i received one last week that began, "we have the solution, mervyn, for your bankruptcy."laughter] lord king: excessive leverage is the common theme of many earlier financial crises. are we really so much cleverer than the financiers of the past? and that was not a welcome statement. people thought we are wiser than people in the past. well, it turned out we weren't. now, i don't think it is ever easy to say that a particular level of leverage was going to generate a crisis. and no one -- there is an element of randomness in the small events that triggered the crisis, but it was pretty clear, i think, that the system as a whole was in some serious trouble. francine: so with hindsight, would you have done something anything differently to placate this nonconfidence? lord king: well, i think the things we had to do were well-known in the u.k. and had head been identified before. one was we did not have a resolution framework to deal with the failing of a bank in the u.k. every other g7 country had one. we did not have 100% deposit insurance. and that was bound to mean that o

so i worked at mervyn's and folded clothes during the holiday season. i will say i am fortunate and cognizant of the privilege i had to work through college and do it for extra money, and not because i needed to pay my bills. by the time i got to law school, i had to work pay my bills. as a product of the california public education system, i worked all the way through. in my favorite job, the one that in forms the work i do today, where the times where the faculty, organizing professors and students to push back against tuition increases, and with the service employees national union, organizing home care workers, security guards, industries often not organized but recognized that we are more powerful when we work together. [applause] [cheers] carmen: i love all of these stories. i think we did just keep going. i will say that i think this allows us see how your lives are intersectional. we often think that we, as women, are monolithic. but we are not. your organizing, and the work you do it every single day, why do you think it is important to organiz

so i worked at mervyns and folded clothes during the holiday season. i will say that i am fortunate and also cognizant of the privilege that i had to work , through college and do it for extra money and not because i needed to pay my bills. but by the time i got to law school, i needed to work to pay my bills. so as a product of the california public education system, i worked all the way through. my favorite job, which informs how i do my work today, was my time with the california faculty association organizing professors and didn't to push back against tuition national increases, and also with the national union, organizing home workers, security guards, industries that are often not organized that we are more , to recognize powerful when we work together. [applause] carmen i love all these stories. :i think we could just keep going. i will say i think it allows us to see how your lives are intersectional and we think we as women, are monolithic, but we are not. in your work in organizing that you do every day, why do you think it is important to or

the bank of england's mervyn king said, we all know that he is a man of total integrity, extraordinaryty, and most part of all, courage. such people are rare. his country will miss him. hildebrand believes strong leadership is having the courage to act in the face of adversity. when you were ahead of the snb, what was your decisive vote? -- moment? philipp: in my time we had two i would say. one was the rescue of ubs, which was a very difficult moment. in many ways it went against everything we believed in, yet -- and yet we knew we needed to do it. we also knew it would create tremendous anger in the population. that was clear. and of course, it has turned out that way at a global level. and that it would take a long time for banking to redeem itself. so we knew the consequences were in many ways very significant, and yet we had deep conviction that at that moment we had no choice but to proceed. the other one, obviously, was the introduction of the minimum rate. francine: on ubs, what was -- it was a very difficult day. do you remember some of the conversations that you had at the ti

to face the monetary stimulus of the recent years -- this is basically a letter marvin king is -- mervyn jay powell. is this an issue? michael: it is did it would be more of an issue if there were not so many questions of out what donald trump is doing in the legal sphere. can sort of stay under the radar, there will be less treasure, though the issue is likely to a, up, because republicans on capitol hill do not like what the fed has been doing in recent years. if they start raising rates back -- faster, that will not be good. tom: chris rupkey, one of the great things is the idea of the domestic economy and then fold in trade. in international dynamics, it was a sub 3% gdp, but domestic sales was 4%, 5% plus. which do you look at, the in the fedonomy analysis? think consumer spending is important. consumers have the ball out of the park. 3.8%. so the .8% or 2.6% gdp, which do 2.6% gdp,- so 3.8% or which do you take? stick with the consumer. investment spending pushes growth of faster, longer-term. stick with the consumers, fat and happy and waiting for the tax stick cuts. tom: what is