. >> i remember sunday night in the city when it was evident that lehman was going to collapse. it feels like yesterday to me. tell me about that night for you. dr. bernanke: we were worried that if it failed, it would another level and create a huge problem for the economy. we tried to save it. we used the same strategy we used with another company that year and brought two potential buyers to new york to try to get some kind of deal done so they would take it off the market. we also had about a dozen wall street ceos ther e to work out some kind of solution for lehman. unfortunately, when bank of america, the company that was looking at lehman, looked in the books, they found too much red ink. there were too many losses for them to buy. bank of america ended up buying merrill lynch. the other company that was interested in lehman was barclays, but the british regulators said, there' s no way you' re going to buy that company. we didn' t have a buyer. t have any capital. in the end, it failed, created a lot of problems in the markets. >> put it in the context of history, like t

lehman brothers did that, was that the lesson from lehman brothers in part not to do that?> will bankruptcy does, the goal is to protect the creditors. make sure the bondholders get as much return as they possibly can. unfortunately that was not the main public purpose. at the time when lehman collapsed we were not concerned about the potholders but the stability of the overall system. they ended up losing a lot of money, which is fine which goes against the idea that lehman was easily saved anyway, the trouble with bankruptcy laws is that they are not focused on the principal public purpose and financial crisis which prevents the collapse of the overall system. the advantage of the liquidation authority is aa gives discretion to the fed, fdic, and of the regulators to do what is necessary to stabilize the company, to stabilize the system without necessarily being constrained by doing only in exactly those things which will give the highest return to the creditors and shareholders. that is the difference. i am all in favor of protecting creditors in general. the higher prio

. ♪ zach: so i worked at lehman for a year and a half right out of school. i was there, and my responsibilities, i would like to look back and think i had these grandiose responsibilities. but it starts out getting coffee and keeping track of spreadsheets. they were very good at giving responsibility quickly to young people. you are thrown in the fire pretty quickly. working to build models and to track performance of businesses, and then very quickly given your own book and p&l responsibility, where you are responsible for investment decisions and trading decisions. i was going to california for the weekend to go to an ohio state football game at the rose bowl, and i remember landing back from my california trip sunday night, and flipped over to my bloomberg account, and it was just red, all caps, red, all caps. breaking news, lehman filing for bankruptcy, chapter 11 protection, next, next. oh, my god, how did this happen? how did this happen? the trading floor was full of people taking stuff out of their desks and putting it into boxes. people were smoking

they allowed lehman brothers to go bankrupt.hat frightened everyone in the market and created a panic. and we saw then something that no one had ever seen, regulators, academics, business people, others -- the biggest banks in the country would not lend to one another. even overnight. in other words, they were hoarding cash. and they were doing that because the fear was that to the extent that anyone came to them and asked forecast, if they couldn't deliver the cash immediately, a rumor would spread on wall street that they were completely illiquid and they would be ruined. hoarded cash, and this is what we understand to be the financial crisis. so, three parts to this problem -- the government forces down underwriting standards so that it creates this gigantic bubble and a lot of very weak mortgages out in the financial system -- a majority, in fact. 31 million such mortgages. then the government rescues bear stearns, causing participants in the market to believe that that is their policy, they are going to be rescuing everybod

. >> reporter: administrators at the six schools on the lehman campus sent a letter home to parents asking parents for their help asking parents to encourage their kids not to pull the fire alarms inside the schools. that strategy has not worked. the result? fighting and that's causing major problems. israel leon showed us the public address system. >> kids, can you move out of the way, out of the front of our business. >> reporter: then he sounded the peering siren -- piercing siren. then the video surveillance system that shows why the owners of the beyond beauty academy in westchester square have invested thousands in dollars in numerous security measures. look at the mob of high school students who punch, fight and brawl on east tremont avenue just about every school day. >> i have my son that comes to the school, my wife and these are the type of things that you don't want your family or people in general to have do deal with when they walk in a business. it's unsafe. >> reporter: so unsafe and infrequent that six school administrators sent a letter home to parents saying the leadersh

banking industry is much higher than going into lehman. there is risk outside of the -- there is risk us out of the banking sector is well. we'll have to see. there will be problems that are very difficult to foresee. guy: the problem with the situation at the moment is if i am a portfolio manager, i don't want to get into cash because if this thing doesn't blowup in the near future, i am in trouble. hang in there and ignoring the warning signals will provide problems. simon: youuare that? do everything. you can be very careful around leverage. that is what we have been trying to do is think about companies and are notnovation just financially engineering to invest our clients money. guy: this risk is in there and growing. something you need to pay attention to. simon: the longer we have zero interest rates, the bigger the cycle problem. guy: simon weber is going to stay with us. let's check in on the markets. you got dropped the bounce underway. the stocks in turn up 2.8%. electrolytes feeling the pain. --ctrolux feeling that electrolux f

jenna lehman motors right around her defender and lays it up and in.. and then it was iowa city native mickey hansche's turn... she goes left and finishes off the glass... with some uch...but whitewater made a run in the second half... malia smith loses it... gets it back... and lays it up and in... coe goes down at homem 73 to 61... kirkwood up to number two in the division-two junior college polls... they hosted blackhawk today... and look at shakur triplett... playing like a beast down low... gets the friendly roll... so there's some inside play... how about some outside shootivg... hunter rhodes... bombs away from deep... eagles regain the lead... latat in the half... kaliph fagan... and his hair... knifing towards the rim... beautiful drive and bucket by the freshman... and then back to the three-ball... rhodes spotting up... this is why he's a marksmen... day long... kirkwood wins big at home, 97- 69... they're now 11-1 on the year... now to knedy high schoofor the five seasons duaua... airie and alburnett in the finals.... tyler pasker bumped to

the collapse of commodities -- lehman -- oil goes up, down below the lehman lows, and gold not doing bory's world, which is a new low terminal value -- does gold have a new low terminal value within his calculus? james: it depends on what rates do. gold has already had plenty of time, and i imagine other too, has had plenty of time to react. this will be the most telegraphed rate rise we have just had. the market has built this in, and i think gold in particular -- it has always been an excellent barometer of the way the market is going to -- tom: what is it telling you right now? james: there will be some gradual rate rises. tom: james steel. george bory is speechless over that. respecting -- we expected doom and gloom from james steel, but we do not get it today. morning, toter this talk about listed securities, the state of the new york stock exchange. thomas farley will be on "number "bloomberg go." it is a golden morning in new york. ♪ guy: welcome back. you are watching "surveillance." i am guy johnson in london. tom keene is in new york and we live in a multipolar world, tom k

jenna lehman motors right around her defender and lays it up and in.. and then it was iowa city native mickey hansche's turn... she goes left and finishes off the glass... with some touch...but whitewater half... malia smith loses it... gets it back... and lays it up and in... coe goes down at home, 73 to 61... now to kennedy high school for the five seasons duals... prairie a alburnett in thehe finals.... tyler pasker bumped to heavyweight for the p- hawks... he wastes no time getting jake langhoff on the mat... that's points for prairie... and a win for pasker... 24-6 prairie... but the pirates made some headway at 120 pounds... ben moyer in control the whole way... moyer wins with the fall... alburnett cuts it to 31-12... it would get to 31-16... but prairie's sam uthoff ended any chance of a pirate victory... uthoff gets a pin at 132... and the p-hawks beat alburnett, 40-34... to win the five seasons duals... thats a check of sports -- check your anncr: when the attacks come here... ...the person behind this desk will have to protect your family. wi

measuresa lot of the were not as stressful as we have seen in the past, for example during the lehmanrisis. the global commodity indexes are not that much higher than the stress scenarios -- oil was up $38. it's hardly stressful, is it? stephen: exactly. these banks roughly know the criteria of before they can plug in the numbers, witches why standard chartered knew how much capital to raise. the objective of the tests is not to fail anyone. mark: and they are more wide-ranging than last year, stressing emerging markets. credit bubbleing credit bubble. the banks are clearly aware of this. in the stress test, didn't seem the regulator is aware of those risks? a lot of this is moving away from banks now to non-bank lenders. .t was an interesting thing remember, lloyds, the biggest mortgage lender in the u.k. came at came through with shining colors. usk: thanks for joining today. great to hear your view on today's stress tests. interesting to see, betty, the drop in standard chartered shares. platell has a lot on its to cut the balance sheet. i love the stat i read earlier, s&p 500 has

. >>> i will say goodbye to lehman my darth vader voice. liam. >>> the mailman has always had a shaky relationship with dogs. a new animal is turning heads on cape cod. >> they won't leave this letter carrier alone.>> every day.>> it is a form of flattery. you heard him say it. every day. every day he has to carry that poll to fend off the turkeys that chased him along his route. he says when he pulls up, the birds are waiting for him.>> every day with these things.>> not easy. >>> still ahead, an update to the rainy forecast. [ dog barks ] [ bark ] there it is! [ gasps ] look, the sky's awake! that. was. epic! [ bark ] 60 out the door tomorrow

evaluating teacher performance and there could be less testing, students will need to take the federal lehman dated state reading and writing math tests, littling the amount standardized tests. >> what we want to do is to get rid of unnecessary standardized tests so more teachers can spend time engaging in student learning while at the same time making sure that parents and teachers have clear information performance. >> now it's up to the states to come up with their own goals and plans to turn around of accountability, states will be required to intervene in the lowest performing 5% of schools or schools with high dropout rates or wide a chiefment gaps, lisa and david. researchers say you should never in end your text messages with a period. >>> a traffic stop that makes a this man driving off with without a ticket. >>> feeling more like spring, weather watchers mainly 40s outside, even some 50s, handover up to 60 degrees, 57, building a better bank starts with looking at something old, like this... and saying, "really?" so capital one built something new - caf\s. where you can unwind with

in this book among other things i'm not convinced were it not for the fateful decision that sent lehman brothers into bankruptcy it ever would have been as bad as it was. there are degrees of bad. it was going to be bad. once this bubble was up there in all these crazy mortgages were out of derivatives were going to be big losses. but i don't think, you know you can't rerun history. i don't think it would have been as bad. .. how do programs like that help? >> yes and probably yes. i don't mean to imply that every such program designed to backstop failing financial problems will work. we have a place called greece for example, where there have been a lot of programs that you could say haven't worked very well. the government put, potentially $700 billion at risk. in fact, it only deployed at max about 450 billion. isn't that still a lot of money? yes it is a lot. they deployed that money fairly intelligently. i'll come back to that in a second. that doesn't mean they did everything exactly right. people were making seat-of-the-pants judgments very fast. clearly even the people who made

materials are deliberately pulling the alarms at herbert lehman school. local businesses say it also hurts sales when the kids show up to loiter and even break things. >> a lot of kids in the store, and they were fighting inside the store. this whole shelf was collapsed. they were playing with the wine bottles. they were picking up, and then they broke them. >> police say the problem has subsided since the school posted penalties for false alarms. anyone charged as an adult could get a $10,000 fine and up to a year in prison. method many people turn to to get pregnant. results show that their chances of conceiving kept going up with each cycle all the way up to the ninth cycle. all of that trying does get expensive. in the u.s., the average cost for the first try runs about $12,000. >>> the holidays are a busy time of year, especially for burglars. >> reporter: the holidays are a time of welcoming guests into your home. but beware, you may be unknowingly inviting crooks in. walked us through this neighborhood to show us how. >> one thing to keep in mind,

lehman brothers didn't go under because it had too many assets. it went under because it had too many liabilities and contingent liabilities. ms. white, when you analyze whether an entity should be designated as sifi, do you look at the size of their assets? the size of their balance sheet liabilities? or the size of their off-balan e off-balance? >> a lot of other things. >> i would hope you would focus on liabilities rather than assets. no one went under because they had too many assets. >> understood. >> but in looking at contingent liability, mr. woodall, i hope that we would not count those liabilities of -- contingent liabilities of insure -- of regulated insurance companies. because the state regulation of insurance companies seems to have weathered the storm. would we designate a company as a sifi just because they had a lot of assets and liabilities if all those assets and liabilities we were looking on were part of a state-regulated insurance companies where the state regulators had determined that they had adequate reserves? >> congress

is this lehman brothers all over again? in michael moore who wrote a story about this, and the people you talked to that said no -- said nope. michael: the banks are less involved and not having them is kind of the crux of the crisis. it is certainly a big difference. if you go back and look at the assets, the mortgage assets that banks have other balance sheet , they arehe crisis incomparable. betty: so give us those numbers. michael: what are called level , the most difficult to value, those total about $6 billion. that is less than 1% of their equity. if you go back to 2007, lehman brothers, they had level three assets and their mortgage business of about $25 billion. betty: what was their equity? michael: their equity was $20 billion. it is pretty dramatically whyerent for the banks and -- while banks have exposure and their investment for $40 -- portfolios, it is not the same magnitude and you are not seeing as much in the repo market, there is not as much of corporate debt as there used to be, so that is -- that has l

economy after the global financial crisis symbolized by the collapse of lehman brothers in 2008. the u.s. unemployment rate hit 10% at one point. but that's history. the economy has been steadily recovering. the latest physician urs show the jobless rate has improved to 5%. fed chair janet yelp expressed an upbeat outlook op the economy two weeks ago. she said improvements are taking place in line with the central bank's expectations. market people are fairly certain that a rate hike, the first since june 2006, will come out of the meeting. analyists say the fed's decision has much symbolism, showing the u.s. economy is among the first to recover. japan and europe are still dependent on massive monetary easing measures. the fed is expected to announce its decision on wednesday. yellen will explain the decision in a news conference following the announcement. >>> ahead of the fed policy meeting, tokyo share prices opened firmly in the positive this morning following a rally on wall street. the nikkei is trading higher by 1.7%, 18,894 at the moment. analyists say most investors hav

regina grad jenna lehman hits the three off the inbounds pass ... then it's iowa city high grad mickey hansche with the penetration, count it and one... she had 15... coe wins 79-73 ... let's go around the nfl with the local players... bears and vikings... former hawkeye chad greenway grabs jay cutler's hand to bring him down for the sack... chad have five tackles, vikings won 38-17 carr is picked off by former hawkeye micah hyde... he almost takes it in for a pick six, but gets tackled at the two... 2nd interception for hyde this season. ... titans at new england... 4th quarter, former hawkeye karl klug gets credit for this sack on tom brady... he now has 4.5 on the season, which is the most he's had in the last two seasons combined. ... atlanta and the jacksonville jaguars... final minute of the 4th, former hawkeye adrian clayborn drills blake bortles for the sack... that's his third of the season... falcons win 23-17. ... browns at seattle... russell wilson decides to tuck and run, but he's met at the line of scrimmage by former hawkeye christian

still to come on fox 28 -- our coach kevin lehman stops by -- to break down some basketball -- why he feels the 10th time will be the charm for iowa against michigan state -- have a great night. night.night. night.have a great have a great night. night.night. check out this awkward moment during the cavs-warriors game yesterday.a fan sitting in the front row was making fun of but was quickly caught by james when he turned around. obviously, she was surprised at getting caught, and tried to act

i was a partner at lehman. when it went under, well, we--we took a big hit.y tough on a teenager. you get used to a certain way of living, but it was no one's fault. do you think donny was depressed? no, donny was strong. but to lose everything you have... we were just getting by. i'm very sorry for your loss. how did you know they moved? either the kendalls really like art or that chinese screen was meant for a much bigger apartment. i wonder how they could still afford redding. you know the school? oh, i've been kicked out of all of new york's finer educational institutions at least once. the irony is, now that i'm rich and famous, they all claim me as alum and want money. it is just so rough being you. my cross to bear. (man) when the kendalls said they couldn't afford tuition, we put donny on scholarship. the family had been very generous in the past, and donny was one of our brightest. we thought he'd do great things. any idea what he would've been doing in central park at night? well, the truth is, all these kids are icebergs. we only see the tip. if yo

the stateside job men who were fighting overseas. and trained at what was hunter college and is new lehman college. >> reporter: the halls we walked through were filled with volunteers who rolled 4 million bandages during the war and macy's cancelled their parade. >> the rubber couldn't be used for the balloons. it needed to go to make tires for trucks and tanks. >> reporter: and being an immigrant city, the melting pot got fragile. tensions grew. >> once japan and germany became enemies of the united states after war was declared as well as italy, because italy was aligned with germany, germans, italians and japanese had to be very careful about expressing political views that didn't support the allies. >> reporter: instead of welcoming immigrants, ellis island became a detention center for germans, italians, suspected as different a time it was, we asked marcy to close what new york then and new york now has in common. her answer? activism. is that your polite way of saying new yorkers are loud and obnoxious? >> they were always really loud, always busy bodies, always taking the lead in

in this book, among other things, i'm not convinced were it not for the fateful decision that sent lehman brothers to bankruptcy court it ever would've been as bad as it was. there are degrees of bad. it was going to be bad. once this bubble was up there and all these crazy mortgages existed and all these crazy derivatives existed, they were going to be big losses, but i don't think, you know, you can't rewrite history. i don't think it would have been as bad without this decision to send lead to bankruptcy court. tougher question by the way, not the one you asked, was anyone calling this quote correctly in 2005? they are the edges kind of maybe. you can find snippets of writings at this and that person, including my college at princeton, paul krugman, who were yelling already in 2005 we are getting into big trouble. -- my colleague. it wasn't for huge numbers of people at the people that were yelling were being called party pooper's and skunks at the garden party, you know. the masters of the universe were assuring us, don't pay any attention. >> host: did a program like t.a.r.p., the t.

next saturday evening in the bronx, una parranda navidea, christmas caroling comes to the lehman center for the performing arts with musical guests straight from puerto rico. the center's located at 250 bedford park boulevard west in the bronx. the show starts at 8:00, and there you have it. if you need more information, just go to lehmancenter.org. much^simas gracias. thanks for spending part of your sunday with us. if you missed any part of our show, how about this -- you can tune in at abc7ny on the web, your tablet, or even your smartphone. how great is that? i'm joe torres. thanks for watching. we will see you again next time

mark lehman with jmp securities. >> thank you both. >>> coming up, speaking of adamson, amazon's bigions as it reportedly takes another step to get your packages delivered fast. ♪ ♪ >>> it is a shortened trading week, and next week here's what to watch. lots of economic data including the third read on third quarter gdp, existing home sales, and durable goods. dow component nike reports its earnings, and opec releases its world oil outlook, and that's what to watch next week. >> and president obama announcing today that nearly 6 million americans have enrolled in insurance for 2016 through the federal healthcare.gov site. about 2.5 million of the current total are new customers. compare that with this time last year when only about 3 1/2 million people had signed up. >>> and now to amazon, which is reportedly taking another stop to ramp up its delivery operations. as first reported by the "seattle times," the online retailer is looking to lease its own fleet of jet planes to potentially lower the risk of shipment delays. shares of amazon were off just a fraction. morgan brennan takes

there is no lehman brothers. you have unemployment at record lows. you have job growth.nk the market, this is just a natural flow. they are starting to get in panic mode. what cc gdp come out, it will be a huge driver. >> where do we go next year? we were talking about 18,000 on the dow. where do we go next year? being that i mac i think that by the end of q1 2016, four months away, all major equity indices will be at all major cost. that is really my point. as long as we can see good gdp, blocking and tackling, we need to see good economic growth. we are off to the races. >> i hope that you are right. we welcome back to you at the end of q1. thank you so much. really appreciate it did when we come back, the dream of a white christmas is just that. a dream. can you believe this, temperatures could top 70 degrees along the east coast. global warming. the latest from the weather center after the break. ♪ is ashley: time for a chat, markets for you. the dow kicked off a session today. what happened, though oil market starting to take a move. just above the flat line, if you

christmas..justin roberts - coming up in sports sportswe break down the big 4 - - why our coach kevin lehman -- wasn't surprised the wes washpun came up big against another top 5 team and how an early season loss will actually -- help -- the iowa state in the long run -- praised as one of america's best mayors who governed as a pragmatist. bernie sanders passed more amendments in a republican congress than any other member. cracked the gridlock with john mccain to strengthen veterans' healthcare. bernie sanders. a consistent, principled, and effective leader. building a future to believe in. if the world of college basketball didn't know who wes wasphun was -- before u-n-i played iowa state in the big 4 classic -- i think it's safe to say they do now -- wasphun dominated the cyclones from the opening tip tipthe former washington 28 points, 11 assists, 7 rebounds, and 2 steals in 39 minutes -- all against the 5th ranked team in the country -- and the scary thing for the rest of u-n-i's opponents -- his coach thinks he can play better. "i don't know if it's the energy in the buildings or just

here is a thing about the lehman moment, when people talk about catastrophic terms.es a really big lack of liquidity to cause the market to crash. this is not that. the real risk is if many people start to pull their money out of funds and his snowballs. that is a big if. scarlet: is this enough to give the fed reason to buy? pause? >>? some think so. for sheddingk you light on 3rd avenue management, making it impossible for people to read the withdrawal their funds from the fund overall. bloomberg gaslight can be seen on our bloomberg terminal pretty good also search on the web. china now the country signaling the way it is changing and managing its currency. causing the chinese currency to topple the most. they will value the currency against a broad range of other speculationfueling it will let it weaken further. joining us now is a research firm that specializes in china .or you ca daniel, all week long we have seen signs that china is guiding its currency weekend before fomc raises interest rates. is today a precursor to the chinese dumping the dollar peg? a lon

they are selling the lehman markets fantasy.ts and that is what they are trying to sell. stephanie: does anyone actually buy it? of times people don't. i talked to lehman markets about what they made out of urban barrels. bullet buy it full of burden. i said i would love to use it for a photo shoot but i'm sure someone already bought it. they said no. >> it makes the 2000 bottle of perfume more reasonable because you are anchored at the 90,000. stephanie: does this speed to the fact the .1% has gotten so rich that there are no prices? >> you are the luxury extra. go ahead. >> a lot like millennials. they are very smart about how they decide what is most valuable to them to for most, it is time. something,me to which you have to do for experience or a trip, is actually running the most on that item. >> the new star wars movie. i am more excited about that than anything else. exciting. you have seen it? [indiscernible] you were about to elevate yourself. >> barry, you are still with us and alex go over to matt. you are following a

jenna lehman motors right around her defender and lays it up and in.. and then it was iowa city natiti mickey hansche's turn... she goes left and finishes off the glass... with some touch...but whitewater made a run in the second half... maa smith loses it... gets it back... and lays it up and in... coe goes down at home, 73 to 61... kirkwood up to number two in the division-two junior college polls... they hosted blackhawk today... and look at shakur triplett... playing like a beast down low... gets the friendly roll... so there's some inside play... how about some outside shooting... hunter rhodes... bombs away from deep... eagles regain the lead... later in the half... kaliph fagan... and his hair... knifing towards the rim... beautiful drive and bucket by the freshman... kirkwood wins big at home, 97-69... they're now 11-1 on the year... now to kennedy high school for the five seasons duals... prairie and alburnett in the finals.... tyler pasker bumped to heavyweight for the p- hawks... he wastes no time getting jake langhoff on the mat... that's po

in terms of what we have seen with commodity markets over the years, we are5 missing the lehman moment. we have not lost the company at. it hard to believe the 10 year cycle and commodities comes to an end without the company losing this. scarlet: without a victim. chris: we don't have it yet. scarlet: we are approaching the year and and banks want to shake balance sheets and a bit quarter and of the year and. what kind of role does that play the lack of demand for liquidity and sensitive assets? chris: in respect to that, they own less mainly as a function and they don't os much on the balance sheet as they used to. i don't know if you will get the 2011signal that regard in work financials were at the center of the storm. women to get financials, it is an area as a potential leadership group or 2016. we are not ready to make a big call there yet, but we seek noted areas of improvement. jpmorgan did a little letter, bank of america, if you can get that through 1815, we could feel better about the stock going forward. this market is craving new leadership. i do not think we can have the

if you go back to the beginning of the lehman lows, here is the ruvell. ruble. see how much weaker it is compared to the rand. i had no idea the carnage of the russian ruble versus the rand. francine: that is incredible. christmas is coming early. tom: is that a gorgeous chart question mark it is gorgeous. francine: it is. and you were saying that it is screaming janet yellen but if individual the challenges, the ruble links to oil in south africa also. tom: yeah. i just think the market vigilantes are taking over. as the fat out front of the market or are the market currencies out in front of the fed? i can't figure it out. larry: i disagree here. i don't think this is a big-time said move. we have euro-dollar trading below 1.10, having come up from 1.05. this is not a generalized move of dollar appreciation that will be linked to the fed, nor is it necessarily a story where there is universal pressure across this complex of currencies, fixed income, the way we have seen during periods of previous fed fright episodes. by sense here is that this is really about

how it marks has the world's biggest distressed debt investing firm, why he is comparing now to win lehmanrothers collapsed. ♪ alix: that was a beautiful sight. i am alix steel. "what'd you miss?" powered marks, one of the world's largest distressed debt investors mentioned oil producers, saying hedges have worn off, companies lose credit lines, some price to kleins, and the week -- some price declines, and weakness makes the buyer happy. -- how would -- how word do you agree there is anix: opportunity here? >> we believe 2016 will emerge as an opportunity of across the energy complex. earnings have collapsed. and there rolling off debt is staying in place, so a lot of companies are staring into a healthy debt load with earnings collapsing and not much relief in sight. they have some pretty good intrinsic value. a few distressed players tried theake a first stab at asset class earlier this year, but it did inot workout. prices continued to decline. first and foremost, you need to see a bottoming out in the commodity complex, in particular energy prices. once that occurs, then you can valua

globalization and meaning also that some terrorists may enter belgium we were not prepared for that" johan lehman runs this community youth center-he's seen how quickly molenbeek teens can become radicalized and for years, has sounded the alarm:do you think that they've been ignored, those warnings? him: of course, this has become very cleara&i think our approach of the phenomenon is too bureaucratic."so we talked molenbeek's deputy mayor. he is moroccon, like much of the population here. in fact, of 100 thousand people there are 110 nationalitiesa&and unemployment is 50 percent among young men."it can happen to anyone, if the person is in a fragile psychological , socio-economic condition they can absorb the sectarian discourse and play the game of the murderers."like geraldine's sona&who went from what she called a normal boyhood, to the battlefields of syria, where he was killed. "i'm very angry, i'm very angrya&.(butt to) a&because i informed them, and i said please help me to stop my son in fact, per capita more belgian teens have left to join isis than from anywhere in europe. work programs

. >> john kasich worked on wall street, worked for lehman. jeb worked and lehman and barclays. you would think put together something that calls this guy out. neil: but it is not happening. guys, want to thank you with all the breaking news and all. we'll have follow-ups on some fed members getting cold feet on interest rate hike. don't say we didn't warn you but we warned you. you were watching something else, weren't you? that is your problem. it's not ours. more after this. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? neil: okay. trish regan. first trading day of the month. stocks up about 100 lines. all of this despite poor to ricoh defaulting on some debt. everyone seems to think that that was a given. you know what, i am not inclined to raise interest rates right now. that could be the beginning of something big. trish: ash carter announcing that the united states will escalate its war on isis by sending addition

like common core, and there could be less testing all students will still need to take the federal lehman dated state wide reading and math to limit the time the students spent on standardized tests. >> holding everybody to high standards for teaching and learning, empowering states in school districts to develop their own strategies for improvement, dedicating resources to most vulnerable children. >> it's now up to the states to come up with a plan to turn around struggling school, lowest 5% of schools as well as schools with high dropout rates or wide achievement gaps. >>> 5:26 on friday morning, still to come, more on a developing story we are following out of revere. >>> two people are dead following a triple shooting, the latest on this investigation. >>> that run away train was a near disaster and a symbol of another run away train, our pie in the sky t expansion advocates, i'm jon keller with more coming up on wbz this morning. >>> we have dense fog to start off your day, low beam lights the fog will be an issue, on our way to 60s today, i'll have all numbers coming up in your sev

finally we have casey lehman. how to slowly kill yourself and others in america. the title of that collection said so much about the enduring cost of racism, what it does to us when we have to live with it as americans. long division is a coming-of-age story about time travel where we leave a teenager living in mississippi who finds a time travel machine. this is going to be a a great conversation about history. let's get to it. so in all three of your books, we meet everyday people who are pulled, pushed or literally kidnapped. how are you pulled into these histories? >> oh man, that's a question. pulled literally into the archives where i sought to uncover what had happened because the narrative around his story had been created be the very people who, during his lifetime, had exploited him. the bronx zoo and its narrative said it's unlikely that he had ever been exhibited at all. the new york times, which had covered the story every day while it occurred, ten years later said that it was urban legend, that he had never been exhibited in the zoo. then the thing

regina grad jenna lehman hits the three off the inbounds pass ... then it's iowa city high grad mickey hansche with e penetration, count it and one... she had 15... coe wins 79-73 ... let's go around the nfl with the local players... arizona at philadelphia... former uni panther david johnson gets the start at running back for arizona... scores on the 1-yard touchdown in the first quarter ... 2nd quarter, david looking a lane on the outside... cuts it back in... look at him break tackcks and get through the pile... then he throws 2 stiff arms and goes 47 yards for his 2nd touchdown of the game... what a run ... david had 187 yards on the ground, 42 receiving, and win ... bears and vikings... former hawkeye chad greenway grabs jay cutler's hand to bring him down for the sack... 2.5 on the season for him... chad have five tackles, vikings won 38-17 ... packers at oakland... first quarter action, derek carr is picked off by former hawkeye micah hyde... he almost takes it in for a pick six, b b gets tackled at the two... 2nd interception for hyde this s

. >> anthony is a full-time student at lehman college in the bronx and planning to become a cpa. >>> for many christmas is about giving. meg baker shows us how volunteers served up holiday cheer to strangers in need. >> reporter: god's love we deliver. it's their motto and mission not only this holiday season but each day to serve those that need a helping hand. with chef caps on and their new soho location chicken rice and veggies were served with a smile this christmas eve. >> knowing we are helping other people helps us. >> reporter: god's love we deliver is the leading provider of life sustaining meals and nutrition counseling for people living with severe illnesses. >> people who are living with aids, cancer, alzheimer's disease, parkinson's disease, kidney or heart failure. 200 different diagnoses. >> reporter: 4500 meals delivered today. nearby hudson county in new jersey to those with special dietary needs. >> we do individually tailored meals specifically for them. >> reporter: many volunteers come every week. >> i had retired and didn't know what to do and my daughter knew

famous stories like the december mags ddecimation of lehman brothers in 2008. really compelling stories that lead to the ramifications of the calls. >> thank you very much for starting up early this morning with us. you just got off a plane for the states. you need to get ready for the conference. more to come here through the day from the conference. for now though, back to you. >> looking forward to it. now we're going to leave you with a look at how futures are trading ahead of the wall street open coming off the worst sell off for all three major benchmarks since the beginning of november but right now the implied open telling us we are above fair value. >>> good thursday morning. welcome to worldwide exchange. >> here are your headlines from around the world. >> futures are pointing higher after the fed chair took the wind out of risk asset with the most hawkish tone yet on a potential rate hike. >> when the committee begins to normalize the stance of policy doing so will be a testament also for how far our economy has come. and the financial crisis and th

knowing you have to put it in terms that a lehman can understand. >> i don't see the technology as arier. i see the government as the barrier. you know, the government owns the roads right now. we're just trying to make a car that tries to dovetail into existing roads, and if the government doesn't want cars on there, then they're not going to be on there. i think if the government were to say, hey, you guys can have your own lane, go wild with technology, i think we can build a really interesting transportation system of the future. >> is that -- do you think the challenge is going to be on the local sort of municipal level, or is this more an issue for the feds? >> well, you know, i mean, we need some insulation from liability because, you know, there are already lawyers lining up outside ready to sue us and throw us all in jail for every code error we ran. it's a little bit of a problem that -- some of it is maybe we just have to take this whole thing off shore and do it someplace that's more friendly than the united states. i'm a little disappointed that we would have to do that.

i wouldn't liken it to the weeks after lehman, for good reason.tion to that, at that point, no one recognized the liquidity discount that was necessary for purposes of high yield bonds. and frankly, at that point, the regulatory regime that we have now that was created in the wake of 2008 wasn't present. so we've got banks now that are out of that game. they no longer hold inventory. they no longer facilitate trading. so therefore now we have to price a much higher iliquidity premium. the second thing, we have a serious contagion going on with respect to energy and mining. and that's a good portion. if you've got fund managers out there that are holding toxic oil and gas, and mining bonds that they can't possibly sell because they're total liquidity and they're looking to go ahead and raise some capital, for whatever reasons they need to, they have to go ahead and sell some other things in their portfolio. they're finding those aren't necessarily easy to sell as well. >> that is the weakness recently in the high yield market, telling us not much m

. >> lehman brothers didn't go under pause it had too many assets. it had too many liabilities and contingent liabilities. ms. white, when you analyze whether an entity should be designated as sifi, do you look at the size of their assets, the size of their balance sheet liabilities, or on the size of their off balance sheet -- contingent liabilities, including credit default swaps. >> all the above. and a host of other factors too. >> i would hope you would focus on liabilities rather than assets. no one ever went under because they had too many assets. >> i understand. >> looking at contingent liabilities, mr. woodall, i would hope we would not count contingent liabilities of regulated insurance companies because the state regulation of insurance companies seems to have weathered the storm. would we designate a company as a sifi just because they had a lot of assets and liabilities if all those assets and liabilities we're looking at were state regulated insurance companies, where the state regulators determined they had adequate reserves? >> yes,

review the outcome of the states who have sued the administration over their unconstitutional lehmanizationgram and part of this case is that they are actually enforcing the law so that this legalization is necessary. and the fifth circuit has immigration he enforcement going on there hasn't been. they may be trying to portray themselves as serious about enforcing the law. i don't think anybody is going to be fooled. and, of course. >> if i were to look back and think that hillary would be criticizing obama for deporting too many people, i would think i would be nuts. jessica and reuben thanks. on deck, watch me turn the tables on bill o'reilly as watters world' . . [ coughing ] [ sneezing ] a cold can make you miserable. luckily, alka seltzer plus cold and cough liquid gels. rush liquid fast relief to your tough cold symptoms. fast, powerful liquid gels from alka seltzer plus at compare.com we're always looking for ways to speed up your car insurance search. here's the latest. problem is we haven't figured out how to reverse it. for now, just log on to compare.com... plug in some simple in

- as spoken about today, the big, big difference is back in 2008, you know, the investment banks, lehmantearns and then citi all held huge quantities of these financial instruments. >> right. >> right now almost all these credits were gotten directly from investors. banks had very little risk appetite, there's very, very little bank financing of these credits. those of us with a few gray hairs, remember cotton illinois, national bank, 1994, went under because it financed a lot of the oil wells in louisiana and texas. that really did not happen now. so i don't expect this could be a big tremor and i think some of the relief rally we got today is we turned and and said maybe third avenue is going to be the only one, we are not seeing the high yields of vanguard and some of those big mutual funds really suffer those pressures. my feeling is that we're going to be waiting for wednesday, hopefully the fed will wrap it the increase in a dovish package and we may see a good last two weeks of this year. >> guy, what question do you have for in professor? >> my push back would be, professor, one

that which is simple, orderly, and necessary to the lawyer, the on trade lehman may appeared intricate complex, complex, and mysterious. that was 1942. over the next 20 years, every time a six the memo in case on representation by lord can be for the court, this is there, they kept having to do it. eventually what happened, every single case was overturned on a technicality because in a succeeding case they said you have to have a lawyer if it was a complex case or if the person lacked the mental capacity to be able to understand what was going on. the court cap finding lack of mental capacity, technical cases to keep overturning it but they kept shying away from overturning. let me tell you story here which tells you why the ascent is important but how the court works. when, by the early 1960s the court was ready to over rule betts v brady, the court -- lauren tells his cord to start looking for cases involving the sixth amendment three cases, the first one involved a man who sexually sexually molested his son and daughter and there is witnesses both, this guy was guilty, the court wa