morgan because i want to bring up this this and not this texas investor is kyle bass kyle bass is the one that ended up collapsing bear stearns which was handed to a p. morgan which was then delivered all of those shorts on the silver market so kyle bass remember he was the one that was speaking to c.m.t. c. and told them that he started the rumor that he couldn't get the payoff on the his credit default swap on bear stearns but in fact the next morning it was paid off so he's inside manipulating markets he's a financial terrorist causing human misery death and deprivation but cameron and obama are on their knees telling him he's the god that they worship and meanwhile want to expose that some low level people are doing the same thing oh my god well can we survive with those yeah if you're not taking down. banks in order to hand them to j.p. morgan for pennies on the dollar then you're the bad guy now i want to look at some more you brought up precious metals some more propaganda against the population pairs from the f.t. it's an opinion piece gold bugs be where the bubble is finally

so i camepon kyle bass tt way. >> rose: tell me where the collapse of 2008 is not over. where do you think it is and where do you think it's going before we move back to europe? >> right. well the... it's expressing itself diffently indifferent places. but theassive misallocation of capital that led to this crisis, to banks making lot of b loans, basically, one way or another, our dumb bets, this got resolved by countries taking on the bad loans and the bad debts and and so i think it's happening now. the countries are being called into queion and e way it's expressing itself is standard & poor's lowering of the u.s. treasuries credit rating. >> rose: but not because of economics, their judgment was based on the inability of the political system to do anything about it. >> about the problem. so your point is well taken. this is no longer purely a financial issue, it's a political issue. we're now in political territory. >> same things in europe. >> to answer the question where are things going you have t answer the question... questions like what is german puic opiniogoi

i know about her. >> i don't knowf she knew about kyle bass but she put me on to steve eisman who in "the big short" and the idea that there were these people out there who made this bet and i started doing things like seeing who had done extremely well in, say, 2007 as a hedge fund manager, that's when the market and the subprime mortgage bond market fell apart and the people who kind of doubled their money that year there was only one try do it and it was people... >> rose: the short? >> in the community selling short subprime mortgage bonds. and in the comnity o investors when someone has that kind of score people talk about it. so i talked to all kinds of people. they're people whose job it is is to do nothing but invest in hedge funds, they call fund-to-fund managers and i talked to a bunch of these people, they gave me lists of people i should talk to. so i cameponyle bass t way. rose: tell me where the collapse of 2008 is not over. where do you think it is and where do you think it's going before we move back to europe? >> right. well the... it's expressing itself diffently in

one of the characters i interviewed was a hedge fund manager in dallas named kyle bass.id look at it this way. if you add the banking losses on to the existing debts of these countries, there's some countries that can't afford the bill. the countries are going to be what goes down next, like falling dominos. we had bets in place against iceland, greece, ireland, france and when you looked at that scenario, who is what we are in now, you saw that the not only would countries have trouble paying back their debts but the effect on the global financial system could be much worse. the last time we got out of this, we got out because the governments are credible. the banks screwed up. they are bankrupt but we are behind them. you can still invest money in them. what happens when the governments themselves are not credible. that's what we are living through now. that's why. i mean when greece goes down, all of a sudden, it has potentially devastating effect on lots of other places. >> what is amazing in this book is the story of greece. it seems to fall on the shoulders of some

it was a hedge fund manager in dallas named kyle bass.t. he said, that's nothing. what happens next is that these debts that everybody is accumulated and have now been nationalized and taken on by governments are going to cause governments to become less credible and governments are going to start to fall. >> brian: you got to put them off until it started happening and it began to happen, let's first stop, iceland. what did they do wrong that crashed its economy? >> it's incredible story. nation of 300,000 people. so you're talking about peoria, illinois. they took their three banks and took -- turned them into three global banks, they owned $340 billion in assets. they thought they turned themselves from a nation of people who did fishing for a living to a nation of hedge fund managers and investment bankers and they didn't know what they were doing. they told themselves a story that we were general ethically predisposed to being financial people. but they didn't know what they were doing. and they bankrupted the country. so many times