-- now to pay back my loan? >> there's a entrepreneur down in southern california that has been developing things along this way or hay long this -- along this line where it's a much more sort of negotiated thing in a nontraditional way. he does talk about, you know, giving different types of paybacks and different types of, of what can i call -- anyway, tying up certain types of ownership shares and so on. but it's negotiated sort of thing. the thing that makes it useful is that it goes for a certain type of business which is a little larger small business. it's not, basically, the main street, the under 20s, the under 0s, it tends to be the little larger ones, and that's where i think the opportunities arise for such things that, you know, as you're talking about. >> tom? >> one of the other things that was mentioned earlier is that we've taken a thurm of steps at -- number of steps at the federal level to support small businesses recognizing there are these collateral issues. one of the programs that was part

so you would like for people in distress to have loan modification, not loan forgiveness, basically? >> absolutely, absolutely. clearly, many of the loans ar unsustainable, but yes, i mean, no loan forgiveness. >> reporter: there's broad consensus that microfinance can be an effective tool to bring hundreds of millions of poor people into the global economy as participants in one of the world's fastest growing economies. but the more immediate task is to clean up the microfinance industry that's been spawned in india, one that right now looks very much like the american sub- prime mess. for "religion and ethics newsweekly," this is fred de sam lazaro in hyderabad, india. >>> in washington, d.c., tens of thousands of abortion opponents gathered for the annual march for life, marking the 38th anniversary of roe v wade. several lawmakers, including house majority leader eric cantor, addressed the protestors, who then marched to the supreme court to voice their opposition to legal abortion. >>> in bangladesh, tens of thousands of muslims prayed for peace and a renewal of islam at the ann

the terms of a loan -- how should we think about a loan? are we thinking about taking money away from the classroom to offer this loan? how should we be thinking about the loan? that is an important question. >> the budget is $1.70 million. we do not have an advisory board. part of what we are working on in our leadership for philanthropy program that i talk about in the report is specifically recruiting leadership volunteers. that could be the basis of an advisory board. i think some kind of -- given that you all have a lot to do and a lot of things to attend to, some kind of role where there is community advice coming in. to provide that would be valuable. there is not a strategic plan for the station as a whole. students involved in generating content -- we have done some special projects with students. we brought a group of students to work on a specific story or a specific documentary. we do not have an ongoing presence of students as a regular element in creating programming. your last question about how we think of the loan -- >> as

one and a half trillion dollars for many of them their business model depends on the growth of their loan book the chinese central bank has set interest rates on deposits of two point seven five percent and loans at five point one percent giving the the banks. difference between the two in profit well that's the way a bank should work of that's the very nature of of banking right there in a nutshell but the problem is when banks don't hold any of their capital on reserve and this is the problem the global banking system in the us china and elsewhere it's ok to engage in classic banking as you just described but if you have no cash on the books in reserve if there is a need to step forward was some money and you have done you have the huge crisis that we saw in two thousand and eight which is going to be repeated in two thousand and eleven because these banks still have no money on their books they're engaged in the suit global ponzi scheme and china's at the tip of the spear of the global ponzi scheme they're printing like mad they're building ghost cities that don't exist and there's hop

it said consumers and business loan activity has picked up. shares responded well to the report up 1%. volume almost tripled. we have an in-depth analysis of this chart on our blog. go to n.b.r. on pbs.org. bank of america was the leading dow component today with a three and a quarter gain. we've focused on a 90 session chart really showing the stiff rally b. of a. shares have seen since late november. since the november low, the stock is up almost 40%. on the heels of intel's announcement last night to increase its capital spending, semiconductor equipment makers rallied. novellus led the pack up 12%. this is a seven-year high. dutch company a.s.m.l. popped 9% to a ten-year high. and applied materials closed over $15 for the first time since 2008. the day's disaster may have been coinstar. shares lost more than a quarter of their value. the firm cut its outlook. it has delayed the rental of some new d.v.d.'s releases, hurting that business. we saw the first initial public offering of the year this week. american assets hit the market at $20.5

as well as other kinds of loans including small business loans. we have worked on that, and all the agencies are working with the dodd-frank provision to try to help restore the functioning of the secondary market. obviously, the biggest problem in some sense will be fannie and freddie reforms which had to come at some point. which will be critical to reestablishing the soundness of the residential mortgage market. >> i would agree with that, and i think i think would've been worse if the fed hadn't stepped in. you are the only borrower work of the small business loans in the secondary market virtually. i think the small business loans, it is challenging. agencies are working together now try to come up with better standards to bring this back it away that will provide incentives and provide high quality and transparency for investors that by those maturities but i think i will take a while to do. >> senator warner, another issue that is raised time and again is dodd-frank. the regulators to your rights are busy every day creating new rules that a

on the fringes and i believe it's going to work its way up towards the core and the mainstream of loans if things continue to go the way they are and there is absolutely no reason the world to believe that they're not going to go the way they are because going on this path because you still have supply as compared to demand credit still tight underwriting standards are returning back to a practical perspective because you simply can't use of the people's money the way you used to. and we still have you still have yet to come anywhere near equilibrium what's interesting about this is that the banks are still carrying a significant amount of the river products based upon. and the system on the market rules have been changed due to regulatory capture the banks and that is that p. has literally have the risk iraq true throughout two thousand and i know that because paul martin once in the history of the u.s. markets the problem is fundamentally the problems are not only not gone but they're actually worse than they were back in two thousand and eight yeah what's interesting and you know the

loans.o that they can really, you know, make sure that they make the kind of repairs that are going to last. we also have staff that can help them through that process. to select contractors, to make sure that the work is done correctly. and, you know, we have a variety of different funding sources. at least until the end of this fiscal year, which is june 30 is, we know that we have funding to be able to help people out there. after that, we're just going to have to wait and see. >> and these are loans that you can't get out in the open market or the interest rates are too high? >> that's a good point. these loans are specifically for lower-income households. so, for example, household earning $54,000, i think it is, for a family of four. >> sure. a household of four, around $80,000 or less. >> right. we use the same income guidelines. so it's an income-driven program. and typically, the interest rates that we have are 0% interest. you know, you can't get that at bank of america. >> right.

michael's a very large bank and it has a bunch of loans on houses which over which the owner of those houses stop paying them all. the houses go into foreclosure ok they're non-performing but j.p. michaels can technically continue to accrue interest on these loans on the books despite the fact the interest is not accruing because the house the property is in distress by the time they do foreclose they go to. the house back so they may have to take a loss on the phantom accrued interest but there's still the phantom principle on which they might not have taken a full also if they will when they sell the property but since properties are not selling they hold this property and inventory. from this point on what looks like potentially in perpetuity so they don't have to take the full write down so it's a profit was never so so for two hundred thousand dollars you get one hundred fifty thousand dollars mortgage on it we stop paying it the. interest on a hundred fifty thousand dollars until they decide to foreclose which is a year and a half to two years after the person stop paying and th

you should not be making loans or rejecting loans because of the industry. you need to look at every individual business and think about its actual prospects and learn the business and make that decision. collateral is a way to make a loan without doing much work. collateral is a problem now. >> are the bankers too lazy to do that? [laughter] >> i think someone forgot how to do it. i think -- there are more high- tech wonders. they have more knowledge of their borrowers. larger institutions have more relationship with their borrowers sometimes. that will give us better loan quality. all the exposure we will take, we will get better asset quality. >> we are in the last two minutes. >> one of the things we have been urging regulators is that, if a loan is performing, even if the value is down, particularly on commercial loans, it puts folks between a rock and a hard place, especially when they have been performing for a long time. with a massive consolidation along some of the larger banks, you have management teams that have been wiped out in communities. the

we are basically taking a loan. we would be paid interest on that loan. quite honestly, we own the station. we have collateral. as far as everything else we do, this is pretty safe, as far as i am concerned. we also, as you might see in the audit, which puts a little more pressure on that, is the discussion as relates to a going concern. they are spending more than they take in. therefore, he does have some pressure on him to break even this year. just having a loan is not going to help him. he needs to have work. based on his comments tonight and what he has been telling us for six months or longer, he is committed. i think we should support him. commissioner norton: thank you for the presentation. i want to follow up for a minute on what you just talked about. you mentioned that the loan would be paid back with interest, but in the requested action it does not say anything about it. it just says it will be repaid -- will be reimbursed to the district. i do not know if we need to amend that. >> if you like, you can amend that. it was always understood wo

to repay that loan. we don't want that loan criticized. a policy that requires that criticism of additional capital is required is highly cyclical, an we've tried to address that. that said, it is a higher risk when it is collateralized. home equity has provided the collateral in home real estate, which those valuations are down as well. this is a continuing problem. we've asked the owners to focus on the borrowers' ability to pay. >> has it helped? >> i think it has. we get mixed input from banks, and i know there are some banks and there are some borrowers out there that it has not worked as well as it should. if you have a situation where you don't think that policy has been applied, i want to know about it, because we're trying very hard, particularly in washington, to make sure they're followed. >> i just want to jump in on this. and i would agree with what chairman bachus said on this. we are sending mixed messages. on one level we want the banks' balance sheet to get better, and then the other han

will you be here a year from now, three years or not to pay that loan? for an hour in southern california. that has been developing things along this way -- or along the spine, where it's much more of a negotiated thing in a nontraditional way. he does talk about giving different types of paybacks and different types of work in a college -- anyway, he is tying up certain types of ownership shares and so on. but it's negotiated sort of thing. but the thing that makes it useful is that it goes for a certain type of business, which is a little larger small business. it's not basically the main street, the other 20s and 30s. it tends to be the larger one and that's where you think opportunities arise for such things that you're talking about. >> one of the other things that was mentioned earlier is that we've taken a number of steps that the federal level to support small business. it's recognizing there are these collateral issues. one of the programs that was part of the small-business jobs act as the billion and a half state small-business credit initiati

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so most of our under communities really need what we call our smaller loans, $ 250,000 and under. the challenge for many banks, larger institutions is in order for the economics of providing a loan under $250,000 it has to be a very streamlined quick decision, not a lot of hand-holding. these are built upon the platform of hand-holding. attention up front, and entrenched in their communities. they understood the dynamics of that community and that will translate into success for these small businesses in the future. >> sir, if this was your question, let me just ask you how satisfied are you with how the government is filling the gap that steve mentioned and how effectively are major financial institutions filling that gap? >> they're not filling the gap. i think what he was talking earlier regarding the contracts. one of the great things about the bill in our opinion is the diversity congresswoman waters and barnie franks supported. that is a significant piece of legislation. it's going to have a great impact on minority owned businesses and businesses in general because it requi

of small loans to businesses continue to decline. according to the laces latest survey small business owners see some credit availability but they have not seen a pickup in sales that would trigger more investment. one continued area to stress is housing. after what looked to be a gradual recovery in new home building in 2009, and 2010 these single-family starts slumped again during summer and remained depressed in recent months. sales of new and in vesting homes are at low levels and inventory remains high compared with the monthly pace of sales. house prices even apart from sales of bank owned properties have been falling again and many households lost confidence that prices will turn up any time soon. reports of foreclosure have heightened concerns about mortgage loan servicing and mortgage modification and created uncertainty about the pace and volume of foreclosure sales yet to come. delinquency and defaults on existing mortgages seem to have peaked but have remained at historically high levels and while low mortgage interest ra

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you can get a 15% loan for 4% or less right now.st phenomenal. 30-year loan, 5% is not that tough to come by. >> what do you take into consideration when you refinance? >> it's not like the old days where you can refinance every last dime. if you want to get your home refinanced quickly and add at good rate, you'll need 25-30% value into the home. before you would try to refinance and get every last dime out, maybe you would have 10% equity. think in terms of 30% equity. >> there are so many people underwater and the mortgage is more. they walk away, is that smart? >> the situation, the thing you need to know, this is a contract between you and the bank. the contract simply says, if you quit making payments, they get the house back. so you have not broken the contract you are living up to the contract if you decide to walk away. it's a big misdeal. what you have to look at is it going to hurt your credit for seven years. if to want to buy a home, it's not going to be very easy. on the other hand if you are down so far you need to lo

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sharking payday loans dealing is a primary business and sending out their ghetto gang bangers the u.s. pentagon sponsored military to go rape and pillage this is the entire business while supporting these bags so that takes me to this next headline max and obama's new chief of staff william daley j.p. morgan vice chairman lobbied against financial reform foe of health care bill oppose consumer protection bureau he apparently was against it when timothy geithner called him to basically lobby j.p. morgan for support of the consumer protection bureau he said at the time that he believed that there were sufficient consumer safeguards already on the books yeah well he's a stone cold liar and he's obviously part of the same ghetto economics of getting america into as much debt as possible so that they become indentured servants answering only to their slave master on wall street who are shilling and slopping and slinging their debt slingers not unlike the crack dealers but we already know that what i want to know is how does a bomber get up in the morning to look at himself in the mirror an

so you took a lot of money out of the house in the form of home equity loans, i trust, when the house had risen in value. >> yes, over the years, i'd taken different equity loans. >> reporter: interviewees like ford prompted emails like this one: "where is the economic justice when she benefits from loans on the property and then effectively defaults on the property?" so we asked karl case, one of the country's top housing economists and a long-time teacher of economics, to address the question. >> all of this gets to the real nub of what economics is about. if you can show that the total benefit when you carve it all up exceeds the benefit when you let it sit, you should do it. there's no question about that. >> reporter: case cites the italian economist vilfredo pareto, who brought economics around to a common definition of he good. >> pareto said that if you can make some people better off without making others worse off, even potentially, that's an efficient change. that brought the whole profession together. >> reporter: and that's all economics can ask for here, is that what you