. >> he joined barclays capital in to us and for after 15 years at citigroup, where he was the managing director. he has held his current position for 70 years. prior to forming -- he has worked extensively looking and loan portfolios for loan institutions. developing pricing models for loans, and analyzing the prepayment risk in mortgage- backed products. thanks. andrew davidson is the president of his new york firm, specializing in developing analytical tools for the mortgage-backed securities market. he has written extensively on mortgage-backed securities, violation, and hedging. he worked at merrill lynch, where he was a managing director and systems analysts. we begin with mr. hamilton. your written testimony has been a part of the record. phil free to summarize and make points. >> good morning -- feel free to summarize and make points. >> good morning. i am responsible for securitized products business. housing is a critical component of our economy. it is at the center of a virtuous circle. the u.s. mortgage market is enormous. the home mortgage market is equal in size to the to

first is the star thomas sampson, he is managing director of barclays capital. mr. hamilton heads securitized products and trading at barclays including residential and commercial mortgage-backed securities as was other asset-backed securities. he joined barclays capital in 2004 after 15 years at citigroup were using managing director. mr. hamilton is currently chairman of the securitized products division and has held that position for seven years. paul van valkenburg is a principal at mortgage industry advisory corporation, miac, and rising investment advisors which he helped to form. prior to forming miac he worked in market research with major wall street firms including goldman sachs and company and others. he has worked extensively value and loan portfolios for the lending institutions, actively restructuring the asset liability composition, developing pricing models, and stripped mortgage-backed securities, and analyze the prepayment risk in mortgage-backed structured products. selections of his research have been published in handbook of mortgage-backed secur

an economist at barclays capital has warned that the debt deal that carper struck earlier this week could reduce economic growth by 1/10 of 1% in the firsyear alone. he said when the economy is only growing 1.5%, many economists feel this is not the right time to be fighting fiscal restraint. similarly, a chief global economt at deutsche bank advisers asks," why would you wa to read -- impose restraints on an economic recoveryhat is already fragile?" you remove spending power from the economy at a time when it needed. there is likely -- that is likely to make the economy weaker and in turn the budget gets weaker because tax revenues are going slow. the recent nosedive in the dow suggests that others may agree with this assessment. investors like all amerans are worried that congress is unable or unwilling to address the most important issue facing this nation -- the need to create jobs, jobs, jobs. some of the terrible consequences of our failure to focus on restoring economic growth are made clear in the results of a recent pew research center analysis which fou that the wealth gap betwe

he joined barclays capital at 15 years at citygroup. he is the chairman of the securityized products division and has held that position for seven years. paul is a principal at miac, an investment advisor. prior to forming miac he worked on wall street with goldman sachs and he has worked extensively valuing loan portfolios and restructuring asset composition and pricing models for home loans and analyzing the prepayment risk. selections of his research have been published in the handbook of mortgage-backed securities. and andrew davidson, president of a new york firm specializing in the development and application of analytical tools for the market that serves over 150 financial institutions and written extensively on mortgage-backed securities and hedging. prior to the founding of his company in 1992, he worked at merrill lynch in charge of 50 securities and systems analysts. we will begin with mr. hamilton. your written testimony has been made part of the record and feel free to summarize and make points. mr. hamilton. >> good mornin

thomas hamilton, managing director of barclays capital. he securitized products trading at barclays including residential and commercial mortgage-backed securities and other asset backed securities. he joined barkleys capital in 2004 after 15 years at citigroup where he was managing director. he securitized the product division and held that position for seven years. paul van valkenburg with mortgage advisory corp. registered investment adviser which he helped perform prior to m i ac he worked in research with major wall street firms including goldman sachs and co.. he has worked on loan portfolios for that institutions actively restructuring their asset liability composition developing pricing models for whole loans and mortgage-backed securities and analyze prepayment risk in mortgage-backed structured product. selections were published in the handbook of mortgage-backed securities and interest-rate risk model theory and practice. andrew davidson is president of andrew davidson and company. new york firm specializing in development and a

an economist at barclays capital has warned that the debt deal that carper struck earlier this week coulde economic growth by 1/10 of 1% in the first year alone. he said when the economy is only growing 1.5%, many economists feel this is not the right time to be fighting fiscal restraint. similarly, a chief global economist at deutsche bank advisers asks," why would you want to read -- impose restraints on an economic recovery that is already fragile?" you remove spending power from the economy at a time when it needed. there is likely -- that is likely to make the economy weaker and in turn the budget gets weaker because tax revenues are going slow. the recent nosedive in the dow suggests that others may agree with this assessment. investors like all americans are worried that congress is unable or unwilling to address the most important issue facing this nation -- the need to create jobs, jobs, jobs. some of the terrible consequences of our failure to focus on restoring economic growth are made clear in the results of a recent pew research center analysis which found that the wealth gap

capital. in our case, for example, if you compare barclay's today to pre the crisis in mid 2007, the end of 2007, our core exbyty was at 7%. our leverage was at 20 times. 30%. we have 1 billion pounds every day. >> what about the zone in the european economy? what's worse off right now? >>>'s correct to be concerned about the u.s. economy for a lot of issues that have been talked about, and the economy has probably been slow in the first half than most people expected. we look at the second half of the year. there's good news, as well. interest rates have been lower than expected. we had oil off about 10%. we've had a faster recovery in japan after the earthquake and the tsunami and we're looking at 2% of growth in the second half in the u.s. >> thanks to bob diamond. >>> up next on "the wall street journal report," starbucks ceo howard shurlchultz to boycott political donations. can he teach washington about fiscal responsibility? >>> and later, it's time for shopping. back to school shopping. how to find the best prices. take a look at how the stock market ened the week. howard schultz to boyc

buy from a dive or capital markets recommend steering clear of companies exposed to the global economy. that's helping the markets today we've got for example here in london barclays is one of the top prizes in the dice so we are seeing strength in banks but it is like history repeat we apologize for that technical issue that was not the bias but now obviously let's move to the markets in the u.s. the markets make stuff to strong recovery on thursday as the data shows consumer confidence has fall sharply there for the dow jones is up point two percent nasdaq down a crucial percent. european markets did fall immediately after the opening but have since been climbing they've lost a bit of their steam in the past hour the latest french economic growth figures are a cause for concern as they show the euro zone second biggest economy was stagnant in the second quarter footsies up two percent dax two point six percent. analysts take a look now what's happening in russia fifteen minutes before the close the still looking positive the r.t.s. is up two point three percent so really below that threshold of sixteen hundred points myself one and a half percent now what's movi

were actually pro-capitalism they would set up a ghetto investment bank and put these kids to work raping employing the global economy but that won't happen because h.s.b.c. barclays loans u.k. banks that were bailed out by the federal government bailed out by the people don't want competition so here you have the leader of the free world george w. bush at the time apologizing and providing an excuse for the bankers he's saying they were drunk now here's what happened to a loser in brixton brixton looters jailed for six months so my back a bell twenty three took several i pod touches an i pod nano devices from a currys in brixton when interviewed by police bell said she had been drinking heavily and followed a group of boys into currys she took items from the floor of the store now she's been sentenced to six months in prison but the population is begging for more they want her puppy. longer drunkenness is not an excuse and this twenty three year old girl's case no it's not an excuse for some schmuck on the ground and if you go to the city of london on a friday night you'll see investment bankers in suits and ties deprecating i met there they go to good for that n