during the basel bank 3 process -- basel iii process, we were seeing each other a lot. he's attending the fsoc meetings. i have a lot of respect for ben. he has been one of the heroes throughout this crisis and one of the more thoughtful people that we have a around the table. -- have around the table. >> tom. >> um, i want to ask you about something that happens every weekend. go into banks and close them and sell off the assets. how basically a process is this -- how painful a process is this for the communities? and how far through this difficult time are we? there's 130 or so banks closed in this way? >> that's a good question. it's never a happy thing for a bank to be closed. like foreclosure, it's a necessary thing when banks are no longer viable. it doesn't do anyone any good. and we learn through the s&l process. you can keep trying to prop them up and serve regulatory forbearance, but it cost you more long -- in the long-term. -- it costs you more in the long-term. they become no longer viable. it needs to happen. almost all the resolutions are what we call who

their home games against swiss teams their last victory coming less than twelve months ago against basel in the europa league and they will take the same outfit basel at the study only because on cheese tonight. all ten is now where they cram in cup has stepped off of the piece carrying the here in moscow with the highest seeds do you just style their campaigns later in the week rushes to the women's joys and as they see it will be a champ of a ranked fourth while you get the young pitcher currently world number seven is the top seed in the million dollar event the seven has already booked have place at the year ending tournaments but she is still looking to challenge at where she triumphed a few years ago and with several players having pulled out the pull of the world's best a. to finish the season on a high note in moscow. to. come first of all because i like playing the. second. time to play some matches and prepare myself some confidence before. all into the men's game where andy. is title in shanghai schools recording a dazzling win over roger federer in sunday's final this was did

in the europa league and they will take the same outfit basel at the study only because on choose to night. alter tennis now where they cram in cup has stepped off of the piece carried out here in moscow with the highest seeds do you just saw their campaigns later in the week russia's top the women's joys and as they see a champ of a ranked fourth while you get the young pitcher currently world number seven is the top seed in the million dollar event the serve has already booked have place as the year ending tournaments in doha but she is still looking to challenge at where she triumphed a few years ago and with several players having pulled out the former world's best is set to finish the season on a high note in moscow. but it is supposed to include her first of all because we were playing this to. two years ago and second the ruler thing it's time to play some matches and prepare myself. for a group to do. well into the men's game where randy. moss is title in shanghai schools recording a dazzling win over roger federer in sunday's final this was did stay in the match but his atte

two games they've got the romanian side cluing for companies tonight's andrew mohl will aim to keep basel and zero points in the same group finally also to or haven't dropped a single point on the route to round three and now face each other while parties on versus braga arounds out maj day three all those matches have just started across europe. meanwhile speculations continue around wayne rooney's possible move away from interesting united and strikers future. with the devil's appears to be in doubt a reported breakdown in relations with manager alex ferguson in the british press has reported that united's rivals much to say tait already to come in with a no fault for rooney while all the possible destinations could be chelsea barcelona and real madrid ronnie trained with many and i did earlier today but it's was carried off in a stretcher after suffering an ankle injury off the was ferguson offered his take on the situation. feel that we still have to open to keep the door open for him simply because he's such a good player. and. we have done nothing but help them to come to school. th

after two games they've got a romanian side kloof accompanied tonight's while roma will aim to keep basel and zero points in the same group finally arsenal and shot or haven't dropped a single point on route to round three and now face each other and parties on vs braga rounds out the three. meanwhile speculations continue around wayne rooney's possible move away from a. still united the story goes future with the devil's appears to be in doubt after a reported breakdown in relations with luggage at all expired some of the british press has reported that united's arrivals approach to safety are ready to come in with an offer for rooney while all the possible destinations are chelsea barcelona and real madrid ronny trains with money united earlier today but was carried off in a stretch off to suffering an ankle injury off that was on its ferguson offered his take on the situation. feel that we still have to open to keep the door open for him simply because he's such a good player. and. we have done nothing but come to school. that's another mystery for us. i don't know in terms of felt and

to claim their points in group perfect also three games while basel of. roma away from home finally also in the fresh. group h. web braga along the basement battle against autism. and staying with a group of twenty four men will select which they show as host the twenty eighteen and twenty eight twenty two world cups but allegations in the sunday times of selling by to a fee for officials have overshadowed the build up to that schedule decision on december second no money changed hands. enough to ignite a storm of controversy over the organization nigerian almost adama was filmed telling reporters in london that he wanted eight hundred thousand dollars to build for artificial soccer fields well. tomorrow he was also a fee for vice president and the president all the o'shane a regional call federation wanted to point three million to follow a new zealand people has provisionally suspended both of them while the investigation continues. to boxing now and shannon briggs talked to the media on wednesday quelling rumors regarding the stand all of the injuries

as well as everybody would like them to be so with new restrictions coming out of what's called the basel committee they're in trouble so we could see sort of these variables here have other economies you know that are on their way up that are also it's now starting to counter i guess the u.s. power and influence around the country but i. have to wait and see what next prediction comes anthony thank you so much for being here all right still ahead did you hear the taliban is in negotiations with the afghan government to end the fighting have we been hearing this exact same headline for years now i'll give you that story when we come back and are the military and the media becoming a little bit too cozy i'm going to pose that question to tom engelhardt editor of time dispatch and co-founder of the american empire project when we come back. every month we give you the future we help you understand how to get there and want to know. the best in science and technology from across russia and around the world . join us technology update on our g. i should be trying to. remove it. from some stup

it will be a part of basel iv, and i myself will attend.he conclusion of article iv, and major player, to show the interest we have in it and to make it consistent. from this point of view, along with the debt study we will make in that study, how to manage in the short term the problems created -- interesting step forward have been made on this question, question of the international monetary system. the other question is the one that the chairman addressed, which is a mandate on the governor's. makes many headlines. we are still not there. but we are not too far. on the quota question and the chair question. one is the size of the increase, second, the shift, third, question of the board, four, minister engagement in imsc, 5, selection of the managing director. on all this, i think an agreement will be found on the coming weeks, maybe days. not done because there is still diverging views. we already have a changing quoted in 2008 and one week before we completed the review, still diverging this time. i think we are on the right track. >>

i know we don't like them, they're c.e.o.s or hedge fund managers or basell players, whoever they are, but these are people who are basically able to use technology and a global marketplace to leverage their talent. and it'sot the same people every year. it's true that in the top one tenth of 1%, there's alot of hedge fund manager but it's not the same every year. so i think you want to be careful about saying that this is a about vernment policy. it isn't all about government policy. >> it's not all about government policy but we should be clear. in the top one tenth of 1% that steve was talking about, only 3% according to the tax records, are people i sports srs, media cebrities, professiol athletes of that sort. 60are executives. abt 20% are financia execives and i tnk it just... it really strains crelity to think that these people have gotn... are doing so much better tha our similarly situated people other countries or silarly situed people in theast that that's independent of vernnt. have go examplef this. ndy aisle with w,f course, was quoted... he was quoted in th"new york tim

that comes out of most of the academy's and basel and other places. issue i have with that is that there is never enough capital if there is a crisis. >> it is clear that is the reason why we have to play on both sides. it is painful the resilience of the system. at the same time, it prepares us for possible events which will be unfortunate i would like to commend under previous question. how do you combine the monetary policy and responsibility? in our case, i would say that the two responsibilities are not confused. we have the [unintelligible] and it is very clear. i have to confirm to the european parliament that we would continue to have the same kind of accountability before the population. on the other hand, together with we will have the board set up as a lesson which has a very responsibility. we need to practice early- warning recommendations and that would be the responsibility of the body which is very close to the central banks. it does not identify itself to because youbank's would have governors of the ecp, the 27 governors and you have

i just came back two weeks ago from basel switzerland which is where many of the largest countries gettogether to talk about coordinating and making consistent our bank regulatory standards. so the international part of this is very big. it is going going to take a while for us to not only get a good system in the u.s. but to make sure it is consistent and coherent with the financial regulatory systems of other countries so there are a lot of challenges ahead. we are not home free by any means but i do think this legislation which is, as i said, by far the most sweeping since the 1930s will give us a fighting chance to set up a system that will prevent what happened in 2008 and 2009 from happening again. >> thank you and now let's go to cleveland. >> i am phil peters. i take-- teach economics. i am here at cleveland with 100 of my fellow teachers and there are classes we encourage our students to follow the current economic events and their students read diversions and politicized new stories. chairman bernanke does the federal open market committee hold divergent views and what would

i believe the7% level that cannot frm the basel framework is what we need to rebuild confidence of thesame time not to stifle growth. other areas of reform should help avoid a recurrence of the core issues and economic crisis. for example, the new consumer bureau to prevent the sub-par lynndie if it's done right. the risk oversight council of all the regulators meeting together not to help translate risk throughout the financial sector whether they see one and transfer to other places to avoid repeating mistakes in the company's. the provions regarding derivatives exchanges for derivatives provide a great transparency, would counter the risk and preserve the ability for us to help our climate at the same time. it is a lot of work to help sure we get this right. so we have the economy, regulary reform and the last point i would like to talk about its large financial institutions we needed regulatory reform, but the question i often get asked is we need to rethink the kind of financial institutions we want to have or have in our system. there's a lot of commentary in the the question wit

we welcome the basel iii reforms.keeping coordinated with the regulatory reforms so that they keep up with the policy and structural reforms in the economy. low-income countries have recovered, some reasonably well. nevertheless, poverty rates are still a concern among the membership. we're making sure that the instruments that we have established within the imf are able to help these countries when they need assistance. we have gone extensively into the reforms of the institution, of the imf, the reforms regarding orders -- " does, governance, the size of the executive board, and there has been significant progress on a number of these elements. all of the parties involved are converging toward a package that we think will move the institution to a new place, make it more adaptable and more able to deal with problems now that have become multilateral in most of their features and have become very prescient. we have also look at what is happening in the world economy. there are structural changes that need to be imple

i just came back two weeks ago from basel switzerland which is where many of the largest countries get together to talk about coordinating and making consistent our bank regulatory standards. so the international part of this is very big. it is going going to take a while for us to not only get a good system in the u.s. but to make sure it is consistent and coherent with the finanal regulatory systems of other countries so there are a lot of challenges ahead. we are not home free by any means but i do think this legislation which is, as i said, by far the most sweeping since the 1930s will give us a fighting chance to set ua system that will prevent what happened in 2008 and 2009 from happening again. >> thank you and now let's go to cleveland. >> i am phil peters. i take-- teach economics. i am here at cleveland with 100 of my fellow teachers and there are classes we encourage our students to follow the current economic events and their students read diversions and politicized new stories. chairman bernanke does the federal open market committee hold divergent views and what would you