the french president takes a swipe at aig stream elements among anti-government demonstrators in his traditional new year's eve speech. and the world over people have been assuring him that twenty nine hundred twenty nine thousand and now it's.

relative to the subprime market, the clo market is much smaller, and it's largely held -- tom: there's no aigut there. scott: that's right. i do think the price gaps are going to be just as nauseating as they were in the 2008 experience. taylor: still with me is noelle corum from invesco, jose rasco from hsbc private bank americas, and iain stealey from jpmorgan asset management. jose, i want to come with you desk come to you. you heard it there. leveraged loans may be expected to get worse this year, but nothing like what we saw in 2008. do you agree with mr. minard? jose: you can agree with some issues. you're basically seeing a rising rate environment in the u.s. now, that said, we think the fed will be on pause through the first half of the year. this is a year of deleveraging, corporate deleveraging in the u.s. that's one important point. don't forget the other big debtor in the world, one of them is china. we're seeing a great deal of deleveraging there as well. we like high-yield because we think the yields are attractive relative to the risk. and we think it's a risk on year because g

pedro: esta madrugada, varios cientos de aig las autoridades migratorias y cruzaron la garita hacia mÉxicocaravana se distingue por el muy dispersa. mientras unos caminan el territorio 10 mexicano muchos van cruzando guatemala. de ser las dormÍan en las calles de la capital guatemalteca porque la y mÁs venÍan en habÍa sido da caprino. --camina. una particularidad de esta caravana es que hay niÑos y personas de edad avanzada en cantidades. >> nosotros logramos observar que dentro del grupo que entendimos hay 30% de niÑos. pedro: de los migrantes que han arribado la frontera mexicana se han registrado en guatemala, el salvador y nicaragua la mayorÍa son de honduras. a pesar del ofrecimiento del gobierno mexicano de quedarse a trabajar en el paÍs la gran mayorÍa dice que ellos no quieren quedarse en mÉxico. su intenciÓn es avanzar hasta el norte y eventualmente cruzaban los estados unidos. en la frontera de guatemala en mÉxico, pedro ultreras , univisiÓn. jorge: se pide que se investigue si kristen nielsen mintiÓ en el gobierno. ella dice que el gobierno tiene una polÍtica de separaciÓn de fa

aig can't say that because he says that the dow's down seven thousand points in an afternoon if we triple the circuit breaker.

. >> he wants something he can has a wall to say that he fulfilled aig campromise to his base.firmly believes that that is main reason that he's president now. fence, whatever they would like to call it. >> we're in a continuous loop of parhip and rhetoric making it harder to compromises. doing is y are fighting and they aren't governing. >> we're being denied good government. >> we're not going to fix thise sy until the parties are to compromise and cull together, and doma what the rity of the public wants, deal. is make a >> it should years ago. done 30 >> it's it.et's debate >> okay? >> yeah, not much chance that debate happening any time soon. ou're watching bbc world news america. still to come on tonight's program, china's economic engine slowdown even further. how that cld affect global owth. >> the backstop still remains the major stumbling block for deal. 's brexit the backstop is a kind of insurancat policy under the rime minister's proposal guarantees there will be notu to a hard border between northern ireland and the brexit. after but it's unpopular among s. brexit

careful relative to the subprime market, the clo market is much smaller, largely held -- tom: there is no aigut there. are going togets be just as nauseating as they were in a 2008 experience. taylor: still with me is noelle corum, jose rasco from hsbc, and iain stealey from jpmorgan asset management. hosea, you heard it, leverage loans may be expected to get worse but nothing like what we saw in 2008. do you agree? you are basically seeing a rising rate environment in the u.s.. that said, we think the fed will be on pause to the first half of the year. this is a year of corporate deleveraging in the u.s., that is one point. don't forget the other big better run the world, one of them is china. we are seeing a great deal of deleveraging there as well. because weh-yield think the yields are attractive relative to the risk. we think it a risk on year because growth will pick up through the year. taylor: noel, you are the high-yield queen. what do you think of leveraged loans? jose: we like loans ineverage december, you saw them get hit so hard, the spread levels were actually consistent with de

that thursday morning rush could be aig problem. another inch of rain. we've seen so many storms with an inch of rain over the last ye. stronginds will be possible. again, that's something i'm going to be tracking very closely. for a high on thursday but that's very early. falling temperatures all day. so from 55 to 28 early friday. windchills in the teens. as we make our way into the weekend, kind ofol a saturday. not too bad sunday. monday, not bad, but really tracking a couple of storms here that are going to come together in the monday through wednesday timeframe. i'm going to be watching thor fo you very, very closely as well, but right n nothing concrete for next week. except forhe back in midweek. >> okay. getting hard to keep track. >> yeah. >> thank you, doug. >> y know, coming up tomorrow morning on "news 4 today," how about a little something sweet with your coffee? we are celebrating national pie day. >> oh. >> it's all about the dessert and nhe math symbol. >> oh, okay. >> join news 4 team as they share the cheer with some government workers

. >>> for millions of americans, the partial shutdown is far more than just aig political f in washington. in justhe 24 hours, t government will stop cutting checks for furloughed workers, and whiey e all expected to receive back pay, that won't help with the bills due now. nbc's tom costello has more on the impact of the impasse in d.c. >> reporter: among those working without pay, the very secret service agents protecting the president. u.s. customsor andr patrol, marshals, atf, and dea. most nasa employees. t 14,000 airraffic controllers. and 51,000 tsa officers. all should receive back pay once the government reopens though that could be a while. >> many of thoseou people that talk about are on my side. >> reporter: in boone, iowa, joe zimmerman and his family are trying to make ends meet. >> everybody talks about 800,000 federal employees. well, that's just the 800,000f us who work. how many wives, husbds, spouses, partners, children, any more people are associated with that 800,000 employees? >> reporter: also furloughed, hundreds of thousands of fda food inspectors. meanwhile, a su

parliament introduced it back in the summer in july really at the behest of the president president most of aig now it follows a number of criticisms that he has made about social media and open letter was sent out to residents in uganda telling him about this tax and in that letter he wrote social media chatting is a luxury by those who are enjoying themselves all those you ought to listen. so it gives a pretty good idea of exactly what he thinks about it plus it will also give his government more money well how does this touch work i mean how do they get the money well basically focuses on what's called over the top services t.t. and those can be anything from receiving a phone call over the internet to social media companies like facebook whatsapp instagram and each person who uses it has to pay two hundred ugandan shillings a day that's round about five cents in terms of your raise and they also have to pay a one percent tax on the payment transaction itself now that doesn't sound like a huge amount of money but for many people they don't very much and the african technology consulting comp

it allowed companies like -- big companies like aig and other companies to get involved in buying these chopped up and boxed up mortgages. then there was -- i have $10 million of mortgages. now i need insurance on that. you get the credit defaults and all of those things. when you look at people -- older generations, they bought a house in the '50s and stayed there 40 years. their home went up in vallue bu very slowly. my question is, i feel like that is an enormous reason why we had what we had. >> thanks for the question. about a minute left. >> i think that's sort of one of the mysteries of what happened. there were some deregulatory issues. there were some ways that lending markets were sort of loosened up a little bit. the surprising thing that comes from the data from looking back and seeing what happened is that that deregulation, it seems as though mostly what it did was created ways for households that lived in these cities that have dysfunctional housing markets, where rent is outside the historic norm -- if you live in l.a. or san francisco, your housing expenses are going to

at's aig problem worry immigrant activist groups and democrats who think the b president ically saying i will give you all these initiatives i already saiand i didn't and you can have them if you give me what i want. i don't think this will paz the house, becuse speaker nancy pelosi does not want to bring that up for a vote. >> sreenivasan: what about thehi possibility of getting through the senate? it looks like this was done inco ult waigz mitch mcconnell. >> it looks as though mitch mcconnell is behind this proim. the prd said he already talked to mitch mcconnell. that's remarkable, the president was in close contact with republicans. vice president pence was in the capitol and talking with republicans last week as the shutdown continued and stretch on. but the big problem here is still e democrats a critical here. before republicans controlled all pats of the government. now he has to-- now the president maz to deal wit a-- cratic deal with a demo controlled house and that is where this will be stopped. immigrant activist groups and democrats are saying the president is basically s

everything gets laid out in fake news is that like when you look at the age range of the people like aig. this study that was talking about earlier from the very few people actually do some of the big news on facebook it's actually a very small percentage and all that's ball persones both democrat republican user sixty five and older serve more than twice as many big news articles as the next oldest generation group forty five to six about nearly seven times as many as the millennium was eighteen to twenty nine that's insane wow boomers this fall and for well there's are the same people who send like chain letters. these are this they will go to send us you know the e-mails saying if you don't send this to send people are few do that mark soccer very scary give me a million dollars. oh i hear this nigerian prince really wants to meet you he's got some money for you these are things that we've always sort of put her through but it has to do a lot with congress and a lot of that has to do with things that are how old congresses and so they're they're sort of speaking to their base on that

aig can't say that because he says that the dow is down seven thousand points in an afternoon if we triple the circuit breakers and then when it reopens it goes down another three thousand so you know we keep doing that cycle until it gets back down to round were was in march of two thousand and no names. so that's not going to happen he's not going to say that but that's essentially the truth of what he's saying is that this balance sheet has to run off and in truthfully the debt is tightening ok on the other hand. the federal reserve decided that when they put this on they started doing this they start writing a spell sheet off that they were going to essentially put us on autopilot and use monetary policy as their primary tool that was interest rates i don't think that was necessarily a bad decision he was dealt a bad hand. but remember yellow was the one that started the write off the bell should not fall exactly so let's talk a little bit about the bond market because this has been in a thirty seven air bull market in a bond prices have been going up for thirty seven years while inter

aig problem remains. a partially shuttered u.s.ernment and they're now partially in charge of fixing it. news4. >>> house democrats have the power to launch investigationsv or meext proceedings. but house speaker nancy pelosi seems to be taking a cautious approach. n an interview with savannah guthrie, she was circumspect about impeachment. she said the guidance may not be a settl matter. >> do you believe the special counsel shoul honor and observe the guidance thatays a sitting president cannot be indicted? >> i do not think that's conclusive. >> you said it would be sad and divisive for the country to pursue impeachment. are you willing to rule it out? >> we have to wait and see what happens with the mueller report. we shouldn't be meeimpeaching fa political reason. >> governmenfficials and others have said the special counsel's report could be submitted to the justice department as ear as early february. >>> a big change in government as w an unprecedented number of women taking seats in congress. >> and nancy pelosi is the fir

not aig b blizzard, jack taylor. >> nice to see a little bit of snow. nice weekend dthing. 't have to deal with traffic. if you're moving in virginia, loudon county, 15 betweenle burg and point of rocks. there is a diversion due to a crash that happened in the 8:00 hour, that have the road open by 6:30 or 7:00 this morning. we'll look at the woodrow wilson idge. no worries to speak of this morning. you'll find 66, riding east out of centreville, tall way to rosyln, without issue or delays this morning. we have a new crash in upper marlboro. sounds like 301 near leeland road. authorities should be on scene. >> thank you, jack. >>> still ahead, news 4 your health in fighting the flu. what you need t know about the flu shot and mist. >>> mahershala alip will s by the "ellen" show and show off his dance moves.s >> t is for you, brother. oh. ♪ over hink it's 1982 all again. >> he talks about why he shortened his real me. >>ou can watch the interview at 3:00. there are at least three ways to lower your novec electric bill: you could live off the grid. could set your thermostat no

important non-bank investment non-bank holding company but then to be used during the downturn to support aig that would be disastrous at the time. so i do have some concerns. >> do you have the tools that you need? . >> i agree with janet, we don't have a lot of tools to move around in that cyclical manner so through the cycle the policies and characterized with the stress test from the institutions and also the very high capital requirements and liquidity requirements so those are through the cycle measures. we are not strong in terms of having tools we can have often on. if there is a long history of trying to use things that doesn't survive very well but also what takes place in the financial markets with the banking system and those are not regulated and it is is a strength of the dynamism standpoint something we have worked on a lot and what we have done with the banks is a good body of work but there's more to be done and in the capital markets to. >> stepping away from economic policy but talk about the pro- one --dash the position but my colleagues talk about allegations of aggressiv

. >> this is certainly aig surprise. up until 30 minutes ago, there wereo events heduled. we just got word, however, in the past fewdays, there would be a surprise briefing and even a bigger surprise, presideg trump givhe briefing. we know he's talking about border security. he has a panel of i.c.e. and border security officials with him. we are watching and waiting to see what he has tsay. all of this goes back to we are now in day 13 of the partial government shutdown. the big issue is the funding over the borde wall. >> it is the changing of the guard. in i extend to you this gavel. >>> democrats t control and with it, nancy pelosi taking gavel. the first female speaker of the house. >> taking the oat surrounded by children and grandchildren, own.uding her it is the most diverse congress. the congressional black caucus welcoming its biggest class ever. and muslim andam nativican women joining in congress for the very first time. ir our democracy will be strengthened by t optimism, idealism and patriotism. this transformative freshman class. >> with the shifting balance

smartphones, the amount of memory, the amount of flash that is needed because of multiple cameras and aig features so yes, near terms micron continues to execute well on its plans >> what a great interview and that is exactly what we want to hear get this last night chip maker with a lot of cell phone exposure pre announced a shortfall yet the stock rallied today. you have to buy ahead of time, and that franchise is totally in tact what about broadcom? then there is nvidia cryptocurrency mining. remember, nvidia couldn't figure out whether the customers were using the chips for gaming or crypto mining. that excess inventory is being worked off too, so the stock is bouncing analysts put out a note and the note argued you would be gun jumping if you bought now, and that caused a one day sell off by the time we know for sure that business has turned, you will have missed the move. i like nvidia here one reason i believe their adoption will be far more rapid than wall street expects the strength in those areas will be obscure or one about my other faves? land's machines help manufacture all o

were to be destroyed before the fortified walls of aig. but despite the failure of the napoleonic campaign. it would turn out to be the opening scene of a second wave of european ok patients. that are catching up. in that have an infant and i mean you and i and them to that for me. and the canal in finance and love to get there he at one time and i never had a lot of money and fantasy about tomato mush wofully. by the eve of world war one in one nine hundred fourteen. most of the muslim lands on the shores of the mediterranean were under the occupation of european powers. in december one nine hundred seventeen. during the british war effort against the ottoman empire. general edmund allonby entered jerusalem. after the city surrendered to his forces. the film that recorded the fall of the holy city. was mocked by the use of. over. echoing down through the centuries. thirty years after a vis seen. and under the auspices of western powers. are you entity was declared in the reach of. the state of israel. and. let them and now a lot of modal

we lost some emergency lending powers during the downturn to support aig, would have been disastrous. >> do you have to deal with a financial system? >> tools that we can move around as a cyclical matter. we had to make up for that by heading through the cycle of macro prudential policies. i would characterize the stress tests for the largest institutions, and the high capital requirements and liquidity requirements. and and that is a fact of life for us. we looked at loan devaluations, and it is not the supervised banking system. it is a real strength from a capital raising, it is something we looked at a lot, we have done with the banks is a good body of work and i feel good about where the banks are and the capital markets but there is more to be done in central clearing, and more to be done in capital markets generally. >> if i could step away from that to talk about the economics profession. ben bernanke became president today and doctor yellen takes over a year from now. my colleagues who reported on that condition, and they receive many tips about bad behavior, and my question

were to be destroyed before the fortified walls of aig. but despite the failure of the napoleonic campaign. it would turn out to be the opening scene of a second wave of european patients. that are catching up. in that have an infant and i mean you and i and them to that of me. and the canal in financing and they love to get there he at one time and i know i had a money and fantasy about tomato mush wofully. by the eve of world war one in one nine hundred fourteen. most of the muslim lands on the shores of the mediterranean were under the occupation of european powers. in december one nine hundred seventeen. during the british war effort against the ottoman empire. general edmund allonby entered jerusalem. after the city surrendered to his forces. the film that recorded the fall of the holy city. was mocked by the use of. over. echoing down through the centuries. thirty years after a vis seen. and under the auspices of western powers. and you entity was declared in the region. the state of israel. and. i let them and now a lot of off you h

but he is aig supporter of the president. >> tracie potts, live for us this morning. thank you. >>> we turn to the 2020 race for president. the former ceo of starbucks, howard schultz, is considering a run as an independent. he posted a message on twitter. >> both parties at the extreme, are not representing the silenty majof the american people. >> he grew up in brooklyn. he transformed starbucks from a ngle shop into a global brand. "forbes" says he is worth $3.5 billion. that's more than president trump.pr thident tweeted about schultz, saying he doesn't have the guts to run for president. mike bloomberg tweeted he is considering running as an independent. but the independent would split the anti-trump vote and end up re-electing the presidt. >>> we told you about a day care fire in rockville. a fire destroyed a building at georgetown hill early school. that damaged classrooms, art supplies, cubbies where kids would hang their coats. the fire started in the office building and spread. damage is estimated at $750,000. we could see damage to the office area, as well.

winds won't be aig issue. it is a pretty good morning. bad.oo the temperatures on the warmer wake up this morning comparatively speaking to whereou we be. sun coming up and plenty of clouds out there and we have rain on the way. area of lressure bringing rain chancesg increas them. other warmups on the ten day forecast. let's talk traffic with melis mollet. >> good morning, melissa. eastbound 70 before 15. initially you had the left side blocked by the crwh. ne lane getting by. northbound 15 after kema car off into the median. bay bridge, high profile cars use caution. restrictions. 66 and th95, sund after quantico, slowdowns. nothing reported. just a little bit of a slowdown. eun? >> u.melissa, thank 5:31. students and parents will notice increased security at three schools. molette green is live at blensburg school. what's going on here, molette? >> reporter: good morning to you guys. i just spoke with the police officer just a few minutes ago who told m that officers will keep a closer watch on all of the 7 schools in the blatensburg c

they have about $3,000 of aig budgetht now. it all starts batoday.to you. >> megan, thank you. >>> if you can't make it to virginia, celebrity chef andres has opened his chefs.or feds cafe it's on pennsylvania avenue near the navy memorial in northwest d.c. it opens every day at 11:00 a.m. you can find a list of the businesses lending a hand during the shutdown, check out the nbc washington app.in >>> devel this morning, a man is dead after being hit by an suv. he was walking in the area of central avenue and park boulevard. the driver stayed on the scene and is cooperating with the vestigation. >>> a man in fairfax county flashed three girls who were walked home from school. the girls noticed the man from a distance about 3:00 in the afternoon yesterday. when they continued to wal the man exposed himself. police were unable to find the man. >>> now, to some new video into our a van crashed into price busters furniture store isernight. was on university b boulevard. we're working to learn whether njanyone was ied and how this accident happened. >>> c

. >> aig has received about $70 billion in tart money.ed billion dollars in loans from the fed. do you know where the money went? we just came at this very differently. and he was secretary of the treasury, and i wasn't. >> we had no power over what the treasury department did we only had the power to embarrass them i guess. >> there is one clear message from the president. and that is no matter how much money we pump into these financial institutions, until we change the rules that brought us to this crisis, we are not safe. >> coming up. >> i think she started to see that she's really going a lightning rod. kp kp here. ♪ liberty mutual has just announced that they can customize your car insurance so that you only pay for what you need. this is phoebe buckley, on location. uh... thanks, phoebe. ♪ only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ our because of smoking.ital. but we still had to have a cigarette. had to. but then, we were like. what are we doing? the nicodermcq patch helps prevent your urge to smoke all d

lost some of the emergency lending powers that were used during the downturn, for example, to support aig whose collapse would have been disastrous at the time. i have some concerns. neil: chairman powell, do you believe you have the tools? jay: i agree with janet we don't have a lot of tools we can move around as a cyclical matter. we have to make up for that by having through the cycle macro prudential policies. i would characterize the stress test for the largest institutions. the stress test and the very high capital requirements and liquidity and resolution that we have. those are through the cycle measures which are always on. we are not strong in terms of having tools we can turn off and on. frankly that is a fact of life for us. there is a long history and not a happy history of trying to use those. they don't survive well. another thing is the banking system. it is not -- prudential capital markets are not regulated, it is a real strain from a capital raising and dynamism standpoint, but it is something we have worked on a lot. what we have done with the banks is a good body of w

the 76th golden globe awards are tonight, and they could be a very big evening and the beginning of aig ards season run for bradley cooper and lady gaga. the duo in the hit movie "a star is born." nbc's steve patterson has staked carpet spot on the red in beverly hills. steve, good morning. >> good morning to you. the an forget last year stars swarming the red carpet dressed in all black for the me, too, and times up movement. this year no planned protests, but there's still plenty to tal. abou kicking off this year's award season is 76 golden globes putting the best of film and tv in the spotlight. heading to the top is "a star is born." >> in the drama category bradley cooper and lady gaga expected to sweep best motion picture, best actor and best actrempts other favorites including "the favorite. ". >> how dare you! >> and dick cheney's biopic "vice. "why the. >> the we can make this work. >> reporter: a show of diversity "black panther," and "black klansman" competing for best drama and "crazy rich asians" vie for best comedy. >> there seems to stamp on diverse story. these movies h

all of those aig under inveion. >> bacon bits are actually s bean. [ laughter ] uh, those are actually. [ laughter ] >> jimmy: bacon bits are suing him. [ applause ]ok fair to me. i don't know what this problem is. you guys hear about this? mick mulvaney has agreed to become trump's acting chief of staff. but says he only wants to do the job for six months. you can tell working for trump is tough because people are quitting before they even start. [ laughter ]go yeah, i'g to quit. [ laughter and applause ] i'll take the job but i'm out. no way. as i mentioned, christmas is next week. which means a lot of people are shopping online for th holidays. it turns out that many websites have actually suffered security breaches. in fact, some of our audience members tonight were hacked. so we were able to find out what that they bought this year. i thought i'd show you at home what a few examples are. thiserson right here, for example, he -- [ laughter ]gh he ba couples massage for one. i mean, what is that? [ cheers and applause ] this person -- he bought a a laser tattoo removal because it's

and then it created special facilities to save the insurance company aig. so people were pretty upset about these firm specific bailouts that happened at the time. they felt it was sort of crony capitalism. in the dodd-frank act, congress prohibited the fed from using section 13-3 to perform specific interventions in the future. in the future, facilities created under these programs must be broad based and available to multiple institutions. it's not really clear exactly how much of a constraint that will be. we will sort of have to ethe next time around. and it's also worth saying that the dodd-frank act said that in the future this extraordinary power can only be used with the explicit approval of the treasury secretary. that would have not been a significant con stranlt during the past crisis. chairman bernanke and secretary of the treasury paulson and geithner worked hand in glove together, but it does ensure that the political branches would have the chance to give the ultimate say on whether to use these powers. so the next one, there it is. so there

then it created special facilities to save the insurance company, aig. so people were pretty upset firm, specific bailouts that happened at the time. of crony it was sort capitalism. and in the dodd-frank act, congress prohibited the fed from to dosection 133 firm-specific interventions in the future. in the future, facilities created under these programs must be broad-based and multiple to institutions. it's not really clear exactly how much of a constraint that be. we'll sort of have to see next time around. and it's also worth saying that dodd-frank act said that in the future, this extraordinary with the only be used explicit approval of the treasury secretary. not have been a significant constraint during crisis.t chairman bernanke and secretary treasury and geithner worked hand in glove together. theit does ensure that political branches would have the chance to give the ultimate whether to use these powers. next one -- there it is. something called the exchange stabilization fund. and it was basically created to give the united states some shadowy

i wantou to get aig dollop of this, about a tablespoon and a half.ff those bee they're so thin. chic brea, it's okay. the fat is inside the almonds cheese. goat also we'll add fad over here the olive oil. once we've got this , this is mo make chicken. you' season, seer, then bake. >> what's the verdict, gent so far so good? >> you're doing a good job. for three minutes each k. side. in the oven eight to ten ak in the oven after that? >> we don't want to have raw chic you' be sick. >> kevin, you throw that whole pan oven? >> babs. what we're going to do is add th top. if you're doing kito c you go ligh can do a small dollop. a little t cheese s is to keep di low carb. you don't have to have pasta. we'll have shaved brussel spro it's with turkey bacon. i neverre knew tas turkey baco how do you shave the bruss use a gillette razor. >> before with a sharp mandolin when they're cold. yeah, when they're raw and sae them in a pan. the whole meal is delicious, lo million e why a few peop are following on so media. >> delicious. >> to find out more about kevi

lehman and aig and merrill went down in september of 2008.sion started in december of '07, and it was a household de-leveraging cycle that caused all these other things to happen, and this is going to be a corporate de-leveraging cycle, much akin to what we saw in 2000, 2001 and 2002, and there will be other knock-on effects so the point about the sped this. look, greenspan cut interest rates in a meeting on january the 3rd of 2001 when he realized we had actually a corporate de-leveraging cycle on our hands. he cut rates january the 3rd and kept on cutting, and the recession started two months later. the fed started causing interest rates, never mind pause or talking dovishly bernanke actually cut rates in september of 2007 and the recession started two months later, so the reality is that what the fed is going to start to do, and i'll make no bones about the fact that the next move is probably going to be an easing, and that might provide a bit of a circumstance's real, but what the fed does now to stimulate economy is not going to show up

we have to have border security and the wall is aig part of border security. >> reporter: it's been less about talk and more aboweets like this one from president trump. quote, border security and the wall thing and shutdown is not where nancy pelosi wanted to start h tenure as speaker. the response from pelosi thatsi the pnt has given democrats a great opportunity to show how we will g responsibly and quickly pass our plan to end the irresponsible trump shutdown.he tomorrow, democrats take control of the house, pelosi will make a move to reopen government. it's not expected to go anywhere in the senate, much let's get to the president's desk as democrats dare republicans to keep the government closed. both sides stuck with hundreds of thousands of federal workers visitorsthe middle and to national parks and monuments stuck with this. at joshua tree volunteers are picking up the slack by picking up the trash. >> i started cleaning toilets. then iot a phone call from somebody else and they started and all of a sudden it was a 150-person movement to keep the park clean. >> reporter: in was

lost some of the emergency lending powers that we used during the downturn, for example, to support aighave been disastrous at the time so i do have some concerns. >> chair powell, do you believe you have the tools to deal with financial systemic risk? >> i would agree with janet that we don't have a lot of tools that we can move around as a cyclical matter, so we had to make up for that by having through the cycle macro credential policies. i would characterize the stress test, particularly for the largest institutions, the stress test and also the very high capital requirements, liquidity requirements and resolution requirements that we have on the most systemic -- those are the measures that are always on. i think we're not strong having tools we can turn off and on, and frankly that's a fact of life for us. i think there's a long history and not a happy history of trying to use things like loan devaluations the other thing about the united states, most credit remediation is in financial markets, not regulated supervised banking system, and that's a different thing. the financial cap

many times you said at aig trafc light and no one coming? could you have crowdsourcing and traffic lights are changed when there is no one on the other road? there's a pilot project, i think there's one in nevada and virginia. this way we can do, to make the existing infrastructure. people better while we invest in new infrastructure. >> multistep. identify yourself and gentlemen here. >> restaurants.org. provisions do you see in 2020 bill or walking, bicycling and those most? >> you might remember, the last bill, the vast act, the republicans do not want to continue the previous programs we had safe routes to school and other dedicated funds. they went into alternate modes and, we managed to preserve all of those and by renaming them and putting them in other places in the bill. i would like to go back to a more honest approach. a more direct approach to the states. we did leave states the option to not do those alternate modes. that's the one compromise we had to do. my state is still fully investing. there are if you like that. we will pu

misfortunes of ryanair and its warning about its profits, and its warning about its profits, and also aigkes. tomorrow, marks the 45th day of action by the rmt union. jayne mccubbin has been finding out what impact the action has been having on rail users and businesses. morning! morning. we are setting off with the mad ramblers. mad by name and by nature. yes, we are the mad walkers — the manchester and district 205 and 305 ramblers group. the train strike? yes. mad about that as well? yes, it has been somewhat inconvenient. we have had real trouble getting out to go hiking on saturdays. because the trains don't run? precisely. we can't get there. this group is half as big as it used to be. it has been that way since northern's saturday strikes began last september. ijust want them to be over. edale train station, usually full of weekend walkers, is empty today. only those who drive have made it out. walk up into the brisk air of the peak district and the rail strikes are notjust some distant city centre inconvenience. their impact is far—reaching. train there, not a passenger one, obvio

policy, conjuring trillions out of thin air, the institutions that decided to backstop, if you look at aignd everything happening on wall street, that really has nothing to do with the president. a point ofnt does the fed chair powell and the fed itself is not infallible. if you look at the minutes leading into the great recession about what the federal reserve was deserving with the economy in 2006 and 2000, this was going real a normal softening of estate, it barely nearly took our economy into a great recession. these are normal and fallible people, and there are things beyond that control the market --eet host: roben farzad control the markets. roben farzad, who is hurt on public radio, a program, "full disclosure," friend of the program, thank you. guest: always glad to be here. author brad meltzer is here to talk about his book -- many books, there are many, is here to talk about his new book book "the first conspiracy." you are watching and listening to c-span's "washington journal ." it is the 13th day in january, and we are back in a moment. >> monday night on "the communicators"

plan for thees aig government shutdown?have been having her tests at federal installations and offices all of the country and that senators offices. we've encouraged members to flood senate offices with uncles, to ask friends and family members to put as much pressure as they possibly can on senators to get a vote on the house passed appropriation bill. heavy track how many calls that generated? guest: thousands but i cannot tell you the number. hopefully those numbers will grow a lot in the coming days. host: one more federal worker waiting to chat. marie in wisconsin. caller: i have been coming in a little bit later. one thing i have not heard mentioned, what are other for us employees saying in our household we feel it we have a lot of labels put on us ,hat people out in the media they want to say if you feel this way your you can or democrat. you don't even ask our opinion .r that of how we feel we just get stuck with a lot of labels. i'm wondering how many other people you've spoken with feel almost ostracized by the g

congress deregulated by getting rid of which was enacted 100 allowedfore and that big companies like aig other in thees to get involved boxed up mortgages. there was, i have $10 million in mortgages and now i need insurance on that so you get these credit default that's in that kind of thing. when you look at people with older generations, people would stay in houses for 40 years. the home when it -- up in value but very slowly. i feel like that is an enormous reason why we have a we had. guest: one of the mistress of what happened, there were deregulatory issues. there were some ways the lending markets loosened up a bit. this present thing comes from the data. deregulationis seems as though most of what it created ways for households to live in the dysfunction, the cities that have dysfunctional housing market where rent is outside the historic norm. if you look -- if you live in l.a. were san francisco, your housing expenses will be stressful whether you are a renter or an owner. a lot of what the deregulation was doing was making ownership available for the households already in a st