, now head of the paulson institute.ren on this. just five minutes ago in the last hour with hank, you expressed some, i don't want to put words in your mouth, not regret, but a suggestion he felt bad he was never really able to persuade the american public of the success of t.a.r.p. do you think historians, you know, 5, 10, 20, 30, 50 years from now will be an appreciation for t.a.r.p. in a different way there is today? >> yeah. at the time in september and early october of 2008, hank was in a very tough position because if he told how bad things were, it would have made it worse. and people didn't really appreciate the need for the government to move in big time, immediate, decisive. and so the communications -- i'm not sure could have been done. and first impressions last so long. the american public thought of it simply as a bailout for banks. and that was not the case. but once that got implanted, it will take a long time to change. on the other hand, historians will get it right. >> i don't know if viewers or the p

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accomplished the paulson short with the help of goldman sachs now here's what senator carl levin had to say about these types of deals. about the fact that you show hundreds of millions of that deal after your people knew it was your. are you ill you sold a customer something i don't recall selling hundreds of millions of the deal after that. now joining me to discuss as always bob and wish now bob a lower hello hello this is about the ethics and we do what i do have you time now person for most is it fair to compare the tarp to the more famous paulson paulson fund and ethically and what are the implications behind you know basically betting on something that you helped designed to fail i mean it's a simple ethical question but your ethics and wall street we can get into a long discussion you're right yes i think the deal itself was very similar between magnetar impulse and it was rather brilliant you can buy something and participate in the revenue stream of it while at the same time if it's bad enough when the entire market turns down it's going to be the first to fail and then you

hedge fund titan john paulson is passionate about pianos, steinways in particular.bought the piano maker steinway. the ceo joins us with the talented family called the five browns and they will take us out to commercial break. ♪ what's in your ear? oooo! a quarter! check for more! well, i guess i can double check... my watch! [ male announcer ] it pays to double check, with state farm. if you have a business idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reality. start your business today with legalzoom. ♪ >> that is the five browns. they are playing live at the steinway and sons studios in queens, new yorkp. this is a family of five siblings and they were all admitted to the julie yard school of music at one time. the first time that's ever happened. they play beautifully. their first three cds went to the top of billboard's classical musical chart at number one. beautiful music. >> wow. that is really an impressive sight. >>> talk about impressive obama care and damag

. >> i am responsible for bringing in hank paulson. the conspiracy theory doesn't hold up because i didn't really know hank paulson when i worked at goldman. a good job, ahad lot of interesting responsibilities but i was not a big cheese at goldman sachs during the five years i worked there in the late 90's. aftermath as my government career took me to higher and higher positions, i found that that also tended to elevate what had done before. being moderately senior at goldman sachs to being -- running europe for goldman sachs, which i didn't. i did know hank paulson. i met him when i was at golden sachs. what i did know when i became chief of staff was that we had -- oveready five years five years in the bush administration without a significant financial crisis. i knew from my experience at goldman and elsewhere that it is very rare that any administration can go eight years without some kind of internationally significant financial crisis. when i came in as chief of staff , i told the president that as our incumbent treasury secreta

here in chicago, we will be speaki speaking exclusively with hank paulson. we'll get reaction to today's breaking news about the deal between jpmorgan and the justice department. but it may be coming apart. we to want get his take on that. then former senator chris dodd and former congressman barney frank are both with me. they spawned the dodd/frank regulations of course. as well as securities and exchange commissioner mary schapiro will be joining us in this hour. after the break i'll talk with goldman sachs ceo larry blankfein on a day where we see stocks moving into record-setting manner. >> we're not forgetting the white hot story out of obama care, the nbc news report confirming the white house knew millions would not be able to keep their health plans even as the president was promising just the opposite. we have aetna ceo mark bertolini reacting exclusively to that coming up on the "closing bell." >> let's get to the red hot market. a market in unchartered territory. the dow jones industrial average up. we've been steady the last hour. the magic numb

here's hank paulson's book. he says in 2006, after the election, when i was the chairman-elect, he talked to me about reforming fannie and freddie and i agreed with him. in fact, one of the first things we did when i became chairman was to pass a bill to regulate fannie and freddie in the house. there was a group called fm policy focus, the major opponent of them, and they said, frank sad down with paulson and they frankly upset people in the senate and republicans in the house but they come up with a bill that was excellent and it was a bill that became law. by 2004 i was willing to change it -- yeah. one last point. in 2005, the republicans controlling the congress, i think, passed a bill in the house, where i served, to restrict fannie and freddie some. the administration didn't think it went far enough and it died in the senate. >> thank you for taking us back and going through all those years and thank you for bringing in the books, the articles, the props today. at the end of the day, here's the question,

go on foxbusiness.com, story of timothy geithner and hank paulson. charlie: you are telling me i have two right now. i just want report and go home. and go to the bar. liz: best reporter around. a democrat and republican with us after the break with their perspective and inside view of this. if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passin

meteorologist steve paulson. how are you doing? >> i'm doing great. we have clear skies. it's going to be another nice day, a little cold out

and treasury secretary hank paulson was recently interviewed by andrew ross sorkin about the bear stearns acquisition and whether the government would cover future losses this is what he had to say. but it offered them a debt and indemnification. and jamie knew that at the time all i've got to say is this. who knows what all of their motives were how much they wanted to do what how much they didn't want to do it no one wants to make an acquisition under those circumstances. quickly all i can talk to. get the deal was done and here we are and by we i'm including mr bobbitt anguish. thanks for including me now now when j.p. morgan they took over bear and subsequently won new their after we knew what their motives were and who was in profit. no of course not of course not you know it did actually get quite a bit of financial help from the government in taking over these these companies can you detail this for us sure to look at the big picture let's look at the smaller picture first because some of these losses and we have a graph here of this and these are the most traded most recent losses

i can't wait to have paulson on today. you know why?e's going to be taking a victory lap because of the markets. >> yes, he is. >> but his whole thing about the mismarkets is it's based on economy everyone thought. >> not as -- >> here he is, all his call ves come through, but for all the wrong reasons and for something he may hate. >> he'll be kind of honest. he'll be kind of off. and he always like like he has a -- he's got the scruffy -- >> he can go did on walter weiss, too. >> yeah, without a costume. >>> ten-year fed -- >> our guest host today was wrong and he looks like walter weis. >> we always stroke him. >> we do. we love him. >>> they're 2.51%. i thought the fed said we're never tapering. other people said, you know, some earth shattering news that they might be data dependent. how many times have we said that? there's the dollar, 1.36. come on. get down below 1.30. soon. >>> and then gold has had some kind of -- once we found out about the central banks, it's done nothing by go up ever since the article about the central ban

are you pretending that there was no leverage. >> i didn't work for hank paulson. i can't respond to that what i'm saying the more important question here, truly, we're talking about a lot of big headline-grabbing numbers. more important questions what are the remedies we're putting in place to make sure this doesn't happen again? i'll tell you, one refrain throughout the entire treasury department through the bush administration and obama administration, never again. we're never going to be put in this position where we have any kinds of deals like this again. we shouldn't have to have this situation. melissa: go ahead and respond to that. >> why are we still giving money to fannie and freddie then? let's get rid of fannie and freddie then. that will solve the problem. >> great, that's let's do it. >> if you think you will solve the all ills of humanity by passing dodd-frank, that's nut. we will have another crisis again. that is the basis of human nature. melissa: very spirited this is tough cook which. wow. >>> next on "money" how does this this guy still have a

steve paulson is here. >> fog is back. it will be a much, much cooler over by the coast. its not making much of a surge inlapped. we will get a little bigger difference on the forecasted highs. today we all get 60s and 70s. its not moving too far inland. 40s or 50s but its much, much cooler for some over by the beaches and bay. san francisco which was 79 yesterday i mean 78-80 and the last three days going 68 today. 38 in reno. 40s for many. probably a few 30s to the north. other than that it will be nice and warm if ts 60s and open is. here is sal. >>> we are looking at the commute and right now it looks good if you are drying to get to the city in your car. if you want to get up early and do that, that would be a good idea. we will see more people using their car today. we will see earlier backups. right now it still looks good. if you want to get out there early, that would be a very good bet. looking at interstate 880 traffic looks good as you drive through with no major problems. we've been looking at the bay area commute, and we don't see any major delays yet. again

bring in somebody like timothy geithner, hank paulson, somebody with credibility.he reason that geithner and paulson would be good, is they know budgets, they know taxes, they know economic growth, they know the severity of the situation, a default. republican secretary of the treasury, a democratic secretary of the treasury, both have credibility. they're outside players but they know the inside of government. i think that's what you need. i would start where you want to be. and let the employer bring you down. secondly, don't talk yourself out of a job. be humble and talk about how you see your role in expanding this job and finding ways to make it more interesting. talk about the company rather than yourself. and lastly, show some enthusiasm. show that you're committed. show you're a team player. remember, with your family you're not negotiating the bad guys. you're negotiating with your family. don't act like a dictator. end up -- find out where you want to be at the end of the discussion with your family, with your kids. be humble, be reasonable but know where

meteorologist steve paulson. how are you doing? >> i'm doing great. we have clear skies. it's going to be another nice day, a little cold out there for some. sunshine on the way, and warmer temps. we get a little bit of that offshore breeze. high pressure is hanging out here for a while. i don't see much change for five or seven days if even then. coast, bay, inland everyone will be within a couple degrees of each other. 39 napa. i expect santa rosa to get in there. 47 redwood city. santa rosa 38 at 7 a.m., a little puff of a breeze holding the temp up right now. we'll go 74 noon, 83 for a high today. temperatures continue to warm up. 24 up in tahoe. 39 ukiah. i'm sure there's 30s in lake county as well. overall the only clouds i can find are off san diego, there's a patch or two of fog, and that is about it. it will be sunny and warm. sunny for all today, cold, lows, warmer afternoon highs. a lot of low 80s. temperatures will be very close in san fransisco 78, 81 livermore. here's sal. >>> good morning. we are looking pretty good out there so far. people certainly on the

ktvu's steve paulson will be here with more on what is in store for the workweek. >>> we're learning more information about what may have caused a grass fire on yerba buena island last night. >>> now to our continuing coverage of the government shutdown. president obama spoke to workers at fema this morning thanking them for working without pay. >> the truth of the matter is, there are enough republican and democratic votes in the house of representatives right now to end the shutdown immediately with no partisan strings attached. the house should hold that vote today. >> the pending deadline to raise the debt limit has become intwined with the shutdown. the country will run out of money in ten daps if the debt ceiling is -- days if the debt ceiling is not raised. john boehner said they won't pass it unless the president is willing to negotiate long-term deficit cuts or reform to the benefits. >> i told the president, we're not gonna pass it when the votes are not in the house with a clean debt limit. >> so far neither side appears willing to budge. >>> fleet week in san francisco wa

steve paulson will be here with your trick or treat forecast. >>> and high flying above the bay. what pg&e inspectors were doing in a helicopter this morning along the san mateo bridge. [father]c'mon,buddy,you can do it.c'mon,reel it up, you gotta reel it up now,buddy. reel it up. [father] reel it up,you got him on there.bring him in. is that a bass? [boy] yeah,i got a big bass. [father]bring it up.keep reeling.keep reeling.c'mon, where is he? whoa! you caught that all by yourself? [boy] yeah! [father]how old are you to catch that? [boy]three! [father]you're three years old? show me how many fingers that is. >>> another demonstration is planned for tonight to protest the police shooting of a 13- year-old santa rosa. hundreds of people attended the funeral for andy lopez last night. the young teen was shot to death by a sonoma county sheriff's deputy last week. the boy was holding a bb gun that looked like an ak-47 assault rifle. and the deputy thought it was real. county leaders say more needs to be done to improve the relationship between the community and law enforcement. >> we

. >>> fire danger in the forecast, ktvu meteorologist steve paulson will tell you when and where youre expect it. >>> why one of the first responding firefighters on the scene at the asiana plane crash at sfo could face charges. blam >>> the battle to bring the as to san jose will be heard in federal court soon. the city is suing mlb but on friday, a judge will hear an argument to try to squash the city's chances of getting the as to move. janine de la vega joins us from san jose to explain. good afternoon, janine. >> reporter: at city hall, leaders are feeling confident that a federal judge will throw out and deny major league baseball requests to throw out the city's lawsuit. san jose filed an anti-trust lawsuit. currently an mlb team cannot move to another city or state unless the league approves it. the san francisco giants have ter toerlly -- territorial rights. san jose has already put in time planning the proposed stadium and has secured land for it. but cannot go forward until the mlb or the courts respond. >> every sports team manages to get along without a special requireme

paulson, next speaker please?my name is amy and i have been with the center for 20 years now and i have been see a lot going on there and yes, they have been trying to get rid of us, i don't know how many times, six times or more and i really like where i work but the patients here have nothing. and but we just enjoy giving them the care that they deserve. and our mission here is to to take care of them and to send them up to the laguna honda is a disservice, because i feel that they have one clinic and some clinics go to it daily and then the methadoneclinic they go daily and how are they going to get up there and it is inconvenient to the patients but the doctors say that it is inconvenient to make the visit to three clinics but sf has seven floors and could they not find us one little spot and you know not even a whole floor, a half of a floor are eye quarter of a floor to accommodate 30 chairs, everyone wins, the patients get the care and the doctor sees them at one facility, if they are upset to going to thre

both warren buffett and hank paulson voiced similar opinions on the debt ceiling yesterday right here"squawk box". and you do hear it from a variety of places. people very concerned about that particular issue. >> last time we saw it happen, we actual i got downgraded. but that it nothing to the actual price in the yield on our paper because it's just known what the underlying strength -- it's known by everyone around the world. so if it's a technical default, we're not a country that will have trouble paying our bills. you need to tstand by what you'e saying, but everyone knows it's just bickering. >> but it is starting to have an impact on five year cds spreads. they are up to 33 basis points. up 45%, though, just over the last three week. that is still below i think it got up to about 62 or 63 back in august of 2011. >> people in the risk business need to, if it goes from a 1% chance to a 2% chance, it needs to be reflected somewhere. but people still know, i don't know if you want to call it technical, what you want to call it, but you still know you look at the situation, it's bi

ktvu's steve paulson will tell you where you can expect a warmup later today. >>> plus -- a warning for pet owners as federal investigators investigate a treat that may have sickened thousands of pets. to those whoworried...... poked and prodded... taken risks... and lived in a state of "what if?"... welcome to a new state... of health. welcome to covered california. the place to find quality, affordable coverage. financial help for those in need. and nobody can be denied because of a pre-existing condition. enroll now at coveredca.com or call 1-800-752-6631. >>> an amtrak train hit and killed a pedestrian in san leandro. it happened in the area of washington avenue and florist boulevard around:15 this morning -- around 9:15 this morning. no one was injured. amtrak set up a bus to take passengers around the scene. >> it looks like the male, adult male was pushing a shopping cart full of recycling and was struck by the train. >> authorities have not released the identity of the person hit and killed. >>> there's a new development in the death of a construction worker that happened over t

steve paulson will be here. >>> and president obama to the rescue. what he did in the middle of his speech about healthcare to help a fainting woman. [uncle]this is hopscotch,okay? uncle go one,two,one,two,one two,one. [niece]okay! [uncle]okay? [niece]one,two three,four,five,six,seven,eight! [uncle laughing] okay,we go the other way,okay? [niece]one,two,three,four,five, six,seven! [uncle laughs]there's ten spaces,you want to try again? [uncle]yeah? >>> police are still at a middle school in sparks, nevada where a deadly shooting happened about three hours ago. police say a school employee and a student who was the likely shooter are dead. two other students were wounded. sparks is east of reno. the middle school and an elementary school next door were evacuated. there's no word yet on what led up to the shooting or how the shooter was killed. >>> and las vegas police say an argument over a cover charge sparked a deadly nightclub shooting. it happened at dairy's afterhours club at bailey's -- bally's casino at 5:30 this morning. police say a man opene

liz: he had recommended, son, you should work for hank paulson. >> yes he did. i took his advice.ut, one of the first stories in the book, goldman committed to take the firm, take a british company public in the late 1980s. then there was a stock market crash and, all the other banks were trying to get out of this commitment to do the ipo. and the legal contractual loud him to do so and john l. weinberg said, i don't care what a legal contract said, we told these people we would do it. so i'm not basing this ethical decision on a legal contract. i'm basing it on what i told somebody. liz: so he held his word is what you're saying. then as the firm evolved through the years you call it, organizational drift where you stray away from the original culture of the firm. >> the original meanings of what john white ahead had written the other cohead with weinberg of the firm he put clients needs first. that had particular meaning. >> are you saying lloyd blankfein and gary cohn don't do that anymore? >> i think they do. they really believe their clients interests first. the difference th

. >> as we look back the former treasury hank paulson encouraged jamie dimon to get involved and take over some of the other banks that were in real trouble. is that relationship important, jordan? >> it's absolutely important and super significant. since the financial crisis and since before the financial crash banks made a decision that it was better investment of their dollars to spend it on lobbyists, campaign contributions and government so they can get out of things like, oh, paying taxes, and following the regulatory obligations. thithis is exemplary, a few yeas senator dick durbin made a statement after we lost a fight to help homeowners, that banks own the place. speak of about congress, he said banks own the place. that's a bad situation for this country. >> but to push back, better to have $13 billion going to things that we talked about including consumer relief, including getting the fines paid, better to have that than nothing at all in long-drawn-out lawsuit? >> it's better than nothing but we have a lot more to do to resolve this crisis. let me put a fine point on that

jim paulson writes from wells capital management, could we have a bit of an inflation scare in 2014. yellen will come in, perceived as a dove when the u.s. dollar is weak and falling, commodity prices may be showing signs of lifting again. on a radar of a possible problem next year. and john donaldson at hayward says the criticism of yellen is being soft on inflation is unfair. she's fully committed to the fed's dual mission. what opportunity has there been for her to talk tough on inflation over the past several years? kayla, you can read all about this on cnbc.com and see the full survey there including the call for qe to last through all of 2014. kayla? >> thanks, steve. we'll do that. and still ahead, the earnings squad swoops in with three big names to watch before they report. >> after the break, the president and ceo of td ameritrade is here. there he is. "street signs" is going to ask him if the individual investor is doubling down or getting out. fred thompson coming up. ♪ norfolk southern what's your function? ♪ hooking up the country helping business run ♪ ♪ build! we're i

. >>> steve paulson will be here what to expect later this week. >>> upgraded prublth -- products for apple. [father]c'mon,buddy,you can do it.c'mon,reel it up, you gotta reel it up now,buddy. reel it up. [father] reel it up,you got him on there.bring him in. is that a bass? [boy] yeah,i got a big bass. [father]bring it up.keep reeling.keep reeling.c'mon, where is he? whoa! you caught that all by yourself? [boy] yeah! [father]how old are you to catch that? [boy]three! [father]you're three years old? show me how many fingers that is. >>> breaking news out of vallejo. two schools are in lockdown right now. we're told it's because of criminal activity but we have no more details than that. the two schools are jesse bethel high school and wardlaw elementary school. we're working to get more information and we will update you if we get any more information during this newscast or you can always follow us on twitter for updates. >>> two at noon -- apple unveils new product upgrades just in time for the upcoming holiday shopping season. david stevenson is in san francisco with word of one fr

steve paulson will tell you how long it will last and what's in store for the weekend. >>> and the outrage after sheriff's deputies shoot and kill a 13-year-old. [father] reel it up,you got him on there.bring him in. is that a bass? [boy] yeah,i got a big bass. [father]bring it up.keep reeling.keep reeling.c'mon, where is he? whoa! you caught that all by yourself? [boy] yeah! [father]how old are you to catch that? [boy]three! [father]you're three years old? show me how many fingers that is. >>> we need justice! [ cheers ] >> santa rosa community is outraged over the death of 13- year-old andy lopez, who was shot by sheriff's deputies on tuesday. last night, a group took to the streets and another vigil is planned for tonight. investigators say officers repeatedly told lopez to drop what turned out to be a fake rifle. officers say i ignored the orders. >> the deputy fired several rounds from his weapon and struck the subject and he fell to the ground. >> because this is an urban area, they -- they just blast the kid. >> yesterday, investigators displayed a real assault weapon next to the fa

steve paulson. >> welcome back. >> thank you. >> nice time off. >> i did, slept in. >> that is a good thing. clear skies. cold on parts of the coast there when you get the clear skies sunshine though and warmer temperatures today and tomorrow, maybe even a hint of an offshore breeze although i can't find one now, mild, warm to warmer as we head to friday, the weekend starts off all right then cool down especially by sunday, today cold readings, 30s, 40s, maybe fog, can't find it yet but pops up around 5:00 to 7:00, sunny for all today and again warmer, looks like a nice day, clear skies, had that provided us with winds and clouds unless there and that is good, 40s there and i expect that to come into the 30s without that breeze and fog that will help send temperatures cooler but after we get ramped up here sunny and warm, cold morning, fog, doing that to cover myself, see if it shows up, temperatures 70s north, 75s or 60s, brentwood 73, 73 gilroy, santa cruz, santa clara, san jose 71, menlo parks, redwood 70, 70, san mateo 66, san francisco and 64 half moon bay looks nice up until abo

steve paulson looking very stylish this morning. >>> thank you, sir.lish weather as well if you like sunshine and warper temperature -- warmer temperatures. people are asking me where is the rain. don't see any. you know it will probably rain on halloween. sunny and warm by noon. maybe. 30s on the coast. very low 40s. temperatures are starting to bounce off some of the morning lows. rather brisk lows. 21 up in tahoe. 41 ukiah. 35 up in clearlake. a little chilly there. but it will be sunny and nice. hardly a cloud low or high in the entire state. night weather on tap -- nice weather on tap. severe clear. there is a slight component of an easterly breeze. as you know, the nights are getting long. the days are et going shorter -- are getting shorter. here's sal. >>> steve, good morning. we're looking at traffic that's been lighter today. but i hope it's not a -- not the calm before the traffic storm. let's take a look at the bay bridge. it really has been pretty good getting into san francisco. the delay has been gone for the past hour. moving along and

and hank paulson had something what was called the emergency stabilization fund, it was set up when they changed the price of gold. that is what he used to guarantee money market fund, nobody thought it was designed for that but they did it, you know, and who was going to stop them? i don't know whether the emergency stabilization fund allows that, but you had men there who would act and who had these authorities and to some extent, i believe, i may be wrong on this, that dodd frank circumscribed some of those abilities, the fed and the treasury had and believe me they were important last time. >> rose: and they have the say so -- there is also this, j.p. morgan, a $13 billion settlement. what do you think of that? was that appropriate? was it the right amount? will it serve to send a signal? >> i don't know what the right amount is but i know this. when a prosecutor tells you that a financial institution -- it was i think we got fined 290 million when i was at solomon, i had -- if they brought a criminal action against us we were out of business the next day and that would have had a lo

. >> san francisco labor counsel head tim paulson satd such a ban won't fly. >> this strike was avoidabled the workers got pushed into a strike. i want to be clear about that. >> that sentiment echoed by two other neutral sources i spoke with today who told me bart appeared willing to tolerate a strike, that the public would blame union and may call for a future strike band. san francisco state labor expert who also sat in on the talks told me these were the quote, most dysfunctional sector labor negotiations possibly in state history. he's calling for a board of inquiry into what went wrong. new some says these mistakes simply cannot be repeated. that grass roots movement to ban transit strikes today acknowledged that legislatures likely will not act immediately but say if the lawmakers dawdle, they will go directly to voters. john fowler, ktvu channel 2 news. >>> more details now, bart officials say the numbers are still being tallied, but the earliest mat for loss of service is $8.4 million per week. the two strikes added up to a total of eight days. the free buses bart used cost anoth

organize effective resistance despite several attempts by the corporation to shut down the school but paulson has remained resilient and has even fend it off vulture mining corporations itching to exploit their land the slogan for. the answer. let me just say he thinks it. will be. the slogan for these workers i'd rather die from bullets than from hunger a noble effort but they're not the only ones that ship here to be you west specifically barnstead new hampshire just a few years back the water mining corporation usa springs had its heart set on extracting three hundred thousand gallons of water from the town's natural prefer but the community fought back to preserve its water supply the people of barnstead passed a law banning corporations from mining and selling water declaring water is a human right that everyone depends on and is not for sale their ordinance has never been challenged by the water corporation and the aqua for remains tapped to this day next let's go down under tacoma whose fight revolves around keeping a twenty four hour mcdonald's out of their community the town says tha

here is president of -- jim paulson, chief investment strategist with wells capital management. good to see you. thanks so much for joining us. let me ask you about what happened in the economy. we had a report out this week from standard & poor's which says it's probably going to take about a half a percent, .6% out of gdp just as a result of the shutdown. what are you expecting? how much damage has already been done to the economy as a result of the shutdown and the threat of debt default? >> i think the half a percent cut, maria, is very reasonable in terms of the first round impact of what has happened with the shutdown. what it doesn't take into account is the loss of global investor confidence, the worry about this being repeated in early 2014. when you take that into account, i would suspect it is going to be about 1 percentage point per year for the next three or four years, so i think longer term the impact is much greater than the s&p's measurement in the short-term. >> jim, what do you think? we may very well get to do this all over again in just a few months. where d

russia but even that tacit applause from the united states the foreign ministers of the two world paulson met on the sidelines of the age of pacific economic cooperation summit in bali paul scott is the forty. confirmation that came that disarmament of syria's chemical weapons stockpile has already begun it was only ten days ago that the united nations as you know honestly passed a resolution on syria's chemical weapons stockpile and u.s. secretary of state john kerry says that it's a record breaking process to get to this stage soon and russian's foreign minister lavrov says that damascus is fully complying with the international community you see during all these weeks after syria joined the chemical weapons convention you just have been working jointly with the international inspectors we hope this will continue on in the future while u.s. secretary of state john kerry also says the syrian government deserves credit for the slow false move process now being hyped that u.s. president barack obama and russian president vladimir putin would have been able to have a one on one meeting on t

steve paulson is here. it's going to be sunny today. >> psun over the bay and roaring down the coast. forecast headlines, talk about a cooler pattern today. sunny inland but fog or sun for the weekend. looks quite until thursday next week. we could get a little system. coast and much much cooler this morning. mostly sunny, nice to warm, a little cooler coast and bay, mild to warm inland. 30s to 40s to right at 50. san francisco running about 9 degrees cooler than they were at this time yesterday. that's a big change instead of 79 or 80 degrees, 68 today. there's low clouds and a westerly breeze. otherwise, fog, but there's a lot of fog there today. sunny away from the coast but some of the patchy low cloud is making a show this morning. cooler coast and bay. upper 70s. low 80s. by the water, 60s and 70s. >>> it has been a tough commute already obviously because the b.a.r.t. trains are not running and we have a big back up trying to get to the bay bridge toll plaza. this is news chopper 2 showing the back up

so those is it unfair to say that what hank paulson goes to congress and says gave us a. trillion dollars for tarp that he's being extortionate and he's wielding the weapon will collapse the system using derivatives unless you give us our cash is that an unfair characterization no not at all let's talk about what your group does how would a public bank and of course i'm talking with mark armstrong of public banking bear dot org how would a public bank address the problem with this model so the premise behind the public banking institute of which i'm a part and one brown founded along with a dozen or so other people. is that all of public finance has been co-opted by private financiers so so there's no true public finance in the us anymore in virtually all forty nine of the fifty states public dollars tax receipts fees are deposited into private banks and that begins a set of dependencies so that public officials are wholly dependent upon the private financing world and public banking is all about putting those deposits and it's over a trillion dollars deposit into public

they need an outside mediator, somebody like hank paulson, or tim geithner, the former treasury secretary. and number works i think that the president should bring everybody into the white house and not let them go until they have a deal. have them avoid talking to the press and the caucus, and lastly, john, an outline for a deal. forget about obamacare, and make a deal on the lines of entitlement reform, and tax reform, spending cuts, and get the shutdown out. and have a debt limit maybe until february or march. those outlines are obvious, the problem is the deep party republics. >> can you care it anything in the past? >> no, this is the worst it has been. it's totally dysfunctional. when i was in congress, we used to disagree on the floor or the house, and but in the end, we would have a deal. and with ronald reagan this never would have happened. >> every time there's a negotiation, every time there's a meeting, then they come out and do a press conference, and they say nasty things about each other. does that matter? >> yeah, that's a problem. what they're doing is not just dealing w

and i know this for a fact because paulson told me this. >> i come on. why not fight it? >> here's why they are doing. it jamie diamond went from the greatest banker of all time and to a critic of the obama administration. you don't have to be a conspiratorist. he ramped up the critique that's when the hammer came down on him. he opened himself up by down playing a loss in london. but it is all victimist and bad for the american political system. >> let me bring ed on it. you think it smells bad here? >> yeah, over the weekend, charlie did a great job of reporting. this wall street is scared. we had the red scare on wall street, they are all scared of what the administration if you speak out publicly against them. why is it 13 billion and not 18 billion or 4 billion. >> it might be 26 billion when we are done. people forget eric holder is throwing a bone to the ambulance chaser community. he is forcing a concession of guilt. this would be done if it is just money. jp morgan can pay it and still make money. but this is about them saying something like we did something wron

so those is it unfair to say that what hank paulson goes to congress and says give us the. trillion dollars for tarp that he's being extortionate and he's wielding the weapon will collapse the system using derivatives unless you give us our cash is that an unfair characterization no not at all let's talk about what your group does how would a public bank and of course i'm talking with mark armstrong of public banking dower dot org how would a public bank address the problem with this model so the premise behind the public banking institute of which i'm a part and one brown founded along with a dozen or so other people. is that all of public finance has been co-opted by private financiers so so there's no true public finance in the us anymore in virtually all forty nine of the fifty states public dollars tax receipts fees are deposited into private banks and that begins a set of dependencies so that public officials are wholly dependent upon the private financing world and public banking is all about putting those deposits and it's over a trillion dollars of the pause it's i