they are uncomfortable with you know are and are not a about say the propaganda arm of the republican party that some say fox has become so you took that out you question as wide open field and you have you know comedians that can move into that because they have this yawn kind of hipster audience has expanded so now they have the freedom to do this despite the fact that more and more i mean polls are taken about the subject matter and one more people say they go to the daily show to get their news this type that jon stewart is very forthcoming infalling i am a comedian i am not well and i object that you know what you know what that's brandon has meant to he and stephen colbert very smart because they sit there and go look you shouldn't be listening to us you shouldn't be listening to us you should be listening to us and people and that there's a hipness quality there that attracts more people not just mind games i mean they are no no no it's not one point nor do yourself they do but it is it is calculated to some extent but but again it's easy they're making it easy for them because the

major of the three major networks and the cable stations are doing on sense like this and you know it would be different if anderson cooper said we're going to we're going to have a show on here you're going to have a show on libya or on foreclosed people or bring them in but nobody wants to see that during the day now the other thing is i mean he did start off as a model i mean he is gloria vanderbilt son you know so he does have that you know he doesn't have the real hard data that he can relate he can relate but the thing is is that you know he shouldn't have to be doing this because what's going to be next they're going to start cross pollinating going to see soledad o'brien on the show cooking something you know or bring her kids on i mean that's what's going to go in there like time warner friends are going to kick my butt but that's what you're going to see next and that's the unfortunate side of this brandon handsome and that is making it easy for jon stewart and stephen colbert as this is what people want no it's what the people in charge think they want they want. they think

they want this the older media stories to be you know wonderful and accessible and slowly but you know they want information they want to know us to slowly people but that's why they tune into the daily sure they don't get their entertainment but they know they're going to get their analysis too and it's smart this is not smart it's like the wal-mart age where you can just go one stop shopping and get everything. chris chambers journalism professor at georgetown university and always so great to have you. so ten years now it was three years ago today happy anniversary that lehman brothers america's fourth biggest bank filed bankruptcy and collapsed under six billion dollars of toxic debt today we take a look back from then to now and ask a few questions first what has changed to who has been held responsible and also most importantly what have we learned and the answer in some cases could be nothing when you take a look at a disturbing story in the works right now today

a thirty man thirty one year old man was arrested in london a guy who you could say was a bit of a gambling problem just how much money did he lose while working as a trader at the investment bank u.b.s. just two billion dollars here's a statement this was thanking to put out they say we were glad to inform you that yesterday we uncovered a case of an authorized trading by a trader in the investment bank we have reported to the markets in line with regulatory disclosure obligations the matter is still being investigated but we currently estimate the loss on the trades to be around two billion u.s. dollars i want to talk about this and about some of those other questions regarding just how far we've come since that collapse of lehman brothers three years ago today earlier i spoke with somebody with a little experience in that field karl denninger with the market ticker take a listen. doesn't surprise me there was a huge dislocation in the currency markets when the swiss government

a mouse if they were going to peg the swiss franc to the euro and i was curious it's a sign that it occurred when we were going to see the blowups the you notably had to have come from that i think we just got a lot of our answers although this person allegedly was a trader in equities the moves in the market to change mediately following that announcement were extraordinarily violent and to have expected that somebody would get it out of that was a lot of realistic so i'm not surprised that it occurred i am surprised after two thousand and eight and lehman brothers but we still have institutions who can't manage to handle fundamental and basic risk controls it's ridiculous i think it's a really important point and it kind of points to something that one of the gas in the report that we watched also said that you know the structure of the system is not only not better than three years ago but it is actually worse you know qualities to me if something is drastically wrong with

a structure you were carrying then you make a fan stronger than before which may or may not involve tearing it down and rebuilding it from the foundation so i got to ask you a couple things do you agree first of all that things are indeed worse than three years ago and if so why aren't people going to fix that. they're worse in some places and better in a few others american banks arguably hero somewhat less leverage than they had before lehman brothers who are not dramatically less but somewhat less they've also become better at hiding the risk which of course is one of the things that everybody's concerned about european banks on the other end haven't taken down much of any risk at all and what we've now seen is that the fantasy of being able to claim that you have assets that are going to be perfectly fine if their help for five years or ten years or a horror long but today there was nothing you know it is coming back to bite people now in europe just as it did here in the united states and not only did we not fix it in the united states after lehman brothers we actually institutionalized that

practice in the early part of two thousand and nine when our accounting standards board was effectively extorted by congress you know another criticism comes in the way the story has been told to the public you know it's confusing to a lot of people to understand to connect the dots between the lehman brothers collapse and you know them losing their home and in some ways it seems to me that this is not the big banks want so they can spin their own story and regarding that story i mean many believe and point out that the same people telling the story the post financial crisis story had the same people who had a hand in creating the crisis in the first place why is this the case. essentially what you had happen here in the united states and around the world is a thirty year period on debt we did not go to one single quarter of economic growth the united states sometimes heated two thousand and nine we increased output in your comment session and we increased the debt that was taken on throughout the

economy as a whole that cannot go on forever just like you cannot pull your credit card and spend more money than you make every day for years and years and years and not officially called bankrupt and read which would mean this in the public square we would have to then point the fingers back at ourselves and also the congress and the industry would have to point the fingers back at themselves because they all impeached in what it cost which i can it. will lie in the chamber planning not happening i mean why and why has no one been arrested in the last three years certainly fingers have been pointed as you say to this bank and that but i have not seen a person be handcuffed and taken to jail because of what happened take a look at the revolving door can you realistically expect the person who used to run goldman sachs we don't mr paulson he becomes treasury secretary is he going to go ahead and say we ought to arrest the people equipment sacks it's unrealistic same thing with tim geithner he was a pure outfit then he becomes treasury secretary ken you relist equally expect the

fox to guard the hen house it's an it's an unrealistic structure and it has to change but we do not have people either political party in washington d.c. who are willing to say to rick holder go out if these people under indictment and if you don't lose your job. so who will say that that i mean will there be someone from an outside agency from you know that's not a democrat or republican or not a politician i mean do you foresee somebody coming in and trying the system and making these massive changes. what i unfortunately see is that the system will end up collapsing of its own weight because we do not have the political will to actually address the problems and so what is going on now with europe is likely the start of us they will continue to chant employ this game. but eventually you get to the point that you have no cash or you could really cannot pay the electric bill if you're your vocation and when the lights go out everybody is exposed for what they were doing and that's what happened with lehman brothers citibank for example do we

know this from the bankers who report. they did not have any good collateral to plug for loans was in a box before the law so there were people in the market the well aware that the company was finished carl i want to talk about another aspect of this there the new i am after christine legarde with here in washington today talking about global economic problems as well as solutions she is of course the new face of the i.m.f. and i want to get your take on a couple things in terms of the role of the i.m.f. and the world bank but first let's hear what christine legarde had to say about lehman brothers and then we'll talk about it. that was certainly living through very troubled time at the moment with a great economy can psyche exactly three years ago after the collapse of lehman brothers the economy skies today who troubled the student activities slows and downside to this increase. and we haven't turned

into a dangerous phase of the crisis so far what do you think i mean what is the role of christine lagarde look arter the i.m.f. the world bank in these months and years ahead. i don't know that they have a rule the world economic forum at davos hold on with the i am the bank for international settlements have all said that they expect that we would have to total the debt in the system again within the next ten years to carry economic growth the reason that we got in trouble in two thousand and seven in the first place is people couldn't pay their debts so if we doubled the debt are we going to make the payments and at the end of the day is the problem there's too much throughout the system not just in the united states but worldwide and it has eclipsed the ability to produce and have that excess capital put to that purpose sometimes it just makes you want to ask the question how many times are we going to learn the same lesson over before we actually get it carl that enter in i thought i want to thank you so much for aftermarket karl than turner and that is going to do

it.