efforts like cancel the red star were it's a recognition bear stearns of millions of people trust and so on and it's going to housing insecurity with people don't work. and so that's what we're seeing we're going to have a number of different locals i mean over 48000000 households or branches and cuts and over a 3rd of people in this country could be even bigger and so there's a couple of hours continues to extensive and the economic impact of greater and greater i think we'll see. and jackie what do you feel is the biggest misunderstanding or misrepresentation of the strikes in the media coverage we've seen so far. well the biggest misunderstanding is always what demands from the people that would alleviate the people's crises and needs is this characterized as socialism as if you know socialism is a terrible thing you know we have countries like venezuela and cuba and to some extent in iran and in other countries even germany canada other countries that are providing the monthly relief that their citizens need in the form of money so they can pay their rents or in the case of venezu

remember bear stearns going under and lehman brothers collapsing and things like that. and then trickle down to impact basically everybody else in the workforce, and it was those everybody else in the workforce who took so long to recover. it was really only in the last six months or so that we started to see those at the very bottom experiencing real wage growth for the first timee since the recession, and basically the onus of being on the employers to provide higher salaries and better jobs because the employees that so many options for where theyop could go work. this downturn has now targeted those very people who just finished recovering from the last recession first and immediately. something like 40% of low-wage low-wage workers are out of work right now. in the space of two months. so to her point about people need to have the money and the bank to take care of themselves, this recession, this downturn, i don't know what you'd call, recession, depression, has targeted the people who are least likely too have that money in the bank in first place and that's what

walk the plank or they could bury all the dead bodies and that somebody was lehmann brothers yam bear stearns sow they all got together in a big meeting down on wall street they said. we got caught with their pants down were short a huge amount of these bonds that we oversold that we missed sold and what about the buriat money you that setting up the stalemate $1.00 of $11.00 bank was not at the table and that was lehmann brothers so dick fault and lehman brothers were had to walk the plank essential and now you're saying the scotiabank had to walk the plank because all the blame banks got together and said wait a minute we just got caught in a massive fraud scam we've got to bury all these errors somewhere and it looks like scotiabank number came up already delivery problem futures contracts and oil caused the price of oil to plummet to negative 37 dollars last month could delivery problems in gold caused it to soar by currently unimaginable numbers that's what we're talking about here at the end max because these banks have taken the same ounce of gold and sold it over and over and over bec

i have written books about the history of bear stearns and goldman sachs and i never got the impression that writing those histories of course i didn't live through them but it was ever as tough as what you experience to build ameritrade. how did you do it? >> what made it tough was lack of capital. we started with almost nothing. in fact back in the seventies we had to send out a financial statement every six months to our customers and one called and said you left three zeros off and i had to say those are the real figures. we could only grow by that capital that we left in the business from our profit. so we also had to be careful about learning the business to be within regulating that capital and stay within the regulations. it was a constant struggle of balancing the income interest of all making sure we had an income and then balancing in three areas. how much in advertising? how much that the increase will not exceed net capital? how much to hire new employees and buy equipment for them to use. that was a difficult balance for many years. that's what allowed us to grow as well a

. >> bear stearns ceo has no elevator. >> exactly. it is not perfect but what coronavirus has done is show us we are dependent on people we weren't paying attention to before and quite how difficult that is and it is not, here's the other thing it has shown us. it is not their fault. it is so easy to see if you work harder you would have been okay and i think people are open to a more structural conversation, that now if you're born in certain zip codes your life expectancy is lower than it is in botswana. how come the richest country on the planet, that is still true. there is an element of just becoming more aware as well as we will have no one to buy our product and no one to higher. >> host: you talk to a lot of different people, ceos disagree with you. there substantially more mark bertolinoes, the ceo of it to raise the wages of his people and raised them substantially, exercising various incentives and getting more healthy and a bunch of stuff that are there actually more -- do you see it or do you just want to see that or thos

the united states of america and and you -- it seemed to me as in 2007 and '08, at least until bear stearns, there wasn't much attention from the fed, housing issues because the housing crisis was more caused, a whole lot of reasons, in cleveland it was predatory lending and sort of a centerrism, predatory lending and -- and obviously what was happening with manufacturing, declining base of manufacturing. why did the fed sort of miss this in some sense? why -- why were -- why was the government overall not cognizant that there were places all over the country and, in fact, ohio had -- in the middle of this story had more foreclosures every year than it had the year before all over the stays from appalachia to inner city. why did we not see that as a country. how serious that was? >> i don't agree with characterization. i spoke about foreclosures before the crisis. my concern was that some foreclosures were unavoidable and not effort to modify so people would stay in their homes and, you know, i just speak about that, we were very concerned about the housing market which was beginning to slo