kaiser report oh all right it's i'm to go to new york and talk with award winning journalist michael w. hudson michael is the author of a new book the monster how we gang of predatory lenders and wall street bankers fleeced america and spawned a global crisis michael hudson welcome to the kaiser report thanks for having me on max it sounds a car a film what is the monster name the book the monster partly in recognition that this this tiny little margin all market the subprime mortgage business grew you know from the late from the early one nine hundred ninety s. grew into this this monster that was capable of crashing the economy and causing a global crisis the monster is also. the name of a sales pitch that one of the companies that investigated first. alliance mortgage which was closely associated with lehman brothers used to pull the wool over the eyes of homeowners the the monster actually was was a two hour sales presentation most of which didn't even deal with a loan most of it was sort of like a psychological encounter session where the loan officers asked the homeowners lots of questio

is is the it is the economy as reliance on the all that what dr michael hudson calls the fire economy finance insurance and real estate is is a lot of the g.d.p. based on all of the services and all the financing and and all of that coming into it so we see that whole domino effect once the right real estate prices start to collapse you see all the jobs in the mortgage service area the real estate all this it's a big domino thing this is this is yet to come. and this is a similar situation that we're going to see in canada absolutely twenty percent of g.d.p. is to do with home construction twenty percent of g.d.p. home construction i'm not i'm don't have the figures in my in my head for the truck snack and financial services but it is going to be absolutely massive and this is a huge overexposure to the very things that are there at the center of this financial crisis so absolutely canada is going to suffer in the same way that everybody else does with with the collapse of finance and insurance and real estate we do have a fair fairly large manufacturing economy but everything we manu

next we will hear after barrett from michael horowitz who's the host to the of the hudson institute. michael served in the ronald reagan administration and also played a key role in getting the improvement to the law that i referenced co-sponsored by senator schogol and lee heat in 2007. and after michael we will hear from melanie nezer first u.s. policy and advocacy at hebrew immigrant society and is incredibly knowledgeable about the details of the law and their impact on their real refugees. finally is wendy wright of the concerned women for america the largest public policy women's organization. so, you've got a very broad perspective as i said and people who are devoting the energies and the talent of their individual energy and talent and power of their organizations to stand up for refugees who are unjustly affected by these laws. >> thank you to the hudson institute for having me today. i am kevin alpe the director of the public affairs of the u.s. conference of catholic bishops and let me first explain why the catholic church is concerned about this issue. first of all it's b

next we will hear from michael horowitz, who is our host at the hudson institute greg he served in the reagan administration and played a key role in getting the improvements to the law that i represent -- the reference. after michael, we will hear from melanie nezer. she is incredibly knowledgeable about the details of block and their impact on real refugees. finally, wendy wright. you've got a very broad perspective and people who are devoting the energies and talents and the power of their organizations to stand up for refugees were unjustly affected by these laws. >> thank you, elisa massimino. i am the director of migration policies and public affairs at the u.s. conference of catholic bishops. when the first explain why the catholic church is concerned about this issue. this is an institutional issue. we bring in about 18-20,000 refugees into this country each year. we have overseen separations the catholic relief services that see these cases every day. they are often calling us to ask us to see what we can do to get individual refugees admitted. if we have an institutional issu

michael lord. it wound up being a trip into the past. what was the beginning of commerce here in new york? >> well, i guess commerce would probably predate even hudsonut native americans trading with you one another. they had a tremendous number of animal pelts, and they had lumber. the place was loaded with wood. >> reporter: while native americans are rich in resources, europeans have depleted much of theirs, including animals used for clothing. >> europeans had no more beavers because they had already trapped them all, and their lumber was diminishing. so all of that lumber, all of those beaver pelts begin to be shipped over to amsterdam. beaver pelts would become very fancy hats, waterproof hats. that was the bling-bling of the day. lumber went into making masts for sails. and those masts for sailing ships then all of a sudden became sailing ships that came back over here to pick up more goods. >> europeans bring beautiful textiles and sophisticated farming tools tore both native americans and settlers. >> and that helped them grow more food, helped them become more settled helped them trade more goods. it's all about trade here. >> tall ships w

michael joyce, alan reynolds among others. some of these fellows they should note are no longer hudson institute fellows. likely they are no longer even alive today. we can leave that to be for. the book was really critically acclaimed volume, a home for two press classic now a less completely sold out, which examines how the threat the government opposed to the american dream may be reversed. to reach evolution of power to the state, locality and civil society and through renewed culture voluntarism and entrepreneurship. as worthy as the ideas were at the time for a variety of commentated reasons, they do not fully take root. fifteen years later at the 112 congress prepares to take office komar cattolica teams of the book to examine why the vision that derailed and why it is even more urgent today. on that note, i had the distinct honor of introducing senator alexander. [applause] >> thing is, can come up for the good introduction. he mentioned my small-town research continually for last minute still read. i was driving home along with the legislature named the lamar alexander parkway a few years ago af

michael vick to two years in prison. and remember, brooke, when that happened, people were astonished that he would be sentenced to federal prison for that long. but that is the judge. judge henry hudsonws before. and now this, switching gears here. just into cnn, bernie madoff's attorney is saying that the con man will not be attending his son's funeral out of consideration for his daughter-in-law and his grandchildren's privacy. mark madoff killed himself over the weekend. his father serving life in prison for that multibillion dollar financial scam. but sunny, my question to you is with all of the suits here, will they continue against his estate? >> they will continue, brooke, against his estate. and i think that's what so many people today are really talking about. the fact that one of the considerations that people think he was really thinking about was the fact that three of his children were named in a lawsuit by the trustee. and when he took his life, it didn't stop the legal challenges. under the law, his estate will still be challenged. and so i think that's really sort of the fascinating thing about this. he took his life, but the case goes on against his estate and agains