i find that completely untenable, and i just am not going to vote for the nomination of the chairman of the federal reserve board who says to the congress and the american people, yes, we open that window, decided to do direct lending to the biggest investment banks which, by the way, steered this country right into a huge wreck. you take a look at what caused and who caused this financial wreck that caused this economy -- cost this economy $15 trillion in wealth. american families have lost $15 trillion in wealth, and the federal government had either spent or lent or committed $12 trillion to bail out particularly wall street and the biggest firms on wall street. and all of those biggest firms on wall street, i believe, and even those that are now the most, the healthiest firms that are expressing record profits and are preparing to pay out record bonuses of somewhere $120 billion to $140 billion, i'm told, those firms would not have survived. they would have gone under were it not for the help of the american people through their government. the question, it seems to me, for the f

any vehicle they could find to leave the capital because the situation is untenable here.ple leaving with their suitcases, with their belongings, in some cases we saw trucks with injured people in the back of them. we road along with one of these trucks full of people leaving the capital. some of them said -- all of them said their homes had been destroyed and there was no reason to stay behind. they were going to try to stay with relatives in the countryside. one man said i'm going to the countryside to try to find some food for my wife and child. now i have to find a way to feed them n. the countryside is where you can find it. it is interesting, the damage does decrease in the northern direction just within 20 minutes' drive of the outskirts of the city, there is sporadic damage, but i saw haitians conducting life as usual. farmers hoeing their fields. there is hope and pockets, big pockets of normal territory here that people can take refuge in. >> are you still sees bodies on the streets, corpses all over the place? >> reporter: we do see the haitians are wearing thes

supreme court, and we expect well say to the supreme court again in due course that the system is untenable for all those reasons. there is also the fact that we haven't even discussed today that the technology has advanced so far that the need for this sort of intrusive conduct on the part of the government is really nonexistent. >> if we were to leave this policy in place, would it be the end of any live broadcasts of breaking news? >> well, certainly you would have to accept whether it is a lit end, it would deter coverage of news and other live events, and that it would be felt more harshly in those areas where you need that local station. one of the ironies of this policy is that in any other context, the commission urges localism -- >> but they don't use those words in small towns. >> well, there are some who think that, judge. wells have a whole track record in front of the commission and in front of this court involving the small town football team. this is one of my client's cases, who came up to victory, to beat notre dame. and in the thrill of victory said in the thrill of victor

generation, a prospect for a generation at the end of the generation, to have different life, then it's untenable. now, in the case of the american constitution, basically the idea was that in 1808, just about the end of my test, there will be a change. it didn't abolish but there was a change. so had they said at that time there will be an abolishment, then i can see a very strong case for the youth but that was the case. so the main a point, is the desert generation. it means moses wasted a generation in the desert because they are incapable as slaves to go to the promised land but then the next generation will go to the promised land. it's all right for a generation, for you and me to tell -- we are willing to work and sacrifice our life for the better life for our kids. but it's not good for anyone to impose it on us. that's the claim. so if people -- immigrants come to this country and sweat in order to have better life for the kids, it's their decision.vx and it gives meaning to their life. but if it were imposed on them, look, you'll be oppressed but your children will have marvelous futur

pickup trucks, any vehicle they can find, to just leave the capital because the situation is really untenable people leaving with their suitcases, with their belongings. in some cases, we saw trucks with injured people on the back of them. and we rode along with one of the trucks filled with people leaving the capital. and some of them said that -- all of them said that their homes have been destroyed and there's no reason, really, to stay behind. they were going to try to stay with relatives in the countryside. one man saying i'm going to the country side to try to find some food for my wife and child who survived the earthquake but now i've got to find a way to feed them. in the country side, that's where you can find it. the damage does decrease in the northern direction. just within 20 minutes' drive of the outskirts of the city, there's sporadic damage, but i saw haitians conducting life as usual. even farmers hoeing their fields. so there's some hope there and there are some pockets -- big pockets -- of normal territory here that people can take refuge in. >> are you seeing bodies on th

and tatum is back, but tyler smith is lost forernd williams situati is on untenable. chism has been the mhine in thei absence. >> eric:his is just o game. kentucky doing great things aga. ee vanderbil or tennessee ging the wildcat a rea realist run forheir ney? >> bob: absolutely. they have to play tenneeess n twice and vandy twice. it's not a foregone conclusion verything will go well. >> eric: we feel we feel contesd by cousins. bodies pl mainly stefan welsh. [ lghter ] th is four fouls on demarcus cousins. long for calipari.ll season how does he ke the big llowut ofe foul troue?bl >> bob: delay playersn the spot. orton is cing n.nd cousins. patterson is the other guy. they rotate tm thugroh. th oth get more foul and that is logicalecause kentucky prsures. somemes they get past the sket andhey'll blo the shot or foulhem. t he has to deal wh that. not like at memps, the year they almoston the national chamonshpi. t think this is a big al. eric: cousins played 20 minutes a game. we did the mbers, extrapolated. he was ablto pe y 40-minute game. lo at that. as it is in

the leverage in investment banks and other markets was untenable. capital going forward. more liquidity is key. liquidity allows an institution to fund, rather than selling at a discount, which could lead to further losses. rules require banks to reduce reserves, set-aside losses in good times and build them and bad times. -- in bad times. it can become distracted when there is no market process. at bank of america, our competition guidelines are set by a board of directors. the goal is to attract accounts to make business is profitable. in 2008, our company earned more than $4 billion, but that was far from what was needed for shareholders. many in the company received a bonus for 2008. for the executives the next level down, bonuses were cut more than 80%. 2009 bonuses have not been finalized. we expect compensation levels higher than 2008, but not at levels from before the crisis. we have implemented programs, including callbacks, but we have seen in other places. the tarp regime, various regimes. we understand the anger felt by many citizens tha

supreme court, and we expect well say to the supreme court again in due course that the system is untenable for all those reasons. there is also the fact that we haven't even discussed today that the technology has advanced so far that the need for this sort of intrusive conduct on the part of the government is really nonexistent. >> if we were to leave this policy in place, would it be the end of any live broadcasts of breaking news? >> well, certainly you would have to accept whether it is a lit end, it would deter coverage of news and other live events, and that it would be felt more harshly in those areas where you need that local station. one of the ironies of this policy is that in any other context, the commission urges localism -- >> but they don't use those words in small towns. >> well, there are some who think that, judge. wells have a whole track record in front of the commission and in front of this court involving the small town football team. this is one of my client's cases, who came up to victory, to beat notre dame. and in the thrill of victory said in the thrill of victor

second, capital is important the leverage of investment banks and other market purchase prints was untenablegoing forward. liquidity is key. the quiddity allows an institution to meet margin calls, fund redemptions or pay deposits without having to sell liquid assets which could lead to further losses. current accounting rules need to be reviewed. rules ought -- require banks to reduce reserves in good times. -- reduce reserves against loan losses in good times and build them in bad times. market accounting can become disjointed when there is no real market for any products. let me say a few words about compensation. at bank of america, our compensation guidelines are set our board of directors. the compensation program is to attract and retain the talent we need to make the business is profitable. in 2008, our company earned more than $4 billion, but that was short of what we believe we should've done for our shareholders many of the top leaders -- many of the top leaders in the company received a bonus for 2008. for the executives at the next level down, the bonuses were caught at 80%. we

the leverage of investment banks and other market participants was untenable. while the leverage requirements for bank holding company may have been better, banks and others should and undoubtedly hold more capital going forward. third, liquidity is the key. liquidity allows an institution to meet margin calls, fund redemptions or pay deposits without having to sell liquid assets and fourth, current accounting rules need to be revived. current rules require banks it reduce reserves, and set aside loan losses, reduce reserves against loan losses in good times and build them in bad times. in addition, market to market accounting can become disjointed when there's no proehl market from any products. before closing, let me say a few words about compensation. at bank of america, our compensation guidelines are set by our board of directors. the goal of any compensation program and the program of bank of america is to attract an retain the talent we need to make the businesses profitable. in 2008, our company actually earned more than 4 billion dollars. but that was

about whether they ignored early warnings and failed to take action before the situation became untenable without massive taxpayer bailouts. madam president, many have said that if chairman bernanke is not reappointed, financial markets will be rattled. the notion seems to be that continuity of leadership will be valued more by markets than the assurance of responsible and accountable leadership at the fed. i believ -- i believe this is shortsighted and wrong. it is more important to find the most competent person available for the job than to simply adhere to the status quo. madam president, it's also wrong to speculate as to what might happen should someone other than mr. bernanke serve as chairman. i believe it's far more important to consider the facts surrounding chairman bernanke's record than it is to speculate about the impact of his depaver tour. -- departure. the record clearly indicates that considerable economic devastation occurred as a result of chairman bernanke's loose monetary policy and weak regulatory oversight. millions of people are now out of work in this country, an

about whether they ignored early warnings and failed to take action before the situation became untenablewill be rattled. the notion seems to be that continuity of leadership will be valued more by markets than the assurance of responsible and accountable leadership at the fed. i believ -- i believe this is shortsighted and wrong. it is more important to find the most competent person available for the job than to simply adhere to the status quo. madam president, it's also wrong to speculate as to what might happen should someone other than mr. bernanke serve as chairman. i believe it's far more important to consider the facts surrounding chairman bernanke's record than it is to speculate about the impact of his depaver tour. -- departure. the record clearly indicates that considerable economic devastation occurred as a result of chairman bernanke's loose monetary policy and weak regulatory oversight. millions of people are now out of work in this country, and trillions of dollars in savings have been lost. madam president, those who try to frighten others with notions of what might happe

hard to coerced banks into changing their spending practices and even to making loans that were untenable, and now we see them suggesting that the banks should make the loans that failed because of the interference as free as they possibly can. this is a recipe that cannot stand. allowing mortgage cramdown in bankruptcy would be an extension of the failed government interference in the housing sector. according to today's hearing, we are not here to discuss mortgage sector cramdown. although voluntary loan modification efforts have not been perfect, lenders and servicers are making an effort to keep people in their homes. there are over 650,000 trial modifications under the program and over 5 million as part of the alliance. lenders and services work every day to keep as many people in their homes as possible. their efforts are stifled and complicated by how poorly underwritten mammy of these loans are penned jumped more portly, by an unemployment rate of that hovers at 10%. -- these loans are. -- their efforts are stifled and complicated by how poorly underwritten many of the loans are.