professor blinder who caused the recession? >> guest: this is like one of those things, how long they offer an explanation? i think easter with a poco principle. it was thus and they ask mainly in this case people speculating on houses, people taking mortgages they knew her half fake couldn't afford and more sophisticated people. it that was the ordinary q. and then you have the allegedly more sophisticated people it turned out to the not so sophisticated who are at the other end of this food chain buying up the crazy securities that wall street builds on the crazy mortgages. the poco people, that's us, those that occur crazy mortgages. in between those two you have the banks. mortgages alone there were two sides the borrower and the lender so there's one thing for people who are not watching properly for their own self-interest and not being rational but the bankers were supposed to say now, you tell me you can pay a market studies equal to 100% of the market if of your house and i'm telling you you can't. so you have the bank

professor blinder, who caused the recession? >> guest: wow, this is one of those things like how long do you have for an explanation? i think you start with the pogo principle. it was us and the us is mainly in this case people speculating on houses, people taking mortgages. they thought they knew or have to knew they couldn't afford and more sophisticated people. that was the ordinary people. then you had the allegedly more sophisticated people that turned out not to be so sophisticated who are at the other end of this food chain buying up the crazy securities that wall street built on the crazy mortgage. so the pogo people, that cisco those are the crazy mortgage. in between those two you had the banks, mortgages alone, there's two or suicides, the borrower and lender. it's one thing if people were not watching out properly for their own self interest or you could say not behaving rationally but the bankers were supposed be saying no, right? like, you tell me you can pay a mortgage that's be cool to 100% of value of your house

blinder. blinder. announcer: sunday's your last chance to save big during sleep train's triple choice sale. for a limited time, you can choose up to 48 months interest-free financing on a huge selection of tempur-pedic models, or choose to save $300 on beautyrest and posturepedic mattress sets. you can even choose $300 in free gifts with sleep train's most popular stearns & foster mattresses. the triple choice sale ends sunday at sleep train. ♪ sleep train [train horn] ♪ your ticket to a better night's sleep ♪ you're watching cnbc. >>> welcome back to "power lunch." we're only 45 minutes away from the fed's decision on rates. how might a rate hike impact the banks? after a series of consecutive increases say when it reaches 100, bank of america says net interest income rises 11%. jpmorgan here by 7%. and here behind me, citi and morgan stanley at about 4%. interesting to know this because everyone talks about how financials would benefit from a rising interest rate environment but how much, of course,

we will ask alan blinder, joining us. a number one question on oil as it heads for its biggest to your loss ever. producers want to keep pumping more. before we get to the markets, this is tokyo. celebrating their fireworks ringing in 2016. one of the first cities to be doing so. sydney, i believe, the first to celebrate the new year. we will be doing that in a little bit. we'll get our time. about a half hour into the trading session. i want to head to the markets desk were julie hyman is standing by. julie: i'm happy to start celebrating right now. betty: break out the champagne. julie: market participants are not celebrating. selling onng some the last day of the year. all major averages are down by a half of percent this year. -- one half of a percent. right now it is looking like a loss on the year. the year-to-date performance of the s&p 500 right now, a decline of about .25%. tolooks like we are going post a loss for the year and the worst annual performance if it keeps on this track since 2008. getting back to tod

reporter: we just put on our blinders and we go. christmas, oh, well. we are here to get better. reporter: he is fighting the second battle with leukemia. >> i do not think he understands he takes the punches like nobody else can. reporter: there are 400 beds with children and it is estimated most of those beds will be occupied christmas week. there' s plenty of hollywood cheer. home depot has donated trees for patient rooms and the holidays store is stocked with toys, crafts, and games, free of charge for parents. polar express, pajama day, all kinds of fun things. reporter: there is good news for patients. santa knows every one of the room numbers at the hospital. >> what are you going to bring? >> an airplane. reporter: do you think you are going to get it? are you on the nice list? reporter: if you would like to send a letter to him or one of posted that on our twitter page. erika: they do such phil: -- they do such a spectacular job for the kids and families. re looking for a better? phil: i think that surprised. i' s talk about what is happening in terms of rainfall. we pic

so let's take off the blinders. it's time to say to these attacks are not isolated incidents.they are instead operating as an ideological task and the thing that unites them is their fanatical adherence to islamic supremacy the conviction that the world must submit to their form of islam or die. the evil forces present in our country. is the fbi director ported its happening each one of our 50 states. once we have identified the enemy we must do everything in our power to defeat it. america and the world have grown more dangerous as president obama has receded from the world stage. every day goes by the united states seems weaker and the more marginal actor. increasingly dismissed as irrelevant increasingly viewed by world leaders that our president is a laughingstock. and so our third goal must be to restore america's leadership. as reagan knew well the best way to project america's leadership is by protecting and promoting america's strength and this principle should always guide our actions. the next president will have to contend with in ever worsening state of american in

the female dog, her name is blinder, that's what they called her, she's blind because of a viral disease and they noticed that she couldn't see where she was going so she was running into things, walking super wobbly not knowing where she was going. her brother would never leave her side. she was always caring for her, making sure she was going in the right direction and that she was always safe and that captured the heart of these women that eventually ended up calling the refuge to come and take them. >> guide dog for the dog. >> it's beautiful to see them because they're so sweet. malnourished malnourished malnourished. in this part of the video they're at a vet's office. they're going to be receiving care until they find a forever they want to keep them together. they can't be separated. they already have a bond. >> are they going to be able to help with her eye? >> from some of the reports i read i feel like it might be permanent damage, but that doesn't mean that this dog will have any of a lesser life. it could have a fulfilling life as her bro. >>> we see lots of adventure videos

. >> not only the courage to act, but to put the blinders on. dr. bernanke: i thought the best thing was to do the right thing, because in the long run, people would understand. >> favorite meal? dr. bernanke: probably cheeseburger and fries. >> we are to finish up with pinball. dr. bernanke: i like to play pinball. when my wife and i were first married, we were so poverty-stricken that our idea of a big night out was to play pinball for a couple hours. >> we want to thank dr. ben bernanke for spending time with "wall street week." . (applause) well god bless you. it's always a joy to come into your homes and if you're ever in our area, please stop by and be a part of our services. i promise you we'll make you feel right at home. but thanks so much for tuning in and thank you again for coming out today. i like to start with something funny and i heard about this group of elderly ladies way up in their eighties. they were driving down the freeway together when they got pulled over by a police officer. the officer said to the woman driving, "ma'am, do

. >> we need to take off the blinders of political correctness. >> reporter: drafting close behind trump, texas senator ted cruz. 30% of republican primary voters are very confident cruz could handle terrorism. he's also seen as the second choice of 26% of trump supporters, outpacing his republican rivals. >> the course of a presidential election, the voters are going to make a decision about every candidate, and ultimately, the >> reporter: cruz today picked up the endorsement of bob vanderplatt, a leader among social conservatives in iowa. scott, vand areplatt has backed the two most recent exwop caucus winners, mike hug bee in two 8, and rick santorum in 2012. >> pelley: major, thank you. today, the investigation of the san bernardino massacre took f.b.i. divers to a lake near the crime scene. they're looking for a hard drive missing from the home of the ciferls, syed farook and his pakistani wife tashfeen malik. another focus is their 24-year-old neighbor, and carter evans has the latest on him. >> reporter: law enforcement sources tell cbs news, enrique marquez is cooperating with t

i mean, is it that people, decent, educated people, put blinders on? we don't want to see? >> yes, exactly that. exactly that. they refuse to see what they don't want to see. and if you don't have newspapers, if you don't have the media telling you it's happened, you can believe it's not happening, even if you see it with your own eyes. >> hinojosa: what do you think gave rise to the fact that all of this could happen? was it fear of the other? was it the fact that there seemed to be chaos? and i'm just wondering, as you... because now you live here in this country. and with all of this perspective, what kind of stays with you? i mean, all of your stories have stayed with me in a way that is quite profound, just preparing for this interview. but again, you lived through it. so as somebody who is watching the world, are there things that are happening that you're just saying, "oh my god," you know, "this surgence, resurgence of intolerance, this language of fear, the language of war and terrorists"... >> yes, very much so. i mean, one suffers with it. but at the same time, t

let's take off the blinders. it is time to say that these attacks are not isolated incidents. not -- they are operating as an ideological pack. the thing that unites them is adherence toal islamic separatism, that the world must submit to their world of islam, or die. is present ine our country. reported, itrector is active in each one of our 50 states. once we have identified the enemy, with we must do everything in our power to defeat them. america and the world has grown more dangerous as president obama has receded from the world stage. every day goes by, the united states seems more weaker and a more marginal actor. increasingly dismissed, increasingly viewed by the world , our president is a laughingstock. our third goal must be to restore america's leadership in the world. as reagan do well, the best way to project america's leadership is by protecting and promoting america's strength. this principle should always guide our actions. to next president will have contend with and ever worsening state of american interest around the globe. given the opportunity squandered u

. >> we need to take off the blinders of political correctness. >> reporter: drafting close behind trump, texas senator ted cruz. 30% of republican primary voters are very confident cruz could handle terrorism. he's also seen as the second choice of 26% of trump supporters, outpacing his republican rivals. >> the course of a presidential election, the voters are going to make a decision about every candidate, and ultimately, the decision is who has the right judgment. >> reporter: cruz today picked up the endorsement of bob vanderplatt, a leader among social conservatives in iowa. scott, vanderpplatt has backed the two most recent gop caucus winners, mike huckabee in 2008, and rick santorum in 2012. >> major garrett covering the major, thank you. >>> today, the investigation of the san bernardino massacre took fbi divers to a lake near the crime scene. they're looking for a hard drive missing from the home of the killers, syed farook and his pakistani wife tashfeen malik. another focus is their 24-year-old neighbor, and carter evans has the latest on him. >> reporter: law enforcement sou

i would like to enter the blinder-zandy report into the record. ironically, republicans in congress made recovery more difficult. as former reserve chairman ben bernanke wrote in his new book, which i recommend, and i quote. the economy needed help from congress. if not for additional spending then at least in areas such as retraining unemployed workers. but the republican-led congress demabbeded deep spending can you tell us as a time when we needed aggressive policy to boost the economy. they ended up doing more to hurt than to help. and now republicans complain that the economic recovery has been too slow. now they have gone one step further. two weeks ago republicans in the house of representatives passed, in my opinion, damaging legislation, the form act, that would fundamentally hamper the feds' ability to conduct monetary policy. it would hurt the feds' independence, for example, by forcing it to determine target interest rates using a math matcal formula. while ignoring a broad range of important economic indicators. chair yellen, as you h

we need to take off the blinders of political correctness. it prevents us from seeing from white -- from what is right in front of us. that enemy is radical islamic terrorism and it is trying to destroy our country and our way of life. in the "wall street journal" , -- against the forces that are trying to shame us into silence. it is a topic for another , itet, but in this context raises the specter that americans will be labeled as bigots if they dare utter the word islam in connection with the terrorists attack. our president refuses to do so. in fact, he spent a significant portion of his sunday address as an apologist for radical islamic terrorism. as an attorney general, loretta dayh told the gathering the after the san bernardino attack, that her department would prosecute anyone who is "edgeduslim rhetoric," towards violence." the day after the terrorist taken, 14 innocent lives away, we want a president and attorney general who will stand up to defend this nation. not an attorney general who calls itself the speech police for any who

. >> we need to take off the blinders of political correctness. >> reporter: drafting close behind trump, texas senator ted cruz. 30% of republican primary voters are very confident cruz could handle terrorism. he's also seen as the second choice of 26% of trump supporters, outpacing his republican rivals. >> the course of a presidential election, the voters are going to make a decision about every candidate, and ultimately, the decision is who has the right judgment. >> reporter: cruz today picked up the endorsement of bob vanderplatt, a leader among social conservatives in iowa. scott, vanderpplatt has backed winners, mike huckabee in 2008, and rick santorum in 2012. >> major garrett covering the campaign tonight. major, thank you. >>> today, the investigation of the san bernardino massacre took fbi divers to a lake near the crime scene. they're looking for a hard drive missing from the home of the killers, syed farook and his pakistani wife tashfeen malik. another focus is their 24-year-old neighbor, and carter evans has the latest on him. >> reporter: law enforcement sources tell cbs

i'd like to enter the blinder-zandy report into the record. ironically, republicans in congress made recovery more difficult. as former reserve chairman ben bernanke wrote in his new book, which i recommend, and i quote, the economy needed help from congress. if not from additional spending on roads and bridges, then an area for retraining unemployed workers, end quote. but the congress wanted deep spending cut at a time we wanted fiscal policy to reduce the economy. they ended up hurting than. now one step further. two weeks ago, republicans in the house of representatives passed,. it would hurt the feds' independence, forcing it to determine target interest rates using a mathematical. chair yellen, as had been forced to follow, the workers wouldn't have suffered unneedlessly, the federal reserve would not have been able to take the aggressive steps needed to be able to pull our nation out of the economic rises since the great depression. i hope today we can focus on the critical issues before us, how the federal reserve should act to strengt

. >> don't put blinders on? >> can't do it. it, i'm saying i'm doing it. >> president obama, he lived on the south side of chicago. a lot of his conservative critic, wherever he would speak about a mass shooting they come back with "what about anything? what about chicago?" is there a role he can play? and if so, what is it? >> you know what? you've got to ask him that the next time. >> would you like him to play more of a role in it? >> i want anybody that can do anything to help people be murdered anywhere in the united states of america, not just chicago. again, i know i sound like a broken record. 88 americans die everyday due to gun violence, and not just in th the 'hood. >> you can see a longer view of chuck's interview on our web site, nbc meet the press.com. we'll here's a little healthy advice. eat well, live well, and take of what makes you, you. right down to your skin with aveeno® aveeno® daily moisturizing lotion with the goodness of active naturals® oat and 5 vital nutrients for healthier looking skin in just one

when you get caught up in this mentality to get blinders and you get tunnel vision. a lot of research clearly demonstrates that. >> and i would reference one of the citations in my testimony by cass sunstein about people who argued that the need to have procedures and checks in place so dissent is heard. the value of report is that somebody sits there and says just like this committee can have this dialogue in this back-and-forth there needs to be this back-and-forth and wayne talked about at the end of the day every employee at cfpb needs to say yes sir to mr. cordray. none of us have all the answers for this dialogue in this back-and-forth in this give-and-take. you need that. there are other places that don't have those that don't do well. it was mentioned in another -- a number of agencies. we saw how that turned out. again the attitude come you can't have this give-and-take is critically important and also we need single direction is captured by the industry. i'm not a mathematician but the last i checked a thing would be easier to capture one person than to cap

>> i get it sometimes you're in optic and you have blinders on. you're just focussed on your job.seems, is anybody around him thinking about this? >> well, there was nothing in there that's bad. i'm not suggesting there is but you have to understand the position you're in and your defense partner rules if they do not do this. you should follow the department of defense rules, i mean. >> you don't want to say much on that. >> some of it can be age too. i'm not good with gadgets. you're right, it's the secretary of defense. >> you have the nongov. it's not that hard. >> with secretary clinton, one of the worst things about this, there's no one around these people to tell them this is a bad idea or felt they were able to say that to them. >> gawker has been on a, kind of obsessed with it. secretary clinton's former press person at the state department for a while. they forwarded all the e-mails and been releasing. one of them, there's an e-mail conversation he's having with a couple of quarters. they made a question, it sounded like a question about the campaign and he writes the sta

. >> don't put blinders on? >> can't do it. i'm not saying they're doing it, i'm saying i'm doing it. >> president obama, he lived on the south side of chicago. a lot of his conservative critic, wherever he would speak about a mass shooting they come back with "what about anything? what about chicago?" is there a role he can play? and if so, what is it? >> you know what? you've got to ask him that the next time. >> would you like him to play more of a role in it? >> i want anybody that can do anything to help people be murdered anywhere in the united states of america, not just chicago. again, i know i sound like a 88 americans die everyday due to gun violence, and not just in the' the 'hood. >> you can see a longer view of chuck's interview on our web site, nbc meet the press.com. we'll be back with end game and the one- you can collect rainwater to shower with, but there are easier ways to go green. like taking shorter showers, which conserves water and lowers your bill. you'll sing long ballads in the rain the more you know

there are things they don't conceive of because we all have blinders.h a set of values. this makes it unlikely for us to challenge the assumptions of where we work and identify blind spots. proposes ise book thinking the adversary about how should we best prepare for that? on your own it, you will not consider those positions. michael: give us an example of what we don't think about. micah: you work in an organization that is hierarchical. we have bosses. we are less likely to voice challenging viewpoints to our bosses because we think we will be retaliated against or we think it's pointless. it's true everywhere it happens. they don't tell somebody who can do something with information. they are likely to reserve it for themselves or complaint to coworkers. one of the things that red teams do is get over that problem. erik: you talk about how to prepare for adversaries. how to react to adversaries is a question for the rest of us. george soros addressed that in an op-ed he published yesterday. i will quote from it. he argues that westerns society has s

i think we can't put blinders on here. this is a growing and serious problem. and to the extent that our intelligence capabilities, which in my view have never been inconsistent with american privacy concerns, are weakened, you have to ask the question, is that a smart thing to do? i don't think it is. mike: would you like to see action on that next year? leader mcconnell: we may well do that. mike: what would be at the top of your list? leader mcconnell: one of our leaders on that, interestingly enough, if not our youngest senator, tom cotton, who has had a lot to say about this on the intelligence committee. has already become a leader. i think chairman richard burr has concerns as well. that could be an area we address next year. anna: one of the things i wanted to talk about, immigration has been a big -- coming out of these terrorist attacks has been a big issue on the news and polls and 2016. that's a personal issue for you. your wife very successful from taiwan, first in the cabinet george w. bush's cabinet. do you think all this -- is it concerning to y

commentst's start with from alan blinder.e us comments on monetary policy is changing. : the u.s. is on a march towards normality. how long is taking? asy don't see that all important. the entry of china and more and more ways into the world economy is going to matter. but there is a much longer term focus at these meetings and with economists in general than you see in the markets. scarlet: there is a report that vodafone is in merger discussions with liberty global. according to the paper, investors have been encouraging the companies to pursue a deal. ince the financial crisis 2008, banks have eliminated 200-6000 positions. oftsche bank will get rid 26,000 jobs by the end of 2018. sugar prices will post in a no advance for the first time in five years. it is up 4% for the first time this year. and 2016 to be better. and producers can thank el niÑo for that. it has hurt crops in india and thailand. it is time now for a bloomberg quick take. is iron ore boom and bust. iron ore stands out. the 225 billion dollar market relies

think of that when you get into that office and the chair, the federal reserve, you put political blinders on in this case you go ahead and raise rates regardless. >> i think that's what's supposed to happen. but it's pretty hard when did that your ideology anyway and you're a republican, you tend to want to favor the people who put you in that position, and i think that's what we're going to see with this rate increase this month. gary b is a 100% right, they should have raised a year ago and this issue to raise rates to stop an overheating economy, we don't have that right now but when you look at what are has done, the s&p was at 797 on january of 2009 -- neil: let's say you don't and people expected that you might then do we tank like last time? >> yes. neil. that's what i was getting at. just taking a little while to get there. 70% of economists right now say they feel like they're going to raise, if they don't raise, i think the market is going to go down because what gary was saying people are worried about what is going on in the economy. cap spending and productivity hasn't increa

. >> we need to take off the blinders of political correctness. >> reporter: drafting close behind trump, texas senator ted cruz. 30% of republican primary voters are very confident cruz could handle terrorism. he's also seen as the second choice of 26% of trump supporters, outpacing his republican rivals. >> the course of a presidential election, the voters are going to make a decision about every candidate, and ultimately, the decision is who has the right judgment. >> reporter: cruz today picked up the endorsement of bob vanderplatt, a leader among social conservatives in iowa. scott, vanderpplatt has backed the two most recent gop caucus and rick santorum in 2012. >> major garrett covering the campaign tonight. major, thank you. >>> today, the investigation of the san bernardino massacre took fbi divers to a lake near the crime scene. they're looking for a hard drive missing from the home of the killers, syed farook and his pakistani wife tashfeen malik. another focus is their 24-year-old neighbor, and carter evans has the latest on him. >> reporter: law enforcement sources tell cbs