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

every day the german banks been shown that they really aren't as capitalized 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

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 bankregulatory 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 you recommend to students on how to reconcile the differences leadi

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 recommend to students on how to reconcile the differences leading