names people have a very strong this rural reaction and for good reason you know this is our lehman brothers this is our bear stearns this is already run this is our bernie made off right and so we had a very strong visceral reaction because the events that happened around that organization and late two thousand and thirteen or early two thousand and fourteen set our industry exact for a year or two it was the primary cause of the bear market in two thousand and fourteen and two thousand and fifteen and you might even argue it's somewhat responsible for the bear market that we're in today so obviously people have a very negative reaction but it didn't know it wasn't always that way mike cox in two thousand and ten two thousand and eleven two thousand and twelve was by far the most important for a company in the world that was largely responsible for the rise of decline so you have the rises. gox and then the sort of colossal fall of mt gox but that story is not over. it's been in bankruptcy for nearly five years february twenty fourth is the five year anniversary and the story is still not o

an industry to write the end of this story how do we want it to end do we want it to end like lehman brothers like the old financial system or would we like this story to end differently we like this story to end in a way that demonstrates the power of the open source community and block change and the resilience of bitcoin like a phoenix rising from the ashes i think we have the power of do that i've got a crazy stretch goal which is to get creditors one hundred percent of their money back as well as to relaunch the exchange that mt gox is not a to remit causes you to cringe in shame but becomes a source of pride on behalf of the entire industry because of the power of this space and hopefully the outcome that we can achieve here so it's a target so as a mt gox it's got to heaven do all on the balance if the man has certainly his name recognition and this apparently can be rehabilitated and turned into a rivalling some other exchanges out the world i suppose now there's a lot of pushback on this mark a policy that as tweeted that. you don't own the shares of mt gox and you have no say in the

i think one of the great ironies of 2008 with the lehman crisis that lehman brothers, i find it interesting that it has its beginning that they collapsed into the economy with them. >> also with the subprime crisis and the targeting to get them in over their heads with those mortgages then basically claw that back in the first place. >> absolutely. >> we thank you. [applause] please pick up a copy of the book get it signed and spread the word to friends and coworkers and those in your church during black history month and beyond. thank you. [applause] [inaudible conversations] >> what scares me right now is not the diplomacy will fai fail, there is a pretty good chance of that. it's worth a try but what scares me that trump especially has personalize this nuclear confrontation in a way that our feet with the chemistry. on the one side this appears to be done in the name of a national interest and on the us side it's not at all clear based on the calculation so it feels pretty rushed this is especially problematic because trumps views on north korea are not widely shared in washington which

likely worried about this and why do they prefer to invest in speculation that goes wrong on lehman brothers and that kind of hedge fund or do they preferred investing in green infrastructure. you know like like say w that's i think a very interesting thing was a cave w. catalyzed completely lending to the solar sector there was no private lynch german in germany and then the chinese took it the chinese development bank which is a trivial amount of two trillion dollars of assets two trillion dollars of course it's a very big economy. they took the idea they helped develop the help the government developed the policy framework and then they lend massively for solar and in between germany and china they have managed to reduce dramatically the cost of solar by about seventy five percent which is making solar competitive with fossil fuel again which is five if this hasn't frightened the city of london who are happy with the status quo with the possibility of a bank like that issuing their own currencies or security instruments no really terrify the private no no on the contrary they would they f

like lehman brothers, you don't plan to crash out but you get to the deadline and you haven't figured something that saved you from going over the cliff. there is a 30% chance that the parties shall more unity and the hardline paris, --. purists will support theresa may after all. you have 60 or 70 members of the conservative party in parliament who have been voting against the government quite consistently. of 310 or or 70 out whatever it is. brexit and mp's pro 200 are not. the majority does not like jeremy corbyn's position on brexit. they wish he would support a second referendum, but he has not been doing that. there is disarray on both sides. if you could put brexit behind you, which is not going to happen fast. let's predict out a couple of years, conservatives are more united than labour. with jeremy corbyn, there is a huge swing from his politics to the other parties. ,onnie: looking out past exit do you see somebody emerging as a likely candidate for the next prime minister? someone.s. to see emerging as a competitor to president trump? do you see any democrats that of annou

banks were insolvent, lehman brothers have come down,.ied about aig, the lost 10% that month we were down 16% in december. the reason i am giving the "f," look at an what is happening in southeast asia, in europe from the economic perspective. the u.s. stimulated at full employment, the. stimulus is starting to wear off the last three recessions we had in the u.s., we cut rates 500 basis points. now we can only cut them to 50, and a week or two ago, san francisco put out a white paper about the benefits of negative interest rates. i hope that is not where we are going, but we can only cut rates 225, 250 basis points. this point of normalization should have happened long ago, not now. they were really late in the cycle in raising rates and now they are stuck. even a smallnto recession, i don't think we have the arrows in the quiver. let's hope we learn something from japan and europe about negative interest rates. they destroyed the banking sectors and they have not helped their economy whatsoever. i don't think that is the place we should

journalist, i was working at wpix in the fall of that year, i was standing outside suddenly of lehman brothers walking out with their boxes. what's the significance of now past as the new president of the world bank. >> the issue is the world bank provides funding and financing for development projects in parts of the world. they guarantee funding where banks find it too risky. it is something that's not a big priority of this administration and the issue is for many, many years for decades, the world bank and the international monetary fund were the only games in town led by the united states. china is doing something very similar. they'll go into africa and all these countries as they'll fund your dams and hospitals and america is once again retreating from an important world stage. that's in a nutshell. >> good to know, ali velshi and stephanie ruhle, thank you very much. >>> it is 2:00 p.m. here. state of the union, 41 of them are making the most news. >> an economic miracle is taking place in the united states, and the only thing that can stop it are wars, politics or ridiculous partisan

the month they took lehman brothers down, when all the u.s.orried about aig, we lost more than 10% that month. we were down 16% in september -- december. the reason i am giving the central bank an "f", look at what is happening in southeast asia, from europe from the economic perspective. the u.s. with our full stimulus, it is wearing off. the last three recessions in the u.s. we have had, we cut rates 500 basis points. now we can only cut them to 25 or 250. a week or two ago, san francisco put out a white paper about the benefits of negative interest rate. i hope that is not where we are going, but we can only cut rates about 250 basis points. the point of normalization should have happened long ago, not now. they were really late in the cycle in raising rates and now they are stuck. so when we get even into a small recession, i don't think we have the arrows in the quiver. let's hope that we learn something from japan and europe about negative interest rates. they destroy the banking sectors and they have not helped their economy whatsoever.

journalist, i was working at wpix in the fall of that year, i was standing outside suddenly of lehman brotherst's the significance of now past as the new president of the world bank. >> the issue is

a brother of a lehman brother is passing himself as a son of a mailman. not the fake authenticity.doing the joke. he was complaining he had to move into armored car. you realize if i win this thing i will never get to ride in a rolls royce ever again. everyone cheered. these are people who drive 1992 ford f-150s and their missus drives a 1999 toyota corolla. they sympathize with a guy who won't get to ride in a rolls royce. stuart: at 10:34 and 40 seconds we got another two minute warning. ashley: we're 14 minutes past the first two minute warning. so -- stuart: i'm sorry. i have a bank of monitors here. i can see other anchors on other networks, i don't see a single smile. i see gloom and doom. oh, what is he going to do now. ashley: national emergency. stuart: i'm sorry. i find this, a, entertaining, i find it, b, very informative, and i find it very trumpian. i find that interesting. i just do. what is he going to say? i have no idea what he is going to say. he is holding a meeting. he might be slipping in another point he will make into the statement. i don't know. who knows wh

the reason why we had financial crisis or bailouts, not because of lehman brothers and bear, they were citigroup and bank of america were insolvent. when banks go insolvent, they go belly-up, right? you will have to start making up a trillion, two trillion dollars worth of deposits because the fdic fund doesn't have enough money in it. so the government would have been bailing out instead of what, instead of two trillion, they, i don't know, 30, 100 billion. connell: something like that. a lot of money. >> that is what the tarp money was. think about it that way. you don't want to, you don't want to repeat that. one other thing. banks do many things. there are many lines of businesses. connell: whereas fannie, freddy -- >> one thing. it is a business that no one else can do without the government. my point is simply this, i don't care, i don't want, john paulson makes money, or these day traders, i don't care, let's be real clear here, only two-way this is company should survive logically. either let them go as private companies, no government backing, they have to borrow to make their

tom: i am going to suggest, ,ased on 2007, lehman brothers the usa regulators are going to step in at look at this now. is that feasible or is it germany and the united kingdom doing it themselves? james: i believe the u.s. will be involved. if one was to look at the destination of credit from the u.s. system to europe, french ks played fast and loose. the u.s. has concerns. francine: what would make you own deutsche? james: i would need to see positive interest. the bundesbank has lent into the system administrator -- -- bystered by the euros the europeans. commercial banks have to watch the money -- have to launch the money and they get charge because of negative interest rates. that is a challenge for all german banks. tom: james bevan, thank you so much, a reset on a friday with all the data. we have data coming out of the u.s. today, don't we? when you think of market participants, they are interested in the data. because the fed was so definitive on wednesday, i wonder if the data will be looked at in the past. tom: mr. kudlow joining jonathan ferro in the open in the 9:00 hour.