it starts with an anecdote from timothy geithner.s a moment in time with him trying to right the world and foreshadowing the political ramifications of the financial crisis would be out of his control. carol: back in 2010, you would have thought that tim geithner was going to change the carol: back in 2010, you would world. yet he had his doubts. joel: you hang on the occupy wall street, right? more of the left. the right side got the tea party. the tea party led to steve bannon,. than two donald trump -- then to donald trump. the outrage over the bailouts, this low level simmering, has anifested itself in trump. jason: who ultimately came out a winner? there is a clear one. joel: blackrock. over the past ten years, there is a shift from the sell side, bankers, to the buy side, investors. that's encapsulated with firms like blackrock, but also private equity. this is one of the legacies of the financial crisis. what is interesting to me and the small ways they have been able to do that. one of the most ingenious acquisitions was blac

jason: what tim geithner feared in a moment of the 2008 financial crisi.ol: and we explain how blackrock won the decade. this is bloomberg businessweek. ♪ jason: welcome back. carol: twitter, going to be in the news this coming week. and a question, is it biased against conservatives? the accusation raised by president trump ironically in a tweet. jason: and david westin's conversation with warren buffett. carol: and a look back at the financial crisis. it's been a decade,. jason: joel weber spoke with us about the impact of the crash on politics 10 years on. joel: september 15 is the date. that is 10 years from the lien in bankruptcy -- what are some other stories we can talk about 10 years later? one of them is our opening remarks of josh green, busily trying this line -- drawing this line from the 2008 financial crisis. it really is this moment in time for him trying to basically write the world and also knowing that even then foreshadowing that the political ramifications of the financial crisis, we think it's going to be out of his control. carol: bac

jason: what tim geithner feared in the moment.e future in his hands but that did not mean he did not have his doubts. carol: and we explain how blackrock won the decade. this is bloomberg businessweek. ♪ xfinity mobile is a new wireless network designed to save you money. even when you've got serious binging to do. wherever your phone takes you, your wireless bill is about to cost a whole lot less. use less data with a network that has the most wifi hotspots where you need them and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. ♪ jason: welcome back. carol: twitter, going to be in the news this coming week. is it biased against conservatives? the accusation that was raised by president trump comic-con -- comically enough in a tweet. jason: and david westin's conversation with warren buffett. carol: and a look back

at op ed that the new york times published on behalf of ben bernanke the hank paulson and timothy geithner remember when lehman brothers collapsed timothy geithner was the head of the new york fed which is really the federal reserve bank of america ben bernanke he was the head of the federal reserve bank and hank paulson was the treasury secretary and they let lehman collapse and then came to the rescue of all their friends well they wrote an op ed about basically concern trolling that there could be another financial crisis and first pointing out how much they as you know federal reserve bank chairmen and people involved in that helped rescue the system back then they said although we in other financial regulators did not foresee the crisis because report foresaw the crisis i might add we moved aggressively to stop acting in its traditional role as lender of last resort the federal reserve provided massive quantities of short term loans to financial institutions facing runs while cutting interest rates nearly to zero the treasury department stopped iran on money market funds by providing

did not bail out he did not break up citibank instead we have what we have today but he timothy geithner ben bernanke and hank paulson wrote this op ed in the new york times and basically what they're saying that is the problem right now is when this next financial crisis hit congress has removed the power for unlimited bailouts so he says that he's saying we need that power for unlimited bailouts no matter what now matt stoller who writes often we cover him often he writes on monopolies and he has an interesting take on what this op ed that timothy geithner ben bernanke and hank paulson wrote and he says the basic law of geithner paulson bernanke is the argument that now regulators have no bailout authority leave aside the various misleading elements here yes they do they just have to ask congress which is the most democratic branch of government they are arguing against democracy they. are angry the people have some form of attack on their right to do whatever they want during a crisis they are couching this in terms of the need to stem panics they are pretending an attack on democracy

and is talking about the resistance that was in the white house under obama and that was timothy geithner because he moved from the new york fed to the treasury and he was in the obama white house and on in march of twenty two thousand and nine barack obama did finally he was resistant to this but he did finally approve the breakup of citi bank not many people know this but in fact what happened is timothy geitner slow walked it he didn't want to break up citibank he wanted to rescue his friends on wall street and in fact he defied the he was the resistance within the white house and he he did not bail out he did not break up citibank instead we have what we have today but he timothy geithner bemba. thank you hank paulson wrote this op ed in the new york times and basically what they're saying that is the problem right now is when this next financial crisis hit congress has removed the power for unlimited bailouts so he says that he's saying we need that power for unlimited bailouts no matter what now matt stoller who writes often we cover him often he writes on monopolies and he has an i

collateralized unbacked these and he he has an interesting take on what this op ed that timothy geithner ben bernanke and hank paulson wrote and he says the basic lie of geithner paulson bernanke is the argument. now regulators have no bailout authority leave aside the various misleading elements here yes they do they just have to ask congress which is the most democratic branch of government they are arguing against democracy they're angry the people have some form of check on their right to do whatever they want during a crisis they are couching this in terms of the need to stem panics they are pretending an attack on democracy is a technical point it is not so what they were arguing they were using the pages of the new york times op ed to argue that you know we have too much democracy we shouldn't allow the people to have any say and the unlimited bailout of banks in the next crisis ok what bernanke day and who's the third clown there bernanke you've got him possum and paulson hank paulson who who warned all his friends i call way back to where i had went before congress and said bann

the senatebama: confirmed timothy geithner as our next secretary of the treasury.ank: it was difficult in many ways for me to leave but i took real comfort from the fact that tim geithner, who had worked with me on putting some any of these programs together with even -- would be many treasury secretary, and ben bernanke was still the federal reserve. reformthat we needed to fannie mae and freddie mac. behind,eft a blueprint a plan for how to perform the regulatory system but that would take a lot of work. i recognized the actions we have taken had prevented a far worse disaster, but the markets were still fragile. >> asian markets tumbled. the stock market has been falling day after day. hank: looking at it today one of the things i'm proudest of is that we got congress to do some pretty extraordinary things, twice. first with fannie and freddie, and then with the tarp before the system collapsed. 171.3 to the motion is adopted. hank: the obama administration managed them well, adapted than the market conditions and they worked. when we look at our flagship bank i

we will talk to tim geithner, a key architect of the economic recovery from the di a sas trous -- disastrous recession. >> it was barely a recovery and now is not called recovery, but it is rocketship what has happened. >>> and good day, everyone. i'm andrea mitchell in new york with the very latest on hurricane florence's path and power. you are looking at the footage of the cat category 4 hurricane shot from international space station this morning. it is packing maximum winds of 130 miles per hour, and residents and business owners along the carolina coasts are heeding the calls to get out of fast. >> and the time to act is now. we can rebuild, a tnd the power will come back on and the roads will be repaired, but we can't repair loss of life. don't be a number that stays behind. and be a number that evacuates. >> north carolina, my message is clear. disaster is at the doorstep, and it is coming in. if you are on the coast, there's still time to get out safetily. and no possession is worth your life. >> we have it all covered. joining me now is gabe gutierrez in conway, south carolina, and

with terrific partners, ben bernanke, tim geithner and me.rdinary levels of mutual trust. we had different backgrounds, experience sets, different skill sets. ben is a brilliant economist and he had studied the great depression. tim had spent a lot of time in government. really knew how to get things done and help the, advise me about how to be effective early on. >> today's announcement from bear stearns and the new york fed coming as a shock. >> do know what happened? the rule became the reality. who knows where else can go? that is the worry. lehman, merrill, citigroup, all down. hank: the market turned to lehman brothers. i was doing everything i could to encourage dick fold, the ceo of lehman brothers, to raise capital, to attract investors and or to sell the company. one of the first things that ben bernanke and i did was went to see marty frank. we said, we got lucky because j.p. morgan stepped up and bought bear. we needed emergency resolution authorities to keep failing investment banks out of bankruptcy just like the government had

host: you mentioned treasury secretary tim geithner. he appeared at an event we covered. he looked back at 2008 and 2009, became treasury secretary at the start of the obama administration. here is his reaction. [video clip] >> it was easier when we decided. the hardest thing was sitting at the table with my wife in the morning with her reading about what we were doing and seeing her face that mix of despair and doubt. [laughter] i believe that she felt we were ethical people trying to do the right thing, but she looked at what we did and said, really? i think that was the hardest thing. that was mirrored by what we faced across the country and that gap between what we thought was right, the best of available options, what we thought would provide the broadest benefit the fastest possible, and what people thought was fair and just. i think that was the hardest thing. host: that is on our website at c-span.org. guest: that is precisely the point. i wrote a lot of columns supportive of what the government was doing, what tim geithner and paulson were doing. bailing out the

at op ed that the new york times published on behalf of ben bernanke the hank paulson and timothy geithner remember when lehman brothers collapsed timothy geithner was the head of the new york fed which is really the federal reserve bank of america ben bernanke he was the head of the federal reserve bank and hank paulson was the treasury secretary and they let lehman collapse and then came to the rescue of all their friends well they wrote an op ed about basically concern trolling that there could be another financial crisis and first pointing out how much they as you know federal reserve bank chairmen and people involved in that helped rescue the system back then they said although we in other financial regulators did not foresee the crisis the kaiser port foresaw the crisis i might add we moved aggressively to stop acting in its traditional role as lender of last resort the federal reserve provided massive quantities of short term loans to financial institutions facing runs while cutting interest rates nearly to zero the treasury department stopped iran on money market funds by providing

former treasury secretary tim geithner will be on.thner trying to avert disaster without the necessary tools. >> you can siay why was this crisis so terrible it was because we had a huge boom in credit financed in several ways it was terrible mostly because we did not have enough to contain the damage from the economy and protect people from effects, that's because we didn't run the country with enough authority people were not willing to provide that authority until they were convinced it would be terrible they couldn't be convinced it would be terrible until it was past the point of no return. so it was a microcosm of what you would see across the political system at that point >> when do you think the moment of past the point of no return came >> it's hard to know of course it was never past the point of no return because in the end congress did the right thing and we were able to use that authority to do dramatic things they were unpleasant things, but dramatic, necessary things so we never got past the point of no return i would

remember when lehman brothers collapsed timothy geithner was the head of the new york fed which is really the federal reserve bank of america ben bernanke he was the head of the federal reserve bank and hank paulson was the treasury secretary and they let lehman collapse and then came to the rescue of all their friends well they wrote an op ed about basically concern trolling that there could be another financial crisis and first pointing out how much they as you know federal reserve.

following his remarks we'll show you a recent event with secretary geithner others marking the ten year anniversary of the financial crisis. >> last fall, as the crisis intensified, congress acted quickly and courageously to give your government the emergency authority to help contain the damage. your government used that authority to help pull the financial system back from the edge of catastrophic failure. and those actions were absolutely singh shat bull they were unanimous kuwait. the forced government support was not comprehensive or quick enough to withstand the acute pressure of a weakening economy and assistance provided to the same institutions that helped cause the crisis added to public distrust and this distrust turned anger as boards directors at some institutions continued to reward rich compensation packages and laugh -- lavish perks to senior executives. our challenge is greater today because the american people have lost faith in the leaders of some financial institutions and they're skeptical their government has used taxpayer money in ways that will benefit them. this

interview with the three key players in the midst of the crisis, hank paulson, ben bernanke, and tim geithner big day ahead. >> you're so steeped in this, in everything that happened were there with the tick tock all the way along. anything you heard ten years later from any of these people that you went back and talked to that surprised you or caught you off guard? >> you know, i think actually -- i don't know if this is a popular thing to say or not, there has been a lot of introspection over the last ten years about the mistakes made about where they could have done better there was obviously and continues to be a huge amount of criticism that's been heaped on all of these players on both the banking side and the policy side hearing them react to that criticism, hearing where they think they could have made different steps and how they would have done it to me has probably been the biggest surprise i think you'll be hearing -- i hope you'll hear some of that when we talk to paulson, geithner and bernanke later. >> do you think it's something that's haunted any of them or do you feel they d

following his remarks we will show you an event with secretary geithner. last fall as the crisis intensified, congress acted quickly and courageously to give your government the emergency authority to help contain the damage. your government used that authority to help pull the financial system back from the edge of catastrophic failure. those actions were absolutely essential. they were inadequate though. the force of government support was not comprehensive or quick enough to understand acupressure brought on by a weakening economy. payerge amounts of tax assistance provided to the same institutions that help cross -- cause the crisis added to it. this turned to anger. boards of directors at some institutions continue to award rich compensation packages and lavish perks to senior executives. our challenge is much greater today. the american people have lost faith in the leaders of some of our financial institutions and they are skeptical that their government has used taxpayer money in ways that will benefit them. this has to change. again, todit flowing

treasury secretary henry paulson, federal reserve chair ben bernanke and treasury secretary tim geithner. they sat down together at the brooking institution for discussion with "new york times" financial columnist andrew ross sorkin, author of too big to fail. >> ladies and gentlemen,, good morning and welcome to the brookings institution. my name is john allen and i'm the president of brookings and unlike to welcome each of you here today for a very important event hosted by our hutchens center for fiscal and monetary policy. the hutchens centers mission of improving quality fiscal and monetary policies as well as educating the public on the same is one where given up out of here at brookings. i want to thank you all for joining us today and to welcome those who are come in by webcast and, of course, to offer a very warm brookings welcome to the media. the upcoming discussion with the guidance of tim geithner and hank paulson and oure, own distinguished fellow ben bernanke, the hutchens center has teamed with the yale program on financial stability to undertake an important task. the ai

tools. >> one of the influential folks that he talked to was tim geithner.unded bridgewater, the world's biggest hedge fund and he is one of the most influential voices on all things financial and all things -- we wanted to hear more. >> he doesn't think that we are in a bubble right now. he does see the growing financial and political risks. they remind him of a previous era. >> >> i don't think we are in the midst right now. let me clarify. when you hit zero interest rate skew have a different type of debt crisis. you are more likely to have a depression. i think the period we are in is period.to the 1935-1940 let me explain. 1929 to 1932, we had a debt interestd rates hit zero. there is only one thing for central banks to do. that is to print money and buy financial assets. that pushes financial asset prices up, puts liquidity in, and contributes to a greater wealth gap. those who own financial assets benefit. as a result in both periods of time, and economy not improving, for a large segment of the population we have populism. the last time we would say

featuring treasury secretary henry paulson, ben bernanke, and tim geithner. they sat down together recently at the brookings institution for discussion with the new york times financial columnist, an author of -- the author of "too big to fail." >> ladies and gentlemen, good morning. welcome to the brookings institution. my name is john allen. i'm the president of brookings. i would like to welcome each of you today for a very important event, hosted by our hutchins center for fiscal and monetary policy. the hutchins center's mission is one we are deeply proud of here at brookings. i want to thank you all for joining us today. i also want to give a very warm welcome to the media. the upcoming discussion with the guidance of tim geithner and hank paulson and ben bernanke, the hutchins center has teamed up with the yale program on financial stability. the aim of this project is to ask key individuals who are in the government responding to the 2007-2009 financial crisis to record important decisions. the decisions they made at the time. in essence, to find out

barclays but those folks at the bank they wanted some guarantee from the government and both tim geithner the head of the new york fed then and later the u.s. treasury secretary under president obama and ben bernanke you they know we don't we don't have that money but then after lehman was going down and they were going to enter this big bailout what turned out to be in seven hundred plus billion bucks i mean do you think those guys at that point said wow we could have gotten out of this for a lot less had we given lehman some money. well i you know i think you're right on point and unfortunate circumstances took place of that weekend and as you mentioned bank of america was going to buy lehman but instead they bought merrill lynch and. lehman didn't really have. to be their white knight to take over and so forth barclays was going to be really at the end of the week whatever we remained and our accounts of both securities accounts and futures were transferred the barclays capital on the end of that week on the close of business of that friday the nineteenth but the u.k. government wanted

featuring treasury secretary henry paulson, ben bernanke, and tim geithner. they sat down together recently at the brookings institution for discussion with the new york times financial columnist, an author of -- the author of "too big to fail."

geithner was head of the new york fed.g paulson said was, there will be no government bailout. i think everyone had a little shock. trish: right. because government bailed out bear. >> sunday night to make a decision. we were there for -- trish: what do i make make a decision? make a decision -- >> how to keep lehman alive or not. trish: so they wanted you guys to basically pitch in and -- >> literally what happened. we did get creative. we ended up, there is a few things -- trish: wasn't merrill going to buy it at one point? >> what ended up happening, not merrill, b-of-a bought merrill. merrill had no money either at time. merrill was bought for 50 billion, when made 100 billion all year. that was -- in the room for merrill at the time. the truth is, a lot of us are supportive of dodd-frank. we like it better when it was 100 pages than 10,000, granted. we had no tools. it was nothing to do with a globally interconnected bank. only thing we could do figure out a solution. we came up into a solution splitting it into a goo

on your next kidney removal that we need to pay the bill that we just sent you for no reason to geithner sent you a kidney you know coupon to get five dollars off your next kidney removed normally it like a different model that offers more benefits and like a better system like normally like you know if you're american travels to europe like we did and we live there we see that the health care system there is way better not even just like a little bit better it just is so much less stressful so much less bureaucratic so much easier to think about it and you don't think about it it's easy it's just that simple things like utilities watering down sidewalks writer yet you don't think about it and then you come here and it's so time consuming so thick with paperwork and just insanity and overpriced right so it makes better sense as here on the. good geo political geo economic scale here's a quote from an unnamed ambassador who wanted to remain anonymous a diplomat from one of these latin american countries who of course did not want to be killed by the emperor for saying such a thing but he

these are geithner's words, not mine. keep in mind that geithner was one of the key players in managing the crisis. first as president of the new york fed and later as treasury secretary. in 2009, john taylor published a fine book, getting off track. he argued unpredictable policy had much to do with the crisis. based on the market's fear gauge, the spread between libel and overnight index swap rate taylor's evidence shows fear and confusion did not build to truly alarming levels until treasury secretary paulson announced the iday after lehman that there would be a target program. the market understood from the beginning that the plan to take troubled assets off bank balance sheets was infeasible. because there was no satisfactory way to determine the price at which the treasury would buy the assets. how could the treasury and the fed given six months of it elapse since the bear stearns bailout? be so unprepared as to announce an infeasible program. in my full paper i explain that the confusion had roots going back to aug

eastern on c-span, former federal reserve chair ben bernanke and former treasury secretaries tim geithner and hank paulson. on c-span2 at 8 eastern, agriculture department officials look at how current trade policy is affecting u.s. agriculture. and on c-span3, the house foreign affairs committee considers legislation requesting the white house and the secretary of state turn over all documents and records pertaining to the helsinki meeting between president trump and russian president vladimir putin. that also starts at 8 p.m. eastern. >> c-span's "washington journal," live every day with news and policy issues that impact you. and coming up saturday morning, a look at the local, state and federal disaster response with michael greenberger, director of the center for health and homeland security at the university of maryland. and in our spotlight on magazines segment, adam harris reviews his recent article on the state of the free college movement. and washington post health reporter will discuss the u.s. senate's bipartisan opioid legislation. be sure to watch c-span's "washington journ

and a discussion of the 2008 financial crisis wednesday at 10:00 a.m., with tim geithner and hank paulson. u.s. house returns for general speeches and at 2:00 p.m., members take us legislative business. among bills expected this week, 2019 spending, the conference report for funding energy and legislativems, the branch, military construction programs. returnsp.m., the senate for work on the next i.r.s. commissioner. a discussion of sexual harassment in the workplace and a conversation justice ruth bader ginsburg george washington university law school. and sunday on "q&a," "an uncommon man." >> hoover said when all is said is alle, accomplishment that matters. it's a rather unsentimental -- the sort of thing you would expect an engineer to say and tot's one of the keys understanding his life, his success in everything but the presidency. announcer: sunday night at 8:00 c-span's "q&a". hayden,r: now, michael and michael rogers talk about presidents and the intelligence community at an event put together by george mason university. minutes. >> we'll get started in just a you.e, thank

geithner is in iraq and if cannot thank all of us i staked on it and did the heightened and offer in money i need all the is in the envoy. and just the other good in enslin and hogan minds mended film school in west berlin . which goes to show that cinema can lead to anything. after the attempted assassination of rudy do get furious demonstrators including the lawyer post imma try to burn down spring is headquarters. modest trial with extremely violent writing on take a living. he could not hold in kanada not inflict that full pirated well home spun on default and done oh the odds are to visual it out safely should a system split and give eason does money in bellina scalpels this weston's under call for. all or or and i'm to be asked bought a good. and sets with us once that's a little cool islands and decommissioned us alfie's as motif on down out it us as a mythical tool and since well and on top of parliament. done all you said ste. marie can mind off editor in chief of the newspaper a country that writes an article in which she salutes the political act of those who have been sit

hank paulson, who was the secretary of the treasury in the bush administration, and tim geithner, who is president of the federal reserve bank of new york and then secretary of the treasury and the obama administration. they will be interviewed by andrew of the new york times and cnbc who will be soliciting questions from the audience following the conversation. we are on the record and live. before we begin, i like to welcome andrew, the janet yellen professor of finance and management at the yell school of management and the director of their financial stability ofgram -- yale school management and the director of their financial stability program. morning.ood you are here to see what is the main event to catalog and explain the actions taken during the financial crisis by the official sector in the u.s. these actions were taken by these three individuals. while we can argue and discuss, and we will whether any of the specific things they did were good or bad or worked or didn't work, what is not in dispute is the extraordinary partnership that was forged by the three of two, the co

during the time of the collapse timothy geithner was the president of the new york federal reserve and two thousand and fourteen he said the bank wanted to assess lehman brothers adding quote we explored all available alternatives to avoid a collapse of lehman but the size of its losses were so great that they were unable to attract a buyer and we were unable to land on a scale that would save them despite the federal reserve's inability to save lehman brothers the collapse led to many employees and customers uncertain of what the future what holds and washington actually banks art. and what the future did hold it also ahead treasury secretary hank paulson and federal reserve chair ben bernanke really critically concerned with lehmann did what was next with contagion from lehmann and perhaps others who could fall destroy the economy and still nobody knew the financial risks of those dark o.t.c. markets with those bundles of bad mortgages in the credit default swaps fearing the worst total economic destruction paulson and bernanke headed to capitol hill with a three page document seekin

. >> ten years after the financial crisis today we sat down with hanke paulds, tim geithner and ben bernanke, three men center of the storm. we talked about policy making and the policies that may have led to the crisis and those that rescued us. one of the things all three men talked about was theifficulty they felt they had communicating to the public what they were tryi to do. re is what mr. paulson had to say. >> it is very, very hard to explain that -- that the system was so complex, so interconnected that we had to go to the source. and wall street was -- was like the heart. and we had to stop- what with he had to go to the heart, the source to stop the otbleeding. rwise it was going to kill the economy. and what we were doing is puing the tarp, the things we didik was a tourenket. but it's hart to explain that nance is the life bloo of the economy. >> one of the other issues debated was the o rise pop lymph after the crisis. >> financial crisis didn't help. we know historically financial crises do precede populist politics but people have been saying the country is going in the wrong

former fed chair ben bernankeot and t geithner and henry paulsen have written an op ed. all said that in some respects reforms have helped the market become more prepared for the next crisis, but the three also say that congress took away some critical tools used by regulators in times of crisis and they are urging lawmakers to bring them back. >>> this morning former federal reserve officer daniel cerulo says he thinks the financial system is muchafer today than it was. >> largest financial institutions, they're obviously substantially safer than they were 10, 12 years ago. capital levels are up. their funding is much more stable than it was. their risk management is immeasurably better than it was. those gains, though, of course are not locked in for eternity. it requires vigilance on the part of the regulators and supervisors. he oversaw regulation of the financial reserve until last year. soow have things changed? have they gotten better for investors since the financialea crisis ten yrs ago? what can you do now to protect yourself against a future crisis. chris zaca

that's when tim geithner was saying to me, i want you to pick up the phone, call jamie.y. i said tim told me you do. no i go back to tim he doesn't want to buy the company. we go round and round. now the fear at morgan stanley, are we going to make it? so i bring the board in. >> how are you feeling personally at this point >> i think the best way to describe it, i remember my wife came into the city, i think it was sunday night i'm not sure when i went in. and she was there. i walked in and i was emotional. gave her a hug and said, you know, i think we're going to lose the firm. >> hold on hold on. you just did it like that? i assume this was much -- >> oh, i was very emotional. i wasn't bawling i was tense and nervous and uptight and glassy eyed. so i gave her a hug, walked into the bedroom, walked around i'll never forget it walked around in a circle and came back out and said, i'd rather be doing this than living in north carolina fishing. because the adrenaline rush was wild and i got to tell you, as tense as it was, i like a fight. and we were in a fight to survive

it's geithner and paulson. trio i always think of paulson, bernanke and geithner with that. they just had a piece in "the washington post" where we curtails the bailout of the federal agencies and they thought there was a problem. at the end, i jokingly asked them how they were doing in lining up sponsors for their bill tole restore full bailout power to the agencies. and hank said, yeah, when you're writing an op-ed, you don't have to worry about that. >> i remember -- got a million of them. but that's it. i don't remember the trio of -- >> i had to explain henny youngman to -- >> for my mantra, compared to what -- >> henny youngman -- >> take my wife, please. >> yeah, the other good thing about henny youngman which i drove into this conversation, how's your wife? compared to what >> can i get a table or can i get a waiter >> yeah. so there was this fear, i think it's overboned, but i'll give you one argument for my friends on the left. because i find that they don't fully follow through and that is, while we'

bernanke, geithner, they've a all written books and you can read them all. bear stearns was part of the triparty repo system. the fed has done a lot of work in addressing the work in the triparty repo system. the intraday extensions of credit that were essentially like naked extensions of party. as the triparty repo system failed there would have been a disaster. and so that, in these books, that's what's identified. it's a gap. there are all these gaps exposed by the crisis, right? the children's hospital of pittsburgh funded themselves by auctioning debt every seven days on a different rate. crazy things. today we understand this duration arbitrage doesn't -- isn't a very stable way to run a hospital. that's, of course, highlighting the problems of the financial system. so that's really it. they are a key part of this important funding mechanism, not just for themselves but other parts of the financial system. again, in much better shape today. but that was the judgment if bear stearns collapsed suddenly that would cause a considerable burden to the financ

eastern on c-span ben bernanke and former treasury secretary, tim geithner and paulsen talk about the 2008 economic crisis. >> c-span's "washington journal" live every day with news and policy issues that impath you. saturday morning, a

we sat down with tim geithner, ben bernanke and hank paulson all at the same time i've spoken to them over the years all individually, and we sat down all together in a live interview that took place for about an hour, and, you know, there's been a huge debate and you saw it in the documentary a little bit around lehman brothers why lehman did they have to fail? did the government have a choice, and one of the things you heard over and over again from the past ten years from hank paulson and tim geitner and ben bernanke that they didn't have the authority to make a loan to lehman brothers because they didn't believe the company had enough collateral. but almost that it was like a legal decision, and for the first time ben bernanke shared a little bit more on that view, and it might change some people's perception. i want you to take a look. >> this was not some kind of narrow legal judgment. not like saying we could do it, but it's just on the other side of legality. that's not the way we were thinking about it. we were thinking about in terms of was it feasible our belief was that ma

discussion on the 2008 financial crisis with former federal reserve chairman ben bernanke and tim geithnerank paulson. at noon, the u.s. house returns for general speeches. at 2:00 p.m., members take up legislative business. among the bills this week, 2019 spending, energy and water programs, the legislative branch, military construction, and v.a. programs. on c-span2 at 3:00 p.m., the u.s. senate returns on work for charles reading to be the next irs investigator. the women's bipartisan caucus hosts a discussion on sexual harassment in the workplace on c-span3. at 5:00 p.m., a conversation the women's bipartisanwith justg at george washington university law school. president trump

to go across the pond max oh no i mean they've been baiting me with all these stories about tim geithner and this the the stackless family. that are sackler sackler family in connecticut they make oxycontin the family in connecticut makes deonte cotton that's killing people off a sack or family in connecticut that those people every day that family the sackler family of connecticut there must be a google map somewhere so here's a headline from the times in the past last week and they're ready for it ok an admission of guilt so that's an admission of guilt by the sackler family like that's right ok how opioids became an epidemic in america by the way is proof pharma. said that their product was less addictive than the other products on the market that turned out to be a lie or false one could say it would depending on whether you're arguing in court so that turned out to be a lie so here they've come up with a solution in over in europe we have a headline about. the powerful there in britain we allow the rich to escape charges admits tax them her majesty's revenue and customs h m r c has

one, he when we do have shares the concern of people like tim geithner, that we need those firefightingls. jason: one of the influential folks peter talked to was ray dalio. he founded the world's biggest hedge fund and he is one of the world's most influential voices on all things financial and investing. he has concerns about the ability to fight the next financial crisis. we asked him to stop by. carol: he does not think we are in a bubble. but he does see growing financial and political risk that reminds him of a previous era. i don't think we are in the midst of another bubble. when you hit zero interest rates, you have a different type of debt crisis. you are more likely to have a depression. the 1935-1940r to period. 1929-1932, we had a debt crisis and interest rates hit zero. 2007-2008, the same thing. do only thing for banks to is print money and buy financial assets, which pushes asset prices up and puts a lot of liquidity in, and contributes to a greater wealth cap. both periods of time, the economy did not improve for a large segment of the population, we have populism. the