bb and t had been audited the previous week, passed with flying colors, and then one evening, bb and t's regulator met with john alison and said you really need to sign this contract. he said, i don't need to sign it. my bank is absolutely bullet proof. you just add ited us -- audited us. the regulator said, oh, this was last week. we changed the capital requirements. okay, what are they? maybe we passed the new capital requirements. well, we don't know, but we know you didn't pass. please sign this. what's john alison to do? a terrible position to be in. absolutely morally opposed to signing the contract, but if he doesn't sign that, the government destroys the bank, so he signed it. he is now the former chairman and ceo of bb and t. he is john galt. he walked away. he retired. when john galt left the economic world, he became an agent for the morality of capitalism, and that's what john alison is doing through the bb and t foundation. he is endowing programs at dozens of universities throughout bb and t's footprint in the south to teach the morality of capitalism where assigned read

. >> former bb and t chairman spoke about the financial crisis. this is hosted by the harvard law school to party. this is an hour and 40 minutes. >> good afternoon. i'm the coach president of the harvard law school to party. on behalf of my fellow co- president, i am proud to introduce today's speaker to my fellow students and members of the community at large. hings we constantly discuss and debate in law school is the virtue of free markets. and the ability of each person to engage in rational trade with this fellow citizens to generate a value. most of our professors seem to adhere to three axioms regarding economics. business will prey on consumers to the extent that they're able to. participants in the free market are ignorant of their best interest is and need to be guided by public servants. this self interest this of businessmen means that they are never going to help their fellow man unless the government forces them to. story contradict each of these axioms. he began his story -- his service in 1971 and managed a wide variety of responsi

bb&t, he has given generously to his fellow man. the bb&t has spelled the programs at over 60 universities across the country to encourage the moral andt the could -- morals of capitalism. this background makes him uniquely qualified to discuss the most serious economic crisis to hit the united states since the great depression. one of the largest challenges to free-market capitalism and our nation's history. ladies and gentlemen, i am very proud to introduce mr. john allison. [applause] >> good afternoon. it is a pleasure to be here. i always enjoy talking to bright young people will be the future leaders in our society. my focus of this conversation will be on the great recession and the ensuing failed economic recovery and the financial crisis that created that phenomenon. i wish i had a more fun topic to talk about. it is an important subject to talk about because of the broader implications and the decisions that will impact the quality of all our lives. i have five basic things. financial crisis was primarily caused by government policy. we do not live in a free market and the united states. we live in a mixed economy. the mixtu

bb&t, he has given generously to his fellow man. the bb&t has spelled the programs at over 60 universities across the country to encourage the moral and at the could -- morals of capitalism. this background makes him uniquely qualified to discuss the most serious economic crisis to hit the united states since the great depression. one of the largest challenges to free-market capitalism and our nation's history. ladies and gentlemen, i am very proud to introduce mr. john allison. [applause] >> good afternoon. it is a pleasure to be here. i always enjoy talking to bright young people will be the future leaders in our society. my focus of this conversation will be on the great recession and the ensuing failed economic recovery and the financial crisis that created that phenomenon. i wish i had a more fun topic to talk about. it is an important subject to talk about because of the broader implications and the decisions that will impact the quality of all our lives. i have five basic things. financial crisis was primarily caused by government policy. we do not live in a free market and the united states. we live in a mixed economy. the mix

and a blue's legend performs. ♪ ♪ >> reporter: blue's legend bb king makes his first appearance at johnson's beach. say good by to summer at the small arts festival. opera comes to at&tlcast in high-def sunday. the theater opens is 20th season with a delicate balance about holding it all together. ♪ >> reporter: the ball brings back the glom nor at the filmore -- saturday night. honoring confucius. ceremony sunday. >> -- [ unintelligible ] >>> vic is very excited. >> it is a nice costume. >> get out there everyone. >> thanks for joining us, have 

and a blue's legend performs. ♪ ♪ >> reporter: blue's legend bb king makes his first appearance at johnson's beach. say good by to summer at the small arts festival. opera comes to at&tast in high-def sunday. the theater opens is 20th season with a delicate balance about holding it all together. ♪ >> reporter: the ball brings back the glom nor at the filmore -- saturday night. honoring confucius. ceremony sunday. >> -- [ unintelligible ] >>> vic is very excited. >> it is a nice costume. >> get out there everyone. >> thanks for joining us, have a great day. h@ [captioning made possible by disney-abc domestic television] [cheering and applause] meredith: thank you. hey, guys. hello, everybody. this is day 4 of "celebrity millionaire." we are here raising money for the

and i taxi people that free markets, most of them talk about aptos are found in.net. people can finally put it all together because we needed to giant intellectual mind to do it. bb&t it was mentioned earlier with 65 programs at major we have thousands tell us now i get it. now i get what we cannot have a free lunch. i am hoping they will be leaders. a lot of people are committed to getting a free lunch. they do not want to do anything about social security and medicare. we have got to tell people the right ideas. the whole purpose of this is the bill of rights. this is how we drifted to where we are. they are going back and looking at the incredible men in history. they come together at one time with the right ideas. they could do what they did. it was amazing. their goal was to limit the role of government. they got a pair -- they got it. compare the declaration dependents urging the declaration of independence compared to today -- compared the declaration of independence to today. as things get worse, maybe this time people will be there. >> i have a question about the structural about the method of the government. it seems that part of the problem with long-ter

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