stock market bubble turned out not to have such devastating consequences. the housing bubble did. the combination of -- housing if bubble and bond market bubble and all of the craziness that went on in the next decade. talk about that a bit. >> as you say the standards you would be -- look credit bubbles, by borrow, leverage when they blow up you have a melt down that is terrible and in the end it is just stocks, stocks rise, stocious fall if the holder of the stocks are not themselves, leveraged, there won't be a contagion and say it's not that bad. the reason i think leverage bubble are much worse. but reason i'm not saying about unleverage stock bubbles is when the fed was confronted with the collapse of the tech bubble, in 2000, 2001, the response was a lot of military stimulus that was appropriate and needed to do the stimulus but that you emulate what you do. you stimulate interest rate sensitive, portion of the economy. i.e., real estate, and when you read the federal open market committee transcript from 2002, 2003, 2004, people knew that this was what was happening real e

but all bubbles aren't the same. the stock market bubble turned out not to have such devastating consequences.e d the housing bubble did. the combination of housing bubble and bond market bubble and all the craziness that went on in the next decade. talk about that a bit. >> guest: i mean, this is another tremendously fascinating argument that i engage with in my book. because, as you say, the standard view would be, look, credit bubbles fueled by a lot of borrowing, a lot of leverage, when they blow up, you have a complete meltdown, and it's terrible. on the other hand, if it's just stocks, stocks rise, stocks fall. if the holders or of the stocks are not themselves leveraged, there won't be a contagion, knock-on effect, and so it's not so bad. the reason -- i mean, i think this is included, clearly, bubbles are much worse. but the reason i'm not sanguine about unleveraged stock bubbles is that when the fed was confronted with the collapse of the tech bubble in 2000 and 2001, the response was a lot of monetary stimu

bubble of the '90s. guest: so, i will say what i think, but you can correct me because you are there, but what i saw from reconstructing it through the transcripts and through interviews with people is essentially that a key momene came with the collapse of long-term capital management, the hedge fund which blew up in the fall of 1998 and after that the fed cut interest rate to stabilize the markets. they cut rates three times. host: yes, we had a world crisis going on. guest: so, there was concernfin with the financial market instability and the fed had three interest rates cut. then, in early 1999, in my view, thinks a stabilized and it was time to take back that insurance. the cuts had beend justified and so forth. once those crisis had passed i would have thought the cuts would have been taken back, but they were not taken back fully until late 1999 and invite-- my view this was a crucial time when tech evaluations went from very high to absolutely crazy high. host: he had learned earlier about the c

that bond market bubble blacks talk about that with that engagement because as you say the credit bubble with other beverage then -- leverage with a complete meltdown. so if they themselves are not leveraged but the reason i am not sanguine about the unleveraged stock market bubble when the fed was confronted with the collapse of the tech bubble in 2001 and the consequence of the stimulus the interest-rate and when you read the fomc transcripts through 2004 and this is what is happening. and it is accepted as a trade-off. we have the tech bubble that blew up that we have to compensate for a the corporate investment alabama level and the real-estate investment. >> that part is true that there were other regulators that is egregious. and they were very concerned about that peseta and the other regulators they focus on what was happening to these disasters that. >> this is another area where research is with the story because in 2001 through the freedom of information act disclosure ruling on the sub prior mortgages they are particularly dangerous type of sub-prime mortgage in particular an

let's move on to the bubbles. you write that early on you saw the crash of 1929 as horrible in the great depression and yet by the 19 '90s he wasn't so worried about this obviously at this time. >> guest: it's amazing. as i said one of the discoveries of the speeches. early on, alan greenspan had written a paper in 1959, which was sort of lost. i think he talked about it with friends a little bit, but the actual paper was in the phd thesis that magically disappeared from the new york university library after he became the federal chairman and they tried really hard to get ahold of that when he became the chairman because they wanted to see what was in it and they were told we can't find it, we know it's supposed to have all of them a wor afford the can't fin, sorry. anyway, i would ask questions about the development and his eyes would go like this a bit anor thatand he would look up aa while i would look up and i could see the binder on the shelf and i would say it would be great to have your thesis. when he gave

virtual print allowed them into bubbles again and again. these stories haven't been true and voters are tired of being lied to. it was insane and inevitable that the insiders expect this to be a rerun between the two dynasties that led us through the financial bubbles of time. president george w. bush presided over the inflation of the housing bubble so big that the collapse is still causing stagflation today. the housing bubble was an attempt to make up for the games lost the decade before that. in the 1990s, president clinton was over the bubble and the devastating crash in the and that's how long the same people have been pursuing the same disastrous policies. now someone that addresses the stories that tell us everything is fine and his larger than life persona nobody would suggest donald trump is a humble man but the big things he's right the amount they needed dose in our politics. he's questioned the concept of american exceptionalism. he doesn't think the force of optimism alone can change reality without hard work. just as much as

you said the rural bubble isn't the midwest, the real bubble is america.u say this, jageaug accounty, ohio. >> a lot of people saying that it's the people on the coast, they need to get out of their bubbles and they need to see more of america to understand why people voted for donald trump, but a lot of people say that themselves actually live on the coast and they haven't been that that much in rural america. the county i come from is 97% white. the high school had 950 students, two were asian, one was hispanic. we had zero muslim teachers. i have zero nonwhite, i had more teachers that were sexual predators that were nonwhites. there are many people who live in a white bubble that don't know anybody other than themselves, and what you're going to end up with is they're saying i didn't vote for donald trump because i'm a bigot or racist and i believe that. these people who voted for donald trump, most of them are not that, but what they have to realize is they have endorsed donald trump's bigotry and raci racism, they have endorsed when mexicans are bein

>> yeah, i think we're all in the bubble, or maybe -- i wouldn't say bubble.t i would say is big top. we're in this political circus, and i think it is about time we left off with the voter shaming and started to regard this as what it fundamentally is, which is ridiculous. politics is a ridiculous enterprise, and if you depend upon politics for the good things in life, this is the kind of outcome you can get. i mean, you know, i voted for hillary because it was kind of a -- it was kind of a grim civic duty, sort of like jury duty kind of thing. but i've got to say i was rooting for both to lose, so i'm half happy. now i'm really enjoying watching this guy trying to get out of the clown shoes, get the red nose off his face, doff the fright wig, scrub off the grease paint and try to be a ring master. this is going to be very entertaining. i know it has the possibility of being kind of a grim kind of entertaining, but we are in for quite a show. >> yeah. p.j., republicans now control all of the halls of power in washington from the white house to capitol hill to

you want liberals to come out of their bubble, the cadillac limousines to come out of their bubble to understand mid-america. what might mid-america be doing to come out of their bubble to understand the diversity of the world? >> they're not in a bubble. >> no, but this is the point. >> they're -- done for them. >> kathy kramer will -- >> sorry. >> because he's asked this twice and keeps getting cut off. i'm sorry. for somebody who lives in middle america, it's blaming the victim. why don't they understand us in manhattan? you're asking somebody in flint, michigan, who's drinking poison water, to understand -- guys, you just -- i know you don't, i know you don't want to -- >> we have to understand each other regardless of status. >> and so easy to say. >> i know you -- the point will be made. okay? you don't blame the victim, and you don't ask a single mom in flint, michigan, who's kids are drinking con nammenated water to understand our feelings in manhattan, to come out of their bubble. oh, no. they're not in a bubble. they're living it everybody day. >> living in hell. if you're l

bubble. he is confident it is not the same magnitude like in the late 1990's but still keeping a close eye. 30 minutes into the trading session in the u.s. abigail doolittle has the latest treat abigail: stocks opened slightly higher and trading of they lower on the end trading week. looking at weekly gains for the three major indexes, including the dow, s&p 500 and nasdaq. looking at potential records. the nasdaq around the open did put in a new intraday record high. everyone is watching to see whether the s&p 500 can put in a game there and it is worth for u.s. indexes, so strength for stocks overall. we are flipping into some green, so a great day to watch what happens. we are seeing big moves and volatility with a short-term volatility index. the volatility index over the last two weeks has really outpaced the vix for the fear gauge and having the biggest drop ever, so something volatility or dropping volatility as we move into the smaller stock mode, but what we see some strong volatilit

the war bubble, globalization bubble, various bubble policies, the insiders have been getting it wrong for a wrong time. they were asleep at the switch when we had the dotcom bubble in the '90s. they were more asleep at the mousing bubble in the last decade. and the insiders have somehow been doing very much policy adjustments. a point that hillary experienced bad experience, somehow resinates with me a lot. >> as your supporter of mr. trump effected relationships or close business relationships in silicon valley? >> you know, it's certainly is generated a tremendous amount of discussion, gotten a lot of pushback from people to say the least, but i think my friendships, close working business relationships, i think all of those are very well intact. >> do you have any other silicon valley businessman who are more privately supporting mr. trump but don't to want say it publicly? >> you know, it's one of the strange things of this doing this has surfaced, you know, not a large number, but a small number of those people who, you know, can't stay in public and what not. and are, you know,

what type of bubble? >> going in the bubble. >> welcome to my bubble. okay?the way thank you for letting me be in your bubble. this is steven from natural bars loan a justing in this bubble we're good. why is that? >> the bubble actually filled with 99.998% pure air. >> okay, what's that mean? >> unfortunately, in the world, that we live in, we don't breathe pure air any more. so by breathing pure air, after a little while, our body actually starts to purge toxins, and we feel better, of course we look better. >> you look pretty good. i have to say that. so what happens here is that correct we are inside the neiman marcus store. >> yes. >> inside the king of prussia mall. so, you know, really good customers of neiman marcus, have known this was coming for awhile. it is a free service, with a purchase, so those people have already like booked this out. they new this thing was coming. >> between about two months ago we started booking. >> people are fans of the bubble, like this thing has like a fan following? and so when they're in here you do facial with this

there are a bunch of bubbles, is the politically elite in a bubble, the midwest in a bubble?he coasts in a bubble? we'll go into the bubble and figure it out coming up. ♪ see ya next year. this season, start a new tradition. experience the power of infiniti now, with leases starting at $319 a month. infiniti. empower the drive. ... 83% try to eat healthy. yet up 90% fall short in getting key nutrients from food alone. let's do more. add one a day women's gummies. complete with key nutrients we may need... ...plus it supports bone health with calcium and vitamin d. one a day vitacraves gummies. my name is jamir dixon and i'm a locafor pg&e.rk fieldman most people in the community recognize the blue trucks as pg&e. my truck is something new... it's an 811 truck. when you call 811, i come out to your house and i mark out our gas lines and our electric lines to make sure that you don't hit them when you're digging. 811 is a free service. i'm passionate about it because every time i go on the street i think about my own kids. they're the reason that i want to protect our community

there are a bunch of bubbles, is the politically elite in a bubble, the midwest in a bubble?he coasts in a bubble? we'll go into the bubble and figure it out coming up. what powers the digital world. communication. that's why a cutting edge university counts on centurylink to keep their global campus connected. and why a pro football team chose us to deliver fiber-enabled broadband to more than 65,000 fans. and why a leading car brand counts on us to keep their dealer network streamlined and nimble. businesses count on communication, and communication counts on centurylink. coaching means making tough choices. jim! you're in! but when you have high blood pressure and need cold medicine that works fast, the choice is simple. coricidin hbp is the only brand that gives powerful cold symptom relief without raising your blood pressure. coricidin hbp. >>> this just in. the associated press has finally called the state of new hampshire for hillary clinton. hillary clinton now picks up four more electoral college votes to make the current tally, donald trump at 290, hillary clinton a

>> so i reject that it's a bubble. what i'm not rejecting is that term structure of interest rates has been held down, distorted too low, that we could elevate more from where we are today. i reject the concept. a bubble burst because of too much supply relative demand. heretofore it has greatly outclipsed the demand dynamic. >> wouldn't you say 50 basis points move in the ten-year treasury in one month is a tricking of a bubble, that's an enormous move. i think that's getting lost in this context of, well, will it go it further? it's already had a huge move. >> very fair point in that i think what people are starting to realize is long end are interest rates have a lot of price sensitivity today because rates have been held so low, because you can create a price dynamic that is significant. if you think about it in context we're talking about a ten year, not an elevation of interest rates. a 2% ten year. >> we have to get started somewhere, right? >> i agree. and, by the way, do i think we can elevate more? yes. i wou

that is how bubbles form. whenever there is a hard problem, people want to believe in an easy solution. they'll be tempted to deny reality, and inflate a bubble. something about the experience of the baby boomers, whose lives have been so much easier than their parents or their children, has led them to buy into bubbles again and again. the trade bubble says everyone is a winner, the war bubble says victory is just around the corner. but these over optimistic stories simply haven't been true. voters are tired of being lied to. it was both insane and somehow inevitable that d.c. insiders expected this election to be a rerun between the two political dynasties who led us through the two most guy januaigantic bubblr time. president george w. bush, so big its collapse is still causing economic stagnation today. but what is strangely forgotten, is that last decade's housing bubble was just an attempt to make up for the gains that had been lost in the decade before that. in the 1990s, president bill clinton presided

♪ bubbles: ♪ bubbles! that's me! i'm a mandarin dragonet! ♪ do i like stuff that's gross and gooey? ♪ hanging with friends from near and far. ♪ ♪ time to shine, friend of mine, tell us who you are. ♪ dunk: ♪ i'm the artist known as dunk. that's one talent i got. ♪ ♪ i'm a pufferfish and i know a lot about a lot! ♪ all ♪ hanging with friends, we love to explore. ♪ ♪ hanging with friends we're always looking for more. ♪ ♪ when we get together the fun never ends. ♪ ♪ because nothing is better than hanging with friends. ♪ ♪ do do do do do do do announcer: jump in to the deep end with the new show, splash and bubbles.

and eventually the bubble came to an end and we had a financial crisis. it is on the strength of that that i believe the financial crisis that we suffered in 2008 was the result of government housing policy, not the result of the private sector going crazy. if you think about it, fannie and freddie were the key buyers in this market. they were buying at least 50% of all the mortgages that were made in the united states. when a principal buyer in any market reduces the quality of the product that it was looking for, the market will supply that. now, now, you can say ethically, the banks and others should not have responded to the request of fannie and freddie for these low-quality mortgages. they should've said no i will not make these mortgages. that's a little but too much to expect. in any market, when a major major buyer is looking for a low-quality asset, that asset will be supplied by the people who create that asset and that is the mortgage originators. in 1992, there were very few high-risk quality mortgages being made. it was about a 10% market at

bubbles: you're going to help us? gush: of course! i was never in a fancy school like jerome but i still have the moves! here's the frog fish flop! and one! everyone: whoa! gush: and two! everyone: whoa ho! wow! gush: and ooh!!! ha ha ha! announcer: make a splash with the world premiere

both audience and cast live in a cultural bubble of new york city and talked to the vice president by a country they don't understand frankly very well and n't understand the economic angst that exists out there. >> they are working their butt off to make that cast. >> it doesn't mean they are not in a cultural bubble of new york ci city. i think it is important. >> no. >> and whether you're in an bubble or elite or not, if you hold the -- imagine going to church on sunday and having the preacher or priest call you out. he said it was a conversation. that's one way. that's dictation. that's me calling you out and you have no ability to effectively respond. >> mike pence was a genius the way he handled it. >> whether it is on twitter, to broadway, to the streets to the white house and donald trump lecturing anyone on bullying is just a joke. he is using it as a classic misdirection. it is a diversion. right now him going to twitter, he uses twitter like a jedi mide trick. we will not talk about the conflict with his business when it comes to the administration. >> and your thoughts on

these were individual bubble universes that were expanding in from inside the bubble it looked uniform to you and the other bubbles are so far away that the light hasn't gotten to you yet. [inaudible] with that theory, it's just going to keep making more and more bubble universes as it continues to double and double in size and eventually get an infinite number of bubble universes and this can haveyo different laws of physics and so you get a multi-verse, verse, we actually think we live in a multi- verse and this is all compared with the tiny region that we can see. one of the reasons we believe that these other universes out there exist is that the theory of inflation predicts it and the theory of inflation as we show in the book beautifully explains the pattern of fluctuations that we actually observe in the cosmic microwave background.ou the other reason we believe in inflation is that we are actually observing inflation starting again in the universe in a rather low-key fashion. we are seeing the universe today in an accelerated expansion, two groups groups founded in 1997 who won

i'm like the largest bubble bath ever. >> reporter: the suds near the international airport. a fire retardant foam that discharged accidentally from a fire suppression system. but there was no blaze. >> the system functioned exactly the way the system is supposed to in the event of a fire and it filled the building with foam. that foam is now flowing out on to the street. >> reporter: the tidal wave of bubbles, officials say, not hazardous for people but dangerous to the environment. foam pouring down the street, blowing in the wind, swallowing cars and street signs, and enough to pedal through it. >> i don't know, it looked inviting. >> reporter: soon it had its own hashtag "foamnado" the suds taking over the streets and the internet. foam party in santa clara. kntv reporter michelle roberts is there. >> i did used to work in boston. it looks like a blizzard a little bit but we talked to the fire chief and he says he's never seen anything like this. >> reporter: tonight the bubbly is still in the streets but the party is over. public. >> this is incredible. >> reporter: the

we are in a bubble.e careful if a bubble because what you've seen in the past might be small potatoes compared to what happens. so be very, very careful. >> for clinton and for clinton as part of her final argument about why she's the right one to tackle the nearly $20 trillion peace. >> i pay for everything am proposing. i do not add a penny to the national debt. i take that very seriously because i do think it's one of the issues we've got to come to grips with. >> neither has been very specific about reducing up the deficit is the difference between what the government takes them and what it spends. we've always been in the red nearly $150 billion. julie deficit climbed to $413 billion began to taper off to bed. in 2008 to $459 billion in 20,922,012 we had deficits well over a trillion dollars every single year. by 2015, the number had slowed gibson and the neocon administration touts but still if the federal government $438 billion in the hole for that care. repeated deficits combined to push the ove

eventually you'll get an infinite number bubble universes. these bubble universes. these can have different laws of physics in them. so you get a multi-verse. we think we live in a multi- verse. so this is all fast compared to the tiny region of what we can see. one of the the reasons we believe these other universes out there exist is the theory of inflation predicted and the theory of inflation in the book it beautifully explains the pattern of fluctuation that we observe in the cosmic background. another reason we believe in inflation is we're observing inflation starting again and universe in a rather low-key fashion. we're seeing the universe today in an accelerated expansion. two groups from this in 1997 per they won the nobel prize for this. the this. the universe is going to be doubling in size once every 12.2 billion years. today it has a very low vacuum energy of seven times ten to the minus 30 grams per cubic centimeter. so we have seen a low grading for form of inflation occurring today. this is another reason we believe in inflation. i've talked about s

rishaad: when do you know you are in a bubble? >> we think there is genuine demand.here is a diversion picture and saying the lower tier cities are less supportive. digest and has gotten underway, but far from the first to tear cities. -- first-tier cities. it is becoming an increasingly polarized property market. tell me about that. look at it from a geographic point of view, individual developer point of view, there the versions in terms of quality, how well products are selling, the economics and demographics of each region is becoming more diverse. rishaad: also, there is a lot of stock unused. it lies vacant. people bite speculative play. >> that is more of a case for smaller cities. demand is still there. goingn tell the supply down and inventory decreasing rapidly within 2016, so there is demand and we don't think -- it will support it without a large correction in 2017. rishaad: what about government policy towards the property market and how it is affecting things? caused up turns and downturns in the past, these cycles, and the more recent curbs in the prop

bubbles: maybe we'll even find something yucky and slimy! all: let's go!k: ♪ be ready to take the ride of our lives ♪ all: ♪ we're gonna catch a current ♪ dunk: ♪ the whole ocean's waiting right before our eyes. ♪ all: ♪ what an adventure. splash: there's only one way to get over the fear of the unknown. let's go there and get to know it! bubbles: ohhh! i like that! dunk: maybe it's not so strange down here. tidy: this is so much fun! [laughs] all: ♪ we'll go anywhere and everywhere! ♪ ♪ the real fun is traveling there! ♪ ♪ woahhhh we'll catch a current. ♪ ♪ we'll take the ride of our lives ♪ make a splash with the new show, splash and bubbles.

. >> seth: this does -- this idea that there are people inside a bubble and outside a bubble. part of going out with trump is you guys did go outside of the bubble and is that a fair assessment that you -- >> i mean if you consider the bubble to be new york city, washington d.c., and maybe the coastal cities and the more urban areas, then yeah, i mean we definitely did go outside of the bubble. the rest of the country would say, "well, you know, you're not in our bubble." >> seth: right. >> and what we saw was a lot of frustration. and a lot of frustration not only with the news media. there was a ton of that, but also frustration with washington and what was going on there and a feeling like they hadn't been represented. they hadn't been taken care of things. and donald trump, even though he isn't a perfect messenger, he was a perfect messenger because he was imperfect. >> seth: and you mention sort of the negative attitudes toward the media. donald trump did as much to stoke that as anyone. and he would -- he called you out by name a few times at his rallies. >> little katy.

in the bubble, it certainly wasn't donald trump. let me say very importantly, we're in agreement. arrest people who are breaking the law. 71 people were arrested in portland for breaking the law. i think that's very important. you know, when we hear that i'm citing individual instances, it's all over the country. i think that the left and the right could certainly come together and clamp down on hate crimes. there's no discussion here. >> the congressman is touting the arrest of these protesters in oregon as if it proves your point. it doesn't. that's how divisive donald trump is as a person. and regardless of why, something needs to be done to address this unrest. and donald trump saying, stop it, i think, is pretty insufficient. >> you know, remember, he has said stop it, haven't herd it from hillary clinton, haven't heard it from the democratic leadership, haven't heard it from president obama. we may see it in a few minutes and i'm looking forward to it, but i think we could all agree when people break the law, the law should be

. >> i'm still living in bubble f ignorance. >> joe works from home. he's an artist and drawing calendars consumed him after he decided he wasn't going to find out who won the presidential race. >> i was invited to an election party to stay up in the night with everybody gnawing their nail and hanging on. better way. >> he woke up the next morning and felt so at ease he decided goif it a few more hours. >> having subtracted myself from this political fracus and mayhem of the digital media, i found the center to have cy cyclone. it's peaceful in my bubble. >> a week after the election he still does not know who won. staying away from television, niep and social media. wh seldom, he wears headphones and this sign that says i don't know who won and don't want to. please don't tell me. >> for me it's like a breath of relief. >> chandler's daughter, em emily, is serving at her fathers liaison. sending him edited versions. >> telling him there's civil unrest. that there are people rioting. but i'm not saying which side. >> chandler says this was not protesti

and both audience and cast, i think, live in a cultural bubble of new york city. and yet talk condescendlying to the vice president, who was just elected by a country that they don't understand, frankly, very well. and they don't understand the economic angst that exists out there in america, which i think was the primary impetus behind this revolutioat the ballot box. >> you don't consider that cast elite, do you? a lot of those people would have a hard time. let me tell you about showbiz, my kids are in it. being able to afford an $800 ticket is what those kids normally does. they can't afford to get in there. they're working their butt off. >> but that doesn't mean they're not in a cultural bubble of new york city. i think that is important here. >> well, it's not elite. >> whether you're in a bubble or elite or not, if you hold the rostrum. imagine going to church on sunday, going to church yesterday, and having the preacher or the priest call you out, and you have noed y -- you know, he said that was a conversation, the actor. that's not a conversation. that'

real estate bubble. he should have done more on that. >> rose: and did, so why do people blame him for the crisis in 2007 and 8 from deriff tiffs and subchapter and all that. >> because he had retired from the fed in the beginning of 2006, just a year before the crieses began. so i mean the crisis was baked in by the time he left. and i think it's true that he presided in his last two years from 2004 to 2006 over interest rates that should have been both higher and less predictdable. a key thing was he kept on communicating to the market how quickly he would tighten. so if you were in the markets, you could take a lot of risk and not feel that you were going to get caught out. >> rose: who, how did ayn rand influence him? because i have asked 4eu78 that on this program. >> and what did he tell you. >> rose: well, i have forgotten now but basically that he knew her and he was i think impressed by her. there was a personal relationship. >> there was a personal relationship. i mean when green span was swror

>> bubbles -- >>> it's alive! it's just bubbles, foam. it's coming out the windows in san jose, california, foam 10 feet high by the time they realized it was firefighting foam accidentally released when there was no fire. >> look at that. >>> the timing of yesterday's storm worked out perfectly for several ski areas finally right after several delays. keystone opened this morning with copper mountain. breck opens tomorrow. >>> a debate is going on splitting homes right before the holidays. this debate isn't over who won the election. it's over what is on the radio. time for kozi christmas. kozi 101.1 flipped the switch and started playing christmas music at 5:00 today. some people have been calling since the day after halloween asking for it. others wish they'd hold off a little longer. we posed that question on 9news at 9:00 and nearly 2/3 sa right time to start. about 25% say whenever the mood strikes. >>> tis the season around here. it's starting to look more like the holidays with the snowfall coming into the metro area yesterday and

there was no housing bubble and financial collapse 1995. if you're going to have a causal story you have to link it to the debates in which the event happened. these events happened in the early 2000s. and they happened because the fannie and freddie, the process of the change of governance of fannie and freddie led to them to be equity return driven. the federal reserve stopped paying any attention to whether or not loans being made to poor people were fair. the financial markets, encouraged by the bush administration, stepped into that space. and then fannie and freddie followed. those are the facts. those are the charts that show you the timeline prove indisputably. we can have a conversation based on dates that are not relevant to the dates when these events happened. but the real question you have to ask is, why are we having that conversation? why are we being shown snapshots that are out of context? why are we discussing dates that are 15 years before the events? there's two reasons. and i think peter is pretty straightforward about

dirt out of the way, you know, it just kept the bubbling up and bubbling up, and bubbling up. >> reporter: jakes escaped just- in-time. >> the water started coming through the bottom of the car. i just jumped out the side. pretty much that was it. >> reporter: utility crews worked to repair the line on monday. jakes hope -- hopes there is helping it for him. >> i hope the state or the county were somebody will help no good.>> reporter: now, the good news of course is jakes is thankful he made it out okay. but the not so good news is that he's not really sure if his insurance will be able to help him with this loss. >> let's hope so. that's just bad luck. but that whole cause a big problem and a big mess out there. does the county know when this road will be back open?>> from what it looks like. as you can see. it looks like it could be a matter of time before they go ahead and take those barricades down and open up this roadway.>> jamel lanee >>> we're going to move on to our next story. >> four people from a burning boat off of cooking a beach. john rodgers joins us from anna maria islan

bubbles: or playing in the mud and the goop, and swimming in slime... dunk: oh, oh yeah, right, oh, i guess those things are fun, too. not as much fun as dunkin' in the sand... woo! announcer: get in a swim with the world premiere

it's bubbling up. the water crews are down here. they're trying to find the right valve from coming from the ground. we have wet roads, eastbound avenue closed at logan from spear -- getting over to cherry creek. that's where it's closed down. he's searching for where that little round area is so he can get to the valve and shut off the water. that's happen right now. we might flood -- we might blocked you can but you can see what it's doing to traffic. heavy traffic on 88th avenue. >>> police are searching for a gunman who shot a man on east stone wood nightclub. police chased down the getaway car. it was a red camaro. but they never found the suspect. he's a known gang member with a tattoo on his face. if you know anything >>> this 20-year old man has been identified as stephen wiley. he's -- cameras were rolling as he was taken into handcuffs and the shooting happened wednesday in a hotel parking lot. a white ridge man was killed and another man in is the hospital. >>> we have breaking new detail oz this fire at a home in lakewoo

that foam is now flowing out on to the street. >> reporter: the tidal wave of bubbles, officials say, not hazardous for people but dangerous to the environment. foam pouring down the and street signs, and nearly those daring enough to pedal through it. >> i don't know, it looked inviting. >> reporter: soon it had its own hashtag "foamnado" the suds taking over the streets and the internet. foam party in santa clara. kntv reporter michelle roberts is there. >> i did used to work in boston. it looks like a blizzard a little bit but we talked to the fire chief and he says the bubbly is still in the streets but the party is over. the road closed to the public. >> this is incredible. >> reporter: the cleanup now begins but the situation is st fluid. miguel almaguer, nbc news. >>> well, even the clean needs to clean up, but it's difficult. buckingham palace say the place needs a facelift, infrastructure work to fixbi heating, things that haven't been upgraded since just before world war ii. it will cost british taxpayers $450 million over ten years. the queen will be able to live there duri

so do we live in the bubble of wake county and the state statewide at times? >> you could feel it in wake county. i was at his first rally, trump's first rally in north carolina last december. mark you were there too. you could feel the energy then. you know? >> but did you think thessalonica going to really transfer? >> yes. i've covered one other thing like that, that was a recall of a governor in california that nobody thought was going to happen and that happened. that was a recall election back in 2001-2002. there is a certain, you can kind of feel it you kn? >> yeah. >> you had a population of people who were looking for something different. they felt like they had been missing something in our political scheme for all their lives and they found it. >> a home, a political home in a sense. >> so you weren't surprised that he carried the state? >> i actually predicted he would on a broadcast. i really thought he would take it by a couple of points. it was more than i thought. polling. we had a poll survey usa that came out a week before the election. it wa