changed at the start of the trading session declining less than one percent of my success still caused rosner after russia's biggest oil producer at boston well now it's may kill the country's largest. now as the eurozone problems remain one of the main issues on the markets. from gasper bank expects investors to take sideline positions the market is is nervous and shaky european debt situation and not just greece but all overall i think gives a lot of uncertainty to investors when the other hand after greece is at least for some time is out there is no significant risk on the horizon as well so that's why i think he and including the summit i mean. the liquidity and the level of what you mustering will be huge it will be. sidelined training for the next i guess couple of weeks. britain's bring in a new hand to bribery law is going to affect foreign companies with links to the u.k. as agreement group or as from london its impact might not be what was originally intended. critics say that has been blurred and may not be really in force but britain's bribery x. has to be called watch it affects

try to make it come out of this also losing that aspiring better in the markets this is on course rosner pains to invest for the hundred million dollars to upgrade the company's metal production and implement nanotechnology. russian investment fund d.s.t. global is buying a share in twitter at the second attempt the deal is said to be worth around four hundred million dollars twitter itself has been valued at eight billion some analysts say the company is overvalued with the service earning around two hundred million dollars a year here's the global held talks with twitter last december and then they estimate of the company less than half the current price the fund is the international investment arm of a male dog or you group has already stakes in other internet companies such as i see you groupon zynga and facebook and it appears new car sales in russia are easing the market has grown just forty percent in june compared to a fifty percent increase in the previous month the biggest slowdown is seen by japanese producers suffering from supply disruptions they've run out of stocks which w

. >> up next gretchen morgenson and joshua rosner talk about the 2008 u.s. financial collapse and the role played by lenny and mortgages companies fannie mae and freddie mac. this lasts about an hour. [applause] >> thank you so much, david. we are really thrilled to be here tonight at politics and prose, as you note, an iic

complex subject, and that is a rare accomplishment that the west celebrated many years ago with mark rosner's cadillac desert. and now we have alex prud'homme's freshened global outlook for the 21st century. alex prud'homme is the author of several books including "the new york times" best-seller julia child's my life in france between alex and his great aunt julia. during the question and answer period is hydrologist bob moran the consultant who has worked across the country and across the globe from africa to indonesia, south america and beyond. we are very fortunate to have both alex and bob share their perspectives tonight. here's what bill mckibben had to say about tonight's book. both the drought and floods are on the rise and alex prud'homme and his fine account helps us understand why. we've taken the planets hydrology for granted for 10,000 years, and that is a luxury we can no longer afford. please join me in welcoming alex prud'homme. [applause] >> thanks, jeff come and thank you all for coming. it's a great pleasure to be here at the tattered cover. it's important we all support o

begin, and if you're comfortable saying your name, please do that, and gretchen morgenson and joshua rosnerl answer the questions. >> hi. i want to play devil's advocate for both of you. there's federal agencies in the government that regulate fannie and freddie. let's suppose hypothetically you were invited to administer that agency, what would you do in your implementation? >> yeah, first of all the regular laters charged with regulating fannie and freddie in the years leading up to the crisis when the ground work was being laid were really neutralized. they understand well how to defang its regulator, how to co-op congress, make congress really the regulator, and therefore they could buy congress, and have everything under control so for years this regulatory infrastructure over fannie and freddie was a 98-pound weakling and was punished when they tried to talk about safety and soundness issues, it was, you know, drummed out of town. i mean, congress got up and said, you know, we don't have a safety and soundness issue here. we need housing, you know, and so it was -- it was not regulate

talked to co-authors gretchen morgenson, a pulitzer prize winning reporter, and finance analyst joshua rosner outside fannie's headquarters. so the main culprit of your story is fannie mae, right behind you there. why fannie mae? >> it was a primary mover, a first mover in the process to relaxed lending standards, to go downhill into the sort of sub- prime morass that really got us into trouble. and it was able to wrap itself in the american flag of homeownership and capitalize on its great and lucrative government subsidy. >> reporter: how does the government subsidy work? i mean, it isn't the government actually giving money to fannie mae, is it? >> fannie and freddie were given a lower... a lower borrowing rate in the markets by investors who always assumed that they were government-guaranteed. >> reporter: lower borrowing rates because those investors who lent fannie money to buy mortgages believed, if it couldn't pay them back, the government would. and in fact, the government did after fannie's failure in 2008. those lower rates amounted to a $6 billion subsidy, say the authors, much of

and gretchen morgenson and josh rosner will answer the questions. [inaudible conversations] >> hi. i want to play devil's advocate to both of you. there are federal agencies in the federal government that regulate fannie and freddie. let's suppose, hypothetically, you were both invited to administer that agency. what would you do in your implementation? >> yeah, sure. um, first of all, the regulators that were charged with regulating fannie and freddie in the years leading up to the crisis when this was really, all this groundwork was being laid were really neutralized. fannie, especially its top executives, understood well how to defang its regulator, how to co-opt congress, make congress really its regulator so, therefore, they could buy congress, and then they'd have everything under control. so for years this regulatory infrastructure over fannie and freddie was a 98-pound weakling, okay? and was punished, you know, that whenever, you know, ofeo tried to talk about safety and soundness issues, it was, you know, drummed out of town. i mean, congress, they would get up on their l