thank you billy for loaning me. the asian week foundation, collaboration san francisco.asure to announce the heritage award in the community impact category is asian improve art. the co- founders please join us on instantly to receive the award on behalf of the asian in proud arts. >> well, maybe i'll get it started here and john will bring it up. i'm francis wong and together we founded the asian improve arts we're celebrating our history in the san francisco area. and it's quite on honor to be standing before you and to see how the idea of a group called asian entertainment we're not an - we do improvise and i don't want to repeat a lot of things but we're a group for creativity and we want to acknowledge and applaud the committee to recognize the performing arts we offer not only in entertainment but to effect the patterns of thought how do we think about solving the problems and envision a new world? we find in our work as im- arts we're part of envisioning this new world and we're standing on the shoulders of our immigrant forebearsors my patent landed by at&t park

loan. it took me three years to get. we need more capital. i tried to get a line of credit from wells capital. i was decline. where does someone like myself go? i have a loan, i need additional funding. >> did you try through the sba? >> i already have an sba loan. i went to wells fargo for a line of credit and they would not give me one. >> i can speak to you about it. when we look at funds that are needed, the biggest thing we look at our cash flow. i can address that with you. unless there is an issue, at that point -- [inaudible] >> let's talk, ok. >> i have a couple of more questions. i know that the panelists have agreed to stay after for those who have specific questions. i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up

i wasn't prepared because of still wearing my too hot will stupid the president said he would loan me some clothes so i could go along. i said sure. >> guest: yes, that really happened. [laughter] >> host: 9/11. the two photos here we want to show folks. >> guest: yes, these moments were following the famous moment when the chief of staff whispered in the president there, the president left the classroom with all the children and walked into the hold room at and that's where there was a tv in the corner that someone had turned on, and it showed the live images of the towers, the twin towers burning in new york. and i was just shocked like everyone just looking at that image. and immediately i try to focus on making the pictures and not missing anything. what i tried to do was definitely have, what was happening in new york with what was the president was doing. and i was waiting for the moment that the president would actually watch the tv to see what was happening but he never looked up. he was so focused on his words because he was preparing for his very first statement to the natio

thank you for joining me margaret got it way and his comments and how how do you feel about the student loan but what do you think a bubble exist or is this. a very you ask me if i think it's right no it's not right i mean that you know we should be investing in our students not our banks that is the bottom line you know an educated workforce is the crux of society and he's using that term student bubble and he's probably calling that from housing bubble we're not talking about houses here we're talking about people and i think that his argument that we have too many educated people for a society to function just as apply with me well what about. being over educated i mean there's you know plenty of people who go and get a college education and they can't find a job or they end up working in grocery stores or bartenders or something that would not require a college education they do not think that word and over educated society in any capacity in some cases yes but we should be doing in society is placing an equal value on skill in terms of you know what what can you bring to the table along

wouldn't be a crisis i mean if it's banks where they're saying to people look i want to force this loan upon me when the people said look i really can't pay that i really shouldn't be taking that because it's out of my knee that i should. be right on the way around why there's no other way for the making of this woman isn't it the other way around these banks these people could not pay these any way alternately you know they knew what they know nancy your question go ahead but the big banks knew no but you know what it's where well that's fine the banks can try a con if they like but and then they get you but then they get bailed out person then they get and they're white. and and they get bailed out because people were too stupid to say look i can't take that loan because that's out of my means so where's the personal responsibility where are we as a society to say you know what we screwed up not the banks we figured out we fell for capitalism screw our capitalism screwed out of somebody from capitol isn't going to read good here both freddie go ahead it will actually things that is not good a

wouldn't be a crisis i mean if it's banks where they're saying to people look i want to force this loan upon me when the people said look i really can't pay i really shouldn't be taking that because it's out of mind that i should raise. the rates on the way you want to this go out the way for the making of this woman isn't it the other way around these banks these people could not pay these way alternately you know they knew they know nancy your question go ahead but the banks knew the banks knew no but you know what it's where well that's fine the banks can try a con that they'd like but and then they get you but when they get bailed out person then they get away. and and to get bailed out because people were too stupid to say look i can't take that loan because that's out of my means so where's the personal responsibility where are we as a society to say you know what we screwed up not the banks we figured out we fell for capitalism screw our capitalism screwed out of somebody fed khalil isn't going to read good here both freddie go ahead get away i think actually things that is not good and

the president said he would loan me some clothes so i could go along. i said, sure.we went into the house, and he searched his closet and emerged with a t-shirt and pair of shorts. both were two sizes too small for me. i couldn't refuse, plus i wanted the pictures, so i got dressed. there we were walking out on a dusty trail, me and my too small clothing and dress shoes, when i heard the president, first lady and agents having a laugh at me in my not-so-presidential attire. [laughter] >> guest: yes. that really happened. [laughter] >> host: 9/11. 'em pa booker school -- emma booker school. two photos here we want to show folks. >> guest: yes. these moments were following the famous moment when chief of staff andy card whispered in the president's ear. the president left the classroom with all the children and walked into the hold room, and that's where there was a tv in the corner that someone had turned on. and it showed the live images of the towers, the twin towers burning in new york. be and i was -- and i was just shocked like everyone just looking at that image

out more loans to pay for them they robbed me so i robbed i'm not proud but i think the state forced me into this recession so what's going through your head as you're walking down here knowing that you're about to commit a crime. and i had a small plastic toy guns that moment as i was approaching the bank i saw a policeman nearby there was a bag near the street so i said to the caucus should check it out i hope this would be a distraction then i went into the bank and did what i did it was all over in five minutes. just keyboard what he needed then turned himself into the police after spending a year behind bars part of the conditions of his release that he maintains a twenty meter distance from the bank remains angry with the portuguese government who he says are encouraging this type of behavior with an unfair welfare system saying. it's so disgusting their mentality they gave me nothing when i needed it most that i've broken the law and i'm on their radar they give me help they don't notice people unless they get into trouble also. concerns echoed by those who represent the right

two percent or whatever bracket started a quarter percent excuse me there is zero percent this encourages more people to take out loans because they look cheap but joining me now in studio is our t. course find that margaret how here again thank you for joining me ok and i just got it way and i in mrs comments and have how do you feel about the city a lot about what they think a bubble exists there is this. you ask me if i think it's right no it's not right i mean that you know we should be investing in our students not our banks that is the bottom line you know an educated workforce is the crux of society and he's using the term student bubble i mean he's probably calling that from the housing bubble we're not talking about houses here we're talking about people and i think that his argument that we have too many educated people for a society to function just as apply with me well what about. being over educated i mean there's you know plenty of people who go and get a college education and they can't find a job or they end up working in stores or bartenders or something that would not require a college education do

if we cannot, i look for the micro guys to help me out with the smaller loans. it is a collateral loan that we cannot do, i do what i can. we are here to lend. >> thank you. hopefully, people have their question cards. i am going to open it up to the audience. if you have written a question down, please give it to us so we can start compiling them. if i see a repeat questions, it will help to expedite the process, answering those questions that people want answered. we have some of the best and brightest minds here. don't be shy. if you could do us a favor and use the microphone so that everyone can hear your question. >> you had mentioned about assistance in public contracting. for small companies, one of the issues is bonding. what do you do on that? >> for all public contracts, public agencies need to see that there contractors have bonding in order for them to demonstrate they can complete the contract. sba provides an insured bond guarantee to those who do bonding to small businesses on public contracts. so there is an sba program on a maturity bonding, sim

the group i'm looking at, students, they're trying to get a loan and let me be clear, student loan debt, the fed itself said, in march, is a real drain on the economy and our economic recovery. the reason we use for subsidizing the banks in this way, it seems to me we ought to make that same kind of investment in our students. >> you mentioned the fed and they have been issuing both local feds and main fed have been issuing reports about the levels of student debt and how much that overhang is hurting recovery. have you had a conversation with ben bernanke about this piece of legislation? my sense is the fed being what it is, they are not going to be happy with this piece of legislation? >> i have not yet spoken with chairman bernanke about it. i would be delight to talk with him about it. it's the feds own reports, as you rightly point out, that show the risks that student loan debt poses to us. remember, it poses a risk not only to the family that's trying to manage the debt, the student that's trying to manage the debt but it poses a risk to the entire economy. this is a way to back

loans. dan asked me if sunshiny is a word?f course, it is. >> it is now. >>> coming up, busting a move, for better or worse. find out who's named king or queen as we hit the dance floor at a real prom. >> those are some moves, dan. >>> speaking of moves a blast from the past, as fresh prince and carlton, they staged a surprise reunion coming up in "fixation." my favorite show. the day my doctor told me i had diabetes, i remember thinking there's a lot i have to do... check my blood sugar, eat better. start insulin. today i learned there's something i don't have to do anymore. my doctor said with levemir® flexpen... i don't have to use a syringe and a vial. levemir® flexpen comes prefilled with long-acting insulin taken once daily for type 2 diabetes to help control high blood sugar. dial the exact dose. inject by pushing a button. no drawing from a vial. no refrigeration for up to 42 days. levemir® (insulin detemir [rdna origin] injection) is not recommended to treat diabetic ketoacidosis. do not use levemir® if you are allerg

loans? >> john: let me go back to the original question in terms of branding and how the g.o.p. is perceived. because while we can agree it comes down to how is it perceived? the one party is the party of the job creators. the other party is setting up for the job doers. if the republicans want to reach out -- this is the problem with mitt romney and many of my republican friends thought he was a terrible nominee and terrible spokesman. >> i don't think we have an image problem. the democrats have far more of an image problem of being behold ton the public labor unions that are destroying the equity of the country than republicans for trying to deal with a regulated industry. >> john: ron, we all now it was the labor unions and banks not financial for the financial meltdown. president obama spoke in austin in his jobs and opportunities tour in an attempt to refocus the conversation on jobs. ron, i'm about to jump into your party for the endless campaigning. take a look at what the president had to say. >> obama: corporate profits have skyrocketed to all-time highs but that's not

if we cannot, i look for the micro guys to help me out with the smaller loans. it is a collateral loan that we cannot do, i do what i can. we are here to lend. >> thank you. hopefully, people have their question cards. i am going to open it up to the audience. if you have written a question down, please give it to us so we can start compiling them. if i see a repeat questions, it will help to expedite the process, answering those questions that people want answered. we have some of the best and brightest minds here. don't be shy. if you could do us a favor and if you could do us a favor and use the microphone so tha

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interest rates on students when we should be providing them with relief from their student loan debt. . let me respond to that, mr. speaker, the smarter solution force student loan act would lower interest rates for all new borrowers in the stafford loan and plus loan programs rather than extend an artificially loan rate to a small subset of borrowers. this makes federal loans more affordable for everyone. the underlying bill helps all students including those borrowers receiving subsidized loans whose loans are slated to double based on the irresponsible actions of the other side. the bill includes a reasonable cap, something missing in the administration's budget, which protects borrowers and high interest rate environment. if democrats think the 8.5% cap is too high, then let's see their fiscally responsible paid for proposal to back up their rhetoric. the legislation also maintains current law allowing borrowers to take out a consolidation loan after graduation where they can lock in their interest rate for the life of the loan. students can also take advantage of a number of repayment pla

i am in my 40s i just paid off my school leans a coupley -- loans a couple years ago, no one sat down with me, when i took out my loans, and saying you will be payingnese until you are nearly a grandfather, there is great competition out there schools are competing for profit colleges, colleges on line,. neil: you know, my take away from this is, what an idiot i was to pay list price, it can be discounted 45%, to the point what no one pays full freight, i did and do. and for my daughter as well, that is neither here more there, i understand. you should pay more, and i do and did through the nose but i came away thinking, is there that much pad built into our educational system? that they can be discounting suv uingstuff up to 50%. >> hiker education is a flawed market. this is not a new phenomenon, have you going on with colleges they have decided that to appeal to selective students they have to build newer and bigger buildings and stadium, and pay @%trageous salaries for coaches, so many factor built on college spending more not necessarily to provide value for student but make themselves s

loan originators throughout the country. there was a plano, texas office in countrywide, and people would sidle up to me, saying, "you wouldn't believe what's happening around here. you wouldn't believe the loans i've been getting approved here." they were just flabbergasted at what would... what was going through the pipeline. >> these are still on the books. did you know that? >> narrator: christopher cruise describes an industry driven to loosen its standards by demand from new york. >> you got the sense that wall street was in control of underwriting standards and not the mortgage industry. >> smith: what do you mean? >> well, if the underwriting was acceptable to wall street, if the underwriting was acceptable to the ratings agencies, that's all that counted. and so my sense is, it was probably a game among the people in the mortgage business to say, "let's come up with one of the worst loans we could possibly imagine and see if wall street will buy it." >> new homes are selling at the second highest rate on record. >> and then that type of mentality translates into, "don't worry about whether the documents are valid. do