host: louise story? guest: the bill is pushing for clearing, and there are many parties and there, including hedge funds, asset managers who are on the other side, and they would like to see this go further. they are managing money, often for pension funds, and feel that they need more transparency for pricing. host: elkton, maryland. george on the republican line. caller: i would like to see financial reform. but i would like to see it without any locals. -- loopholes. i am not a financial persiaperst i understand goldman sachs, one of the things they're being accused of is betting that their deal will fail. how do financial firms benefit from this? host: louise story, could you briefly explain shorts? guest: this included a bundle of insurance policy that would pay out if certain mortgage policies with that. the people who bought it were essentially the insurers. they agreed to pay out some of these mortgage bonds when the day but that. the case says that goldman sachs led a party who was very negative

host: louise story?guest: the bill is pushing for clearing, and there are many parties and there, including hedge funds, asset managers who are on the other side, and they would like to see this go further. they are managing money, often for pension funds, and feel that they need more transparency for pricing. host: elkton, maryland. george on the republican line. caller: i would like to see financial reform. but i would like to see it without any locals. -- loopholes. i am not a financial persiaperst i understand goldman sachs, one of the things they're being accused of is betting that their deal will fail. how do financial firms benefit from this? host: louise story, could you briefly explain shorts? guest: this included a bundle of insurance policy that would pay out if certain mortgage policies with that. the people who bought it were essentially the insurers. they agreed to pay out some of these mortgage bonds when the day but that. the case says that goldman sachs led a party who was very negative

gretchen, along with louise story, the first-to-break news of the s.e.c. fraud accusations against goldman sachs. it's a pleasure to be seeing you. >> i'm so leap to be here, dylan. >> here's my question for you -- do you believe that the goldman sachs fraud case, forget whether it has merit or not or what its outcome is. is indicative of the type of business practices that were common at merrill lynch? deutsche bank, ubs, lehman brothers, and the rest of goldman sachs, who were the firms that were the most aggressive with this type of trading and security in general? do you believe that there is, if we once we start pulling, we're going to see a lot more of this? >> this is certainly not an isolated example, dylan. i mean i think that some of these securities that were underwritten by all the firms that you mentioned, might be different in little nuanced ways. but what we're talking about is, yes, a really overarching effort to figure out a way to short the mortgage market. to bet against the mortgage market. not only for their customers in some cases, li

ray suarez gets the details from louise story of the "new york times." >> woodruff: and we get some perspective on the future of financial reform legislation, after party lines were drawn in today's test vote. >> it will reveal who believes needs to strengthen oversight on wall street and who does not. it will demonstrate who believes we need to strengthen the protections for consumers and who does not. >> republicans are also acutely aware of the fact that government solutions to big complex problems like this one are rarely as effective as they're made out to be especially when they're rushed. >> ifill: plus, a jeffrey brown conversation with singer- songwriter natalie merchant on turning poetry about childhood into music. >> i thought i was making the record that would introduce poetry and music to my child and to other children. it just became more involved and more complex and more sophisticated as time went on. >> ifill: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: >> what the world needs now is energy. the energy to get the economy humm

host: louise story, business reporter with the new york teams, she has the lead story this morning inher paper, along with gretchen morganson. thank you very much for october "washington journal" this morning. guest: thank you. host: charlie in detroit on our line for democrats. what are your thoughts? guest: good morning, pedro, and good morning, c-span. host: good morning to you too. are you listening to us on x.m. radio? caller: no, no, i am on the tv. it is ridiculous to blame j.p. morgan chase or merrill lynch or citibank or anybody else because the fundamental wall street of the financial instrument depends on some basic system. for example, the federal reserve has a responsibility to have prices. and treasury secretary paulson before the said the only thing americans can export is the universal financial instruments complaining we don't make any more to other financial instruments. so how do these like j.p. morgan make money? it is by losing. you know what ode upis, pedro? host: what is that? caller: it is other people's money. other people's money. other people's money is the

amy louise wood, you have a story to tell, i think that most americans are not very conscious of.because it's uncomfortable. and it was -- there's something about what had happened here in 19th century and early 20th century in the united states to people of color. lynching was unreported, unrecognized form of torture. tell us something about what you found, how you found it, what turned you on to the whole story? >> thank you. yeah, my feeling about lynching is america is the most striking met fore for racial violence and racial oppression in this country. you can probably think a lot of the example where the term gets thrown out as the symbol for racial oppression. it's one of those things that a lot of americans have conscienceness about and there's a lot of historical amnesia at the same time. a lot of you might have been aware of the collections about sanctuaries and published in the book and it's not on the internet. it was exhibited about the country of lynching photographs. you asked how i came to this project, i was -- this was years ago. 15 years ago. i was living in mis