>> i think dodd/frank has not worked. it is unlikely to work. it's too complex, and there are too many regulations. the fed, in conjunction with the other regulators, this is a load which i don't think is readily handled. but far more importantly, i think the structure of the economy presupposed by the nature of the regulations in dodd/frank is not the real world. i think a lot of these regulations will fail to do what they're supposed to do because the diagnosis of what the problems were are wrong. >> chairman greenspan, the first commentator in the history of "nightly business report," thank you so much for joining us. >> my pleasure. >>> coming up a little later in the program, our market monitor named four stocks to buy now and hold. so get your pencil and paper ready. >>> but first, here is a check on the closing numbers in overseas markets today. >>> the major banks were among the most active stocks today as investors assessed dividend and buyback plans announced yesterday that is where we begin our market focus tonight. bank of america le

>> i think dodd/frank has not worked. it is unlikely to work.mplex, and there are too many regulations. the fed, in conjunction with the other regulators, this is a load which i don't think is readily handled. but far more importantly, i think the structure of the economy presupposed by the nature of the regulations in dodd/frank is not the real world. i think a lot of the these regulations will fail to do what they're supposed to do, because of diagnosis or what the problems were, are wrong. >> chairman greenspan, the first commentator in the history of "nightly business report," thanks so much for joining us. >> my pleasure. >>> you know what stood out to me as we took a look at the american recovery is both chairmanç greenspan and anthon chan, see the economy as growing. but mr. greenspan, i felt, felt us growing a lot less strongly than chan did. >> except there's one thing, tyler. all during the economic crisis over the last couple years, the question i ask so many people, when are we going to know we're turning? they said when the job mar

. >> and i'm elizabeth wenger, frank has this monday morning off. in the south bay. police in campbell are investigating the city's first homicide. >> elissa harrington is live this morning with more on what police are saying so far. elissa harrington. >> reporter: good morning, police just cleared the scene, but they were out here more than 7 hours investigating a shooting that left a teenager dead. the shooting happened last night just before 10:30 and they've identified the victim as 18-year-old richard vega. he's from campbell and was shot last night on wrest vladimir avenue. he was then taken to a hospital for emergency surgery but died from his injuries. at this point police have made no arrests. they do say that a dark colored cedar was seen leaving the area but officials have not released a description of a suspect. this is the first homicide in campbell since 2007 and neighbors i spoke to this morning very surprised to learn of the crime. >> it happens somewhere else, you know, but when it happens right on your doorstep, it is shocking. >>

frank has this monday morning off. time is 5:. >>> the fatal shooting in campbell is the first shooting since 2007. elissa harrington is is in campbell this morning with more. >> reporter: good morning, very unusual here in campbell. this is the first homicide in the city in six years. you can see police are still on scene and have been out here since 10:30 last night. they're investigating the circumstances and searching for a suspect. they have identified the victim as 18-year-old richard vega who's from campbell. he died from gunshot wounds shortly after midnight. on vladimir avenue. and not too far from winchester boulevard, a dark colored sedan was seen leaving the area of the shooting headed east on vladimir avenue. roads should be open by this morning. in campbell, elissa harrington, kpix 5. >> at this point do police know anything about the suspects. >> reporter: at this point they have no suspect description, however, they have been spending the night and the early morning interviewing people, trying to find o

frank has a bill to change that. >> the people convicted of stealing will stay in jail. not get a slap on the hand and be turned out the next day. they will be sent straight to jail. >> reporter: in the case of the ranch the theft took planning, a trailer large enough to carry off a dozen cattle. >> they weren't amateurs. they're people who have been around cattle before. >> reporter: the loss of profit felt by the rancher, a crime that goes beyond just cattle rustling. >> it happens to the bunny industry. it happens to the poultry industry, the pork industry, the goat and sheep industry. all of us are feeling the same pinch. even the horse industry. >> reporter: this bill has yet to group for a vote. if passed it would limit probation for those who steal livestock. >>> yosemite may face drastic changes in an effort to restore the park's natural setting. environmental activists say some of the current activities harm the river. potential changes will be discussed at a public meeting tomorrow in san francisco. >>> today the first day of spring started out like the first d

. >>> frank has the night off. the last hour samsung asked the city council to approve a seven million dollar sin thankful plan to keep them in the valley. new at six we are live in san jose where we have been inside the city hall debate. >> reporter: that debate turned in to grateful approval about 45 minutes ago because it could mean up to $23 million in revenue. officials were reminded these days in dealing silicon valley you have to spend money to make money. samsung semi conductor did a big deal today and it's a big deal for everybody involved. samsung plans a 200 million- dollar expansion of it's north first street offices from 200,000 to almost 700,000 square feet. it'll be a state-of-the-art research and development site. today samsung thanked san jose and it's economy kick development department. >> our vision of a unique and landmark building a testment to our commitment to maintaining a bright future for san jose. >> reporter: its cash strapped san jose that's thank. though sam sun has been here for 30 y

the future dodd-frank has created for us which is the future of gsts. the g s es in dodd-frank are systemically important financial institutions which include banks designated under dodd-frank and any additional entities that the financial stability oversight council designates as g s es so these institutions will have an implicit guarantee from the government. they will be in partnership with the government. the government will tell them what to do and they will respond and as peter points out this leads to a funding advantage that will then drive competitors out of the market. if there are problems at these entities, regulators will have a real incentive to come in and rescue them probably in a behind-the-scenes rescue because of failure of one of these entities would reflect failure of the regulators. peter points out all of these problems that we can expect. peter's book explains why we're ending up with a new set of the s es when the last ones were the cause of the crisis and he focuses on the importance of narrative. if you kelly story often enough

. >>> frank has the night off. in just the last hour samsung asked the city council to approve a seven million dollar sin thankful plan to keep them in the valley. new at six we are live in san jose where we have been inside the city hall debate. >> reporter: that debate turned in to grateful approval about 45 minutes ago because it could mean up to $23 million in revenue. officials were reminded these days in dealing silicon valley you have to spend money to make money. samsung semi conductor did a big deal today and it's a big deal for everybody involved. samsung plans a 200 million- dollar expansion of it's north first street offices from 200,000 to almost 700,000 square feet. it'll be a state-of-the-art research and development site. today samsung thanked san jose and it's economy kick development department. >> our vision of a unique and landmark building a testment to our commitment to maintaining a bright future for san jose. >> reporter: its cash strapped san jose that's thank. though sam sun has been here

. >> and i'm frank has the morning off. >> he's newsing. >> no, way, he's watching right now. >> this to hang out. cooler temperatures around the bay area. a little drizzle outside. temperatures in the 40s and 50s. we have rain headed in our direction. more on that come l up. >>> right now, so far so good, we are accident free. really only construction to look out for this morning. i'll have more details in just a few minutes. >>> we're following developing news this morning in the south bay. police are investigating a homicide in campbell. the city's first in years. an 18-year-old man was suffering from bullet wounds late last night. the victim identified as richard vega was found near dunston drive. a dark colored sedan was seen leaving the area and headed east. there's no description of a suspect and we'll have a live report at 5. >>> four shootings by officers ended with four people e dead. the first three shootings happened on saturday and early sunday another in hayward. at 3:30 in the morning, a police officer with a civilian ride along stopped to check out a parked car. the dr

frank mallicoat has left his facebook account open, and you guys are having a great time with it. >> now what you're talking about. >> i can't wait to see all of frank's posts today. >> innocent parties. >> lawrence, thanks. >>> all that remains this morning of a florida home swallowed by a sinkhole are just a few walls. crews spent all day sunday carefully demolishing the house. they managed to salvage keepsakes for the family who lives there. a man who was inside the home is presumed dead. engineers hope to be able to see inside the crater later today. >>> a baby born against all odds in new york has died this morning. the infant's parents were on their way to the hospital for delivery when their cab was struck by a bmw. the pregnant woman was thrown from the car. doctors were able it to deliver the baby before she died, but the infant survived for a few days. the driver of the car that hit the cab ran from the scene and remains on the run. >>> queen elizabeth ii is being treated for a stomach infection. she symptoms of gastroenteritis for several days, before entering the hospital

the moral hazard incorporated and dodd-frank has not been properly taken on the way the bill has been written. not only as the moral hazard issue not taking care of and you are encouraging people to make riskier bets than they otherwise would be making because they think there are implicit government backstops, but financial to source of financial instruments, consumers and banks are paying more money under dodd-frank. gerri: paying more money because these guys got find we are picking up the tab. >> fewer banks are offering free checking. banks are lending less money than they otherwise would because of the penalties and the regulations associated with dodd-frk. in any case, the fda, an example that regulators cannot be everywhere all the time taking care of everything. but the best way to regulate these activities. it looks likthis company was being illegally. gerri: break the law. that is not a case where we need more rules and regulations. we just need to enfor the rules that are on the books. >> but they came in under a loophole. they flew underneath the radar. we need smarter, s

frank has a bill to change that. >> the people convicted of stealing will stay in jail. not get a slap on the hand and be turned out the next day. they will be sent straight to jail. >> reporter: in the case of the ranch the theft took planning, a trailer large enough to carry off a dozen cattle. >> they weren't amateurs. they're people who have been around cattle before. >> reporter: the loss of profit felt by the rancher, a crime that goes beyond just cattle rustling. >> it happens to the bunny industry. it happens to the poultry industry, the pork industry, the goat and sheep industry. all of us are feeling the same pinch. even the horse industry. >> reporter: this bill has yet to group for a vote. if passed it would limit probation for those who steal livestock. >>> yosemite may face drastic changes in an effort to restore the park's natural setting. environmental activists say some of the current activities harm the river. potential changes will be discussed at a public meeting tomorrow in san francisco. >>> today the first day of spring started out like the first d

because it lays out a model for what we are going to see what dodd-frank come in the future dodd-frank hascreated, which is a future of gics. the gse are systemically important financial institutions from which includes ink designated under dodd-frank and any additional entities that financial stability oversight council designates as the gics. these institutions will have an implicit guarantee from the government. they will be a partnership with the government. the government will tell them what to do wendel respond. as peter points out, this will be to an advantage that will drive competitors out of the market. if there's problems that these entities, regulators will have a real incentive to come in and rescue them because the failure would reflect failure of the regulators. peter points all of these problems we can expect. peters book also explains why we are ending up creating a new set of sub 61 alas gses for the crisis. if you tell a story often enough it becomes true and that's what happened. the congressional inquiry into the cause of the crisis and solutions for the underlying pro

billionaires, the super-rich making big money moves to protect their wealth and our wrelt editor robert frank haswhat they're doing. >> lots of millionaires indeed, tyler, now 12.7 millionaires in china, they hold more than 5 trillion, about 40% of the country's total wealth but increasingly that wealth is moving offshore, and holding more than 3 billion, that's up more than 20% from 2010. that number is expected to grow even faster in the coming years. it turns out the richer you are in china, the more likely you are to have offshore ktsds. 1 in 4 millionaires in china now has offshore wealth. china, of course, has tried to stop money going from the seas. some of it is coming here, hong kong and the u.s. are far and away the largest destinations getting nearly half of the offshore wealth followed by canada and then swisser listen. ations are big buyers on the west coast in new york, and one of the chinese richest women and her company making a bid for part of the gm building, so the wealth drain may be america's gain. >> robert, thank you very much. >>> president obama is meeting with senate dem

i think it lays out a model for what we will see what the future that dodd-frank has created for us, he gse in dodd-frank is systemically important, which include any additional entities that the financial stability oversight council designates. institutions will have an implicit guarantee from the government. they will be in partnership with the government. the government will tell them what to do. they will respond. as peter points out, this will lead to a funding advantage that will then drive competitors out of the market. regulators will have a real incentive to come in and rescue them. the failure of one of these entities would reflect failure of the regulators. ..

i have to go back to the floor because of budget matters, but senator frank has offered to take a double, and i appreciate that. >> think you very much. much.nk you very i do of the shipping in minnesota and those things that use the public use here. i am concerned as i hear about the potential for individual citizens for commercialization of the drone use and some of the limits that were brought up, even in this surveillance piece of this as well. my first question was a follow- up where she was asking about the safety issues in the air space. i understand all the 400 feet and limitations, but if you started getting these in the hands of people that did not know how to run them or something wrong, what would happen? what would happen if one of them came up against a small aircraft? would it matter if you got a bigger drone? >> when you look at the national are rules ande regulations the faa says you cannot fly anything within a certain distance of that air space. typeu do that within any of machine, you are violating the law. there is this a concern that you would be concerned about. >>

i think dodd-frank has obviously not solved it. k it has made it worse because they give advantages. >> do you just want to boost the capital that banks have? or do you want to break these banks up? when you look at the legislation you have been working on, you're requiring banks to hold much more higher capital levels. we all know there are unintended consequences. even the fdic would say the banking capital is at or near record levels. if this is going to hamper the banks' abilities to lend to small businesses, how is that a good idea? >> well, the specific idea that sherrod brown and i are working on is somewhat higher capital requirements for the mega banks. we think that's necessary to even the playing field. i don't think it's going to dry up lending. most of the small businesses you're talking about are already very frustrated, don't get a lot of lending opportunities that they're seeking from the megabanks. i don't think it's going to change lending. it may change the mix of bank size in the market and who's lending. but i d

>> well dodd-frank has a pretty comprehensive strategy for addressing too big to fail. i think it's too early to say. i think we've made some progress, but it's too early to make a defellowshiptive conclusion because many of the relevant regulations are not even in effect yet. but again, i think there is a strategy here, and i think we ought to continue to pursue it and see how it shakes out. if it doesn't achieve the objective of eliminating too big to fail, i think we ought to come back and decide or ask congress where they might take additional steps. >> thank you, mr. chairman. >> the time of the gentleman has expired. as a process point, the chairman will be the bearer of bad news to some members on our current schedule the respect the chairman's schedule, it is likely that mr. like meyer, carney, high sink disa and -- [inaudible] will likely be the last members to ask questions. at this point the chair will recognize mr. like meyer of missouri for five minutes. >> thank you. thank you, mr. chairman, thank you, mr. bernanke, for being here and enduring three hours

>> reporter: well, frank ryan has been a san jose firefighter for almost two decades. the majority of that time spent here at battalion station one in san jose. as a paramedic, he told me tonight that he never dreamed he'd be the recipient of care he often gives to others. >> how are you doing, buddy? >> some of his colleagues haven't seen him in seven months. that's when st. patrick's cathedral went up in smoke. and that's when his life changed forever. >> i remember a lot of smoke. a lot of heat. i went outside and felt more than just exhausted. i felt extreme nausea. >> reporter: he says he thought he could walk it off. >> i remember saying i was going to get up into the truck to lay down and i don't remember anything else after that. >> reporter: frank rooyan, a 17-year firefighter and 20 year paramedic had a heart attack. his colleagues quickly went from fighting a church fire save ryan's life. >> from what i understand, my heart stopped three or four times. >> some of the reports were that he had died and dicht things. this is -- no. no way. >> battalion chief ro

our wealth editor robert frank has that story. a ferrari bubble?, global asset val you us helps real estate but is also helping old ferrare is. index is up over 70% over the last three years. this is an index of most sought after ferraris. most are them from 50s and 60s. we should probably call them middle age. can they go higher? we will find out this weekend. more than a dozen vintage ferraris will go up for sale on amelia island. this is amelia island, florida. this is a 1952 sport berlinetta. going and company is selling this bright yellow 1966 ferrari, gdp long nose, could top $2 million. there are, get this, some bargains left. 1968, 365 gt, two plus two as they call it, expected to tech 125 to $150,000. highest price ever paid for a ferrari remains $35 million, for a gto last year. one collector recently turned down an offer of $50 million for his car. price was too low. and the bubble spreading far beyond ferraris. the next deal may be a porche. especially 1970s racers and 911s. this 1973, 911, could fetch more than a half million dollars t

dodd frank has been imposed. so we have a 43% back-end ratio limit.inimum credit score on fha. and to get a 95% conventional on fannie and freddie deals, you have to have 680. you can get lpmi that's built in, and wow, it's great, so people can have a lower mortgage payment so they can make the payments easier. we've been going through fha for a long time. it's had its issues. instead of raising the up-front premium, they're raising the monthly to make it harder. we've had usda and va loans that have been no money down forever. >> okay. diana, can you address some of those issues? >> can i come in with my concern on this one? >> sure. >> go ahead, diana. >> my concern here is not that it's going to be the loans that are going to be in trouble by fannie mae's loans, the ones that they're buying. my concern here is for the fha. because fha guidelines, their underwriting is lower. their scoring is slower than the conventional loans that come from the bank. so if you have the higher, credit-worthy borrowers going to the banks and for fannie mae for these

part of dodd/frank has made sure of that, hasn't it? >> that's exactly right.apital requirements. >> big banks, even jpmorgan, with its so-called fortress balance sheet is operating at 3% leverage. it's bottle $33 of borrowed money for every dollar that investors put in. >> what was the leverage before -- bart, what was the leverage before the financial crisis? it was much higher, wasn't it? >> i don't know how much, if you want really terrible or awfully really terrible, we are still at a woeful state in terms of bank capital standards. >> so you're saying banks should not be allowed to take risk? isn't that the business they are in? >> there's a difference between taking risk and having shareholder money at risk. right now again, we're using depositor and borrowed money to be put at risk, whereas companies like jpmorgan are only putting in $3 for every $100 that they gamble of actual shareholder money. >> lenwood, i know you think i'm doing your work for you, but i've got two words for you as well. london whale. >> well, no question there. you know, banks do

so dodd-frank has not solved the problem.enormous bureaucratic structures of the it is hyper complex. our solution -- solution is very simple and straightforward and we believe will deal with the too big to fail issue. >> you mentioned how dallas is sometimes an outlyer with some of the other fed banks in the country. jeb hensarling pointed that out in his conversation with ben bernanke last week. let's play a little sound bite from that. >> sure. >> richard fisher, president of the dallas fed, quote, i will be asking myself what good would it do to buy more mortgage-backed securities and more treasurys when we have so much money sitting on the sidelines. david: your name was mentioned by jeb hensarling. ben bernanke said you had a disagreement whether to taper off money printing going on. you said last week, personally i would begin the tapering the purchase of treasurys. i would like to start now. i just don't think the benefits are worth the cost. what is the cost of this money printing we've seen? >> well, there are sever

. >> the basement club has appointed frank kramer as coach. he has worked with used teams and recently in charge of relegation rival hoffenhiem as interim coach. >> a rally news for you just briefly. he is just one the rally in mexico is suffering an early setback due to technical problems. we have a lot more news coming norway on dw. >> when we come back, it's been two years since the devastating earthquake and tsunami in japan. we have a look at how things stand today. >> more details on that. stay with us. >> monday marked a somber anniversary. it has been two years since the ocean rose against japan. they have observed a moment of silence for the 19,000 people lost on march 11th, 2011. >> they have a ceremony in tokyo appealing to people not to forget the victims lost and those who still suffer. the events are still etched into the nation's collective memory. >> the earthquake and tsunami devastated much of the northeastern coast and the fukushima of power plant causing the worst nuclear accident in a generation. >> silence and reflection.

is cathy jackson and i'm the agent, manager and wife of frank jackson who is standing here, frank jackson has been in san francisco since 1942, and he is actually one of your real live jazz fillmore jazz legends he has been honored by several mayors, including willie brown nuston and has been able to perform at the razz room and live at razz. we have known robert and rory since the plush room and then it was empire plush room. and then razz, room at hotel mico and now live at rass. i concur with everything that everyone has said before us. they provide quality music and a variety of music. it is very rare for us to be able, especially resident, local musicians, who were very high class, performers, to be included in a venue such as theirs, as well as the higher class, or well or known legends and musicians and artists throughout the united states and overseas to be presented at the same venue. and frank and i would live there if we could because they bring in so many people. but we can't afford it. we do understand the issues with the sound and we do believe that these two people are the type

/frank, not all of them, had hired a reassigned to thousand 541 people to work on dodd/frank but the comptroller has only 2700 people nationwide in comparison. with three new agencies every regulator copes with the changes and mandates of the structures and the duties of dodd/frank. the same people with musical chairs also write the regulations and undersea -- oversee the industry. we're fortunate while dodd/frank is unfolding we have not had another financial crisis because those people would have been distracted with dodd/frank during that time. but their preoccupation with the regulatory crisis is probably the reason we have heard nothing from the regulatory agencies about the ongoing public treasury deficit securities over lovell of new regulations we will hit just as the housing market starts to recover. one of my favorite essays is deregulation in the financial crisis, an urban myth. i lived through the legislative efforts of the '80s and '90s as did mr. allison and it did not feel like deregulation. many mandates imposed, in industry and the market and discretionary authority given to the reg

our wealth editor, robert frank has the wall street story you cannot afford to miss. stay with us. moment. that. i ordered more coffee yesterday. congratulations. those too. [ male announcer ] staples makes it easier to get everything your business needs, and now get folgers classic roast for $6.99. staples. that was easy. classic roast for $6.99. ♪ twith blackberry hub10 and flick typing. built to keep you moving. see it in action at blackberry.com/z10. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money as

so i think he has surrendered as brother frank said, he has given up the principle.up his ability to be an arbiter for these issues, and ultimately what he has done is sacrificed his ability to stand all the and be distinguished among those republicans. now he is chasing the crowd when before he led them. >> frank, how does he rehabilitate himself from this, or has he done it? >> my prediction is by the end of the week he is going to reassert his traditional position in favor of this. he is going to probably find a way to bury the book. and he would be wise to do so. right now he is in a situation where marco rubio is out in front with hispanics when he should be out in front. again, he is really blown it on this. i think he is just going to have to say mea culpa. i've always been for a path to citizenship. i still am. and suck it up. >> annette, who would the hispanic vote go with right now? marco rubio or jeb bush? >> well, based on his previous support of a path to citizenship, it really would go with jeb bush. he has always been very popular in florida. you know,

. >> the president has acknowledged the mistake early on, but let's be frank, the relationship has changed. netanyahu embraced, endorsed and basically campaigned for mitt romney, who did not carry florida, which was supposed to be the cornerstone of the campaign strategy. barack obama did get reelected and made a case that the two- state solution was imperative for israel's values, that we do not have people that will be stopped at every checkpoint and cannot move freely in their homeland. making an appeal to jewish values and traditions. i thought it was great. >> it is pushing on an open door. the israelis have offered peace. they offered peace in 1967, at camp david in 2000 and in 2008. the point is not the settlemen s , and that is the reason it is important what obama said. he essentially said it is not the settlements, but that the palestinians have never accepted a jewish state, and until they accept a jewish state and are willing to sign an agreement that ends the conflict, you will never have a settlement. that is why it is third the agenda. iran is one, syria is two, and peace is