including the fact that he worked for lehman brothers, which took down the world. i mean this guy was working for lehman brothers when it collapsed. >> joining us now from los angeles is john kasich himself. governor, you stand by that statement that republicans are on the verge of nominating someone incapable of being an effective president? >> well, look, eric, the problem is i'm worried about my party and being able to win the white house and also having good policy. when you say that you may do away with medicare or medicaid or make it an option. that is just a ridiculous kind of proposal. it won't work. and i just looked at the tax scheme of the person that just was speaking. and i found out that even under a model that requires dynamic scoring, he is 10 trillion in the hole. now, i mean i'm not going to add 10 trillion to my 16-year-old's bill. and then to say we're going to ship 10 or 11 million people out of this country leaving families divided. >> it's resonating with the voters. summer of trump. fall of trump. real fall of trump is not happening yet. >>

did lehman brothers, did that -- is that, was that the lesson, the lesson from lehman brothers in partnot to do that, i assume? >> guest: well, what bankruptcy does, the goal of bankruptcy procedure is the to protect the creditors, to make sure that the bond holders and so on get as much return as they possibly can. unfortunately, that's, that was not the main public purpose at time when lehman collapse. we weren't concerned about the bondholders, or we were concerned about the stability of the overall system. they ended up losing a lot of money, which is fine. which, by the way, goes against the idea which lehman was easily saved which some people have argued. but anyway, the trouble with bankruptcy laws is they are not focused on the principal public purpose in a financial crisis which is to prevent the collapse of the overall system. the advantage of the early liquidation authority is it gives a lot of discretion to the fed, the fdic and other regulators to do what's necessary to stabilize the company, to stabilize the system without necessarily being constrained by doing things onl

is that the lesson from lehman brothers? the goal is to protect the creditors. unfortunately that was not the main public port -- public purpose. we were concerned of the ability of the overall system. that was a lot of money which by the way it goes against the idea but then trouble with a pepsi was with the collapse of the overall system to give a lot of discretion to stabilize the system only those things that give the highest return. the liquidation authorities about the stability to protect the creditors in general so that is why i would prefer to see the liquidation authority that is dedicated to the main part - - objective is to the overall system. >> host: i said the pronouncements of 2015 don't move markets it was amusing how in 2002 when you joined the administration as the fed governor and then became the chief economic adviser but then went back to chairman of the fed that your link bridgehead to be much more precise. how does that work out at home? [laughter] do you talk differently? [laughter] i am accused by my wife to quit talking like that at ho

been a very difficult decision to let one of their banks go ahead and in the middle of a run on lehman brothers, step in and make that acquisition and they could be confident that they had the wherewithal to do that. >> hank, lehman did go down on that sunday, and barclays then bought a limited part, a much smaller transaction. i think it was tuesday or wednesday that british authorities -- i guess the british authorities, said that if you had ab account with lehman, even if they were keeping your securities there, you couldn't take it out. i mean, they froze the accounts, basically, which i gather came as a big surprise to you. certainly did to me. >> that, i think -- that shocked the market. by recollection was it was tuesday, but i could be wrong. >> yeah. >> because i recall learning about it tuesday and that was actually the day of the aig rescue. but what happened was the collateral, third party customer accounts, broker-dealer and others were frozen for a while. and investors needed to know that their accounts were safe. and, of course, when they weren't with lehman brothers in the u.k.,

he said i was on the board of lehman brothers. that's wrong. i wasn't on the board of lehman brothers. i ran a two-man office in columbus, ohio. if i bankrupted lehman brothers from a two-man office i should be pope, not president. i signed a deal with ford in 2011 -- >> listen to this. >> okay. go ahead. >> i signed a deal in 2011 to bring jobs back from mexico. he's trying to take credit for it. look, my fight's not with donald. he can do what he wants to do. i just want us to have a solid program to lift america, to make sure people who live in the shadows are not left behind and we can renew the spirit of this country through our families and neighborhoods. that's what i want to see happen. >> i wanted to hear that from you and the other candidates at the cnbc debate. they promised us we would hear about the money, the economy, and the jobs and we didn't hear any of that. we heard fantasy football and how's your comic book character, and you say that you were appreciative of the cnbc moderators and how they handled the debate. how can you b

and, of course, when they weren't with lehman brothers in the u.k., then there was the beg erosion of confidence in the investment banking model, the viability of the investment banking model. >> that wouldn't have happened in the united states. you would have had access to your securities. yeah. and as i remember that, it didn't get publicized much, but it was a huge shock. did they consult -- >> if they did, it wasn't with me. now, remember, the sec was the regulator for lehman brothers, and what was the one that had lead in preparing for the bankruptcy, you know, as -- because we knew that was going to be a possibility. we hoped to avoid it. and they were the ones who would have been talking to the various authorities during that period of time. but it sure came as a surprise to a lot of economists. >> hank, you and i own, and we own it entirely, a huge investment and trading firm, we can't sell it. all these talented people are making lots of money. you're head of the compensation committee. what sort of arrangement do you have with them? can maybe make 25 or 50 million a year? ar

it is a long road from lehman brothers to doing what you do now. were really risking your life here. about 3,000 people have died making these trips, right? >> they have. it was one of the dumber things i've done to be honest with you. this is such an important issue not making as much news as it should be. you're talking about a massive migration of syrians into germany which is making a huge demographic shift that is really almost unprecedented. david: after paris, of course, one of our biggest concerns a lot of these people, or some of these people, unknown number of people who are among the refugees are terrorists. did you get a sense talking to them, either on the boat, on that trip, which i guess was brokered by turkish mafia folks. >> yeah. david: or by the people you spoke to in berlin? did you get a sense anybody was pro-isis? >> no. they're very careful, particularly the migrants who are in germany. they're trying to get residency status. they will not tell you exactly who they sympathize with. i will tell you this, while i was in turkey,

how to ever another lehman brothers crisis? the biggest fact may have to come up with more than $1 trillion around the world. and type dream -- the energy industry looks for other options now that president obama has rejected the controversial keystone pipeline. paysarren buffett's bet off. profits at berkshire hathaway a record thanks to a big gain on the stake in craft heinz. but what are some of the losers? we are half an hour into the trading session and we will head to the markets desk, where julie hyman has a look at where stocks are. we are kind of dropping you. seems as though we are pausing, if you will, because we had weeks of gains on the s&p 500, and investors are taking a step back. that seems to be reflected in the drop we are seeing today across the board, sort of a reassessment of what we have been through, sort of our valuations -- our valuations right now worth it? take a look at the bloomberg terminal. price-earning ratios for the s&p 500 -- you can see decline we have had over the past couple years, trading

he tied him to lehman brothers saying you used to be mr. nice guy not attacking anyone. what are you doing now? that sounded great. trump sounded reasonable opening immigration for high tech high skilled immigrants. sound good. >> what about ben carson? first time at center stage in this debate. more eyes on him. how did he do? >> normal low-key self. that's not necessarily bad for him. a lot of people are attracted to what they view as his common sense approach. i think his problem and we're seeing this again and again in debates and we saw it again that night is when faced with serious policy questions, he comes across as befuddled. that's something that's been noticed by voters especially as they are paying more attention. so he was asked a couple questions, the answers for which were either he seemed to stumble with them a little bit or they came out like his answer on price control is not necessarily reassuring to a lot of voters. >> let's look at an exchange between marco rubio and jeb bush. >> marco, when you signed up for this, this was a six-year term. you shoul

a large-scale stimulus measure after the lehman brothers brought about huge excess capacity and supply. it takes really a long time to cut these excesses. >> noda says china will be able to meet its target. >> china will pursue medium to high growth in order to double china's economy size and income level by 2020 compared with the 2010 levels. if china keeps growing at above 6.5% on average for the next five years, it can achieve this target. the second largest country in the world, china has reached this stage to sort of make some structured adjustment to keep development. that means more consumption-led economy than investment and export-led economy compared. one should not be too pessimistic about the future of the chinese economy, put the challenge it faces is not easy, not at all. >> that's it for business news. i'll leave you with the markets. >>> virtual reality, it can take you into an imaginary world, the stuff of dreams and fantasy. but now vr technology is advancing, going beyond mere games and into the fields of health education and welfare. nhk world reports on these cutti

i wasn't on the board of lehman brothers. i was a banker and traveled around the country and learned how people made jobs. we ought to have politicians who not only have government experience but know how the ceos and the job creators work. my state is doing great across the board, and guess what? in 2011, i got a deal -- >> governor, we're out of time on this. >> four years later. it's a joke. >> thank you, governor. >> dr. carson, let me get 30 seconds with dr. carson. >> since i was attacked, too. >> thank you. >> let me just say -- if you're talking about an $18 trillion economy you talk about a 15% tax on your gross domestic product. you're talking about $2.7 trillion. we have a budget closer to $3.5 trillion. but if you also apply that same 15% to several other things including corporate taxes, and including the capital gains taxes you make that amount up pretty quickly. so that is not by any stretch a pie in the sky. >> if you want a 10% flat tax where the numbers add up i rolled out my tax plan today you can find it o

john kasich, trump was ready with the lehman brothers line. >> can trump help himself in going after carson? >> it hasn't worked in the past. it's kind of fallen flat. >> he's not going after carson. >> no. >> so herein lies the issue. you can't shoot bambi and nobody wants to shoot bambi. the fact is that cruz doesn't want to go after ben carson. he wants trump to. if nobody touches carson, the assumption is that carson falls on his own. what if that doesn't happen? that's the issue. >> he has to make a hard choice. >> i think trump -- carson wins iowa, trump, if he's still ahead in new hampshire, that complicates it for the carson campaign. >>> special ops into syria. top of the hour stay right here, watch cnn's state of the union, farewell to the old speaker and welcome interview with the new speaker, paul ryan. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move

lehman brothers was not a big bank. it was an investment bank. and its bankruptcy and its failure nearly destroyed us. so i've said if the big banks don't play by the rules, i will break them up. and i will also go after executives who are responsible for the decisions that have such bad consequences for our country. [applause] bernie sanders: look, i don't know -- with all due respect to the secretary -- that wall street played by the rules. who are we kidding? the business model of wall street is fraud. that's what it is. [applause] bernie sanders: and let me make this promise, one of the problems we have had. i think all americans understand it is whether it's republican administrations or democratic administrations. we have seen wall street and goldman sachs dominate administrations. here is my promise. wall street representatives will not be in my cabinet. [applause] john dickerson: all right, i want to switch to the issues of guns here. secretary clinton, you've said that senator sanders is not tough enough on guns. but basically he now sup

but at the time when lehman brothers collect -- collapsed we were concerned of the overall system. they ended up losing a lot of money which by the way it goes against the idea they were phased. the trouble with bankruptcy laws it is to prevent the collapse of the overall system. is a lot of discretion to do what is necessary to stabilize the system without being constrained that gives the of highest return that is the difference about preserving financial stability and to protect creditors in general and also the system that is my preferred to ca liquidation that is dedicated to the proposition of the main object3 that is dedicated to the proposition of the main objective. >> host: a preface to an earlier question that ben bernanke don't move markets. you joined the administration in 2002 and then to go back as the chair of the fed you had to be more precise how did that workout at home? how does bear may react? >> i talked differently. [laughter] >> host: i get accused by wife talking like at at home [laughter] and i understand the pressure that was on new. >> my whole life was a

there we have the lehman brothers crash.d happen if you take the lehman brothers scenario and played it out today over 10 days? over 10 days, we could have a rebound and another 9/11 situation if ejected just -- just took the past actions. the lehman brothers scenario would be more difficult to dear with. this goes across all asset classes and you can look at how it would specifically affect 9/11 and you would rebounded almost all asset classes with the exception of credit default swaps which would be down as they would be lowered. interesting look at multiple asset classes in a scenario from any historical tragedy you can imagine. stephanie: do you compare what happened over the weekend to any of these events in terms of significance as it relates to global markets? >> i really compare it to spain in 2004. 2005 but youing in also receive learning on the parts of markets to not overreact to these things. 10% in 9/11, a drop in the dow jones in a rebounded within a month. see smaller and smaller with the additional terrorist

than 2008 after lehman brothers collapsed.t is kind of curious given that was the risk of the financial system overwhelming everyone. volatility much more complex, etf's, options. become its own asset class. alix: huge .2 why we are seeing the markets shudder there. point as to why we are seeing the markets shudder there. daley said that he think thinks it possible that the conditions the committee have established to stabilize could soon be satisfied. >> monetary policy is uniquely capable of affecting the price level over the longer term. that is what jeffrey lacher said. .oe: he is known as a hawk in terms of the limits of monetary policy, does he have a point? >> he has a point. it depends on the differences of opinion in terms of how much of a slowdown has been cyclical or structural, and that leads to a difference of opinions. likefor a hawkish member jeffrey lacher, at some point we the firstenough to rate hike that even the hawks are in the camp of the fed. everyone is coming in. that weren't as dovish yesterday. are c

and we saw this during the lehman brothers crisis. >> everybody started seizing collateral and it acceleratesemise of the entity. a variety of government start looking at how to solve the problem. they begin by looking at legislation is hard, but start with the biggest dealers and see if we can get an agreement to repapered the transactions with each other to agree that there will be a stay. the contract now includes these provisions. make a big it difference to go from it to a 48 hour window? >> it does, actually. different people are in different crime zones. a major multinational bank will have a large presence in the u.s., london, and single or. you have to coordinate with each other. it might be that the bank has a going concern that because someone has jumped the gun. how significant is this toward getting rid of that too big to fail label? >> you ask the right question. i think they thinking initially was that starting with the major dealers and making sure they to the same goes a long way. they have expanded. they have moved on from derivatives and their talking about other firms. the

the world's biggest banks are to cost prevents another lehman brothers collapse.as enough a plan for banks seen as too big to fail. 18% will have to rise to three years later. bloomberg news has learned that they are exploring a sale that is working with more -- morgan stanley. they've been reaching out informally to potential suitors, have a market valuation of about $500 million. germany's airline is going to nest -- longest cap and strike ever. -- leftes and used in on the and its union are in talks over wages. always get more business news at bloomberg.com. we will go back to the markets desk with julie hyman. julie: checking out some of the latebreaking stories we have had today, including the one were canadian pacific is potentially be the biggest. on top of this deal potentially happening. story is latebreaking after they mentioned this on twitter. the company has significantly more downsizing the valiant and is a far worse offender of the reimbursement system. that is the specialty drug .istribution system is planning to hold a conference call on thursday

he worked for lehman brothers. ish: he worked for lehman. >> so did jeb, which was kind of odd that both -- trish: they weren't banker, bankers, that we know. they were sort of like the rainmakers that would help facilitate -- >> we should point out, i thinks, was there in for a long time. there for four years. jeb was there for two years. then he was at barclays. you would think based on being there and being smart you would have a bigger -- trish: money going away from jeb and going to rubio? >> i think it is hard to tell right now. right now jeb's people, if you talk to anthony, he is the best source on this, anthony scaramucci, a fox news coributor, on jeb bush campaign, i think they're right now trying to figure out where they go from here. i think they understand it will be a tough road going forward, while their guy did well, didn't do well enough. i think kasich for all intents and purposes, people i hearsay he's done. rubio among the establishment is -- trish: up-and-comer. >> i will say this about rubio, j

i helped lehman brothers over the weekend that it was bust. on the public market side we're way up. it's difficult to crawl on top but it's easy to see we're far from the bottom. you know, the fact that there will be a correction is just the fact that there is a cycle that hasn't been there. >> there is a rush to get to market. do you have that urgency at slack to ipo? >> not necessarily to ipo but to continue the growth because i think that's -- that's how tech is evaluated across the board. certainly one of them is the pmi valuation. we grew 70 weeks at 5.5% compounded growth. we're still at the point where we're measuring growth in terms of weeks. >> let's talk about social media quickly. there has been a lot of talk about slowing user growth, whether it's twitter, whether it's even snap chat which isn't growing as quickly as it used to. do you think there is maybe some exhaust on social media? >> i think there's a continual evolution. this is very new to us, the whole -- it's very new. it's going to take us a while to be able to figure out what it is we actually want and to furt

pat: what happened here, all these banks, nationally if we hadn't bailed out those banks after lehman brothers went down, that weekend, merrill lynch would have gone down, bank of america, they had to intervene. but what both these folks didn't mention, you've got deposit insurance now up to $250,000 for small depositors. they're not going to be wiped out. at the same time, tom's point is well taken. when banks go down if you've got to bail out the bank, that's one thing. but the guys who made the mistakes ought to be marching off to prison. none of these bankers were. they made a mistake, wasn't that did it. it's guys in there that did it. eleanor: building those cases has take an long time. some of those people are finally getting their due. but if a republican gets elected you know they'll try to undo all the reforms and that's going to help the big banks. pat: i agree with glass-steagall, separate the bank into savings an boar reing, hedge fund guys, let them do it. let them take the risks. >> the problem with that, though, they won't give loans because the investment fort foal yow is wher

sharp decline in sales as lundgren talks about later in his conference call was after the fall of lehman brothers. sales just stopped back then. that was the recession and then morphed into the greatest recession. we're not experiencing anything like that cataclysmic systemic event right now. in fact, this is what's so hard to understand. it's just the opposite. last friday we had the best employment report in ages. less than a week ago. we're seeing meaningful wage growth, again a first. unemployment below 5%. if you didn't know any better you'd think it's time for the band to strike up happy days are here again. things are so strong on the job front we can fully expect federal reserve to raise rates when they meet in december. how can they not? if one of their mandates -- then a victory lap can be justified, even if i think it's unnecessary. plus, disposable income is on the rise and the stock market is not too far from its highs. lots of money's been made and taken off the table too. sure health care costs go up, but the out of pocket gasoline and heating bills are dramatically lower than a ye

information shown on the jeb bush was reportedly upset with cnbc's decision to show his stint as a lehman brothers consultant instead of his time as governor. as well as their very surprising decision to list him as "current disappointment to entire bush family." [ laughter ] but that was still more flattering than the graphic for bobby jindal in the secondary debate that simply said, "who dis guy?" [ laughter ] ben carson went so far to suggest that the campaign should, quote, "strip the cable and broadcast television networks of the rights to carry the debate and instead air them over the internet, perhaps via facebook or youtube." or go to vine to watch a six-second video of ben carson explaining his position. >> i don't -- uh, i don't want to really get into the -- the -- describing. i don't -- [ laughter ] uh, i don't want to really get into the -- >> seth: oh, no, no, you've got to speed up, ben. it's only six seconds. so with the candidates unified in their desire for dramatic changes to their debate rules, representatives of their campaigns met sunday night and produced a letter to the tv

if you bring it in no taxes and if you invest we could have saved lehman brothers.m fail. i would not have given up zero so a dime. no do you think it will happen again? >> no, i don't and if your member i'm going on seven years memory. you kept your head in this kipling paraphrase but if you can keep your head while all those about you or your losing theirs. no was met yogi berra? >> it was kipling. but any way you do it with private money and bringing the private capital and. no easier said than done. >> i thought it was a terrific bait -- thought it was a terrifc bait -- debate. you were terrific. you threw the ball up in you canvas jump for it. that's what we need in the first box debate. >> we will keep our word. i'm glad we can find a way to make money. louis gohmert thank you very much. i think you should run for president. stick around, more after the son of dn. . longing. serendipity. what are the... chances. and good tidings to all. hang onto your antlers. it's the event you don't want to miss. it's the season of audi sales event. get up to a $2,500 bonus

there has not done enough disclosure after the lehman brothers failure. got together a bunch of traders from the various banks and they said they did not really know what everybody held. that was a problem going forward. are trying to increase disclosure. they are trying to get more information to make sure that if somebody has a problem, the rest of the system is aware of it and to do something about it. they're trying to do is make sure everybody has enough regulatory capital that they can absorb more losses. thanks very much for taking this opportunity. it's a rare interview with a fed governor. every compliance department was listening very closely. everybody, consolidation in the travel industry has been enough. we will talk to the former president of hotels.com next. ♪ erik: the travel industry is in the merge -- middle of merger fever. consumers see dozens of sites. they are all related and give you the same deals. welcome. there has been a lot of consolidation. we mentioned the expedia deal. how much room is left for companies like yours to compet

lehman brothers was not a big bank. it was an investment bank.d its failure nearly destroyed us. so i've said, if the big banks don't play by the rules, i will break them up. >> the big banks-- >> and i will also go after executives who are responsible for the decisions that have such bad consequences for our country. ( applause ) >> look-- >> hold on. >> if i don't-- withule due respect to the secretary-- wall street play by the rules? who are we kidding? the business model of wall street is fraud. that's what it is. ( applause ) and let me make this promise. one of the problems we have had-- i think all americans understand this-- is whether it's republican administrations or democratic administrations, we have seen with the and goldman sachs dominate administrations. here's my promise-- wall street representatives will not be in my cabinet. ( applause ) >> all right, i want to switch to the-- switch to the issue of gunshot here. secretary clinton, said senator sand sers not tough enough on guns, but basically he now supports roughly the same t

he had that lehman brothers slam against governor kasich. so he has these moments where he can shine, but overall, it's not as though the debate is doing for him what it does for, for example, somebody like marco rubio or ted cruz, where it propels them into the spotlight and gives them momentum moving forward. that said, trump, listen, he says he's a counter puncher but he sometimes punches first. we saw that for example in his tweet storm last night against marco rubio, an attack line he's used before, still talking about the sweating and drinking water, et cetera. it would be unusual for us to not see some of that from trump tonight. that's what we will be keeping an eye on. >> kasie hunt, jeb and rubio. is jeb bush going to attempt to take him on again and risk the blowback that obviously happened last time? >> reporter: we will have to wait and see. his team tells me privately they are not planning necessarily an aggressive hit, but clearly, if it comes to that, jeb bush isn't going to stand by and be attacked by marco rubio. rubio, of

one of the big risks is people historicallyack one of my favorite statistics was since lehman brothers, 701 global rate cuts. every time, it is a rate cut. somethingral banks do 701 times, your model will assume 702 unless you are fundamentally based global mac low person. them will be based on an unrealistic situation once they reach zero. 700 rate cuts around the world. odds are the fed will do something different and your algorithm has to go back half a decade to find last time you made any sense at all. that will be a real challenge. scarlet: how to you measure performance? you cannot compare to an index like the s&p 500. do you just compare it to itself? >> i think you compare it to total returns and compare it to its volatilitynd level. if we look at the blackrock fund, you had quite low returns and sharp volatility levels. the reality is people look at inside baseball, but the ratio how much look at volatility is on the downside. a few have a 10% move up and another 10% move up, people do not mind that. it is another 10% down and another 10% down, that is a big deal. how much re

how to ever another lehman brothers crisis?ore than $1 trillion around the world. and type dream -- the energy industry looks for other options now that president obama has rejected the controversial keystone pipeline. paysarren buffett's bet off. profits at berkshire hathaway a record thanks to a big gain on the stake in craft heinz. but what are some of the losers? we are half an hour into the trading session and we will head to the markets desk, where julie hyman has a look at where stocks are. we are kind of dropping you. seems as though we are pausing, if you will, because we

lehman brothers was not a big bank. it was an investment bank. and its bankruptcy and its failure nearly destroyed us. so i've said if the big banks don't play by the rules i will , break them up. and i will also go after executives who are responsible for the decisions that have such bad consequences for our country. [applause] bernie sanders: look, i don't know -- with all due respect to the secretary, wall street played by the rules. who are we kidding? the business model of wall street is fraud. that's what it is. [applause] and let me make this promise, one of the problems we have had . i think all americans understand it is whether it's republican administrations or democratic administrations. we have seen wall street and goldman sachs dominate administrations. here is my promise. wall street representatives will not be in my cabinet. [applause] john dickerson: all right, i want to switch to the issues of guns here. secretary clinton, you've said that senator sanders is not tough enough on guns. but basically he now supports roughly the sam

the china recovery, lehman brothers, and we rollover.to liquidity events and balance sheet adjustments in commodity, and particularly commodity trading houses? harry: it is a difficult one to call. currently a lot of commodity markets are in overcapacity excess supply. metalsit in oil and base in particular. in terms of the more precious metals, we are looking at in light of the economic data, including the fed hiking rates. i think adjustments always come slowly. clearly there are number of announcements that produce restraints in the base metals sector. these have not necessarily come forward. that is what it is about. it is a slow adjustment process that has brought through the market mechanism. tom: but then price clears. what price do you have in your head when commodities begin to clear? harry: if we take that by sector, we still have a lot more pain to go through in the base metals. some of the metals like sink -- .ike zinc the thing is, in the end, there is probably lower to go in base metals. oil, some analysts are calling for l

he worked for the lehman brothers and is the first bank that went down. he claims right now that he was to be president. jobs ohio was unconstitutional. he wanted to privatize them. these bills. he would not higher a black person. they had to walk up there and straighten him out. he took our soup kitchen away from us. he took our thanksgiving dinner away from us with all these vets and poor people in the churches had to come in and ask this were a little donation for them. when they voted him in, if you watch his video, he was bought and paid for by the koch brothers. host: who is your candidate in this race? he would be best for the u.s. economy? caller: i kind of like bernie. host: final point? i would like to have john kerry in their. -- there. host: have a nice thanksgiving holiday. will you be with your family? caller: not really. they live in nelsonville and i'm physically disabled. they will come up here and bring me a little bit of turkey. host: have a good holiday. caller: john kasich is trying to be president now. nobody votes for him but the re

now less than one quarter of the size it used to be back timeframe06 peaks when ubs, just like lehman brotherswas chasing goldman sachs and morgan stanley. so he has focused on equity business and it has been largely successful. premium overat a credit suisse. it remains extremely competitive. equity,cond in underwriting in asia. relatively speaking, and i emphasize be relatively, it is in a pretty good space. betty: i like i you say they need to be realistic and as a mime it. erik schatzker, thank you so much. in washington, d.c., the new house speaker paul ryan is holding his first press conference. he says that he is stumbled -- he is humbled to be in this role. he says he will take an approach that is different than the previous speaker, john boehner. conservativese who demanded that power in the house be centralized, he says the speaker's job is to facilitate census and not to be the dictator. we will keep an eye on the hill. thank you, we are excited. ♪ betty: welcome back to "bloomberg market day," i am betty liu. it has been a tough year for jeff grossman. we are worse than 63%. but th

the world's biggest banks are avoiding a lehman brothers collapse. the stability board published a plan for banks seen as too big for fail. fail has to have lots of absorbing capacity, equivalent to 16% of their assets by 2019 and will have to rise to 18% three years after that. and it may take weeks before we learn whether voters rejected the military ruling party. the opposition leader urged supporters to stay calm even if the opposition wins yesterday's election, the military is still guaranteed 25% of defeat in parliament. and the world's largest -- third largest platinum producer has avoided a potential shutdown. south africa will raise $400 million by selling shares of 94%. and the stockholders will get 46% new shares for every one they hold. lonmin with high dead and falling platinum prices. more on these stories 24 hours a day on bloomberg.com. from the first word desk, the same desk but the first word desk, vonnie quinn. tom: what a thrill. francine will jump in with european equities because i'm a moron and didn't do it. it's u.s. centric a

up we go, lehman brothers, and down we go. look at that quadratic move.r with that blue line in copper shows the tension that we see out there right now in copper. we need to speak to an expert on ,etals and mining and on copper their responsiveness. what is the number one thing i need to know about the endless supply of copper being produced? >> number one, in china, demand is down for copper. it is just flat down to we have the electricity demand up from china less like, down again. exports down, construction down. on the other side, the miners think nothing is wrong. rio tinto came out yesterday and said nothing is wrong with china. copper supply is up 6%. the only thing that can move when supply is up and demand is down his price, and christ is getting -- and price is getting crushed. tom: went to the balance sheets of copper suppliers adjust? the price of copper has to get low enough. tom: are we there? buyers have said we could take a lot more pain in this marketplace. adjust to what? if you want to adjust supply, you adjust to what? ideally, you kn

.: the of society clearinghouses is to avoid what we learned in the collapse of lehman brothers, thecounterparties. >> yes, when you have, particularly with swaps and you have a, when system of simply bilateral transactions, you go transact with someone else, risk can build up. clearinghouse, we interposed somebody in the middle, a great way of monitoring and mitigating the risk aired it does not eliminate the risk. but it allows us to monitor and mitigate it. the health of clearinghouses is important. .: you may be aware of some firms that are trying to restart the single name credit default swap market by moving those traits into a clearing house. is that a good thing? >> i think leering of those types of transactions are generally a good thing. single name are outside technically of our jurisdiction but we work very closely together with them. .: some of the challenges you're of ag to overcome are cross-border nature. for the most part, it involves american regulators and european regulators. talk to me about some of those challenges and the likelihood you will be able to bridge t