question is that so much i can tell you that you know larry summers of the soul were some of the drift to the right call prosecutor and the u.s. more and more people are giving the political fight a new look and more times than not it is the. wealthy british style. it's not like. markets financed scandals find out what's really happening to the global economy for a no holds barred look at the global financial headlines today and to cause a report on r.t. .

her is that so much i can tell you but you know larry summers of. a different interest to get across.

for them to be able to rebuild but some are saying larry summers for example today said that ironically this could also mean more investment because that means that more international firms you know contractors are going to be asked to come in and to rebuild you know it's almost like the broken window syndrome where i just take my rock and i go break a window and therefore you have to fix the window and that creates g.d.p. i don't buy into that whatsoever i think there's an opportunity cost obviously whenever you have something like this and so it's going to happen is over the short term at a minimum you have lost production. you know people won't be able to go to work roads will be snarled factories will be closed the whole the whole bit now they were in a recession for three months already so you know that's going to be very negative over the short term. over the medium term a lot of the things that summers is talking about is that they're actually true you're going to have a lot of a lot more production in order to get them selves back up to speed but the reality is is that you know

this is what larry summers said recently. >> how do you protect our banks in the meantime from unfairractices or unfair competition as it might exist? >> there is constant interaction. >> i do not think that you have to like to-be-to-fail or embrace it to be concerned about that potential risk, right? >> right. but there are whole of this is dedicated to dealing with foreign offices and foreign regulators through the g-20. that is the right place to do with them and not throwing your hands up and say that we will subsidize our largest banks and take money out of one pockets and bridget one pocket and put it into the pockets of the shareholders. that is what is happening. $34 billion was one of the dollar subsidies that we give to our largest banks as an implicit guarantee. i say take the money and put it elsewhere. i think we will be better off. >> i appreciate that. i guess the second point is that what is implied here that encourages banks to engage in risky behavior, can you detail the risky behavior you see today? >> sure. the idea of risky behavior is that banks -- anybody who ha

in conclusion, let me quote larry summers in his 2000 lecture to the american economic association where he reviewed the experience of financial crisis around the world to that point, particularly in the 1990's when he was with the u.s. treasury. "it is certain that a healthy financial system cannot be built on the expectation of bailouts." >> mr. segales. [unintelligible] >> we need to establish what is the counter-factor. what will happen in the absence of t.a.r.p.? chairman bernanke and then secretary paulson represented the alternative as the collapse. if that -- if the alternative is the abyss, t.a.r.p. was a success. even if we have escaped the abyss, we have to conclude the t.a.r.p. was a success. we estimate that the bankruptcy of the 10 largest banks would have wiped out 22% of their value, for a total of 2.4 trillion dollars. the financial system was at risk, and some intervention was needed, yet it is misleading to say that there were no walker alternatives. -- no other alternatives. there were feasible and superior alternatives. it made t.a.r.p. appear inevitable. i stated cl

this is what larry summers said recently. >> how do you protect our banks in the meantime from unfair practices or unfair competition as it might exist? >> there is constant interaction. >> i do not think that you have to like to-be-to-fail or embrace it to be concerned about that potential risk, right? >> right. but there are whole of this is dedicated to dealing with foreign offices and foreign regulators through the g-20. that is the right place to do with them and not throwing your hands up and say that we will subsidize our largest banks and take money out of one pockets and bridget one pocket and put it into the pockets of the shareholders. that is what is happening. $34 billion was one of the dollar subsidies that we give to our largest banks as an implicit guarantee. i say take the money and put it elsewhere. i think we will be better off. >> i appreciate that. i guess the second point is that what is implied here that encourages banks to engage in risky behavior, can you detail the risky behavior you see today? >> sure. the idea of risky behavior is that banks -- anybody who

larry summers can respond. the number of those projects, improvements such as interim, opening and closing for parts of the tryout a few jury and give them the 10th ease that they need and maybe we'll pull them back from the need to get on the internet and look something up themselves. >> i am a big fan of that familiar perspective. i think it's a great thing about me because you want to know what they're confused about questions about. on every question will be appropriate for the church to be told the answer, but the judge can have the opportunity to explain to the jury with certain information is not being given to the jury for not treating me like mushrooms or give you the information, but then they been understanding about the process is. it's a great outlet for the jurors said they don't feel the need to look at other sites and also did the courts and the lawyers. >> i'm sure there's a fair number of judges in the room we can get perspectives on that when we go to the audience. john, in your project, what

larry summers can respond. the number of those projects, improvements such as interim, opening and closing for parts of the tryout a few jury and give them the 10th ease that they need and maybe we'll pull them back from the need to get on the internet and look something up themselves. >> i am a big fan of that familiar perspective. i think it's a great thing about me because you want to know what they're confused about questions about. on every question will be appropriate for the church to be told the answer, but the judge can have the opportunity to explain to the jury with certain information is not being given to the jury for not treating me like mushrooms or give you the information, but then they been understanding about the process is. it's a great outlet for the jurors said they don't feel the need to look at other sites and also did the courts and the lawyers. >> i'm sure there's a fair number of judges in the room we can get perspectives on that when we go to the audience. john, in your project, what

january of 2008, the very beginning of the crisis, i went to capitol hill and testified against larry summers he sat right next to me. he said if you don't do a stimulus bill we're going to go into recession and if we go into recession congress, it's on your shoulders. i said , if you do a stimulus bill, you're wasting money because there's nothing -- stimulus is antistimulus and tax credits are only a one-time deal and they're not going to cause walmart to build another store or any manufacturer to build another plant and you shouldn't ought to do it because it is a waste of money and you're going to just build up the deficit and going to make things more problematic in the future. we voted for that stimulus bill. in fact there's lots and lots of republicans who voted for the stimulus because bill kolender because it was george bush's first stimulus bill. what always amazed me then when it came to 2009 and obama's stimulus bill came around, this very same politicians that voted for the bush stimulus bill said obama stimulus was bad. you can't do that. all right. it's either capitalism works

in conclusion, let me quote larry summers in his 2000 lecture to the american economic association whereviewed the experience of financial crisis around the world to that point, particularly in the 1990's when he was with the u.s. treasury. "it is certain that a healthy financial system cannot be built on the expectation of bailouts." >> mr. segales. [unintelligible] >> we need to establish what is the counter-factor. what will happen in the absence of t.a.r.p.? chairman bernanke and then secretary paulson represented the alternative as the collapse. if that -- if the alternative is the abyss, t.a.r.p. was a success. even if we have escaped the abyss, we have to conclude the t.a.r.p. was a success. we estimate that the bankruptcy of the 10 largest banks would have wiped out 22% of their value, for a total of 2.4 trillion dollars. the financial system was at risk, and some intervention was needed, yet it is misleading to say that there were no walker alternatives. -- no other alternatives. there were feasible and superior alternatives. it made t.a.r.p. appear inevitable. i stated clearly

in conclusion, let me quote larry summers in his 2000 lecture to the american economic association where he reviewed the experience of financial crisis around the world to that point, particularly in the 1990's when he was with the u.s. treasury. "it is certain that a healthy financial system cannot be built on the expectation of bailouts." >> mr. segales. [unintelligible] >> we need to establish what is the counter-factor. what will happen in the absence of t.a.r.p.? chairman bernanke and then secretary paulson represented the alternative as the collapse. if that -- if the alternative is the abyss, t.a.r.p. was a success. even if we have escaped the abyss, we have to conclude the t.a.r.p. was a success. we estimate that the bankruptcy of the 10 largest banks would have wiped out 22% of their value, for a total of 2.4 trillion dollars. the financial system was at risk, and some intervention was needed, yet it is misleading to say that there were no walker alternatives. -- no other alternatives. there were feasible and superior alternatives. it made t.a.r.p. appear inevitable. i stated cl

larry crowne." it opens in theaters this summer.hello to tom hanks. [ cheers and applause ] >> thank you. [ cheers and applause ] >> jimmy: i'm already disappointed. because -- >> thank you. my wife and her sister, lilly. very nice. >> jimmy: i thought they were here exclusively for me and then i felt so cheap -- >> i'm telling you. >> jimmy: how are you? >> i'm great. i was across the street. thank you for blocking off hollywood boulevard to get me here. >> jimmy: happy to do it. >> cops with machine guns out there. >> jimmy: yeah, they take it very -- way too seriously. >> i'm not so sure. >> jimmy: you'd think michelle obama was giving birth to a child in the middle of the street out there. >> i realize it's kind of like the super bowl meets the nobel peace prize ceremony. but i don't think we need cops with machine games. >> jimmy: it is amazing. you can get forced -- for us, we come to work here every day and suddenly strangers come and tell us we're not allowed. >> they make you roll the windows down on your car. roll the wind