america declared bankruptcy and in receivership restructured our government and we got this capitalist you open thea. [laughter] >> jon: is this air breathable? >> it stings a little, but the free market will correct it. you know, eventually, for sure. >> jon: assif, tell me about the future that you're living in. >> well, here the democrats successfully raised the debt ceiling and increased taxes without cushing social programs. >> jon: i got the tell you, i got to tell you, seeing that, a little bit of a relief. it really does look great. >> oh, what this background? >> jon: yeah. >> this is a government-issued simu-screen made available through the enhancement act of 2033. usually it doesn't work that well. that's it. there it is. [laughter and applause] >> jon: assif, that's exactly the same environment that's in sam's future. >> no, no, sam is facing cancerous pollutants. this is a radiation cloud. [laughter] >> jon: what happened? >> well, we raised the debt ceiling, borrowed more than we could repay, and when china demanded their money back, there was a repo situation. long stor

america declared bankruptcy and in receivership restructured our government and we got this capitalist you open thea. [laughter] >> jon: is this air breathable? >> it stings a little, but the free market will correct it. you know, eventually, for sure. >> jon: assif, tell me about the future that you're living in. >> well, here the democrats successfully raised the debt ceiling and increased taxes without cushing social programs. >> jon: i got the tell you, i got to tell you, seeing that, a little bit of a relief. it really does look great. >> oh, what this background? >> jon: yeah. >> this is a government-issued simu-screen made available through the enhancement act of 2033. usually it doesn't work that well. that's it. there it is. [laughter and applause] >> jon: assif, that's exactly the same environment that's in sam's future. >> no, no, sam is facing cancerous pollutants. this is a radiation cloud. [laughter] >> jon: what happened? >> well, we raised the debt ceiling, borrowed more than we could repay, and when china demanded their money back, there was a repo situation. long stor

spokesperson for federal receivership in charge of the prison health care system defends the high pay of prison medical personnel, pointing out those people could be earning more in the private sector and that a lot of those employees couldn't use their vacation time because they were so short staffed. but many of those positions the -- have been filled. the spokesperson points out we shouldn't say those payouts in the future. the person with the most responsibility in the state of california, i'm talking about the governor, earns a measly $174,900. in comparison to those people. >> a lot of people would take a measly half of that. >>> 6:00. attending college could being more expensive. charles reed will ask trustees to raise tuition by 12%. now, if approved undergrads would have to pay more than $6400 per semester. that includes mandatory campus fees. university officials say the increase is needed to offset funding cuts from the recently approved state budget. $650 million was slashed with the possibility of more cuts by winter. alameda county will have to do a better job helping vo

spokesperson for federal receivership in charge of the prison health care system defends the high pay of prison medical personnel, pointing out those people could be earning more in the private sector and that a lot of those employees couldn't use their vacation time because they were so short staffed at the time. but many of those positions the spokesperson points out have since been filled, meaning they shouldn't be seeing such large payouts again in the future. by the way, if you're wondering where does the governor rank in all this, he's certainly not at the top of the list. governor jerry brown's salary, the governor makes just shy of $174,000. reporting live here in san francisco, bob redell, "today in the bay.." >> very interesting. thank you very much, bob. >>> it's 5:07. attending state college could get more expensive this coming fall semester. california state university chancellor charles reed will ask trustees to raise tuition by 12%. if approved undergrads would have to pay more than $6400 per semester which includes mandatory campus fees. university officials say increa

. >> ultimately the greeks are in a vanguard of people that have been placed in a imperial receivership, and we shouldn't underestimate it, the profound wounds to the dignity of self-esteem of an entire people when that happens can have correspondingly dramatic and alarming nationalist consequences. >> i want to ask bret something, because you want something about the all terrible measures backfiring in greece, because they are cutting spending, they're resulting in slower growth causing more debt problems. you can imagine where this is going. >> you're already mistaken, but go ahead. >> when an economy is fragile, if you cut a lot of spending, you're going to turn this economy into a downward spiral? >> it's the raising taxes which is problematic. >> but the tightening. they don't have the same effect. they take money out of the economy. yet what the republican party wants to do with the american economy is cut $4 trillion out of the spending. won't that put the united states in a similar situation where the economy starts contracting? >> what greece needs is a combination of a pro-gro

america declared bankruptcy and in receivership, restructured our country as this fully privatized capitalistpia.

overbuilt, prone to bankruptcy and receivership, politically correct, environmentally harmful, and financially wasteful. these corporations nonetheless help create a world where private success often came from lock, fortune, timing, and state intervention. profit arose more from financial markets and insider contracts and from successfully selling transportation. now, before you answer want to remind you of the subtitle of your book which underlies the question that i read from the audience. you're talking about the transcontinental syria as some kind of precursors of modern america, some kind of harbinger of modernity in your story. so is it, in fact, a fact that the observation of the current economic and financial scene was part of your motivation? >> well, this book did 12 years. many of the disasters this seem so parallel had not taken place as i was writing this book. the other thing is, on as it may sound, finding some of these guys. it doesn't sound like it is from that. so i read this into places. i wrote it in seattle, and then i wrote it in palo alto. eroded when the beginnings of t

overbuild, prunty bankruptcy in receivership, wretchedly managed, politically correct, environmentally harmful and financially wasteful. these corporations nonetheless help create a world where private success came from fortunate timing and state intervention. prophet arose from the financial market in the later contracts and from successfully selling transportation. before you answer, i went to a 90% title of your book. before you answer, i went to a 90% title of your book the question i read, i went to a 90% title of your book the question i read from the audience. you're talking about the transcontinental series some kind of precursors, some kind of harbinger of mundanities in your story. so with that in fact the observation of the current economic and financial team is part of motivation? >> this book gets 12 years. many of the disasters that it seems so pale have not taken place when i was writing this book. everything, thought as it may sound and david will come back later became fine with some of these guys. it doesn't sound like it from that path, but i read this. i wrote in in

overbilled, prone to bankruptcy and receivership, wretchedly managed, politically corrupt, environmentally harmful, and financially wasteful. these corporations nonetheless helped create a world where private success often came from locke, fortune of time and state intervention. prophet arose more from financial markets and insider contracts then from successfully selling transportation. now, before you answer i just want to remind you of the subset of the book and i think this underlies the question direct from the audience that you talk about the transcontinental see it as some kind of precursors of modern america, some kind of harbinger of modernity in your story. so is it in fact, is it a fact that is the observation of the current economic and financial scene that was part of your motivation for writing? >> this book to 12 years. many of the disasters it seems unfair '02 this had not taken place when i was writing this book. and the other thing is odd as it may sound, i became fond of some of these guys. though it doesn't sound like it from that passage. i wrote this in two places. i

fiscal rule frame work uses many of the same powers we have used to manage failed bank receiverships. the federal reserve board is working to issue regulations implementing new plan requirements. the comment. -- the comment period ended on june 10. in order to carry out these responsibilities, the fdic has established a new office of complex financial institutions which will have three key functions. monitor the condition of systemically important financial companies from the standpoint of resolve ability, to oversee jointly with the federal reserve, the root development of resolution plans by this companies, and engage was revised as of foreign operations of these companies in regard to resolution planning. finally, the act contains provisions that will complement the ongoing basel forms that will make capital requirements more uniformly strong. . 171 @ states that capital requirements for the largest banks and holding companies should not be less of the requirements that are applicable for insured institutions. the fdic and the comptroller of the currency finalized a role implementi

receiverships and the impact they have on raising more capital, and three the success of sealed examiners. -- examiners in implementing the fdic policies and procedures on commercial real estate workouts. one of the things we find out in our state of georgia, one of the common characteristics that sort of held these banks separate was the overleverage, we shall say, of the portfolios in real estate and the housing bubble burst on us. and four, the application and impact of consent orders and cease an desist orders, including whether such orders are used consistently across all types of banks. and also the application and impact of fdic policies, particularly as they relate to a bank's ability to attract private capital. and sixth, fdic's handling of potential investments by private equity companies in banks. now, we had, in h.r. 2056 as introduced, we received great bipartisan support and reception at a hearing that we recently had that my colleague, mr. westmoreland, mentioned, and the fdic and the o.c.c. are working with us on this bill. and the o.c.c. has suggested that the fdic's insp

capital and prudential requirements is to develop a capacity to place these large institutions into receivership because until you can do that, that also contributes to the funding advantage that they have. >> true. so on that end of it, i think the fdic carries a respond in regard to the large institutions. and as you noted and i noted earlier, we have a responsibility for the small institutions. >> well, there is a belief among bankers that there's an attitude at the fdic that small banks are more difficult to regulate. it takes more assets. the sense that you don't believe -- not you personally that the management does not thing the skills and capabilities are there. i assume in this setting you're going to tell me that's not the case. you about i would just reaffirm what i continually hear about a belief that the fdic has a -- i wouldn't say a policy but an approach that says it would be a lot easier -- a lot better for our economy if there were a lot fewer financial institutions. i will tell you for the economy of kansas, that would not be the case. >> senator, i appreciate you saying that.

fiscal rule frame work uses many of the same powers we have used to manage failed bank receiverships. the federal reserve board is working to issue regulations implementing new plan requirements. the comment. -- the comment period ended on june 10. in order to carry out these responsibilities, the fdic has established a new office of complex financial institutions which will have three key functions. monitor the condition of systemically important financial companies from the standpoint of resolve ability, to oversee jointly with the federal reserve, the root development of resolution plans by this companies, and engage was revised as of foreign operations of these companies in regard to resolution planning. finally, the act contains provisions that will complement the ongoing basel forms that will make capital requirements more uniformly strong. . 171 @ states that capital requirements for the largest banks and holding companies should not be less of the requirements that are applicable for insured institutions. the fdic and the comptroller of the currency finalized a role implementi

capital above requirement is to develop the capacity to please the large institutions and to the receivershipause until you can do that but also contributes to the advantage they have. on that and the fdic carries the responsibility with regards to the large institutions and as united and i noted earlier we have the responsibility for the small institutions. >> there's a belief that there is an attitude of the fdic that small banks are more difficult to regulate, takes more assets in the sense that the fdic doesn't believe in management skills and capabilities are there, so i assume in this setting you are going to tell me that is not the case, but i would reaffirm what i continually hear about the belief that the fdic has i wouldn't say a policy but an approach that says it would be a lot easier -- a lot better for the economy if there were fewer financial institutions. for the economy of kansas, that wouldn't be the case. >> i appreciate you raising that point. you are right. in my view we don't have that attitude towards the community banks. we think they are quite different in operation i

fiscal rule frame work uses many of the same powers we have used to manage failed bank receiverships. the federal reserve board is working to issue regulations implementing new plan requirements. the comment. -- the comment period ended on june 10. in order to carry out these responsibilities, the fdic has established a new office of complex financial institutions which will have three key functions. monitor the condition of systemically important financial companies from the standpoint of resolve ability, to oversee jointly with the federal reserve, the root development of resolution plans by this companies, and engage was revised as of foreign operations of these companies in regard to resolution planning. finally, the act contains provisions that will complement the ongoing basel forms that will make capital requirements more uniformly strong. . 171 @ states that capital requirements for the largest banks and holding companies should not be less of the requirements that are applicable for insured institutions. the fdic and the comptroller of the currency finalized a role implementi

fiscal rule frame work uses many of the same powers we have used to manage failed bank receiverships. the federal reserve board is working to issue regulations implementing new plan requirements. the comment. -- the comment period ended on june 10. in order to carry out these responsibilities, the fdic has established a new office of complex financial institutions which will have three key functions. monitor the condition of systemically important financial companies from the standpoint of resolve ability, to oversee jointly with the federal reserve, the root development of resolution plans by this companies, and engage was revised as of foreign operations of these companies in regard to resolution planning. finally, the act contains provisions that will complement the ongoing basel forms that will make capital requirements more uniformly strong. . 171 @ states that capital requirements for the largest banks and holding companies should not be less of the requirements that are applicable for insured institutions. the fdic and the comptroller of the currency finalized a role implementi

addition to the porns of requirement is to develop a capacity to place these large institutions into receivership. because until can you do that, that also contributes to the funding advantage that they have. >> true. >> so on that end of it, i think the fdic carries a responsibility in regard to the large institution. and as you noted and i noted earlier, we have a responsibility for the small institutions. is a belief among bankers that there's an attitude at the fdic that small banks are more difficult to regulate, takes more assets. the sense that you don't believe -- not you personally, but the fdic doesn't believe the management skills and capabilities are there. so i assume that in this setting you're going to tell me that's not the case. but i would just reaffirm what i continually hear about a belief that the fdic has -- i wouldn't say a policy, but an approach that says it would be a lot easier -- a lot better for our economy if there were a lot fewer financial institutions. you for the economy of kansas, that would not be the case. >> senator, i appreciate you raising that point. you'r

dodd-frank has the liquidation authority which is the only exist and it must go into receivership and it's going to fail and if it's going to fail there are also provisions that any holder of capital instrument simply can't benefit from any of the orderly liquidation parts. but yet you see the rating agencies still have ratings uplift in the credit ratings and they are not convinced and i think the reason they're not convinced is that without extensive resolution planning we still, i think, if we had one of the very largest institutions approaching failure, the prospect of disorder. and i think when you talk to people in the marketplace, they understand what the law thinks. they think sometimes i or others in the government are going to violate. no, i'm not going to go to jail for financial stability but i think they think the congress will change the law. and i think what's essential, what resolution planning is essential is to convince them that, in fact, we can burn the creditors of the bank while preserving stability and i think that's only going to be the case if we have a clear