in 2007 michael louis is writing articles praising derivatives in banking. he dismissed skept innings. >> they are upset because of the kindall version. >> this guy is star fox 2020. >> this is what i did do. i write a column for bloomberg news, and i wrote a column making fun of the people at davos three years ago. every year they go to davos for this economic summit, and every year they say the sky is falling. they say the same thing every year. so i poked fun at the self-important people at davos coming together to explain how awful things were going to be and going back to their roles of central bank governors and not doing anything. there was a line in there. they were all saying derivatives is the background scary thing. nobody was talking about why, just the derivatives. i just said in theory, derivatives are meant to redistribute the risk in an intelligent way, and nobody has explained to me why that isn't being done. now it is true that the nay sayers were right, but they didn't know why they were right. the book i've written i'm sor of agnostic abo

michael jackson's natt, ellicott gerrell's dress, louis armstrong's trumpet. the exhibit runs through august and many of the exhibits will be at the museum that will open on the national mall in 2015 for african-american culture. >> i loved hearing ella fitzgerald and michael jackson and louis armstrong. >> coming up, the ad that was too racy for dancing with the stars. and a former super model, naomi campbell, running after a news crew. >> he could have had an asthma attack. >> a mother amanda >> you are watching abc 7's good morning washington. with doug mcelway, alison starling, meteorologist brian van de graaff, and lisa baden with traffic. this is good morning washington, on your side. >> welcome back. our top story, prosecutors have dropped all charges against a 14-year-old boy accused of taking part in the mass shooting in southeast that left four dead, after authorities received new evidence that clear to the teenager. police have made two more arrests in the case. >>> authorities are trying to prevent a major environmental disaster afterburning of ric

it was revealed at the hearing by a wamu risk officer and detailed in michael louis's book "the big short," lenders could create the requisite average score by pairing loans of borrowers with relatively high scores with borrowers whose scores were lower which is the reason why it is called bar belling. so if the raters want an average score of 615, a lender could pair scores of 680 about scores of 550 even though borrowers were scorse of 550 were almost certain to default on the loan. this barbell effect satisfied the ratings agencies even though half the loans in many cases had little chance of suck ssess. at the hearing, wamu's ceo effectively admitted to barbelling by saying, "i don't have the barbell numbers in front of me." to make matters worse, wamu secured hi-fi coscores by seeking out borrowers were short credit histories. such borrowers often have hi-fi coscores even though they have not demonstrated the ability to take on and pay off large debts over time. these borrowers are called "thin-file borrowers." according to a report in "the new york times," wamu encouraged thin-file

michael louis is author of the blind side and other books.is latest book tells the story behind the events and people that led to the 2008 financial crisis. he's our guest this sunday on "q & a." that is at 8:00 p.m. eastern and pacific on c-span. >> c-span, our public affairs content is available on television, radio and online, and you can also connect with us on twitter, facebook and youtube, and sign up for our schedule alert e-mails at c-span.org. president obama leding to new england in about 50 minutes or so, live coverage from portland, maine. he will be talking about health care. he may also visit some of the flood damage up there. the massachusetts governor has asked him to do that. while we wait for the president, a look at this morning's "washington journal" with the chairman of the postal regulatory commission. this runs about 45 minutes. ruth goldway, chairman of the postal regulatory system. thank you for being here. explain to us, what is the authority of the postal regulatory commission? >> it is the oversight regulatory agen

michael. >> thank you, charlie. >> rose: thank you, david thank you andrew ross sorkin. >> thank you. >> rose: 40 years ago a vigsz for memorial took shape. the architect louis kahn was commissioned to design it. roosevelt island was commissioned for location. but kahn's unexpected death, fiscal crisis and changing administrations in new york kept the mame y'all from being built. it has now changed. the franklin d. roosevelt four freedoms park broke ground at the south southern tip of roosevelt island. here is a part of the speech given by franklin roosevelt on four freedoms on january 6, 1941. >> the first is freedom of speech and expression. everywhere in the world. the second is the freedom for every person to worship god in his own way everywhere in the world. the third is freedom from wont which translated into world terms means economic understandings which will cur through every nation a healthy peacetime life for its inhabitants everywhere in the world. the fourth is freedom from fear which translated into world terms means a worldwide reduction of arms be such a point and in such a thorough fashion that no nation will be in a position to commit an a