. -- alan schwartz.dvancing flight for future generations. ♪ welcome to a new era of flight. sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh - super excited to open up my diploma from southern new hampshire university. - i'm nervous. i'm excited. (paper ripping) - [speaker off camera] okay, let's see it. let's see it. - oh my gosh! - jesus g suarez. i did it and it's here. - [speaker off camera] yeah! ♪ - [narrator] next term starts soon. visit snhu.edu. romaine: that the milken institute global conference. the severity of the banking conference is nowhere close to the stress in 2008 but some are looking for parallels when we talk about the bear stearns collapse in 2000 eight and the subsequent and more systemic failures of lehman brothers later that year. alan shorts was the last ceo of bear stearns

joining us alan schwartz, guggenheim, former bair stern ceo. it's grat to have you. >> thanks for having me. >> regarding the debt ceiling, there's so much discussion around the timing of a default, but you point out that a downgrade may be even easier to get in the short term. >> i think that's right. i mean, we have to worry about a default primarily because if it -- that secretary yellen is saying we have until june 1st, if you look through what kind of processes are required to actually have this resolved by june 1st, there's a lot that has to happen. you know, though can really think they're going to get something done and procedurally given time gaps of how long it takes to agree on something and then write it up and and then have three days on the floor, we don't have much time we better get this done real quick if june 1st is really the date, number one number two, the second thing you mentioned is in 2011 everybody knows s&p decided to downgrade u.s. treasuries based on the uncertainty that was being created in the process but that was

and there is no better lineup than the one we have got for you over the next 59 1/2 minutes alan schwartz

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