envoy to ukraine volcker announced that the u.s. was ready to send more military aid clearly sending a signal of approval for this assassination and that the ukrainian regime should continue in this you know manner of assassinating you know its own citizen its opponents our condolences to his wife his widowed wife and four sons that he leaves behind the people of don boss and all the people of ukraine because they have lost a truly competent and respect game and this is just created a greater divide if that could even be possible here kelly killing a very popular leader right gentlemen on this note here i have to jump in here we're going to go to a short break and after that short break we'll continue our discussion on some real news today with our.

fed should always intervene and make liquidity available they have no responsibility unlike paul volcker who took a much different approach to the job of federal reserve chairman michel block hopelessly can stay around for another side we got to go for now thanks for being on cause report. well you really very gone national stare out for more and more fantastic and that's going to do it for this edition of the kaiser report with me and stacy herbert like to thank our guest miche should book talked up if you want to reach us on twitter is kaiser report and. mercury showed you. didn't expect their reaction but that's true. praise for his own administration and numerous controversies as u.s. president donald trump delivers his address to the united nations general assembly . sweden's prime minister will quit his position after losing a no confidence vote in parliament it comes after his party's disappointing performance in september's general election. locals in paris say their daily lives have been a turned into a nightmare after special safe rooms for drug addicts were set up we hear thei

the fed's it is it's a vain and make liquidity available they have now a sponsibility unlike paul volcker who took a much different approach to the job federal reserve chairman michel block hopelessly can stay around for another side we got to go for now thanks for being on cause report. but if you're a vegan that's all stare out for one more fantastic and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert like to thank our guest miche should look talked up com if you want to reach us on twitter it's kaiser report and time by. the merck years so too. did.

the fed's it is it's a vain and make liquidity available they have now a sponsibility unlike paul volcker who took a much different approach to the job federal reserve chairman michel block hopelessly can stay around for an aside but we got to go for now thanks for being on cars report. let me beg on mats all stare out for one more up fantastic and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert like to thank our guests mish should look oh miss talked up if you want to reach us on twitter it's kaiser report and next time. what politicians do something to. put themselves on the line. to get accepted or rejected. so when you want to be president i'm sure. some want to be. the two going to be close to see what the floor three of them or ten people. interested always in the waters of. the city. when you. look at that is to present a book called the but. it's going strong states about seeing. just chill. and that. i like the idea that i. had to get that out. and that to the money at that one the money of the two. that it. didn't get them i think

that we had another formal dialogue there was the russian presidential aide the largest of meeting volcker in belgrade that stopped in january this year for eight months there was basically no dialogue except some walking meetings in minsk now after this assess in asian we got some very strong language from president putin he called it a terrorist act at directress terrorist act there's a spokeswoman for the king foreign minister said that with the west was behind it not on the it not on the the west was behind the ukrainian regime and the ukrainian regime this is a legal case of the reason we go back to the alex and in athens i mean it's really quite interesting is that first of all you have the pushing through and his cronies made it pretty well known that they were anti trump during the u.s. presidential campaign. you have a basically silence coming out of the e.u. they have their plate full with their own internal problems here they've essentially abandoned ukraine at least overtly is is part of shango or people around him trying to force something trying to get things back and get the

paul volcker era the federal reserve bank starting with alan greenspan recessions have been outlawed the central banks have printed all the money they need to keep banks afloat even though it destroys the economy destroy social cohesion they think will see quantitative easing for a q.b. for if the bond market sells off a little bit more if the stock market sells off even two or three percent while the fed just step in and start printing money as they have now for twenty five years i do think you'll see a q e four but not at those premiers that you outline a think you'll see a q e four when you have let's say a ten or maybe even twenty percent correction in the stock market and perhaps a very big inverted yield curve and that's both plus those i don't think they'll step in. you know two percent or three percent correction in the stock market although they could i doubt that's where they would make that move i think they would wait until things get there usually actually follow what's happening in the marketplace they really don't lead although they give the atmosphere of the projectio

volcker things like stress testing are absolutely necessary.y good things after the effect happen, even though the people in the treasury and the fed didn't believe as i did know that we were going to have a blow up. happened, they took very good steps in recapitalizing the off the bad loans and i think that that's keephing that we have to in mind going forward. one of the reasons you're european banks haven't come back quickly, they took their time in raising capital and writing off bad loans. also a sign, i think for asia. chance two years ago it talk about culture and conduct offront of the people's bank china. andiscussed culture conduct. conduct is key. partve bad conduct on the of banks, you see it in many this really falls out into how they deal with customers, their staff. that's what you have to watch for very carefully. made progress from last time? yes. but there's still a lot of question marks out there. watch for the search and reach for yield. >> bill, i want to harken back op-ed you wrote in the financial times. march 2007. raisi

fed should always it's a vain and make liquidity available they have now a sponsibility unlike paul volcker who took a much different approach to the job federal reserve chairman michel block hopelessly can stay around for no side we got to go for now thanks for being on cause report. those are really very gonna mess all stare out for one more up fantastic and that's going to do it for this edition of the kaiser report with maybe next kaiser and stacy herbert like to thank our guest mish should look oh miss talked up if you want to reach us on twitter it's kaiser report and. it's hard to imagine after the war a nazi doctor was still active rich in the nineteen seventies crittle had as the chair of its board a man convicted of mass murder and slavery at auschwitz the german company developed. a drug that was promoted as completely safe even during pregnancy it turned out to have terrible side effects what has happened to my baby is anything. you know she said is just cut short arms minix a little mind victims i have to this day received no compensation and never apologized for the suffering

they're still fighting for the volcker rule, which was supposed to crack down on this reckless tradingtors money. that would be dangerous. there's no question that the banking system is safer now. higher capital levels, less risk taking, trading. you don't see the next crisis coming from a goldman collapse or a morgan stanley collapse. but there's a $45 billion shadow banking system that has grown and that is far less regulated. there will be another financial crisis. we don't know where it will come from. there's plenty of areas -- >> student debt crisis. >> absolutely. >> after the collapse there was an article saying that it pushed democrats further to the left. do you agree with that? >> i do. i agree with that in part if you're a young democrat now and you grew up in the obama era, what did you see the president do? bail out the auto industry and then take on healthcare. there's a large amount of anxiety in the electorate because of student loans and healthcare costs. i know that runs against the affordable care act, but this is still an important concern for them. there is a broo

volcker, senior fellow for economics at the council on foreign relations.come to both of you you wrote a piece in the washington post, skps one of the lines caught my eye as people tried to attribute blame or responsibility for what took place ten years ago this week. you say countless diagnosis of the crash have presented faith in efficient markets as a chief culprit observing that markets aren't rationale because people aren't either. i thought to myself, but i felt like people were highly rationale in the lead-up to that crisis because what they did was they took advantage of what the rules allowed them to do >> you are right, but at the same time they -- it was not perfectly rationale even though the rules. a lot of people who held equity in their own companies took risks that cost them personally. rationality was not perfect. i think a lot of people jumped on that and said, gee, we cannot believe in the efficiency of markets because people aren't efficient. that was held up as a revelation my point in many washington post column was simply that we had

about inflation, not overly worried, not like the fed is doing like it did during the 1980s, paul volcker put on the brakes, started raising interest rates dramatically to quash massive inflation. this is a naturally good interest rates rising, good for the economy, good for the bank sector and unless trump starts a trade war, things are good for a while. neil: that would be the wind at republicans' back, so you would think, liz harrington, but then they've got all the other issues which traders might not focus but potentially voters do. i'm talking about the kavanaugh situation, how that splits with women voters, and the trade war, that could buffett potential holiday buyers. how's it sorting out from the way you see it? >> interesting on the trade front. i actually heard from a prominent republican senator this week that said trump is convincing him and others who disagree with him on trade, maybe he knows what he's doing with china here. they're expanding it to consumer goods but very targeted and designed for maximum pain on china producers, and minimum pain for american consumers. so

that completely changed the volcker. we are on day three of our coverage of lehman's collapse. 10 years on it, those are some of the central bankers we have been speaking to. what are the next risks we should be looking out for? still with us is michael o'sullivan from credit suisse. the concern back then was that there were vulnerabilities in the market that we did not see because we did not see how interconnected everything was. where do the vulnerabilities like today -- lie today? michael: i think the banking industry is better in terms of risk management. world debt to gdp today is higher than it was before the lehman of that -- event. that tells us the world financial system has learned relatively little about that bt taking.de for me the biggest risk is quantitative easing and the aftermath of quantitative easing. you don't do that everyday for 6, 7, 8 years, and that's essentially what the central bank seven doing. that itself has created massive imbalances. the bank of japan owns a huge chunk of the fixed income

. >> senator volcker. i agree with you. there is no reason why it shouldn't be something that we can discuss in public. i don't know why was marked committee confidential. regardless we do have to follow procedures so he can have access to it. >> o. work with you on that. >> thank you, gentlemen. i'm next and i don't have anan e-mail. [laughter] the last couple days and i want to comment you on your demeanor. and i mean not. you're on your best behavior, but i appreciate your humility. we both know some federal judges who can pretty much strut sitting down. i appreciate your attitude i just want to ask you a few questions about the law. i'm not going to ask you to violate the canon of judicial ethics. i am truly not. i may have to interrupt you a few times just to move us along. i'm not trying to be rude. one should understandlo that. you know, you have been nominated for the most powerful unelected position in the most powerful country in all of human history. congratulations, but she wonder stand. we've got to getom this

paul volcker said we're not going to write down these loans even though they obviously should have been written down. we're just going to keep them at par, and moreover, we're going to call up all these banks and tell them not only are we not writing them down -- and also tell that to the examiners -- we're going to tell the banks, you are going to participate in the new realms of financing because we want to keep this game going. well, that's a fundamentally political and very high level political decision and gamble which was made. we're going to be better off if we don't recognize these losses now, we'll recognize them later sometime, which is what ultimately happened. >> [inaudible] >> in most countries when you choose your activity, you automatically choose your regulator, isn't it time that situation was the same question facing all american financial institutions? so you have no choice of regulation once you've chosen your activity. secondly, you talked about -- i think it was a nice place to stop actually for you. you talked about being -- whether or not we were sociologically p