alan greenspan doesn't think regulation is needed. he thinks markets work wonderfully well, that they are self-policing, and that whole ideology, that whole outlook in -- in practice led very, very markedly to the problems that we've had. >> professor reich, good to have you on the program as always. thank you. >> thanks very much, maria. >> robert reich joining us today. up next on "the wall street journal report," are you ready for april 15th? we have the tax tips that you need to know that will save you money this year, and then a hollywood mogul who career spans several golden ages with showbiz lessons he's learned from heavy hitters like frank sinatra and george clooney. >>> welcome back. the deadline for filing your income taxes is fast approaching. what are the changes you should know about this year that could save you money? amy mcanarney is with me. the director of the tax institute of h & r block. thanks for joining us. >> thanks, maria. >> first up, what's most important for taxpayers to be aware of this year that may be d

i'm sympathetic with alan's view on this. bob talks sympathetically about the fact that the bill will regulate a large non-bank institutions more effectively so i think there are a lot of things to like about it in this bill. there's nothing that's going to be perfect. we're not going to be ale to end all bailouts. we're not going to be able to end all crises but i think this bill will make both bailouts and crises less likely. >> ifill: yves smith, pull out your yardstick and tell me where you think this bill lies in terms of get to go the essential problems that need to fixed. >> i give it a 3 or 4. one of the reasons that the discussion has turned out to be partisan is the fact that people are disagreeing on facts. there is not sufficient understanding of exactly why this crisis came about. there's not been enough forensic work. in fact, i would... i believe that the public actually would have tolerance for more extended process if there was real serious digging done. when you go back to the 1930s, the crash took place in

alan in louisiana. alan! >> caller: hi, jim.e's a big easy who dat boo-yah for you. >> i'll give you a treme sportsman's paradise boo-yah right back at you. what have you got for me? >> caller: i've been watching green mountain, and it looked like it was going to the moon, but now it's starting to drop off. maybe a wedge or double top. i can't tell -- >> i pondered this. i pondered this as i make my coffee every morning with my keurig, which is what people know green mountain as. remember that's that great razor, razor blade model like gillette where you buy the machine, not the cups. i believe it will be right back at you after they finish. i reiterate my buy on green mountain coffee. how about ben in washington? >> caller: i love you, jim, boo-yah. >> familial boo-yah. probably the first since the fifth anniversary, frankly. good to have you. >> caller: hey, jim, my question is on df, dean's foods. >> yeah. >> caller: i'm in the grocery business. i'm seeing firsthand the things that they're doing to make some consolidations wi

>> alan: the one with sandra bullock? no. >> jimmy: "sahara."ou're so phenomenal and so charming in this movie. this is great. your first like kind of big-budget movie. >> yes. it's the first -- i've never done anything this big, and i'm so grateful to ben and noah baumbach and jennifer jason leigh for taking a chance on me. it was so my first movie that when i would drive to set every day and i'd have to go through security, all of the people at security would direct me to extras holding. [ light laughter ] and they would say, "extras go over there." and i would say, "i have a part in the movie." they would say, "no, you've got to go to extra holding." and finally noah got involved. he was like, "she's really in the movie, guys. stop making her show her id." [ laughter ] >> jimmy: they finally let you on set. >> they finally let me on, yeah. but every day it literally felt like i was sneaking into a place that i didn't belong. [ laughter ] >> jimmy: that's got to be comfortable. >> i know. it took me a while to get over it, but it was amazing.

those are my two. >> alan? >> maybe i'll take a slightly different bent on this.ry to summarize some common things, and say something that is true. the most important technology development we have been talking about for the last decade and will for the coming one is have clearly the continued success of the internet, the open user- controlled, de-centralized internet. people say, of course. but it was not obvious 10 or 15 years ago. it has been demonstrated clearly by the recent fcc broadband plan. one thing you can say about it is it has put the internet and broadband front and center as the critical medium for access to ideas and information, and economic opportunities. i would touch on a couple of trends. one is the fact that computing power is continuing to increase in ways you not have predicted would continue. there are all sorts of laws. moore's were you see the continued increase in computing power. even more importantly, what is happening with storage capacity. in the past 20 years competing power has increased thousands of times, but storage capacity on

alan simpson and eric bowles.e represented for nearly 20 years and rose to the post of the public wit and took the lead on contentious issues such as social security reform. as white house chief of staff under president clinton mr. bowles helped broker the budget deal that paved the way for the nation's first balanced budget in 30 years. we have fought president obama for establishing this commission and especially credit him for choosing these two great americans as co-chairs will. they've already demonstrated the orie team and are leading the way on a bipartisanship that we so desperately need. who better to direct the discussion than leslie stahl of cbs news. please welcome alan simpson bowles and leslie. [applause] ♪ >> hello, everyone, thanks for coming. first i want to ask alan, how is your me? [laughter] [inaudible] [laughter] [inaudible] erskine hasn't been sympathetic at all. [laughter] >> i durham all over washington. >> can now we have dispensed with the funnies because our topic this kind of heavy. so,

dale bumpers, alan stenson, bill bradley, paul simon among others. dole was a part of that group but resigned in somewhat different circumstances. and i think that you can look back and get a pretty good lives after the senate. simpson back on the stage in his late 70s for the deficit commission. and there is a final irony here. to go back to the careers in the 50s, they were framed by these norms that eric talked about. and, the notion of the interclub with much of it revolving around reciprocity in one form or another, trading apprenticeship for influence later, being able to-- being willing to work hard so you will see the fruits of that labor. i was trying to think about, if you could be a maverick today, the way william proxmire was in the 1950s, what would be a maverick? if you don't have very strong norms, how can you differ from the norms? and in many ways, the senate we will talk more about tomorrow in greater detail but the one that alan sets up this is highly polarized partisan center. the final irony may be that a person who tries to work

dale bumpers, alan simpson, bill bradley, paul simon among others. bob dole was a part of that group resigned in somewhat different circumstances. and i think that you can look back on this they had pretty good lives after the senate. simpson back on the stage in his late seventies for the deficit commission. and there's a fine irony here. if you go back to the careers in the 50's they were framed by these norms that erich talked about. and the notion of the intercom all of its revolving around reciprocity in one form or another, trading apprentice should now for influence leader. being able to hussein willing to work hard so you would have the -- you would see the fruits of that labour. i was trying to think about if you could be a maverick today the way paul douglas or william proxmire was in the 1950's what would be a maverick if you don't have a very strong norms, how can you differ from the norms. and in many ways the senate -- we will talk about more until tomorrow -- but the one that alvan sets off as a highly polarized partisan center and the

. >> alan garcÍa estÁ en el ojo del huracÁn nuevamente. >> un escÁndalo de corrupciÓn t.que contenÍan las computadoras fueron alteradas o cambiadas. la fiscalÍa y el poder judicial intercambian acusaciones por la responsabilidad de esta pÉrdida. >> creo que la criminalidad organizada tiende a desacreditar esta fiscalÍa para evitar que se siga investigando. >> las especies entregadas al poder judicial son las que el poder judicial tienen grano son las que fueron materia de la incautaciÓn. >> nadie se responsabiliza. por un lado se acusa a un alto jefe policial. >> yo rechazo eso. creo que estamos frente a un escÁndalo más grave. >> a este congresista el escÁndalo le recuerda los tiempos pasados. el escÁndalo saltÓ a la luz el aÑo pasado cuando una red de miembros de la marina en actividad y en retiro fue descubierta espiando a los protagonistas de millonarios contratos con el estado peruano. >> hay temas ocultos y mÁs implicados en el peor caso de corrupciÓn del gobierno de alan garcÍa. >> el volcÁn del sur de islandia continÚa arrojando cenizas sin humo. funcionarios del

alan greenspan potts a flawed analysis of the financial crisis. guest: greenspan is an interesting figure because when he retired in our early 2006, he was praised lavishly across the political spectrum by most professional eat communist, by milton friedman, who is a conservative who has been a longstanding critic of the fed, alan blinder, a liberal at princeton who has been vice- chairman of the federal reserve board -- really having been the most successful unreserve leader in the history of the federal reserve system. now flash forward three years and greenspan is made to be one of the fall guys for the financial crisis, for keeping credit to easy for too long. you really can't blame greenspan, you can't blame the bankers by themselves in isolation. all of these people were conditioned by the experience in the last two decades, when it became conventional wisdom that we had gone into a kind of new era of, is not perfect prosperity, but a kind of underlying indestructible prosperity. we only had two minor recessions in the 1990's and this decade

congressman alan grayson, good enough to spend a few moments on this, dr.assell, thanks again for your time tonight. >> thank you. >>> we'll switch back briefly to the subject of when u.s. use of nuclear arms would be approved under new rules that are about to be announced tomorrow by the president. jonathan alter who was with us before in person joins us now by phone. is this familiar to you? was this a surprise, the headline certainly would be a surprise, i think someone just tripping over this. >> it is a surprise, because he has not -- until now, actually directly renounced upstanding nuclear doctrine. so this is a departure. but it is not a surprise in that he has scheduled a conference, a global conference for later this month in washington and asked all the members of the international community to come with specific proposals of what they would do to move toward a nuclear-free world. and so if he's asking other nations to take dramatic action, either to secure loose nuclear weapons or to change their nuclear doctrine, he felt like he needed to start

and nobody has been held responsible, not alan greenspan, not anybody else. in japan they have a way different solution to these kinds of problems. it's called harry carey. >> i think what confuses people that the point, congressman, and having been talking about this incessantly for a few years now most people, if you look at the polling, understand, at least enough of this, to know that congress works for the banks, not for the american people, and yet congress still seems a phenomenally willing to drag its feet in addressing this. harry carey may be interesting or nice, we're probably not going to see it. we live in a democracy where we're told we elect people who look out for our interests and yet the same people are creating laws that allow this group to con the american people out of the largest transfer of wealth in the history of the world with no consequences. are you suggesting special interests have so much control that our government literally is willing to facilitate that level of wealth transfer with no consequences? >> i think that's a fair sta

alan chicago, don ketti. ken, who's deeply involved in the issues of social security, and also tracy gordon, who may be here today. explores public finance and management at the state level. of course no one is more engaged in issues of fiscal policy than maryland's own majority leader steny hoyer, who is in his 15th term representing maryland's fifth congressional district. as an alumnus and long-time supporter of the school, the university of maryland in general and higher education in maryland and throughout the nation, we are fortunate to have the majority leader hoyer in such a prominent position of national leadership. his dedication to the university and fiscal responsibility are his hall marks and for that we all have a great debt to him. we thank him for coming today and we wish this whole conference a very interesting and fruitful discussion on this most important topic. thank you. [applause] >> thank you very much, mr. president. i'm pleased to be here always on the campus and college park, where i

the alan. now, even though ford sales are way up, in the end this is a balance sheet business. and when the ratings agencies see the quarter next tuesday, i think they're going to go all lady gaga and get on the telephone to raise their ratings. allowing ford to borrow more cheaply around the globe. hey, how about sallie mae? let's take that one while we're talking. we recommended that as 2009 speculative stock of the year like we did huntington banc this year. it was at $6.61 on june 5th. it's now at $13.12. that's a 9% gain. we always tell to you listen to the conference calls, and today's wells fargo conference call said the student loan market is red hot. i would have thought people would have put two and two together and realized that will spike sallie mae. but the guys listening in on that wells fargo, they don't follow sallie mae. we do. and boy, i've got to tell you, i think it's going still higher. still, ford and sallie mae have already had huge runs. so tonight we're not looking back. like lot's wife. at the sodom and gomorrah and turning into a pillar of morton's sa

alan greenspan. dr. greenspan, thank you very much for joining us. >> pleasure being here. >> i know that you agree with dr. summers that jobs will continue to -- job growth will continue to accelerate. do you think it will accelerate enough it will make a dent in unemployment, that is, that we see the numbers of 300,000 jobs created a month as opposed to 100,000 which is treading water basically? >> i'm not sure but i don't think it's impossible by any means. there is a momentum building up, which is really just beginning and it's got a way to go. there's certain critical issues here, first, we have to remember that the capital gains on 401(k)s are $600 billion, and as we saw when money was being evaporated in those particular accounts, people pulled back their consumption. they're now moving forward in a more positive direction. secondly, capital investment, which had been extremely depressed, is still depressed for real estate but equipment is coming back in a fairly substantial way. but most importan

former republican senator alan simpson, and erskine bowles, bill clinton's former chief of staff. it's a "fox news sunday" exclusive. then, the debate over financial reform heads for a senate showdown. we'll talk with the senate g.o.p. leader, mitch mcconnell. and in arizona, should authorities be able to check the i.d. of anyone suspected of being an illegal immigrant? we'll ask our sunday regulars whether this crackdown goes too far. all right now on "fox news sunday." and hello again from fox news in washington. the president's debt commission holds its first meeting tuesday and his job couldn't be tougher. finding some way both parties will accept to cut the trillion-dollar deficit that is stretched to the end of this decade. joining us now are the two cochairs of the commission, former republican senator alan simpson and erskine bowles, who was chief of staff to bill clinton. gentlemen, let's start with the size of the problem. according to the non-partisan congressional budget office, under the obama budget plan, by 2020, the national debt will be 90% of the u.s. economy, th

harvard law professor alan dershowitz is now working to free the jailed businessman. stanford is accused of 21 counts of conspiracy and fraud. dershowitz says keeping stanford in jail is unconstitutional, and he'll argue his case all the way to the u.s. supreme court. >> susie: the deadline for filing your federal taxes is just one week away. if you haven't started work on your return, there's no time like the present. and kevin mccormally is here to help with some tax tips. he's executive editor at kiplinger's personal finance. tonight, reporting de-mutualized stock sales on your taxes. >> every kid knows the joy of >> every kid knows the joy of winning a "yes" answer from one parent after the other has vetoed a great idea. and taxpayers enjoy a similar thrill of victory when a federal court says yes to a tax-saving move the i.r.s. has long rejected. and that's just what happened earlier this year when a court turned down the i.r.s.'s appeal of a case involving the tax basis of demutualized stock. that's stock an insurance company gives policyholders when a mutual in

list, alan ripka, jason oshins. also with us, from florida, terry shoemaker, the attorney for ronald cummings. what about it, anthony list? what do you make of that scenario? >> nancy, the one bit of evidence that really impresses me is the statement the grandmother made, flora hollins, that -- or hollars that in her prison conversation over the phone this young girl described in detail what had happened. and i would put a lot of weight and credibility to that statement from a grandmother, especially under the circumstances in which it was given. we know it's admissible into evidence, and i think it's very strong evidence, stronger than anything else i've heard. and remind me to give you my impression about trickery used by police and whether or not there's a limit on that. but as far as what we were hearing so far, i think the grandmother's telling the truth. >> mr. list, i've got a feeling i already know what you think about trickery by cops, but what concerns me is the letter of the law and the constitution. but

alan shick and others who have been deeply involved. tracy gordon who may be here today, explores public finance and management at the state level. and no one is more engaged in issues of fiscal policy than maryland's own majority leader, steny hoyer, who is in his 15th term. as a long time supporter of the school of the university of maryland and hashe education and throughout the nation, we are fortunate to have the majority leader hoyer in such a prominent position of national leadership. his dedication to the university and fiscal responsibility really are his hallmarks and for that, we all have a great debt to him. thank him for coming todd and wish this conference a fruitful discussion on this very important topic. [applause] ne of the highlights of my life. i tell people that marrying my life was the only thing that surpassed my going to the university of maryland in terms of making an impact on my life. i'm always pleased to be here, pleased to be here with dan mote and with all of you and i'm certainly pleased to be here with s

>> he is an economist alan blinder -- princeton, excuse me. he has made a very interesting argument about -- ki argues the distinction is emerging in the labor market is not the conventional one between those with more education and those with less. rather it is between those who have a service that can delivered over a wire, versus those who have to deliver on site or in person. and it's of the latter who are going to find their livelihood more secure against outsourcing to distant countries. so as he puts it can't hammer a nail over the internet, where as radiologists, for example, now find themselves competing with radiologists in india because an image can be transmitted electronically. you know, 30 years ago we learned anything that can be put in a box and then on a container ship is going to be made aware of the labor is cheapest, which turns out to be not here. it's china. and in the last ten years a similar logic has immersed for the products of intellectual labor. accountants face of this thread of outsourcing, programs, and editors.

the commission hears testimony from former federal reserve chairman alan greenspan. they will also hear from former city group risk managers. you can watch it live on c-span2 and at c-span.org. >> all this month, see the winners of the student can documentary competition. middle and high school students from 45 states submitted videos on one of the country's greatest strength or challenge the country is facing. watch the top winning videos every morning on c-span at 6:15 just before washington journal and at 8:30 meet the students who made them and for a preview of all the winners visit studentcam.org. the secretary of the department of health and human services, kathleen sebelius was at the press comes yesterday to talk about health care bill signed into law and what her agency is doing to implement it. this is an hour. [inaudible conversations] >> good afternoon and welcome to the national press club. i am a reporter for bloomberg news and the president of the national press club. we are the leading professional organization for journalists and are committed to our

face which is you have to go and get in the primary and the primary especially is where the folks alan is talking about are the most active. so then if you are maverick today you had better inoculate yourself like john mccain is seriously trying to do today by adopting a least the essential issues now and not being too much of a maverick. so, i think that is one change. i think within the parties, to be a maverick you also need different things in the minority and majority party today whereas if they used to think of being a maverick as using all your prerogatives, thousands of amendments holding things up, if you are in the minority, that is fine. and, in the majority there is a lot or pressure especially when you see the minority doing this coordinated effort, so that is one of the points. the talk of individualism and the senate, it is right at one level but it is combined with this partisan teamwork, and so there is a real problem being a maverick against that in the majority. you really face a lot more sanctions and justice approval if you are going to do that today so i think it

he is on the third criminal defense team, and that criminal defense team now includes we are told alan dershowitz, the harvard law professor and legal scholar who we have learned visited allan stanford, who you see there in jail this week, and that was stanford at a court hearing on tuesday. he has been in custody non-stop since his indictment june 18th of 2009, and we can speculate that one of the reasons that dershowitz is brought on board is because defense team after defense team has complained about the constitutionality of that confinement, and the fact that stanford cannot review documents of the facility where he is being held. he is schedule fked yucheduled and his attorney is the third u.s. attorney to represent him. >> thank you, scott. >>> and coming up on the "closing bell," tiger woods is not getting a warm reception from some fans at the masters. looking at this message towed by a plane at masters. we will see how tiger is met on the course. with an a+ credit rating in good times and bad, sun life financial should be famous. we're working on it. so you're seriously propo

mulally, my guest alan mulally, c.e.o. of ford. >> reporter: meanwhile, general motors is spending almost $900 million to upgrade production at five factories that build fuel efficient engines. the investment will let g.m. bring back some laid-off workers and in some cases hire new ones. about 1,600 jobs will be kept or created. the upgrades will also help the automaker meet new government fuel economy standards that take effect in six years. >> tom: goldman, greece, and earnings drove the markets lower, fueling a big spike in fear. let's begin with the fear gauge, the chicago board options exchange volatility index. when stock prices go down, this tends to go up, as it clearly did today. the jump in volatility brings it to its highest level since february, when stocks began on this latest rally. financial stocks, like a.i.g., helped fuel the move down today, with a.i.g. seeing big sell volume. shares fell more than 16% as an analyst at keefe, bruyette, and woods sees "little long-term value in the common shares." the anal

alan simpson and former white house chief of staff. the bipartisan commission which sat down for the first time today. and then, janet napolitano on arizona's controversial new law against illegal immigration. send me your thoughts. you can find me on twitter at mitchell reports. not that long ago, many families were priced out of an overheated housing market. but the times have changed. get the facts at remax.com. today, the dream of owning a home seems more attainable than ever. nobody sells more real estate than re/max. visit remax.com today. take things as they come? ♪ i've got an idea. or improvise? ♪ maxwell house custom-roasts each bean... for a full-flavored cup of coffee. so you can be good to the last drop. i think we need more cups, mom. >>> our friends in the media will ask me and others once a week or once a day about what we're willing to rule out or rule in when it comes to the recommendations of the commission. that's an old washington game. we're not playing that game. i'm not going to say what's in. i'm not going to s

former chair alan greenspan testifying this morning. lights on for most of the morning, but a power outage for the last few minutes or so. a lunch break now. still to come in a half hour or so, a panel on how subprime loans were originated and packaged for sale on the market. that'll be followed by a panel of former citigroup risk managers on their company's subprime product. all of that coming up this afternoon. we'll have live coverage here on c-span2. and our coverage continues tomorrow with former citigroup executives and on friday former fannie mae executives will appear as well. it starts 9 a.m. eastern time thursday and friday here on c-span2. the associated press said that alan greenspan defended the fed's failure to police the most risky mortgage failing this morning. while we wait for started, we'll reair a portion of mr. greenspan's testimony. we'll start with his opening statement. >> thank you very much, mr. chairman. good morning to you, vice chairman thomas and members of the commission. i want to thank you for the opport

alan ripka, defense attorney, new york. randy kessler, defense attorney, atlanta. first to you, raoul felder, you've handled some of the biggest divorces that have ever been known. what's your take on this? >> well, you know, he blames the judge. he blames the contract he made. he blames the lawyers, of course. it's like the kid who murders his parents and then complains he's an orphan. he made these deals. and by the way, the photographs of him sitting behind the wheel of an automobile, he could be driving a cab if he can't be on television. my suspicion is exactly as you said, he's forbidden to work in some kind of media job. everything else he can do. >> that's the beauty of it. it's almost like documentary. whatever happens happens. >> in my hard-on-myself opinion i don't feel like i did nail it, but i did do my best with what i had at that moment. >> we don't force them to do anything they don't want to do. >> i'm just glad i got through it. >> not like 24/7 at all. >>> breaking news. jon gosselin just filing a complaint in court against former wife and "danci

missed the giant al al al al alan stanceford scheme. the s.e.c.ued alan stanceford and his companies in 2009 alleging a ponzi scheme. how did they get away with it so long? the snopor general says it was due to institutional influences within, that there was a predilection toward the slam dunk case. in addition, the report says the s.e.c. regional enforcement official left the commission and sought to represent alan stanford three times, and at one point actually did represent hipped. marianne shapiro has come out with a statement that says much has changed at the s.e.c., detailing the many efforts since this new administration has taken over. mary shahho had this report in hand at least since april 1st. why was it released the afternoon of the goldman sachs filing? you draw your own conclusions, but clearly the s.e.c. is also dealing with its own reputational issues. >> interesting question when it comes down to the role of politics of the situation which may be everything, but certainly are not nothing. so how widespread is the issue of what gol

>> that's personal, thank you. >> joining us now is alan bastable. if he's coming up the 18th fairway on sunday, possibly going to win this thing, there's going to be a lot of folks in this country that are going to forget about what the heck tiger has been through. they want to see him play great golf. >> yeah, you know, i don't think they're ready to forget quite yet but you're right a win here this week would go a long way to sort of, you know, heal the wounds. it's funny. i asked jim nance that question a few weeks ago, if tiger's coming up 18 on sunday with the lead how do you call that? he was sort of at a loss of words. it is going to be a momentous moment for a lot of reasons if he's even in the mix. elin isn't going to be here this week. is that going to be awkward when he walks up the green and has no family to embrace? if it came down to the wire and tiger was in the mix it would make for some great drama. >> i would think that the players want tiger back. the tv ratings are going to go through the roof. he means everything to the game. he

and i can -- you know, this idea comes from alan greenspan. in 1984, before he was fed chairman, he was on an economist panel after the continental illinois rescue, and he said that banks should hold against losses depending on the type of liabilities that they have. >> do any of the regulators currently have the power to implement the kinds of solutions that you're advocating? >> well, in the '80s paul volcker had the power and the convincing clout to convince the feds to put the old borrowing limits on the junk markets. in the '90s alan greenspan had so much clout in congress that they took his word for whether unregulated derivatives needed to be regulated or not. so in effect, the fed has been a systemic risk regulator for two decades. where they had the discretion sometimes they used it properly and sometimes they didn't. where they didn't, they had plenty of gravitas to go to congress and ask for it. so it's not a matter of not enough power. it's a matter of failing to recognize that we need these consistent rules. [inaudible] >> i'm ken

alan greenspan...ust in the last two days you've heard from robert rubin, alan greenspan, we all probably remember that "time" magazine cover of the committee to save the world. that's two-thirds of the committee. you're suggesting now what? >> we were created by congress to do the very thing that congress has a difficult time doing, and that is pull together as best we're able to facts that the american people would like to have to understand first of all what happened. this isn't a commission to come up with solutions to assist congress in the policies so that it doesn't happen again but as you know if you don't know the past you may, in fact, be required to repeat the past. no one wants to repeat the past and it starts with knowledge and understanding of what happened. >> brown: well, tell us more about... i'm sorry. go ahead. >> as to your question, i don't believe there's the kind of examination that is required. i mean, there is... this has been a disaster for the country. and, by the way, the cr

just last week alan greenspan came out with a paper on the crisis called, the crisis, and he said in the paper in the aftermath of an actual crisis we will find highly competent examiners failing to have spotted madoff and he goes on to say that that's why we still have little choice but to rely upon a counterparty surveillance as their first line of crisis defense meaning for the free markets. helpless dissect this, where the examiners at the sec confidence? was this simply an honest case of too much work to do and not able to ferret out every from sir? and should the free market be the first line of defense? if so, how can the sec help them and if not what should be the first line of defense? .. and put competent people in there, nothing really will change because those people can enforce the old rules that we had. now you want to give the more complex rules and give the broader responsibility. how are they going to achieve that? >> host: we better figure that out before they have the responsibility of looking out for an entire financial system and lot and that's exactly what senat

alan greenspan had no interest in regulating derivatives. he was a hard hurdle to get beyond in the debate. host: louise story, an answer to my question of any one person that you would like to interview? guest: yes, i would like to know how much money goldman sachs made from the mortgages, negative betts. they have spoken about the money that they have lost. in 2008, they took a $1.7 billion writedown on their mortgage investments and pointed to this as evidence that they did not number the housing market was going. but i know many people that worked there who say that they also put that on the other side which made them profitable. of love to see their books to see how they'rir bets lay out or a multi-tier period. host: kara scannell? guest: i would like to speak to a group at the sec and know what they were doing and tied the board room with lehman brothers. they give us some and you into not being able to press firms into doing more. i would like to know what they knew about and what they fell about what they could and could not do. host

alan colmes is host of the alan colmes show on fox news radio. the criticism is, you come out and say, goldman sachs, they are the devil. we have the sec cracking down, then you have an afeel people saying please donate to my coffers. >> oh obama and only democrats took this money and now they are going to crack down on the people they took money from and that's bad. as if wouldn't it be the other way around? if they took the money and didn't crack down on them then it's pay for play. megyn: the problem piece are raising is we saw at sec file this lawsuit against goldman sachs alleging fraud. some came out and said the timing was political. they could have brought it any time, and they did it now to provide support for the mid-term elections. and sure enough right after we see that allegation we see the white house trying to raise money off the sec charges. >> you are an attorney. defense attorney. have you ever -- is there any proof there is collusion between the white house and sec? anything that proves that? so obviously the sec is running ind

tonight we have ken aulette, michael enand alan risbridger coming up. >> rose: funding for charlie rose has been funded by: captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: technology has transformed the way we communicate and the way we consume. to listen to music there's itunes. to watch video there's youtube. to stay if touch with people there's facebook. to read books, there's the kindle. now there's also the ipad which went on sale this month. >> amazon has done a great job of pioneering this functionality with their kindle. and we're going to stand on their shoulders and go a bit further. so this is what a kindle looks like, i'm sure many of you have used one. this is reading a book on the new ipad. it's really nice and our new app is called ibooks. now ibooks has a book shelf, looks like this where you have all your books, if you want to read one, you just saw what it looks like, terrific. you can go into portrait and see both pages if you would like. and in addition to having your book shelf and being able to read book

this last week alan greenspan came out a peep from the crisis called the crisis.nd he said in the paper, in the aftermath of an actual crisis, will find highly competent examiners sailing who have spotted a madoff. he goes on to say that's why we still have little choice but to rely upon counterparty surveillance as their first line of crisis defense, meaning for the free markets. you know, were these examiners at the sec combatant? was this simply an honest case of having too much work to do, not been able to figure out every five. and should free markets be the first line of defense. if so, how can the sec help them? if not, what should be the first line of defense? >> guest: you don't want the counterparty sniffers on defense. we've proven that didn't work too in the crisis. all those checks and balances failed. i would challenge the assumption that the sec investigators are confident because in fact they were not. they're an combatant, not trained. and they didn't understand finance format good and so, they should not have their job. and neither should the ban

>> thank you, alan, for asking this question. i think it's an absolutely vital question. i think it's so unfair that today you can have people who have worked hard all their lives, they've saved, they've paid down the mortgage, they've done all the right things, and yet if they go into residential care, they have to spend every penny of that money. and maybe the neighbor who didn't work hard, didn't save, and went about things in a different way, they get the whole thing paid for for free. i think that's just not fair. so we have -- as we know, there is a huge budget deficit, a great big hole left by gordon brown, so we can't make all care free, i don't think we can afford that. what we can do is say to people, if you put aside 8,000 pounds on turning 65, we can guarantee that you won't have to pay for residential care. that would remove the need to sell your home to pay for care. it would mean you could pass your home on to your children rather than have to pay for your care bills. it doesn't solve the whole problem, but i think it'd be a good start, a fair start, in rew

dale bumpers, alan simpson, bill bradley, paul simon among others.bob dole was a part of that group resigned in somewhat different circumstances. and i think that you can look back on this they had pretty good lives after the senate. simpson back on the stage in his late seventies for the deficit commission. and there's a fine irony here. if you go back to the careers in the 50's they were framed by these norms that erich talked about. and the notion of the intercom all of its revolving around reciprocity in one form or another, trading apprentice should now for influence leader. being able to hussein willing to work hard so you would have the -- you would see the fruits of that labour. i was trying to think about if you could be a maverick today the way paul douglas or william proxmire was in the 1950's what would be a maverick if you don't have a very strong norms, how can you differ from the norms. and in many ways the senate -- we will talk about more until tomorrow -- but the one that alvan sets off as a highly polarized partisan center and the

alan greenspan talked about it for years.e are economists in the clinton administration who talked about it. but the political reality was there wasn't political support for it. so i think looking ahead, the idea we're going to prevent these things in the future is a little too optimistic. >> greg, it's mark olson. good to see you. >> hi, mark. nice to see you. >> you mentioned fannie and freddie. they're pretty obvious. would you have guessed bear stearns would have been too big to fail? i think my point is that there's another dynamic here and another metric. and that's the tolerance for volatility. we don't seem to have in our system a great deal of tolerance for volatility. therefore, we will go in and we will rescue increasingly smaller, i think, companies. and i think that's -- and it's very difficult to predict when the next one will come about. >> i think that's exactly right. one of the fears about expanding the government's regulatory role is people will start viewing all of the institutions to big to fail once the

you have alan simpson and erskine were here, what advice would you give them? >> there is an important reason with a commissioned work and others don't. if you have a commission which starts off and deliberate right point and gives it to congress, you get immediate reaction from the congress about all things. when you explain it to them, it doesn't make sense but they take a position. what has evolved is that we recognize this is a controversial issue and unless we have a bipartisan agreement, it would not work. what happened was bob ball who was an important analyst and social security commissioner many years ago -- he was tip o'neill's man on the commission. k)ñi was president reagan and jm baker's man on the commission. the two of us worked together exceptionally well. we kept our superiors fully informed as to what was going on. as the commission made progress and was coming to agreement, we brought the key political people involved to make certain that we could get support. at the end of the day, we can together with dissenting votes. bob ball and didecide