brothers there is a connectedness problem, these problems spread throughout lehman brothers so lehman brothers itself, a very detailed picture, lehman brothers itself collapses in a very connected way but the sense in which he is saying the connectedness was not important for the financial crisis is when you look to see how the financial crisis spreads from lehman brothers to the rest of the economy it didn't spread through connections. didn't spread -- lehman was defaulting to goldman sachs which defaulted to the next and the next and the economy. that way. instead lehman brothers just kind of collapsed rather neatly through its own internal fragility but it didn't spread to the rest of the system through these connections which it spread through panic, the reserve funds, those lehman assets declined in value, investors in the money market fund will happen. the investors who invested in the other money market funds panicked, pool their money out of those funds even if they didn't invest in lehman assets at all. takes an interesting picture of how fragile lehman brothers in itself and

she drafted the petition for one of its campuses, lehman college, to be a sanctuary cacampus.philadelphia, olivia vazquez a recipient of daca -- deferred action for childhood arrivals -- and a youth organizer at the immigrant rights group juntos. with her is miguel andrade, also with juntos. he is an immigration paralegal who has been working with the philadelphia mayor's office to declare philadelphia a sanctuary city, or 4th amendment city. i want to welcome you all to democracy now! i woululd like to start with miguel andrade. what is it precisely philadelphia promising to do in terms of creating sanctuary city? >> thank you so much for having me. basically, what philadelphia stands for is the fourth of them is that he is our mayor must recently announced, is that a sickly immigration and local law enforcement will no longer be working in conjunction. what was happening before with dust was if someone was undocumented in connection with local law enforcement, they were handing them over to immigration, to ice. basically what the community worked for and fought for in so man

jorge paulo lehman's company. core into the brazil wall street journal, 3g capital is seeking a billion to $10 billion -- seeking a billion dollars to $10 billion. here are the stocks that appear to be rising on speculation they could be a target, kellogg's, general mills, campbell soup. in march of last year the journal in the u.s. have reported 3g had looked at general mills and kellogg's. that is why speculation may be surrounding these companies. 3g has a history of looking at consumer companies. here are some of the deals it has done. that burger king acquisition in 2010 that ended up merging with tim hortons and forming restaurant brands in 2014. heinz was bought 2013 and managed to craft heinz in 2015. those are some of the deals 3g has done. if you look at lehman's assets and what he has at his disposal, $19.2 billion of his money is in evinbev. restaurant brands has about $2.5 billion. $200 billion according -- $200 million from figures got from the bloomberg. idea of where this a tolion-dollar -- $8 bill

standing next to me, when you come in here, you will see the smiling face of rachel lehman, the coordinator for the salvation army. how are you today? >> doing great. having a great day out here. >> jump right into it. what is in these boxes? i see that we have pancake mix and cake mix. >> we and stuffing. and we have potatoes -- a lot of variety of vegetables. dessert. part of our goal this year was to provide enough food for the entire day. so no one hungry for one day. that is something we are excited to offer. >> so you are giving away a wholemeal. can you tell me about the families coming in here today? how do they pick up boxes and? >> families need to be preregistered. few weeks ago peers they come in, bring a ticket and photo identification. they can get the male and take it home to their families. >> what about the families that didn't register. >> each box is assigned to an individual or family already. we will offer a meal wednesday. we will be open at 4:00. a thanksgiving meal. so folks that did not get to register -- will still get food that they. >> really quickly, what is the

toward hillary but there are some who predicted this a long time ago american universities allan lehman had predicted all the winner since 1984 he is been predicting trumps a victory for months the also correctly predicted trump would win by a narrow victory another prediction coming from a very unlikely source were talking about the simpson's check this out the show features a flash forward to the future edit lisa simpson is the president and then she makes this comment take a listen leave it had to quite a bunch for trump habit is the aired 16 years ago in the year 2,000 and march a right of for the show to the hollywood reporter than it was pension letters because actually did think it is something that eventually happen down the road some people remember this and other tweeting about after hearing that trump had one last night saying that we should all expect for lisa simpson to be our country's next president i'm okay with that when cartoons celebrity said they're making good on their promise and not donald trump will be present there here remember all these the celebrities of a di

. - the collapse of lehman brothers set off-- - when lehman brothers went and wall street began to crashrd. - i've put forward, consistently, some core principles that would protect taxpayers. - john mccain, as part of a larger statement says-- - the fundamentals of our economy are strong-- - that statement is taken out of context by the obama campaign. - maybe you're struggling just to pay the mortgage on your home. but recently, john mccain said the fundamentals of our economy are strong. hmm. - it is cast as a statement that suggests mccain is out of touch. - when asked how many houses he owns, mccain lost track. he couldn't remember. - that ad hurt perceptions of john mccain's competence to deal with the economy. the second thing the obama campaign did was allied john mccain with george w. bush. - senator obama, i am not president bush. i'm gonna give a new direction to this economy and this country. - if i occasionally mistaken your policies for george bush's policies, it's because on tax policy, on energy policy, on spending priorities, uh, you have been a vigorous supporter of pre

that was what no one really anticipated, what would happen if a lehman went down. come to a different subject for just a minute though, then we'll come back. the bush tax cut of 2001. i was personally really mad at alan for espousing that, but -- and he knows that. but that was a curious incident. can you talk about it a bit? >> guest: sure. it was a curious incident because in some ways, you know, alan greenspan's emergence into his political acceptance in washington was crystallized in 1993 when he endorsed the clinton budget package which raised taxes to reduce the deficit. >> host: and he'd always been anti-deficit. >> guest: he'd always been anti-deficit. and he was there to the the state of the union speech when bill clinton gave a speech, he was next sitting by hillary clinton clapping as bill clinton promised to reduce the deficit. so he was known as a deficit hawk. and then along comes george w. bush in 2001 with an enormous tax cut, and greenspan sort of endorses it. now, he endorses it with a caveat which is that he wants as sunset clause such that if th

. >> lehman is one of two activists pushing to lower the legal taking age to 18. earlier hundred 8000 signatures to get it on the 2018 ballot. >> if you look at the statistics for drunk driving, 30% of our crashes related to drunk driving. if you look at taking age oo 18 or lower, the statistics is only 12%. >> the united states is one of four developed countries worldwide with a taking age over 18. that's due to a 1984 federal law tying federal funding for highways to drinking ages. if we lower ours, cdot says we could say goodbye to millions of dollars. a major sticking point for people like matt. >> if i don't thing that would be worth it. check of the national traffic highway administration estimates and you re 21 age requirement has saved 900 lives every year. proponents argued teenagers are already checking before 21 so why not teach them to do it responsibly. >> everyone drinks illegally under 21 anyway. make it more legal and regulated like everything else. drivers tell us they are against this. the 21 treating age is one of the most studied public health

bill lehman, who passed away earlier this year at 91. mr. farenthold: during world war ii he served in the army state side selling war bonds. after the war he earned his master's degree and ph.d. in physics and began a 30-year career in the air force civil service. he rose quickly in the ranks becoming director of the air force office of scientific research and later chief of the air force weapons laboratory. the first civilian to hold this job. he focused his energy on community service when he retired in 1992. he was an active member of the rotary club where he was honored as rotarian of the year in 2013. he also founded the annual veterans day ceremony at the school in the early 1990's, growing it from a small event to a gymnasium full of people packed with hundreds of veterans, students, and community members. dr. lehman created a fantastic legacy that will impact the community for years to come. to dr. lehman and his family and to all veterans, thank you for your service and god bless you-all. i yield back. the speaker pro tempore: for

euro but i can tell you that things have changed since 2008 in the fall down of lehman brothers.ls have to adapt to these new environment. that was bored member ert.eas domb -- dombret. this is bloomberg. ♪ vonnie: it is time for our global battle of the charts, where we take a look at some of the most compelling charts of the day and what they mean for investors. off today --he always has an amazing chart. >> today we will be looking at one of the areas of the stock market that has them the best since donald trump won the election last week, small caps. small caps reached a record yesterday. people are speculating that donald trump's pro-domestic growth policies as well as tax cuts could be favoring companies that do most of their business in the u.s., which encapsulates small caps. you would think investors might be worried about this run-up. as you see on the bottom panel here, that's not exactly true. this is looking on the short interest as a percentage of shares left standing. it'swe are seeing their, only been that low three times since 2007. no one is really worried. no o

even if this government has fixed it -- could this be a lehman brothers moment? possiblyould not believe it would. these banks are too small. you have the ecb involved. and all the rest of it. do theel is that you same as you did last year, with the small banks under guidance. other banks have to help the retailers who may have been bailed him, or there is flexibility in the system. everything you hear from brussels and berlin -- they have a lot of flexibility. francine: even berlin? erik: even berlin. i suspect it is because they have a few banks they have to deal with themselves. change thehy not rules already? i mean, you are talking about a small amount of money. we have a lot of italian ceo's, and this is what they keep saying. the amount of money could be easily found if the rules were changed. actually right. the problem is the rules came into effect only at the beginning of this year, and i don't know why in the world you put these rules into place at a time when you still have not sorted out the banks. out, for theoint whole system like this, we are prob

lehman campbell was recaptured and the other is still on the run. and he cut through the cell bars on thanksgiving day and repelled down the side of the jail using tied up bed sheets and they are facing possibly life sentences if convicted of the charges that they are already in jail for. >>> take a look at this surveillance video from this zales store. he is looking at o he just takes off. and he is seen jumping into the passenger seat of a car and took off. >>> the police are looking for the man that tried to lure a 13- year-old girl in his car. officials said that the girl was waiting for her mom when the guy offered her a ride. she refused. but he demanded that she get in the car and chased her. the girl did get away and not hurt. >>> california officials are caused a car to fly off a california freeway ending on a homeless encampment crushing a woman to death. three people inside the car were hurt. and the california highway patrol said it went over the right shoulder and 20 feet down on and bankment and crashed into the homeless encampment. >>

lehman. >> great, thank you so much. it's such a pleasure for me -- can you hear me mow? it's such a pleasure for me to get to be with all of you and with my friends and colleagues on this panel. i am catherine lehman, i'm assistant secretary for civil rights at the department of education which means that i enforce federal civil rights laws in schools both in institutions of higher education and in our p-12 system. our three major areas we focus on are race, sex and disability and we are actively engaged in the work of making sure all of our students live the promise that the attorney general talked about, experience in school, respect for their person, opportunity to learn and the ability and the platform to realize their dreams. so it is such a pleasure to be with all of you who are doing that work everyday who are in partnership with us to make sure our students have that opportunity and i'm looking forward to this conversation. >> thank you. curtis? >> and good morning everybody. curtis johnson, current president for hbcu leea and i represent all of the chiefs and se

happened, it was said that this is a lehman type moment for the shipping industry.the mergersk and acquisition activity, i would say there is a seismic shift. we are seeing a lot of consolidation, some of the unlikely competitors consolidating as well, so there is a movement. whether it is a layman movement or not, i don't want to speculate. brothers moment or not, i don't want to speculate. is said that he could be the first of others as well. >> we are very well-financed. rishaad: i know you would never reveal that. so there we go. >> in terms of the leverage of a sourcetry, that is of concern, and the underlying profitability is a concern, so if you are heavily in debt and have low returns, that should be a concern. there are companies doing better than average and maersk line is one of them. there is a movement of customers who are worried about the profitability of our competitors. rishaad: this is it then, are there too many players? is that why margins are so thin? long said that consolidation would benefit the industry. it is still a fragmented industry. we

it is not for the everyday people lehmans document. the other thing you pointed out, the plan would pay for itself by after you getting the tax break to corporations, the revenue from the income tax on the employees you would hire, that would make up for the tax break. ok, what the economist told me was you are relying on the fact that you are going to hire millions of people for these new projects. campaignd during that he would hire millions of new employees but in an interview, wilbur ross who i reached out to said he was going to endorse that number which would be about a million dollars but when i went back to the economist he said that would not be sufficient. plan,ven wrote in that they said, this whole concept of revenue from the income tax is a concept that is new. ok, so this is a new really untested formula for infrastructure. with the transportation goods are telling everybody is we do not have to reinvest the wheel. to -- theneed roadways. to inflationx it and have the ability with this account for states looking to invest

from bastion lehman postmates.row on bloomberg television and radio, join us for full coverage and analysis of the latest u.s. jobs report. keene at 8:30 a.m. in new york. coming up, chinese internet giant baidu just joined an alliance with a major television company. ♪ characterese wireless -- wireless carrier unicom and baidu are teaming up. they will partner amid plans for ownership report -- ownership reform of state owned enterprises. joining us now, a bloomberg reporter from tokyo, and gordon chang, author, reporter. gordon, i'll get to you in a minute. peter, you have covered these two companies were a long time. what does this alliance mean to you? peter: it is an important step for both companies at this point. the chinese government has been looking for ways to improve the efficiency of the state owned enterprises throughout the economy. the oil companies, railroad companies, telecoms. the telecom sector is really dominated by these three companies. particular,nicom in they want to increase the efficiency

. >> yeah, it was just -- pretty much a month later lehman brothers collapsed, et cetera, et cetera. >> seth: and that started it all. >> yeah. >> seth: and now your father, i imagine he is proud of you for writing this book. >> very. yeah. >> seth: has he read the book? >> well, seth -- [ light laughter ] so when i gave the book -- my when i gave it to him, i said, the book is a little bit rated r. >> seth: okay. >> and i'm pretty sure he opened it up, started reading, got to the first sex scene, closed the cover, and then he started reading war and peace. >> seth: really? >> yes. >> seth: that seems like he is really trying to put it off as long as possible. you know what's funny, 'cause we've had both actors and actresses on this show who have someone who doesn't want to read a sex scene. >> it's not me. >> seth: it's not even you. >> it's not me. >> seth: yeah. he doesn't want to read your fictional take on what sex is like. >> yeah. [ laughter ] precisely. >> seth: there's too many clues in there. he doesn't even want to deal with it. he's like you know what, i'm gonna let some

listings, and i joined lehman brothers and worked on a number of chinese financing, equity financing.ie: you were involved in a company that you helped build, in the expedia business. neil: that is right. i am proud of that experience. in 19 99, after working in the banking industry for over six years, i decided i would try something more entrepreneurial. i cofounded the company c-trip together with two of my friends. c-trip, meaning chinese trip. we try to learn from -- charlie: kind of an expedia china. neil: right. today we're almost the same size as expedia. with 16 years of history. it is a $25 billion plus market. charlie: you decided to go into venture capital. with sequoia, but making it run from china. neil: yes. that's right. it is a very great set-up. on the one hand, you have the global brand, you have the 40 year experience and views on technology, on a global basis, with sequoia. at the same time, we had a decision-making on the ground by local teams. that is important. there are very unique dynamics in china. oftentimes, some of the things worked in the u.s., they may n

your big lehman screens, your fancy dinners have not going to end. the world is not going to end. you are still going to make millions of dollars on crappy movies and do every single thing you normally do. enough of the little baby temper tantrums going on here. what is going to change is the life hopefully of millions of forgotten americans, forgotten man election i call it who have seen their jobs disappear. who haven't had a raise in years with the lowest home ownership rate in 51 years. the lowest labor participation rate, believe it or not, since the 1970s, 95 million americans out of work. you know what? two to three jobs people are taking to support their families. they are not living your lifestyle. healthcare premiums have skyrocketed for the average american. people completely ignored by the political elites in washington and all barack obama did was make it worse. donald trump ran for president to help them, to make their lives better. and when he puts his policies in to place. hopefully all americans will benefit. here with reaction. nationally syndicated talk show hos

we're taking a look at federal reserve balance sheet which it has ballooned since the days of the lehman brothers issue, and sos really no signs of stopping. go ahead, art? oh, steve. >> just to take off my wall street hat and put on the political one for donald trump. if you can look at the balance sheet it would perfectly track the rise of populism here and around the world. central bank policy has been one of the primary drivers of wealth inequality. this is a wonderful economy if you are a owner of assets, if you made it and have real estate and stocks, this is fantastic. if you're a striver, a wage earner, you want to get into the 1%, this is a miserable economy for you, a punishing one. i think it's one of the reasons that donald trump resonated, one of the reasons brexit happened and one of the reasons donald trump will win and break us out of the tepid cycle of the sluggish growth. trish: i wrote a piece on this for usa today two years ago saying the fed inadvertently was creating this thing they hate, income inequality. think about it, only those with assets, only those that can

just before the financial crisis if we assume the crisis began with the default, with bankruptcy of lehman brothers. on june 30, 2008, this is what the situation looked like for subprime and other high risk loans. on the left is the federal government that had 76% of all of those loans. the blue is fannie mae and freddie. above that the red is fha and above that a number of other government agencies like the department of agriculture and veteran affairs, all of what participated to some degree in the mortgage market. on the right is the private sector. what you see immediately when you look at this is that the government had a major role in buying be low-quality in risky mortgages. in fact, you might say that the government created the market for those mortgages. after all, they were the principal buyer and the holder of it. now how serious were these mortgages? in terms of their effect on the holders? this is an excerpt from a credit profile published by fannie mae in june 2009. i was just about a year later. they have had a chance at this point to take a look at what the losses came from

in my view, it would be worse than 2008 after lehman brothers collapsed. almost every financial instrument in the world is based off of treasury rates and off of the dollar to some extent. everyone has it in their portfolio. interest rates would go through the roof the next morning. the u.s. bond market is almost $40 trillion. about $20 trillion of that is treasuries. the rest is corporate bonds. every single interest rate associated with this goes through the roof the next morning. i can't even estimate how bad it would be. it hasn't happened because usually somebody exercises leadership to prevent this from happening. but the u.s., it is the safe haven of all safe havens. the dollar is still a reserve currency. there's still nothing close to it. mr. abruzzese: so even playing around with this, even though we generally know that they'll reach some sort of agreement before this happens, why even risk it? i mean they've gotten shockingly , close to not actually being able to pay some debt in the past. so i just wish they would do , what they've done right n

june 30, 2008 just before the financial crisis, if we assume the crisis began with the bankruptcy of lehman brothers in september of 2008. on june 30, 2008, this is what the situation looked like for subprime and other high risk loans. on the left, the federal government had 76% of all of those loans. and the blue is fannie mae and freddie mack. above that, the red is fha. above that, a number of other government agencies like the department of agriculture, veterans affairs, and so forth all of which participated to some degree in the mortgage market. on the right is the private sector. so what you see immediately when you look at this is that the government had a major role in buying these low quality and risky mortgages. in fact, you might say that the government created the market for those mortgages. after all, they were the principal buyer and the holder of it. now how serious were these mortgages in terms of their effect on the holders? this is an excerpt from a credit profile published by fannie mae in june of 2009. just about a year later. and they've had a chance at this point to t

remember, back then, john mccain's campaign effectively ended the bottom completely dropped out the day lehman brothers collapsed. in september of 2008. stow was -- because of the bad economy, and, yes. compared to that, during the entire time, president obama has been president, things are much better. but it's about how you feel in your home with your bank account, with your pocketbook, with the things you have to buy for your kids and health care and so forth. that's what hattermatters. >> obama on the campaign trail saying, thank you, obama. sort of reminding them where the country has come over the last eight years which is, i think, when we hear from hillary clinton talking about the economy that is exactly what she's going to say. >> we keep saying this is about personal characteristics, fitness to serve. a lot of our elections are like that. no issue generated. 2008, it was really about leadership in a crisis. that's what that moment when john mccain wanted to suspend, did not have the debating, when barack obama handled himself bet the people looked, said can this guy handle this. >>

june 30, 2008 just before the financial crisis, if we assume the crisis began with the bankruptcy of lehman brothers in september of 2008. on june 30, 2008, this is what the situation looked like for subprime and other high risk loans. on the left, the federal government had 76% of all of those loans. and the blue is fannie mae and freddie mac. above that, the red is fha. above that, a number of other government agencies like the department of agriculture, veterans affairs, and so forth all of which participated to some degree in the mortgage market. on the right is the private sector. so what you see immediately when you look at this is that the government had a major role in buying these low quality and risky mortgages. in fact, you might say that the government created the market for those mortgages. after all, they were the principal buyer and the holder of it. now how serious were these mortgages in terms of their effect on the holders? this is an excerpt from a credit profile published by fannie mae in june of 2009. just about a year later. and they've had a chance at this point to ta