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interactive financial multimedia tools for an ever changing financial world. our dividend stock advisor guides and helps generate income during a period of low interest rates. we are thestreet.com. >>> hold me accountable for the debacle. i'm responsible. >>ç apology and advocacy, the health and human services chief acre cements blame for the botched rollout of the obama care website as the president argues the law is really a good thing, but what does the affordable care act mean if you're covered under an employer plan? >>> pops and drops, stocks, bonds, gold and the dollar all on the move after the fed said it will keep the stimulus in place. but is it what the central bank didn't say that really drove the market? >> facebook, the sial network reports strong profits and the stock jumps, what investors need to know about facebook's financials. all that and more tonight on "nightly business report" for wednesday, october 30th. >>> good evening everyone. we begin with president obama on the defensive speaking from boston, the president tried to drum up suppor

the kaiser report imax kaiser financial holocaust financial chair financial apartheid yes all the cost and terror and apartheid of the lions and tigers and bears of our day but dorothy you can rise up just click your heels and storm the palaces with a collateralized debt obligation of your own so let's take buckingham palace kensington palace st james palace and windsor palace rolled up else isn't a one to higher leverage collateralized palace obligation and re conquer the world we can do it dorothy's with a royal ass a yacht of our own the people's infinitely re hypothecated palace obligation bonds what a fantastic idea stacy herbert of course only in the u.k. would they come up with an idea of backing their wealth of creating wealth through property so this is the first head by max and it's turned crown estate into sovereign wealth fund labor m.p.'s to urge britain's eight point six billion pound crown estate should be turned into a sovereign wealth fund to rival governments backed investment funds that have sprung up across europe the middle east and asia in the last twenty years a

starting with financial. the financial tools have to be used in particular by the area. why is that? there's still parts of europe that is being hobbled by weak banks, by high corporate debt, and by the financial system. this is raising the cost of loans to small and medium enterprises by 1% to 2% in stressed regions. now, think about your loan. if you -- if the interest rate was raised by 2%, it would mean a lot more exposure when on liability with the proper flow of money and whether there's too much fragmentation. it's imperative in our views that european banks be restored to health by assessing the balance sheets and filling out the capital that it revealed. what else in they should push ahead with the banking union and make the entire area in the eurozone safer and sounder. that's for the financial tool. turning now to the fiscal tool. upset about the u.s. fiscal policy, slow down but hurry up. yeah, that's a bizarre proposition. slow down? what we mean by that is don't do too much up front. the fiscal policy does not have to be massive right away. not too much con

financial markets. since the beginning, federal reserve chairman bernanke and tresh secretary geithner have opposed to section 716 edition of dodd-frank. show me how section 716 decreases overall risks to the financial markets. chairman bernanke clearly stated, it's not evident why section 716 makes the company as a whole safer. and what we do see is that it will likely increase the cost of people who use the derivatives. since dodd-frank became law, no equivalent provisions have been adopted in any other foreign jurisdictions that are working through their own derivatives reforms. show me how placing u.s. firms at a competitive disadvantage with international banks will ultimately benefit manufacturers in my district managing their interest rate risks. h.r. 992, however, would prevent financial institutions from forcing much of the derivatives businesses outside the bank. show me why banks, which are more heavily regulated, more highly capitalized entity than a stand-alone affiliate, are not a better p

but with the kaiser report imax kaiser financial holocaust financial chair financial apartheid yes all the cost and terror and apartheid of the lions and tigers and bears of our day but dorothy you can rise up just click your heels and storm the palaces with a collateralized debt obligation of your own so let's take buckingham palace kensington palace st james' palace and windsor palace rolled up else isn't a one a highly leveraged collateralized palace obligation and re conquer the world we can do it there are these with a royal ass a yacht of our own the people's infinitely re hypothecated palace obligation bonds what a fantastic idea stacy herbert of course only in the u.k. would they come up with an idea of backing their wealth of creating wealth through property so this is the first head by max and it's turned crown estate into sovereign wealth fund labor m.p.'s to urge britain's eight point six billion pound crown estate should be turned into a sovereign wealth fund to rival governments backed investment funds that have sprung up across europe the middle east and asia in the last

>> it depends a lot on the financial system. the lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis. now, we've seen some progress in the financial markets, absolutely, but until we get that stabilized and working normally, we're not gonna see recovery. >> i wonder, do you expect double-digit unemployment? >> well, it's hard to forecast exactly where we're going. unemployment is rising. job losses are still very severe. and, no doubt, the unemployment rate's gonna go higher than it is. but i think, again, that if we do succeed in stabilizing the financial system, that we'll begin to see a slower pace of decline and eventually a stabilization that will set the basis for a recovery. >> ben bernanke, age 55, has been chairman of the federal reserve board since 2006. for our interview, he opened up the fed headquarters, rarely seen by the public. it's a monumental building along the national mall. construction started in 1935, in the depths of the great depression. you

deal one of the original sins of the looming financial crisis.er wall street firms were so jealous of the goldman deal; they got a.i.g. to insure another $30 billion of what turned out to be worthless securities. but lewis thinks the fiasco had more to do with wall street's stupidity than corruption. didn't understand these things. >> not well enough. they--they... i mean, there's a wonderful little vignette in the big short about a leading bond trader. he was subprime mortgage bond trader at morgan stanley, a fellow named howie hubler, who manages to lose somewhere between--it's hard to know-- but $7 billion and $12 billion in a matter of six or eight months, more than any single trader has ever lost in the history of wall street, and no one knows his name. >> according to lewis, at the end of 2006 and the beginning of 2007, when the commercial bank j.p. morgan became the first to recognize the danger and fled the subprime market, hubler was gobbling up $16-billion worth of subprime mortgage bonds that would be worthless in nine months. >> he di

that's what you would pay to a financial advisor, right?ut if you add that up over 20 or 30 or 40 or 50 years in a 401(k) plan, all of a sudden, you're well into the six figures as your balance grows. and that's the difference between running out of money before you die or having a little money left to pass on to your heirs. >> a lot of 401(k) programs are lousy. the fund choices stink, the fees are outlandishly high, and in many cases, you can take two next-door neighbors, you know, living on maple street in any town, usa, and one person is paying ten times as much to invest in a 401(k) as the other person. >> smith: to understand this fee business, i went to talk to someone who has thought long and hard about it-- jack bogle, the founder of vanguard, a company that offers some of the lowest fee products on the market. he says that if you want to improve your retirement outcome, make sure to minimize wall street's take. >> costs are a crucial part of the equation. it doesn't take a genius to know that the bigger the profit of the managemen

financially irresponsible.s not a battle between republicans and democrats, although it's often portrayed that way. and to be financially responsible, when we raise the debt ceiling, we have to address the cause of the problem. the cause of the problem are these out of control deficits. we need to either cut spending in association with raising the debt ceiling, or pass a balanced constitutional amendment that will prevent us from having to debate this crisis again. >> in the meantime, you have these rollovers. that's going to, perhaps, eat into any money that's there. if investors decide they don't want to roll over any more, they want to be paid now, what are the ramifications? are you thinking about that? >> i am thinking about that and a number of other things. that's why it's important to raise the debt ceiling. it's more important to do what is necessary to prevent an insolvency and bankruptcy of the united states of america that would be debilitating to our country and would be, quite frankly, utter econ

here is matt mccall president of pan financial group.att, good to see. >> you great to see. >> you what is your sense of this? it's remarkable. in a year that has already had strong markets across the board we're seeing things in the tech sector, numbers like this reminiscent of a tech bubble. >> most investors say to themselves, stay clear away from this, i missed the move in these stocks. i look at it in a different way. look at valuations if you base the valuations on the tech stock in the overall market they're still extremely attractive. those companies that you mentioned, some of them maybe not are not the big names that they were a couple of years ago, they're still growing fast in the market. >> explain to me netflix and price line, what are they doing? >> the way we all watch television is changing dramatically. you would know this better than i do, but i rarely turn on the television. i watch things on netflix and hulu. they have a niche product that there is growth there. growth versus growth in the old school, time warner. yo

statements while it's getting tough out there boys well joining me is former chief financial officer of crazy eddie who's no stranger to pulling the wool over auditor's eyes samhain tar sand thank you for joining me thank you for having me on all right now sam before we get to this accounting proposal i'd like to get your big picture opinion on why we don't hear more about the auditor's in the wake of all these big wall street banks that are having so many problems and getting fined in such record numbers. first of all don't call them what it is calling them what it is like john calling a prostitute his girlfriend they don't do what it's they it's a misleading term it's limited reviews of financial statements well let me ask you then why if they're just doing a limited review why are they held to seem i guess to investors as providing some kind of watchdog authority and should they be held somewhat accountable for all these wall street crimes that are going on. oh yes they should but the point is is that what it's give investors a false sense of security while i was a criminal i said

war and when it's not sexy don't you want to be a war queen you can be like there's a financial we're going we're going to put up the palace as collateral to fight the financial war you know it's exciting get on t.v. make a few speeches you could make a movie about you you'd be the spain is some of these previous monarchs they've made movies about that are now canonized in hollywood you do can be famous in hollywood too yes. well in the u.s. and u.k. we have sovereign debt funds you could say but to show you the size and the scale of the sovereign wealth funds in the rest of the world the number one is norway which has seven hundred thirty seven billion dollars number two is saudi arabia then b. china china has two different funds which are in the top five kuwait hong kong singapore russia and singapore so you see that the only way up there is either to have natural wealth of oil. or commodities or you actually have to work for a living and export and create things well if you can point other year have workers that are exporting and you can have a sovereign wealth fund like china or y

and we are taking two of those pieces out of that financial demand. and additionally, it is easier for organizations to get grants for education, and community participation, and green building technology, and show rooms, and sort of fund an enticing things like that, it is easier to get outside funding for that than to go to a fund and her just say, you know, well i need to pay the water bill. so, we are also hoping that by structuring that way, it will make it a more financially feasible opportunity. >> and would we help and i don't think that you can speak again but that is up to the chair. would we help whatever organization gets this, that gets the next crack at this, would we help them to try to find funding or will we have funding available to maybe help them? i think that it is a jewel and i think that it is something that needs to exist. and so i just want to make sure that whoever we bring in operated is, able to maintain it and move forward with it. >> right. >> and i think that all of us on the port staff there, that are working on this pr

since the financial crisis and since before the financial crash banks made a decision that it was better investment of their dollars to spend it on lobbyists, campaign contributions and government so they can get out of things like, oh, paying taxes, and following the regulatory obligations. thithis is exemplary, a few yeas senator dick durbin made a statement after we lost a fight to help homeowners, that banks own the place. speak of about congress, he said banks own the place. that's a bad situation for this country. >> but to push back, better to have $13 billion going to things that we talked about including consumer relief, including getting the fines paid, better to have that than nothing at all in long-drawn-out lawsuit? >> it's better than nothing but we have a lot more to do to resolve this crisis. let me put a fine point on that. the housing crisis in this country is not over. 12 million people are underwater in their mortgages and have a high likelihood that they're going to bankrupt. >> we'll talk more about that in a while, but i want to stay with the issue of jamie dimon a

unless you've committed financial fraud and then the government just rewards do with billions of pounds worth of compensation and restitution and free money and this brings up an interesting point is that fraud pays to be that crime doesn't pay but now crime does pay lehman brothers collapsed and a.i.g. collapse and bernie madoff collapsed and we've saw many financial scandals over the past five years resulting in the central banks in america and england printing billions of pounds or billions hundreds of billions if not trillions of pounds and dollars to reward the fraudsters so what you're saying here is really part and parcel of this whole model of fraud for pay so that p.p.i. scandal they were caught mis selling insurance they were caught committing fraud which should be a criminal offense it is a criminal offense and anywhere but the city of london which is its own corporation has its own laws where fraud is legal and the result of all this fraud was a massive money printing which they are now characterizing as economic recovery even though it has deep base the pound it is debased

a which we could have only dreamed of financial analysts have called it a win win situation the london cab comes back from the brink of extinction while a major chinese manufacturer gets to invest in an exciting new project but what does this say about the state of british industry business secretary vince cable called the chinese buyout a clear demonstration of the strength of the british car industry but the london cap is just the latest in a raft of u.k. businesses being sold off to foreign companies cadres chocolate is now american indian and the british airports authority spanish to some it represents a hollowing out of corporate britain and i'm happy that it's not going on that but it shows government policy for a long time now as encourage foreign companies to take over our british companies and what that means is that our british companies are not competitive across the globe. so we're not putting in the right tax policies we're not dealing with regulation that hinders these companies welcome to have new investment it always is in the long term this takes away economic producti

a reason is we don't trust brokers or financial planners. there's about 130 web-based companies offering help raising from online services that let you mimic top traders. a group of online advisors attracted more than a million customers by offering low fees and convenience to people who do not need much handholding. >> this man is as tech savvy as it gets. with a few start-ups at 33 years old. like many americans this san francisco resident admits he doesn't know the first thing about investing. >> i know you shouldn't keep your money in a savings account. that's what i do know. >> he paid a financial advisor to manage his life's savings. >> i realised i was probably paying too much for the services that i didn't need, and i looked at online option, and that's where i decided to make a shift. >> his money was transferred to futureadvisor an option offering financial investment for low or no fees and part of a rapidly growing industry satisfying an underserved american public. >> some of the most sophisticated services the average person doe

unless you've committed financial fraud and then the government just rewards do with billions of pounds worth of compensation and restitution and free money and this brings up an interesting point is that fraud pays to be that crime doesn't pay but now crime does pay lehman brothers collapsed and a.i.g. collapse and bernie madoff collapsed and we saw many financial scandals over the past five years result. and the central banks in america and england printing billions of pounds or billions hundreds of billions of trillions of pounds and dollars to reward the fraudsters so what you're saying here is really part and parcel of this whole model of fraud for pay so that p.p.i. scandal they were caught mis selling insurance they were caught committing fraud which should be a criminal offense it is a criminal offense and anywhere but the city of london which is its own corporation has its own laws where fraud is legal and the result of all this fraud was a massive money printing which they are now characterizing as economic recovery even though it has deep bass the pound it is debased the econ

you can't have a bubble these days without a new form of financial innovation especially without the participation of the population at large however with millions of scores ruined you might think the average joe wouldn't participate in the new housing bubble turns out americans are involved but not as they are prior role as homeowners some of the largest funds such as blackstone have been quietly scooping up foreclosed homes over the last two years only to rent them out and now securitized the rental income streams today we saw this headline on bloomberg dot com pending sales of existing homes slumps by most in three years that's right the game of housing hot potato securitization is back and this time it's on the backs of renters who are complaining in droves about their new wall street some large one disgruntled tenant is suing and alleging quote . the air conditioner did not work when he moved in tubs and sinks sprouted huge leaks like wood flicker on and off like a ghost now i made that up and the home was infested with if we use roaches and even a family of wrecked ones which l

interactive financial multi media tools for an ever changing financial world. our dividend stock advisor guides and helps generate income during a period of low interest rates. we are thestreet.com. >>> houses divided, stocks sink, short term yields spike and a credit rating agency warns it could downgrade u.s. debt, this as the house and senate collide for competing propels to reopen the government and avoid default. >> title wave, yahoo's poor guidance. this is just the start. what should you watch as the biggest names in technology begin releasing quarterly report cards. >> that and more for

kaiser report i'm max ties are good news for the british economy yes apparently there is a all that financial for at least according to the wall street journal today as you know max indeed well you know the payment protection insurance scandal from the past few years where they the banks were selling payment protection insurance so your mortgage would be paid if you lost your job or your house burned down you got sick or whatever they would pay your mortgage for you well how a banking scandals bolstering britain's economy well the compensation for misselling those payments because apparently none of they were like all insurance products they didn't pay out so they had to pay billions of pounds to the consumers who bought this thing and apparently the office for budget responsibility the government official forecasts are said that the compensation was so big it would provide quote some short term support to household consumption growth one economist alan clark a scotiabank says the compensation payments have been more successful as stimulating the u.k. economy than quantitative easing u.k. len

has used its three phenomenal privileges to put the financial stability of the whole world at risk. for. real damage and complexity of this oil spill was not something you can grasp just by looking at dirty birds we have between four to five million people in this directly affected area of the coast and it's pretty clear why it's not being reported because b.p. can't afford to have a reported all along the gulf coast are clean they are safe and they're open for business if b.p. is the single largest oil contributor to the pentagon the us war machine is heavily reliant upon b.p. and their oil this is a huge step backwards for the marker see it's a step forward a little corrects it is toxic is a look a lot like spraying and. it was a. is not a picture that either the government or b.p. really wanted to have out there i don't want dispersants to be the agent. of his bills. but if your whole life should be. the face i think you know. a pleasure to have you with us here on our team today i rollers who should. lead. do we speak your language or not a day of. school music programs and docu

has used its three phenomenal courage is to put the financial stability of the whole. at risk. real damage and complexity of this oil spill was not something you just by looking at dirty birds we have between four to five million people in this directly affected area of the coast and it's pretty clear why it's not being reported because b.p. can't afford to have a reported all along the gulf coast are clean they are safe and they're open for business if b.p. is the single largest oil contributor to the pentagon the us war machine is heavily reliant upon b.p. and their oil this is a huge step backwards for democracy it's a step forward. carex it is toxic as it looked like spray. it was it was not a picture either the government or b.p. really wanted to have out there i don't want dispersants to be the agent. of this. and he meant a spike in radiation levels of fuels he has at the fukushima nuclear plant as a reading in a storage tank six and a half thousand times in two days. if bob fall as of a long time chief of america's and battled national security agency says he'll step do

has used its three phenomenal courage is to put the financial stability of the whole world at risk. for. real damage and complexity of this oil spill was not something you just by looking at dirty birds we have between four to five million people in this directly. affected area of the coast and it's pretty clear why it's not being reported because b.p. can't afford to have a reported all along the gulf coast are clean they are safe and they're open for business if b.p. is the single largest oil contributor to the pentagon the us war machine is heavily reliant upon b.p. and their oil this is a huge step back with full democracy it's a step forward. carex it is toxic as it looked like spray and. it was it was not a picture that either the government or b.p. really wanted to have i don't want dispersants to be the agent. is. another radiation leak strikes japan's fukushima power plant as the operating company says highly contaminated water may have reached the ocean. shake up of the n.s.a. the u.s. spy agency is the longest serving chief is due to step down after months of damage contr

buffer, because, always, we looking at the master operator who is in perfect financial hel and this then they in turn, contract with someone if we don't have any information, or qualifications for the, i guess, the managing operator, and that, operator is not, you know, the port has no knowledge of who that is, and some of the scenarios that you all described as being, to obviously creating problems and it could happen. but, then it becomes the lbe, you know, we are depending upon the lbe to perform and so we have to have something that insures that the lbe can perform. >> maybe the term would be using something along the lines of a joint venture of these lots and they can determine which spaces or how that works but at least have some sort of joint venture, scenario rather than just an out right, you know, otherwise, the operation is just taking a fee off of the top. >> well, our idea was that we would actually have and it is outlined in number one, the bidder must be engaged in the business and operating public parking lots. >> this could be, but it does not mean that it prevents

treasuries is the most important financial instrument karlin the financial markets so any and. any trouble with this instrument there's no spell big trouble for there will financial system above given the importance of us treasury for the health of the wall financial system and the chances that the compromise is not going to fall and that there's slim i want about the u.s. dollar that away expressing a full round the conditions that have been created with this. government shutdown and the potential battle for the debt ceiling limit all these conditions will likely to prevent the u.s. fed reserve from tapering this this stimulus in the near future. so there are now consensus now shifting to the fed. cutting rates the rate of months the purchases further down the road in the future so are the current consensus is there that we're going to see the car the december meeting and now and december meeting i mean i think we're all going to say to early before they're beginning of next year and be happy even. into the first quarter of next year so this all continues to pressure the dolla