baxter if i can. mr. baxter if i can. of saving, in effect, wachovia or at least making it to a deal with what we were told was the quiddity details was not used, not actually available or not a fact or in the wachovia case. everyone seems to have been looking for another bank. i would only be true to me if wachovia was in fact insolvent. it was simply a liquid, then the discount window was pposed to be the cure. mr. baxter, can you fill us in a little bit on that and that will turn to the lehman case. >> commissioner wallison, i cannot speak to wachovia which not located in the federal reserve districts, b another federal reserve test it, so not familiar with the facts associate with that. i know mr. alvarez was here earlier. >> i was one of the questions i didn't get to with mr. alvarez. >> some of the general philosophy which back to the discount window, you're quite correct, then under section 10 of the federal reser act, the discount window is nrmallyused for handling the quiddity problems and depository institutions

baxter black joins us from his next week, baxter branding cattle is a tradition. baxter black joins us to explain more on this. >> springtime, wild flowers are blooming long you johns are coming off and it's branding time. cows and calfs have been sorted and branding pots are set up brands are heating and vaccine guns are loaded and ear tags are lined up. wait. technology has reared it's sleek automatic finger fashioning head into a tilt table calf shoot. when your your neighbor ands you to come and help brand,s ask which way he is doing it. you appreciate that it is easier to calfs and the help and it takes less time and labor but it's so mechanical. so speed locked so farmerrerrish. it's like work. branding calfs is not supposed to be work. it's supposed to be like christmas, the 4th of july. going to the national finals rodeo, not like unloading a salt block. you wear your chaps and spurs not your cover alls and steel toed work boots. you worry about missing your finger. a jab with a hot shot or a professional injection does not have the same yeehaw as a double

here to perform "our little cret," please welcome sean hayes as chuck baxter and tony goldwyn as baxter's >> tonight, sir? a fun evening. >> no, baxter. tonit is going to be our little secret. >> oh, of course. you didn't even have to say that. >> you know how people talk. >> you don't have to remind me. >> not that there's anything wrong. this happens to be a nice girl. >> listen, you didn't have to tell me. besides, it'sone of my buness. i mean, after all, four apples, five apples, what's the differenc >> that's where you're wrong, baxter. from now on, there is only room for one apple in e basket. right? >> right. ♪ ♪ all the other apples are spoiled and they're rotten ♪ ♪ out of the basket they'll go ♪ ♪ your loyalty is something that won't be forgotten and there's one thing ♪ ♪ i promise you i can keep secrets too ♪ ♪ it's our little secret little secret little cret ♪ ♪ i'm gonna buy me a hat and keep our secr under that ♪ ♪ it's our little secret little secret little secret ♪ ♪ i'll even stop counting sheep to prove i don't talk when i sleep ♪ ♪ we've got a little plot that we can te

baxter? >> members of the commission, thank you for the opportunity to speak about the events that brought lehman brothers to bankruptcy. the events that occurred during 2008 when our nation was in the midst of the worst financial crisis it has experienced since the great depression. i would like to start with the question i am often asked about lehman. why did you allow lehman to fail? it is understandable, but it contains a false premise. the federal reserve did not allow lehman brothers to fail. instead, the federal reserve, the treasury department, the s.e.c. and others tried to avoid this systemic consequences we have seen. in my written testimony, i discuss in greater detail the federal reserve actions. but now, given time limitations, i will focus on two matters. we needed a suitable merger partner for lehman. second, we needed that merger partner to provide a guarantee similar to the one that j.p. morgan chase provided in its acquisition of bear stearns. they agree to backstop nieman'

baxter black has, he joins us now with the story. >>> when the crew came toward the cookout, hazel shut and locked the door. don't you even think about it. looks like youall have been in a war. hazel was not that far off track, they had been working there pasture cattle and those critters could fight back. all of the grass they were eating lubricated their insides and they were loose and when squeezed in a corner they could aim their guns at will and bombard that crew of cowboys with recycled chlorophyll. it is only grass and water but i'm here to tell you their performance on that day was a duck and run olympics, a projectile superbowl, a team of touch boys couldn't find the hole. willie got hit when caught a big one by surprise with one long blast turned him into split pea soup with eyes. big sam looked like a seaweed when his beard took several shots and pedro's hat got covered. broadside covered from range went down the shirt, matched him squirt for squirt and dripping off of their clothes and in their eyes and ears and probably up their nose and not a cowboy went untainted and not

pillar from the newspaper, david from uncle vito's pizza, maggie baxter from abc channel 7. i must turn the page. deputy chief antonio para, san francisco police department, lynn bruney, director of consumer marketting for the san francisco convention and visitors bureau and wes tyler, general manager, chancellor hotel on union square and president of the union square association. let's hear it for all those judges, ladies and gentlemen. now, these judges have a very, very difficult job. they have to rate the competitors. each bell ringer will be judged on rhythm, originality, and style. today we're going to find out who has the it factor and before the amateur competition stuff starts, i'd like to bring up a former bell-ringing champion, mr. carl payne, ladies and gentlemen. not one, not two, not three, 10-time bell-ringing champion. the only bell-ringing champion who is even close to this would be mr. byron cobb, who has five wins. and buddy, my second husband, what's the secret to winning? >> stay on god's good side. >> ah, that sounds good. now what we're going to do is

baxter correct? could the fed board have adopted a resolution that will take any good assets and monetize them? provide the liquidity so that lehman can continue to meet withdrawals or the run that people are referring to? so lehman brothers had a holding company and a rubber deal. i'm talking about only the holding company. >> for everyone's information, the appropriate dealer was eligible to bar from the primary dealers facility and was allowed to do so so the question was should we create a new lending provisions to allow loans to folding company? >> yes. >> we were able to do so so long as we had sufficient collateral and we were prepared to do that. i was ready to call the board together to do that if that was going to be helpful. when i was informed by those working on lehman's finances, it was far too literal collateral available to come to the window to get enough cash to meet what would be the immediate liquidity runs on the company. if we were to land, what would happen would be a continual

baxter correct? could the fed board have adopted a resolution that will take any good assets and monetize them? provide the liquidity so that lehman can continue to meet withdrawals or the run that people are referring to? so lehman brothers had a holding company and a rubber deal. i'm talking about only the holding company. >> for everyone's information, the appropriate dealer was eligible to bar from the primary dealers facility and was allowed to do so so the question was should we create a new lending provisions to allow loans to folding company? >> yes. >> we were able to do so so long as we had sufficient collateral and we were prepared to do that. i was ready to call the board together to do that if that was going to be helpful. when i was informed by those working on lehman's finances, it was far too literal collateral available to come to the window to get enough cash to meet what would be the immediate liquidity runs on the company. if we were to land, what would happen would be a continual

baxter from the federal reserve bank of new york.you stated on many occasions that the failure of lehman had consequences. in the role as commissioner doing our level best to understand the history of this crisis, we're trying to -- at least i am, trying to unfurl the set of decisions, the why's, the wherefores. when you first testified to congress after the failure of leave man, you had essentially said in your testimony and i'm shortening this up that lehman was not rescued, essentially because the market, the participants had had time to prepare in the wake of market developments. and i say this as i said yesterday, it seems to me that the decision to allow lehman to nail was pa conscious policy decision, and -- to fail was a conscious policy decision and not implying people said let them just go down, but like any other policymakers, you were weighing a whole set of factors. now, since early on, it seems as though the fed and other officials have indicated that it was solely due to a lack of legal authority, the inability to make

gary is baxter will talk to gary. a live look from mt. tam, lots of sunshine. we will your back.ry brown was mayor of oakland, but what were the results? fact: brown promised to improve schools. but the drop out rate increased 50%, and the state had to take over the schools. fact: the city controller found employees paid for 22,000 hours... they never worked. fact: brown promised to cut crime. but murders doubled, making oakland the 4th most dangerous city in america. jerry brown. he just can't deliver the results california needs now. %y he just can't deliver the results baccalaureate. correct. [ audience groans ] since this competition has been continuing for 48 hours and we have yet to eliminate anyone, it is the decision of this board to declare all 20 contestants winners. you have all competed admirably. admirably. a-d-m-i-r-a-b-l-y. admirably. [ male announcer ] at&t is making high speed internet affordable for only $14.95 a month with select services. at&t. rethink possible. time ran out to talk to gary j. we're not the only ones in the heat wave is hot at the u.s. open. w

sending dean baxter up there on the steady cam. doing a great job. it's certainly not looking like this. this is what it looked like last night when that radar, storms came through, just blew up as they cross the delaware river. boy, check out the damage from the new york city area from brooklyn especially. parts of long island including queens and some damage, also, in parts of jersey. trees down. power lines down. a fatality of a tree landing on a woman's car and a fatality in ohio with a tornado that ip ar d ripped through that. athens, ohio. turbulent weather yesterday. today looks to be more tranquil. this is a strong cyclone for this time of year. the sun is strong, as well. you have the heating of the day in jersey and new york and that helped antagonize things a little bit. severe threat in the plains today in advance of the next cool front and actually downright cold and seeing some snow at the higher elevations of the interior west there and folks in the western great lakes will be seeing temperatures that will feel a little bit more like f