i mean, obviously, there has been a tremendous financial crisis.s, but also individuals, where they have the evidence to do so. >> when lehman's bankruptcy was finally settled, there were claims against it for $370 billion. the creditors settled for about 20 cents on the dollar. former ceo richard fuld lost most of his fortune but is still a wealthy man. most of his senior colleagues at lehman have landed on their feet. ernst and young, lehman's accounting firm, was sued by new york state for aiding and abetting a fraud. and matthew lee, the senior account who blew the whistle at lehman, is still looking for work, unconvinced that much has changed in the world of finance. >> you know, the entrepreneurs of wall street are continually getting more and more sophisticated. and they don't necessarily want regulators or auditors to fully understand what they're doing. >> do you believe the balance sheets of big wall street firms if you read them now? >> these numbers are so big and the financial instruments are so complex that, you know, nobody stands a

a political financial -- politico financial services reporter. >> chairman hence earning -- chairman hensarling, president obama has proposed a big tax on banks as part of his reform. what are your thoughts on that? is that the right approach? >> i hurriedly agreed that a tax increase -- i hardly agree that a tax increase is a tax reform. it has nothing to do with that. this is just the next chapter of obamanomics. this goes back to the 2010 chapter of obamanomics. he has proposed this tax or fee in the past. then the rationale was punitive. today, the rationale is to make our markets supposedly less risky. i would ask the question what was. frank all about -- what was dodd-frank all about? is this a tacit admission that dodd-frank has failed? as i understand it, all the firms that the president would apply this tax to could all be designated to big to fail -- designated too big to fail. they could be functionally controlled by the federal government. they could have enhanced capital standards. you look at the volker rule, the derivatives title -- the volkcer rule, -- the volcker rul

and financial crimes. brigadier general gregory touhill is deputy assistant secretary for cybersecurity operations and programs at the department of homeland security previously he served in the united states air force as the chief information officer and director of command, control communications, and cyber systems. at u.s. transportation command. and so without objection, the briefers' full prepared statement will be made part of the record here. members will have five calendar days to submit any statements to you, or questions or put any extraneous material into the record. and ambassador kim, if you would like to begin, and if you could summarize your remarks and then we'll go to questions. >> thank you very much, mr. chairman. ranking member engel, and members of the committee. thank you very much for inviting me today. along with my colleagues from treasury and homeland security to testify about north korea. as we respond to north korea's destabilizing, provocative and repressive policies and action

statements and we expect to continue to receive the award from financial offices from excellence in financial reporting at this time, i'd like toenter introduce nancy to present the audit information and afterwards we'll answer any questions. >> thank you. >> good afternoon as francis said i'm the audit partner from k n e g i'm here to present the audit results but first, i wanted to spend about an hour since we did the presentation to todd and i wanted to throw out to say when the report i'm about to present to you would not be possible without the leadership from todd as well as the leadership and dedication to quality financial reporting that the management present has you know they show a clear leadership and clear sorry dedication to the quality and financial reporting. the court: objection sustained. the report i'm about to present would not be possible without them so our responsibility is to issue opinions on the final statement of the enterprises based on government auditing standards and accepted standards while we may consider internal controls awhile planning our audit w

financials will set the tone. i think they have a very, very low bar to overcome as far as their hurdle. adam: matt, i know you have bigger things on your mind regarding football later this evening but let's talk right now about this market. why do you think u.s. stocks a good place to be with the world perhaps a bargain to buy right now. >> if anyone has momentum today it is certainly right here in the u.s. of a. with the recent decline in oil, that has given a huge amount of cash to the general public in the united states to use. we think we will do well but unfortunately we have very sick neighbors. that will keep us from hitting full stride. recentdown faull of oil has given some opportunities, on retail side, giving retail folks money in your pocket but if you're an investor there are great companies as it relates to oil. as far as u.s. based stocks we want to focus on companies in the u.s., that get a large part of their earnings from the united states. that would be rite aid and cvs as our two favorites. bo

i am nathan and we have completed the financial audit of the trans bay financial statements and looked at the act balances and the disclosures in the statements and federal compliance and internal controls with that and controls of financial reporting of trans bay and i am pleased to report that the financial statements require no adjustments, no deficiencies in internal controls to report and it was a clean audit and the opinion is no findings so with that said if you guys have any questions and i i am happy to answer them. >> very impressionive of us to do that. i was going to say it's not impressive of anything but our staff but the one thing that it would be nice to tell as a board member is since we are so clean here is it not possible to get this audit in front of us in october or november. i mean this is december and it kind of looks like -- maybe we're slow to the draw here. >> actually we are pretty typical of most public agencies presenting financials in the november-december time from the frame. urn state law -- under state law you have 180 days, six months to get it done an

. >> item 16 discussing the mta financial anti and directors no member of the public we'll present the year-end anti once again a positive story we have k p m that is going to rent just a snapshot we were $260 million over last year our expenditures were higher than this we added to the assets about $251 million theres part of the reason for the ratings other than the asset side our total assets increased toy by 47 millions on the capital side we're putting more stuff into the ground and masonic our employee side and our personal services we had a higher adjourned estimated claims than projected 0 our net assets liability increased by $420 million we completed the identity in record time and once again that was q key to our bond ratings i'm going to turn it over to my colleague. >> good afternoon. i'm lisa i'm the senior manager that bills was - we're required to discuss with those charged that governance over mta you have a slide presentation this year's on 5 slides slide number one our responsibilities under generally accepted italy standards we do not express an opinion on internal

and financial crimes.igadier general gregory touhill is deputy assistant secretary for cybersecurity operations and programs at the department of homeland security previously he served in the united states air force as the chief information officer and director of command, control communications, and cyber systems. at u.s. transportation command. and so without objection, the briefers' full prepared statement will be made part of the record here. members will have five calendar days to submit any statements to you, or questions or put any extraneous material into the record. and ambassador kim, if you would like to begin, and if you could summarize your remarks and then we'll go to questions. >> thank you very much, mr. chairman. ranking member engel, and members of the committee. thank you very much for inviting me today. along with my colleagues from treasury and homeland security to testify about north korea. as we respond to north korea's destabilizing, provocative and repressive policies and actions w

my view dodd frank strengthened the financial banking system in this country. the loose regulatory regime that was in place before everyone agreed cost the worst financial collapse that we have seen since the great depression. there are some on the other side i understand who disagree with that view and that is something that will obviously be subject to debate. but to attach a provision at the last minute which is what the house of david the end of last year, put it on the bill and said take it or leave it that is wrong and unfair and i think every fair-minded person whatever their view is what feel that we should debate an important amendment, any amendment that would roll back parts of dodd frank given the fact that most everyone who's looked at it has bought today has been a success. so that plus the change in the provision which my colleagues have mentioned that to some problems. we on the democratic side while we do not like the rollback of the end-user provision even last year we were not prepared to stop the bill from going forward but the change that t

>> the chinese financial system is integrated into the international financial system. i think one good example of our ability to impact a hater even in china was as i had the exchange with chairman royce, our designation of foreign trade bank which is north korea's main commercial bank of the bank to which they do most of the commercial conduct. up on our designation the major commercial banks under china the big commercial banks acted as you would expect. any international commercial bank to act. they announced they were cutting foreign trade bank off from their banks. so we can have an impact on commercial banks in china. that said, i think you're exactly right. china does provide north korea the lines of shared of access to the international financial system. it's a subject that i've had discussions with the chinese many times on and it's something that we need to continue to talk to the chinese about to try to get chinese assistance in making sure that their financial system does not provide north korea the opportunity to engage in proliferation or any other listed

gave us the financial vices.uses the term enlightened finance to say it is time to stop pointing fingers, looking backward -- >> ok. >> we need to start looking forward of what finance can do to make the world a better place. >> you don't have a chapter from lloyd blankfein. why not? >> i did not ask him >>. he is one of the most articulate and thoughtful people in our industry. the book is long enough. there are 20 contributors. i would, yes. >> if the problem is you had that finance causing the problem and we need good finance to help move things forward, can you change culture with legislation? if not, how do you change? >> you absolutely cannot change culture. it is a critical ingredient in having the financial system serve real people in rome markets in ways that actually -- in real markets in ways that actually make the world of better place. it is not the only ingredient. you do need different types of regulation than we had going into the financial crisis. that part of the problem. you need things like in

into the international financial system.one good example of our ability to impact behavior was as i have the exchange with chairman rice, our designation of foreign trade bank upon our designation, the names of major commercial banks in china acted, as you would expect any international commercial bank to act and announced that they were cutting foreign trade bank off. and so we can have an impact that said you are exactly right. china does provide north korea the lion's share of its access. it is an issue that i have had discussions with the chinese many times on and is something we must continue to talk to the chinese about to get assistance in making sure their financial system does not provide the opportunity to engage in proliferation. we were talking about this just before this hearing. so it is a significant issue and one we are focused on. >> we will be in beijing so we can continue the dialogue. they are going to mr. steven chabot. >> this committee has long recognized the danger of the growing capabilities of pyong

go meet with a financial planner. one of the first things you should educate yourself is if you have a financial planner recommended that you won a fiduciary somebody who has to put your interest first. no conflict of interest or commission but a fee based financial planner. if you have that plan to meet with them and least once a year. we had a very strong market with a phenomenal year as we sit there is that the all-time high. sova really is the ideal time don't have your head in the sand it is not too late and the key is to start now. gerri: day que david. >> my pleasure. gerri: more to come with your retirement is said of -- i know how to double your nest egg impacting most of the nation's 401k bush to even consider giving the government your life gerri: the ral gerri: the federal government wants you to consider allowing all calcium to guard your retirement savings. i am not making this up for a new federal rule allows you to roll over money from your employer's 401k to put it into a pension plan. should you do t

we build you a financial plan. say here are all the things you need to accomplish, the absolutely musts, and here are all the ways you are going to get there. having a complete road map, that's what a financial is is something that actually does we know make you twice as confident, even when the news isn't all the things that you want to do. >> when people come to you, what is the most common mistake mental error? >> the number one question that we see is if i have x at the end of the month, where does it go first? all of us are strapped with where our extra dollars need to go. and you're like where should it go first? what priority is the most important? at the end of the day, it is all math. having a financial planner tell you the right order is how you get farther faster. >> that helps reduce that stress. at least you have a plan. >> it is gps for your money. it takes all the stress out of it. that's exactly what i believe is financial plan is. it is just a clear road map. >> thank you so much. >> not all bad ne

. >> city and is county of san francisco 5-year financial financial plan and budget instructions raphael and the speaker is kelly kirkpatrick and this is an informational report and discussion item. >> thank you commissioners and thank you kelly for being here tonight. as you know this is budget season for us and we will be talking in more detail about our particular budget. we thought it would be helpful for you to hear the mayor's office office perspective on the budget in general especially this year and i heard a wonderful presentation at the mayor's office at a director's meeting and i thought it would benefit you to hear some of that information so you could understand the larger context in which our budget sits so we're very lucky to have kelly come to speak with us. she's our liaison on our budget so she's going to go deep and strong in our budget in the future but tonight she's going to step back and talk about the larger budget for the city. >> welcome kelly. >> thank you director raphael for the for the introduction i'm going to be giving an abbreviated version of what the may

. >> good evening, commissioners, greg wagner, financial officer. i'm here to officially kickoff budget season for the 15-16-17 budgets. this is the first step in the formal budget process although we have already been doing quite a bit of thinking internally within the department, but this is the point in time each year when the mayor's office releases the forecast for the upcoming budget cycle and this year the forecast for the 5 years ahead of us for city finances and department's instructions on how we should prepare our budget. so the global news in the mayor's 5-year financial forecast is very positive. as we all know the economy has been doing well and with that the acceleration of the economy we have seen city revenues and we have seen more in the general fund than we have in many many years. the projected general fund deficit for the 5-year financial plan, you can see in that first year, we are facing a $15.9 million deficit. still $15.9 million but compared to where we've been over the last many years, we were consistently in deficits appr

there is the overall financial plan. when our clients meet with us, not only do we manage money we're doing everything. we're creating a financial plan based on their goals values and dreams. we're reviewing insurance and estate planning. gerri: talking about people already in retirement right? >> yes. gerri: these are not people trying to set up some kind after retirement plan for the very first time. they know what their goals r they know what they're looking at. so a different situation. couldn't they just go to a robo advisor online and get that advice there and go move right ahead with etfs and index fund. >> here is a great example a good friend of mine the other day showed me a portfolio with a robo advisor account. he moved into a robo account and down 9% a week. david, he says what is wrong there? i look at phone, a global balanced account. 35% in a emerging markets. i turn i hadit back to them. this is not balanced account. this is extremely aggressive investment. he didn't know what he owned. you know what hap

we believe that financial

on the micro front, tech financial. the heavy sectors in the s&p will be well represented in earnings tomorrow. you've got the likes of bank of america and citi on the financial side and then after e bell you have intel, one of the biggest ship producers in the world. all of those give you a picture of corporate america amidst this backdrop of volatility. >> i'll be interested to see if intel talks about currency and the impact of the stronger dollar on the earnings. >> i would be surprised if any large cap company with international exposure does not talk about the strength of the dollar in terms of earnings report. that will be a real key. >> as you say, volatility is back. 2014 very low. 2015, so far everyday has been a 100 point day shared with some moves end up and down but somewhere a hundred points in them. >> experts say it's one of the times to deal with that kind of volatility. maybe not running for the exit but buckle your safety belts. >> dominic chu, thank you very much. >>> that will do it for "nightly bus

why you like it trading at $55 a share. >> we like financials as a whole. bank of america problem that's been going on is well documented. the cultural issues with meryl lynch, the retention bonuses falling off. we feel that wells fargo is the best position to pick up market share in the next 12 to 18 months when the exodus takes place. they're the only major player out there with the traditional brokerage size as well as the independent channel with a unique advantage over peers. we think they'll outpace predictions and be in a sector that outpace the market as well. >> you have j.p. morgan chase this year. a lot of legal issues facing them. jay mee diamond's health. what do you see happening in 2015? >> tough couple years with them. but, you know, in the financial sector though as a whole, as the economy continues to pick up if interest rates do rise which likely second or third quarter of the year start taking place. you're going to start seeing a new flow of refinancing and purchases as borrowers come to the realization as the extremely low interest rat

we have been watching financial meltdowns since there was a financial industry, going back to the bubbleundreds of years ago. it took very important steps forward, though, in terms of making the housing market more rational and regulating derivatives, doing all of the things we talked about. while i cannot tell you that trouble in the financial markets will never happen again and nobody can a that, what we can say about dodd frank is that it took off the table most of the irresponsible if not all of the year responsible behavior that led to 2008. what we worry about now is not a repeat of 2008 but what is the next bubble? second 2000, it was internet stocks. everybody had an idea for a company worth $2 billion and that bubble deflated their it is not so much 2008 we're worried about, but the next bullet we do not see that we should be worried about their it >> dan, an independent. hello there. >> good morning and thank you for having me on. i'm glad to follow up that last phone call. i am in that guy's boat. it feels like we get a lot of stories out of washington, and when you open the s

the financial collapse has lingo status. man, did you just 'yait that. and who just lehmaned in the elevator? this appears to be the problem the financial titans titans are all facing. they know how great they are but we don't get it because we're still remembering the collapse of the economy that they did. so the quandary is, if you're them, how do you get to keep celebrating yourself at places like davos while still staying below the radar. a great example is the company metlife. metlife is not just a regrettable tattoo from my favorite baseball. i didn't realize i thought his whole body was baseball. it really is just his head. they're also a massive insurance conglomerate facing a changing regulatory environment. >> regulators declared metlife so big its failure could destabilize the financial markets. >> metlife said it is not too big to stale faille. >> metlife is suing the u.s. government. >> jon: what? we're not that big and to prove twe are take ago federal government. mano a mano in a battle of equals. i mean, i hope we can afford it. look, may

financials down 5.5% in a month.hat some of the bad earnings are out of the way, is it time maybe to nibble if you like the banks? it is, of course, the state of the union tonight. president obama expected to announce details on his plans to hike taxes for certain wealthier fax payers. who will get hit? specifics at the top of the hour. back to you. >> thanks so much. when something unusual happens, by now you know that one of the najarians finds it, tries to make money op it. jon the co-founder of option munster. what do you see today? >> imax today. we see some unusual activity out in june. nearly six months into the future right here. stock was 25 bucks. not too terribly long ago. made a nice 2 % run just in the last six months. people are betting for a lot more, however, because if you take a look at the calls today, they're buying the 33 calls. why are they buying those? it's made a 2% run. they can buy these about 1.20 instead of risking $33. you can do the math. a lot less risk with that trade and they've got

the run up to the financial crisis it was the mortgage market that was damaged by reckless lending. the damage caused the broader economy to crash and the housing market has been gradually recovering, it lagged the pace of recovery in many of their sectors over the past 5 to 6 years. as directed by congress our ability to repay ruled that the defect last year was designed to ensure that lenders offer only mortgages to consumers about to afford. that will knows the qualified mortgage will put in place new protections, and it was more sustainable. since the mortgage rules were implemented a exactly one year ago today we have not seen dramatic changes as some fear. i recall seeing brash predictions such as the price of mortgages would double in the volume of mortgages could be halved but by the time these rules went into affect lenders had retreated from the worst sorts of lending such as ninja loans loans so-called because they could be made to people with no income, no jobs and no assets. loans with negative m organization often made the borrowers who could accrue vote mortgage so th

we take the global financial crisis all of us at bridgewater had personally been through a financialrisis of that magnitude but we had studied the great depression and treated through the financial crisis and had depression gauges and ways to manage money through that. in 2008, we were following our playbook that we had built up. >> what is the playbook telling you right now? >> you go to qe and look at europe as a currency union. the currency level in germany and spain and italy should not be at these levels. how do you hold europe together given those circumstances? what do they need to do? how fast do they need to do it before the political forces rise? >> foreurope is facing a deflationary set of circumstances that are the only way to upset that you can't build credit. most have too many debt. the only way to leverage is through money. it has been proven in real-time in the u.s. and u.k. they have followed what is a mechanical process of replacing credit with money. in the u.s., that was done with 26% gdp. in the u.k., about the same. in europe only about 3%. it is way behind. to

we have examined the responsiveness to financial incentives. a rather consistent finding is the behavioral response is not particularly large. i survey the academic literature on the impact of one type of financial incentives matching on contributions. they are fining striking me similar results using a variety of different data sources. it increases plan participation by around roughly five percentage points. this is modest at best. this can impact how much individual say. this does not come from the magnitude of an incentive so much on the fact that at some point the incentive expires. in many 401 k programs they provide a match only to a certain amount. the saver's credit gives moderate income households an incentive to save for retirement but only for the first $2000 contributed to a work place savings plan or ira. when financial incentives are limited, the threshold becomes a focal point as individuals decide how much to save. this suggests the threshold may be a more important important matching scheme. the relatively small impact suggest

visit a branch, call or go online today. e financial noise financial noise financial noise financiallcome back to "squawk box" this morning. among the stories that are front and center right now, nbc news reports a drone landed inside the white house grounds early today. secret service responded and determined the drone did not pose a threat. three more planes evacuated after bomb threats. two passenger planes landed in seattle. another flight was diverted to dallas for same safety procedures. and bitcoin exchange opens up today. it's backed by about $100 million from the nyse banks. backers say it could bring legitimacy to the currency. >>> it's a week full of economic data and a two-day fed meeting that kicks off tomorrow. steve leisman joins us with more including the most important piece of data you probably haven't heard of but could move the markets this week. just hesitant to even let you do this, steve. but go ahead. what is it? >> work with me on this joe. >> okay. >> this is an important piece ofday ta. it comes on friday. if you give me a second i'll show you how it ties i

i'm looking at financial reforms meant to reign in reckless behavior that republicans are trying so hardo dismantle. plus a bold new mission for a pair of astronauts are about to do something that has never before been done in stays. i'm ali velshi. this is "real money." ♪ >>> seven years after fuelling a financial crisis that nearly imploded the world, america's big banks are doing just fine and getting even bigger. take jpmorgan chase, america's biggest bank by far. it just announced soaring profits. $21.8 billion, that is a 22% jump from 2013. so you would think america's biggest bank would be celebrating its glory, but instead jpmorgan chaste jamie diamond represented at reporters that, quote, banks are under assault. why is jamie crying? because chase saw its profits take a hit, due in large part for a $1 billion charge to cover legal fees. the department of justice hit the bank with a whopping $13 billion in fines. jamie diamond told reporters that quote, five or six regulators at us on every issue complaining, how american is that? how fair is that he asks? that is pretty rich com

predatory lending and a poorly regulated financial system were at the root of the crisis. but now, housing sales in some parts of the country have picked up. >> it really started in 2010 2011 in the wake of the housing bust and the foreclosure crisis that ensued. >> there were markets that were totally devastated. >> you had an unbelievable number of foreclosed homes. >> at foreclosure auctions like this one in georgia, competition has gotten steep. >> sold! >> what's the name of your company? >> we're private. >> but the recovery isn't quite what it seems. >> housing recoveries are typically led by buyers. and those buyers historically were typically homeowners. people who intended to purchase and live in the home. they weren't investors and it wasn't second homes. >> i don't want to be on camera >> but in 2011 2012 you started seeing firms that were backed by some of the larger private equity firms beginning to get into the market. >> who came in and bought houses by the block basically. >> we've been trying to talk to some of the investors here like invitation homes rig

the network offers access to hundreds of financial aid programs. to help their eruptions, fill out the quick questionnaire, and you will be steered to the program you are looking for. >> who want to make sure everyone has the chance to manage their money successfully keep their money safe, and avoid getting ripped off. >> it sounds very good. i think people should try that one. >> to find out more, visit sfsmartmoney.org or call 211 and ask about the bank on s.f. program. >> now you can have a bank account. open one today.

they enjoy helping other couples, facing financial ruin. which brings us back to the williams' and that treasure hunt. >> oh, look, there is a foosball table. i think you could sell on craigslist 25 to $50 range. >> the savings adding up fast. >> it's literally been 12 minutes since you started. >> wow. >> how much money have you found? >> over $1,000 worth of stuff. >> the grutman's encouraged the williams yamly to make a budget and cut out expenses like tv channels. . we have to go upstairs and try and find stevie's shoes. >> but there is one last closet steve is nervous to share. >> these are some of my prices so, i mean these are -- these go for 150, $150 a pair on ebay. >> $1500 worth of stuff they can sell right now. >> it's painful. it's sentimental, liens a not. >> yeah you have to give up speakers i legal i'm losing part of myself. >> finding new jersey savings gives you momentum to you soent have to go into more debt. >> and that is something this family feels is worth praying for. >> the total cost for this dinner tonight was rig

. >> the the 5-year financial plan we put out in december covers your fiscal year 1920. the goal generally of the of the 5-year plan is to highlight the key financial issues going on in the city and to set a road map that's forward thinking and identifying revenues and expenditures that we expect over the next 5 years as well as monitoring the process on the deficit and develop multiyear strategies to kind of reduce volatility in the city's budget process and anticipate and plan for some, for issues. additionally we've moved the publication to the fall normally we publish in march but as you know i mentioned earlier we published in december of this year to have a more thoughtful planning process for the 5 years and in terms of of what what can be found in the plan we publish it every 2 years it's a joint report with the city controller's office. so the high level take away is that, you know, what you are seeing in front of you is a summary of the projected budgetary surplus or deficit you will see it's a projected deficit for the 5 years and in fiscal year 20 and in fisc

beyond financial.sanctions are a broader term. >> agreed. >> however, the ndaa said provide sanctions against anyone supporting oren gaging wouldn't it inheritently saying the only way they had to do this was by a route provided by the people's republic of china -- i'm sorry, main land china, china itself, has in fact supported espionage, reasonable assertion by the american people. couldn't have done it without china, china gives them the life line and china monitors all of its internet transactions and it doesn't have a true open internet per se, china had to know what you know isn't that correct? >> at this point, sir -- and thank you for that question -- i do not know what china knew at the time. >> do they know now? have we directed to them the knowledge that we have sufficient so they know that in fact their lifeline to the internet was in fact engaged in espionage, supporting industrial espionage by north korea? >> sir, we have shared our information from the chinese computer response team and h

we now know that many of the financial innovations that marked the financial sector in the years beforeancial crisis made the market and our economy more unstable. it could not of been said better than by paul volcker, who pointed out that there wasn't a single one of these financial innovations that led to a -- to an improvement in performance of the economy. it enabled them to extract more risk at of the economy, but not increase the overall performance. >> nobel laureate joseph stiglitz joining us on the phone from new york. thank you so much for your time. we appreciate it. >> thank you. >> still ahead, the selloff on wall street continues. we will have details on the biggest looters -- losers when "bottom line" continues in a moment. ♪ >> the class of 2015 for the baseball hall of fame is official. the final ballot given to the baseball writers association of america featured 34 names and holdovers from -- including 17 holdovers from previous locations and 17 newcomers. among the holdovers, former dodger and new york mets mike piazza fell 28 votes short. something is wrong with tha

we have been watching financial meltdowns since there was a financial industry, going back to the bubble and hundreds of years ago. it took very important steps forward, though, in terms of making the housing market more rational and regulating derivatives, doing all of the things we talked about. while i cannot tell you that trouble in the financial markets will never happen again and nobody can a that, what we can say about dodd frank is that it took off the table most of the irresponsible if not all of the year responsible behavior that led to 2008. what we worry about now is not a repeat of 2008 but what is the next bubble? second 2000, it was internet stocks. everybody had an idea for a company worth $2 billion and that bubble deflated their it is not so much 2008 we're worried about, but the next bullet we do not see that we should be worried about their it >> dan, an independent. hello there. >> good morning and thank you for having me on. i'm glad to follow up that last phone call. i am in that guy's boat. it feels like we get a lot of stories out of washington, and when you open

she lays it out in her book "the 21-day financial fast." your way to financial freedom.rt this on saturday. then what happens michelle? good to have you. >> so glad to be here. for 21 days, you won't buy anything that is not a necessity and you won't use plastic no credit cards. everything gets shut down. neil: pay your immediate bills. what do you describe as a nonnecessity. >> well, eating out. going to the movies -- neil: whoa whoa, whoa, so eating out? all right. you've already lost me there. but go ahead. >> eating out. the latte the movies, hair done, nails, i mean nothing that you wouldn't absolutely positively need. now, mind you, this is just for the three weeks. and the reason why is because i want to shut everything down. shut out all the temptations to consume so you can focus on where you want to spend your money. a lot of financial experts will say cut out the expensive coffee and everything. that's the kind of thing you need for getting your day started. not until after the fast, then get the coffee. you'll realize, i need the coffee but i can bring my lun

the big financial institutions on wall street continue to see huge gains in today's volatile financial while the everyday investor struggles to make gains if the market is not moving upward. wouldn't you like to know the

it is the gateway to financial aid. by some estimates over 2 million people that are eligible for fafsa -- for financial aid pell grants don't get it simply because of the complexity of the form. and with unanimous consent i'd ask to show some demonstrative evidence mr. president. the presiding officer: without objection. mr. bennet: here is this year's form. it's a different color than the one we had last year. but this is the form that a student has to fill out with its 108 questions. this is the instruction manual that goes with the form that is something in the neighborhood of 6 pages long. it's very tiny print. -- 60 pages long. it's very tiny print. and to be honest with you the ridiculousness of this form would be funny if it wasn't for the lost time, money and energy our country spends on it. here's some of the examples of the questions families have to put up with on this form. several times there are questions about income. we've been told by the witnesses that we had that we only need two questions. there are