morgan who's got a ninety trillion dollar derivatives portfolio in the federal reserve bank in the treasury so is our customer it's our customer the federal reserve bank of the treasury how much is how much overlap is there it will only be on the page and be hitching in the lane when the marketing go and so it was started off in sort of the end of the century most of the mine had big hedges on their books and those as the price rose of coles the shares of the of mine as it didn't have pages massively outperformed the ones with pages because the ones with pages weren't getting the full week's benefit of the rise in the gold price there's a huge shareholder pressured and for that on the likes of barack. as a classic example to buy back all the hedges which they gradually been doing but then if you if you or these banks still insist that if you're a mining company and you want to borrow money so again mining company wants to develop a mine or wants to do some cap ex in need some cash if you go to the bank the bank won't very reluctant to lend money to mining companies without locking in. some

corporate lending this is yallow santos vice president in the research institute six group at the federal reserve bank of new york their research showed that during the boom. years of securitization corporate loans that banks securitized that loan origination under-perform simular on securitized loans every state by the same banks additionally we report evidence suggesting that the performance gap reflects looser underwriting standards applied by the banks they securitize and what they found that they moved to and originate to distribute model from and originate to hold model and therefore all the standards were not because and then they forgot because they just thought securitization this act of securitization was creating wealth before the nine hundred eighty seven crash there was a man named mike milken who came up with the idea of the original junk you don't need to originated a rated by the way for it to fall into junk just sell junk from the get go this created a ponzi scheme that led to the one nine hundred eighty seven stock market crash of twenty two percent i have to and i was working on wal

morgan who's got a ninety trillion dollar director's portfolio in the federal reserve bank in the treasury so is there a customer is there a customer of the federal reserve bank of the treasury how much of how much overlap is there. on the on the page and the hey jane in the bull market i mean when the bull market in go so was started off in sort of the end of the century most of the miners had big hedges on their books and those as the price rose of course the shares of the mine as it didn't have pages massively outperformed the ones with pages because the ones with pages weren't getting the full week's benefit of the rise in the gold price there's a huge shareholder pressured and for it on the likes of barack. as a classic example to buy back all the hedges which they gradually been doing but then if you if you bank still insist that if you're a mining company and you want to borrow money so again mining company wants to develop a mine or wants to do some cap ex in need some cash if you go to the bank the bank won't very reluctant to lend money to mining companies without locking in. som

corporate lending this is yallow santos vice president in the research and statistics group at the federal reserve bank of new york their research showed that during the boom. years of securitization corporate loans that banks securitized that loan origination under-perform simular on securitized loans every state by the same banks additionally we report evidence suggesting that the performance gap reflects looser underwriting standards applied by the banks they securitize and what they found that they moved to and originate to distribute model from and originate to hold model and therefore all the standards were not because and then they forgot because they just thought securitization this act of securitization was creating wealth before the nine hundred eighty seven crash there was a man named mike milken who came up with the idea of the original junk you don't need to originated a rated by the way for it to fall into junk just sell junk from the get go this created a ponzi scheme that led to the one nine hundred eighty seven stock market crash of twenty two percent i have to and i was working on wal

corporate lending this is yallow santos vice president in the research and statistics group at the federal reserve bank of new york their research showed that during the boom. years of securitization corporate loans that banks securitized that loan origination under-perform simular and securitized loans every state by the same banks additionally we report evidence suggesting that the performance gap reflects looser underwriting standards applied by the banks they securitize and what they found that they moved to and originate to distribute model from and originate to hold model and therefore all the standards were not because and then they forgot because they just thought securitization this act of securitization was creating wealth before the nine hundred eighty seven crash there was a man named mike milken who came up with the idea of the original junk you don't need to originated a rated bond wait for it to fall into junk just sell junk from the get go this created a ponzi scheme that led to the one nine hundred eighty seven stock market crash of twenty two percent i have to and i was working on wal

corporate lending this is yallow santos vice president in the research institute six group at the federal reserve bank of new york their research showed that during the boom. years of securitization corporate loans that banks securitized that loan origination under-perform simular on securitized loans every state by the same banks additionally we report evidence suggesting that the performance gap reflects looser underwriting standards applied by the banks they securitize and what they found that they moved to and originate to distribute model from and originate to hold model and therefore all the standards were not because and then they forgot because they just thought securitization this act of securitization was creating wealth before the nine hundred eighty seven crash there was a man named mike milken who came up with the idea of original junk you don't need to originated a rated by the way for it to fall into junk just sell junk from the get go this created a ponzi scheme that led to the one nine hundred eighty seven stock market crash of twenty two percent i have to and i was working on wall st

morgan who's got a ninety trillion dollar director's portfolio in the federal reserve bank in the treasury so is our customer it's our customer the federal reserve bank of the treasury how much is how much overlap is there. on the on the page and d. hitching in the lane when the marketing go and so we started off in sort of the end of the century most of the miners had big hedges on their books and there was as the price rose of course the shares of the mine as it didn't have pages massively outperformed the ones with pages because the ones with pages weren't getting the full week's benefit of the rise in the gold price there's a huge shareholder pressured and for it on the likes of barack. as a classic example to buy back all the hedges which they gradually been doing but then if you if you or these banks still insist that if you're a mining company and you want to borrow money so again mining company wants to develop a mine or wants to do some cap ex in need some cash if you go to the bank the bank won't very reluctant to lend money to mining companies without locking in. some percentage

corporate lending this is yallow santos vice president in the research and statistics group at the federal reserve bank of new york their research showed that during the boom. years of securitization corporate loans that banks securitized that loan origination under-perform simular and securitized loans every state by the same banks additionally we report evidence suggesting that the performance gap reflects looser underwriting standards applied by the banks they securitize and what they found that they moved to and originate to distribute model from and originate to hold model and therefore all the standards were not because and then they forgot because they just thought securitization this act of securitization was creating wealth before the nine hundred eighty seven crash there was a man named mike milken who came up with the idea of the original junk you don't need to originated a rated bond wait for it to fall into junk just sell junk from the get go this created a ponzi scheme that led to the one nine hundred eighty seven stock market crash of twenty two percent i have to and i was working on wal

his original thought was to blow up the federal reserve bank in san francisco but felt like there wouldhe came to this location in oakland. he felt like bank of america was a big name and oakland would be a good spot because it is often the center of protests. he was working with someone who he thought had taliban ties but it turns out that person is an undercover f.b.i agent. according to the complaint llaneza said he would dance with joy when the bomb exploded. the f.b.i made sure that didn't happen but did arrest llaneza. live. shock tonight among bay area residents. over this bombing attempt. also, he is in jail where he could spend the rest of his life. j.r. stone, kron 4 news. a man claiming to be an autalso, people are gathering at this vigil in fairfield. a major break in the story. they are happy that an arrest has been made and there certainly saddened by the loss. reporting live in fairfield, phillipe djegal, kron 4 news. >> charles clifford is in the newsroom has more. >> yes 32 year-old anthony lamar jones was are rested this morning. this is just a few blocks away suspecte

bridesmaids, this is 40 and blow on the federal reserve bank scope outside this morning. so he thought it would be a good spot for a car bomb because it is often the center for protest. he was were you some who he thought had tell them, and ties with that person and not being fbi. he said he would dance with joy when the fbi authorities are ordering for the immediate closedown of the bus system. a bus heading to tijuana slipped and crossed a pickup truck, and there are serious mechanical problems with the bus and they are a threat to public safety. in less than half an hour the world champion san francisco giants will be welcoming the fans for and a fun day at the fans' best. more than 30 current and prior giants players will be signing autographs at at&t park and fans will be able to get memorabilia from all years of the history of the club. you did your the clubhouse to the press box the event takes place from 10 to 03 today. president obama is calling on congress for a deal. we are taking a live look outside at this accident. traffic is slowing down on the freeway, we

llaneza originally planned an attack on the federal reserve bank in san francisco. but decided security there was too tight. they say, he thought he was getting help from a man connected to the taliban. in reality it was an undercover f-b-i agent. and the explosive the two were constructing. was a fake. authorities waited until llaneza attempted to detonate the bomb, and then took him into custody. he faces a maximum sentence of life in prison without the possibility of parole. police in concord are looking for the suspect who used a stolen truck, to break into a t-mobile cell phone store. >> we will speak to the kevin collins disappearance and why he continued to investigate the cold case. also, mystery solved the power outage revealed at the super bowl. don't wait for presidents' day to save on a new mattress. sleep train's presidents' day sale is on now. save up to $500 on beautyrest and posturepedic. get a sealy queen set for just $399. even get 3 years interest-free financing on tempur-pedic. plus, free delivery, set-up, and removal of your old set. keep more p

these changes are outlined in a report from the federal reserve bank of chicago. david oppedahl is the business economist who compiled the data. why don't you first talk, david, in general terms about these changes and trends? > > agriculture is seeing a lot of activity in the last few years as some of the commodity prices have gone up a lot and you see corn and soybean growing in terms of the ability to grow, but then also as the prices have been higher, the yields are higher in general, but then this last year was a drought year, so that kind of set some momentum back. but overall, the land values have been rising, the efficiencies have been growing as equipment gets bigger, and we see agriculture changing over time. > and farms are getting larger. they are really scaling up. but at the same time, the family farm exists, they are just much larger family farms. > > yes. there is a lot of operations that can get very large, because they can bring in multiple family members. the children may be coming back to the farm now and seeing that as a more attractive option

the chicago federal reserve bank modeled the min maim wage increase and found it resulted in very substantial boost in consumer spending in low income communities. >> reporter: that 2011 study by the chicago fed found an overall increase in spending of 2$2,800 by households with minimum wage workers. >> it works just like a tax cut for low wage worker. it gives them more money in their pockets to spend at local businesses. >> reporter: if it had kept pace with inflation, studies show, it would now be $10.56. the white house says a $9 minimum wage would only bring buying power back up to 1981 levels. anthony mason, cbs news, new york. >>> well, coming up on the morns news, the final showdown. police reveal new details on the standoff and fire that's believed to have killed former police officer christopher dorner. this is the "cbs morning news." will get in the way. maybe you'll have some friends over for dinner. maybe you'll have a migraine. if you have migraines with 15 or more headache days a month, you're living a maybe life. and you may have chronic migraine. but knowing this thing you're

it's a better design than the solid, big, spike ramp, if you can see it, at the federal reserve bank here. so the schedule status, i have got 100% plans and webcor and all are going through it. and caltrans is also reviewing all the plans and the bid set is is due to be issued late march of this year. and we hope to bring it to the board for approval in august. if there are any questions? >> director metcalf? >> are the buses entering the station and the buses leaving, crossing each other, so they have to stop and wait for each other? >> there are set of lights controlled.

fbi says during an undercover agent's initial meeting the suspect proposed car bombing the federal reserve banksan francisco. they also say that the goal was to, quote, trigger a governme governmental crackdown which he suspected would trigger a right-wing counter response against the government followed by, he hoped, civil war. in the days and weeks that followed as he and the undercover agent built the car bomb in a storage unit in hayworth, the plan was changed to target the bank of america branch in oakland. according to the affidavit, he said he would, quote, dance with joy when the bomb exploded. it never did. early this morning he allegedly parked the car bomb at the bank, then tried to detonate it. it never went off and he was arrested. officials say the bomb never pose posed a risk. our legal expert expects the prosecution's case will need to be very detailed. >> all of the k

banks. they're all part of this federal reserve system. regional fed bank, every chartered bank of the united states has to pay in capital to the federal reserve banks and in return they get a dividend. but these are not banks the way we think of commercial banks. the federal reserve bank of new york is not like citigroup out there trying to earn big profits to return to shareholders. their job is to manage the money supply. it is also to be a lender of last resort in a crisis, which is what the federal reserve did in 2007. when there is a run on a bank, when depositors flee the banking system because they are scared their money will disappear, but the fed is there to do is provide them liquidity so they don't have to sell other assets, the banks don't have to sell all their assets overnight. that was the role they played during the financial crisis. it is also why there were created 100 years ago. there was a panic in the financial system in 1907. j.p. morgan, the individual, ended up bailing out a lot of banks that were seeing a run. what

the chicago federal reserve bank modeled the intaskt a dollar minimum wage increase and found it resulted in very substantial boosts in consumer spending in low-income communities. >> reporter: that 2011 study by the chicago fed found an overall increase in spending of $2800 by households with minimum wage workers. >> it works just look a tax cut for low-wage workers. it gives them more money in their pobs to spend at local businesses. >> reporter: if the federal minimum wage had kept pace with inflation, studies show it would now be $10.56. the white house has a $9 minimum would only bring buying power back up to 1981 levels. >> pelley: anthony thanks very much. well, that minimum wage idea do the got a cold reception among republicans last night. the republican response to the state of the union address was made by senator marco rubio of florida. >> the tax increases and the deficit spending you propose will hurt middle-class families. it will cost them their raises. it will cost them their benefits. it may even cost some of them their jobs. and it will hurt seniors because it does noth

gold on deposit at federal reserve banks in new york and elsewhere the audit done at the at the bank does not include gold has been leased out so it's an incomplete audit they took a photo of some gold and they say the gold is here and it's somehow purer than the then we thought it was however it's not there because they leased it out or they sold it we know this from tracking the flow of gold and silver and precious metals around the world right now that the buyers of gold versus the gold available on the market lead to one inescapable conclusion central banks are selling their gold and so that's a lie so only the new york said puts out that report they're lying shamelessly and of course that's the spawning ground for people like tim geithner and others who have become so endemic to this campaign of global fraud that destroyed the global economy well we're seeing in these currency wars the likes of germany the netherlands. austria looking to have the gold repatriated because they have loaned their gold to america they have it on deposit they are the new york fed but like emma hitchc

gold on deposit at federal reserve banks in new york and elsewhere the audit done of the of the bank does not include gold has been leased out so it's an incomplete audit they took a photo of some gold and they say the gold is here and it's somehow purer than the then we thought it was however it's not there because they leased it out or they sold it we know this from tracking the flow of gold and silver and precious metals around the world right now that the buyers of gold versus the gold available on the market lead to one inescapable conclusion central banks are selling their gold and so that's a lie so only the new york said puts out that report they're lying shamelessly and of course that's the spawning ground for people like tim geithner and others who have become so endemic to this campaign of global fraud that destroyed the global economy well we're seeing in these currency wars the likes of germany the netherlands. austria looking to have the gold repatriated because they have loaned their gold to america they have it on deposit they are the new york fed but like emma hitchc

gold on deposit at federal reserve banks in new york and elsewhere the audit done at the at the bank does not include gold has been leased out so it's an incomplete audit they took a photo of some gold and they say the gold is here and it's somehow purer than the then we thought it was however it's not there because they leased it out or they sold it we know this from tracking the flow of gold and silver and precious metals around the world right now that the buyers of gold versus the gold available on the market lead to one inescapable conclusion central banks are selling their gold and so that's a lie so only the new york said puts out that report they're lying shamelessly and of course that's the spawning grounds for people like tim geithner and others who have become so endemic to this campaign of global fraud that just droid the global economy well we're seeing in these currency wars the likes of germany the netherlands. austria looking to have the gold repatriated because they have loaned their gold to america they have it on deposit they are the new york fed but like emma hitc

gold on deposit at federal reserve banks in new york and elsewhere the audit done at the at the bank does not include gold has been leased out so it's an incomplete audit they took a photo of some gold and they say the gold is here and it's somehow purer than the then we thought it was however it's not there because they leased it out or they sold it we know this from tracking the flow of gold and silver and precious metals around the world right now that the buyers of gold versus the gold available on the market lead to one inescapable conclusion central banks are selling their gold and so that's a lie so only the new york said puts out that report they're lying shamelessly and of course that's disappointing ground for people like tim geithner and others who have become so endemic to this campaign of global fraud that's just droid the global economy well we're seeing in these currency wars the likes of germany the netherlands. austria looking to have their gold repatriated because they have loaned their gold to america they have it on deposit they are the new york fed but like emma

what it is what forms the debt forgiveness going to ted wells look at the situation like the federal reserve bank in washington d.c. they during this crisis have expanded their balance sheet from eight hundred billion dollar three trillion dollars the leverage fifty to one so less than two percent this three trillion dollars or so is something that has any market value the rest is just an accounting figures that suggest a market value under certain conditions is there or bennett history a time when the global banking system has been leveraged to such a degree where there is a little there there is so little collateral backing up these institutions generally speaking in the past you have temples full of gold some kind of material thing and then all sorts of people doing long credit on the basis of that i mean it is true that like the fed does most of the world's gold reserves there but it's really just a symbol. now it's made up and i think most of that fed money is just it's it's an accounting figure for a way of just giving money to the banks which is what the government policy has been since tw

they're not really holding time percent are not really holding one percent in the case of the federal reserve bank you know they're there what's the storm. the core money that the base money the base money is relative to the debts they're less than two percent now correct leverage in europe has not changed leverage is getting bigger in the u.s. too big to fail has gotten bigger now there's a couple things we want to talk about here numbers never lie but people bankers and politicians do so you can manipulate numbers to say anything and inflation is a good example of that oil prices for example i brought another prop along oh if we take a look at this oil prices since two thousand and eleven as you can see are up thirty six percent yet the official inflation numbers as the government would like you to believe they claim are benign and ben bernanke he says they're controlled similar to when he said in two thousand and eight or nine that sub prime housing crisis was contained but you also don't see in in many places when people talk about buying equities and equities are undervalued if equities were

not really holding time percent they're not really holding one percent in the case of the federal reserve bank you know they're there what's the story money the core money that the base money the basic money is relative to the debts they're less than two percent now correct leverage in europe has not changed leverage is getting bigger in the u.s. too big to fail has gotten bigger now there's a couple things we want to talk about here numbers never lie but people bankers and politicians do so you can manipulate numbers to say anything and inflation is a good example of that oil prices for example i brought another prop along though if we take a look at this. oil prices since two thousand and eleven as you can see are up thirty six percent yet the official inflation numbers as the government would like you to believe they claim are benign and ben bernanke he says they're controlled similar to when he said in two thousand and eight or nine that sub prime housing crisis was contained what you also don't see in in many places when people talk about buying equities and equities are undervalued if eq

they're not really holding time percent and i'm really holding one percent in the case of the federal reserve bank you know they're there what's the story money the core money that the base money the basic money is relative to the debts they're less than two percent now correct leverage in europe has not changed leverage is getting bigger in the u.s. too big to fail has gotten bigger now there's a couple things we want to talk about here numbers never lie but people bankers and politicians do so you can manipulate numbers to say anything and inflation is a good example of that oil prices for example i brought another prop along though if we take a look at this. oil prices since two thousand and eleven as you can see are up thirty six percent yet the official inflation numbers as the government would like you to believe they claim are benign and ben bernanke says they're controlled similar to when he said in two thousand and eight or nine that sub prime housing crisis was contained what you also don't see in in many places when people talk about buying equities and equities are undervalued if equit

is that what forms the debt forgiveness that ted wells look at the in a situation like the federal reserve bank in washington d.c. they during this crisis have expanded their balance sheet from eight hundred billion dover three trillion dollars of the levers fifty to one less than two percent in this three trillion dollars or so is something that has any market value the rest is just an accounting figures that suggest a market value under certain conditions is there or bennett history a time when the global banking system has been leveraged to such a degree where there is a little there there is so little collateral backing up these institutions generally speaking in the past you have temples full of gold some kind of material thing and then all sorts of people doing long credit on the basis of that i mean it is true that like the fed does most of the world's gold reserves there but it's really just a symbol. now it's made up and i think most of that fed money is just it's it's an accounting figure for a way of just giving money to the banks which is what the government policy has been since tw

not really holding time percent they're not really holding one percent in the case of the federal reserve bank you know they're there what's the story money the core money the base money the basic money is relative to the debts they're less than two percent now correct leverage in europe has not changed leverage is getting bigger in the u.s. too big to fail has gotten bigger now there's a couple things we want to talk about here numbers never lie but people bankers and politicians do so you can manipulate numbers to say anything and inflation is a good example of that oil prices for example i brought another prop along though if we take a look at this. oil prices since two thousand and eleven as you can see are up thirty six percent yet the official inflation numbers as the government would like you to believe they claim are benign and ben bernanke he says they're controlled similar to when he said in two thousand and eight or nine that sub prime housing crisis was contained but you also don't see in in many places when people talk about buying equities and equities are undervalued if equities