he interviewed before the bubble burst and said things are getting a bit shaky. he said, as long as the music is playing, we have to keep dancing. what he was saying is that basically investing or wall street management is a form of musical chairs which cains also said. ... >> really gives people in some sense apap to easily. just a couple of counterexamples, which is during the dot com boom, and these are perhaps exceptions, but warren buffett did not invest in dot com stocks. fidelity contra fund, when it became fabulously successful, eventually closed to new investment monies, even though you could get higher fees by increasing the number of investors. by the fund manager said basically, once you reach a certain size, profitable opportunities vanish for the kind of rates that was attracting. all these people coming in. and everybody would know, you know, in financial markets there are only a certain number of 100-dollar bill lying on the ground for people to pick up, so once you've gone through the creditworthy bars in the housing market you're going to be dip

ultimately the bubbles burst and ultimately the economic wreckage built. bernanke bears some responsibility for that without a doubt. but once the crisis developed, he took charge in a way that is unprecedented. he took step after step to provide liquidity to this global economy to prevent and avert a collapse. mr. president, i believe when the history of this period is written, in terms of the response to the dangerous cloud hanging over this global economy, bernanke will prove to have been one of the heroes of the peace. in instance after instance, he took action unprecedented to avert a collapse. his academic study was the great depression. he resolved as a young man to do everything he could to prevent any future collapse of that magnitude. he proved to be the right man at the right time, and he deserves to be confirmed in this vote this afternoon. i ask my colleagues to please be judicious. let's recognize that he made serious mistakes. let's also admit the congress and the administration, the previous administration, made very serious mistakes. overl

is that because you quick enougt bursts it doesn't matter? >> well, the question is why does it make individual sent to participate in the bubble? is it because you can get in and out before verse? the answer on an individual answer is yes. most people think they can. ducey if everybody tries to get in and out of the same time the bubble collapses. that is what happens in the end that there is a period, there is a period in which you can get in and out. going back to the chairman of city-- cid geek, things are looking a bit shaky are you going to be pulling back from the markets and he said no, as long as the music is playing we have to keep dancing. what he was saying basically investing for wall street management is a form of musical chairs which keynes also said. i don't know friends was directly quoting kaine search as telling him but once one of these bubbles get going is like a game of musical chairs. you can get the seats out there available for some of the time so a lot of people made a lot of money on the upside and got out in time.

i just burst into tears and kept asking if it was true, i think. >> iraqi government officials say theyere not involved in the talks that led to moore's release but say the decision to free him is part of a national reconciliation program. >>> fans who were there at last night's sugar bowl in new orleans got to witness a great performance by the florida gators and on even sweeter good-bye from their quarterback. joe carter is here with more on this record-setting amazing night. hi, joe. >> good morning, susan. >>> florida quarterback tim tebow, arguably one of the greatest college football players ever, saved his greatest college game for his last. tebow made history, breaking his own record for passing in a game while also setting a new bcs record for total yards. after a week of turmoil regarding urban meyer's health and future as florida head coach, the gators went on to crush cincinnati 51-24. after the game, meyer was asked what he plans to do next. he answered, i plan on being coach of the gators. >>> the rose bowl parade is no stranger to celebrity grand marshals, this year a tru

when is that bubble going to burst? >> mark: well, that is the question. is this tennessee team good enough to sustain this level? that they played at regardless of the suspension and being down players? >> eric: cleans up the mess inside. [ applause ] >> mark: or at some point does the tennessee team fall back a little bit? that will be the question. >> eric: andy kennedy doesn't like the way things are going. he calls a time-out. well, six seasons ago, the game that bruce pearl called the miracle on ice. that type of upset. skylar mcbee and tennessee knocking off the top-ranked kansas jayhawks! >> mark: skylar mcbee! he will be remembered for that one for a long time. >> eric: did you feel it was that big of an upset? tennessee winning on their home floor against kansas? >> mark: no question! it was a tremendous upset. kansas is a legitimate one, two, three team in the nation. tennessee just coming off the players suspended. again, a lot of times what happens after players are suspended, it's like too many miles sometime and this is a deep tennessee team

meet the guy who is talking about a bailout bubble bursting. and then washington forcing taxpayers to foot the bill for even more home buyers this year. will everyone pay the price? we will be back. >> i'm greg in new york. rush limbaugh is speaking about his condition at a hospital in hawaii. let's listen. >> the first thing i want to do is thank the people at the hotel and resort, the general manager there, thomas pauly and their security star reacted like that to my distress call at 2:30 on wednesday afternoon. the people here at queens hospital could not have been better. i feel very, very fortunate. i have been treated to the best healthcare the world has to offer and that's right here in the united states of america. also i'm overcome with all of the prayers, the cards and the flowers of that come in from people all over the country. it has been a humbling experience. all my life i've wondered what a heart attack would be like. i never had any problem with it. in 2:30 i experienced pain in my upper left chest like i had never experienced

and the housing bubble bursts and the story reaches the climb ma max when barack obama is the first.> a good human story, it mattered, america has truly gone in a different direction sincen you know, you can say some of it was overly emotional and gullible, nobody couldn't say it's not a phenomenal story. >> jon: we talked about how the press got on the obama band wagon early. has that changed? >> somewhat, let me just return to something quickly. i grew up in segregated washington and remember when the newspapers of that day in the history had black pages, they had news, black news, it was very difficult for an african-american, a negro as they were called in the media then, to get the kind of coverage, debutante balls, they were all segregated. there was tremendous progress made. i as an american, washington ee proud we would elect an african-american, but focus on the color of his skin than the content of character. >> i think they focused on everything about him and obama's and his popularity throughout the world is interesting. american policy is still not popular, but barack ob

a pipe supplying water to the sprinkler system burst at the hotel, possibly from the cold. it shut down the holiday inn in springfield. >> it was a massive amount of water that leaked down into the electricalystem and to the wiring. >> reporter: a handful of guests were shuttled to other hotels and firefighters led guests to their rooms using flashlights for their belongings. in instances where there are flames, the high winds can fan the flames and spread them. while they trained and experienced most of the adversity the cold can bring, some simple advice. >> layer up. something like this, don't go out if you don't have to. stay inside and stay warm. >> good advice if you can llow it. if you can't get used to it. its not expected to get much above 38 degrees for the rest of the week. >>> and kids return from winter break this week but bitter cold means some will get a slightly longer vacation. charter in d.c. will be closed tomorrow for students. meanwhile, schools in clarke county and frederick county virginia are starting one hour late. berkeley county schools in west vi

with the bursting of the credit boom a return to the output levels we have seen before the crisis came is very unlikely so there will be a sort of downscaling in terms of production capacity across the sector and of course that will imply job losses. >>reporter: the crisis should have been an opportunity to accelerate much needed structural change...and yet in the past 12 months not one single carmaker in europe has closed down. the opel fiasco where angela merkel stepped in before the election and threw taxpayers money at it to secure a deal for its german workers... and which has now unravelled.....has been called an outbreak of malignant economic nationalism. >>polleit: politicians thought about politically favourable solutions rather than thinking about economically viable strategies for sorting out the mess at opel. >>pieper: opel iby far the weakest player in germany... they need 5 percent less people a year...so i see no solution...i mean we dont come out of this...i mean there is no magic. >>reporter: despite all the talk of the future, the global car industry, and that include

and that's our pop quiz with a burst of color. mustard certainly signals a season in wine country.s here cook with the seasons, updating their menus with whatever is freshest. at our chef's table, one of wine country's hottest restaurants puts food center stage. -alright, add in two nine course rice, one no lobster, two more nine course scallops. tartare sashimi foie against mole. one tartare scallop right now. >>tonight the kitchen at redd is in full swing. -runner!!! take it out. go! alright, pull three. >>executive chef richard reddington is in the middle of all the action at his namesake restaurant in napa valley. -redd is sort of my take on a napa valley restaurant, what i see andwe call it contemporary american food. the food is just supposed to be to the point and everything's on the plate for a reason. there's no fluffy stuff or fried stuff, it's just, it makes sense. >>the minimalist sleek interior is intentional letting the food be the focus. the large patio is a popular place to dine and sip wine. -a little more modern contemporary atmosphere and people walk in here and

it was before the crisis burst. but in retrospect was the stayed asleep at the switch and that period because housing prices were levelling out and then turning down and we were all worried about this supreme crisis but it proved to be much more than a supply problem and the fish as i remember wasn't doing much. >> guest: yeah, i think i like the asleep at the switch metaphors as much as a doctor who misdiagnoses a patient. i think that you can go further back, that during the greenspan years the fed kept interest rates very low for a long time in hindsight it looks like was not a good idea that it had many more unintended consequences sparking an orgy of speculation and borrowing -- >> host: but we were in an incomplete recovery. there were reasons. >> guest: but if you think that in retrospect they should have tightened sooner you have to put bernanke on one of the sanders because he was making a very strong case that this was necessary to avoid deflationary like japan, and that the clauses of the low long-term in

another asset bubble burst. interest rates new zero. in the united states the dollar dropped against six major currencies. investors who worldwide are borrowing dollars including equities and commodities with huge bubbles that might spark another financial crisis. >> do you think this threat has legitimacy? >> it is something to pay attention to. let me distinguish between the united states and abroad. it is difficult to know that asset prices are correctly valued. we have been trying to do our best to look at valuation models and other metrics and we do not see at this point any extreme evaluation of assets in the united states. all of that is contingent on your beliefs about where the economy will go and if the economy were to weaken tremendously prices would be overvalued where they are today but only in that case. there have been complaints about u.s. monetary policy abroad. it needs to be understood that united states monetary policy tended to address issues in the united states and countries concerned about that have their own too

we could get a burst of snow flurry here and there but not everywhere as we have a weak disturbance out to our west. there's the current numbers. when you look at those temperatures, it's wintery type temperatures to start the morning, not too bad, but then you have to take into effect, the winds, not as bad as yesterday, yesterday at this hour we were gusting up to 25 and 30. now look at single digits here in baltimore. still the windchills will be in the teens. at the bus stop it's a cold reality for the kids headed back to school inmore ways than one. 21 degrees with mostly cloudy skies at the bus stop. we will try to push the mother tourmercuryto 22 degrees. when i come back i will have the all-important seven-day forecast and let you know if there's any warmth at the end of the weather tunnel. speaking of tunnels and bridges and all of that stuff out there, that's what you're going to be facing out this morning, back to work, back to school, and back to bingo. here is candace dold with the traffic edge report. >>> thank you, tony. it is back indeed back to the routine. if you're tr

without dampening the speculation, the economy could be more vulnerable when the speculative bubble bursts we do not have a good theories or empirical evidence to guide policy makers and their efforts to yours short-term interest rates to the financial speculation. for all of these reasons, my strong preference would be to use regulation and supervision to strengthen the financial system and lean against developing problems. given our current state of knowledge monetary policy would only be used if in balances were building and regulatory policies were either unavailable or shown to be ineffective. but of course we should all be working to improve our state of knowledge so as to better understand economic and financial behavior and further expand the range of policy tools that can be employed to enhance macroeconomic performance. that objective is one that governor brimmer has worked very hard to promote. thank you. >> thank you very much. [applause] >> [inaudible conversations] [inaudible conversations] >> well -- i apologize for the t#cd said the economy was in a free-fall by the end of

you'd be hard-pressed to find a single one who is not just bursting with confidence tonight. >> i think brady will get a taste of the medicine we didn't give him before. it's going to be fun. >> we're going to win, no doubt in my mind. we are going to win. >> this is really exciting this. is a first away game i've been to. hopefully my first one will be a win. >>reporter: in case you're wondering what you're seeing behind me, we in a square downtown. public ice skating ended moments ago. a winter wonderland, if you will, here in rhode island. >>> bruce, what was the mood of the team coming off the bus today? >> you heard it in the piece a minute ago. they're viewing this purely as a business trip. the odds are against them. they came up here in october and lost a close game to the patriots. new england has not lost all year. the ravens, obviously, hoping to reverse the trend tomorrow. more coming up at 10:50 in "sports unlimited." >> thanks a lot. we'll see you again in "sports unlimited" about 10:50. >>> bruce will have live reports from new england tomorrow on fox 45 news at 10:00 and

it burst. bernanke and hank paulson, the treasury secretary announced it to be contained, meaning the damage would be limited to housing and it wouldn't screw up the rest of the economy. and it turned out not to be contained. and one big financial institutions began to implode, especially after lehman brothers, i think bernanke realized he was at risk of presiding over something like the episode he had studied. and that gave him more courage i think to do dramatic things than some other person would have been. i think that in the beginning some of his colleagues thought he was overreacting. after all, anybody who studies one episode in history tends to see everything that happens like this is happening again. and they thought he was overdoing it. i think indian. >> host: he was fighting the last war. >> guest: or the 50 year war. and it turned out he was fighting something that turned out what looked like an awful lot like the depression. all the economists told us would never happen again. >>

after a pipe burst. walking in memphis was no easy task. water main breaks turned the streets into a slushy mess. >> once one broke, pressures started changing, the others have broken as well. >> reporter: i mentioned this particular farmer lost about 30% of his crops. look at this orange. it's a little bit difficult to see on television. there are some chunks of ice in the orange. you would pick this up and thing this was good. when you feel it, you can feel the ice. while it may look okay, an orange like this will not end up at a supermarket near you. kate and josh? >> that little bit of frost inside is a killer. >> matt said he could be facing losses in the millions of dollars. >> even if it's 1% of his crop lost, that could equate to millions of dollars. unbelievable. ron, good morning. >> good morning, kate, good morning, again, josh. we begin with the earthquake josh mentioned in northern california. it hit just off the coast. knocking out power to about 25,000 people. forced the evacuation of some buildings. so far no major injuries.

now that the building is properly bursting at its steams, it surely is not too large for present activities. >> so it must have been a bit lonely over there. >> just as pat probably felt all little awkward when he came in, but as you recall, after black was appointed, president roosevelt had a lot of appointments in a bill to the short time. that was almost immediately drawn by justice read for appointments, and he was in the middle of another put appointment with frankfurter and douglas and burns. so in a short time, he was joined by lots of other appointees, and they all use the offices we provided for them in the building. justice brandeis never moved into the building. he was perfectly capable, perfectly happy with working in his home. of course, justice brandeis, for all of his superb mental abilities and superb legal mind, was a very gentle, simple man, and maybe thought the building was not the kind of building he could write his opinions in and feel at home. so he never moved in. >> he was opposed to the court building you were covering in this program. he felt plans for to grand --

at a restaurant, gunmen burst in and kidnapped six men. later, the bodies all found near a canal, shot in the head. >> we want justice. we want somebosomebody, the president, he has to do something. this is the wrong person they have to get. >> neighbors remembering salcedo who more than left his mark. a former assistant principal of instruction at the high school, current school board member, education and helping others. that was his life blood. >> bobby as an educator, administrator. made it his work to help as many people as you could. >> it's like being in a mig nightmare you can't wake up from. hopefully we'll get answers for bobby, and his family and our community, because they stole our future. >> julie: major marijuana bust near the arizona border with mexico. we're told border patrol agents followed a set of tire tracks and ultimately led to this abandoned jeep cherokee. inside, more than 400 pounds of weed stacked in a plastic bundle. the street value, estimated $330,000. officials say footprints from the abandoned jeep led to m

they will have to say thanks to a woman that this burst took place. and for us it was touching to be with her and her kitchen when she was chain smoking and there was so much smoke in the kitchen we couldn't even take notes it was absolutely unbelievable and she was so happy to reminisce the days when she had been the instrument of the birth of israel. so after written on jerusalem -- and i could speak all night about our meeting with david where he was paying with his food by trimming the animals every week. we spent four years in that part of the world which is beautiful but torn and i am told every day that peace is probably further than it has ever been. and then we packed for the east, for india because we wanted to write the great epic of the birth of one-fifth of humanity to independence, the birth of india to liberty, the birth of pakistan to liberty and the end of the british march. it was in 1947 this event took place and for me it was a fantastic new research on the footsteps of a man i really little half naked man called gandhi who all his

many years before the housing bubble bursting. my testimony will also address what i see as the failure of federal regulatory oversight and the need for a robust state federal enforcement regime to protect consumers in the future. i have served as the illinois attorney general for seven years, and from day one i have focused on protecting homeowners and borrowers from unfair and deceptive mortgage lending practices. since the late 1990s, illinois often in conjunction with other states, has investigated some of the largest subprime lenders in the country. first alliance mortgage company, household finance, ameriquest, countrywide, and wells fargo. and after uncovering and document their predatory lending practices, we sued these lenders for putting homeowners into risky loans that they didn't understand, could reasonably afford, and couldn't get out of. our investigation of these lenders and their brokers revealed a pattern of editorial in the practices that would eventually permeate and destroyed much of the mortgage industry and

he went to the rotunda and a man burst from the crowd and the commissioner of public buildings seized him and the man insisted on his right to be there and they said maybe he is a new congressmen that lincoln was inaugurated but six weeks later he is shot and this man i found the letter and he said that was the face of the man that i restrained. john wilkes booth. >> host: can you find that photo online? >> guest: yes. >> host: you also talk a rubbery early-- utah also talk very early coming from springfield illinois with 1861 he was smuggled into washington had and his family then he found a new sources to corroborate 272 chart drop the beginning and the middle and the execution upham of the men. can you talk about their imprisonment and the results of the verdict? >> guest: the great granddaughter of their present governor and we became friendly and she showed me the day the "journal" and the private letters written to him and by him and the torture that i write about of the conspiratorial scumble hooded, shackled and sells 3 feet wide 70 long and individual cells. and they were how

i've never seen a person burst upon the national scene so fast and powerfully as this man.s. he's a great looking guy. got a lot of self-confidence and a lot of modesty at the same time. sarah palin is yesterday's news. a very nice woman and has the right heart on a lot of issues. this guy is a meteor. so bright, it's unbelievable. massachusetts may be a cradle of presidents again. >> larry: mark, he's going to be up for re-election for the senate in 2012. does he go national? >> well, look, i think it's too early. i don't think this election was as much about him as it was about the voters, you know, wanting to express that they have, you know, tough times, high unemployment, high-def s ds and sends a message to washington. i don't know whether it's going to be about him or about the message that was sense out of that election. i think it was mostly the message. >> larry: miss cupp, doesn't it appear he's on his way, though, politically? i mean, he's so fast he's on the scene? >> absolutely. he's a superstar. what happened in massachusetts this week was the political equiv

most amazingly, her memoir burst at the seem with strikingly uninformed opinions. i want to share three short ones with you. when ulysses s. grant gets out of the army for the first time, he tries a number of jobs, and he fails aft everything. everything. at one point, her father, who is quite wealthy and owns a lot of land outside of st. louis and owns slaves, gives them a farm to farm. ulysses runs it in to the ground. julia is in charge of the poultry in the barn yard. in julia's version of their years at wish upon wish, ulysses was a fine farmer and she was a fine farmer's wife. to her fell the task of raising the chicken, each of which she provided with absurdly fanciful names, together, fred and buck and julia, her oldest sons, passed handful of grains to seless and the great mogul and though many a farm wife, held that chickens were stupid creatures, julia insisted that her hens and roosters were markedly intelligent, though their breeds came from distant lands, china and india, she felt they could understand the english language. she discerned this, she exp

every time there's a frugal period it is followed by a burst of conspicuous consumption. we are really getting ready for that. >> we are tacky in america. >> some of us. >> so, and -- and third i think on the heels of the "time" magazine naming ben bernanke the man the year i think "people" magazine is probably on its way to naming tim geithner sexiest man alive. >> oh! that is a bold prediction. >> christine what do you think? >> my big prediction is next year is going to be the year of the deficit. we've been talking about spending money, government money, our own household money. next year is going to be the year that everyone focuses on needing to pay down the debt and on higher taxes. second prediction, innovation going to continue to be in the tech seconder. it's going to continue to be the year of all sorts of fun gadgets, and the mainsfreem getting into gadgetland. and third prediction -- more and more bankers are going to be moving to china. hong kong. >> interesting. more and more bankers speak chinese now. you're finding senior executives with training, find ex

. ♪ the bombs bursting in air ♪ gave proof through the night that our flag was still there ♪ i'll make. ♪ oh say does that star spangled banner yet waive ♪ ♪ or the land -- or the land of the free and the home of the brave ♪ >>> number ten, zimmer down now. >> baseball coming down. >> you talk about look for a reason. >> absolutely. >> oh, my goodness. don zimmer and pedro martinez. that's awful. don zimmer, a 72-year-old man, went pedro martinez's' face and don zimmer threw him down p. >>> number nine. >> deep right center field. mccray on his horse. oh, he hit the wall! mccray, rodney mccray catching a fly ball, just ran through the wall in right center field. he will see that replay for the next 100 years. >>> number eight, home run! >> fly ball right. back of the track. look at that. it is off his head, it looked like. a home run! it looked like conseco on the top of the head. we'll have to check the replay. >> it did. >> it went over the fence. david holt laughing out there. must have been something funny. it's a homer. look at this. >>> number seven, yankee chambliss. >> delivers

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each entree is bursting with high-quality protein... plus wholesome grain and garden greens.pecially formulated to promote hairball control... and healthy weight. friskies indoor wet cat food. feed the senses. now turn treat time into party time... with friskies party mix cat treats. get the party started! this is a honda pilot. and this is the chevy traverse. it has more cargo space than pilot. including the most space behind the third row. and traverse beats honda on highway gas mileage too. more fuel efficient and 30% more room. maybe traverse can carry that stuff too. the chevy traverse. amer. compare us to anyone and . >> larry: our guest is mayor rudy giuliani. mayor, a study out of duke university released today says that the threat posed by radicalized muslim americans has been exaggerated. do you favor profiling? >> it depends on how you define profiling. you profile when you make a logical deduction about who the suspect is. if somebody calls me up and tells me that the person who just committed the crime is a 6'2" blond guy, well, then you look for 6'2" blond guys.

also bombs bursting in air by robert key, those would be wepons of mass destruction. you have exaggeration on top of exaggeration. there is one thing which is important for the rest of my case. is that in some reports, at least the first three types, nuclear, chemical, and biological ones have a similarity. they are very messy on the battlefield. you obviously increase the radiation and you want to take over the battlefield after you won it. that complicates things big time. they have the thing that they can blow back on you. you also have to wear the horrible gas masks. in case the biological weapons would be contaminated. it takes a long time to make sure the area is safe. from the battlefield, you want to hit the enemy and take over, all three have this kind of disadvantage. okay. let me turn to the next. the question is: how much consequence have nuclear weapons been since world war ii? and it seems to me they've been very little historical consequence and have not been necessary to present a major conflict in europe. the big argument has been that without nuclear

exactly her ability to burst through the seam and score. >> mike: monica wright now with four points.things with the ball in her hands that other players just can't see, mooi mike. when you don't think that there's a seam or you think there's three people in the paint that is going to discourage her from getting inside, it's not. >> mike: thomas drives in the lane. what a drive by brooke thomas who has shown flashes of brilliance the past couple of years. >> debbie: think if she learns to play the game at this stage. this is a slower pace today but when teams feed them up, she can take care of the basketball. they could take their team to another level. >> mike: williams down with the rebound. wake forest has to call a time-out. good defense by paulisha kellum and a strong rebound by williams. >> debbie: they have been face-guarding her, wake forest. then look at the gap. she can just split defenders and she can get inside off the bounce. she's been very patient and very mature about the way she has let the game come to her early on. >> mike: often, we talk about speed for a player. w

the real issue by wanted to ask you about is that the distraction and that drivers have burst due to cellphones. even when a plant that they have had the ability to converse buyer to of a microphone rather than directly into the phone itself does not necessarily mean that there are driving more safely. we have a lot of accidents because one can be extremely emotionally involved while driving in the cell phone is not a device that should be used under those circumstances. "the new york times" also published today with the fact that computers are not just in laptops and desktops, they are going to be on -- boards. can you imagine, what with the driver be doing if he has a computer on the dashboard? do you think that makes him a safe for driver? do think he should be driving a car while he is messing about with his computer? we have some problems in this entire business because innovation is driving the american public frantic in terms of lack of safety. >> one refer started talking to some of the auto companies you asking about technology and they kept coming back to e'en in car techno

. >> reporter: indeed, it would take a burst of new jobs over the next 4-5 years of 15 million new jobs to get us back to where we were at the start of the recession. yet december recorded another net loss. economic forecaster allen sinai spoke for many. >> we'll get positive job creation in the next month or two, and we'll have a surge in jobs when census workers come to work. but beneath that, the underlying growth of jobs in this country looks to me to be very anemic, another kind of jobless recovery like or worse than ones we've had before. >> reporter: so, are you imagining a steady-state for the american economy with unemployment at 8%, 9%, 10%? >> its probably peaked at about 10%, but we wont see 8% at least until 2012. >> this is still one hell of a depressed economy. >> reporter: paul krugman is typically pessimistic, as well. >> who's going to want to expand? who's going to want to build an office building when we've got record vacancy rates? who's going to want to build a factory when we've got near- record excess capacity in industry and down the line? so why would you expec

in the 1990s, of course, kahn's predictions proved true when the japanese economic bubble burst leading a severe downturn in economic growth. but as the u.s. hit the big recession in 1981, 1982, kahn optimistically responded with his final book the coming boom and this and other books kahn expresses firm belief unless poor management or sheer bad luck prevented it that technological advancements would lead to a massive increase in worldwide prosperity and he thought there would be a whole host of new technologies and technological improvements in the 1980s and the 1990s that would change the way we lived and would breed significant efficiencies into the economic system. if you -- herman kahn died suddenly of a massive stroke on july 7th, 1983. he was praised by many including president reagan after his death. and if you read the obituary of herman kahn in the encyclopedia britannia yearbook for 1984,gÑr you'll notice kahn was obsessed at the time of his death by the possibility electronic transmission of mail and the impact of the postal service and this was a decade and a half of us in

madam president, after the housing market bubble began to burst in 2006, chairman bernanke was slow to, chairman bernanke did little to prepare for additional failures. in other words, bernanke fiddled while our markets burned. in the next six months, between the failure of bear stearns and lehman, the federal reserve did very little to prevent either another taxpayer bailout or a sudden and disorderly collapse of lehman, even though the problems were well known to the fed and to everybody else. as a result, when leeman was ultimately -- when lehman was ultimately allowed to fail, our markets responded sharply because they could not understand why the fed let lehman fail but rescued bear stearns. markets need clarity about policy, especially in times of crisis, yet just when our markets needed clarity about fed policy, chairman bernanke's ad hoc responses left our markets in the dark. consequently, the failure of lehman was far more disruptive and damaging than it needed to be. bernanke's response to the financial crisis also raises questions about his judgment. in october, 2008, he ap

we had a housing bubble burst, bernanke and paulson the treasury secretary pronounced it to be maintained meaning the damage would be limited to housing and there wouldn't score with the rest of the economy. and it turned out to be not contained. when big financial institutions began to include especially after lehman i think bernanke realized he was at risk of presiding over something like the episode he had studied. and that gave him more courage i think to do dramatic things than some other person would have been. i think in the beginning some of his colleagues thought he was overreacting. after all anybody who studies one episode in history tends to see everything that happens like this is happening again. and they thought he was overdoing it. >> host: he was fighting the last war. >> guest: it turned out he was fighting something the looked an awful lot like the depression which is something we could be in 2008 going through something that we thought because all the economists told us what never happen again now, he was an academic. he never had been on wall street were run a bank. w

relevant when this hit because after all let's remember what happened, we had a house in kabul the burst. bernanke and hank paulson, s. res three secretary pronounced it to be contained meaning that the damage would be limited to housing and screw up the rest of the economy. and it turned out not to be contained, and when big financial institutions began to include especially after, i think ben bernanke realized he was at risk of presiding over something like the episode he had studied, and that gave him more courage i think to do dramatic things and some other person but at that. i think the beginning some of his colleagues thought he was overreacting. after all anybody who studies one episode in history tends to see everything that happens like this is happening again. and they thought he was overdoing it. i think the and -- >> host: he was fighting the last war. >> guest: or the 500 war and it turned out he was fighting something that looked a lot like the depression which was stunning the we could be in 2008 going for something that we thought cause all the economists told us would n

his father was a property developer who lost investors' money when a 1920s real estate bubble burst.ent to new york to become an actor but found work writing lyrics and singing. ♪ you got to accentuate the positive ♪ ♪ eliminate the negative >> i just scuffle around and tried to do anything i could. i didn't know i could sing. i came to new york to be an actor. i told dad i've got to go to new york and make my fortune. a horatio al jer story. ♪ you're just too marvelous for words ♪ > although he did write for broadway. >> you're just too marvelous. i don't know any words. >> reporter: it was hollywood wood that made mercer truly famous. this scene is from the 1937 movie "ready, willing and able." but there were so many other others. ♪ my mama done told me when i was... ♪ > he wrote songs for over 100 films. ♪ that old black magic has me in its spell ♪ . ♪ jeepers creepers, where did you get those peepers? >> reporter: he was nominated for 18 oscars and won four. ♪ where did you get those eyes? ♪ ♪ day in, day out > from the 1930s to the mid 1950s, johnny mercer was a regular hit mach

i think there is a bubble ready to burst in terms of feeling sufficiently confident to go ahead withcan president obama help? well, i guess you go for a second stimulus. but then bill will beat him on the stimulus doesn't work, doesn't work, more tax cuts. it's a difficult situation. >> chris: well, thank you for that. nice battle. see you next week. don't forget to check out the latest edition of panel plus where the group continues the discussion shortly after the show ends on the website foxnewssunday.com. time now for your mail and there was plenty about brit's comment last week that tiger woods should turn from buddhism to christianity to get his life back together. doug crook had this criticism for brit hume or any other christian to say they have the only way to faith, god, forgiveness and repentance is most narrow-minded, smug, and yes, fearful. dr. robert smith strongly disagreed. a. stay in brit hume's style, factually correct, personally believed and with no intended mali malice. i too pray that tiger will find forgiveness found in christian. up next, the power player of t

he saw a few bursts, pride, the danger of man trusting and rationality and achievement without the tempering influence of a spiritual side or emphasis on man's in a sinfulness, so that review has to be read and understood in the context of the cold war when we were facing bought less communism and chambers looked at this and thought here is godless capitalism. this isn't going to do at all. >> i would add to that many people have read atlas shrugged and confuse the tone of voice, the authoritarian tone of ways with the ideas themselves, and i think whitaker chambers fell into that trap to some degree. >> right here. >> george mason university. this is a question aimed primarily for jennifer burns. i read your book and i found a majority of extremely persuasive one area i was not entirely persuaded was your contention that it was ayn rand's support for katulis and that prevented a libertarian leftist alliance and it is support for capitalism that caused this almost all libertarians had this defining characteristic including those like rauf barb who wanted to have the alliance with the left, h

without dampening the speculation, the economy could be more vulnerable when the speculative bubble bursts. we do not have a good theories or empirical evidence to guide policy makers and their efforts to yours short-term interest rates to the financial speculation. for all of these reasons, my strong preference would be to use regulation and supervision to strengthen the financial system and lean against developing problems. given our current state of knowledge monetary policy would only be used if in balances were building and regulatory policies were either unavailable or shown to be ineffective. but of course we should all be working to improve our state of knowledge so as to better understand economic and financial behavior and further expand the range of policy tools that can be employed to enhance macroeconomic performance. that objective is one that governor brimmer has worked very hard to promote. thank you. >> thank you very much. [applause] >> [inaudible conversations] >> i apologize for the technical difficulties. i also think and brouhahank andg me to substitute for christina

madam president, after the housing market bubble began to burst in 2006, chairman bernanke was slowly entertaining possible spillovers from housing into the general economy and the financial system itself. even after bear stearns failed, chairman bernanke did little to prepare for additional failures. in other words, bernanke fiddled while our markets burned. in the next six months between the failure of bear stearns and lehman, the federal reserve did very little to prevent either another taxpayer bailout or sudden and disorderly collapse of lehman, even though the problems were well known to the side and to everybody else. as a result, when lehman was ultimately about to fail, our markets responded sharply because they could not understand why the fed let lehman failed, but rescued bear stearns. markets need clarity about policy, especially in times of crisis. yet just when our markets need a clarity about fed policy, chairman bernanke's ad hoc response left our markets in the dark. consequently, the failure of cleveland was disrupted and more damaging than it needed to be. his resp

[applause] >> i'm extremely grateful, burst of for that introduction. i've no mention of the straw that -- job at sais. well, i should say first of all to those from my old kawlija are here but i want to start telling everybody about the college so other people who are not would be rather bored by that. but i can tell you the colleges in good shape and excellent in market mad mahlon and people are pretty happy there in spite of the hard times for diversities as well as other institutions these days. the title of my talk is the fall of the ball and fall of communism, why and why 1989? the tomÉ anniversary of the fall of the berlin wall almost upon us that is my natural starting point. by not spending much time on the immediate effect dramatic though it was the basic facts by now or will the best known. so why focus will be mainly on the longer-term process that brought this about. the breaching the wall was just one at a number of unintended consequences and a long chain of events in the transition from communism. under increasing pressure, as a result o