people remember how bad that was -- lehman brothers., that a lot of of movement, the push upwards is coming from technology stocks. the nasdaq is doing incredibly well. people are drawing parallels with the dotcom boom, with overvalued stocks. microsoft is a ao—year—old company. it is almost like a utility company now. it was different this time. it isa now. it was different this time. it is a dangerous expression to use, but i don't think we are moving into a bubble area around technology stocks. state gloomy, stay gloomy. is that your phrase for life, jamie?! underthe is that your phrase for life, jamie?! under the mattress! still to come... giving a technological twist to an old favourite — sending postcards in the digital age. we'll find out more about an app that let's you do just that. you're with business live from bbc news. consumer confidence has rallied in the third quarter of 2017 according to the latest data from professional services firm deloitte. it's the first quarterly rise in consumer confidence since this time last ye

after the fall of lehman brothers and then needed to be a gourmet did signal that we would do whateveras necessary to keep the financial system going. i think the move in october 2008 originated in a phone call conversation with ben bernanke and myself. i said i thought it would be a good idea because we were probably considering a cut in interest rates, we agreed that he would speak, and i would speak to some others, and it would become a g10 movement. it took about a week to put together. we changed the time of our normal meeting so we could announce at the exact same time. i agree we informed our politicians just before we did. >> the house let's know that the governor for the bank of england has just announced a 0.5% cut in interest rates. he has done in a corrugated action around the world in which u.s. fed has cut interest rates by 0.5%, the swiss have cut interest rates, showing global problems are best dealt with by global action. mr. king: we did not brief the political world because that, i'm afraid in modern circumstance, means inevitably a leak. that would have undermined t

arguably been impoverishing hundreds of millions especially since the twenty eight bankruptcy of lehman brothers joining me now is rebel economist with a cause professor steve keen author of can we avoid another financial crisis thanks so much professor coming back on see the new book is called can we avoid another financial crisis can we.

after the fall of lehman brothers, it was obvious that there needed to be a coordinated signal that weould do whatever was necessary to keep the financial system going. i think the move in october 2008 originated in a telephone conversation between ben bernanke and myself. and i said to him i thought it would be a good idea, since we were probably all considering a cut in interest rates, we agreed that he would speak to jean-claude trichet, and i would speak to some others, and it became a g10 movement. it took about a week to put together. we changed the time of our normal meeting so we could announce at the exact same time, this coordinated interest rate movement. i remember we informed our politicians just before we did it. >> i think the house will want to know that the governor for the bank of england has just announced an immediate 0.5% cut in interest rates. he has done so in action around the world in which u.s. fed has cut interest rates by 0.5%, the ecb by half a percent, the swiss and other members of the g10 have all cut interest rates, showing global problems are best deal

after the fall of lehman brothers, it was obvious that he did to be a coordinated -- there needed toe a coordinated signal that we would do whatever was necessary to keep the financial system going. i think the move in october 2008 originated in a telephone conversation between ben bernanke and myself. and i said to him i thought it would be a good idea, since we were probably all considering a cut in interest rates, we agreed that he would speak to jean-claude trichet, and i would speak to some others, and it became a g10 movement. it took about a week to put together. we changed the time of our normal meeting so we could announce at the exact same time. this court needed interest rate movements. -- coordinated interest rate movement. i remember we informed our politicians just before we did it. >> i think the house will want to know that the governor for the bank of england has just announced an immediate 0.5% cut in interest rates. he has done so in action around the world in which u.s. fed has cut interest rates by 0.5%, the percent, the swiss and other members of the g10 have al

economy household credit above two hundred billion pounds is approaching levels not seen since lehman brothers triggered the west into its worst crisis since the one nine hundred thirty s. the politics of britain fractured by debt and political uncertainty is examined in the new film out this friday the thirteenth the party directed by ward winning sally potter stars killian murphy known for films such as inception and twenty eight days later and televisions are just picky blind is going underground jeopardy had to just about impact i went to speak to him about his role in the film all q.b. never before has mistrust and protest against the call from the multinational corporations visible as it is today the pool trait of a broken and skeptical engine is what. the multi award winning writer and director wants to portray in honeyed film the pazzi story kristin scott tong. timothy spall bruno dance kilian murphy the film shows a microcosm of britain twisted in law used to seek and revenge set in the claustrophobic celebration party of a newly appointed shadow health minister i want to speak to one

earnest carter was managing director at lehman brothers. dr. terrence robbers lives in pasadena, california where he has his own private practice and worked for ucla and ainntioch college. judge fortunatel unfortunately, last year we lost one. but the rest live here in little rock. >> how long have you been telling this story? >> at the historic site, i've been here nine years. it's been a while, but i love it. >> why did you decide to come back here and tell the story ? >> well, it's just one of those touches of, it's many ironic factors. i grew up in northern ontario, canada and worked for the canadian parks system. when i moved back it had is jju become a historic site. so initially, i was like, i'm a college student, i need a job. and then i just became so invested in the importance and significance of the story. so that's, i guess why i stuck around. >> how do your parents feel about you working here? >> oh, they think it's awesome, because i believe that my presence at the historic site and the stories that i hear from people and the docu

arguably been impoverishing hundreds of millions especially since the twenty eight bankruptcy of lehman brothers joining me now is rebel economist with a cause professor steve keen author of can we avoid another financial crisis thanks so much for has a record being back on see the new book is called can we avoid another financial crisis can we will you can see where you are you're standing in the u.k. in america yes you can avoid across this because you're still standing off the mouth of the last one it won't happen again to them but it will happen to the countries of the void it which includes china canada south korea astride belgium sweden yet in the new book you focus on them they're on the precipice right now because of because it was the exact quote because what actually caused the crisis and this is what most mainstream economists completely miss is that people borrowing private money and spending it now if you borrow money from the banks you actually create new money and then when you create the money you spend it so that it is actually a total increase in demand and mainstream economist

. >> in 2008, when lehman brothers went under, and the banks all froze, it was a terrible time for my company. it was a terrible time for the country. i had to do whatever was necessary to see that the company survived. we cut our expenses. we cut our sales. >> but cutting expenses and worrying about revenues was really not enough. they also had to put the versailles house on hold, and eventually they listed the half-built mansion for sale. guess what? $100 million. the whole thing was being captured by a documentary filmmaker, who was profiling jackie for a movie called "the queen of versailles." did you enjoy doing that? >> i hated it. [ both laugh ] >> that wasn't a maybe, right? >> i did not like it. >> he hates it because it makes him look like he's mean, upset about business, like we have a bad marriage and all that, where really he was just mad because the camera people were always around. we had no privacy. he's a businessman, and business goes up and down. he's very smart, and obviously he's bounced back so much more than he was even a few years ago. >> indeed, david and west

think the prime minister has in raising this consumption tax barringe around before some kind of lehman brothersor shock, this will go through, but he has backed away from that before as well. is there a threshold for him this time around? >> the meaningful action for him is to support social welfare, areuse a lot of people afraid of social welfare. the proceeds will be used for social welfare instead of repaying the debt. that is a key point. the people will feel raising the consumption tax will be an official to the general public. , because thetant biggest worry of the general public is social welfare, y car.ally elderl e. i want to ask a question about the election itself. was it a situation where we had shinzo abe win it, or we saw the opposition lose this election? that's the point i want to get at. if the opposition lost this election, then does you really have a mandate? >> ok. if i am asked, i think the opposition parties lost. i don't think the general public as ¥2ted spending as much ,rillion for education for free so i think we have to discuss how we use the budget for the better of

after the fate of lehman brothers, it was obvious there needed to be according to signal that we wouldal to keep the world economy functioning, keep the financial system going. i think the move in october 2008 originated in a telephone conversation, and i said i thought it would be a good idea since we were probably already considering cuts in interest rates that we would -- somereed we would speak to and it became a g10 movement. it took a week or so to put together. we changed the time of the normal meeting so we could announce it at the same time. this coordinated interest rate movement. i think the house will want to know that the governors of bank of england will want to know we announced a cut of interest rates, and done so in a coordinated action that is happening around the world in which the u.s. fed has cut interest rates by half a percent, ecb rate half of .ercent all have cut interest rates, showing global problems are best dealt with by global actions. francine: the 10th central bankers knew about this? -- the 10th central bankers knew about this? >> yes. we didn't brief t

i had that opportunity -- tom: will that change on the sell side and with goldman sachs and lehman brothersharge of research and i was one of six members of the executive committee. when issues came up that had to do with research, i was able to defend it. tom: we had a heated conversation on this yesterday as well. are we having this discussion because we have not had a three to four standard deviation move where everyone picks up the phone and says get kaufman on the line? discussionng a mifid because it has been dampened and bottled? dr. kaufman: we have not had great volatility and the movement in price of securities. that diminishes the order, so to speak, to have correct and up-to-date and objective research. i have gone through periods where there has been volatility and if you do not protect the objectivity of research, business is lost. tom: nejra, jump in. gina, you live this at wells fargo. nejra: how this all translate and's -- translate into the trading debate, one of the discussions has been around small and mid-cap stocks, how coverage of those might be affected if research d

this is what lehman brothers back in the day. need to run an institution on a day-to-day basis. withhen generate returns revenue. clearly a firm like credit -- normalized over the next three years which i think is very well underway. 30 and whatd that g is clear to me is that we will see a normalization of interest rates. just 50 or 100 basis points will -- obally shareholder,uisse i think time is on our side and management is executing an over the next two or three years we will get the margins central banks have taken away. much,ne: thank you so davide sera. let's get back to david stubbs. without making you comment about specifically, is the environment going to be better once interest rates start normalizing because it brings back volatility in the market? david: volatility helps on and invest your -- investor's trading banks. just not by higher interest rate, but steeper yield curves. i think that is what -- certainly but the potential -- certainly the potential in the next few years. when we get to -- more robust inflation,

you look at people in a credit world like lehman brothers.t it, that was the most crowded investment i've ever seen. those that had that specialty generally speaking owned it a little or a lot. things that are crowded are great and some things that are crowded are terrible. crowded it self is not the positive -- dispositive of good or bad. erik: the baseball analogy -- what is more important? to have a good batting average for a good slugging percentage? youong as you are right, are really right and hitting triples and home runs. jimmy: it is not your batting average. batting average doesn't translate to dollars. what translates to dollars is magnitude, not frequency. if you make more money when you're right then you lose when you are wrong, it doesn't matter how frequently you are correct. we've never achieved that goal to, when you are right, make it matter. when you are wrong, try not to be impaired. erik: let's go back for a moment to market conditions. bull markets don't die of old age. how long do you think this run continues? jimmy: i