stearns: i yield. mr. filner: as the gentleman knows we included that bill on a list of seven bills we would ask for the floor to be taken up. and we were scheduled for six of them. that's as far as i know. mr. stearns: all right. i understand he's saying that it wasn't put in the loop at the moment. wasn't put in the schedule, but i think you are also saying that this is the type of bill you support, you believe should be part of the vote on the floor? can i assume that your approval, you support this bill? mr. filner: if the gentleman would yield. i was one of the californians who signed the original petition. and support the bill. mr. stearns: thank you. mr. filner: we are mystified as you are. mr. stearns: it's unfortunate this bill to honor and individual who did so much to our blind veterans community, this particular bill is not being considered this afternoon. many of us are disappointed. and will work with ranking member buyer and mr. -- chairman filner since he's a signee on the delegation letter

congressman stearns, after the federal fcc broadband plan proposal was released, you sent out a press release and this is what she said. we'd like to get you to expand on this if you would. i am concerned that the plan may contain stalking horses for investment killing ideas such as so-called net neutrality mandates or return to outdated monopoly-era regulation. >> guest: well, peter, this plan as you can see here, i thought i'd bring up live among so everybody can see it. it's a pretty significant document. and peter, it's got a lot of worthwhile things in it. i think a lot of the people who believe that the way to get on the present rock band in america through is too the free-market and not through government regulation. i was just going ahead and say no wait a second here, be careful that you have a lot of mandates in this plan which would cause, shall we say, the people who are putting down the fiber optics to hold off and not expend the capital. and so i was listening to things that concern me. one was changing the jurisdiction of the fcc on the internet from title i, which is r

two years to the day that bear stearns and lehman brothers failed. the front page of "the financial times" this morning as a story about what congress wants to do. "fresh impetus." that is how they frame it. it says that the so-called paul volcker will will be put forward despite the frustration that christopher dodd showed earlier. it says that yesterday mark warner, a democratic senator from virginia, "said he did not necessarily think it needed to be a mandate in the final legislation." what is your take on the volcker will -- rule them of guest: i have a tremendous amount of respect for paul volcker, especially his willingness to take tough stands against wall street and being prescient, as early as february of 2005, he gave a speech to stanford where he correctly predicted, very interesting, the kinds of risks being taken in the mortgage market and the real-estate market. i think that he was most effective when he was not standing by the side of president obama. what i mean by that is that when he was on the outside of the administration looking

morgan acquired investment bank bear stearns.t story and much more is told in duff mcdonald's "last man standing, the ascent of jamie dimon and j.p. morgan chase." i'm pleased to have him at this table for the first time. welcome, great to have you here. >> thanks for having me. >> rose: "last man standing." why choose that title? >> because... well, it's quite literally true. during the crisis we saw the leaders of almost every single one of j.p. morgan's major competitors either get fired from their job or lose their job because their company actually disappeared. so dimon through the... a combination of preparation and ability was ultimately the last man standing among all his major competitors. >> rose: and the most powerful banker, probably, in finance today? >> absolutely. he's running the second-largest u.s. bank by assets. but by any number of measures is the most influential bankers in the country if not the world. >> rose: where does he stand onable if reform? >> jamie would tell you that he's all for all sorts of types

and then you do bear stearns and then you wipe out a couple of others and you recapitalize others.and the politically strong at the back of the bus after you've resolved the other 7 can look at you and say, yeah, of course we're solvent. and what ended up happening is there was a horrible microeconomic violence where the politically strong get to the back of the bus and their management stock options and their stockholders are preserved because you've sacrificed the people at the front of the bus. now, what's the problem with that system? the problem with that system is once you identify that you're in a crisis, the politically strong have tremendous incentive to delay resolution. so the depth and the duration of the mounting of the crisis and the spillovers and consequences goes on and on before you've sequentially resolved everybody because the politically strong can resist being resolved. and we need in this ethic of governance of the financial system the ability to bring everybody in in parallel, look at them all. this is not unlike what the reconstruction finance did in the '3

stearns: i thank my distinguished colleague. my colleagues, this debate is reminiscent of a debate we had three years ago almost to the date. now, february 14, 15 and 16. and you remember, mr. kucinich, the gentleman from ohio, the debate was you tried to force us to pull out of iraq before the job was done. i hope you remember that. from the moment we got there, many of the folks wanted us to leave. but most remarkable is that these same folks wanted us to leave just before we stabilized iraq. they are not in favor of a surge and yet the surge worked. now, they want us to leave afghanistan in 30 days without giving this new strategy a chance to succeed. the president of the united states is indicating he wants us to stay there for 18 months. why won't the president fulfill his own commitment he made publicly? are they so afraid they would undermine the president? we have an opportunity to let general mcchrystal apply the successes in iraq to afghanistan which i might add, my friends on the other side of the aisle, opposed and p

as we were in the throes of the period of bear stearns or up to the lehman brothers' episode, if you walked into the cso office of feeney of the nine or ten big money-center institutions, investment banks at the time and ask them are you souls and, first of all with the complexity they may not know it probably didn't, but secondly if you ask them or use of it and they give you an honest answer the honest answer is it depends on the eight other guys and we had a situation which i think calls for something akin to a bank holiday where you closed the mall, measure them all, recapitalize them in parallel and instead what we had was a process after bear stearns with politically strong to get to the back of the bus and then you do bear stearns and wipe out a couple of others and recapitalize others the politically strong and of the bus after it the other seven can look at you and say of course we are solvent. within that happening is there was a horrible microeconomic violence where the politically strong ticket to the bottom of the boss and the management stock-option and their stockholde

they interlapped a little bit in bear stearns. paulson said the only job i really have as an analyst, that's because someone left to go to business school. you don't want that job. it's a grunt work. he said no, i like that job. i'll take that job. again, unlikely two years later in the fall of 2007 he was on vacation with his third wife wife -- [laughter] >> talk about the greatest trade ever. [laughter] >> so he's on vacation with his new wife. they are in st. barts, and they stop to check the atm. she stops to just get the money out of the atm and he hadn't really told his wife too much about the trade they were working on. he's a little superstition and didn't want to jinx it to much. she had an awareness it was going well. not many details. so she's at the atm and she checks and he's like there's $45 million in our account. at that time, he really had very little money in his bank account. which was shocking, that $45 million was the part of the $175 million that he made for the bonus for that trade. he goes from having nothi

i was down in dallas, texas, working for bear stearns, was a partner at bear stearns, and i said go buy everything. get out of this breakfast, go and buy everything. and i agree, that was a good call. i felt the same way jim cramer and i did on the eve of the iraqi war. going back in 2003. but laslo, what could trip you up? is there a market signal, a market indicator, something that would cause you to pull back? >> the thing i'm concerned about now, is seeing some of the technicians who have sat on the sidelines for 60%, who all of a sudden say now that we've crossed some sort of number that this is a really -- now it's time to get in, and i'm seeing a little bit of capitulation along the bears. and you know, that's sort of -- >> would that be a volume sign, would that be a price sign? you know, we had a 10% or 8% correction earlier this year. we have now cruised right by that. is there one thing you can say to an investor tonight? because we need to be obviously sober and serious about this. euphoria is not a disease any of us want to catch after the events of recent years. is there o

saw in the crisis with citigroup, with american international group, the big insurer, and with bear stearns which of course was merged into j.p. morgan to avoid that failure. we saw these companies that had been allowed to grow into sizeable... into monsters. and take enormous risks all the while that then the taxpayer had to cover, had to backstop. we are nowhere closer to any kind of technique, strategy, to prevent that kind of behemoth from growing again. >> moyers: what's your explanation for the delay? why has it taken so long? >> i think you pointed to it earlier, the money. there is just enormous amounts of money being poured into lobbying in washington on behalf of the financial services companies. $150 million in 2009 went into lobbying from the commercial banks and the investment banks. now, that doesn't talk about real estate, that doesn't talk about the insurance companies, it doesn't talk about mutual funds. that's just commercial banks and investment banks. $150 million spent lobbying. that is a powerful force. we know that washington is crawling with lobbyists who are operati

stearns. the speaker pro tempore: the gentleman is recognized for one minute. mr. stearns: this incredibly expensive, $1 trillion health care bill will hurt many that simply currently have insurance. the bill will hurt veterans because it does not accept tricare as a qualified medical plan. it will hurt seniors by cutting medicare advantage to fund these new government programs. mr. stupak, no lawyer, will argue that an executived orer is law so the senate bill starts us on a path of government-sanctioned abortion on demand, paid for by taxpayers. the u.s. has a $1.5 trillion deficit and now we're adding $1.2 trillion over 10 years. the president pledged no family making under $250,000 would face tax increases, yet there are 12 new tax increases violating that pledge and 46% of families making less than $66,000 will be forced to pay the individual mandate. the bill will expand the i.r.s. by 17,000 auditors to enforce new taxes. it will hurt businesses, create health care rationing and move the united states of america to fiscal instability. the speaker pro tempore:

he was aware if he called up john paulson as for a job and they overlap a little at bear stearns and paulson took his call. paulson said the only job i really have here paulo is an analyst one and wants somebody to whom we went to business school. he said i would like that job. he ended up joining paulson and company baath and again unlikely to years later in the fall of 2007 he was on vacation with his third wife. [laughter] talk about the greatest trade ever. [laughter] he is on vacation with his new wife and i are in saint barts and is stopped to check the atm. she didn't just get the money, and he had told his wife too much about the trade there were working on. he's a little superstitious and didn't want to jinx it too much. he should have made awareness, but there aren't many details. so she is at the atm machine checks and says palo there is $45 million in our account. at that time he had very little money in the bank account which was shocking, that was part of the $175 million that he made as a bonus for that trade for the year in 2007 so he goes from having nothing really i

stearns. the speaker pro tempore: the gentleman is recognized for one minute. mr. stearns: this incredibly expensive, $1 trillion health care bill will hurt many that simply currently have insurance. the bill will hurt veterans because it does not accept tricare as a qualified medical plan. it will hurt seniors by cutting medicare advantage to fund these new government programs. mr. stupak, no lawyer, will argue that an executived orer is law so the senate bill starts us on a path of government-sanctioned abortion on demand, paid for by taxpayers. the u.s. has a $1.5 trillion deficit and now we're adding $1.2 trillion over 10 years. the president pledged no family making under $250,000 would face tax increases, yet there are 12 new tax increases violating that pledge and 46% of families making less than $66,000 will be forced to pay the individual mandate. the bill will expand the i.r.s. by 17,000 auditors to enforce new taxes. it will hurt businesses, create health care rationing and move the united states of america to fiscal instability. the speaker pro tempore:

so we did not have a team sitting in bear stearns telling us, okay, here's what bear stearns is reallywhat's real going on at bear stearns. >> that's an argument for even broader. >> yes. and that's where we should be going. and some of the provisions of the bill are going in that direction. >> can you remember when trichet said we only have to worry about one role for the fed. can you tell me about all the varied roles for the fed now? are there five, six, seven? you said you're uncomfortable with that language. it almost seemed to indicate that you want to tackle bubbles before they get too inflated. is that part of your role here? >> you're saying what is the mandate? >> how many different roles do the fed have and is there any way that you can be a jack of all trades? >> i think the fed has three roles and there's no getting around it. you've got to keep inflation low and stable. you want to stabilize the economy to the best of your ability. and you want this financial sfablt. i think implicitly those three roles have always been there. always been there. >> that could be consumer

stearn is correct, this is the first time congress has ever -- listen to these words.st time congress has ever written a reconciliation bill to amend a law that does not exist. i like taking a look at. that it is a reminder of how complicated the entire system is and going on in washington right now and if you want to know everything that's going on in washington right now, cnn.com/health care. i have links for my facebook there and links to what i just showed you. and cnn.com/healthcare. we'll be keeping a eye on all of these claims flying around washington in the coming days and especially in the coming hours. down to like 36 hours or less before that big vote on capitol hill. >> but who's counting? >> so many numbers. >> tick tock. >> too many numbers right now. thank you. >> sure. >>> you talk about the representatives and their votes being on -- jobs being on did line. do you know actually how your member of congress is voting on health care? a lot of people, quite frankly, do you know who your representative is? go to cnn.com/politic farce list of the votes and t

stearns, for five minutes. mr. stearns: thank you, madam speaker. good morning.colleagues, i have come here this morning to talk about this health care bill. this senate health care bill that we passed continues to spend far more than we have and at a rate anyone could have imagined. so the bill itself is chock-full of budget gimmicks to game the system to show it's revenue neutral. i'm going to outline this morning why it's not revenue neutral. in fact, future congresses will repeal some of these cuts in medicare and some of the taxes like the tax on certain health care plans. the president indicates that he would veto any health care bill that created a dime, a penny of deficit. mr. president, i hope you're listening because i have gone through the scoring on the health care bill, the senate health care bill and there is a chock-full of gimmicks and in fact this creates a deficit. let's take a look at them. because she's savings that the c.b.o. scored will not be achieved. let me first of all start by saying there's 10 years of taxes to pay for six years of ben

we watched bear stearns blow up.o have those inside of banks where there are special access to discount windows, special access to insured deposits. and we don't want to blow up the lending institutions at the same time that something goes awry in an investment house. >> a lot of the stuff i've read that you've weighed in on has to do with risky proprietary trading when i know you've been -- people have mentioned it many times in the past, that's not really what got them into that trouble last time. is that fighting the next battle? >> that's only one piece of it. no, it really is part of the last battle except we're in a riskier situation now because whereas a number of commercial banks did not have investments houses, bank of america now has merrill lynch, jpmorgan now has bear stearns, so we're in a riskier position now. for sure a lot of what happened in the market was the result of proprietary trading. >> go ahead, david. >> b of a merrill is proud to have repaid the taxpayer with a handsome return. i'm not sure

and then that two year anniversary of the collapse of bear stearns. "washington journal" starts every morning at 7:00 a.m. eastern. >> c-span -- our public affairs content is available on television, radio, an online, and you can connect with us on twitter, facebook, and youtube, and sign up for e-mails at c- span.org. >> senate banking committee chairman chris dodd spoke with reporters about his new bill. he intends to bring the legislation to the full committee for markup soon. this is about 20 minutes. >> good afternoon. sartre to be a couple of minutes late. thank all of you for being here this afternoon. we are printing are built on financial reform for the country. three years ago today, on the 15th of march, 2008, bear stearns, a fixture of the american system, collapse. six months later to the day, lehman brothers filed for bankruptcy. today we see that as the beginning of a crisis that cost jobs, retirement savings, and trillions of dollars of american wealth. the crisis that has led to so much economic hardship was caused by longstanding fai

elements in the law that are being questioned here and whether the hand of government is getting too stearn on some of the more unpleasant features coming in future years are being put off and not discussed. >> my view is that's a lot of exaggeration. a lot of the debate was -- >> neil: wait, what am i exaggerating? we don't pass -- some of these measures are coming. we know the i.r.s. is going to police this. it's going to hire 16,000 people to police this. we know taxes are going to go up. medicare income is going um on the wealthy and others in a payroll tax. we know that's happening. >> here's the fundamental question. the fundamental question is whether or not this is successful in bringing town the deficit. we're having an argument about thatted the cbo says it will. >> neil: wait a minute, with all due respect and i don't mean to interrupt but with all due respect the cbo did not take into account some of the promises made to doctors ticked off about medicare reimbursement and the cbo -- many said in order to pay for that, that alone could be 100 to $200 million extra and not deficit

it was two years ago today, judy, that bear stearns was collapsing. six months later to the day on september 15, lehman brothers went into bankruptcy. we can't wait much longer. we've got to put a bill together. we spent a lot of time discussing these issues. i can't write a bill on my own. i need to have support. obviously when you do that, you need to listen to other ideas many of which have great merit. many of my colleagues democrats and republicans have contributed significantly to this. >> woodruff: at this point you don't have anybody else standing with you. >> i made the choice to stand alone today in doing so. but i've had great statements made by members of the committee. you heard dick shelby earlier this morning say that he thinks it's about 85 or 90% agreement on the bill that i've proposed. by democratic colleagues have issued very strong statements in support of it. the white house. barney frank has. nancy pelosi has. i wouldn't judge this by the fact that i stood alone. this was not a bill i drafted on my own. i worked very closely wit

state's stearns -- attorneys say the act is flawed. it failed because it failed to define constitution. state's attorneys are proposing a new bill to close the loopholes. it would also create mandatory penalties, return leave them to the discretion of individual judges. >>> in tonight's wjz drug use report. drug and alcohol use among teenagers is on the rise for the first time in a decade. the number of students in grades 9 through 12, who admitted to smoking marijuana, increased by 6% last year. there was also a 2% increase in teens who used ecstasy. and an 11% increase in the number of teens who drank alcohol. >>> if you're waiting for someone to get home from work tonight, let's check in on the roads with sharon gibala. >> reporter: the big issue right now is because of an accident that was cleared. it was blocking two right lanes. the damage is done. the accident is gone on the outer loop at liberty road. but you're still looking at a backup to perring parkway. it will cost you about 50 minutes. meantime, a new accident on 83 north

this morning's "washington journal" we will talk about the 2010 elections and the collapse of bear stearnshouse committee voted to change the nation's health-care system for the full house should vote on the measure later in the week. here is part of the health budget committee debate from yesterday, including debate on abortion. we start off with opening statements from committee members. be deficit neutral but actually improve the deficit. the president subscribed to that principle and so have the house and senate. the budget act asigns us, our committee, the role of packaging the reconciliation bills and transmitting them to the house, quote, without substantive change. the rules committee has the authority to make substantive changes and report reconciliation rules, bills as amended to the floor. i'll briefly describe your purpose and make an opening statement limited to ten minutes followed by an opening statement limited to ten minutes by the ranking member mr. ryan. without objection, other members wishing to make a statement may have it included in the record at this point. after o

stearns of florida which would require the coequal heads of the three branches of government, the president congress and supreme court justices to enroll in the health exchange. >> you have heard the gentleman's motion. any

investment banks that just weren't up to the reality of a really tough recession whether it be bear stearnsor merrill lynch or lehman brothers. the worst run institutions are gone. >> reporter: but people would dispute that. many banks, i don't need to name them for you were on the brink or perceived to be on the brink, government stepped in and saved them. >> so going forward in my view and in our view, no company should be too big to fail. so what that means is you should allow them to fail and the question is: how do you do it without it impacting the rest of the banks in this country as well as creating a global financial crisis? >> reporter: well, that's where we were the last time around! >> exactly. so what has to be done now is what we need is we need, we need a windup authority so we don't have something like lehman. >> reporter: but right now isn't bank of new york mellon too big to fail? >> no. >> reporter: would they allow... the government allow a company that you yourself describe as a critical infrastructure company in the world financial system to fail now? >> if that ever o

this is jon corzine, thain, peter cohen, even alan schwartz over at bear stearns. these guys were superstar ceo titans, and they've now all found themselves in smaller positions. so the question is why are they doing that? three main reasons. number one, the t.a.r.p. has effectively become a tarp on the field of compensation for wall street. number two, the spotlight and the glamour that we used to see these guys in is no longer there. in fact, if anything, that spotlight comes with a lot of scrutiny, and so these guys are trying to avoid the spotlight. and the third reason is these smaller kidnaps are nimble. so these guys have traded in their pilot's license for the 747s into cessnas. and i think that's telling the market something. to play close attention to these smaller, more nimble financial services companies, that may be the future of wall street, and it may be a "back to the future" moment, meaning all of these guys were running companies you know, 10 or 15 years ago that were a lot smaller than the ones -- >> those are all fantastic anecdotes, anthony, bu

before the lehman bankruptcy, bear stearns had been merged into j.p. morgan.er the collapse, one of the biggest americaners to occur was tbeen merrill lynch. both goldman sachs and morgan stanley, neither of which had anything even close to a traditional banking franchise, were given special dispensations from the federal reserve to become bank holding companies, and they remain bank holding companies to this day. this provided them with permanent borrowing privileges at the federal reserve's discount window without exposure to risky assets. it was an official confirmation that they were covered by the government safety net because they were literally too big to fail. since the crisis, u.s. megabanks left standing more dominant positions. the five largest banks control 95% of the over-the-counter derivatives market. let me repeat that. the five largest banks control 95% of the over-the-counter derivatives market. with such strong pricing power, these firms could afford to expand dramatically their margins. the federal reserve estimates that those five banks ma

stearns: i thank the distinguished chairman. the bottom line, this is the bottom line, the senate language in the health care bill does not protect v.a. and department of defense health care systems from interference by other federal agencies such as health and human services. we need to have the buyer-mckeon bill part of this package or you're going to leave out a whole segment of veterans who are under tricare, not to mention survivors and dependents covered under this. this is extremely important to american veterans. i urge you democrats who are in the majority to reconsider mr. buyer's simple request to make part of your bill today immediately as much as possible to amend it so that we include the buyer language which is 4894. it's not a major thing to do here. we can do that. mr. stel cohn here earlier said he's against the health care bill. he emphatically said he's going to vote no. i understand that. he feels that the democrat health care bill is not something he can support. he's chairman of the armed services committe

stearns, for five minutes. mr. stearns: i ask unanimous consent to revise and extend.the speaker pro tempore: without objection, so ordered. mr. stearns: madam speaker, in 1974 congress passed the congressional budget act. this all created an optional procedure we now know as the budget reconciliation process. the chief purpose of the reconciliation process was to enhance congress' ability to change the current law in order to bring revenue and spending levels into alignment with the budget resolution. that is a definition of a reconciliation bill, to control government spending, not to enact new policies. the last reconciliation bill passed by congress was in the year 2007. this process was first used in 1980, and in 1985 senator robert byrd had the senate adopt a temporary rule to curve reconciliation to move extraneous materials outside of the budget process. this rule is known today as the byrd rule. the byrd rule has been extended and modified over the years, and in 1990 was made permanent when congress amended the codge budget act of 19 -- congressional budget ac

committee make in order provide appropriate waivers for amendment number 17 offered by representative stearns of florida which would require that any written visual or audio materials distributed through a official entity or program shall be in english only. in english only. >> you have heard the gentlelady's motion. any discussion? >> that is stretching me. [laughter] i vehemently would oppose that amendment on the floor. [laughter] and it really makes absolutely no sense. but, since i've followed the philosophy of allowing, supporting, allowing the entire house to work its will, i will even vote for something as absurd as this. [laughter] to be made in order. >> will the gentleman yield? i think he makes a very important.. it is easy to laugh at the notion of someone saying that they vehemently oppose an amendment and still believe that the idea of allowing the house house to have a debate on what he believes to be a stupid idea is fair, and i will say that we are in the majority. i often supported making an order amendments for which i totally disagreed, so i think this is a very, very cle

host: there's an anniversary next week, two years since bear stearns collapse. does that still reverb rate and at lives the desire of congress to get more oversight done? guest: i think people are cognizant. i think probably bear stearns seemed much more important when it happened and then all the other things happened and bear steamed a little smaller. but it is amazing that we're two years passed that moment and still so deeply marred in this process. host: boston is next. steve on our republican line. good morning. caller: good morning. i want to say as a lender i feel we should have less regulations, because we are just trying to do our jobs. and i really would just like to touch your beard. it is a really nice beard. host: we'll move on to our next call. i apologize for that. caller: how are you? host: you're on, sir. go ahead. caller: i was raised on a couple of principles. one was you don't buy it unless you have the money in your pocket. the second was by the time you are 30 you should have a year's sail salary in the bank. the only thing i ever financed

stearns. >> we appreciate you taking your time to come here. this is an important hearing. do this regularly, but this is important considering we just got the broadband plan from all of you. i have a lot of ideas. i have not been to the whole plan. my staff has been through it. we have marked up and done an analysis. i think all of us agree broadband is critical to our economic growth, and the goals outlined in the plan are encouraging. on page 10, it mentions goal number four, which i think is really exciting -- to think that every american community should have access to at least 1 gigabyte per second broadband service to anchor institutions such as schools, hospitals, and government buildings. i think all of us in america would not even comprehend what would happen in this country to its productivity and to the innovation of technology if we had 1 gigabyte. as you mentioned, often we get less than 5 mb through our broadband today. i think this goal is outstanding. it is important for the commission to recognize that much about our broadband market is working well. that

stearns. >> we appreciate you taking your time to come here. this is an important hearing.do this regularly, but this is important considering we just got the broadband plan from all of you. i have a lot of ideas. i have not been to the whole plan. my staff has been through it. we have marked up and done an analysis. i think all of us agree broadband is critical to our economic growth, and the goals outlined in the plan are encouraging. on page 10, it mentions goal number four, which i think is really exciting -- to think that every american community should have access to at least 1 gigabyte per second broadband service to anchor institutions such as schools, hospitals, and government buildings. i think all of us in america would not even comprehend what would happen in this country to its productivity and to the innovation of technology if we had 1 gigabyte. as you mentioned, often we get less than 5 mb through our broadband today. i think this goal is outstanding. it is important for the commission to recognize that much about our broadband market is working well. that p

stearns of florida which would require the coequal heads of the three branches of government, the president congress and supreme court justices to enroll in the health exchange. >> you have heard the gentleman's motion. any discussion? if not, the focus on the motion. all in favor, say aye. opposed, no, in the opinion of the chair come the noes have it. >> madame chair, i have come to the proper one now, and that is the last one as dr. foxx says. i have an amendment to the rule and move that the committee make an order to provide the appropriate waivers for amendment to be separately debated for ten minutes each and considered. amendment number 105 offered by the gentleman, mr. hinojosa of texas, which would add a pulled harmless amendment for those hospitals that serve high poverty areas and are subject to reductions under medicare and medicaid disproportionate share hospital payments that would require mudpack to conduct a study that determines the continued copper will be of hospitals and the high poverty areas, the secretary of health and human services would enact recommendations based

stearns began his question by asking about the ownership of the data and assumed that it belongs to theehicle owner. durham anin the early years the manufacturers took the position it was for proprietary information that belongs to them, not the person who pay for the automobile. how to become a with a system that makes easily available and downloadable information that achieves privacy concerns but provides us with better data that helps to solve the underlying problems that lead to a occupant injury? >> as we noted in our written testimony, the nhtsa regulations require e -- vehicles that have edr's to collect data for 2003 models and so on. we would like to see more of that. there are privacy concerns about ownership of the data. in the past, consumers have submitted comments to nhtsa. there was information proposed in 2006 that i would be happy to share with your office. >> please do so i would appreciate that. differential diagnosis is when a physician is presented with a sick patient. they come up with a hierarchy of the possible causes of their illness, beginning with the most li

the amendments that they submitted would make it impossible to regulate the next aig, bear stearns or lehman. and finally, republicans really don't know what they want, the administration official said, after months of negotiation. so, what's interesting here, guys, is take what they're saying any way you want, but there's clearly a change in rhetoric here, perhaps coming from the health care debate, where they're ramping up the rhetoric on the republicans. obviously, dodd has said he wants bipartisan support, and i think the administration here is trying to exploit maybe a weakness, that there is some confusion as to strategy from the republicans and they're trying to get them to really get off the fence when it comes to financial regulation. erin and mark? >> all right, thank you very much, steve liesman. let us bring in john harwood on this now. john, good morning. >> reporter: hey, mark! >> what do you think? >> reporter: well, i think since chris dodd broke down in those negotiations with bob corker a couple weeks ago, we've known that fundamentally, this was going to be a partis

there are guys here from bear stearns, lehman, all over. in fact, if i turn to the right, you can see the mora repo desk came over to jeffries. anyway, they're all, there they are behind me there. and it's just this company has added people, added balance sheets. standing up. there they are! there's the repo guys. repo desk back there. >> terrific, thanks, steve. >> i'll see you in a few minutes, sue. >> look forward to it very much. let's talk more about this market with our insider joining us is wolly white, the founder of wallace r. white company. he is a four-star fund rated manager and we are thrilled to have you here. >> thank you. >> we have been seeing this market march steadily higher with what a lot of people think is a considerable amount of consistency and then there are those on the other side who say, yes, but, it's gone too far, too fast. we still have a lot of head winds. which side do you come down on, wally? >> i never know for sure, but it strikes me that we had a bungee cord effect and it stretched too far on the down si

. >> host: commerce and cliff stearns, ranking member on the commerce subcommittee on technology. thank you for beyond indicators. >> guest: thank you for having me. >> host: if you'd like to read the broadband apostle proposed by the fcc, c-span.org/"the communicators." >> secretary of state hillary clinton told the american israel public affairs committee that new israeli settlements are undermining the peace process and hindering efforts to impose more sanctions on iran. she spoke to the aipac annual conference for 45 minutes. ♪ [applause] ♪ ♪ >> thank you. thank you for that warm welcome and it is wonderful to be back at aipac with so many good friends. i saw a number of them backstage before coming out and i can assure you that i received a lot of advice. i know i always do when i see my friends from aipac. and i want to thank lee rosenberg for that introduction and congratulations, rosie, you're going to be a terrific president. [applause] i also want to thank david victor and howard kohr and lonny kaplan nd j.b. pritzker and howard friedman and ester kurz and richard fishma

this has to do with the bernie madoff scandal, burke -- bear stearns. trying to reverse course host: we are talking about the sec and its proposed budget. you can give us a call. the numbers are on your screen screen the budget request for fiscal year 2011 is $1.23 billion. this year it was $1.12 billion. guest: that is a significant increase. the secda wants to be able to self-fund itself. they collect in fees one penny on each stock you sell. the problem with having them go through the appropriation process, almost all the other financial regulators write their own budget for the problem is that they cannot plan for long- term and it makes them vulnerable to political pressures. the congressmen upset about short-selling rules or other regulations may say that they will affect their budget. technology cannot be implemented in one year. it requires a 5410-year plan. -- it requires a five or 10-year plan. if they do not know what its budget will be over that time, it can be sure -- it cannot be sure they can buy the technology and implement it. every age

in march of 2008, the federal reserve said we are going to shore up wall street with bear stearns, $29 billion. in july of 2008 the democrat congress and president bush came in with a $200 billion bailout of fannie mae in order to shore up real estate. and not to be outdone the federal reserve a month later with the a.i.g. bailout, $85 billion that is now up to $140 billion that was supposed to avert financial collapse. and yet it did not. and then in october of 2008 we had a $700 billion tarp bill. then in january, $410 -- january, 2009, under president obama, $410 billion omnibus spending bill that was supposed to shore up the economy. and of course that brings it back to the other stimulus program. after a while we are going to figure out, everything we do is like cash for clunkers, it just doesn't work. if we want to help small businesses, we got to quick spending money. -- quit spending money. number one, number two -- the speaker pro tempore: the gentleman's time has expired. mr. kingston: 30 more seconds? mr. nunes: an additional 30 seconds. the speaker pro tempore: the gentlema

obviously, a particular interest after bear stearns, lehman brothers, and alike have failed.pproach to watch will be how it regulates derivatives. all of these key areas have major political implications and applications for how banking and financial services are conducted. host: steven sloan's writing is available online at cqpolitics.com. can you explain how derivatives work? guest: even people in derivatives don't quite understand how the word. people want more clarity, more transparency. to make sure people know how much is being traded, and the values of the trades. transparency is definitely the watchword of the market. host: in just a minute we'll get your phone calls and ask you how much regulation you think the federal government should have over wall street and banks in light of what happened it in a 2008 with the bailout. earlier, "the national journal" -- a cover story with the reporter writing that it will reform regulation, or will it unleash a rash of unintended consequences? here's more from senator chris dodd last thursday as he met with reporters. >> so, i i

country with fiscal problems of course, but markets picked out the weakest and resell the with bear stearnsaid is the first to collapse during the credit crisis there the first to go and the same thing is happening with countries and that scares a lot of people they knew of. >> the greek prime minister covered it. go to c-span.org if you want to see or listen to the entire speech. he said he described plans to sharply reduce the deficit, and shrink public-sector salaries, raise the retirement age and in greece taxes. he vowed to curb tax evasion saying the were fined 5,000 greeks declare in new incomes of 100,000 heroes are more and he promised to crack down on corruption and in greece transparency. howard does that and the european union and our plans to respond how does that impact the united states, if at all? >> guest: first let me say that adjustment is extremely difficult to do because it leads to a lot of political opposition and it probably will not get done. the history of fiscal crisis is the adjustment can take forever and it often does not get done it in the other country will d

now we have implied guarantees after bailing out aig, after merging their stearns with j.p. morgan, after all of these banks that have failed. we now have this idea that if a company is too big, too interconnected, to politically connected to fail, then it will be bailed out or rescue. host: can you talk about the political connections? the phrase he had been using is too big to fail has become too big to tackle. i am wondering if you could talk about how much of that is complexity, difference of philosophy and how much is influence in washington from political contributions? guest: that is the $54 trillion question. it is that the " to separate out. i think the reason it is useful to go beyond to big to fail is that this is not just a problem of size. there were companies that received assistance that was not as large as citigroup. so it really had gone beyond that. the interconnectedness' which, of course, is a big factor in our financial markets today, where you have an insurance company like aig that had all of these contracts with other banks and other financial institu

it is like the financial crisis, people saying, "where is the next bear stearns?"think about how they are going to deal with fiscal problems and to articulate how they are going to come up with a game plan to do that in a way that we instill confidence among investors. >> can you tell whether the impact of the reduction in the export sector would be spread across the u.s., or whether some regions will be particularly susceptible to any reduction in exports to europe or greece? in particular, i am concerned about the greek american community and represent -- community i represent. i am worried they may bear a disproportionate share of this burden. >> i have not done the work on that, so i would be pleased to get back to you if i can uncover -- if i can uncover the answer of that question. >> can you talk about the potential impact on new york if the contagion spread to the u.s.? >> i will do my best to get back to you. >> lastly, you mentioned that your growth -- since 92, 96% in foreign markets. do you have offices in greece? >> yes we do. >> can you tell us what i

in march of 2008, the federal reserve said we are going to shore up wall street with bear stearns, $29 billion. in july of 2008 the democrat congress and president bush came in with a $200 billion bailout of fannie mae in order to shore up real estate. and not to be outdone the federal reserve a month later with the a.i.g. bailout, $85 billion that is now up to $140 billion that was supposed to avert financial collapse. and yet it did not. and then in october of 2008 we had a $700 billion tarp bill. then in january, $410 -- january, 2009, under president obama, $410 billion omnibus spending bill that was supposed to shore up the economy. and of course that brings it back to the other stimulus program. after a while we are going to figure out, everything we do is like cash for clunkers, it just doesn't work. if we want to help small businesses, we got to quick spending money. -- quit spending money. number one, number two -- the speaker pro tempore: the gentleman's time has expired. mr. kingston: 30 more seconds? mr. nunes: an additional 30 seconds. the speaker pro tempore: the gentlema

it was two years ago this past weekend that the collapse of bear stearns occurred in 2008. not that that was the beginning of the problems, that was merely the evidence of how deep the problems were. and, of course, the events that unfolded throughout 2008 only confirmed what was happening in march was the beginning of a near collapse, total collapse of the financial system of this country. during those years, we have had -- the last two years, countless hearings and meetings gathering information from all sorts of sources both here, as well as around the country, to determine what best steps we could take to see to it that country would never again face the kind of near collapse of our financial system to see to it that the tools would thereby so that when the next emergency arose, as it surely will, one degree or another, that the next generation will have the tools necessary to avoid the economic system sort of spinning out of control as it did over these last two years. and, thirdly, to make sure that in our efforts to plug the gaps that create the problems in the first

nutshell the fundamental problem seems to be at the media will call anything a bank, whether it be bear stearns or lehman brothers or aig or fannie mae or mortgage brokers or whatever. traditional banks as he notes it not cause the crisis, but we do get lumped in with everybody else. and as i said before, this isn't just a problem of hurting our feelings, which it does, that is a problem that we can lead to bad policy. here to discuss this issue and what we can do about it are three -- i want to stipulate very good reporters. they're not on our site. they are fair and balanced. [laughter] >> well, our marketing is working. >> we're going to have some questions from the audience at the end, but let me have a little bit further introduction. in the middle is peter barnes was a senior washington correspondent for fox business news. he previously worked for hearst argyle and cnbc. he follows banking issues very closely and he's very knowledgeable. and part of that maybe because he actually has an mba from wharton. so he actually studied. >> and finance. >> and finance. a tory mcgrane covers banking