i find it ironic that senator gramm went to ubs. because as you may know, ubi suffered one of the worst losses of any nature institution during the recentstitutio crisis tiered elastomer $15 billion. they had to be built up by the swiss government and i don't think his judgment proved to be very astute in my opinion. >> c-span 2, one of c-span public affairs offering. a roundtable discussion on broadcast frequencies and their potential use for the expansion of broadband in the united states. our guests are michael calibrate and donovan. >> host: well, our goal this week on "the communicators" is twofold. number one, to learn what the spectrum is. and if you've been following telecommunications about car particularly the last couple of months you've heard a lot about the spectrum. so that's our first goal. our second goal is to hear some different viewpoints on how the spectrum can be best managed. and we have to just to introduce to you this week, both members of the commerce department spectrum advisory committee. her staff, david

so it will be ub settled -- unsettled into the early part of the week until we get back to improved weather and that means sunshine for you. temperatures will rise as well. by the end of the week we'll be heading into the low 80s. so it will be warming up across the region. but right now temperatures are into the 60s pretty much everywhere. but here is a look at yesterday's highs. temperatures yesterday were right at the seasonal mark to about a degree or two off. not bad at all. so right now 68 in d.c. we have 64 in manassas. 68 in frederick. 59 up the mid-atlantic for new york city and 55 in boston. but look at richmond, they are 70 degrees already this hour. warmer air well to the south. they were into the 90s down here yesterday. this is what we're going to get moving our way as we head into the later part of the week. we're going to get this southerly flow and that will boost our temperatures and we'll see a big difference from where we have been. so low pressure system will slide through to the south, chance of those storms into the course of this afternoon and into this evening. so o

ubs out with good numbers and big exposure to greece out tomorrow down to 5.7%. guys, back over to you. >>> indices here in the united states, of course, following europe. did a little better after europe started to close. the question is, whether or not this is the beginning of what some are calling for that 10% or 15% correction.ç let's talk about that and take a look at the volatility right now in this market. we're watching the vix index very closely. it's up almost 21% at 24.38, the last trade on that particular index. let's talk to our insiders and find out how perhaps you can protect your portfolio. drew canali and jeff carter independent trader and bernie mcsherry senior vice president of strategic initiatives and steve liesman. a terrific group to analyze this market. jeff,ual i'll start with you because we're seeing a lot of money flow into the markets in your neck of the woods seeking safety, but a risk to that, as well. when you're going with the herd, is there not? what is the feeling down there right now? >> i think there is a risk of going with th

we're turning to art cashin, the director for ubs financial services. art, we've seen over the last month, has been described as a slow-motion crash in the markets. since late april, more than 1,000 points. what do you think is behind it? >> if greece is going to be the bear stearns of nations. if they get moving the dominos might start moving. behind that, they and a lot of the mediterranean countries owe money to many european banks. if they begin to default, we could have another bank crisis, not unlike the one we saw here in 2008 and 2009. >> what's your bet? will greece become the bear stearns of nations? when will we know? >> we probably will know by maybe july 4th or a little later. they've gotten a small loan ahead of time. and they'll be able to pay some of their payments going into about july 4th. the markets trying to take some solace in the fact that the streets of athens didn't turn ugly yesterday. but this morning, the worries are back. it's more about the euro zone, rather than the euro. >> what are you expecting on wall street today? >>

i find it ironic that senator gramm went to ubs.hey suffered one of the worst losses of any major financial institution during the most recent crisis. they lost over $50 billion and had to be bailed out by the swiss government. i do not think his judgment proved to be very astute, in my opinion. caller: hi, good morning. this is related. what do you think about the corporate law, the way they changed it from the original constitution where they did not allow corporations unless you went before congress and voted on incorporating and had to display a corporate interest? if we win back to the old way where you ran a business and were personally liable for your mistakes and good fortune, would that not automatically limits the size of business to make some of these ceo's were conscious of what they were doing which would give you automatic inherent protections against these financial problems? guest: many people will tell you that wall street changed when all the old securities firms stopped these partnerships they had personal liabili

art cashin is director of floor operations at ubs financial services.talking about unrest in that part of the world for i don't know how long, and i wonder if you think the video this morning means that the chickens have really come home to roost? >> yeah, i'm afraid they have, and they haven't fully put an austerity plan in yet. i mean, they're talking about it. the biting down has not really occurred, and i'm afraid, as you say, i've been saying for weeks, watch the streets of athens. and i'm afraid it's coming home to roost here. we'll see how the markets do. yesterday the s&p stopped right on its 50-day moving average, which is 1,168. it looks like we're going to get a test of that. if they violate the moving average, then the correction's probably got further to run. >> you talk about -- you write about intermediate sell signals this morning, and in particular, looking at the number of new lows, which has been modest so far, right? >> absolutely, absolutely. the 52-week new lows were to pop up above 100 or so, then it would be a matter of real conc

yes, on the other hand we see that decline this crime in the past ten years in this country is so ube quit tuss it's hard to suggest that all the police departments one day got together and said we're all going to shave about 10% off the top. so, yes. you have to take crime statistics not just with a grain of salt but maybe the entire salt shaker because there is sometimes fudging of data, misclassification of data. if they catch someone that may record it one way, if they don't catch someone it may be recorded another way. yet, overaurblings i think that crime, the crime rate is a fairly good barometer, particularly if you look at homicides and robberies indicated before, it's very hard to fudge the homicide numbers. it has happened. there have been cases where homicides have not been counted, and i'll bring up houston as an example again. but for the most part, it's hard to ignore a dead body when it exists and it's hard not to count it. host: let's go to illinois. james, republican. caller: thank you for taking my call. good morning, america. afe question. first, i want to comment.

and they get to continue to operate, and their fat salaries, when any other company would ub out of there and would cease to exist. this is the problem that upsets the american people and they're right. we do not need to provide special treatment for the people who created the financial crisis that has damaged this country for the next decade probably and set off ramifications worldwide. i know a lot of this was systemic irresponsibility by a lot of people. but i have to say the failure of these executives to manage their companies correctly, there's letters to this and they do not need to be provided a sweetheart process by which they can get money from the treasury and keep their companies going and not be subjected to the same examination, the same requirement to produce documents and records to justify their existence that average corporations do. i believe america would be better if we do that. i believe our economy will be stronger and that there'll be more certainty in the process. if you fail, you fail. if you loan money to a company that fails, you may lose some or all of it. tha

committee staff to start to understand and analyze the way credit based insurance scores are being used and ub explained to ensure consumers. he was not able to be her this morning. i'll follow up with written questions for you regarding his specific circumstances and i hope you'll be able to provide me with some answers. thank you for that. you know there's a disparity between his overall excellent credit record and his choice point credit based insurance score and i've looked at his materials and i don't understand it. so, could you explain to me how someone with an exemplary overall score, could end up with a mediocre credit paced insurance score? >> sure. um... one of the key considerations is the target that's being modeled so a credit score for financial purposes is generally targeting the likelihood or the odds of someone going to go delinquent on al loan payment in the next two years so. the bank as a pool of people that have gone delinquent and not. they model for that so the credit characteristics most in play come into that model. by contrast an insurance company is going to look at

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