that's a good thi for anyby in the finanal services business a they should be able to accumulate market are given the fact the compeors are not in the spac as much as they used to be >> paul: and the trangymbol is g.h. how about anotr one? >> sure, sa basic area. another one is lls fargo company, w.f.c. wes is a beneficiary-- in some ways-- of the worst-case scenar that was priced into the market in march. really, people we worried that the finaial services sector would collapsend these banks would be worth nothing. they also were-- somebody wh actually acquired a large bank in wachovia, ty bought that bank atire sale prices. sinc disast haseen averted the's a lot of upside in terms of their abilito leverage the what could you haviassets on their bbs shes and still tring well below their three-year high. >> paul: we've seenwo of your favorite fancial stocks. how about the technology group? what do you like there? >> qualcomm, qco"f," one of the principal chip providersor the mobile technology industry. so you're look at thin like research imotion, blackberryies and iphones. paul: they g

the mood here toda is -- [audio difficultie >> you have told us a lot about plans to reform the finanal stitution -- [audio difficulties] >> the i areat internatnal will to ree on so measures that cane use -- [audio difficulties] ther is agreemenand will be agement among g-20ountries thathose measures are needed. in the united states, a lot of them are still gged down in congress. where you might see some disagreement in pittsburgh the g-20 said it is on this prect on the g-20 summit is on this queson of bonuses. we have had suggestns by the fresh -- by the french president about limitinbonuses significtly. i think there is a feeling that you cannot be that prescriptive and if you have to work with the fincial industry apresident obama ggested to come up with measures -- or to he some sort of clawback provisions if compies start to makeosses again. that in partular is one whe there will not be agreement at thg-20 summit. >> thank yofor that from the new yorktock exchae. [audio difficultie espeally relations with china -- that h to be the most important bilateral relationship anwill repo

that's this responsility is a fundamental step to reforing the trust of the american people and our finanal systems. >> rorter: missing in this seems to be a discussionf the iividuals iolved. when i tal to peoplen wall reet, some of them say, look, it was venality, people in positions of sponsibility whwere acting against the intest of sharehders and were acting to line their own pockets. are yogoing to call indivials up, are you going to look at the cpensation ructures, are you going to na names in that sense? >> as i said, i don't think we woulserve our mission well if a we did was name names. >> will it be partf it? >> it ha to be par of it. th isn't a the ret cal exercise. aig, where we' now put as taxpayers more than a hdred billion into tha instituti, we gotta look at what that institutio did,nd what individualwithin that individuals thin that institution d. so this isn't gng to be a story of they. it will be story of hard fact, chronolog, history. some of it i thi will be very griing. >> rorter: phil angelides ank you for your time. >> thank you >>usie: bud is back on the big board.

the neagency would be responsible for enring that there is a minimum s of standards that all finanal institutions mt follow when priding credit to consumers. judging from theecent crisis, e current regulatory setup i simply notp to the task of setting d enforcing these standards across allinancial institutns. ofll the various aspects of regutory reform this one has got financial institutns most upset. this is undetandable since it means lenders won't be able make as many loa. but this exactly what s to happen sincet was too many bad loans that took eir industry, the econom and taxpayers to their knees. thiss mark zandi. >> suzan: that's "nightly business rort" for monday, ptember 21. i'm zanne pratt goodght everyone. angood night to you paul. >> paul: goodnight suzne. i'm paul kans wishing all ofou the best of good buys. "night business report" is made possible by: this program wasade possible contributions to your pbs station from viers like you. ank you. captioning sponsored by wpbt captioned by media access groupt wgbh accessgbh.org

then we'll see that work through the process in the senate finan committee. thenit will go through the usual ocess of the sene doing their work, the house doing their work. and we'll see where we end up. >> sie: do we know about that process, it's a very long and arduous. do you ink there will a bill on the president's dk sometime this year? >> reporr: there will be a bill. it wi be calledealth care reform. it depends on how y define that. democrs can define it the way theyant. yomight have a small pkage of 100 to $200 bilon. that's what's consided small in this debate. yomight get the more $500 billion an which would have the insunce market reforms, ich have to beoupled with some kind mandate that peopleuy it, and se kind of subsidies in order toake the whole thing work. the odds o this trillion dollar packagehat we've heard so much about look like they'rdown to 2 what is i'm heing from analysts who cover it ry intensively. >> susie: alright, sounds ke the debateontinues, and these nextouple of weeks will be crital. thank you for joining us. darren gsh. >> p

. >> more stateontrols of the finan in developing countries, more state ownersh of the banks rather thanes because look athe united ates. this is capitism. i mean, look at the troues they ve. >> porter: m.i.t. finance profesr antoinette schoar says resistance free market refos is already regaining trength in india. you s it very practically when you talk to older banks in the indian bankg system who will use this argunt to block reforms. a they will sayhat you know everythinghat comes the west now is suspect a we should, and indians shoulreject it, a i feel you know that definitely ts back a lot of verimportant and needed structural forms. >> rorter: meanwhile, back at the beauty show o last time, benny naghi was takincustomers to new heights in aair of orthob health shoes. you're much sller than you ud to be just a few moments ago. not unlike thhealth shoes, the g-20 has pledged a boosto the global recovery. >>alk on the front. a bit like a high heel. >> reporter: but ageing how to do in pittsburgh this week won't be any wa in the park. >> lehrer: paul'report is part of his on-gng serie

the record of the lastew years has convinced them ging the federal rerve more power to police the finanal system, as the obama adnistration is commending, is not a good idea. darren gersh"nightly business report", washington. >>usie: it's been exactly a year sin the lehman brothers filed for bankrupt setting off nancial panic around the globe. but how muchas changed? is wl street still broken? as we continueur special series "lessons from lehn" erika miller looks at whattill nes to be done to make sure a silar crisis doesn't happen again. >> repter: it has been a year of fear. lehman bther's collapse triggered a globalarket meltdownnd ushered in unpredented government intervention in the economy. yet year later, not a single w has been passed to help prevt another crisis. noted onomist henry kaufman believes wall street is stil broken. yes, in a broader sense it broken. because, generly speaking, finaial institutions are not rely lending or investing at risk. >> reporter: the b concern is thatystemic risk still exists. thers still no watchdog making sure a single firm can't tple the syste

and we just encourage the senate finan and others to lookfor broad based ways so that th fincing of the healthare system really a broad-based responsibility r the whole country. >> uh-huh. i want to beg this next estion by saying that i'm not an et ma customer but i do want to say or io want to share that my family's priums have gone up more th 50% in the last two years. do you think wh health-care refo m premiums arelikely to go up or dow >> i think your premiums willo up or down in corelati to health-care cost ielf. and mostealth insurer reallyook at the undeying rate of increase inechnology, hospitals, ysicians,pharmaceuticals and collect thatost, manage it as best they can, and then ps that cost on to the consur in the form of the premium. so i think the real question will be what happens with the health care delivery system. what about aet's profability as a result of reform. what do you expect that healthare reform will mean to aetna'sottom line? >> well, i think the answer is we rely don't kno think there a many people who believe tha the health industry will get lots of new cust

. >> campaign finan, free- speech -- anillary, the vie. >> does anyone belie that the rights of average cizens to be ard in washington would not be oveidden by massive campaign unlimited can ban ctributions>> they will disable the people ofhis cotry, from ever fixing the campaign finae system. >> senor john mccain and russ feingold, co-sponsorof the law that regulates finanng of political campais, it begins with lasyear's movie out hillarclinton for this by citins united time for release during the 2008rimary. there s some corporate money inlved. is that why it is at the supreme court? >> that is extly why. it wenup to the supreme court. this is the mo interesting aspect. it went up on a relatively minor point, to see ifhis group had an exception uer the law. instead,fter words, they hear arguments in march th just are't -- justices ordered a re-argument oa huge question of wther congress could, as it had for a century a essentially, than corporate -- ban the rporate and union spending in elections. that you have too it through invidual contributions, not through the corporate ney, the

economy with presidenobama as chairman and the other leaders looking to him for cues on t key issues of finanal regulation as we hear now in tis rert now from deutschwelle. >> europeaneaders want the meeting in pittsburgh to establish more stable structure fointernational financial markets. but reaching aeementon't be ea. europe has already made demands to regulate hge funds and to cap executive bonuses. but not all countries want the financial markets to be so tightly controlled some observers will be watching barack obama to gae his efforts to rein in the market. >> what's really going to differt about pittsbgh and what wilmake it a defining moment is this will be t first time the ball is really in obama'court. >> b after a show of unity london in april, sme economists say g-20 leaders still haven' dealt with the fundamental issues that brought on th crisis. ey expect little from pittsburgh. >> hope for a clear sense of direction, but exct little wa of really concrete operational agreements to co out of pittsbuh. >> that's partly because both the u.s. and britain want to protect their financl

in 2001 before e attacks tt alqaeda subsidized the taliban finanally. theyon't need that any ore.it's the taliban subsiding al eda. ose who support sending more tops in say, ys, they'rein pakistan, but if you ge them the oppounity to come back to ghanistan, that becomes a sa haven,t gives hem more oppounity so the plan d practice attacks and imakes it harder for the united stes to monitor with those drone attacks. but they haven't answered publicly that ndamental question. gwen: thnk you, nan and welcome to "waington wk." >> thankou. gwen:so where al qaeda, and how much of a reat do they po? we may havgotten one incation this week with the exsure and arrestf an afghan-american terroruspect who authoritiesay was planning bomb attacks it may seemhat weve hear about a lot oplots like this before. why is this one different? pete? >> if you think abo the lots we have seen ince 9/11, most f them are pple trying to learn to become terrorists by gong to correspondence schl. they go on tthe internet, downlo material to build bombs and find oer people through the internet. if we belve what

'll talk to one meer of the gang of six which had a lot to do with negotiating wt came out of the finan committee, senator jeff bingaman, democrat from new mexico. >> thistakes you from about 8 of our population having insurance coverage to sometng close 95% of our population havingnsurance covage. and that has enorms benefits, t just for those individuals butlso it hel take the pressure off of the premiums that people are paying tod becae the premiums that people are payin today that have surance reflects t cost of priding health care to folks thaton't have insance. >> rose: then to twoerrific directors who happeto be women they are jane comp i n't know who has aew interesting film called "bright star" abo a affair with jn keats >> halfway through biography of keats, i came across this love story. i didn't know about it and was just completely orwhelmed by it and keats died and ty had to be separate i just... something about the purity and the tenderness of it and... just got througto me. and i didn't at t time ink i knew of a way of makin it into a film. but had such an impact, it sta

. >> reporter: finan committee chair max baucus pntedly left the public option t of his proposalbut today, 2 fellow democratic senators tried revive it with andments. >> i hope very mucthat it will be considerefor what it is and thats practical and important >> rorter: first, west virginia's senator jay rockefeller argued a public an is the best way toein in rapidly escalang health care cos over the next decade. >>t's voluntary. itould simply guarantee that the is at least one health insurance plan i the exchange like everybo else that ordinary americans can afford and can count to havemore modete preums and yet the same befits or perhaps more. we'll see. it's stable. it's affordable. i believe it saves $50 biion. >> reporter: but utah republan orrin hatch waed a public opti would only make health care more expensive. >> ihought the goal of health reform was to actuall make it re affordable now, letme make a very important point. w i believehat a new government plan is nothing more than a trojan horse for a single-payor systein washinon. washington-runrograms undermin market-based competi

he hasbrought international standardto public finan and the we bank has seen impressi economic growth accordin to the i.m.f. it economy could grow by 7% this year twopercentage points higher than expted. he'slso improve law forcement and security leadinto the liftingf some israeli check points. the "new york mes" columnist inom frdman has called his pragmatic approach the st exciting new ia in ara gornance ever. the prime minist is in new yo with the palestinian deletion for the opening of the uned nations general assemb. earlier today,resident obama met privately wit israeli pri ministerenjamin nanyahu and palestinian presint mahmoud abbas. beforee went into the-way talks th the twoeaders he spoke stern about the urgency of resuming pce tas. >> simply put, it is past time to talk aut stting negotiatns, it is time to move forward. it isime to show the flexibility and common sens and sense of compromise that's necessary to achiev our goals. permant status of negotiations must begin and begin soon. and re importantly, must give thoseegotiationshe opportunity to cceed. and so my messageo

. >> smith: thpoultry industry, among the most finanally poweul lobbies in maryland, pushed for a looser> the alternativeas to have voluntary goals. was going to be cooperative it was going to have no regutory teeth, and it was ing to be overseen by the marynd department of agriculture, a nonegulatory agen, rather than the maryland departnt of environment.] >> the farming i!7x' live witmandatory nutrient regutions. we got to keep it voluntar ( applause ) >> smith: anthe industry bill won. and since thenthe industry has been successful inlocking or tying up subsequent forts to regulateheir waste. you sat in the myland legislature r 12 years. during that period, d you see the bichicken companies steadily resist relation on manureunoff? >> absolutely. big chickecompanies were a presence jim perdue, the son of frank perdue, was a constant psence, whethehe was sitting in my chairman's offe or holding a reception in the ening or whater, the chicken lobby was well represented. they hired the top gs in the lobbying community in annapos, d they made every effort to prevent usrom enting tough regu

inaudible] [laughter] i noticed recently comment he made in an editorial you are woied about current finanalnditions. would you care to comment on that? >> i just think that the patient was on the operating table, getting white support a couple of months ago. we gave the patient experimental drugs. this quantitative easing we have never done quantitative easing in the united states before. we've always cut interest rate to try to revive the economy and that is what we've done in this country. we've never done quantitative easing. it is an experimental drug and the economy right now is on a sugar high because of all of the liquidity pumpedn but we can't expect a patient on life support on experimental drugs to be able to get up and run it that is wh some people are saying so i am advising caution we have had aonderful rally as you have in most markets this incredible officious short-covering rally which turn into people chasing the next bull market. i don't think we're going back to the old lows but we could have a natural progressionf this. >> if lehman brothers just to go backe been bailed

culture i guess you could say so i treated racism as acts by individuals rather than byig institutional finan a personal level. was go to be in your queue here in the state's subgroup ourselves too much? >> guest: i think so. personally i think so. some of it makes me laugh. i love the fact that we spent all these years tried to desegregate and then you go to your coleges and you have your black forms in your mexican forms but a lot of that is out of comfort. it is funny how you fight for all those things and tn, we like it like tha >> host: from "i'd rather we got casinos", random black thought number three, don't taze me. ib ty let me have a taser sorry roe, i am teasing you. >> guest: absolutely. and love the w said brother. >> host: the danette beach california, 50 miles down the coast from where we are right now. >> caller: it is a beautiful

a poll in june, 59% of voters believe that the finanal bailouts were a bad idea. the masters of the universe thought it would be great, spend $8 billion, the largest expenditure in the history of the american republic and every penny going to the national debt because we were already in debt and we have borrowed every penny of it. we have had have little stimulative effect from that and the american people are right about that. only 31% believe this stimulus bill haselped the economy. and we don't need that poll to tell us how uncomfortable the american people are with the president's effort to overhaul health care so the american people ought to understand that if we confirm professor sunstein he will be the chief architect and gatekeeper over the relations that this administration will be attempting to implement in a myriad of areas, not just health care and fincial markets but agriculture, the environment, energy, a host of areas that impact the people of our country. his view makeim a person who ould not be in this position. profr sunstein is taken an extremel

a stanford professor said we are perhaps the finest senior developing coue in the nation minus the finan. we teach economics but not finance. also during our industries studies anduring the field trips i've watched senior executives after being interviewed or discussed or having discussions with our icaf. these guys know more about us than we know about us, and our folks ask questions in a polite manner. so there is rigor. point three, we are still true to our charter. we have a small school, we're still true to being in touch with industry, but we are not adverse to change or growth. we are constantly growth. icaf provides education for today's environment. and chairman slton you always ask, can a graduate have a conversation with general marqhall? i feel after observing 6406 students, not all of them, but over 90% could not only have an conversation, they could understand, politely challenge, and help him development, and they could capture, put it in writing, and being able to communicate it to others. something that is important to or commanders. and an example it's good to have the