you do not want to have a consumer protection agency or entity that is inside the prudential regulators, in form over substance, totally independent. you have to figure out a way to deal with rulemaking. are there checks on the rulemaking component to make sure that those people who care deeply about the safety and soundness of financial institutions have the ability to check off, to balance out rulemaking authority that could exist under a consumer protection agency? i do not want to negotiate a bill in public like this. this has been part of our public discourse. guest: it would be better for us if you did negotiate in public. guest: i understand. but i am just one senator. i have been frustrated by the fact -- i feel like there is a way to make this work out and to do so in a way that can meet approval of numbers of republicans and numbers of democrats. i really believe that. i may be the only republican. ñrit is my hope that numbers of other republicans -- there are so many things as it relates to financial regulation that we do agree with. it is my hope that over the course of time

visit spirit dot prudential dot com. >>> now, good morning maryland. >>> here we go.d how we should get ready. a woman who loves animals dies in the jaws of one in sea world in orlando. we will take you there and hear from her sister. are you happy with your health insurance? if not, proceed to the healthcare summit today. good morning, maryland. megan is supposed to be getting on a plane today going to sunny florida. they won't even need engines today because of the wind. here a justin to set the day up for us. >> this is going to be a complicated storm, jamie. basically, it has been snowing for a lot of us overnight. the heat from yesterday's sunshine and temperatures in the mid to upper 40s has retained itself on the roads, so it's not sticking. we are wasting flakes and accumulation. there will be more on the eastern shore, but tonight, the snow and the wind will make a return. so basically two parts for maryland with this complicated system. right now we are looking at maryland's most powerful doppler radar, and it does not look that impressive. we have some snow

among the lessons in the crisis of the crucial importance of macro prudential regulation.hat is regulation and supervision aimed at addressing risks to the financial system as a whole and the need for effective consolidated supervision of every financial institution that is so large or interconnected that its failure could threatening the functioning of the entire financial system. the federal reserve strongly supports the congress's ongoing efforts to achieve comprehensive financial reform. in the meantime to strengthen the federal reserve's oversight of banking organizations we have con diktd an intensive self-examination of our regulatory and supervisory responsibilities and have been actively implementing improvements. for example, the federal reserve has been playing a key role in international efforts to toughen capital and liquidity requirements for financial institutions, particularly systemically critical firms and have been taking the lead in ensuring compensation structures at banking organizations provide appropriate incentives without encouraging excessive ris

soundbites and going up to congress and legislating it, i would let the systemic regulator and the prudentialegulator worry about that. and i would let them deal with it. if proprietary trading is a problem as it relates to certain institutions... >> rose: then they should do something. >> they should deal with it. and what i'm concerned about right now is that with all of the dialogue going back and forth that it will slow down the process and it will create uncertainty, which will hamper the recovery. we need lending. this uncertainty doesn't... >> rose: why is it they're lending? what is it that's preventing banks from making loans so that people can build up their envintorys, so they can employ people and... >> i think part of this is the demand side. >> rose: sure it is. consumer demand. >>ened i think business needs certainty in confidence and consistency and clarity is important and uncertainty is hurting it. >> rose: this brings me to this question. i ask you this because of your familiarity with the landscape. the argument has been made by some in the obama administration that banks.

prudential douglas element found condo sales began the last decade with a 40% market share compared to co-ops and ended with a 54% market share. all that thanks to new development. check back. >>> we've got an hour to go, down 210. what do you say, peter costa? >> what do i say? well, i mean, one of the things you have to look at is we have pretty good volume. we're probably at a run rate of about 1.6 billion, 1.5 billion which is pretty good for a sell off. we have a significant selloff, but there's no volume to following it up or match it. this is volume to match it. this is falling into my whole scenario about the market is going to be retrenching back. i still think we'll have maybe 5% or 6% on the down sichltd i know that's not what the world wants to hear. i don't think it's going to happen that fast. this is happening very fast. i think for the next month and a half, you're going to see these relief rallies and it's going to sell off again. >> 5% or 6% all nm isn't that bad. it's not as if you're saying we're going to test lows. >> i'm bearish but not like the end of the world i

. >> paul: what about the prudential argument against this, which is that it causes a lot of collateraldamage, civilian death and there for turns the pakistan public against the war effort and therefore is counter productive. >> i think it's one of the most overstated. drone has been shown to be one of the most human in war. never before have we been able to discriminate between the enemies and civilians. and the missile makes a boom in one small place and unfortunate as in massoud's case, both massoud's case, their family were killed along with them. >> paul: all right. thank you, matt. when we come back, turning social theory on its head, if poverty is the root cause of crime, why are crime rates so crime, why are crime rates so low while unemployment is high? crime, why are crime rates so low while unemployment is high? why do women like you love activia light? sometimes i have no choice but to eat on the run... and to eat whatever happens to be around. heavy greasy food that's hard on my diet... and my digestive system. so i eat activia light every day. activia light, with bifidus r

when it comes to thinking about international and global matters in some ways our society is very prudentialand very protected from what is going on. it's from the united states and it's isolations because the borders, culture, and traditions and the like. it's especially concerns to someone like me who thinking about the first amendment, freedom of the press, freedom of speech that we are getting less and less international news. the number of foreign bureaus that have been closed just in the last year by the major press organizations is astonishing. and it's a grave, grave concern. we know about the international news of the american republican is less today than it was a few years ago. american universities and colleges are very international, we live in a society that in many ways is leading the world, and yet we have issues of prudentialism and there are real concerns that we're getting less and less engageed. second major point is when we talk about globalization in the world, today we're talking about globalization. i think we need to be clear about what it is that's really going on.

it also revealed the relatively undeveloped nature of systemic or macro prudential oversight of the financialnal action to improve data collection and analysis should be directed. first, to ensure that supervisory agencies have access to high-quality and timely data that are organized and standardized so as to enhance their regulatory missions including containment to stannic risk and second, to make such data available to other government agencies, to private analysts, two academics -- inappropriate usable form so that the public will have the benefit of multiple perspectives on potential threats to financial stability. my written testimony details some of the initiatives that the reserve, to enhance the type and quality of information available to us, in support of our exercise of consolidated supervision over the nation's largest financial holding companies. i would stress also the importance of using that information to regulate more effectively. the special capital suskind we conducted last year, the nation's old 19 largest financial firms, demonstrated how quantitative horizontal method

important that government agencies have the authority to collect information from firms not subject to prudential supervision, but which may nonetheless have the potential to contribute to systemic risk. without this ability, regulators will have a picture of the financial system that is incomplete, perhaps dangerously so. second, it appears to me that greater standardization of important data streams will only be achieved with congressional pride. this objective is standardization have for years proved elusive although most observers agree it is critical to identifying risks and the financial system. third, there will need to be some modifications to some of the constraints on information collection that government agencies, such as authority to share that information with foreign regulators or to release it in usable form to the public. since privacy, proprietary information, intellectual property, reporting burden and other important interests will be implicated in any such modifications. it is most appropriate that congress provide guidance as to how these entries should be accommodated in a

it also revealed the relatively undeveloped nature of systemic or macro prudential oversight of the financialm. with this experience in mind, i believe there are two goals toward which agency and congressional action to improve data collection and analysis should be directed. first, to ensure that supervisory agencies have access to high-quality and timely data that are organized and standardized so as to enhance their regulatory missions including containment to stannic risk and second, to make such data available to other government agencies, to private analysts, two academics -- inappropriate usable form so that the public will have the benefit of multiple perspectives on potential threats to financial stability. my written testimony details some of the initiatives that the reserve, to enhance the type and quality of information available to us, in support of our exercise of consolidated supervision over the nation's largest financial holding companies. i would stress also the importance of using that information to regulate more effectively. the special capital suskind we conducted last y

it also revealed the relatively undeveloped nature of systemic or macro prudential oversight of the financialta collection and analysis should be directed. first, to ensure that supervisory agencies have access to high-quality and timely data that are organized and standardized so as to enhance their regulatory missions including containment to stannic risk and second, to make such data available to other government agencies, to private analysts, two academics -- inappropriate usable form so that the public will have the benefit of multiple perspectives on potential threats to financial stability. my written testimony details some of the initiatives that the reserve, to enhance the type and quality of information available to us, in support of our exercise of consolidated supervision over the nation's largest financial holding companies. i would stress also the importance of using that information to regulate more effectively. the special capital suskind we conducted last year, the nation's old 19 largest financial firms, demonstrated how quantitative horizontal methodologies built on consist

what doesn't exist is any way of bringing them on and concealing them if you wear a prudential member of the armed forces. we really don't have the answer to how to deal with that. we do know that it is a gap and the protection that was accorded that day. the policy from coast-to-coast liege -- give some thought as to whether you wish to have a policy with the use of private reference on a public fund approach in the u.s. military. >> what you just described as a policy at fort hood -- >> the suggestion to adopt uniform -- without getting into details of that. it brings me to another question because you describe the timing of the news reports that indicated it lasted ten minutes and 2 minute and 40 seconds after the initial call the installation first responders arrived and said that it was incapacitated which accounts for 4 minutes and 10 seconds of the timeline which is almost superhuman. it is really remarkable land great credit to those who responded. can we assume there was a time period before they got there -- >> we are not so sure. just the best estimate. >> still a significa

choose instead to engage in these riskier activities the full range of supervisory constraints and prudential standards we think need to be tough and heightened will still apply. and so from that perspective we'll still be, well-covered in the proposals we're putting forward. i think what we'll have additionally not having these risky activities be subsy diesed in effect in circumstances with are a firm has, because of its access to the safety net, essentially a lower cost of funding and advantages that are in some sense, helping them it, focus on and engage in the activities that we're concerned about. >> so the volcker rule alone, if we're concerned about more broad systemic risk outside of even banking institutions needs to have it be augmented by some of the other proposals. >> no question about it the, absolutely senator. >> and finely, mr. chairman, you have said, mr. chairman that there is, quote, not a sled of evidence that financial innovation has improved our economy, and in fact innovative financial products, quote, took us right to the brink of disaster. why do you believe that fi

, we're going to have to build local civil government, we're going to build strong district and prudential governments who are free of corruption. we've then got to build the local and strength that comes from people being able to resolve issues in a peaceful way that are working. that is a huge task. if the civilian part, i agree with you, is as important as the military part. and it's important that they are complement -- complimentary. >> that could take years? >> i think the build up is going to happen quickly. >> but with other changes could take years. >> the afghan control could happen relatively soon in some cases. but i agree that this will take -- this will happen in a period of time. there will be the transition to afghan control. the policy is to make the transition. >> very quickly, i know famously you are a workaholic, prime minister, so you read all of our p.a.c. reports. we found a helicopter shortage. on the 19th of january, the former sector of state suggests he'd be able to spend the money in 2002 to 2004. obviously more helicopter will be able now. was he right? >> the

systematically these fundamentalists worked to dismantle many of the prudential new deal era banking reforms, their crowning achievement, the repeal of glass-steagall in 1999. wall street and washington were possessed by the laissez faire edifice over the past 20 years but it was this philosophy and the fountain head of decision that is sprang fred it that led us perhaps blindly down the path to our current crisis. even alan greenspan has now admitted this dominant concept of self-regulation was ill-conceived. in his staoefp one year -- speech one year ago, the former fed chairman of 19 years said he once assured wall street firms remain a buffer against insolvency failed. the complexity of trading instruments was he said -- and i quote -- "too much for the sophisticated market players to handle properly and prudently." mr. greenspan, perhaps more than anyone else, should have known better. but instead of playing the role of the market's fire chief, he played that of head cheerleader. for example, mr. greenspan applauded the trend of financial disintermediation, declaring new innovat