they were all cult members and if you look at this first headline this is an editorial from the financial times by adam posen a former member of monetary policy committee of the bank of england the cult of home ownership is dangerous and damaging so in the us in the u.k. we have homeownership rates of sixty five to seventy percent and we're told over and over that we need to have more more greater percentage of ownership because seventy percent is enough we need one hundred percent and this will grow the economy but if you look at economies he points out like japan germany and france their home ownership rates are only thirty to forty percent and yet we can all agree that these economies are strong and their populations have high incomes so he says start with a distortion to savings behavior that mortgage subsidies and high loan to value ratios encourage for many american and british households their home equity is their primary financial asset in other words we incentivize middle class households to leverage the bulk of their savings into a highly volatile difficult to price asset. which is su

. >> that's the question, the security adviser said in the financial times the other day the worst catescenario was similar to what was considered violence in the balkans in world war 1. this is an international conflict with great powers on both sides. russia, the united states, iran is involved supporting syria. if the united states makes a military strike, and the iranians said they would attack israel. they could shut down th the streets, and one of the reasons why it was voted down in partly is because people realized the leaders can say whatever they want, but they don't know what the syrians are going to do. they don't know what the iranians are going to do. >> you brought up world war ii and the balkans, i don't want to glean past that. are you suggesting that it could go bond a regional conflict but could draw in other world powers, ie china and russia? >> absolutely. russia is a huge allied of the assad regime. they're allied with iran. this has potential for global confrontation. one of the significance strategic thinkers and he had the same analysis that i put out a few days

however, the financial times says the plan is on hold for now. the indian goverment reportedly is investigating whether walmart violated rules including bribing indian officials to get permits to open stores. boeing unveils its latest dreamliner model. the 787-9-- is 20 feet longer than the original dreamliner and will be able to carry 40 more passengers.the 787-9 is the second version of the newly- designed and lighter aircraft. boeing expects to make its first delivery to air new zealand in mid-2014. general motors is changing its superbowl game plan. the automaker says --- this year-- it will advertise during the big game. the company wants to build buzz for several new models. gm made the call last year to opt out of advertising during the super bowl claiming the rate of $3.8 million dollars per 30 seconds wasn't worth the money. mcdonalds has a mighty plan to boost sales. the company will roll out its so called "mighty wings" nationwide throughout september. it will also beef up its menu with a new wrap and pumpkin latte and subway has a new

the board. they would replace long time directors david coat and alan footer. the financial times reports jpmorgan hired a new york law firm to investigate its hong kong hiring practices. the firm will respond to questions from the sac about whether the bank hired children of key financial officials. and shares are higher to the tune of .5%. >>> there had been growing concerns about china's shadow banking sector. some say the industry could lead to a systemic failure in china's financial system. cnbc's eunice yoon filed this report. >> reporter: when you first meet this man, it is hard to believe he's a shadow banker with experience at a wall street firm he now runs a website in beijing that matches companies in need of cash with small time investors willing to lend. >> i don't know why in china people think shadow banking is so scary, shadow banking is bad. >> reporter: many find shadow banking scary because they fear it could threaten china and the world. unregulated industry encompasses all sorts of untraditional financing, everything from private citizens lending spare s

report and he very much thanks for having me of course so ross you know here's the headline from the financial times the u.k. economy bounces back so what is that well it's just excellent propaganda isn't it. on the way here advertising a famous london tourist attraction there is on because handing out flyers basically that's a perfect metaphor for what's happening in the press and the political process in this country at the moment well yeah i mean if there's a recovery then they would raise interest rates immediately yes because the rise in real estate prices and stock prices has come by draining the accounts of savers by transferring by some estimates over two hundred fifty billion pounds from pensioners and savers and giving it to real estate speculators and highly leveraged stock market speculators i don't think we've ever in this country got away from the fact we all got away from the idea that house prices inversely proportional to the well functioning economy we still think britain britain generally also need the baby boom generation have funded everything of escalating house prices and a fe

for example, as "the financial times" had done years ago. that hastened their financial difficulties. they were so late in doing a pay wall. ico" has a pay well -- wall. it was not as if there wasn't a market for it. i think they were trying to balance the issues of being a community newspaper as well as an inside the belt way. i don't want to go down into a debate on the pay wall. item to bestrong made against pay walls. they harvest more money from the audiences you have. that also keeps people out who might otherwise look at your product and develop an affinity for it. and visit with you more often. some publishers have adopted pay walls. some have not. " company made a strategic decision. they were not late. they made the strategic decision that they wanted to build audience by offering content without limitation, in hopes of building the business. history shows that they have not been wildly successful. but neither have most of the publishers to charge for content. 1% of print subscribers -- a number equal to 1% of print subscribers sub

southern district it was on the cover page of time magazine is the guy cracking down on wall street but it's not a crackdown on the real problems that gave us the financial crisis those guys are walking away jamie dimon is walking away dick fuld is walking away and those guys are walking away with their pockets stuffed with hundreds of millions of dollars and the only thing that does is invite wall street to do an encore well let's talk about stuff in pockets here because a lot of the lead people at the as you see whether it's mary jo white or mary shapiro have been through this revolving door and mary shapiro just joined problem tory financial group there is a there is a corporate culture there i guess the regulatory culture that seems to encourage people just to cash out and is there are just some parent conflict of interest in the very structure at the i.c.c. especially. well i think there is i think the se c. defends its hiring of wall street players wall street attorneys on this theory that they're the only people that understand the securities laws securities laws aren't that complex smart people can figure them out criminal lawyers prosecute all k

let's talk about blair again you know one of the stories that i picked up on picked up from the financial times actually was the story was that prince bandar was in his office a number ten downing street and said that they'd he didn't get the serious fraud office in this country to call off the slush fund scandal between the british aerospace and saudi arabia that he could not guarantee that another seven seven bus bombing would occur in london so here you have the prince bandar saudi arabia threatening a sitting prime minister with act of terror and if all the like a cheap tent i mean that was outrageous how did. how does that how. in this business world how does something like that happen or a prime minister it is written in his office in the not morse made of it by a put into it elected by no one presiding over one of the group presiding over the un freest country in the world this dictatorship of saudi arabia swaggers around the world threatening all sorts of people there are stories circulating that. bundy is threatening other people with the same kind of thing and i don't know if it's tru

that we're all cult members and if you look at this first headline this is an editorial from the financial times by adam posen a former member of monetary policy committee of the bank of england the cult of home ownership is dangerous and damaging so in the us in the u.k. we have homeownership rates of sixty five to seventy percent and we're told over and over that we.

the new york times" this morning. president obama, pressing regulators on financial rules. it says in this story in "the wall street journal" -- on the economy, "the washington times" reporting -- this in a money section of "usa today" -- back to our phone calls, ahmed in miami, florida, what are your thoughts on the united states temporarily suspending military aid? caller: i am an american egyptian and i spent a year and a half in egypt. i came back to the states on july 4. i saw what the brotherhood had done to the country. there were very extremist and prejudiced people against all christians. the market collapsed. i was trying to find a gas for my car, you go around for hours and sometimes for days. i saw businesses shutting down day and night. the egyptian currency went down the drain, went down by about 50%. the country became very unsafe to travel and move around. this is the picture i saw in the year i lived in egypt. this was during the ruling of the brotherhood. veils.nted women to wear they went to extremes, something that egypt has an experienced at all in 5000

"the financial times" says around 80% of the mistaken contracts sent to the new york stock exchange wereanceled, but the glitch provoked a strong reaction within goldman which prides itself on risk management. dow jones is reporting that goldman's losses will be limited to tens of millions of dollars. >>> and here we go. goldman's shares on the session, a little bit higher, again, in germany trade in the last 30 days off by almost 5%. but what's the biggest or in this case the costliest mistake that you've ever made in your job? or if you want to join us on the bavarian cuisine discussion, sausages before noon, i'm not sure about that one, let us know. join into the conversation here on "worldwide exchange." you can get in touch directly with us by e-mail, worldwide@cnbc.com. you can also find us on twitter @cnbcwex. loads of options to get in touch with us on had monday. the costliest mistake you ever made or the biggest mistake you ever made. i can think of one or mistakes that i've made in my past, but luckily some very kind people helped me out. we all have that, don't we? when we're

ten days later it was the "financial times" to promote and link to a violent graphic video. in july, the same pro-syrian government hacker group hit "reuters" again taking over the "reuters" twitter account and this time posting political cartoons about the syrian war. they were able to control "reuters'" twitter account for more than half an hour which is a long time for something like this. a month later the same group reportedly hit the "washington post" and also cnn and also "time" magazine. when it launched that last attack, the syrian electronic army tweeted an image to show they had taken over the domain names. between late april and mid august, four months, this anonymous unknown hacker group, allied with the syrian government, successfully attacked and took over websites or twitter accounted connected to the "associated press," and the "guardian" and "financial times," "reuters," cnn, "time" magazine and "the onion." today it happened again. 3:00 eastern this afternoon, "the new york times" website, nytimes.com, no longer worked on my internet machine. i say it that

this is from "the financial times" yesterday. e headline -- that analysis piece from "the financial times" yesterday. if you want to read more on that -- we are taking your thoughts and comments on the state of u.s. news media. john is up next from watertown, new york on our dirty-49-year- old line. 30 -- 49-year-old line. when you're dealing with a local issue, it is important to have a press that is more and go afterig in wrongdoers, no matter what side they are on. you get to a regional and national level, instead of having investigative journalists you have people who are pundits for one side or another and they pushed their agenda. it is what it is. how can the national news organizations become like those milk will news organizations that you seem to trust more? -- those local news organizations that you seem to trust more? i am knowledgeable on a lot of things but sometimes i just find myself way outside my lane. i do not have an answer for it. host: thank you for the call. can is up next from scottsdale, arizona on our 65

really we all know there's something a little off about wall street given recent behavior even the financial times wonders surely only someone with a serious personality disorder could have thought it was a good idea to sell a highly risky financial instrument like a c.d.o. squared to a naive investor who clearly did not understand the risks or would react with anger when told that they would not be paid multimillion pound bonuses because their previous bets had gone so badly wrong that their employer had to be bailed out by the taxpayer and we also have the patrick bateman ask headlines you hear about the banker who is screaming racial slurs and strangers and got knocked out on the street remove the bankers have cocaine fueled meltdowns were on the banker who stabbed economy so what's behind this dr alexander michelle studied a group of bankers for more than a decade what she described was a factory on wall street that grinds people up and tosses them out during what i've found is that often approximately four years the picture changes performance declines not on technical skills the bankers are

we will move to the financial times. this is david gardner saying, ok, we do not have exact proof.should not shock us that the regime would conduct itself this way. it is the question of impunity on an international scale. if there are no limits in syria, there will be none elsewhere. >> we will leave it there. i would like to thank our guests once again. captioned by the national captioning institute --www.ncicap.org--  ♪ >> we are. eat a head. china's new data for the economy shows it is all systems go. i am phillip yin in washington. >> and i am michelle makori at the nasdaq market, and there is another showdown with argentina. they are refusing to pay back more than 1.3 billion dollars to a group of investors. we will ha

the cartoon in the financial times today puts it, easy the man asking in london -- the man in washington wants to know what we have to say to our man in london, basically. that is how the story has been playing out. jeremy, reacting to that other story, they reacted by saying that there is a close intelligence relationship between the uk and the u.s. and a number of other countries including australia and canada's mapping and nor is everything shared. >> all we know is that there is a very close relationship, a sharing of databases, a great deal of information. an incredible ease by which the u.s. can extract anyone and put them on trial. it is hard to keep things happening. we see this extension of the u.s. paranoia of that security. i think this is just another example of that great paranoia. this is, frankly, harassment and the partner of the journalists that happened to be traveling through heathrow airport. this was a very big personal decision. the general approach to politics and life in the past, he decided enough was enough and did not prepared to go further because he could see

. >> the financial times columnist worried about another problem, oversight. he wrote the u.s.ernment assures us that the nsa does not gather data except it is little comfort. seeing who guards the guardians, i prefer the guardian. he is no supporter of edward snowden, but that we had to take blind faith that these secret courts are doing a good job. that is not quite enough. >> one of the horrifying aspects that they are looking at is that people can become conditioned to think that everything they do and think is being watched. that has major ethical and philosophical implications for the way people feel and the way people view themselves, it is a dangerous direction things are going. >> an addendum to that which is incredibly important, we have been finding fragments of information about private security companies and the government's fairly loosely monitored. the oversight question is where the outrage should be focused. snowden worked for a company, not for the government. i think there is one thing we should draw from this, we should learn more about the companies in the

in the "financial times" big concerns about triggering deeper conflict. the fact that there's so much discussion now i think is mitigating some of the short term effects. doesn't mean they won't return tomorrow. >> all right. thanks, rick. gentlemen thanks so much for joining us. all right. we got about 20 minutes before the close bell and the dow jones industrials average higher by 70 points the nasdaq up by 20. >> today's gain not with standing the dow has between worst of the major averages this month down about 5% overall. is a full correction which would be roughly 10% on the horizon? we'll look at that as we continue our market coverage after this. and schwab really helps me step up my trading. tdd#: 1-800-345-2550 they've now put their most powerful platform, tdd#: 1-800-345-2550 streetsmart edge, in the cloud. tdd#: 1-800-345-2550 so i can use it on the web, where i trade from tdd#: 1-800-345-2550 most of the time. tdd#: 1-800-345-2550 which means i get schwab's most advanced tools tdd#: 1-800-345-2550 on whatever computer i'm on. tdd#: 1-800-345-2

some special take that michael bloomberg will try to buy the "new york times" and/or the financial times he leaves office. and the koch brothers have expressed an interest in the tribune company. their interest has sparked multiple protests because of their strong conservative views, deep pockets and unapologetic views. joining us from new york to answer some questions are sam seder, and a guy -- i think his name is michael shure. he is the host of this program, and i'm just his under study. let's start with the "boston globe." it is widely accepted that newspapers are not profitable right now. michael we'll start with you. why would a billionaire want to get into an interest like this if not for the political influence that comes with newspapers? >> first of all it is pretty clear that only a billionaire would be buying these kinds of papers. they are the only people that can afford them. so we have to defer to the fact that it is going to be a wealthy individual if anyone buys them at all. so there are two schools of thoughts, one is like it's a hood ornament. i don't buy that with jef

your article is in "the financial times" still online the thank you very much, sir. >> thank you. : developments with jpmorgan. facing civil and criminal probes over sale of mortgage-backed securities in the run-up to the financial crisis. in a filing with the sec the company says it is responding to parallel investigations by the u.s. attorney's market for subprime minister and alt-a securities between 2005 and 2007. they claim the firm violated federal law and comes after regulators filed a 850 million-dollar civil suit against bank of america. let's check shares of the new york based bank. they are down 44 cents at the moment. 54.86 is the trade. adam: talk about banks, a move to break up banks. charlie gasparino on one of wall street's biggest analysts sees coming down the pike for analysts. lori: new item at the ballpark, live from at&t ballpark to show you next. adam: beer. ♪ ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futur move first. learn futures from experienced pros with dedicated chats and daily live webinar

it espressoing writing in the financial times today saying it should go to the general assembly.here is a case involving all members of the u.n., there is a precedence the 1950 resolution combining for peace. now, it is right to threaten to use force, because it is such a grave crime against humanity, but we need to proceed steadily and deliberately. we have had the meeting in 2005 of the heads of government, endorsing the procedures for the right to protect. so it is the right to protect, and the 2005 resolution, which has to guide governments through this very tricky issue. so there's not an absolutely right. to fail to respond to a proven case of weapons of mass destruction. i don't think they have a total right, to stop a combination of countries and the more than better, to act. >> right put all of this talk. >> i think it is this the interpretation of the charter. >> all of this talk about possible military action, is coming, in fact, before we have any of the facts established. on whether chemical weapons were used. although it seems to point that they were, but we certain

sources are saying essentially $6 billion of was quoted by the financial times is way off. that the government has been leaking a lot of information to various media outlets to put pressure to settle various probes. you're seeing where they're coming from. not just here, but also at the state level. it's also probes overseas, places like canada and switzerland. so the probes range, of course, the london wail of the way down to the manipulation of the energy markets. what we're talking about this mortgage-backed security probe, the potential settlements, what we are hearing is that essentially they're doing a pushed back because they're saying that they were essentially pressured to buy during a financial crisis. mortgage-backed securities was a comes from those two banks. not in the business in a big way before the financial crisis. so the other question -- not heard these sources close to the matter. ready seeing it. the push back about the mortgage bonds, i'm also hearing from other. the overseer of fannie and freddie, wire and then not going after the executives? buying

the new york times." i might guess "the financial times" in the next year or so.: that is the salmon colored financial paper. >> salmon colored paper. owned by pierson in the u.k. pierson is becoming more and more of an education company. so i would expect to see that. "the new york times" i think is one of the preeminent media properties and i think the salzberger family will hold on to it. of course i would have said that about the "washington post" two days ago. liz: the graham. one never knows, do they? an interesting time. thank you so much, reed. >> thank you. liz: reed phillips. david: the days of guaranteed government bailouts for housing may be over as president obama says, finally time to wind down fannie mae and freddie mac. so how will this impact the housing market and you the taxpayer? we have new york community bancorp's ceo that joins us in a fox business exclusive next. liz: speaking of satellite companies, superstar nfl brothers, peyton and eli manning team up off the field to make their rap debut for a commercial for directv. we have the video e

it's taken credit for hacking the new york post facebook page and hacking bbc, the financial times andpecting this to continue. what seems to be happening is the group seems to be getting more advanced. there's reports they used to just send phishing e-mails. the fact that the group is going after web based software services now that media organizations use it shows the group is getting smarter and more dangerous with its attacks. >> syrian electronic army. very perplexing. thanks so much for bringing us that. appreciate it. >>> the crisis in egypt has huge implications around the world. we'll tell you what's at stake for the u.s. and israel, flexion. she's agreed to give it up. that's today? [ male announcer ] we'll be with her all day to see how it goes. [ claira ] after the deliveries, i was okay. now the ciabatta is done and the pain is starting again. more pills? seriously? seriously. [ groans ] all these stops to take more pills can be a pain. can i get my aleve back? ♪ for my pain, i want my aleve. [ male announcer ] look for the easy-open red arthritis cap. fo♪ hooking up the c

>> doesn't fit in with bloomberg lp as well as say "the financial times" does, a business publicationut clearly mr. bloomberg will be looking to do after the mayoralty. that's a nice platform. >> ken auletta, thanks very much, a writer with "new yorker" and writer of many books. always great to see you. sue? >> a new episode of "the profit" airs tonight at 10:00 p.m. eastern time. meet its star, marcus lemonis, and he eel do whatever it takes to fix a failing business. that's straight ahead. >>> plus, a new wildfire is sparking in california. we are tracking the big blaze. "power lunch" is back in two. with the spark miles card from capital one, bjorn earns unlimited rewards for his small business. take these bags to room 12 please. [ garth ] bjorn's small business earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth ] why settle for less? ahh, oh! [ garth ] great businesses deserve unlimited rewards. here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose

the financial district. . >>> only on kpix 5, we have learned the city of san francisco will soon start going after those popular food trucks in the financial district it's lunch time in the financial district. the streets are packed, and parking is a premium, but for one kind of vehicle, it doesn't seem to be a problem. food trucks do a brisk business with no apparent worries about the meter maid. we found them at expierd meters, in yellow zones, red zones, even some parked in the middle of kriks zones for three to four hours at a time, yet food truck regulation issued by the san francisco department of public works clearly state that all applicable parking regulation shall be observed so what's going on? we put the question to the department spokeswoman rachel gordon. >> we don't look at them for you can only park in the specific parking space or two parking spaces. we give them a general location of the area they can park in. >> but where in downtown san francisco can you r park for three to four hours at a time. >> i don't mean to punt this, but that's for transportation agency to answer. >> paul rose with san francisco's municipal transportation agency didn't

the firm under fire of course lately from the government and a little while ago the financial times reportingt's gotten worse for the bank. >> according to the reports, authorities are seeking $6 billion to settle a claim that jp manageren sent government-backed mortgage companies bad securities leading up to the security crisis. at least they misrepresented what was in the securities. with us, the reporter that broke that story. one of them, tom braithwaite. thanks for joining us. i'm struck by the $6 billion number. just had our crew look it up. that represents virtually their entire profit for the first quarter. asks them to give up 25% of profits for the full year in one swoop? >> yes. that's right. this would be a staggering amount if it ends up being paid. >> that's the key question, tom. how likely is it that a $6 billion amount savannah goii is what jp has to pay here? >> the 18 banks sued by the fhfa in 2011, we can say it's going for the banks. one of the few settlements we know about so far is ubs, which paid $885 million. that's obviously much lower, but it had a much lower exposu

. >> martin wolf is a columnist for the financial times of london who delights in watching the high andueezed into davos. there aren't enough tables in restaurants, there aren't enough hotel rooms. >> yeah, well, that's part of the thrill. it is the only place where these really powerful people are made to be very inconvenienced. just about the only place in the world that really powerful, really rich men-- mostly men, few women-- can actually behave like normal people. >> we were here a few days before the forum started, and it looked like they were setting up for a rock concert. what goes into this? >> just the program. there are all the lunches and dinners and hotels, travel programs, security-- which is obviously a nightmare. i mean, they brought together everyone in the world that the terrorists would want to kill. it is an enormous organizational project. >> they suffer the indignities to attend the seminars of the world economic forum, more than 150 expert talks, on things including financial risk regulation, viruses, u.s.-china relations, and the global economic outlook, plus, r

and yet when you look at over seas companies that have done well here, like the economist or the financial timese they bring a different point of view. >> right. >> so what's your take on this strategy of saying we're american? >> right. they have been very focused on al jazeera america. they're not hiding from the name al jazeera, but executives say we're doing an american network for american viewers. there's still the perception issue that they have to get over. a lot of people the first time they heard the name al jazeera was after 9/11 with the bin laden videos. during the iraq war, bush administration officials were always saying that al jazeera is playing propaganda for the enemy. so they have to get over that. a couple years ago there was a study that showed people looked at al jazeera english content branded as cnn international and didn't think it was as biased as when they had the al jazeera logo on it so they have to get over that obstacle. >> i think the bias question is a good one. for either one of you i wonder is there any example of al jazeera somewhere else in the world where t

managing editor of the "financial times," martin dixon. joining us from capitol hill, house democratic whip condition man from maryland's 5th district, steny hoyer. congressman, thanks for joining us. i think a lot of us are a little bit concerned about the fact, a, that john boehner says he has a strategy but when you dig deeper, it appears that there is no plan b, if the government is actually shut down. is it going to come to that in the fall? >> well, even if there were a plan b, we've seen that speaker's plan bs aren't supporting by his own party. saw that last december. but i want to make a comment on something that you just ran a clip on rush limbaugh. and he said we have nothing in common. in point of fact, we're all americans and we were elected by the american people as their board of directors and the american people expect us to work together. they understand their different perspectives. so i was really very disappointed with that kind of philosophy that we have nothing in common. we are americans. we want our country to succe

researchers studying 5,000 moms in 20 united states cities say the tough financial times have been linked to harsher parenting which includes more yelling and >> covering walnut creek, burlingame, campbell and all the bay area, this is abc7 news. >> good morning, from the embarcadero camera, downtown san francisco, you can probably tell, there are clouds and mike nicco predicted drizzle and it is materializing so we will check back with them to see how long the skies will stay gray. >> a south korean jet has been involved in an accident, this time, no one was hurt. a korean airlines plane failed to stop on approach and overshot the runway at the airport and crews towed the plane. the incident is the second in the past 30 days involving a south korean airline, asiana flight 214 crashed last month and killed three. >> mark zuckerberg is breaking new ground on the immigration debate. now more from the center for the arts. >> zuckerberg appeared before a packed house in san francisco's center for the arts. he did not waste any time explaining that a comment made by a student reshaped his view

. >> "the financial times" reports on a woman who got a letter that her government-subsidized home wasoing to increase by $1,000 a month. this is sequester impacting real people's lives. they report, sequestration has forced federally funded housing authorities to freeze new vouchers, push families into smaller homes and cut back own how much funding they get. real people are being hurt by this stuff. ultimately, it's poor folks who mostly are being hurt. because their ability to affect the political process is so low, they have no leverage. >> you know, i think that's -- when the announcement came this week about head start, it of course hurts a lot of low-income families. about 57,000 families that would be cut from the head-start program starting this fall. those are the types of stories that will really put pressure on members of congress to act. i think a lot of democrats have raised concerns about the impacts on the domestic side, presumably republicans fueling it on the defense side that could lead to a resolution if there's enough pressure. they just have nowhere near those pol