politics for twenty eight twenty two thousand and eight we saw something similar where lehman and the best friends were sacrificed the other was the will to cooperate ultimately lehman was like no i we don't want to be part of this bailout so they were sacrifice they are saying this could happen out on a global basis where the central banks to say you know are actually in it for ourselves not going to go i don't think the euro will survive the next prices because i think that the euro is so vulnerable you know spain raised debt the other day at zero point three percent. or zero point three negative rate that that makes no sense what argentina one hundred. well again argentina is one of these basket cases where you know every few years they just devalue the peso and they just destroy their labor force and they destroy their populations ability to achieve any form of long term prosperity but i think the euro is more interesting because there are cracks beginning to manifest in the relationship between the various members of the european union and i think that when they say that europe s

politics for twenty eight twenty two thousand and eight we saw something similar where lehman and the bear stearns or sacrifice the other was the will to cooperate ultimately lehman was like no and we don't want to be part of this bailout so they were sacrifice they are saying this could happen out on a global basis where the central banks to say you know are actually in it for ourselves not going to go i don't think the euro will survive the next prices because i think that the euro is so vulnerable you know spain raised debt the other day at zero point three percent. or zero point three negative rate that that makes no sense what argentina is one hundred year bond well again argentina is one of these basket cases where you know every few years they just devalue the peso and they just destroy their labor force and they destroy their populations ability to achieve any form of long term prosperity but i think the euro is more interesting because there are cracks beginning to manifest in the relationship between the various members of the european union and i think that when they say th

politics for twenty eight twenty two thousand and eight we saw something similar where lehman and the bear stearns or sacrifice the other was the will to cooperate ultimately lehman was like no we don't want to be part of this bailout so they were sacrifice they are saying this could happen out on a global basis where the central banks to say you know are actually in it for ourselves not going to go i don't think the euro will survive the next prices because i think that the euro is so vulnerable you know spain raised debt the other day at zero point three percent. you know a reserve or a zero point three negative rate that that makes no sense but argentina's one hundred year bond well again argentina is one of these basket cases where you know every few years they just devalue the peso and they just destroy their labor force and they destroy their populations ability to achieve any form of long term prosperity but i think the euro is more interesting because there are cracks beginning to manifest in the relationship between the various members of the european union and i think that w

brothers had it been called lehman sisters?other words, if there were big companies run by women or at least many more women equally represented in the highest echelons of power? what can you say about that? >> well, studies have shown that women manage and think about risks very differently, so i agree that we may not have seen the same kind of crisis that we did because i do think women bring a different kind of view of risk. and that's why gender parity is not charity. it's good business. study after study shows that women are equally as good if not better investors as men. >> women who are professionals in this business and many others, and then who decide to have children, many, many instances and there's recently been a big expose by "the new york times," after having a child, even if women and men were paid equally, the woman's salary takes a major dent and almost never recovers. do you find that in your business? and again, what sort of effect does that have on women wanting to stay, wanting to climb up the ladder and g

politics for twenty eight twenty two thousand and eight we saw something similar where lehman and the best friends were sacrificed the other was the will to cooperate ultimately lehman was like no i we don't want to be part of this bailout so they were sacrifice they are saying this could happen out on a global basis but until banks to say you know what are actually in it for ourselves not going to go i don't think the euro will survive the next prices because i think that the euro is so vulnerable you know spain raised debt the other day at zero point three percent. or zero point three negative rate that that makes no sense what argentina one hundred year bond well again argentina is one of these basket cases where you know every few years they just devalue the peso and they just destroy their labor force and they destroy their populations ability to achieve any form of long term prosperity but i think the euro is more interesting because there are cracks beginning to manifest in the relationship between the various members of the european union and i think that when they say that eu

almost cheerful and hold the match well and because england does andy and lee would be telling us lehman is feeling a little bit immigration this just minutes so everybody expects the crazy to equalise but we don't live it appears very quiet this will only get. one. third of jones' vote usually when a red herring shows here made the decision which is good. in their own opinion good for the duration. that the friendship goes i know the only good guys would stand so .

bank itself the rumor is that it's a basket case that is going to explode going to go the way lehman brothers your thoughts a slow death painful dwindling death because of this is model that doesn't make sense anymore when the model well it was london based capital markets and investment banking with this time. a rump bank back in germany they don't have a banking business in germany so they have to figure out what they want to do with themselves same thing with citi i thought why don't we marry them this wonderful german american alliance but in both cases you have businesses that are big fund them selves off the markets they don't have core deposits they don't have stable funding the way a wells fargo has for example and so they have to figure out a way to be profitable and they haven't they've lost money for ten years right wells fargo's business model is something other than stealing money from clients i'm not aware of that money where the only answer own money. they have something other than just a larceny you know it's basic banking a lot of the. same thing you know you wrote t

know as the two thousand and eight financial crisis triggered by the collapse of the investment bank lehman brothers under a huge burden of bad loans banks around the world folded one after another trillions were lost the world economy went into standby mode bankers and the crisis that's what we're looking at today on mate it has become the stuff of thrillist like this one behind me starring leonardo di caprio in the wolf of wall street a german t.v. show also looks at how a young career obsessed investment banker brings the world of european finance close to collapse with the addition of a few characters and plot twist the banking crisis has been turned into compelling and to tame it but how realistic is that show well our reporter found frighteningly realistic. frankfurt the high octane world of international finance the pressure to succeed the seductive pull of prestige and power. good shoes love the shoes great shoes but that's the work that's stock work be aggressive discuss what with your heart and i need you guys i need a new job i need your vision so i do know by. the german luxembo

according to a survey the vast majority of city employees are quite satisfied with lehman however the experts found that the eighty was poorly managed partly because the heads of departments were allowed to make their own decisions about how to use the programs but there was no fundamental technical problem as the previous head of munich's i t department told the industry news service. we can't interview the employees of the administration because they are not allowed to talk to us however an expert from the municipal department is prepared to talk to us anonymously so is there some truth in the claim that the open source system in the munich administration didn't work properly isn't it isn't touched them enough as it ought to still have a heart on it about it and cannot be for the long as. a lot of phones are not as if you don't want to hit us what's in thousand formula. very often the software in the past but has it in it's meant in. noise for logs distinguished even for microsoft office does what it believes we have no guns and for a long list of converts or years of art that we do

computers to the open source operating system linux since two thousand and four the project called lehman was considered a great success and was also copied in other european cities. in twenty twelve detail writer at the time head of economics in the city government negotiated with microsoft to relocate their german headquarters to munich in twenty four team writer himself became the mayor since then he's been working with the alliance of social democrats and conservatives to bring the city administration back into the arms of the monopolist if you just. am i a. thief went into it. and this man and i had business in the mood at me on this is a bite not me by police after all i was killing this for you i'll take it to our people here as it causes passion for gale pushed into. the pitted and undone done in the final debate the mayor rejects the arguments of the opposition about independence and data security with the linux system and our news in his closing words in the very personal way of how this was when he could return and when he does well isn't seen as root in the answer may be. shif

know as the two thousand and eight financial crisis triggered by the collapse of the investment bank lehman brothers under a huge burden of bad loans banks around the world folded one after another trillions were lost the world economy went.

young and deloitte in that situation where they used unfair information incisor mation exactly like lehman brothers was cause not playing game ball with the other banks on wall street so had to be sacrificed a lot better start this is all of this story is an example of the fact that we have this revolving door we have it in the u.s. we have it everywhere where you have you know hank paulson leaving goldman sachs with two hundred million dollars tax free in joining the treasury and then he bells out goldman sachs and his other banker friends you have it on every layer of the big the big four banks the big four consultancy firms the big four audit firms the big. for telecom companies the big four chip makers the big four defense contractors the big four whatever they want the big four get whatever they want so that's something to be celebrated in the big four but in the u.k. the big four audit ninety nine of the footsie one hundred companies and ninety seven percent of the footsie three hundred fifty from ninety five percent five years ago so it's actually gone up since the financial crisis

reserves were sanctioned russia could default on its external debt and the federal afraid that's a new lehman brothers collapse with freezing of global liquidity. so all possibilities but i think that the u.s. government would be very careful in touching upon it. >> do we have any further questions? >> time is up. >> okay. well, thank you very much for an engaging discussion. bringing, you know, shining a light on this issue is progress. we'll see if we can continue to make progress towards autocracy but thank you very, very much. >>> supreme court nominee brett kavanaugh continues to meet with senators on capitol hill. follow the confirmation process on c-span, leading up to the senate confirmation hearings and the vote. watch live on c-span, watch any time on c-span.org or listen with the free c-span radio app. >>> sunday night on q&a, constitutional lawyer david stewart on "impeached: the trial of president johnson and the fight for lincoln's legacy." >> it's a scandal. it's a terrible -- the chapter on johnson, i won't speak beyond that. the chapter on johnson should be expunged from ever

young and deloitte in that situation where they used unfair information incisor mation exactly like lehman brothers was caught not playing games ball with the other banks on wall street so had to be sacrificed a lot better start this is all of this story is an example of the fact that we have this revolving door we have it in the u.s. we have it everywhere where you have you know hank paulson leaving goldman sachs with two hundred million dollars tax free in joining the treasury and then he bells out goldman sachs and his other banker friends you have it on every layer of the big the big four banks the big four consultancy firms the big four audit firms the big four telecom companies the big four chip makers the big four defense contractors the big four whatever they want the big. get whatever they want so that's something to be celebrated in the big four but in the u.k. the big four audit ninety nine of the footsie one hundred companies and ninety seven percent of the footsie three hundred fifty from ninety five percent five years ago so it's actually gone up since the financial crisis de

know as the two thousand and eight financial crisis triggered by the collapse of the investment bank lehman brothers under a.

computers to the open source operating system linux since two thousand and four the project called lehman was considered a great success. and was also copied and other european cities. in twenty twelve detail writer at the time head of economics in the city government negotiated with microsoft to relocate their german headquarters to munich in twenty fourteen writer himself became the mayor since then he's been working with the alliance of social democrats and conservatives to bring the city administration back into the arms of the monopolist at least last few works am i. feel differently. and this man and i had business immediately on this is of i'd normally get on by. police after all i was killing this failure of take a two hour period as it causes pleasure for gale pressure in new zealand's it on the pitted and this and done in the final debate the mayor rejects the arguments of the opposition about independence and data security with the linux system and argues in his closing words in the very personal way of how this must be here. tom and when it does what he said seen as truth in t

according to a survey the vast majority of city employees are quite satisfied with lehman however the experts found that the eighty was poorly managed partly because the heads of departments were allowed to make their own decisions about how to use the programs but there was no fundamental technical problem as the previous head of munich's i t department told the industry news service. we can't interview the employees of the administration because they are not allowed to talk to us however an expert from the municipal department is prepared to talk to us anonymously so is there some truth in the claim that the open source system in the munich administration didn't work properly isn't it isn't touched them enough as it ought to still have a hard on that about at the start of it and cannot be for the long as. a lot of phones aren't as if you don't want to hit us what's in thousand formula. very often the software in the past but us getting it made in. noise for logs distinguished even for microsoft office does what it believes where nobody comes in for long hours and converts or years o

young and deloitte in that situation where they used unfair information incisor mation exactly like lehman brothers was caught not playing game ball with the other banks on wall street so had to be sacrificed a lot better start this is all of this story is an example of the fact that we have this revolving door we have it in the u.s. we have it everywhere where you have you know hank paulson leaving goldman sachs with two hundred million dollars tax free in joining the treasury and then he bails out goldman sachs and his other banker friends you have it on every layer of the big the big four banks the big four consultancy firms the big four auditing firms the big. for telecom companies the big four chip makers the big four defense contractors the big four whatever they want the big four get whatever they want so that's something to be celebrated in the big four but in the u.k. the big four audit ninety nine of the footsie one hundred companies and ninety seven percent of the footsie three hundred fifty from ninety five percent five years ago so it's actually gone up since the financial cri

bank itself the rumor is that it's a basket case that is going to explode at another way lehman brothers your thoughts a slow death painful dwindling death because of this was model that doesn't make sense anymore but in the model well it was london based capital markets and investment banking with this time. a rump bank back in germany they don't have a banking business in germany so they have to figure out what they want to do with themselves same thing with citi i thought why don't we marry them this wonderful german american alliance but in both cases you have businesses that are big fund them selves off the markets they don't have core deposits they don't have stable funding the way a wells fargo has for example and so they have to figure out a way to be profitable and they haven't they've lost money for ten years right wells fargo's business model is something other than stealing money from clients i'm not aware of that money where the only answer own money. they have something other than just a larceny you know it's basic banking a lot of the. same thing you know you wrote the boo

spend on defense i mean that's already been shot down by the italian prime minister who says he knows lehman to increase. defense spending at all and indeed emmanuel macro of france saying that that is not the case yeah i think until we see a black and white documents saying there's a new target we have to be skeptical what seems to have emerged from this emergency session is basically the european leaders have left try and place fear tricks and call victory and drive home the message that he's getting a better deal for america with nato. seems in fight there was no hard commitment no new target agreed by nato heads of states there were just some verbal.

i'd like to introduce the project team, courtney passion, victoria lehman at build, who have been a big part of getting the project where it is today. and i would like to introduce the design team. s.o.m., our master architect, bionic is the landscape architect, gail doing our public realm. we have sherwood design doing water and b.k.f. the remaining infrastructure. aecon doing our ceqa and environment. we purchased this site in 2013 and started our planning and development in 2014. it's largely vacant with a cul-de-sac. there were a variety of plans that were putting to in many years that this site had sat vacant. we reviewed the plans. they're listed here, as you can see, and tried to take the best element of each. in particular, we looked at the 2010 india basin neighborhood association vision, which laid out the intent and desire of the immediate neighborhood for development here. over the past four years we have had extensive outreach. if you know build, we're exclusively residential. our office is three blocks away on linden. we're part of the community and have been for a long ti

lehman brothers has filed for the biggest bankruptcy. >> the largest financial disaster in decades andra in american business. >> what happened in september of 2008 was of a scale i had never seen before. >> you really did think, oh my god, the financial world could collapse. >> confidence in our financial system and in its institutions is essential to the smooth operation of our economy. and recently that confidence has been shaken. >> after a tumultuous two terms, president bush's dealing with the financial crisis that could be devastating to the nation. >> fear has taken hold of the financial market. >> this is irrational panic. people are selling first and asking questions later. and bush and his team decide that the answer's going to be government. >> i faced a choice, to step in with dramatic government action, or to stand back and allow the irresponsible a/cs of some to undermine the financial security of all. under our proposal the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets clogging the financial system. >> the troub

it's been published in 12 languages it was about the failure of lehman brothers i think today we're lookingt another colossal of common sense. you're talking about capital flowing into these names etfs today, some of them -- just like shadow banks and cdos, the amount of capital flowing in, there's no sustainable way if we go into a meaningful bear market that these etfs can provide true liquidity. >> do you think this will end up poorly will this have a bad outcome that everybody is piling in these stocks >> if you look at the market now, the amount of stocks that are making 52-week highs are down at 71 compared to in january, up to 350. so near-term, there's definitely -- even though google had a fantastic quarter, probably another late cycle phenomenon, another quarter near the top of the turn, of course this will end badly. there's just not enough true underlying liquidity that can allow investors to get out if there's too many people heading towards the door >> you look at it in pro sports, you can have one player who almost single handedly -- look at lebron james, there's other good p

the kind of thing lehman and experts who know nothing like me want to get their hands on to try to understand what is happening in national politics today. i wanted to dive right in and talk about the book. if you open the book opens with you spending time in the middle of the night with bonnie smith. i want to set this up. you went with her to the bakery that she runs and had a really interesting conversation and i have a couple questions about her. >> she was a really remarkable and interesting woman, very tiny, shorter than me and she gets up when the alarm goes off every morning at 1:45 in the morning and has to get to the bakery to make the donuts. she gets to the bakery, has donuts and cupcakes and little tea cakes and a multitude of different cookies and pastries and danishes and by 9:00 in the morning when i get in and start talking to customers she has already been up for 81/2 hours and this is a woman who has spent her entire life as a democrat. she voted for bernie sanders in the primary in 2016. she said to me i was born a democrat. my parents are democrats, my grandparents a demo

lehman brothers filed for the biggest bankruptcy in history and merrill lynch has taken over. >> certainlyal disaster in decades in the country and perhaps the end of an era in american business. >> what happened in september 2008 is a scale i never saw before. you really did think, oh my god, the financial world could collapse. >> it's essential to the smooth operation of our economy. recently, that confidence has been shaken. >> fear has taken hold of the market. >> this is irrational market. >> bush and his team decide that the answer is going to be government. >> i faced a choice. to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all. $700 billion taxpayer assets on the time for those clogging the financial system. >> shows how much resistance there was. >> this bill offends my principles. >> the idea was we need the government to have access to a huge amount of money we can then use to show our banks. >> how many times do we have to dig in our pockets? >> a lot of people hated it, obviously. t

particularly when you consider the fate of some of the other pure investment banks, whether it was lehmanent under that had to be taken over. that comment coming exclusively to me from jaime navarroe jaimet >> jaime diamant doesn't look like de -- >> i'm sure he does not expect lloyd to popov the board tongue-in-cheek close. >> of course of course. wilfred frost. catch him on the closing bell later. speaking of big names, we have a big lineup for our eighth annual delivering alpha conference. that's tomorrow in new york. speakers including larry kudlow, mary, mark los angelesry, jonathan gray, jim chenos, howard marks we, by the way, will be there live tomorrow. we'll have jim chenos joining us as well. >> the company has gone through restrictiving. maybe it's not that quarter, but it's going to be the second half of the year. >> have we mentioned your added role yet >> we did not. >> we did not. portfolio manager at tiaa. >> oh, congrats. >> and. >> a fun stock that we have owned. roku it got an upgrade from key bank today, and it's clearly got a lot of momentum. just in the last three m

. >> now, i'm going to translate that into what i would call lehman's the administration tht kids wouldult, that pain would be inflicted, correct? >> separation of children from their parents entails significant risk to children. >> it's traumatic for any child separated from his or her parents, am i correct? i say that as a parent of four children. >> there's no question. there's no question that separation of children from parents entails significant potential for traumatic psychological injury to the child. >> reporter: those words, psychological injury to the child are significant coming from the hhs official, especially as they continue to grapple, not only the fallout with status of many of the children, but at the bear minimum the full accounting for what is going on with the kids that have been separated from their parents. you mentioned briefly at the top that we did indeed get new figures from the administration today. commander white said that 510 separated children have parents who are no longer in the u.s. of those 510, 81 of the children have been discharged, potentially t

a lehman brothers collapse with the global liquidity. but iare possibilities, think the u.s. government would be careful. >> any further questions? >> time is up. [laughter] >> thank you for an engaging discussion. shining a light on this issue is progress. we will see if we can make progress for democracy. thank you very much. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >>> secretary of state mike ompeo will be on capitol hill next wednesday to talk about north korea. precentery -- recent trip to the nato summit, nd his visit with vladimir putin. 3, p.m. eastern on c-span c-span.org, and the c-span radio app. up live friday on c-span, a discussion about the mpact of the u.s. withdrawal from the iran nuclear agreement hosted by the middle east policy at 10:00 a.m. eastern. at noon eastern, health nsurance officials discuss the role of the individual health insurance market. and the nation's governors meet new mexico. you can watch the national governor's association meeting at 11:00 a

a lehman brothers collapse with the global liquidity. but iare possibilities, think the u.s. government would be careful. >> any further questions? >> time is up. [laughter] >> thank you for an engaging discussion. shining a light on this issue is progress. we will see if we can make progress for democracy. thank you very much. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> mike pompeo will be on capitol hill next wednesday to talk about north korea. motion --eeting with russian president vladimir putin. live coverage at 2:30 p.m. , c-span.org,span3 and the c-span radio app. >> vladimir putin spoke to russia diplomats about his country's foreign-policy goals. we will have that next. then, paul ryan is talking about politics, the republican agenda, and the future of his party. and trump's nominee to lead the consumer financial protection bureau testifying at the senate banking confirmation hearing. journal, live every day with news and policy issues that impact you. morning, tim chapma

lehman brothers and bear stearns were so massive it was had ard to imagine them vanishing, but they did. the market value of fossil fuel reserves that can't burned is around $20 trillion, do, according to the world bank. that is such a big wipeout, it is hard to comprehend, let alone anticipate. so people wait until tomorrow and then the tomorrows pile up into a bubble and then the crash comes when the first person panics and everybody runs. one other market failure here is actually how the crooked political pressure of this industry is causing us not to focus on the 2-degree celsius ceiling scientists warn us about for global warming or the 1 .5- degree celsius burning ceiling. but existing reserves will blow us through. we cannot have both a safe planet and full extraction, and the fossil fuel industry is choosing extraction. that political castle of climate denial will fall sooner or later. it is false. so not only is condition one met -- untrustworthy players -- but condition two is met. there is actually a massive, multiple market failure in fossil fuel awaiting correction. which b

i was speaking to lehman miller on yesterday and he was saying that china is an actively depreciating their currency, they are just allowing it to weaken and then they showed overnight, we are done. we are going to try and stabilize it. represents based on what he was saying, he doesn't want to antagonize president trump further. if xi jinping had allowed the u.n. to really plummet and weaken a dramatically against the dollar, that would have been goading trump on to do more. people can take what they want but this indicates, we are not in the throes of a currency war. earnings.'s jump to ge the big-name out. a little bit of a beat. stock moving a bit. sarah: the stock is up 73 basis points so not a huge move. a lot of investors were mostly saying they want to see this turnaround plan is on track. they want to see a positive step in the right direction. if you broaden out and look at industrials, so far companies have reported earnings. every single one of the industrials companies have been on both sales and earnings. they have been outperforming more on a single day after reporting.

in it, those of us that the final versions, i was working with senator tower, bill schneider, john lehman, and we worked with build enclave in best bill -- bill vanclaven. is the major for statement of reagan's strategy. the section that deals with foreign policy, foreign affairs, is called "peace and freedom." i always talk about his strategy as being a strategy of peace and freedom through strength. they are absolutely interconnected. a new they could not bps without freedom and they could not be freedom without peace. they were interrelated. andcannot fight for peace have a totalitarian version. ran,latform on which he and wish nobody seem to remember now, in during the first days of the administration i read parts of it, excerpts, when i went as a representatives to the interagency meetings that were chaotic. there was no discipline. everybody said whatever they felt like. there was no guidance. president's first crisis nsc meetings were areas i did not work -- i worked in the defense cluster and i took the mantle of arms control. that did not come until about march or june. let me se

i was working with the senator of the republican policy committee, bill snyder, john lehman, bud mcfarland, and we worked with bill van claef in the transition and the campaign. and you aught to read that platform. i have it in my book as a major first statement of reagan's strategy. and incidentally the section that deals with foreign policy, foreign affairs is called peace and freedom. so i talk about his strategy as being the strategy of peace and freedom through strength. you are absolutely interconnected. and he knew there couldn't be peace without freedom and not freedom without peace. you couldn't as a non-freedom fighter fight for peace and give it maybe a totalitarian version. so the platform on which he ran, in which nobody seemed to remember now, in which during the first days of the administration i read parts of it, excerpts when i went as a representative to the inner agency meetings, which were chaotic. there was no discipline. everybody said whatever they felt like. there was no guidance. and the president's first crisis meetings were in areas i did not work. i worked in wh

the lehman brothers holding. our marshall. michelle parker, pension benefit guaranty corporation whistleblower. nancy paul blew the risks -- whistle on high risk can the patients. the department of homeland security. the department of energy. marcel reid, the acorn whistleblower. dan richardson, bristol-myers whistleblower. the missouri national guard whistleblower. he -- approved reprisal. scottsdale ozona houma -- arizona homeowners association. service disabled veterans. north carolina court system. the united states air force ig. white house. the u.s. department of state. corruption and the suffolk county, new york school. the department of commerce. u.s. securities and exchange commission. new york state whistleblower. body armor whistleblower. fbi. kenneth williams, law enforcement whistleblower. stephen zanowick, u.s. marshal service. it.i do believe that is is there anyone i missed? if there is, please stand up. do not be embarrassed. do not be embarrassed to be a whistleblower. if i missed your name, stand up and anno

surprise that in the years leading up to the financial crisis top executives at bear stearns and lehman brothers cashed out within $2.4 billion for the stock for those companies collapsed. it is no wonder that the sophisticated investors have for decades struck limited their own executives freedom to cash out chairs. in the wake of the financial crisis congress new that is important to force managers to keep skin in the game in the long run. that is why the dodd frank act included several provisions that were designed to give investors more information about whether and how managers would cash out. unfortunately, as you all know too well, those rules have still yet and completed by the sec. investors stole the dark about the executives incentives. nearly eight years since that landmark legislation is completely acceptable that the sec has not yet promulgated these and other roles that are required by law. it is not just the regulations have not been finalized but the problem itself keeps getting worse did the trump tax bill has unleashed unprecedented wave of buybacks and i worry that l

the near failure of bear stearns, the default of lehman brothers, that was a huge wakeup call for the city. collateral processes are much better today their counter process management is much better today so today, for example, almost all interest rate swaps in the u.s. and europe are cleared to clearinghouses and that has dramatically reduced counter party risks. >> let's walk through some of the other headlines. ken griffin on trade, what do you make of the fight that's taking place, what do you think about what larry kudlow just said on eintinternational trade. >> the president clearly has the right mission, the united states, post world war ii, embraced a series of trade deals, one, to help rebuild war torn europe. you need to remember that the united states got out of world war ii economically intact as compared to the rest of the world, and we were willing to use a series of policies to help the world regain its footing those were absolutely the right moves for us to make as a nation with respect to china, and opening of trade to china, the view of was that a strong trade relati

lehman low.s the the world is coming to an end, again, again, again.alaise here. is it the same script as before, or is there something different this time? >> the only thing different is we are further advanced in the economic cycle. tom: bring up the chart again. come on. that is the story. >> that is the only story, frankly. it is another correction within a longer-term uptrend. each correction, the bears come out in full force and born this is a next 2008-2009. frankly, the economic conditions are stable, and the earnings outlook is vastly different. tom: this is where i want to go. bloomberg intelligence, you look at companies. i get that. what are you seeing sector to sector, industry group to industry group, down the income stream. >> it is fast growth. second quarter coming specifically, 20% growth year on year in every single sector, cyclicals surpassing defensive's. growth, but excluding energy, 20% growth for s&p 500 companies. it is broad and consistent. sales growth is accelerating, which dismisses the bear points. there is not a lot of ev

this would lead to outcomes like enron or lehman brothers where you had a problem with upper managementrises anywhere to that level but you have to be concerned who is running these companies. stuart: yes you do. brian, thanks for joining us. he appreciate it. good stuff. >>> now this. the supreme court, three red state democrats you see on your screen, they voted to confirm justice neil gorsuch but brett kavanaugh's confirmation will be a big test for these moderate senate democrats. joining us north dakota congressman kevin cramer. congressman, you're running against heidi heitkamp for the senate. that's what you're doing. which way is she going to vote on mr. kavanaugh. >> consider it breaking news she will vote for judge kavanaugh for the supreme court. whether she is prepared to announce it or not, let me announce it. she will vote for bret carve gnaw. stuart: how do you know that? >> recent poll bitter recognize group, 6% of north dakota tan want her to that is judge kavanaugh has been right on some issues. certainly finalist, maybe any judge in the appellate circuit anywhere, esp