now look what happened when bear stearns happened. there was just an enormous spike in these intermarket bank rates and probably not much lending was taking place even at those high rates. what this was indicative was there was no trust whatsoever even between the largest financial institutions because nobody knew who would be next, who was going to fail, who was going to come under funding pressure. look what happened after the international announcements? within a few days you began to see a reduction in the pressure, and by the end the year early january there was an enormous improvement in the funding pressures in the banking system. so this is a great example of international cooperation and illustrates the point that this was not just a u.s. phenomenon, not just u.s. policy, was not just the federal reserve, it was a global cooperative effort particularly between the united states and europe. now, the fed played an important role, however in providing that the panic was controlled. let me just talk briefly about this in general

stearns of florida. the chair will reduce to two minutes the minimum time for any electronic vote after the first vote in this series. and the unfinished business is the request for recorded vote on amendment number 1 printed in house report number 112-416 by the gentleman from georgia, mr. woodall, on which further proceedings had been postponed and the yeas prevailed by voice vote. the the clerk will designate reeath the amendment cloim amendment number 1, offered by mr. woodall of georgia. the chair: recorded vote has been requested and those in support of the request for recorded vote will rise and be counted. a sufficient number having arisen, a recorded vote is ordered. members will record their votes by electronic device. this will be a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly

it was taken by stan stearns. pictured here on his facebook page. he died this week at the age of 76. >> skip met stan ions ago. friends here say he was humble about making the iconic photo but had quite a story to tell. as a upi washington photographer stearns was the only one on that day to snap or even see the salute. >> he had the better lens on his camera to get a close-up. low and behold, when jackie went down and said something to john-john and it went up, he was right there to take that photo. >> it was one exposure out of 36. believing he had the picture of the day, stearns went back to the bureau early and nearly got fired. >> his boss, boy, really let him have it when he got back in. >> after 17 minutes in the dark room, vindication and a photo stearns told friends he was proud to have added to history. in annapolis, i'm kate amara, wbal-tv 11 news. >> and by the way, that photo by stan stearns was nominated for a pulitzer prize that year. >> and the photo that came in second, also his, jack ruby shooting lee harvey oswald. >> you always

country to see the country's national treasures and they're just not all that important that will stearns that might think that setting aside land for our children and their children to enjoy a developed beautiful land he's also missing the larger economic picture according to national park service the parks brought in thirty one billion and supplied two hundred and fifty eight thousand jobs in twenty's and alone and it states like new mexico national parks are big blue with the national parks and monuments there were he and sixty seven million dollars providing more than a thousand jobs to the state i mean if you really expect somebody who makes comments like this to think rationally. oh. they're worth. yeah turns out that stern's is also a burger which means little pretty much say whatever to score cheap political points like that pretending that selling off national parks is actually going to fix this country's finances he also supports subsidies to oil companies that are making huge profits as it lays down the waiting tactic for balancing the budget if you ask me a story that is exact

his name is floyd stearns.ers say he created a hostile work environment at the kemp mill elementary school. they're also suing the school board for allegedly ignoring their complaints. the school board calls the accusations false and erroneous. >>> the presidential primary is under way in illinois today. election officials hope the unseasonably mild weather will increase voter turnout. it's usually 50 degrees on march 20th, but already today the temperature hit 85. >>> cherry blossom festival is officially under way now. the trees around the tidal basin are expected to reach peak bloom today through friday. that's when 70% or more of the blossoms are expected to be out. this year is the 100th anniversary of japan's gift of trees to the nation's capital. the festivities will continue through april 27th. >>> today community leaders from sanford, florida, traveled to washington in the wake of the shooting death of young trayvon martin. >> they met with members of congress and the justice department as a federal in

in a meeting with constituents in florida last month stearns told the audience that america needs to sell off its natural national parks despite stearns's call for a fire sale of national parks fact is that national parks generate a significant amount of wealth for both the federal treasury and for local businesses to mention they also generate a large number of jobs america's national parks represent our nation's history and stearns wants to help improve our economy maybe you should stop things instead like big oil subsidies and the very very ugly multimillionaire k. street lobbyists grover norquist in an interview with daily show last night jon stewart asked the multimillionaire lobbyist grover norquist that president reagan should be scorned for raising taxes during his presidency with no. quick steps. reagan raised taxes one of them seven times eight times and george washington lost the battle of new york that was not on purpose i mean that reagan didn't want to raise taxes he kept raising that eighty two eighty three eighty five a little list you think i mean so would you have r

le to emphasize what we had to do with bear stearns and aig is obviously not a recipe for future crisis fst very difficult and in many ways distasteful intervention that we had to do on we needed to do that to prevent the system from collapsing. but fundamentally wrong with a system in which some companies are too big to fail. ifat it knows that it's going get bailed out even putting aside the it' to other companies but even beyond that obviously they have an incentive to take big risks. if the risks big money if they don't pay off the government will save us. that's a situation we can't tolerate. so as i'll describe more next time, the problem we had in september of 2008 was we really didn't have any tool, legal tools, policy tools that allowed us to let aig and these other firms go bankrupt in a way that would not have incredible damage, create incredible damage on the rest of the system and, therefore, we chose thelers of two evils and prevented aig from failing. with that being said that going forward we wanted to make sure this never happens again. we wanted to be sure the system i

floyd stearns is principal in silver spring. six former and current staff mep berz accuse him of creating a hostile work environment. they're also suing the school board. for allegedly ignoring their complaints. >> the abuse has the gotten to the point that i couldn't, i couldn't -- i couldn't go into the building anymore. >> we are seeking for the board of education to do what they haven't done, step in. get rid of this principal. let these teachers be restored to the dignity they earned. >> attempts to talk to stearns today were unsuccessful. the school board calls the allegations against stearns, false and erroneous. >> effort now under way to bring maryland's new same sex marriage law to a referendum a cording to "baltimore sun." several workshops are being held to train volunteers to properly collect signature for a petition. first head tomorrow night at saint marks evangelist catholics church in hyattsville. 56,000 valid signatures are needed on the poe pa tietition. >>> people who live in the royal plaza development in di

our guys are five replied solheim awarded tonight because a representative cliff stearns had a reason townhall delegate florida stern's mansion and he was rightly attacked for not supporting a new national park and this was his response. the year that stern thinks that we should sell off our national treasures and his reasoning is that the government needs to tighten its belt and make cuts just like any american family would find interesting with sterns of points or national parks or something that needs to be cut for the good of the budget since the parts received two point two billion in government money in two thousand and ten all that same year defense department of the defense budget was six hundred eighty billion dollars so yes turns really focusing in on the big drains to our tax dollars there i guess to him the national parks which provide an affordable way for americans all over the country to see the country's national treasures and they're just not all that important now all sterns that might think but setting aside land for our children and their children to enjoy a develo

no, not unless you count this guy, republican congressman, cliff stearns of florida, who says, sure,nts to investigate planned parenthood. cliff stearns, for the record, also wants to investigate whether president obama is secretly for ren and might secretly not be the president. cliff stearns, birther congressman, not exactly a barometer of the seriousness of government concerns. the idea there is something scandalous about planned parenthood is and has been a transparently fake controversy generated by the anti-abortion movement and their allies in politics and the fact that the susan g. komen foundation allowed theirselves to be part of that scam and looks to their supporters like an irreversible trail and hard to see how they retrieve their position as defender of women after playing a part in the demonize planned parenthood scam. in texas, the make planned parenthood into a scandal campaign has cost more than $35 million of federal funding for something called the texas woman's health program providing cancer screenings, pap smears, hormone patches and basic services to over 130

so it was somewhat ad hoc, although the two cases were intervene, bear stearns and in aig, i think the case was pretty clear given not only the firms themselves but also the context, the environment that was going on at the same time. interestingly, we've had to get much more into this issue since the crisis, because there are a number of different rules and regulations which actually require the fed and other regulatory agencies to make some determination about how systemically critical a permit. for example, the new basel iii capital requirements require the largest no systemically critical from stuffy capital surcharge. they have to hold more capitals than firms that are not a systemically critical. as part of the process the international bank regulators work together to try to set up a set of criteria related to size, complexity, interconnectedness, derivatives, a whole bunch of criteria that help determine how much capital, extra capital they have to hold. likewise, the fed now when it approved the merger of two banks, it has to evaluate whether the merger creates a systemically

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congressman stearns is concerned about what you heard a moment ago and also a crippling siper attack, the impact it could have on the u.s. many electrical networks operate on smart grid technology. that relies on computers to determine electrical needs, technology is more energy efficient. but makes the systems vulnerable to cyber attacks. we don't know exactly what happened in the u.s. senate. we do know there is a closed door meeting led by the department of homeland security january innapolitano in which ts topic generally was discussed to members of the u.s. senate. what you heard a moment ago was from a house hearing that took place earlier in the day. we deal with cyber security issues and other communication issues every week on the communicators. it airs saturdays at 6:30 p.m. eastern time. coming up on "communicators, a conversation with joe leberman of connecticut, susan collins of maine working through legislation in the house and the senate on cyber security. >> what is the goal of the cyber security legislation that you have introduced? >> well, the goal simply stated is

stearns now. >> thank you, mr. chairman. let me take my questions alittle along the line that my colleague from michigan talked about when he talked about advanced persistent threat. dr. amoroso, when you did your opening statement, you were speaking quite eloquently, talking about malicious software, malware you talked about. and you painted this picture that the malware itself you were impressed how well it was developed, put together, and you sort of alluded to the fact that it was almost not unpenetrable, but it was to the point you were respectful of it and were not sure we were keeping up. is that my interpretation of what you said? >> that's exactly right. we're definitely not keeping up. we're trying. think of the dizzying pace of innovation you see out in silicon valley, right? new things every day. the hacking and the malicious adversary community, they're moving at the same pace. so the job we have, we've got to keep up. and you would say, hey guys, you better be ahead of them. not even enough to keep up. you bett

stearns is a bully? >> oh, no. i've never experienced him as a bully. >> reporter: the montgomery county board of education this evening issued a written statement saying it has not been served with a lawsuit and will respond at the appropriate time. and the written statement adds it is unfortunate that a group of people are using the media to make accusations, thus far proven to be false and erroneous against the principal of kent mill elementary school. live at the courthouse, chris gordon, news 4. >>> the latest on a developing story we're following from mexico where a strong 7.4 earthquake has rattled the area near mexico city. the epicenter was about 11 miles underground. it was followed by a 5.1 aftershock. mexican tv showed damage from buildings there. people tried to escape swaying buildings. this area is popular with a lot of spring breakers. no reports of serious damage or injuries. >>> strong storms rumbled through the region this morning. the lightning is blamed for sparking a fire in the area. no one w

stearns, we do not believe so. and let me give you just a couple of examples of the great mass of evidence that would support our belief. first of all, there is such a wide disparity of costs of health care right now in this country. and there has been a great deal of research done to try to determine whether there are significant differences in quality or access between regions or communities that provide care at a higher price or a lower price. what we have found, in looking at all of the available research, is that there is no discernible difference in quality between a lot of the high-priced care and more moderately priced care that is available in the country. at a hearing earlier today, i held up a booklet as just one example of the countless kinds of evidence we will share with you as the course of this debate goes forward. which is a consumer's guide to coronary artery bypass graft surgery that was put out by the pennsylvania health care cost containment council. pennsylvania started before the president wa

sell their little did you know that on march seventeenth two thousand and eight that weekend bear stearns would have been collapsed gifted to j.p. morgan and ben bernanke on that sunday night would have slashed interest rates on a sunday by seventy five basis points you showed up at the bundesbank let's turn to this little clip here where undercover you're talking to a buddhist bank executive little did i know that on the very day burger stearns had collapsed interest rates have been slashed and goal was skyrocketing you know when . somebody had to understand. we've been told that they're now and. there's a crisis. for the red alert they're afraid to talking to anybody because the sensitivities in this global market meltdown. it's quite remarkable really you know we made a case that maybe they should be talking to the press. they were told we were told the situation is much too sensitive who didn't stop talking to. the fear is that the banking system itself is in peril. it's a question. you know you don't know what's going on tonight you don't know what's coming what's coming next yeah th

we lost bear stearns and so really a lot of the distribution for i.p.o.'s has been dislocated right at the same time in recent years you've seen the arrival of companies like secondary market in the end like you have the ability to invest in facebook now for the last two years by insiders selling out their shares same thing and saying the same thing in groupon so they'll want a lot of times in these companies were finally go public there'd be no gas left in the engine they basically full on it i think i don't think we go back meaning that you've got that the internet you've got investors that want to invest and you've got these new we ways of distribution so we've we really have got to monitor this i think it's it's a positive development liquidity is good for new industry we want new businesses we want new ideas we want new creativity we want all of those things funded so that entrepreneurs that have great ideas can bring those ideas to the market and the whole economy could be benefited the risk though i wouldn't is you know let me go ahead we just have

morgan at bear stearns and bank of america with countrywide so at how is this factored in and what would be the toll advocate that's not included a copy of the liability. oh it's an enormous liability and you know we're several years into this litigation so we're already past the motions to dismiss all of these issues of going to trial and there's a mortgage insurance company called m.b.i.a. they're winning and in fact i think they're going to beat the bank of america in court and eventually they're going to be standing in federal court in new york with a double digit billions of dollars judgment i think america needs to be restructured in bankruptcy the same goes with ally financial ally looks a lot like bear stearns in terms of the quality of the deals that they bought their risk cap unit is and solve it and i've been saying for a while we should put ally in the bankruptcy and we should sell the auto business and the bank back to g.m. because they need it and then you liquidate reza cap and we're done unfortunately the bottom of ministration does not want to go in your any of this befo

now, look what happened when bear stearns happened. there was just an enormous spike in these interbank market rates. and probably not much lending was taking place even at those high rates. what this was indicative, there was no trust whatsoever even between the largest financial institutions because nobody knew who was going to be next, who was going to be -- who was going to fail, who was going to come under funding pressure. look what happened after the international announcements. within a few days, you began to see a reduction in the pressure and by the end of the year, in early january, there was an enormous improvement in the funding pressures in the banking system. so this -- i think this is a great example of international cooperation and illustrates the point that this was not just a u.s. phenomenon. it was not just u.s. policy. it was not just the federal reserve. it really was a global cooperative effort, particularly, between the united states and europe. now, the fed played an important role, however, in providing liquid

congressman cliff stearns recently questioned the legitimacy of the president's birth certificate.ajority cantor said i think cliff stearns does a good job with the chairmanship of the subcommittee. he has my full confidence. what does this say that they can't distant themself of the crazy? >> they're scared to death of the crazy. instead of saying, hey, guys, you're wrong, they basically let them do as they want. instead of taking them on, this is the trick they play, word game, why should i have to say something? that's what they believe rather than acknowledging your silence says a lot as well. karen finney, great to have you with us. thank you so much. >>> mitt romney says we need to thank george bush for the nation's economic recovery? e.j. is here to respond. later, the american hero versus the american zero. iraq veteran tammy duckworth is taking on alleged deadbeat dad, joe walsh. tonight, tammy duckworth is my exclusive guest. >>> the etch-a-sketch candidate, mitt romney, he's shaking things up again. he's having a hard time how to make president obama look bad while the e

default swaps on bear stearns.ey didn't -- got -- he said we just didn't have time or think about it. things were moving too fast. i don't know understand why they didn't do it on aig or lehman. >> i think this has a lot to do with tim geithner's -- as i said in in the beginning, job to be save wall street, you will make damned sure you save wall street. you think these guys -- i mean, they always say that. i know these guys. >> they can get haircuts. >> i had drinks with them. i'm on the other side of the bargaining table. they make up son stories. i heard these son stories a million times. you understand when they are bs'ing you and take them seriously. >> we didn't ask wall street to make any sacrifices. we have seen -- aig was bailed out and awful these banks who had the -- paid 100 clontz the dollar with that. we have seen it and despite of the fact we saw economic numbers coming out and seems to indicate we are going to continue to recover like at the very real level, people are still suffering. that's a big

. >> we're here to discuss the life of sam stearns. >> made a bit of news himself. >> the person thatook the photo of john kennedy saluting went by. >> this photographer in his image, the only photographer to catch one of the briefest yet most powerful images of the kennedy presidency. >> when he got that shot, he said, i got something here. his boss was all over him about, what are you doing here? >> sam's instinct was correct. history came to him. >> his whole career was wound around the picture and put him in the spotlight. he became not just an every day photographer. >> left upi in the '70s coming back to the studio. worked for united press international. owned the image, so iconic, the rights had been resold twice for millions of dollars. >> stan wound up with $25. that's it. >> in annapolis, wjz eyewitness news. >>> we have more to come on wjz eyewitness news tonight. check this out. a stunt gone wrong. a chopper crashes right into the ground. we'll tell you how the pilot actually survived it. >> lives can't be taken for granted. we have to live each day like it's our last. >>>

the $10 million settlement is with jpmorgan chase which bought bear stearns in 2008 when the firm was on the brink of failure. wall street, a mixed showing. the dow stands at 13,124 dropping 24 points in trade yesterday. nasdaq was up by about a point and the s&p 500 was down by two and a half. >>> the cost of college tuition is going up leaving parents concerned about how they're going to pay. according to complete college planning solutions more than 90% of students are overpaying for college. the group says the trick to saving some money is filling out the free application for federal student aid or fasa n. is what allows students to be considered for government money. the aid is give an a first come, first serve basis. also, don't put too much money in your child's name and don't let them work too much the year before college because that income could count against them. >>> mcdonald's wants to swap foam cups for the more environmentally friendly paper cups. it's testing double walled paper cups for hot beverages at about 2,000 restaurants. if all goes well, they could drop the fo

the richard stearn told us that that is not the whole story. a thankful citizens brought the beer and the firefighters had no choice but to take it. >> the sergeant told them he appreciated the consideration and they could not accept a gift, especially the beer, and long story short, the guy said i carried it down here, i'm not taking it home and sat on the firehouse floor and walked out. >> all of the firefighters passed the so brighty test after the fire chief found the beer. the demotion will cost him about $12,000 a year and he is planning an appeal. >>> to a news alert now where police confiscated bags of banned goods from the back of a barbershop. among the hall, stole -- haul, stolen tide determent. >> reporter: that is not all. the prince georges county police say in this nouveau hair barbershop on new hampshire avenue outside of the district line, prince georges county police also found counterfeit jeans, dove body wash and some stolen phones and gps devices. an attorney who represents the barbershop told me a few minutes ago it's a bi

stearns. >> i think our message is today that the private sector has strong commercial incentives andaintain robust cyber security. each of our witnesses today described unique approaches to protecting their own networks. these examples demonstrate that one size fits all legislation. it is not the appropriate legislation to consider these threats. because these threats change every day, industry must be responded quickly. i feel the government mandates are not only unnecessary, but they simply will not work. instead, government should seek to improve information sharing and consumer education of the we also should work to eliminate outdated regulations that have created unintentional barriers toward ensuring the security of the networks. i look forward to our witnesses today and i thank you, mr. chairman, for this great hearing. >> are there any other members seeking time on our side? if not, the gentleman yields back his time. i recognize the gentleman from california, mr. waxman. >> thank you, mr. chairman. i'm pleased the sub committee is here. every week, we learn a breach of vuln

if you think back to 2008, the first three companies that triggered the crisis were bear stearns, lehman brothers, and aig, two investment banks and an insurance company. so the importance of the new authority really speaks for itself. so these companies will now be required to develop and maintain and periodically submit resolution plans to regulators. the plans will detail the top tier legal entity in the enterprise, as well as any subsidiary that conducts core business lines or critical operations, would be resolved under the u.s. bankruptcy code. complimenting this joint rule-making between the fed and the fdic, the fdic also issued a final rule requiring any fdic insured depository institution with assets under $50 billion to develop, maintain and periodically submit plans outlining how the fdic would resolve it through the fdic's traditional resolution powers under the federal deposit insurance act. people always get confused about this. the new authority under dodd-frank for resolution really goes to the holding company and the affiliates. we've always had the authority to close t

. >> what we had to do with bear stearns and a.i.g. is obviously not a recipe for future crisis management. >> susie: bernanke told the students a system that includes companies thought to be "too big to fail" is unfair. instead, he thinks regulators should aim for a financial system that allows big firms to fail safely. >> tom: the fed chairman has been blamed for the sharp sell- off in bonds this month. march is on track to see the biggest decline in bond prices in over a year. but it's a different story for stocks. the major indexes have rallied sharply in march, despite hitting a minor speed bump late today. the dow fell 44 points, the nasdaq lost two, and the s&p dropped nearly four. but the indices are just below their highest prices since the great recession. erika miller takes a closer look at the latest stock/bond rivalry, and which option is the better place to put your cash. >> reporter: stocks have gone up virtually in a straight line this year, with the s&p 500 surging more than 12%. so investors wonder, is the pendulum fi

and all these companies were in trouble, lehman brothers and citigroup and goldman sachs and bear stearnsmost see the rationale of saving these companies temporarily. not only did they not go in and fire all the people responsible for this fraud, they continued to support the company for years after it was back on their feet. that's the most inexcusable part. they kept supporting it with billions and billions of dollars of low interest loans after that and that's the real problem. >> so basically, there were no strings attached, and you know i think a lot of people look at that and from a simplistic point of view. they are all outstanding citizens making these contracts because they're geniuses. tell the people watching at home why you think bank of america among the others actually does fraud, things that are criminal and is not normal business that they should be rewarded for. >> let me just back up with that popular perception that these guys are really smart and making they are money honestly and they pay the money back. these banks are essentially getting their money from free. owed