bear stearns.dea of the linkages of south america and the distinctions that we in the media and our listeners on radio and tv miss. what's the distinction right now of south america that you note? dr. wizman: i think it fascinating, tom. i'm glad we bring this up. we tend to separate the emerging markets from the domestic markets -- from the developed markets all the time with regard to the capabilities of fiscal policy and monetarypolicy. we think the emerging markets are much more strained in their ability to reduce their economies through more spending and lower interest rates because we know that these are not structurally economies to understand the lisk to exposure or the inflation that might come about through more monetary easing. hat's not the case these days. latin america is responding to the current crisis the same way in regard to policy. in the same way that the developed markets are responding to policy. much more fiscal spending and much easier monetary policy. we seen in the case o

one of these big banks like that than 2008 could go belly up you know we saw lehman go belly up bear stearns went on their northern rock in the u.k. went under and started the whole stampede of 2008 we could see h.s.b.c. or deutsche bank go under our huge avalanche and what you're saying is no bail and this time no bailouts we're just going to cut you off completely and we're going to have backers in a 3 piece suits doing on the street joining the global insurrection against central bank occupation i think that could very well happen let's talk about the u.s. dollar for a 2nd you know it is the it is the world reserve currency and there's a lot going on here a lot of. mark surrounding this your thoughts it well i think what we see what we're going to see next isn't 944 style bretton woods agreement monetary renegotiation and so i think that obviously the u.s. will get a seat at the table as they did in the previous monetary negotiations and they're going to obviously try and you know keep the strength of the dollar until the dollar is not worth anything then it is still the strongest currenc

and because of this and he is trying to show that he's a harness people he's prosecuting these bear stearns. organized a big really big you shall investigation on that but right now he he's suffering the same i think who would be the really there mounties a few armont compared with the biggest they are mounted in the millions of us dollars compared with all these companies what is important to say that this is an electoral this candle now the use of money against the law it with electoral porpoises by looks o'rorke 5 years ago turkey has announced its biggest natural gas discovery a 320000000000 cubic meter field and in the black same turkey currently depends on imports for most of its energy needs and present reject typer one said he hopes to find more reserves in turkey's controversial explorations in the mediterranean well . we've been making concerted efforts over the past years both exploration vessels will be doing the same in the mediterranean sea both vessels of chilled 9 worlds in both the black sea and the mediterranean by the grace of god we found this big discovery and i'm certa

malpass at bear stearns. now krieg capital as the chief economic advisor. at green capital. defendant -- now at br capital. he is definitive on the theories of the fed. what is the theory of this fed? john: it is shifting to do whatever it can to support the labor market, to support minority and underprivileged groups within the labor market that have suffered higher unemployment rates over the years, and paying less attention to price stability. the good news is inflation is news is it puts too much onus on the fed, when as we know from what happened in the second quarter, timely is much more important to stabilizing the real side of the economy. tom: what is a statistic you have in your head for how much the stimulus should be? everyone says republicans are undershooting at $1 trillion. do you have a number in your head over the next year where the stimulus is going? could it be $5 trillion? john: i do not have a number because i do not know how the virus is going to play out and i do not know how the medical response, particularly the timing of the vaccine will play out.

thisyou are an expert on as an economist for bear stearns. and i both know sam fisher in 1998 wrote. we know the work of bill rhodes when he was at citigroup on debt work. is it the same policies and procedures from another time and place, or is the world bank working in debt workout from a different process? david: is different. i happen to talk with bill rhodes last week. he is doing well and was involved in many of the previous debt restructuring. treasury80's, i was at during the latin debt crisis. those were syndicated bank loans. they had a different restructuring process, and also a different dynamic between creditors and debtors. the banks needed the repayments in order to maintain their equity capital. , beginning innd 2004 urso, there has been a huge buildup of debt -- in 2004 or so, there is been a huge buildup of debt in the poorest countries coming from china and eurobonds. those are more difficult to restructure and the dynamic between the creditor and the debtor has shifted in favor of the creditor. the problem this causes for

expert onyou are an this as your tour with bear stearns, and you and i know that stan fischer in thatthe book he wrote, and the work that bill did, and is it the same policies and procedures from another time and workingith a world bank the debt workout with a new formula, a new, different process? david: it is different. i happened to talk to bill rhodes last week. he is doing well, by the way, and was involved in many of the previous debt restructurings. treasury80's, i was at during the latin debt crisis. those were syndicated bank loans, so they had a different restructuring process, and also, very importantly, a very different dynamic between creditors and debtors, because the banks needed the payments in order to maintain their equity capital. basically,round, beginning in 2004 or so, there has been a huge buildup of debt in the poorest countries coming from china and also from private sector creditors through bonds, eurobonds, for example, and those are more difficult to restructure, and the dynamic between the creditor and the debtor has shifted in favor of the creditor, so th

he used to remember famously run the buy backs, bear stearns would help him with that i always made theent he moved too quickly because he was disappoint touched in the performance of the company at that point that he split them and that he wasn't quite sure who the leader should be, so he gave them both their separate companies at the time. but, you know, then his daughter, sherri, of course put them back together recently. they would have been better served had they stayed together during that pertd of time but that's way sumner moved. he moved fast. so many different milestones the fight for paramount which was one of the first m and a stories i covered for cnbc in '93, '94 that put him on the map. he brought in blockbuster he used the cash flow to help pay for paramount. so many battles. he battled everybody all the time but he was real, i always enjoyed a great deal being around him it was fun some stories you can share, andrew and some you can't share. >> well, we'll let you hold your tongue for now we appreciate the remembrance of him and of course we scene our condolences to she