. >> emac. a lot of people are talking about chevron. >> it is great.t is like watching a paint drive and liked it better than exxon. i am loving johnson controls. >> they have way to save on the energy costs. sheep stock at 13 times and a sweet dividends. >> it is like a green stock that makes money. it is growth projections and i am concerned about the tight low margins. why do you

. >> and emac brings up a great point.about it because it makes them look worse than they are. there is a huge shadow inventory to clear out. >> they need more money and it is flowing in the economy in order for the people to afford the home that is are out there and a great sign that more money will be flowing out in the economy. unemployment claims are down . more people are hire they will feel more secure in order to invest in new homes. >> i hope you are right. morgan, what do you >> shadow inventory numbers came down from 1.9 miion. hedge fund guys are buying them up. >> this is why i do think that homeowners should not get excited because in a lot of places, we'll see home values flatter and going down slightly more. if you do have the money to invest like a hedge fund it is it a good time. at these prices it is going to go up. >> let's home. you get great bargains. and coming up next. a record number of folks shopping on line to save a lot of money this holiday season. that is good news. unless you consider what it

of the financial part which would then be filed with us and ctc all in august, early september time emac go back to what you just said, mr. berkovitz but you didn't acknowledge that pic you said we became aware of the problem -- >> i think i answered a different question than one you asked. and i apologize for that. mr. cook is correct. we were told about the capital issue in early august and we were informed of the issue and the resolution of the issue at the time so we were aware of that in the early august time frame. >> thank the gentleman. mr. perlmutter? >> thanks mr. guerre. it will be interesting as the weeks and months go by and all these facts really to unfold because there is several sort of major things that i'm concerned about. and i'd like to first sort of understand the process. mr. keshen. you said we need to get our hands on this quicker. but if i'm not mistaken, specific steps in and they can freeze everything by filing a bankruptcy. that's how we protect customers of broker-dealers? >> congressman, the old for protection for customers and broker-dealers when it is a ba

i think you for the extra time emac mr. miller is recognized. >> thank you.i want to make another try to the questions i asked earlier. from the first panel without satisfactory result, maybe because of my questioning, maybe because of their answering. as i understand it, mf global involved more than $7 billion of european sovereign debt, which was 100% financed, the sovereign debt itself was the collateral. which is pretty stunning. mr. capuano earlier asked how they got 40 to one leverage. maybe that was how. but at some point the lenders figured out that was maybe not such a good idea, either because of the debt over the sovereign debt that was pledged as collateral or because of mf global, and issued a margin call. and then there began a mad scramble to come up with the money. they sold assets. and then i think mr. baxter said that what happened was a classic run, like what used to happen in the depository institutions, the movie "it's a wonderful life." other lenders decided that they maybe need a little more security, and it went downhill from there. bu

it certainly makes sense to me because some stuff was leaking at the time emac to the rumor mill you'reerring to embrace your newspaper of being amongst the perpetrators of? >> not that i remember, no. >> come on, mr. morgan. your newspaper was near the top of the list, wasn't it? >> top of the list of what? >> of the perpetrators, those who were carrying out this sort of practice. you all know that. >> you also will know that not a single person has made any formal or legal complaint against the "daily mirror" for phone hacking, not one. so why would you say that? >> i'll continue with what you told ms. gamble just to complete this line of questioning. but with new technology comes new condition and new issues and this has brought the practice out in the open and it won't happen anymore, celebs get a lot more privacy now than they used to. so you believed him is this right that this practice was coming to an end, is that so, in april -- >> i certainly felt with clive goodman the practice would be dead in the water, yeah. >> had you listened to recording of what you need to be illegally

it certainly makes sense to me because some stuff was leaking at the time emac to the rumor mill you're referring to embrace your newspaper of being amongst the perpetrators of? >> not that i remember, no. >> come on, mr. morgan. your newspaper was near the top of the list, wasn't it? >> top of the list of what? >> of the perpetrators, those who were carrying out this sort of practice. you all know that. >> you also will know that not a single person has made any formal or legal complaint against the "daily mirror" for phone hacking, not one. so why would you say that? >> i'll continue with what you told ms. gamble just to complete this line of questioning. but with new technology comes new condition and new issues and this has brought the practice out in the open and it won't happen anymore, celebs get a lot more privacy now than they used to. so you believed him is this right that this practice was coming to an end, is that so, in april -- >> i certainly felt with clive goodman the practice would be dead in the water, yeah. >> had you listened to recording of what you need to be illeg