the former securitate kernel has written a book about his years with the romanian secret service. he plans to send a copy to hirsch, whom he came to respect after meeting with him some 1000 times. he claims the west german money help romania pay off its foreign debt, and west germany also gave many non-monetary gifts such as cars. >> without any prompting, he asked what the president would like for his birthday. west germany then gave him a hunting rifle with ammunition. and he confirms the gift of the rifle. he also says germany knew that the securitate was blackmailing ethnic germans but had little choice but to ignore it. >> our main concern was to secure the flow of immigrants, not to go after every single criminal offense. >> the finals on the negotiations are still classified, so a lot remains unknown about what exactly happened when the ethnic germans left. >> buying their freedom may have been important for political reasons and for europe, but for me, it was a catastrophe. >> when it comes to protecting biodiversity, the international community stands united -- at least i

the former securitate kernel has written a book about his years with the romanian secret service. he plans to send a copy to hirsch, whom he came to respect after meeting with him some 1000 times. he claims the west german money help romania pay off its foreign debt, and west germany also gave many non-monetary gifts such as cars. >> without any prompting, he asked what the president would like for his birthday. west germany then gave him a hunting rifle with ammunition. and he confirms the gift of the rifle. he also says germany knew that the securitate was blackmailing ethnic germans but had little choice but to ignore it. >> our main concern was to secure the flow of immigrants, not to go after every single criminal offense. >> the finals on the negotiations are still classified, so a lot remains unknown about what exactly happened when the ethnic germans left. >> buying their freedom may have been important for political reasons and for europe, but for me, it was a catastrophe. >> when it comes to protecting biodiversity, the international community stands united -- at least i

they were making money on all these loans so that those fees were accumulating then when they were securitized that was when making money off of the derivatives so all of this was that this continually churning. money vos profits to the owners of the banks and then of course when the whole thing when belly up then they went to government but in fact this was all of this was well known there was probably a great surprise in this because there's been a long pattern of bankers being bailed out by government so this early in the ribs they knew perfectly well what they were doing they were making enormous on their money and when inevitably the collapse came they were they went to the government i mean it's a pattern that's been repeated over and over and over again rachel you want to reply go ahead nobody on this you know on second go to yeah yeah but going back to what fred said he has he has a point and it's it fits exactly here he was talking about the fact that there was a political impetus for this move and that is during the clinton administration fannie mae and freddie mac. were mandated to

that they they made enormous sums of money on all these and they made enormous sums of money on securitizing these loans and then after the bailout they continued to earn enormous sums of money so for these decisions those people that clinton supposedly helped well they lost their homes i was thrown out on the street but the bankers they did very nicely thank you very much fred you said something earlier in the program i think it's really interesting because capitalism fred you said something earlier in the program you said real capitalism how would you like to see it in america go ahead. i would like to see the a ray of moral hazard that i would write to reconnect the disciplines that capitalism grew up with we should get rid of deposit insurance it was a win when deposit insurance was started in the one nine hundred thirty s. f t your not exactly a you know what i champion of capitalism said this was very dangerous it would encourage people to try to ignore the soundness of their banks and banks to be more imprudent we did it again and again during the s. and l. crisis over and over again

that they they made enormous sums of money on all these loans they made enormous sums of money on securitizing these loans and then after the bailout they continued to enormous sums of money so for these decisions those people that clinton supposedly helped well they lost their homes i was thrown out on the street but the bankers they did very nicely thank you very much fred you said something early in the program i think it's really nice that a capitalism fred you said something earlier in the program you said real capitalism how would you like to see it in america go ahead. i would like to see the a ray of moral hazard that i would write to reconnect the disciplines that capitalism grew up with we should get rid of deposit insurance it was a win when deposit insurance was started in the one nine hundred thirty s. f t your not exactly a you know what i champion of capitalism said this was very dangerous it would encourage people to ignore the soundness of their banks and banks to be more imprudent we did it again and again during the s. and l. crisis over and over again we have weakened what

both were under investigation in the past by british securit services back to you. >> that of course michelle krasinski in london. president obama tries to shift focus to national security. the president will deliver a major's each outlining the strategy against al qaeda and that includes the controversial .se of unmanned drones tracie potts is in washington with more. >> here is the big picture. osama bin laden is dead. his organization, al qaeda, essentially decimated. but the presidt was to talk about how his administration plans to deal with remaining threats. president obama will explain how america plans to fight terrorist. white house officials say he will lay out a strategy for dealing with threats from al qaeda affiliates and homegrown terrorists in the u.s. >> he believes we need to be as transparent about a matter like this as we can. >> he is also expected to justify e use of unmanned rooms. >> the president will explain why the program is still useful in ensuring the threat from al qaeda is eliminated. >> and this letter from eric holder, the administration conforms that

but will he understand enough to oversee the banks that are ensure growth to the securitization process as nomination moves forward the question is whether he will be able to leave his financial conflicts of interest behind and provide effective stewardship of fannie and freddie and this is the profile of now what president obama's nominee for the federal housing finance agency. and it's time for our daily duel yes it is once again thanks for joining me thank you for having me shall we begin yes here we go now one of the largest nationwide homebuilders which is told rather has just raised one hundred million dollars by issuing ten year notes and we've also seen a few recent i have heroes of housing based companies including century communities in colorado which also raised two hundred forty one million dollars now that housing sector really seems to be taking on this it's taking off but let's see what these guys have been doing before because one of the interesting things about the toll brothers is they were selling their own stock in two thousand and seven and two thousand and eight an

. >> there was 100 billion only of securitized mortgage debt. only 100 billion. which is nothing, you know? it's like a tenth of a percent. >> [inaudible] >> yeah. now, because it would have been written, you know, they wouldn't have had a panic dumping of those few securities. >> in that case what my reaction would be is maybe with the benefit of information, thought and calm -- >> yeah. >> i am more sympathetic even though i'm not a fan. paul krugman because they weren't -- >> they were panicked. the fact that -- [inaudible] [inaudible conversations] they could have looked into it. they could have realized that all the securitized, toxic garbage, all the reallies of it, was either on the inventory shelves -- >> you don't think that after lehman they just freaked out? >> well, they should have -- they shouldn't have, but i call it the blackberry panic. >> right. >> they freaked out, the institutions they knew and loved like goldman and mo began stanley -- morgan stanley were going down, and there was no run on retail banks. anyway -- >> if it had been -- if they

in liquid loans to households and businesses were securitized and the trenches was securitizations were very short-term debt such as asset-backed commercial paper andry pos. the short-term funding was, in turn provided by institutions such as money market funds and had little tolerance to risk for their principal. as it turned out, the ultimate investors did not fully understand the quality of the assets they were financing. investors were lulled by aa accredit ratesings and support that was, in fact, discretionary and not always provided. when investors lost confidence in the quality of the assets or institutions that were expected to provide support, they ran. their flight created serious funding pressures throughout the financial system and threatened the solvency of many firms and inflicted serious damage on the broader economy. securities brokered dealers played a central role in many aspects of shadow think bahhing as facilitators of market-based intermediation, to finance their own and cl client's securities holdings, broker-dealers tend to have collateralized funding often in th

because if you can get that closed, we can get that securitized and then turn around and do another loan. don't worry about it. there's too much money out there. just get the loan closed." >> ...about $3ll in bonuses this year. >> this is totally about what went on on wall street. was, in fact, wall street going out into california and saying, "hey, just put the mortgages together. don't worry whether they're good or not. you get a fee, i'll take 'em, i'll bundle 'em up, i'll sell 'em off to somebody else, i'll make my money on that. and whatever happens to the mortgages doesn't really matter." >> narrator: even during the bubble years, the department of justice had arrested and prosecuted many small mortgage brokers, loan appraisers and even homebuyers. but to go after wall street bankers would prove to be much harder. >> smith: the justice department has indicted something like 2,000 to 3,000 people that were making the loans, the loan originators. >> right. shootin' fish in a barrel, that's what that is. >> smith: no bankers have gone to jail. does that surprise you? it doesn't surpri

there is 100 billion of securitize mortgage debt. which is nothing. it is like a 10th of a percent. >> it would have been written. >> in that case, i am so sympathetic to. >> okay. >> i'm sympathetic because they were panicked. they couldn't could have looked into it. they could have realized that all of this, all the cbo's come all the rest of them, was either on the inventory. >> i call it what they instituted at. >> if they had known that, they probably would've said the same thing. >> okay. >> i think it is a very well-meaning thing. >> these guys know what it's like. they are doing this, and this guy got himself all hot and bothered and sweaty. and all of a sudden he basically thought he was running the world. and they took over. i call it an internal coup d'État. [inaudible conversations] >> is part of the call. i think i laid it out pretty well. our industrial economy changed. and they think that the pflugerville was part of this. here, we were basically a huge importer area it bottoms. it wasn't good. >> how are you? >> it is good to see you.

. >> you like bank loans and securitized assets?ritized assets refers to the housing market recovery which is commercial real estate, residential real estate. those are still good plays for income in fixed income. and bank loans are still an attractive spot for income, taking a little less risk than you've seen in high yield bond markets. >> jeff rossenberg, chief investment strategist for fixed income at blackrock. coming up next he says he saw it coming. steve roach, former morgan stanley asia executive chairman, tells us why sell-off fears are justified. plus why he thinks the u.s. could be next. and go on a shopping spree? what is really in store for the biggest wholesale club operator. answers in our street fight. that's more "fast" strat ahead. >> "fast money" means trading. everybody's got to bring their best information each and every night. the entire trading day is the preparation for the show that night. >> it's idea generation. it's all about giving you a framework for how to look at the market. as the world has changed

just print you the money to pay for the rent well that would be one way of going about it you'd be securitized somehow and sold off rated by moody's and sold off to investors in china or somewhere. well also chicago high frequency changers on the chicago mercantile exchange are gaining information before the markets by renting server space directly from the exchange in the data center it's so they're getting a lot of heat for this where you. i think it's important for people to realize that high frequency trading of what is this exactly. a lot of these programs reside on the actual floor of the data centers so we have the new york stock exchange we know that he has a big presence in stocks but it's also in the futures industry and in chicago this has to do with the chicago mercantile exchange we have these goes which apparently have been front running trades for years coincidentally or not coincidentally enough actually yesterday gary gensler who's the head of the c. up to see was pushing for a resolution or something you have to see that would monitor. and try to rein them in and this is afte

giving the middle class the lower classes some kind of benefit all they're doing is simultaneously securitizing and monetizing ever bigger portions of the what used to be run by the government is now run by private enterprise and financialization which results in a huge debt burden and you're calling this debt deflation i want to switch over to japan for a second because here in this country for the first time of any of these g twenty countries we're seeing something new we're seeing interest rates in the ten year bond go up because confidence in the ten year japanese bond is going down interest rates have increased one hundred percent in the last few weeks as they experiment with radical over the top multi quadrillion yen quantitative easing can chemist some insight to what's happening in japan dr michael hudson well again the key is interest rates the way to explain that is what you describe for the middle class. leader but it is true of companies. when you have low interest rates like you have in the united states and want to date of easing you have people borrowing to take over company and

it is so many times they're securitizing them into bundles and you know now they're trying to foreclose on them all every time one of these mortgages has been bought and sold a document called an assignment a mortgage is supposed to be generated signed and recorded by the. buying and selling entities if if there's a break in one of those documents and any of the previous buyers or settles sellers you're going to have an incomplete chain of title and that could give rise you know to an action to potentially try to wipe out the mortgage with a good attorney so if you're a well known if not one that qualifies for wiping out the mortgage which you stated are there any other benefits the hiring of foreclosure defense attorney factors are found. there are you know one of the other main benefits of hiring a foreclosure attorney and unfortunately the bar rules don't allow attorneys to advertise this but i know many that still do still do which is you know if you have no attorney the uncontested process meaning a process without an attorney right now can be done as quickly as ninety to one hundr

printed the money to pay for the rent well that would be one way of going about it here it could be securitized somehow and sold off rated by moody's and sold off to investors in china or somewhere. well also and chicago high frequency changers on the chicago mercantile exchange are gaining information before the market by renting server space directly from the exchange in the data center it's so they're getting a lot of heat for this where you. i think it's important for people to realize that high frequency trading of what is exactly. a lot of these programs reside on the actual floor of the data centers so we have the new york stock exchange we know that he has a big presence in stocks but it's also in the futures industry and in chicago this is this has to do with the chicago mercantile exchange we have these goes which apparently have been front running trades for years and coincidentally or not coincidentally enough actually yesterday gary gensler who's the head of the c f.t.c. was pushing for a resolution or something if you have to see that would monitor those and try to rein them in an

printed the money to pay for the rent but that would be one way of going about it here it could be securitized somehow and sold off by moody's and sold off to investors in charge somewhere. well also chicago high frequency changers on the chicago mercantile exchange are gaining information before the markets by renting server space directly from the exchange in the data center so they're getting a lot of heat for this where you. i think it's important for people to realize that high frequency trading of what is this exactly. a lot of these programs reside on the actual floor of the data centers so we have the new york stock exchange we know that he has a big presence in stocks but it's also in the futures industry and in chicago this is this has to do with the chicago mercantile exchange we have these goes which apparently have been front running trades for years coincidentally or not coincidentally enough actually yesterday gary gensler who's the head of the c.f. to see was pushing for a resolution or something to see that would monitor those and try to rein them in and this is after last wee

the presidential securit directive 46 the says as soon a american personnel are threaten you convenes not done. and the white house on sunday said it is irrelevant whether president was and what he was doing in market your timeline, %-national security directive w nored. who decided to ignore it or ordered nottto be followed. lou: dan pfeiffer would say tha is not relevant. >> si doesn't know anything. he doesn't. the porsche mark i can't lie because i don't kno anything. lou: we don't know th he is poor. [laughter] >> let's wait quarterbacks, folks. lou: why don't you go to the white house and tell them. i've tried for eight months, a that is -- that isot you customary standard because you know very welllthat it is that the prerative of this president's mother not truth is revealed. he has chosenquite clearly on a host of issues and scandals to deny truth to the american people. >> service on top of ap, the ir scandal overall. the number of others. aerious, serious problem. lou: w many othe jonalists said the same trtment as james rosen, their personal e-mails were searched because

sensually you know these banks are buying and selling the notes in the mortgages so many times they're securitizing them into bundles and you know now they're trying to foreclose on them all every time one of these mortgages has been bought and sold a document called an assignment a mortgage is supposed to be generated signed and recorded by the. buying and selling entities if there's a break and one of those documents and any of the. t.v.'s buyers are settles sellers you're going to have an incomplete chain a title and that could give rise you know to an action to potentially try to wipe out the mortgage with a good attorney so if you're a well known if not one that qualifies for wiping out the mortgage which you stated are there any other benefits the hiring of foreclosure defense attorney factors are found. there are you know one of the other main benefits of hiring a foreclosure attorney and unfortunately the bar rules don't allow attorneys to advertise this but i know many that still do still do which is you know if you have no attorney the uncontested process meaning a process without an atto

>> hillary clinton didn't have anythingil to say about securit. you think hillary clinton -- >> someone had to give the stand down order. >> that's the cover-up here. >> i'm listening to you and i'm thinking, people got fired on the basis of this report. >> and it's a garbage report. >> but maybe not the right people. maybe additional people should permanently. dana? >> well, a couple of t things. we talked yesterday about the two different time lines. there is the political talking point one where the state department spokesperson says this is going to look bad for us. we needt to make some changes, and then apparently somebody does their bidding. so i had a great job as press secretary. but i wasn't that powerful. in communications, you don't do anything likeng whale sale changing -- whole sail changingt unless someone in your leadership, like she refers to in your leadership, someone in her leadership was telling her to make the changes. and then on saturday morning, the white house meets, they get together, so there is all of that time line 't

the country, and the recession was triggered by a housing bubble based on subprime lending and securitizationthat thenme loans collapsed as the economy began to slow down. penny pritzker and the pritzker family's activities through superior bank really established subprime lending forstry and set the stage his eventual collapse of the economy. practicethe business record of the pritzkers is simply not what the president of any party, but especially the democratic party, should be advancing as the model. and the second concern beyond this economic issue broadly speaking that has hurt the vast majority of working people in this country, there is a political issue. as a lot of people have noted as for a number of years the democratic party that once claimed to be the party of working people has drifted more and more to try to compete with the republican party to be the party of the rich. any kind of ties that are oflected in the lengths obama to pritzker and through pritzker beyond to many of the other financial titans in the democratic party. that all represents a kind of drift of the party its

ann coulter is here in the studio and she will answer that very important national securit it's a brand new start. with centurylink visionary cloud infrastructure, and custom communications solutions, your business is more reliable, secure, and agile. trust your instincts to make the call. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood

being sold to people who couldn't possibly repay them because the mortgages were sold and then securitizedthe bill specifically prohibited that. that's being enforced. you do not have the kind of irresponsible mortgages going forward. there's much greater capital. i am disappointed and there are two factors that don't often get mentioned. we did not anticipate when we passed the bill that the republicans were going to take over the house of representatives. the agency that got the greatest increase in power under our legislation -- well, the one that got the greatest increase was the consumer financial protection bureau, which we set up, which is working well, and that agency is doing a very good job and is totally resistant to efforts to undercut it. the derivatives, a serious problem leading up to the crisis, we gave great power to regulate them to the commodities future trading commission. unfortunately when the republicans took over in 2011, they refused to fund that adequately, the commodity futures trading commission has the major source of new power over former derivatives called sw

. >> have to be securitized.our balance sheets and i think that's a good thing for the industry. we've always believed in prudent lending, but i think that some institutions, others that didn't go that way during the heavy days. and, you know, so we've been big proponent of dodd/frank and this particular rule. we think skin if the game is a good thing for banks. >> we just showed a part which is the percentage of americans who are homeowners right now. you show a chart that peaks in the middle and comes down pretty sharply in recent years. you're taking a look at it right now. it's just about 65% right now in 2013. a lot of people say they would like to buy a home, but because so many investors, cash-rich private equity firms, hedge funds, you name it have tried to be buying all of these properties and then renting them out that they're getting boxed out of the market. too many people are buying it straight up in cash. is that hurting your business and are you hearing that from homeowners? >> it's not hurting our

just print you the money to pay for rent well that would be one way of going about it you'd be securitized somehow and sold off rated by moody's and sold off to investors in china or somewhere. well also in chicago changers on the chicago mercantile exchange are gaining information before the markets by renting server space directly from the exchange in the data center it's so they're getting a lot of heat for this where you. i think it's important for people to realize that high frequency trading of what is this exactly. a lot of these programs reside on the actual floor of the data centers so we have the new york stock exchange we know that h a t is a big presence in stocks but it's also in the futures industry and in chicago this is this has to do with the chicago mercantile exchange we have these goes which apparently have been front running trades for years coincidentally or not coincidentally enough actually yesterday gary gensler who's the head of the c f.t.c. was pushing for a resolution or something you have to see that would monitor those and try to rein them in and this is after