according to robert shapiro in his recent comprive study, before bear stearns collapsed, its failed delivers went from less than 100,000 to 14 million, significantly diluting the values of the stock. as the coalition against market manipulation stated, "just as counterfeit currency dilutes and destroys value, these phantom shares flood market with false supply." for example, according to euro money, on march 14, 2008, "120% of bear stearns' outstanding stock was traded." on march 14, 2008, 128% of bear stearns' outstanding stock was traded. how can more than 100% of a stock's share be traded? it can only occur because of the absence of required borrowers and naked short selling. without a pre-borrow agreement in one day, multiple locates allow the same single share of stock be sold over and over and over and over again. without effective rules of enforcement, millions of shares of stock are sold short and not delivered as required. lehman brothers also faces similar be a normal increases in fails to deliver before its collapse. according to bloomberg, "as lehman brothers struggled to survive

robert shapiro. harvard economist. clinton's under secretary. one of the most respectable economists i've met. just a wonderful fellow and he's recently done a study and the study says, all their arguments against doing this are go knee. they're just, wall street is blowing blue smoke and mirrors to keep anyone from -dc from understanding the pre bar requirement. secondly, so it wouldn't actually have the bad consequences they say. secondly, if we don't do it what happened last september could happen again. >> thanks for coming on. >> thanks so much. >> on tomorrow a roundtable looking at the spending priorities of the obama administration. michael et linger and they than guttm guttman. we'll look at the future of settlements in the palestine areas and the jewish for ward will be one of ju our guests. all of that on "washington journal" starting tomorrow. we'll see you then. [captions copyright national cable satellite corp. 2009] . .no carrierringconnect 2400 next, reaction from mitch mcconnell and others and you will hear from lou officials ar

robert shapiro. harvard economist. clinton's under secretary. one of the most respectable economists i've met. just a wonderful fellow and he's recently done a study and the study says, all their arguments against doing this are go knee. they're just, wall street is blowing blue smoke and mirrors to keep anyone from -dc from understanding the pre bar requirement. secondly, so it wouldn't actually have the bad cons >> tomorrow on "washington journal," michael ettlinger and john lott discuss the obama administration spending policy. >> "washington journal" live at 7:00 a.m. eastern on c-span. >> this week on c-span's "newsmakers," senate minority whip jon kyl discusses some of the issues on the senate agenda including health care and preparing for the confirmation hearings for supreme court nominee sonia sotomayor. >> i was reading last night -- there is a lot of reading involved here. i was reading some very troubling things last night about her views toward international law. in effect saying that you can interpret the united states constitution

bachus: like what robert shapiro said under the clinton administration, we are going to create a multitrillion dollar derivative overnight. these will be based on carbon offsets. these projects, most of them we anticipate will be in underdeveloped countries or foreign countries. almost all of them. and when you start a project, a clean coal project in china or india or you plant trees in about a zill, who pays for it? -- brazil, who pays for it? the american taxpayers. does it discharge pollution there? no, it absolutely you to discharge carbon dioxide here in the united states. before you vote for this bill, ask yourself, if the subprime lending market was hard to police, how do you police a derivative market based on projects in china and barnio? ask yourself. am i going to stick my constituents with the cost of clean coal projects in china? go home and explain that to your constituents. go home and explain how you're going to plant trees in brazil, they're going to pay for it. it's going to allow more pollution here. the speaker pro tempore: the gentleman's time has expired. members are rem