i'm butch stearns. well, the patriots are back at it this sunday morning in foxboro. day four of training camp. yesterday was the team's first work out in full pads. their first real football action, if you will. >> training camps are today. yesterday and the day before was preliminary. it was all about, you know, those who came back in good condition. the real football doesn't start pads. >> that's what pads are all about, playing the run, fundamentals and i think that excites guys if you want to play physical and in the nfl, it's a fun time. >> this is real football time, and we look forward to this. our minds on the one-on-ones and dbs. >> how about the crowds at gillette? more than 21,000 yesterday to watch practice. 13,000 on thursday when the pats open camp. you with under if the players notice or care about how many people are there for their >> seeing the fans come out and seeing how motivating and inspired they are coming out here, it's hot out here, standing out in the sun just to cheer us on. i think it gives us an oomph and an edge to come out here too. >>

bear stearns, morgan stanley, lay investment p banks.ay investment banks, goldman sachs and morgan stanley had to convert themselves to normal cover banks because that was what they had to do to get access to the fed discount window. that kept them liquid and kept them from going under. so, you know, if this had created the problem, it would've showed up in citibank. instead, it showed up on the other side. the banks that survived this best for the hybrid banks that have been created by the repeal of -- the repeal of this particular provision. host: our viewers can join in the conversation. democrats at (202) 748-8000, republicans at (202) 748-8001 and independents at (202) 748-8002. you can send us your thoughts on twitter, and the talking but the glass-steagall act and calls to bring it back. who is calling to bring it back? in the republican platform now, bernie sanders was a big fan. i think the attraction of bringing back glass-steagall is not that it is a effective, it is that you can explain it really easily. unlike a lot of banki

butch stearns was with me day one. the patriots begin their seven month quest to get the super bowl 51 in houston, burr the focus right now -- keep tom brady sharp, but get jimmy garoppolo ready to start the season. >> i've been preparing to be the starter since the first day i walked in here. that's the mindset. every competitor has that mindset. >> the reporter: there wasn't any competition at quarterback on thursday, but all eyes were on number 10. >> it's a great opportunity. you have to go out there, take advantage of it, you don't get many opportunities in this is in there, that's what practice is for, that's what training camp is for. >> the reporter: training camp is also for the fans. >> we saw a lot of fans at these practices which is super cool. >> i love the fans, it makes practice so much better. >> in foxborough, butch stearns, fox 25 sports. >> the reporter: nate solder back after missing the final three quarters of last season, but it was even better to see his son. hudson is fighting kidney cancer. fat

but nbc news's olivia stearns has ways you can fight back. >> reporter: after 10 hours on the phone with customer service, gena had had enough. >> the whole thing made me angry, upset, totally frustrated. >> reporter: the north carolina business owner was staring at $1,000 in bills for phone service she thought she cancelled months ago. >> i would get transferred from department to department, usually it's the wrong dep. this went on for five months. >> reporter: gena was caught in the customer service department runaround. 74% of call center managers admit they prevent the best possible service. in part, to wear you down until you give up on cancelling. justin robbins spent 12 years in a call center. you're telling me i'm deliberately being given the run around? >> in some of those situations, you are. some companies have engineered it so that if you have an issue, unless you, the customer and the agent can complete it within a certain amount of time, you have no other choice but to go to another channel, a different agent. >> reporter: what can you do? always ask for a case id and for

a federal judge has criticized actions by former executives at bear stearns in the final days of theestment bank. we are talking u.s. district judge roberts we. he is now allowing a shareholder lawsuit. that is your bloomberg business flash. very muchthank you indeed. the federal reserve begins a two-day meeting today. while no policy changes are anticipated, the expectations for a rate hike this year have rebounded significantly since the brexit vote in the u.k. the uncertainty was not enough to cloud over the fed's outlook. the central bank has an election at home to consider. the democratic national convention began in philadelphia with bernie sanders endorsing hillary clinton to unify a fractured party. peoplederstand that many here, in this convention hall, and around the country are disappointed about the final results of the nominating process. i think it is fair to say that no one is more disappointed than i am. caroline: joining us in london is michael metcalfe. give us a sense of your outlook on the united states. we have seen an uptick in where we think rate hikes might co

the federal judge has and cized statements executivesformer bear stearns. important information was withheld from the public. e's now allowing a lawsuit to move forward. intend to-to-toe.go the gadd let will go for a fraction of the standard issue apple watch. and c.e.o. reckons 50,000 watches could be sold within a year of its u.s. debut hoping to bring total revenue to $100 million in 2017. that's your bloomberg business flash. >> tom. much. you very the latest rate decision friday.pan on they see the central bank policy easing. regardless of whether it analysts t most see things advancing. about says it all. so much expectation is this, yet, this morning, we have a statement, i mean, he says minister says the government will leave actual policy measures to japan.nk of this pulls away from that hope and ambition that we'll et this huge fiscal stimulus. >> two things are going on. one is the balance between he monetary and physical stimulus. if you get something more tilted towards the physical timulus, like what you're seeing in the yen it's likely to lea

aboutked to kenny stearns the spacecraft's successful entry.important to science because it is so massive and it is the first planet formed in our solar system. -- iss important interested in what is in it is made up of. so this will unravel a lot of the ministries on how the solar system was formed and maybe where we came from. cory: what are the problems this could face? : some of the biggest obstacles have to do with the massive amounts of radiation that surrounds the planet itself. radiation is very damaging to electronics as well as people. intensityuch higher at jupiter. spacecraft will be going in and out of these radiation belts at different levels and it will be observing these radiation, which will ultimately be its demise in the mission is over. cory: remind me when this patient took off. we launched it on august 5, 2011. of the technological advancements that have happened in the ensuing five years that you wish you could have taken advantage of. kenny: we haven't run into any of those things yet. buildtime we make a new for a space

has sharplyjudge criticized statements and actions by former executives of bear stearns in the finals of the investment bank. he says important information was held from the public. he is now allowing -- to move forward. francine. francine: federal reserve policymakers begin their two-day meeting in washington today. they are expected to hold the line on interest rates. the fed funds futures indicate the odds of a rate hike this december almost back at the level on the day of the referendum. that policy decision will be followed on friday by one for the bank of japan. economists surveyed by bloomberg see the be a just sees the boj -- see the boj easing. .it juckes, global strategist there's been a huge movement in yen today and yesterday that the markets are all over the place. the finance minister, governor kuroda saying there is no helicopter money. they expect in out its stimulus but not as aggressive as they thought. kit: the termination of monetary and fiscal stimulus. if you get monetary policy working in unison with fiscal policy, whether you end up calling that helicopter mon

we spoke with the project manager, kenny stearns. >> jupiter is important to science because it is sosive, and it was one of the first or the first planet that was formed in our solar system. scientists are interested in what may jupiter, so this will give a good indication and unravel a lot of the mysteries about how this solar system formed, and maybe even where we came from. cory: what are the biggest obstacles, biggest problems this could face? kenny: other than the sheer distance away, some of the biggest obstacles have to do with massive amounts of radiation that surrounds the planet itself. radiation is very damaging to electronic as well as people for that matter, but it is so much higher intensity at jupiter. our spacecraft will be going in and out of these radiation belts at different levels and absorbing this radiation, which will eventually be its demise when the mission is over. cory: remind me when this mission started or when the spaceship took off. kenny: we launched it august 6, 2011. cory: are there technological advances that happened in the ensuing five years that

it's reminiscent of bear stearns subprime klinsmann fourth the lehman debacle -- 25% are closed. an indication of illiquidity in the system. central banks would counter and say all the liquidity you want. the system basically does not allow liquidity flow into the proper places and certainly here in terms of these property funds if they are just one indication that perhaps there will be others to follow. i think it is something to worry about. >> june 27, 1985. that is how long you have to go back to find sterling trading at these kind of levels. a fresh 31-year low on the red. goldman sachs said it three-month target. it feels like a one-way bet of a weaker pound. >> i think 120 is very pessimistic for the short run. i think it is my worst-case scenario. we get into the negotiations, the eu-u.k. negotiations in the breakdown. there is no flexibility on either side. i think it is unlikely we are going to have a situation of processing capital outflows from sterling. aggressive em outflows from sterling. the boe is likely to act and they would talk about asset purchases. once fina

trenches of bear stearns is northeast reported golf ball sized hail, even tornadoes.ria molina certainly track it all here with us with the very latest. >> that's right. severe weather across parts of the eastern u.s. tracking the possibility of more severe weather and the heat that continues to build across the center of the nation, talking about dangerous amounts of heat. not only at temperatures hot, but a lot of humidity in place. heat index values onto triple digits. the forecast in the upper 90s as far north as rapid city. because of the heat and humidity combination, with keyboard and can affect an advisory stretching from as far south as you saw the way up to parts of minnesota. this isn't going to be ending anytime. over the next couple of days for the looks you excessive heat. upper forecast very far north continues in the thursday as well. the he continues to expand eastward as well across portions of the northeast for this friday. we will be dealing with the heat. starts heat. stars today are forecast apart of the eastern u.s. including carolinas and mid-a

and that the fed took more risk with dear stearns.ials have not been transparent about the lehman crisis. their explanations rest on flawed economic and legal reasoning and dubious claims. we asked for comments from bernanke. hank paul sent a statement. ben bernanke, tim geithner and i worked as a team and tried hard to prevent a lehman failure. we could find no legal authority which would have been successful in saving lehman an insolvent investment bank in the midst of a run. i stand by every word in "on the brink," his book about the financial crisis. they say the proof is in the market. they failed to step up and take lehman's assets in the crisis. they say aig was different. its subsidiaries offered better collateral. if lehman could have and should have been saved as ball argues, it can't happen now because congress has eliminated the fed's ability to do such bailouts while geithner, bernanke, and paul say they couldn't legally have -- >> 200 pages to tell us this? >> it's a detailed look at lehman's finances. it's part of every

bear stearns, morgan stanley, lay investment p banks.a last pure play investment banks, goldman sachs and morgan stanley had to convert themselves to normal cover banks because that was what they had to do to get access to the fed discount window. that kept them liquid and kept them from going under. so, you know, if this had created the problem, it would've showed up in citibank. instead, it showed up on the other side. the banks that survived this best for the hybrid banks that have been created by the repeal of -- the repeal of this particular provision. host: our viewers can join in the conversation. democrats at (202) 748-8000, republicans at (202) 748-8001 and independents at (202) 748-8002. you can send us your thoughts on twitter, and the talking but the glass-steagall act and calls to bring it back. who is calling to bring it back? in the republican platform now, bernie sanders was a big fan. i think the attraction of bringing back glass-steagall is not that it is a effective, it is that you can explain it really easily. unlike

2007-2008 becauses the banks that failed were not covered by glass/steagall, in other words, bare stearnshman brothers, merrill lynch all of those were actually separate and exactly the way glass/steagall allowed. >> true enough. hillary has a point. one of the reasons i think bernie sanders didn't get farther with the break up the big banks argument is it's complicated. a lot of risk has migrated from the big bank noose the shadow banking sector which hillary is concerned about. i don't want to say that bringing back glass/steagall to preventing the crises. there's plenty of things that can happen even if we have a glass steagall rule. >> back to your book the distortion that this produces in the economy, this kind of huge large finance and large banks is that companies themselves become more focused on finance and financial engineering, general motors is a great example. explain that. >> yeah. gm, ge, i've looked at a lot of these companies in my book. it's interesting. all of them have become much more interested in the last 40 years in actually moving money around the balance sheet an

. >> bear stearns is rescued from impending bankruptcy by chase. they take control of fannie mae and freddie mac. lehman brothers collapses without warning. insurance company aig is seized by the fed signaling that the entire u.s. financial system is on the brink of failure. >> the government's response to the crisis was problems rolled in and they dealt with them on a case-by-case basis. they were just trying to stop the economy from going into a depression. >> in an effort to stabilize the economy congress approves a controversial $700 billion bailout. >> this is truly a monumental moment in u.s. history. >> you can't let it all go down. if the banks go down, then the economy is in chaos. >> a lot of people lost their homes and a lot of people lost their jobs and eventually you saw people down size and it shook out to where it ought to have been from the start. >> the bailout under the bush administration is perceived by many conservatives as government over stepping its bounds and they launched a new movement with history. >> we're thinking of h

. >> bear stearns is rescued by chase morgan.he government takes control of the top mortgage giants, fannie mae and freddie mac. aig is seized by the fed. signaling that the entire u.s. financial system is on the brink of failure. >> the government's response, they dealt with them on a case by case basis. they just tried to stop the economy from going into a depression. >> in an effort to stabilize the economy, the congress approved a controversial $700 billion bailout. >> this is truly a monumental moment in american history. >> their view was, you can't let it all go down. because if the banks go down, then the economy is in chaos. >> a lot of people lost their homes, and a lot of people lost their jobs. and eventually you saw people downsize, and it shook out to where it ought to have been from the start. >> the bailout under the bgs is perceived by many conservatives as government overstepping its bounds, and protesters launched a new movement with an old history. >> the chicago tea party in july. >> that's where the tea part

. >> bear stearns is rescued from impending bankruptcy by jpmorgan chase in march, 2008.ix months later, the u.s. government takes control of the nation's top mortgage giants, fannie mae and freddie mac. lehman brothers collapses without warning and insurance company aig is seized by the fed. signaling that the entire u.s. financial system is on brink of failure. >> the government's response to the crisis was parapa at the time tick. problems rolled in and they dealt with them on a case by case basis. they were just trying to stop the economy from going into a depression. >> in an effort to stabilize the economy, congress approves a controversial $6700 billion bailout. >> this is truly a monumental moment in american history. >> their view was was you can't just let it all go down because if the banks go down, then the economy is in chaos. >> a lot of people lost their homes and a lot of people lost their jobs. and eventually, you saw people downsize and it shook out to where it ought to have been from the start. >> the bailout under the bush administration is perceived b

. >> the reporter: butch stearns, fox 25 sports. >> still can't get over that crowd around gronk. as the sox get set to start a four-game series in anaheim, former gold glover griffin has illness. griffin was 69 years old. sox hoping to bounce back from yesterday's crushing loss to the tigers. miguel cabrera doing themost notable damage in the ninth inning. four and five home stand and now 11 games on the road starting with the series opener tonight. david price on the hill and we go to the numbers, to ask, what's the problem with price? things have to turn around and fast, he called it himself the worst season of his career. 9-7, 4.51 e.r.a. the sox are 1-4 in the last five starts. most feared in the league, not long ago, jered weaver starts for the angels tonight at 10:05 p.m. it has been only two weeks since the british open, but because of the olympics, the pga championship underway in new jersey. a lot of highlights from today's first round, but this is ridiculous. i had to show you. bubba watson teeing off. nobody hits it farther than bubba, but this is ridiculous. nobody co

. >> bear stearns is arrested and then takes control of fannie mae and lehman brothers collapsed without and aig is seized by the fed signaling that the entire u.s. financial system is on the brink of failure. >> the government's response to the crisis was problems rolled in and they dealt with them on a case by case basis. they were trying to stop the economy from going into a depression. >> in an effort to stabilize the economy, congress approves a controversial $700 billion bailout. >> this is truly a monumental moment in american history. >> you can't let it all go down because if the banks go down, the economy is in chaos. >> a lot of people lost their homes and a lot of people lost their jobs. and eventually, you saw people downsize and it shook out to where it ought to have been from the start. >> the bailout under the bush administration perceived as government overstepping its bounds and protesters launched a new movement with an old history. >> the chicago tea party in july. >> that's where the tea party movement was really born. they saw wall street getting a bailout when they

our friends at the magazine tested everything you see here on our plaza, and nbc's olivia stearns is nice to see you. >> nice to see you. >> we will start at the beach and it's hot and you need protection, and how do you get the umbrella to stay still? >> the scariest thing at the beach is a flying umbrella. this is called the dig it. this was the hardest one to pull out of the ground. >> you have to anchor it far into the sand. >> could you weight it if you want with a cooler, and it will fit almost any umbrella. >> do we know the prices? >> $40. and the prices will be on the website. >> chanel and savannah in our beach chairs. c, by the way. tell me about the cooler. >> this is the 18-quart coleman cooler. this is great. this will keep your drinks cooled in 100 degree heat. one thing that's really nice -- hoda, kathie listening -- you can actually stand up a wine bottle inside and it holds up to 24 cans or bottles. >> fantastic, ladies. enjoy your cool drinks. if you're like me, you walk into a drugstore or some store like that and you're just kind of at a loss for all the differen

butch stearns here now, the head coach swearing brady will be taking the snaps in game five. >> the patriots had a productive day of training camp. the weather heldup, so they could practice outside, thank all three quarterbacks got their work in today, but there were signs of frustration starting with the head coach, when he was asked today to discuss scenarios when tom brady's suspension is finally over. >> what happens if jimmy plays better? >> look, i told you what's going to happen. >> so there's no -- >> the reporter: the coach, not the only one showing frustration on friday. when the cameras were off, tom brady slamming his helmet to the pass. one of the newest patriots, tight end bennett has seen brady's competitive side since he got here. >> we're just working out. you know, it's fun, because he plays at such a high level, that you have to match that level. you know, oil and vinegar don't mix. you just want to make sure you rise to the top when he rises to the top as well. bennett and the rest of this team will rise or fall with jimmy garoppolo at quarterback for the first four game

what he says is this is from an innocent of bear stearns subprime funds for the lehman debacle.eso said if there are to follow after what has happened so far with the u.k. property funds, this could be summoned to worry about. and indeed we started with one at the beginning of the week, standard life. now a total of seven u.k. property funds have frozen withdrawals.in terms of numbers , it takes a total number of real estate assets frozen by money managers since monday to 15 billion pounds. to give be some context, about 24.5 billion pounds is allocated to real estate funds, talking about more than half that. so the impression is where do we go from here? well you can property funds analysts basically warned that 20%on values could fall by in the three years following the u.k. leading the eu. and of course we saw all of this happening actually since brexit. and then morgan stanley has also put out a note to say u.k. property funds could come under further stress. now to put this note out before canadathe latest, life and aberdeen. but what it said was that the funds are designed

reminiscent of bear stearns prime funds before the debacle. francine: talking about the first casualty, even if it doesn't feel like 2008, what is the next casualty tackled there must be others. george: what we are going to just going through is the market try to understand the impact on the u.k. economy. were going to focus on commercial real estate. if you look at the statement from yesterday, that was a risk that was identified in our own research. the next six months are going to be about how big the economic cost is going to be . i do not expect other big casualties, because this is mostly a u.k. issue. it is a big political shock to the system that is going to take a long time to play out. i would not expect a lehman type contagion in terms of what we are saying on the commercial property side. tom: with property, you've got a liquidity issue. i understand it is a different beast, but a standard life chart -- your member six or seven of these things in the first one was a standard life. i threw on their regression from up we gow's of 200

bob sinche joins us spirit have you ever seen it like this in your library with all the old bear stearnsamerica literature, the work you are doing at amherst pierpont? is this an original moment? robert: i think it is. the central banks have a new theme song, and it is "running on anti-." -- on empty." that is what we heard from ecb president job he. there is really little if anything left for the central banks to do. governor carney of england is not want to go anywhere near them. what is left for monetary policy to do, and i think they continue to pound the table pretty aggressively on the fiscal side. i almost wonder whether boj's kuroda said something to the ,bbÉ administration in advance a very strange fiscal package earlier this week because that is where we need to go now, fiscal, fiscal, fiscal. tom: jackson browning moving forward, the theory on the way the banks work, is it a pretender? you learn this, at brown. none of this is in your textbooks. robert: none of it is. the financial community is now feeding back to the central banks and telling them how much of stress they are

services market you have the threat that the system will come down so you see hedge fund collapse, bear stearnsns on the commercial market in september 2008, you started to have massive collapse of major institutions. one major reform legislation that came out of 2008 was the dodd-frank reform act of dried -- that tried to change the worst aspects of the system so we would not have another financial crisis. one of the more obvious result was creation of the consumer financial protection bureau. a new agency was created, there will be an emphasis on the consumer in the financial services marketplace so when people make a home loan, what they are actually borrowing or obligations are. we go to the rest of the financial service marketplace they understand when they are taking on risks and engaging volatility because we want more risk and volatility because it is important for the consumer to understand, the retirement money, understand when they are not. in areas like home loans, student loans and other things, important initiatives in that agency. another area is the volcker rule, trying to reign

we had the drama with james dimon saying you are buying bear stearns, let's work that out.the conversations going on among italian banking leaders? is the first real crisis that the european central bank is having. the dynamics are being tested for the first time. in previous times of difficulty it would have been the national central banks and the bank of italy leading those discussions. is the european central bank. tom: i think it is extraordinary to understand what she just said , this is about germans in frankfurt and the bureaucracy helping the italians. this is the beginning of the euro. here is the good news of italian banking and elisa has been covering this, she sold her bank shares right here. francine: i need to correct you. that is when she started putting out the scoops. tom: what happens next? that is what i cannot get my hands on. in the old days they have merged with another bank. what happens next? the regime has changed, they in roles have been agreed on, and this is probably the first big or test of those rules where they are applied in tivoli for smalle

nor did the first go-around on loans to bear stearns. that didn't work either.their favor. he did a very detailed look at lehman brothers. >> and the four biggest banks in america are bigger than they were then. >> in terms of the legal dispute, though, what outlines what the fed, treasury, congress can do or not do? why is there such a difference of opinion in terms of what they could have done? >> it was section 13.3 of the federal reserve act, which said the fed could take such actions in extraordinary and circumstances. so everybody agreed that was satisfied. but the problem is that the federal reserve could not make a loan, that it knowingly would lose it money. this guy makes a point that needs to be discussed. >> when would they have had time to do that? >> well, that's an excellent point. that i can't dispute. there were efforts to sell lehman. the market didn't value it. >> the market was otherwise occupied. a lot of the potential buyers had already balked. >> some had. >> and some were clever and were waiting for the fire, which was the essential probl

we also learn that the financial crisis '07/'08 some banks went away, lehman, bear stearns sewn i would into three institutions. today for cash you make about 0.04% or 4 basis points. not a lot we're at historic lows but get some kind of interest in a money center bank. that would generate about $600,000 after tax, not a lot but it's better than nothing. >> it is better than nothing. you got that right, kevin. always good to see you. >> the definition of a high class problem, right. >> #highclassproblem. you got that right. you know who won the lottery, golden state. in the nba free agency they picked up none other than kevin durant setting off his own fireworks july 4th announcing he's leaving oklahoma city and seeping with the warriors. the former mvp joining the current one for more. bruce, where is the bow tie? you usually sport a tie. you got stubble and black shirt. >> don't judge me. i'm out here in san francisco enjoying myself. i hear the stuff about the spacecraft and jupiter. i hear about the mega millions and now we have kevin durant in the bay area. that is fantastic. robin

property funds, six have been forced to close, to close the door on withdrawals, reminiscent of bear stearnsubprime funds before the lehman brothers debacle. about ais talking canary in the coal mine, people in london are saying, if you look at what is happening in the space, the yields being driven down, property still has a positive carry, that spread still exists and is getting better. that is what you need to focus on it for jamie dimon stuff, he is talking about the -- he may have to move thousands of jobs out of the u.k., that would accelerate the process, he employs a lot of people. david: that would be a two-year process, now we have to spend more time talking about the composition of these funds, you talk about different strategies, aberdeen sold property into the referendum, msg with a good property portfolio in london, the centcom a more regional, can you discriminate at this point or is it too early, just gate of the funds and think about things? >> i think it is too early by you will be discrimination would come into the market, do i want to be in a fund that as long warehouses,

the whole system will come down to you started the season hedge funds are we on collapse, the bear stearnshen he started, unit runs on the commercial paper market leading up to september 2008 event and then in september 2008 you started to have massive collapses of major institutions. the major reform legislation that came out of 2008 was a dodd-frank reform act that tried to change the worst practices of the system so we would not have another financial crisis. one of the more obvious result was the creation of the consumer financial protection bureau. we have an agency that was created and the idea was that it would be an emphasis on the consumer in the financial services marketplace. when people go out to make a home loan, they have a good understanding of what they are actually borrowing or what their obligations are. when they go into the financial services market place they understand when they are taking on risk, with an engaging volatility because sometimes we want more risk and volatility but his support for the consumer to understand when they are taking a risk on unmitigated wit

. >>> all right, it's day two of design you >>> nbc's olivia stearns are here, you can feel confidentou. we have three categories and we are going to begin with airfare. this will be challenging. trying to figure out which price is best. >> airfare prices are totally whacky, right. every time you are on the plane, the guy next to you paid $300 more, and the lady across paid half. and yapta will let you know if the price dropped. you can call up and rebook. >> it's frustrating to hear it dropped after you bought it. >> yeah, and doesn't work with all airlines and you have to get on the phone with the airlines. >> hopper is before you guy. helps you to buy your flight. one downside, it charge as fee, and it charges about $5 for duh mest kwrebg tickets and $8 for international tickets and on average, willie, you save 50 bucks. >> let's move on to car rental. turo is a car sharing app? >> why let your car sit in the driveway, and put it to work and make money and save for a vacation, and you can actually pick up one of these cars at an airport, a hotel, and works in 2,700 cities and cover

up, fannie and freddie for the acquisition of countrywide by bank of america, none of those, bear stearnso do with glass-steagall, bringing back in 80-year-old act for something that may have worked after the 1933 era, won't work, technology has moved. stuart: taking commercial banks, not allowing them to get involved in the investment banking business, is that part of this? >> people have this wonderful notion that lending money is not risky. the notion that taking deposit and lending money is not risky that is where a lot of risk -- liz: this appeal to voters. stuart: what is wrong with putting a bank's trading activities on that side of the ledger and if i want to invest in high risk i can invest in high risk but on the other side of the coin a bank takes deposits from individuals and make home loans and other small business loans and you can invest in that with less risk. what is wrong with that? >> people using fdic protected money in a risky business. however you are condemning that residual bank to death. all the technology moved to trading so if you look at a bank lending floor it

are in dire circumstances right now and i don't look at the brexit as this maneuver, it's a bear stearnsarly 2000 harbinger of what was going to happen and the liam moment could occur with a big italian bank failing. they're on the front line and if we see-- >> the problem with the italian banks, they have way too many bad loans and nothing to cover them. >> and 360 billion of nonperforming loans, that's a frightening situation. ashley: and dan, it's starting to found like 2007, 2008. i don't want to be overly dramatic. what are your thoughts? >> we might be jumping the gun on that part, but i agree with the previous guests. the italian banks are a worry and will the european union bail them out? and indications are they wouldn't. it would create a due almost of pressure. right now the worry of all the things going on. keeping the yields down and making a rush to u.s. 10-year is a place that's paying for dividends liz: when shah cited the bad loans, it's about a fifth of italy's economy. ashley: and all right. let's move on. another story, another tesla crashing in autopilot mode. the dr

if you look at lehman and bear stearns. not have commercial banking. >> so you're not on board with this part of the platform? >> i don't think it's the right approach. i do understand there needs to be a decoupling in terms of the regulatory approach in terms of smaller community banks. as well as these big money center banks. i think we need balance. if you're really setting proper capital standards, it seems to me that's addressing it. >> new report out this morning, by the way, in politico. that donald trump might make steve manuchin the head of the treasu treasury. can you see him pursuing this platform? >> you know, i think in terms of the repeal of glass-steagall, turning your back on global trade agreements, forfeiting america's role and getting access to markets and building jobs over here, it does not seem -- it's certainly not the traditional republican economic model. i think for people that are more sq skewed to toe policy side. you look at it from a popular standpoint in the public, there's a lot of skepticism