including the western union, the union national bank and a drugstore. and at age 16 he began reading karls maarhx. he heard you gene dabbs who is in the socialist party lead talk about socialism, and he became so moved that he began selling the appeal to region. it was the nation's largest socialist newspaper at the time. it was publiced here in kansas. at that time there was a huge diverse economic zi cotmy going on. you have the very, very wealthy, and you have the very, very poor. and the browder family was certainly among the very, very poor. what happened was world war i broke out. and rather than serve in the military, he went to prison. when he got out of prison he helped organize the communist party in the nation. went during the 1920s to china and helped organize the chi need communist party. then he came back and was the general secretary of the whu nis party here in the nation. ran for president in 1936 and 1940 against fdr. did not receive any votes from wichi wichitants. this was before world war ii. it didn't have quite the negative overto

to start working, and he was a messenger at several places in wichita, including the western union, the union national bank and a drugstore. and at age 16, he began reading carl marx. and it was here in wichita, he went to the forum, which is the forerunner of our century to today, and he heard eugene debs, who was then the socialist party leader, talk about socialism, and he became so moved that he began selling the appeal to reason. it was the nation's largest socialist newspaper in the time. and it was published here in kansas. at that time, there was a huge, diverse economic dichotomy going on. you had the very, very wealthy, and you had the very, very poor. and the browder family was certainly among the very poor. and the socialist movement at that time offered hope. what happened was world war i broke out. and rather than serve in the military, he went to prison. and -- when he got out of prison, he then helped organize the communist party in the nation, and went during the 1920s to china and helped organize the chinese communist party. and then he came back and was the general secretary of the commu

barnya is proposing is a banking union for the euro zone rather than national governments being the backstops for their banks, the european union would be able to restrict what their banks could do and how they could do it. it would be shareholders and not governments who would take the hit if the bank failed. but even if governments greed to this, it wouldn't come into force for several years. too late for some of spain's banks who lent too much during the property boom and now need help. seeking to calm fears that spain will not be able to do that. >> spain and countries like that considered an important, systemic part of the euro area are taking the right decision and are addressing the problems and are, you know, improving the competence of their economies. and those are good things to do. >> even in relatively prosperous germany, the health of some large banks was questioned. the ratings agent cri says though they are better off than many, they are exposed to new shocks, and the biggest shock to europe right now could come from spain. but if spain does need help in bailing out its banks,

banking issues. the european union has announced a bill that will boost the power of regulators in member nations to oversee their commercial banks. the bill aims to break a vicious cycle of governments losing money after they've pumped public found bail out ailing banks. eu commissioner for internal market and services made the announcement on wednesday. the proposal would allow national regulators to step in to prevent banks from failing. this includes appointing special executive officers to lead rebuilding efforts. the bill also aims at shifting responsibility for bailing out banks fr banks. the proposal is not likely to take effect until 2014 at the earliest. this has led to criticism it would not be effective to resolve the current banking problems in spain. >>> and that wraps up this gcgcww

that is a banking union i am sure that within three months we will have a banking union ok well can you explain what that what is what does that actually mean because i mean the nationalization of the banking system that sounds like a better idea to me than what we have now. that's absolutely not true always the banking this will have always the banking system in the european union for the people how's it work for the people we have a crisis yes of course we have a crisis but we cannot reside banks what we have it is have national have you ever seen have nationalizing over the system working without banks i don't see the system working now in writing do you want to jump in there. yes i do you see is assumption is that the free market quote is basically a little bit out of balance and with a little bit of a twisting of the adjustment here it will come back into a balance he does not understand that the present system is fundamentally flawed and he's going down hill and he has nothing to offer he cannot come forward with a substantial practical proposal which will solve the problem for the mass of people in spain it's fifty three or fifty four percent of unemployed among the p

the ceo of northwest community federal credit union. under her watch, the credit union group to over 1600 members. it has become the national model for institutions seeking to provide financial education and banking services to the low- income communities. last but not least, we have our conditional lender represented here by wells fargo. mark cyrus is the senior fda banker for the region -- the senior sba banker. he held businesses choose the best loans for the growing business and focus on a comprehensive understanding of their goals for their business. mark is responsible for helping entrepreneurs with sba loans every step of the way. i would like each of you to speak a little bit about what your organization does and, more importantly, address the audience here and let them know what your looking for when you are hoping to fund their loan. we will start with you, mark. >> absolutely. thank you. i want to thank speaker pelosi for putting this together. i want to thank all of the of for coming out on a smell it -- snowy san francisco date. [laughter] we've been told we should get us know when we go back outside. not sure what to expect. second, i thank speaker pelosi for all the work she did to

the measure is getting national attention. >> i am calling from the union. >> they are holding a phone bank tonight encouraging voters to oppose measure b. if passed new city employees will have ai lower cost retirement plan. and current employees will have to pay more to stay in their higher cost retirement man. >> this is what i wanted to be since i was seven years old. >> he has been with the police department for 16 years. he says the changes in pepbdz, pay and disability -- pension and pay and disability says it will hurt the department. >> they will not hire fast enough to replace the officers that are leaving. >> reporter: the mayor has been the leading advocate since he took office. he points to an increase in retirement costs over the past 10 years from $33 million to $$73 million to $240 million a year. the number of employees has grown by more than 2,000. >> the first year we will save $25 million. it will go up every year for 40 years. >> reporter: the mayor says other mayors in california and across the country have talked to him about pension reform. if it passes and survives the court challenges san jose's model

the o comment specifical discussed about commercial spanish government i working with an oney would needed to boost of the banks. support eurozone's bailout >>> the u.s. said in a the nations the global e especially fiscal union europe. the depar members close watch european debt ahead of theng this the d snapped four losses. sectoped ease some negative the dow ended the day that is a of1/5%.o t tokyo stock e economicays to go for exactly. a bit of the dow b 6% in may. so so go. the an e be it but nevertheless a positiveector in let's look things are andtopix positi see gains i which oversold especially which stronger r min line-up of that rade show in los for that but really the continues to be ean markets and how the beento a safe havenou will a japanese government is and touched g7ll that you well. g7 also some of t that tny that the take. the foreign morning. and you ca the dol wasg7 had clear directionn. pushed t79 lower nce call.an clearly the yen has offtuck. >> of europe a currency we european wednesday. what is expectthere? >>e european central bank focus. see what they on. but theere, spain' debt issueses rateshat w on the government toe yen has a touch helped the nic far in tsitive today. >>de mens

topping the agenda is a proposal for a monetary union whereby the european central bank would supervise the banking of the 17- nation euro zone. many leaders support the idea of approving debt into a bailout bonds leading to euro that would drop borrowing costs for indebted countries. but angela merkel opposes this idea as germany hais not prepared for that idea. now to brussels with john. >> thank you. another day, another summit. the situation is urgent. another occasion where you feel the can will be kicked down the road. difficult decisions will not be made at this summit. we are joined by the leader of the green group in the european parliament. i want to start with what angela merkel said yesterday. she said the lowering expectations, talking about instant solutions going to happen. >> i was shocked to learn her position. , "over my deads body," she said. germany is also responsible for the mistakes made during the management of the euro zone crisis. spain and italy at and big european union countries in crisis. we have to decide long-term measures and medium-term measures. >> we can have a european treasury,

known as syriza, the party plans to nationalize banks and renegotiate the terms of greece's $130 billion euro bailout by the european union. syriza's conservative new democracy party opponents say syriza would force greece out of the euro. even so, both parties say they do not want to bring back the old greek currency, the drachma. >> both sides are accusing the other of leading us to the drachma, so, in a way, that makes it totally consistent that 90% of the people don't want to go out of the eurozone. and both parties accuse the other that their recipe will lead us out of the eurozone. >> reporter: staying in the eurozone means greece will have to convince the country's lenders in germany and at the international monetary fund that greeks will continue to take their economic medicine. >> so they ask for us to do some structural changes that will improve our economy and eventually our competitiveness and our infrastructure, and we will be able to pay back our debt eventually. >> reporter: but for a country burdened with high debts, no real exports and mired in its fifth year of recession, "eventually" could be a long tim

others to sions dexia in belgium or the south korean central bank i think however given where we are in the story with with each nation whether it's the european union or it's japan or the united states needing their own currencies to maintain some sort of parity you know the last thing japan go for right now is an even stronger yen so i think that in order to maintain the larger system we're going to have to see something a little bit more coordinated this time by and dissipating is that instead of the fed coming out announcing all of its own another trillion dollar liquidity program i think we're going to be seen instead is a coordinated action bank of japan the bank of england e.c.b. all getting together and coming out with some giant announcement saying that we're going to throw in some really meaningful an amount pick a number of three trillion five trillion something and that money has to be dedicated towards absorbing a lot of the dodgy debts that are existing out there because we need to get the conventional bank credit system on the expansionary path it's stuck governments has expanded credit about as much as they can we need the credit mar

the european union for up to $125 billion in bailout funds. the money will be used to prop up the nation's struggling banks. comes after the imf said several of those banks would need a cash infusion to stay afloat in the event of another financial shock. >>> european football's governing body says it's opening disciplinary proceedings against russia after this fight you see there broke out between russian fans and polish officials following a russia/czech republic match. those officials were hospitalized but soon released after receiving first aid. >>> and warren buffett continues to make millions, and this time it is for a worthy cause. an anonymous bidder is paying more than $3 million for lunch with the investor, and that is a record. money from the auction will go to a san francisco area charity that fights poverty. buffett will meet the winner of this year's auction and seven friends for lunch at a new york steakhouse at a future date. >>> to politics now, and all eyes will be on a special election in arizona this week. cnn political editor paul steinhauser has that and the rest of the week ahead in p

the european union. will they accept billions in bailouts or will they side with the young liberal politician that vows to rip up those agreements, cancel privatization and nationalize the banks. both parties are in a virtual tie. >>> in egypt another historic election, polls are open for the second and last day for the presidential election. this is the first time egyptians have actually had a choice electing their leader. that person will most likely be forced to answer to the military they recently dissolved the parliament. >>> prosecutors are preparing to wrap up their case against jerry sandusky. that is tomorrow but today, he is undergoing court ordered psychiatric testing. cnn reports according to a source with knowledge of the case, prosecutors scheduled sandusky's exam after his defense attorneys won the right to introduce testimony on whether he suffers from a mental disorder. he is charged with sexually abusing ten boys over 15 years, charges he adamantly denies. >> president obama talked to a lot of people on friday, allowing a new immigration policy allowing young immigrants to stay here. mitt romney's campaign coach went head to head on the issue on abc's this w

union. he drew up a pla the next ten otherproposes banking supervision to prevent whichnces and calls on approval from the need to issue level. another the introduction of common boned by member nations. heated debate expectede otherers opposeplan. they'r countries will the members. >>> minister appointed aill the minister. prime der of an group. choice quit after be hospitalized with pains. th launched conservative led government last entered the undergo eye su samaras is out the euels on thursday recovers from the surg multibillion dollar aid package to greece.le greek expected to ask partners to the authority ilout. >>> now let's gee in japan. to ramin at the ramin, investors ousing index improv out ofrward. >> yeah, we did have the home price i showed anovement, in showing that t steadily improving, albe little bit slowly. ahead o eumeeting, words chancellorngela merkel pouredver the p ctually economical tough words german the nikkei wednesday morning. 8,65 for t nikkei and t738. political te playing into the market here as consumption tax hike bill being yoshihi facing huge repercussions for his own ruling so these uncertainties, investors little bitsidelined yesterday. the mark

the next european nation to receive a massive bank bailout. eurozone ministers agreed to lend the country up to $125 billion in financial aid. >>> and union ragsto win the 144th belmont stakes in a photo finish. back to "lockup." >>> due to mature subject matter, viewer discretion is advised. >> i'll tell you what it's all about. it's who controls the cell. that's why i started my own country. my name's father flanigan is the god squad. flaniganistan, this stands for freedom, liberty and national intelligence. here we go. >> angel rodriguez has little human contact and spends his time expressing his inner anguish through art. >> she represents the queen and i represent the king. it's the bible stuff, god says you're going to be kings and queens in the new system of things. in my letters i tell her she's my queen and she tells me i'm her king. that represents that. i mean, my girl. you know what i mean? it's something i pray for. that's what the prayers are for. and it goes with is scripture. psalms 37:4, if you find your delight in god he'll give you the desires of the heart. and that's what she is. she's one of my desires. and being that i'm

union. he drew up a plan for the next ten years with three other eu leaders. the report proposes integrating bangi banking pervision. it also calls for member nations to get approval from the eu if they need to issue government bonds above a certain level. another proposal is the introduction of common bonds issued by member nations. but a heated debate is expected as germany and other members oppose the bond plan. their concerned that richer countries will have to cover the cost for debt-ridden members. >>> now let's take a look at what is taking in south korea. our reporter in seoul, sue choi. >> reporter: one reason is a massive outage that gripped the country a year ago. the power failure affected 1,620,000 households and businesses across the country. [ siren sounding ] >> reporter: last week the government conducted blackout drills that involved 28 places like companies and hospitals. in seven cities. assuming about 20 minutes of power outage. the drills were designed to provide korean people for major blackouts that could shut down subways and knock off traffic signals. companies are also chipping in, they're launching their own power saving

the e.u. called for a coordinated banking union for europe. what this group would do is deal with financial crises and bailout instead of leaving it up to the individual nationsets, to bank shares. looking like a good day on wall street. >> why is this drug in such short supply? >> it's the only fda approved weight loss drug you can get over the counter. it hasn't been on store shelves since the beginning of the year. it's happening because of alli's active ingredient, there's a shortage. . the 120 pack normally sells for $70. it's gong for $350 on amazon. the bigger sizes are going for double that and people are actually paying that kind of money for this drug. we called glaxosmithkline and they said consumers could see it back in the stores in july. the company says it feels unfortunate that prices have got son high and is encouraging people to wait, to hold off spending that kind of money and waiting for alli to go back on the shelves. >> the question is, is there enough competition. if there was another drug on the market similar to it, they probably wouldn't have this big problem in this price surge. any chance there are similar weight loss aids that are

union nations to increase their efforts. i think the most important thing is for governmental authorities and europe as a whole to take steps that would reassure the rest of the world. >> and bank of japan governor masaaki shirakawa said he will carefully monitor the effects of the stronger yen on japan's economy. >> translator: i think the appreciation of the yen against the dollar is the result of investors buying the yen as a safe haven as they try to hedge against risks from uncertainty. over the european credit crisis. >> the boj governor added there is little room to further lower japan's interest rates as they are already at historic lows. japan business federation chairman expressed his deep concern about the global economic outlook. >> translator: i am afraid that the risk of a worldwide recession could grow again. >> he urged the japanese government and the central bank to take appropriate steps to put a halt to the yen's appreciation. >> translator: the current strength of the yen is just too much to bear for us who are running companies in japan. >> and here's what a japanese market analyst says. he's pretty pessimistic about the outlook for world equity markets. >>