it is reminiscent of last week when we heard david einhorn betting against lehman brothers. he said a lot of the behavior on the part of tesla in that time is reminiscent of lehman at that time. , ie, you have a company that think there are some worries about tesla's accounting. use of the chief investment officer leave recently. to have another company come out and talk about the books in a negative way is something that has a chance of drawing elon musk's attention. >> we know that elon musk hasn't exactly been contrite in recent days, but when it comes to tesla 's prospects, is basically

tesla shares falling further after compared the company to lehman brothers. debate whether tesla could face a sloimilar collapse. joining us to discuss it all chief investment officer and chief investment strategist here we can start with the biggest winner on the dout the biggest loser, ge, the biggest winner are you making anything over the last two days. maybe it's for the right reasons. we have a strong economy unemployment could not be tighter. we need it we are getting top heavy >> i think it is nothing to panic over so we had a big run. strang data. >> the backbone that we are no fonger near the recession. it doesn't mean. >> at one looks very -- on other days you can see them recover kig nif cantly straight. >> i think it says there's a rotation on the small stocks our we put out a note the other day saying we would take small trading. >> let's beg. >> yeah. we are seeing today that it was technology that had some of the bigst downdraft and provided a lot of weakness. the russell 2000 down well over 3.5% for the week. tech is off for the week when you

the confluence of these events has caused my guest this week to quip that if lehman brothers had been lehman sisters, none of it would have happened. and as the eighth most powerful woman in the world, according to forbes, when she quips, people listen and markets respond. madame christine lagarde, managing director of the international monetary fund, lives and works at the intersection of these earth-shattering trends. with 189 member countries, under her leadership, the imf provides policy advice and financing to countries in economic crisis and works with developing nations to achieve macroeconomic stability and reduce poverty. among her charges and passions is helping to close the gender gap in finance and in work while confronting the emerging challenges of automation that risk imperiling women most. madame lagarde, welcome to "firing line." >> thank you so much. >> for those who are less familiar with the work of the imf, can you establish for our audience what the imf is and what it does? >> a teeny, tiny bit of history. back in 1944, leaders of the world, led in particular by

he was talking about the fact that he had a couple hundred thousand dollars in the bank when lehman brothers collapsed and he had all that cash because he had just sold his house in london and sold his property and he had a lot of cat. deposited in his bank account so that he as a financial journalist was very concerned because he was hearing a lot of the actual stories of what was going on but he waited ten years to tell this story when during the financial crisis he did not tell the story so he told the story of going to a local citibank in new york city where his his funds were deposited and they had across the street a chase bank and he was going to transfer one hundred thousand to the chase bank because just to have another because member at that time the deposit insurance was one hundred thousand dollars so you wrote we were in midtown manhattan surrounded by investment banking offices at citi i found a long queue all well dressed wall streeters they were doing the same as me. pulling his cash next door.

lehman brothers filed for bankruptcy about an hour later and my friend quit that day and said i lied this is the worst business ever and i had nowhere else to go that was a really bad time for people that had money and for me with no money i was able to pick up all the pieces and figure out how to sell from the ground up. >> i think about people's fear of rejection was it that? your fear of having nothing else. >> i thought i wanted to be an actor. that was my first love and passion. you try acting in new york city as a job for two years you get rejected to your face. you get rejected because of your face when i got into real estate, if people didn't want an apartment it wasn't because my face. i was cool with the rejection. it wasn't fun but at least it wasn't deeply personal like it is when you're trying to be an actor. i was all about the volume and the business and people on the street. >> one of my favorite parts in the book is when you give people advice, you say practice your craft. a sales person's body and voice are his tools. if you're having a hard time of opening up, you'

he was talking about the fact that he had a couple hundred thousand dollars in the bank when lehman brothers collapsed and he had all that cash because he had just sold his house in london and sold his property and he had a lot of cash deposited in his bank account so that he as a financial journalist was very concerned because he was hearing a lot of the actual stories of what was going on but he waited ten years to tell this story when during the financial crisis he did not tell the story so he told the story of going to a local citibank in new york city where his his funds were deposited and they had across the street a chase bank and he was going to transfer one hundred thousand to the chase bank because just to have another because member at that time the deposit insurance was one hundred thousand dollars so you wrote we were in midtown manhattan surrounded by investment banking offices at citi i found a long queue all well dressed wall streeters they were doing the same as me. pulling his cash next door chase was also full of anxious looking bankers once i reached a relationship office

pilger jawn you say the twenty twelve health and social care act so four years after the crash of lehman brothers ended legally universal free health care in britain yes it did before two thousand and twelve the secretary of state had a responsibility when beveridge wrote the original charter and i'm not i remember i haven't brought it to laura nine hundred forty eight it was very simple and very clear it was based on the great co-operative thing the collectively the the state and the society had responsibility for all our health and the responsibility the ultimate responsibility rested with the secretary of state for health too to see that all that happened. be the two thousand and twelve health and social care act took that away and created no norman. a cold n.h.s. england and the fragmentation. of the n.h.s. speaking i have to say to you in many respects it's rather a brilliant subtle operation because it's got a kind of deniability built into it no we're not privatizing we're just fragmented take it and we'll give it to others quietly that that was done on the back of this invention austerity

are still quite ok and he said that the world has basically learned our lessons taught on the lehman brothers collapsed ten years ago but he did acknowledge and said that there is a high risk of contagion due to uncertainties and now he also mentioned the us a chinese trade war as the biggest uncertainty so the writing is on the wall for honest reporting from the meeting of the i.m.f. and the world bank in bali forum thank you so much. this is due to other news from earlier and more coming up the top of the hour for now thanks for watching wherever you. want dream go international talk show for journalists discuss the topic of the week fiction because we can do german politics the people of good varia go to the polls in an eagerly awaited regional the election advantage company could reshape german politics at the national level find out how. quadriga next d.w. . the first time. i know you have a credible it's a whole new more. i am in cyberspace or on the street i. will not think it means do you think the first and sexual frustration to. still have to get used to these robot noises exploring

amuse us still quite ok and he said that the world has basically learned their lessons from the lehman brothers collapsed ten years ago but he did acknowledge and said that there is a high risk of contagion due to uncertainties and now he also mentioned the us a chinese trade war as the biggest uncertainty so the writing is on the wall foreignness reporting from the meeting of the i.m.f. and the world bank in bali forum thank you so much. and a quick reminder of the top story we're following for you at this hour support for germany's governing party is has plummeted to the lowest level ever recorded a new poll shows only one in four people is happy with i know america grand coalition. this is the dominos we have a fresh frozen coming up at the top of the hour for now thanks for watching. more intrigued international talk show for journalists discuss the topic of the week it's a big weekend in german politics the people of the very go to the polls in an eagerly awaited regional the election advantage called the could reshape german politics at the national level to find out how shortly. quadriga

condom use still quite ok and he said that the world has basically learned their lessons on the lehman brothers collapse ten years ago but he did acknowledge and said that there is a high risk of contagion due to uncertainties and now he also mentioned the us a chinese trade wall as the biggest uncertainty so the writing is on the wall for honest reporting from the meeting of the i.m.f. and the world bank in bali forum thanks so much. this is the dollar news from berlin more coming up the top of the hour for now thanks for watching. to caution my. wee one town which is the best football league and this time deja news i checked said spain's super successful. pickup spree stonor versus full folder concepts freestyler takes on a rising bones as legal stuff. the better but you see. more intrigued international talk show for journalists to discuss the topic of the week. it's a big weekend in german politics the people of bavaria go to the polls in an equally a way should regional the election undamaged help could reshape german politics at the national level find out how quadriga shortly. quadriga s

it is reminiscent of last week when we heard david einhorn betting against lehman brothers. he said a lot of the behavior on the part of tesla in that time is reminiscent of lehman at that time. , ie, you have a company that think there are some worries about tesla's accounting. use of the chief investment officer leave recently. to have another company come out and talk about the books in a negative way is something that has a chance of drawing elon musk's attention. >> we know that elon musk hasn't exactly been contrite in recent days, but when it comes to tesla 's prospects, is basically saying, you guys will be proven wrong very quickly. craig: back in may, he promised that the short burn of the century was coming soon. a lot of people pointed to that as evidence that his attempt to take the company private was motivated by that short burn, if you will. he has indicated this is a pivot point for the company, where they are on the verge of profitability come on the verge of generating cash, and that all .oils down to the model 3 in the third quarter, they hit their numbers

short position on the electric car maker said the car company's issues resembles those of failed lehman brothers. greenlight added that tesla's quote deception will catch up to the company. tesla shares fell 7% to 261.953 appear investors had the first chance to react to the better than expected earnings from the memory storage supplier smart global which came out after the bell last night. shares of the small cap popped more than 25% to 34.15. >>> now to the market monitor, he has names that he says will grow at least 10% over the next year regardless of what happens with the midterm elections or trade or other geopolitical issues in the coming months. joining sus doug butler, portfolio manager at rockland trust. good to see you thanks for joining us tonight. >> great, thanks for being -- >> these are you will a companies going over the three companies they have done well in the last couple of years. but you still see them doing well. the first one is -- o'reilly automotive. i was looking. a couple years ago below $200 now around $340. so a great ride so far. why do you still like it? >> yeah,

crisis was in full swing and then you had in september you had the fourth largest investment bank lehman brothers holdings filed for chapter eleven bankruptcy. and so as the entire financial infrastructure of the world was crumbling you have or register officially as a domain name and then shortly after that an anonymous white paper under a motto was published detailing about a bit coin a crypto currency that what supplement and improve the current failings of the monetary system so what this white paper actually said was that decline in a nutshell would be a peer to peer electronic payment system where two people can seamlessly transact and settle and send and receive money with very little transaction fee in very little time this entire process would be a borderless currency and the main a feature of this would be that there is no centralized authority over this and this was the key because at the time the central authority in the us a big investment bank went down paper money government backed currency will be worthless he detailed out in this paper that this system as long as there are member

. >> the differential treatment if you compare what happened to lehman brothers versus washington mutualand aig and fannie and freddie across-the-board some of them made out pretty well and fannie on the other hand took a big hit taking the future profits of the institution for six or eight years so that was one of the issues of uncertainty everybody was treated differently and there was no rhyme or reason for how it was being implemented. >> america has long had one of the developed banking systems in the world which may contribute to the periodic banking crisis and bailouts. can you speculate on any paths you might see a >> i would like to see politicians just start shrinking the system. an incremental process that worked pretty well we benefited even when the government was making mistakes restricting the money supply you still have the banks that were free to fail. >> in the next crisis to regulators have a lot of discretion and it's important who's in the positions. now working for vice president mike pence if they end up in these decisions it's a crapshoot in terms of who is going

we have a comparison to lehman brothers.res turning round in late -- $10 billion of market cap in just a week. david: joint venture. be hasse tesla want to hit the break as it battles and investor over funding. halting production california, while the hong kong arbitration center rules in two filings. an billionaire alleges initial investment, but failed to inject additional funds providing conditions have been a failed ashfield -- filled. rishaad: after china triggering a sales from the company, it will align supplies to reflect changing global commands. 46%, leaving total year-to-date. customers awaiting cars will not be affected by the halt and workers will still be paid during shutdown. david: japan heading into its lunch break. as we wrap up the morning, we are seeing the nikkei still down .9%, although we were seeing losses as much as more than 1% earlier during the session. we have been watching the japanese yen, as well. we have eased off on the yen strength. it seems like dollar weakness mostly here when we are seei

>> we have not seen seven to the dollar since before lehman brothers collapsed to this is where peoplech trying to figure out what is president trump's appetite on this and what our markets seeing as the chinese losing control of the currency as opposed to just managing this in a downward direction. seven just checks all the boxes and this would be a dangerous number for the chinese. while the united states as they do not want to see a depreciating you one, china also does not. investors really do not want to see that either. you could run into a lot of trouble if you see that number crossed anytime in the near future. shery: we are gearing toward the potential g20 summit. we have had conflicting reports on who is leading the charge in the u.s. whether it's secretary mnuchin. who is the point man for the chinese to talk to? >> there is no one. fordon't have the framework a deal now. in theory, the person has authority over trade in the u.s. government is robert lighthizer, the u.s. trade representative. 's star was rising after the nafta deal. >>'s star was rising after the nafta deal.

but when it hits, the question is, and it hits in september 1988 with the collapse of lehman brothers. bush decides that he needs to intervene and needs to intervene vigorously. 1988, andou see in there is an immediate legacy ,ver the next decade or so, is bush refuses to go along with the sort of libertarian right wing. he develops and massive program -- a massive program, tarp, troubled asset relief program, to try to buy up these assets that are collapsing as a result of the financial crisis. opposes him, and when i say the right-wing i mean in congress. it was a very, very difficult fight to get congressional approval of this tarp program. , himself a fairly conservative republican, are strongly in favor of this. and they succeed mostly with democratic support. this also happens in the middle andhe 2008 campaign, actually, and this is more in the book of dick cheney than anybody else, you get descriptions of this crucial white house meeting where obama me step back, mccain said i am not going to campaign, i am going to stop campaigning. a majorto have washington meeting to decide

a subsequent elon musk tweet storm and unflattering comparison to lehman brothers.ed around in late trading but tesla has lost $10 billion of market cap in a week. >> in the meantime a chinese tesla wanna-be has hit the brakes as it battles investors over funding. production is halted in california while there is a ruling on two filings. there is an allegation that after an initial $800 million investment it failed to inject additional funds. that is almost it for daybreak australia this morning. trading in new zealand is under way. just a few minutes from the staggered open here in sydney. here is a quick update on the markets. a pretty sluggish open across asia because we had the huge plunge. chinese stocks keenly watched. aussie dollar trading at 70.76 after following to the two and a half-year low. we'll have jpmorgan's take on the chinese economy and the yuan. the senior ekist will be joining us in about 10 minutes. daybreak asia is next. ♪ ♪ heidi: i am haidi in sydney. australian markets have just opened for tray. shery: i am shery anh. >> welcome to daybreak

lehman brothers were not happy with that. they had two-and-a-half times as much equity, two times as much debt. the regulators have the legal authority to take over now which they did not happen 2008. and they have the knowledge to manage it. think about the orderly management of a bankrupt company, as opposed to firing everyone. you want orderly liquidation over time so you are not dumping assets in the marketplace. even if it went bankrupt, which will not happen -- all of the debt would become equity. so $120 million of debt and become equity. it would be the most over equity ties company in the world. the contracts would stay in place. they should take a victory lap. those were important to do. of course, some of it needs to be recalibrated area there are things which did damage. one that you could put on the negative productivity list -- mortgages. 3000 -- there are 3000 requirements now and 50 states. because of that, it is really expensive to service a mortgage. who pays for that? the customer, ultimately. everyone who

experts say today's unemployment report reflects a historic economic rebound after the collapse of lehman brothers set off a global financial crisis ten years ago. bruce stewart morgan stanley financial analyst responded last hour on the "four on 2" on ktvu. >> i think it's great news about the unemployment numbers. the last time that news outlets like this were talking about these type of numbers, they were also talking about the first manned landing on the moon. >> he adds the good news on jobs was especially remarkable since hurricane florence took a huge economic toll on the carolinas. >>> the popular sparkling water la croix is the target of a class action lawsuit. the suit filed today in illinois says the company is falsely claiming the drink is 100% natural. those filings this lawsuit say this test shows there are synthetic ingredients like one used in cockroach insecticide. they claim that all ingredients in its sparkling water are 100% natural. >>> toyota is recalling more than a million vehicles including certain prius models. part of the engine can pose a fire risk on hybrids. they also

this time he's likening it to l-word, lehman brothers. he warned -- remember back then? orn warned that lehman was undercapitalizedded ahead of its bankruptcy. he now sees tesla as following the same doomed path, especially in how it deflects criticism and masks problems. the stock is down 4.5%. but we do have this positive note, the national highway traffic safety administration has tesla's model 3 a perfect five star safety rating in every single category and subcategory. it also said it has the lowest probability of injury of all cars. the -- the safety agency has ever tested. even with the positive news, tesla shares dropping to their lowest level since april 4th, currently at $250.44. high was well above -- let me check that, because the annual high was about $233. $283, i'm sorry. $283 per share. so, yeah, we're falling here. but earnings season kicking off on friday with crucial bell weather banks, jpmorgan, wells fargo, citigroup, they are all up right now. but with interest rate and global market fears on the right, will the earnings season has inform muscle to w

from the letter and is equally as interesting as the apple commentary in here he likens tesla to lehman brothers and, remember, he was one of the biggest critics if not the biggest critic of lehman back during the crisis he talks about elon musk sort of bluffing his way through the troubles like he says in his words some at lehman did back at the worst of times there he says that tesla's ceo could be even more aggressive in his deceptions he says but like lehman, we think the deception is about to catch up to tesla, quoting from the note you have musk taunting the s.e.c. in the last 24 hours. he says the brand is in trouble. our tesla short was the second biggest winner during the quarter. what do you make of this >> don't forget that david einhorn came to prominence from wrestling a.llied capital to the ground he wrote a book about it it wasn't a quick trade. he gave a famous speech and that took years to unravel. it went up in his face a lot of great shorts do that to you. this is far from over. the tesla saga versus the shorts i'm still interested to hear what he thinks about it. >> you get a

. >> the collapse of lehman brothers triggered turmoil in markets around the globe. >> smith: in the008 collapse, kentucky was hit hard. >> we travel to kentucky for a firsthand look at how theis recession urting just about everyone. >> when i first got here, things re booming. there, there were a lot more factories that were open, and businees. i mean, you can see, businesses are closing all over. >> kentucky is to horse racing what detroit is to the american auto industry. and even the sport of kings feels e sting of a global recession. >> smith: nearly every sector of kentucky's economy was affected. krs lost $2.8 billion.en blaring) >> it punched a hole in the boat. i mean, thboat was taking on water, but now we got a hole. there s a huge downturn in the funding status because of that crisis. and you can't y that back in five years. tu >> the economioil of recent years is putting a comfortable retirement at risk for many amerins. >> so the investment crews are feeling the pressure to get the returns up so that we're generating more money going intt the . >> smith: now you're swin

one stark illustration of that is a particular night in 2008, lehman brothers had just collapsed. hank paulson, treasury secretary for the present president bush phoned all the democrats and we are in our districts. he said, if we do not act and you could hear the timber in his voice within the next few weeks, we will have a recession that is worse than the great depression. we came back in on monday night we huddled together the democratic caucus because we were the majority party would have to begin the appropriations bill to do what became known as tarp. i have never forgotten the first three or four congress members who stood up to speak a spear by ourselves after tarp had been explained. to a person they said almost the same thing, don't touch it. they caused it. and we do not want to be held accountable. that is the difference between power holders and true leaders. i'm a sailor, all i could think of was the american ship, how much do you need to keep it from sinking? or is there a better way and you can convince me. but, they only cared about saving themselves not the sheph

a course, david einhorn is prominent investor, he rose to prominence in the wager against lehman brothersis no stranger to the market. and he's a very good poker player. david einhorn, i believe, once finished sixth at the world championship of poker. i've got to double check that. also interesting to see what he says about stocks. the pound has slid this morning after a weekend of intense brexit talks failed to break the deadlock between the u.k. and the eu. italy is set to submit its contentious budget to the eu today and germany's ruling coalition has taken a blow from the elections in bavaria where u, lostter party, the cs its majority for the first time since, i think, 2008. that brings us to our question of the day, which of those three things offers a greater trading opportunity this week. is it brexit negotiations, german politics, or the italian budget and the possible clash with the european union. graf, head of macro strategy at state street. tim: if the question is framed as this week, it is probably brexit. you will see volatility around that story, maintaining the higher lev

lehman brothers would not have happened today. two point five times as much as equity, three times as much liquidity, the regulators had the legal authority to take it over that they did not have in 2008. think of an orderly management company as opposed to you fire everybody. in a financial company, you want an orderly liquidation overtime so you are not dumping assets into the marketplace. even if you went bankrupt, which would happen, all that debt would become equity. the mostbecome advertised financial company in the world. the contracts would stay in place, they would just take a victory lap. those are important to do. i think some were overdone and need to be recalibrated. one of the ones, and i think you can put this on the negative but activity list, mortgages. there are 3000 -- there are 3000 requirements now to send you a bill. have national laws. because of that, it is really expensive. a mortgage, who pays for that? ultimately., litigation requires the same thing. if you have had a mortgage recently, torture. ? you kn

. >> thank you for your public services was originally scheduled september 13 when lehman brothers declared bankruptcy we know what happened next with the alphabet soup of programs to keep it afloat and ten years ago this week taxpayers to bail out wall street and save our economy from collapse and the headlines from today headlines 2008 describe 36 hours of alarm and action in a decade after the most severe crisis how the financial watchdogs will rollback rules after that crisis the same agencies, your agencies that ignore the build up. and for those who are fighting to try to do something. now those from the crisis s 2155 was reducing the regulation a burden on credit unions and small community banks that we agreed we could and should improve. and based on the questions sent to officials by republican colleagues since the passage of 2155 it seems they are most concerned about how the law will help the largest domestic and foreign banks and with that republican euphemism like deutsche bank but those regional banks with an international parent. these dreamers have always supported washingto

some of this stuff, on the fact david einhorn, the big investor, is saying he's comparing it to lehman brotherss is, you know, on its own, it's bad. listen, this is a stock that the market is transfixed with. neil: yeah. it's a metaphor for a lot of folks. we are awaiting a couple big things on that vote tomorrow and how susan collins might vote. she will indicate that today, 3:00 p.m. little over an hour. hey there people eligible for medicare. gimme one minute... and i'll tell you some important things to know about medicare. first, it doesn't pay for everything. say this pizza is your part b medical expenses. this much - about 80% - medicare will pay for. what's left is on you. that's where an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company comes in. this type of plan helps pay some of what medicare doesn't. these are the only plans to carry the aarp endorsement for meeting their high standards of quality and service. so call unitedhealthcare insurance company today and ask for your free decision guide. with this type of plan, you'll have the freedom to

and most recently, and i think we can all remember october of 2008, the market tanked after lehman brothersalded this decade of cheap money policies that are just beginning to unwind themselves. so those are the tricks, the more popular tricks that we've had in the month of october. but you've got to remember october is the most volatile month for stocks. it's not the worst month. the worst month for stocks is september, neil, and we got i through that with flying colors. yeah, they like that. the trick of everything is that historically october finishes higher. go figure. neil: all right. knock on whatever. lauren, thank you very, very much. lauren simonetti. let's go to steven is guilfoyle, better known as sarge because he calls it as he sees it, and as he's very honest at how he looks at these markets. steve, you're looking at this market now going into a weekend where anything can happen. so for trading monday, what do you look for? what are you going to be following? >> well, for those folks who don't know me, don't follow me on twitter, i basically start my monday morning around 6:00

it given how low we've been the last ten years >> becky, we have the financial crisis with the lehman brothersten years ago over this time period the central banks created a gdp at $21 trillion which is equivalent to the entire united states gdp. the only issue there is there's no offsetting liabilities, costs of doing business, so it really was worth around 100 trillion dollars on an equivalent basis and interest rates have been low which has been one of the main reasons that the economy continued to grow and get out of the recession. what strikes me now, becky, as i said in the notes you referenced, we have the congress and the president doing everything they can do grow the economy, the tax cuts, jobs bill and we have the fed, which is continual in my opinion i had otic desire to raise interest rates to get back to some kind of normalcy which never existed which is trying to slow the economy. so you've got -- >> mark, i understand your point. isn't it great cover for the fed to go ahead and get rates back to a normalized level and maybe not have it hurt the economy at the same time? when el

however, the lehman brothers in solvency filing in 2008 booked in the long bank sector. the money was available quickly for the money market industry, concluding two institutions with no significant exposure to lehman and then rapidly spread more widely to all financial responsibilities, including those financial institutions, even to commercial paper buying confidential institutions. many believe that asset connectiveness, not contagion, is the normal problem. my book describes in detail with respect to the lehman failure. infestors lose money, not penny on the dollar. but the financial reasons connected to lehman failed to result in the failure to lehman. as a result, no financial institution exposed to aig, in my view, would have failed if aig had been permitted to fail. for instance, goldman sachs would have experienced an estimated lack of aig. many did not feel connected to this contagion. the primary rationale was the feeling that a bank or mortgage company or broker dealer could lead to the failure of the counterparty. clearing of over-the-counter derivatives was

by october of 2009, just 13 months after the collapse of lehman brothers, just ten years ago, just 13 months, the real unemployment rate in the united states was 17.2%. that meant there were 27 million americans either out of work or forced to work part-time because they couldn't find full-time work. many of those people were heads of households. that tsunami hit more than 50 million americans. think about that. there were also more than 16 million foreclosure filings and more than 40% of the homes in the united states were effectively underwater. they were worth less than the amount of mortgages they were paying. this and so much more is detailed in our report. so, yes, there were lots of bad long term trends regarding inequality before the crash. but they were all made worse, much worse, due to the crash. unfortunately, many were also made worse by the policies undertaken in response to the crash. we could talk about lots of them, some of them you heard about like the t.a.r.p. bailouts for wall street, but nothing for victimized homeowners. i want to focus on a cue institution that