co-author of the new book "a the dils are here," bethany mclean.lan greenspan, former federal reserve chair, and former spear of the house, newt gingrich and former democratic representative harold ford jr. free trade and his approach to economic recovery. alan greenspan, dr. greenspan, l me begin with you. where are we on our search for jobs and on our overall economic outlook? >> well, our search for jobs is still -- not doing too well. 10% unemployment rate is the consequence of the fact that this economy is not picking up the way it ordinarily would out of a recession. and the basic reason is that unlike previous recoveries when, for example, we would be getting very significant pick ups in building, residential, nonresidenti nonresidential, we're not getting that today. it's a big hole in the econom and the reason, esentially, as far as the business sector is concerned is that business is highly uncertain about the future in a way whch i've never seen it before and way in which the data suggests has never, in fact, been so depressed. and unles

co-author of the new book "all the devils are here," bethany mclean.lan greenspan, former federal reserve chair, and former speaker of the house, newt gingrich and former democratic representative harold ford jr. free trade and his approach to economic recovery. alan greenspan, dr. greenspan, let me begin with you. where are we on our search for jobs and on our overall economic outlook? >> well, our search for jobs is still -- not doing too well. 10% unemployment rate is the consequence of the fact that this economy is not picking up the way it ordinarily would out of a recession. and the basic reason is that unlike previous recoveries when, for example, we would be getting very significant pick ups in building, residential, nonresidenti nonresidential, we're not getting that today. it's a big hole in the economy. and the reason, essentially, as far as the business sector is concerned is that business is highly uncertain about the future in a way which i've never seen it before and a way in which the data suggests has never, in fact, been so depressed.

bethany mclean, joe nocera, welcome! >> thank you. >> thank you. >> reporter: you framed this book as a look back at the whole financial crisis, so i thought i would frame this interview as: who is the biggest culprit? >> i certainly would put the rating agencies right at the top of my list of bad guys, or my list of devils. a place like moody's took a culture that had a reputation for some integrity, and completely corrupted it in a drive for market share and profits. >> reporter: so biggest culprit, ratings agencies, you agree? >> i do agree. if they hadn't taken subprime mortgages and rated enormous quantities of them triple "a", meaning they gave those bonds the same credit rating as the u.s. government debt has, this whole thing couldn't have happened because debt that is rated triple "a" is precisely the debt that is snapped up by the largest quantity of buyers all around the world, buyers who are not capable of doing the detailed work to analyze these bonds by themselves. and yet there is still this myth that thes

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you could read an excerpt of bethany mclean's book all the devils are here the hidden history of theinancial crisis plus watch our web extra with former speaker newt gingrich about his latest novel "valley forge, george washington and the crucible of victory". and that's all for today. we'll be next week with an exclusive interview with republican governor of louisiana bobby jindal. maybe he runs in 2012. he has written a new book taking aim at the administration over the handling of the gulf oil spill. if it's sunday it's "meet the press."

after that, another chance to see "q&a" with bethany mclean. tomorrow on "washington journal," washington post congressional reporter paul cain looks at the agenda for this month's lame duck session in congress. republican senator elect mike lee of utah talks about his election to the senate, the tea party movement, and the balanced budget initiative. democrat, but the congressman in electhansen clarke talks about legislative priorities in the democratic party. "washington journal," live at 7:00 a.m. eastern on c-span. >> the deputy prime minister said it was his aim to end university tuition fees. can he update the house? >> mr. speaker, of course i acknowledge this is an extraordinarily difficult issue. i have been entirely open about the fact that we have not been able to deliver the policy that we held in opposition. >> now, "prime minister's questions" from the british house of commons. more than 50,000 students and reporters protested in london over the tuition hike. the plan will increase tuition fees to $14,000 a year, three times the c

. >> this week, our guest is bethany mclean, "all the devils are here." >> you had written a book called "the smartest guys in the room: the amazing rise and scandalous fall of enron." where are they now? ken lay are in his grave although people don't think he is. >> jack skilling is in prison, although his conviction is also on appeal at the supreme court. andy fastow is still in prison as well. >> i want to run a brief comment about how you felt five years ago. we will talk about your new book. >> i have become more cynical than i would like to be about corporate america and whether people live up to their responsibility that being a corporate citizen entails. our american system makes it possible for people to make great sums of money, boards of directors, corporate executives. i am not sure that that commensurate level of responsibility comes with that. i think the corporate culture has been corrupted by this get- rich-quick notion. make your quarterly earnings estimates, get stocks to go higher, get your options in the money, and cash out. who cares what happens next? i see that pre

say i'm bethany mclean.i might want to buy a credit default swap on myself because then, should i crash and burn, i have protection. i have -- i have something that pays me, that compensates me for my crashing and burning. so if you have a wall street firm that has made a loan to general motors and has general motors debt on its books and they can buy an instrument that protects them should general motors default, well you can see that that 's legitimate. but like everything on wall street, it -- something that starts as a good idea gets taken to a speculative frenzy. and so credit default swaps eventually became a means of betting on the demise of companies that, one, had no connection to the underlying -- to the underlying debt and of structuring these just insanely complex investments based on mortgages. >> now you were -- the last time i talked, bit on selling short, or not selling short, but having short sellers. >> yes. >> and have you changed your mind on that? and if you haven't, why not? >> i think

bethany mclean is here, "all the devils are here." e two have dug into what caused this financial crisis and whether it can happen again. bethany wrote an article about the coming collapse of enron. she blew the whistle on that early. you're familiar with trying to get to the bottom of complicated things. i read your book. is the cause of what we went through pure old-fashioned greed? is it the fact there hasn't been enough regulation of the financial industry? or is it just a basic thing about how you used to go to your bank to get a mortgage, they knew who you were and now that's not the case. >> all of the above. i think one of the things that has happened in the wake of the financial crisis is we've all been looking for a villain. so the debate's become very polarized, sometimes along political lines, sometimes along, oh, those greedy jerks who wrecked our political system. and we titled the book "all the devils are here" in an attempt to get at the complexity of this. it spans many decades and a whole cast of characters. >> it's a

bethany mclean and joe nocera. thank you. on the next charlie rose, russel crowe on the new film "the next three days" and the craft of acting. >> i like to know we'll start on time and finish on time. >> charlie: are you prompt? you're always there? you're there and ready to roll? >> i work the way the director works. if the director shows me in the first week he's not capable of beginning at 8:00 in the morning then you know i'll like, you know, because otherwise you create a strange tension you know. if somebody's regularly half an hour 45 minutes later than the game that said i work towards that and one thing that's soul destroying as an actor for me is sitting and waiting. >> charlie: wikipedia bills itself as an free encyclopedia that anyone can edit. there are more than 90,000 active contributors. the company announced last month plans for an office in india. its first outside the united states. i'm pleased to have him back. >> january 15th, 10th anniversary. >> charlie: how is what it is different from what you imagin

bethany mclean is here, "all the devils are here." pened in the financial crisis and how we can prevent it from happening again. bethany wrote an article about the coming collapse of enron. she blew the whistle on that early. you're familiar with trying to get to the bottom of coming things. i read your book. is the cause of what we went through pure old-fashioned greed? is it the fact there hasn't been enough regulation of the financial industry? or is it just a basic thing about how you used to go to your bank to get a mortgage, they knew who you were and now that's not the case. >> all of the above. i think one of the things that's happened in the wake of the financial crisis, we've been looking for a villain. it's become polarized, sometime greedy jerks who wrecked our system. we titled it "all the devil, here." it spans many decades and a cast of characters. >> weird. 1346 the obvious villains are less villainous an a lot of less obvious villains who might have actually been trying to get home ownership to more people and trying t

. >> in 2003, bethany mclean bethany mcleanenron. this week she talks about the current financial crisis in her new book, sunday night at 8:00 eastern. >> today, the health and human services department presented designs for new warnings on cigarette packs. these new designs are required by federal law passed last year. hhs secretary kathleen sebelius and head of the food and drug administration spoke at this event at george washington university. this is 50 minutes. >> good morning, everybody. i want to start by thanking the president and the dean for inviting us here today to george washington. so pleased to be joined by two of our department's. health leaders, my assistant secretary of health, dr. howard koh and are fda commissioner, dr. peggy hamburg, to announce new steps that we're taking against tobacco use. for years, we have watched tobacco rates fall in the country. in 1965, we were at a situation where over 42% of americans smoked. by 2004, the good news is it had fallen to just under 21%, fairly significant drop. the bad

. >> bethany mclean will talk about the future of the economy in open court of the devils are here" sunday night on c-span's q&a. host: let me introduce you to two guests here in washington. one is joining me by phone in orlando. mike schneider is on the phone. good morning to you. guest: good morning. host: i want to start with showing you have lines and around the country. there is the hartford current which has an index of its own. there is some good news for people who live in hartford. you all have a statistical analysis that looks at the companies -- the country's the stress level. we invited you here in april. let's listen to what you had to say then. guest: you can only look at the real numbers and what the world had to say then. it peaked in october and has come down a little bit to 9.7%. in march, we created 160,000 payroll jobs. that was the best performance in three years. people are definitely encouraged. if you look at march 1 year ago, we were losing 107,000 jobs in one -- in that month alone. i think things have stabilized, at least. the problem is when you have an unemploy

. > in 2003, bethany mclean wrote about the mortgage crisis. >> george w. bush discusses the critical decisions of his administration and his personal life, live, sunday, 4:00 p.m. eastern on c-span2. president obama has our arrived in japan to attend an economic summit. it is his final tour -- stop on a tour of asia. at a news conference, the president says the federal reserve policy decisions to pump $600 billion into the economy was not designed to weaken the economy. his comments last 45 minutes. [applause] >> good afternoon, everybody. before i discuss the g-20, i want to comment on the agreement in iraq that has taken place on a framework for a new government. there are still challenges to overcome, but all indications are that government will be representative, inclusive, and reflect the will of the iraqi people who cast their ballots in the last election. this agreement marks a milestone in the history of modern iraq. once again, iraqis are showing their determination to unify iraq and build its future and that those impulses are far stronger than t

. >> next, "q&a" with opera bethany mclean. then deputy prime minister nick clegg stands in for prime minister david cameron at the british house of commons. then james carville and mary matalin talk about the future of bipartisanship. see what people are watching on the c-span video library, with the most recent videos and most shared. is right on our home page. you can also click our special 2010 election analysis tab to be continuing coverage of the midterm elections. watch what you want, when you want. >> this weekur guest is book,y mca and her the hidden history of the financial crisis.

. >> bethany mclean wrote about enron. now she will talk about the future of the american economy.hat is sunday night at 8:00 p.m. eastern on "q&a." >> next, a discussion on the impact of the midterm election on governors' seats around the country. up to that, a look at the influence of the tea party on the next session of congress. then, a discussion of salaries of federal employees. see what people are watching on the c-span video library with the most recent videos and those shared. it is on our home page. you can click our special 2010 analysis tab to view our continuing coverage of elections. watch what you want, when you want. republicans picked up a net gain of five governorships in the recent elections and now hold the majority of the state houses in the nation. these results were discussed on thursday in a forum in washington, d.c. later, you will hear analysis from the races from chris salizza. dutko worldwide hosted this event. >> i appreciate it, especially on veterans day. let's all remember it is veterans day. my commute was fantastic this morning. thanks very much fo

. >> in 2003, bethany mclean stopped about enron. she talks about the current financial crisis and the future of the american economy. sunday night at 8:00 eastern on c-span's "q&a." book tv, in one of this first live present -- appearances after publication, george w. bush on his memoir as it discusses the critical decisions of his administration and personal life. live from miami dade college, sunday at 4:00 p.m. eastern on c-span2. "washington journal" continues. host: thea lee joins us, deputy chief of staff for the afl-cio. thank you for coming in. i want to hear about your, that came out -- your comments about outsourcing. what your greatest concern? the cut as the u.s. economy is struggling, one of the problems is we are importing too many of the goods we consume in the united states and if we don't learn how to produce more things and compete more successfully in the global economy, we are afraid we will continue to borrow from the rest of the world to fund consumption. in order for the united states to be a strong country we

. >> in 2003, bethany mclean wrote about enron. this week, she will talk about the financial crisis in "all the devils are here". tonight at 8:00 eastern on c- span's "q&a". >> see what people are watching on the video library, with the most watched videos and most share. it is on our homepage. you can also click our special 2010 analysis tab to view our continuing coverage of the midterm elections. watch what you want when you want. >> "washington journal" continues. host: our sunday round table with michael bocian and kevin madden, a longtime republican strategist. let me begin with the a look session of "the washington post" -- the outlook section. won and done? president obama must decide how he wants to govern. in recent days, he has offered different visions of how we might approach the countries problems. he spoke of the need for a midcourse correction. the essence of the story is that if he wants to be a great president, he should not seek reelection guest. guest: i think he can move the economy ford and still seek reelecti

. >> in 2003 bethany mclean wrote about enron and the smartest guys in the room.nday night, 8:00 eastern, on c-span's "q & a." >> saturday's landmark cases in the supreme court. >> there is nothing in the constitution about birth, death, and abortion. >> argued on in 1973, roe v. wade is still considered one of the court's most controversial decisions. for the next two days, listen to the argument in washington, d.c. at 90.1 f.m., nationwide, and online at c-span radio.org. >> our coverage continues now from the national transportation safety board conference on aging drivers. this is a part of a two-day conference here in washington. it is nearly -- in this nearly two-hour portion, researchers explain their findings that while older drivers are having accidents, fatal accidents involving older drivers are decreasing. >> welcome back. >> dr., wang, would you please begin your introduction to this -- occupant panel. elderly individuals are more frail in that they experience a worse outcome, they do poorly. what is for the, is that there is a difference in individua

. >> in 2003, that the need -- bethany mclean wrote about enron in "the smartest guys in the room." >> saturdays, landmark supreme court cases on c-span radio. >> there is nothing in the u.s. constitution concerning birth, contraception, or abortion. >> are the in 1971 and ruled on in 1973, roe v. wade is still considered one of the most controversial discussions. in the san for the next two weeks. -- listen for the next two weeks. online at cspanradio.org. >> of this year's student video documentary is in full swing. make a five-eight minute video on this year's theme -- washington, d.c., through my lines. of the video before january 20th at the to win the grand prize of $5,000. for roles and how to apply your video, log onto studentcam.org. >> "washington journal" continues. host: this is to shot of usa today. he as a correspondent -- dennis cauchon of "usa today." guest: i could have used 130,000, but i just picked a number which reflects taipei. i wrote one last year over $100,000. host: and this is for federal workers? correct guest:. host: tell us about those who make that much

. >> bethany mclean wrote about enron. she will talk about the current crisis and the future of the american economy sunday night at 8:00 eastern on c-span's "q &a." >> next, a supreme court argument. after that, the national transportation safety board on driver safety and older americans. then, live at 7:00 a.m., your calls and comments on "washington journal." see what people are watching on the c-span video library with the most recent video, most watched video, and most share. you can click are 2010 election tab to see our continuing coverage of the midterm elections. watch what you want, when you want. the supreme court heard oral arguments in arizona christian school tuition organization puvs. winn. this organization gives scholarships to students to attend private and religious schools. the court will decide if this case violates the separation of church and state. this is just over one hour. >> this law fulfills three necessary elements. the key point is this, not a set of the respondent's money goes to find relig

. >> in 2003, bethany mclean wrote about enron in the smartest guys in the room.this makes a talk about the current financial crisis and future of the american economy and all the doubles are here, sunday nights at 8:00 eastern on c-span's q&a. >> the british government recently announced significant budget cuts. up next, george osborne, chancellor of the exchequer, which is similar to the u.s. treasury secretary rejects claims that he exaggerated the financial crisis to justify the cuts. opposition party members argue that the spending cuts are unfair to the middle class. this meeting of the treasury committee is two hours. solomonic [inaudible conversations] [inaudible conversations] >> good morning, chancellor. thank you for coming before us this morning. and there's quite a lot to get through. but before i do that, i'd just like to ask you a couple of other questions. the first related decision that the americans have just taken on their own qe plan and i think it would be helpful if you could tell us what coordination there is at the moment but treasury betwe

and then a q&a session with bethany mclean. after that, "washington journal." and the communicators is tonight at 8:00 eastern on c-span2. >> we provide coverage of politics and affairs. it is available to you on television, on-line in social media sites. we take c-span on the road. we bring our resources to your community. washington your way, the c-span network. it is created by cable and provided as a public service. >> nothing ceo and president of the federal reserve bank of dallas. earlier this week, he criticized the decision of an bernanke to make some treasury bonds that were purchased available to financial institutions. he says this may be the wrong sense of the u.s. economy. this is a 50 minute event in san antonio. [unintelligible] >> good afternoon. i want to welcome you to this institute. we have a great program over the next few hours. before richard begins, i want to dial back to 2002 when i joined the board. i decided to do this, because i felt the we needed to take a career step forward in terms of providing a value to treasurers and the senio

. >> in 2002, bethany mclean wrote about enron crisis. this is available on "q & a." >> president obama spoke in indonesia, from the university of indonesia, this is about 30 minutes. [speaking foreign language] >> ladies and gentlemen, the president of the united states, barack obama. [applause] >> [speaking foreign language] thank you very much, thank you, everyone. it is wonderful to be here at the university of indonesia, to the faculty and staff and students, and thank you very much for your hospitality. [speaking foreign language] thank you for this wonderful welcome. thank you to the people of jakarta and thank you to th people of indonesia. [speaking foreign language] >> i am so glad that i made it back to indonesia and that michele was able to join me. we had a couple of false start this is year. but i was determined to visit a country that has meant so much to me. and unfortunately this business is too short. but i look forward to coming back in a year from now when indonesia hosts the summit. before i go any further, i want to

. >> in 2003 bethany mclean wrote about enron in, the smartest guys in the room. this week she talks about the current financial crisis and the current american economy in, "all the devils are here". sunday night 8:00 person on c-span's q&a. >>> last month the british government unveiled some of the toughest budget cuts in recent history. at a british treasury committee hearing, chancellor george osbourne, similar to the u.s. treasury secretary, rejected claims he exaggerated the financial crisis to justify the cuts. opposition party members argue that the spending cuts are unfair to the middle class. this event is two hours. >> well good morning, chance lore.at thank you very much for coming before us this morning. and, there's quite a lot to get through on this csr. but before i do that, ig would just like to ask you aug couple of other questions. the first relates to the decision that the americans have just taken on their own qe plan and i think it would be helpful if you could tell us what coordination there i is at the moment between the treasury, between fi