

hard. >> johnny: when you look at macdougal, villone, tavarez, a lot of veteran arms out there getting the job done. >> phil: they noticed with the younger guys out there that a lot of these guys work in pairs. a lot of guys had that deer in the headlight look. the veterans have seen it all. >> well, tomorrow, the nats will go for the sweep. we hope you will be with us. the red sox come into town after an off day on monday. nats and baltimore for a weekend series. phil and i come right back after this. (man) some days my 8:15 bus is just a bus, but other days, like today, it's my office. the boss just emailed me and wants the new proposal asap. no worries though, my smartphone, it's from at&t. i'm on the nation's fastest 3g network. so that proposal? delivered. (announcer) the nation's fastest 3g network.

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ago about his approach when he came to the plate tonight. i was just trying to get on base for guys behind me and drive guys in before me. >> debbi: what's different about this team compared to, say, a month ago, two weeks ago, last week even? >> playing better baseball. great job in the bullpen and swinging the bat and continuing to do that and get runners in. >> debbi: how much confidence, you know, to go into new york, take two out of three from the yankees and now, you know, being in a position to sweep the blue jays. >> playing good ball. we are' going to come out tomorrow, continue to do that and, you know, pick the ball up and score some runs for the pitchers. >> johnny: tomorrow's starting pitcher, ricky ticki romero. >> phil: you hear his name and

you think [ humming ] he has a 3-1 strikeout to walk ratio. he pitched well into into he has 3.7 e.r.a.. shairon martis trying to get his 6th win of the year. >> phil: martis has been effective. he has cut down on his walk totals. room for improvement but, again, he has earned his spot in this rotation. >> johnny: and sine's last -- and shairon's win came against the giants. he has had two quality starts back to back. >> phil: this is a guy you can trust out there. in the grand scheme of things, he is going to be one of the younger start, but because he has been pitching for such a long time, he will be around in the rotation come september when some of these young guys will be shutting down. >> johnny: the vacuum cleaners

are coming closer and closer to our set. i think it's time to pack it up. beginning tomorrow at 1 0-0. game 3 of the three-game series. the nats go for the sweep. they win tonight, 5-3 in 12 on a willie harris two-run homerun. see you tomorrow on father's day like owning a home. watching our children grow. and retiring with confidence. so whatever you're looking forward to, m&t bank is here to help you get there. m&t bank. understanding what's important.

cubs win three straight walk-off games for the first time in 63 years. $ indians are the first team to lose three straight games all in extra innings since the 2000 rangers. >> bottom of the third, it's meg el cabrera. homered yesterday, homers again today. the tigers go on to win 9-5.

alfredo figaro wins his major league debut. his family not able to make it from the dominican republic in time to see him pitch. he said, quote, they must have . my phone is full of messages telling me i looked good on tv. five hitters. >> albert pujols and cardinals taking on the royals. top six. 1-0 saint luis. la machina. two-run shot. his 24th jack leads the majors. the cards win it 7-1. they've won 7 of the last 10

overall. tony larussa one win shy of 2,500 wins. you know that commercial where they call pujols a machine? in his first tn games in june, he seemed like a slightly broken machine. but his last nine games, pujols is back to his unhuman-like efficiency, slugging a thousand with six homers in that span. >> the twins have thrived in interleague play. the astros can't wait to resume the nl portion of their schedule. they've dropped 6 of 7 to the a.l. second home run of the year, astros hold off the twins by a final count of 6-5. it's his first round-tripper since april 25th. lance berkman also went deep, solo jack. >> still to come on espnews, spain continues to unleash the

red fury in the confederation red fury in the confederation cup. - ( cheerful tune playing ) - learned how to change my own oil. think i did something wrong! but you know how pricey these german cars are to maintain. right? max: actually, volkswagen has no-charge scheduled carefree maintenance. even the cc. >> i don't think the clearinghouse is an easy, perfect solution. .1. but i think they are a good cases for extending a clearing platform beyond the credit world. i mean, this has been discussed by some academics in the u.s. but simply having cbs in clearinghouse and leaving other derivatives of the clearinghouse creates problems. i think that there needs to be more scrutiny and transparency still of how cbs are being used and-- the route is changing the

way that credit behaves when a company goes into bankruptcy and quite a radical and tested manner and i don't think-- i think there needs to be more discussion about how that is changing the way that credit is behaving towards companies. but to think somehow we have a clearinghouse and that is the and the story, i don't think that is true at all. >> gillian,-- [inaudible] >> he is actually sitting behind you. [laughter] >> you worked very hard, did you not mark, to prevent it from being regulated? do you think he was right? >> i will say what i would like to say and then maybe we should let mark have a say.

the dominant intellectual framework, as i understand it outside of the trip to the industry from the late 1970's of lords was that basically the dead hand of the state would stifle innovation, excessive regulation would stifle regulation and if you let the industry sort out its own problems and natural market mechanisms, that the ebb and flow of the markets and competition would provide a self-correcting mechanism, and sure you might have periods but that would correct itself naturally in the market would find its own rhythm. the problem with that was really twofold. which one, when you have perhaps-- when the credit derivatives were part of the overall financial system, then perhaps he could afford to have a few ads and flows without destabilizing all a bit. initially, when derivatives were developing in the 1880's, 1890's

you were talking about numbers which now seem to be small. the problem came when the expansion became so explosive that in a sense the glade stopped being just a small part of the financial system and began to percolate through the system and it with that segment if you had ebbs and flows that could be potentially destabilizing. but the other problem was, you never really had a free market in the sense of having transformation, equal access information, and equal competition. you always said big banks for distorting matters, so you i said very markey information flows. i would argue you never really had proper free markets even in the supposedly free market system. it is quite ridiculous we have had a free market system where the best majority of complex products never really traded. it was all basically a figment

of accounting imagination. [inaudible] >> i think it should be regulated. >> why? >> i would say, and you are definitely putting me on the spot. [laughter] that, when we set out to design a free-market, because we were trying to build a framework around people who would shift from a place where it shouldn't be in the mind of the holder, reflecting their risk preference of the taker of the risk and we now would be shifted to someone else who would rather hold that risk. we wanted to set up a framework where market discipline would be a guide to good behavior. now, you can look at the financial difficulties that we have around the globe today, and ascribe them to a particular product, credit default swaps for example. some reporters have done that.

i'm not sure that gillian has done that in your book. she talks about cbs but she also talks about cdo's, these collateralized debt obligations that are heavily regulated. a lot of these things are involved in some ways here. i would test the hypothesis that cds had some special role to play in this problem by doing this thought experiment. ask yourself, if we would have this problem, if every american was current on his mortgage payments. i think the answer is clearly, no. ask yourself if we would have these problems and a financial system of credit default swaps had been outlawed on the day that they were invented and it never come into existence. the answer is definitely yes. the problem we have is a housing finance problems. is not a credit default swap problems. if there were no credit default swaps we would still have this housing finance crisis.

it would just be harder to manage because it would be harder to move the risks from one place to another. so, it doesn't seem to me that there's a clear case to make that a lack of regulation of credit default swaps contributed to the problem. if they had been outlawed we would still have this problem today. >> i have two things i want to say about that. one is actually, i think the credit default swaps did exacerbate the problem for three reasons. firstly, that they made people confident about lending more than it would have in the past because people thought they could somehow shift the risk and the cats blending in lending and the volume of lending expanded quite dramatically. secondly, because the option of writing credit default contracts was there provided another mechanism for investors to basically place more that some housing market, sub-prime market. in 2005, as i described in the book, when they started to run

out of sub-prime loans, simply they were pumping out supremacists fast as they could all over america and they ran out of lungs. there were not enough sub-prime loans to put into cdo's. that was the point when they collision of these two intellectual streams happen and became so deadly because essentially they started trading contracts using credit default swaps that mimic the exposure of sub-prime mogil choose which allowed to roll the dice more and more in the sub-prime world. thirdly, the sheer opacity of the credit world meant the leverage building up went undetected for a long time and it wasn't just cbs the did that, but you basically had a situation where people and i can describe the semibook, in the spring of 2007 everyone could feel by than that something was going very badly wrong and that regulators were regularly meeting to get together and say, something is wrong, what should weo,