put it on your cultural phenomena wachovia bank of new knowledge face i've been trying you know mona. lisa. a pleasure to have you with us here on t.v. today i'm sure. wealthy british scientists signed some time to write. markets why not. come to. find out what's really happening to the global economy with mike's conjure for a no holds barred look at the global financial headlines tune in to kaiser report. the lie a lie a lie and out. and out all the way to bacon almost today bacon out here jesse rode it away and they are poor what if there are way if they didn't start this jedi. standing. here for the audience. really all it would be one two three. and it was a party to. the decision he couldn't pull dylan if for he's a little blue. for. example ideas especially things involving children tend to draw people live. such a close knit community you high of you know it's a rare thing to have a family. as a mother and father and a have both sets of grandparents and sometimes great grandparents and aunts and uncles and cousins and you know living really in the same community so. maybe takin

others like wachovia and merrill lynch were swallowed by bigger banks in selloffs orchestrated by the federal government. >> what a week. the bailout debate reaching a fever pitch. >> reporter: the crisis spread and morphed into a global freeze of credit that threatened the world with economic depression. millions of jobs were lost. millions of homes foreclosed. congress was presented with one choice and one choice only. bail out those banks. the banks that got us into the mess in the first place. sabre rattling from more oversight of the financial industry spread. >> the problem here was not deregulation but nonregulation. >> reporter: and regulate, they did. thousands of pages of new rules in the form of the dodd/frank wall street reform and consumer protection act. the bill proposed 398 new rules for banks, credit card companies and other financial institutions. but more than three years later, only w40% of those proposals hae gone into effect. and not a single senior executive from any wall street bank faced criminal charges. sure, there have been billions paid in fines, a new con

on the new bull market wachovia bank of new policies i just like you. pleasure to have you with us here on our team today i'm sure. hello and welcome across town where all things are considered i'm peter lavelle the end of one era and the start of another with the law carrie deal on syria's chemical weapons in play it would appear the international system is returning to some kind of multilateral order the united states indeed remains the world's only military superpower but that same power can now be put into check could washington cope with this new geo political reality. to cross talk american influence in the middle east and beyond i'm joined by lou coffey in washington he is a margaret thatcher fellow at the heritage foundation in new york we have robert.

wachovia similarly and there are a myriad of examples. in the fall of 2010 when i release my report, detroit and several other large cities were absolutely on the radar screen. for me to name them would not have been constructive in any way. so was i surprised by it? when you involve the government things sometimes take longer than you expect but the math was very straightforward with detroit. they did not have enough revenue to cover their expenses and so what mass a lot of this in a lot of this has been a decade in the making. what mast a lot of this was the american recovery act which gave states nearly $500 million basically to plug their budget holes and that our time. that doesn't change the structural problems in sof

others like wachovia and merrill lynch were swallowed by bigger banks in selloffs orchestra

wachovia, the united states of america for the first time since the great depression the president invoked these emergency authorities that were to be used as part of an acquisition. so to me any other major institution would be cataclysmic. i tell the story in my book about citigroup the second time. and i had here's an institution with three trillion in liabilities, $500 billion in deposits outside the united states that don't enjoy the deposit insurance in the united states of america and if if that institution had gone down, i don't know how many others could have stayed solvent with all the interconnectivity among the institutions. so we were -- the week that lehman failed, you know, we were juggling multiple things. it would have been any one of them would have just a five-alarm fire. we had -- we're dealing with a.i.g. which the same -- you know, the same weekend that we knew lehman was failing a.i.g. came and said we -- we're going down. so this wasn't because of lehman they had their own problems. merrill lynch was on the brink. so afterwards -- after lehman had failed, i couldn't

wachovia similarly and a myriad of examples. specific to detroit and the fall of 2010 when i release my report detroit and several other large cities were absolutely on my radar screen. it would not have been constructive in any way. was i surprised by it? you now, when you involve the government things sometimes take longer than you expect but the math was very straightforward with detroit. they did not have enough revenue to cover their expenses and so what mass a lot of this and a lot of this has been a decade in the making. what mass a lot of this was the american reinvestment recovery act which gave states nearly $500 million basically to plug their budget holes, and you know that out of time but that doesn't change the structural problems in so many cities. so you have an issue whereby there is a 24226% unemployment rate in detroit. there are not enough taxpayers to support the social services and when i said that was so radically different in 2010 that had so many people angry with me was that the whole notion that histor

wells fargo bought wachovia. and the government propped up aig. because it's financial best theirly paralyzed the banking system. paulson, former c.e.o. of goldman sachs ultimately did get congress to pass the controversial tarp or troubled assets relief program. under the measure, the government could disburse up to $700 billion to the bank in an effort to shore up the financial sector. ultimately it spent a little over 400 billion and has turned a small prof it. the system was stabilized. but public anger at wall street was simmering. in july of 2010, president obama signed the dodd-frank financial reform legislation. while the law promised some of the biggest changes to wall street since the great depression, many of the internal regulations are still being written. today, the president touted the success of his administration's response to the financial christ but also acknowledged many miles per hours remembered that time from a very different perspective. >> most americanknown economic e collapse of years, they don't lehman brothers when the

they have sold this anti obamacare so well, i was listening to a sports station, holland wachovia, evenading over -- it's bleeding over into the stripes of america. >> not if you're in st. louis or pittsburgh. pirat pirates-cards, come on. >> holland cook, stephanie miller, jack rice, great to have you with us tonight. thanks so much. >>> up next accident a flood of hypocrisy brings us tonight's "pretenders." [ male announcer ] the wind's constant force should have disrupted man. instead, man raised a sail. and made "farther" his battle cry. the new ram 1500 -- motor trend's 2013 truck of the year -- the most fuel-efficient half-ton truck on the road -- achieving best-in-class 25 highway miles per gallon. guts. glory. ram. achieving best-in-class 25 trust your instinctsllon. to make the call. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or w

. >> he was talking about wachovia bought by wells fargo. we had this amazing bank concentration but not a lot of people worried about it. not a lot of people worried that wells fargo was 30% of the mortgaging market. i don't know. >> we had just a couple of weeks ago layoffs in wells' mortgage business because of what they're calling a weaker refi market. that sentiment was echoed earlier this week. >> they started taking up the housing -- >> wells fargo yesterday at the financial conference was making comments about the weakness in mortgages. not a big surprise. most of it centered on refinancings, seemed to have run their course. >> i had russell goldsmith on "mad money" last night. they're seeing commercial, actual lending, he did talk about in california there's only less than three months inventory left, prices are up. be careful, california's too hot. ninth largest country, california. >> after yesterday's rally, how can we keep the momentum going in your portfolio? cramer has you covered as mad dash is next. we're "squawk on the stre

bob steel, deputy mayor in new york city and former ceo of wachovia.uring the commercial break, we would hope you could run for the mayor of new york city. can we do anything? >> no thanks. i've got a great job working for mayor bloomberg. >> how many more days? >> 103. >> 103. >> not that we're counting, but -- >> do you guys have a calendar where you do count it? >> sure and the motto is make every day count. the mayor continues to push us, we've got a lot of great projects. and our job is to finish strong and organize a great transition. >> what is left to do? what can be done in the next 103 days for the city? >> what we've seen, andrew, is lots of projects that people want to get done or far along in the process. especially in the land use area where you just see we're finishing up the applied science initiative, cornell will take the keys to roosevelt island on january 1st. we'll need to organize that. and lots of other activities like that trying to build and reshape the economy and really taking the mayor's efforts to diversify the economy. >>

years ago today you ran negotiations over the weekend about whether to merge with citi group or wachoviant on lawyers. >> i didn't think about it af left law after five years and went to finance. >> you're in the right place. >> what's that going to do to the bottom line? >> i do think things have changed. regulation will stay with us a long time and some extent forever. there's a bit of a moment in time here where we're grappling with legacy issues, not what we want to really do. both necessary making sure bad things don't happen again or if they do, they're mitigated. it's not what we necessarily signed on. they're necessary things. at some point you chip away at those, get things set up like clearing and regulations that come through. i expect that you won't have as many people working on this five years from now as you do today. >> one of the things that is so interesting about this major settlement settlement jp is doing. what is this going to do to the industry and how would it have changed your reaction to the suit you settled two years ago now? >> i'm not sure. it's case by case.

at one point, wachovia, lehman brothe brothers.ook back five years ago and look at where we are today, are you satisfied with all the things that are taking place in the regulatory side and where the banks stand? >> andrew, good morning. i am somewhat satisfied not fully satisfied. we still have quite a way to go in implementing the regulations that frank has required. i think we will be there by the end of this year. we can't really grade the government and grade the effort until we see those regulations in final form. >> how do you grade -- looking aback at bailouts, from the outside we think they worked to some extent. still some larger questions. on the inside, if you could do it again, how do you think it would change? >> i do not think it would change very much or should it change very much. we had a group of small group of individuals in the government who made courageous decisions basically without political consideration other than left to the country. you can argue that this or that could have been done better or differen

then on thursday, dunne, and wachovia ceo bob steele.ee who we have lined up for friday. watch "squawk box" all this week starting at 6:00 a.m. eastern. >>> welcome back to "squawk box." let's get to the new york is stock exchange. jim cramer joins us. 15576, the douchlt we are within spitting distance of another new high. syria is out of the way. i just read something that says assad has a history of diplomatic initiatives that buy time. i don't think anything is happening there. taper is coming but maybe it is only $10 billion. that was or big worry. is there any reason now and even bonds, back to 28 or whatever it is. it looks like all systems go, no? >> i think a lot of people are totally incorrectly positioned here, joe. we are shorting the housing stocks very aggressively. people shorting the banks believing that when summers comes in, the taper you just turned on, a reputation of bernanke. i don't think yellen gets it. long shot, stanley fisher, who was the mentor of larry summers. if the president likes summers, he should go for

we could have owned wachovia, couldn't we? shouldn't we have?argo. >> wow. >> and we kept it in business without a contract. >> okay. sandy weill, thank you for being here today. >> it's good to be back. >> it was great and we hope to have you on more frequently. we appreciate it very, very much. you looking for a job? i'm sure we can give you a job. make sure you join us tomorrow. "squawk on the street" begins right now. >>> good tuesday morning. welcome to "squawk on the street." what a day we have ahead of us. the president speaking tonight on syria, futures reflecting hopes that war perhaps is little less certain, an apple announcement, a shake-up in the dow jones, in asia, more upbeat economic data from china and take a look at oil as well. big selloff as

talk to goldman sachs chairman and ceo lloyd blankfein and then thursday, jimmy dunne, and former wachovia friday. watch "squawk box" all this week starting at 6:00 a.m. eastern. >>> welcome back to "squawk box." jim cramer, they go to 75 billion. what's the market do? >> probably nothing. i think we're overbought. so there will be a quick selloff and then the buyers come right back in because the buyers can't be kept out. if we didn't go down yesterday with a lot of bad news later in the day, including a terrible shooting and the president coming out and basically saying i'm going to shut down the government, it's very difficult for this market to stay down. >> what does the market do, jim, if they do nothing? >> if they do nothing, i think the market goes up again. they do nothing and maybe it's yellen. gees, i know there's a big political fight back and forth between you guys and rick santelli. in the end, doing nothing is good for the stock market. >> i'll take any fischer. how about you just put a fieschr in there. >> you have a great guest, scott mcnealy. does he feel oracle has done

that was almost equal to the deposits of wells fargo or walkover via -- wachovia. i do not think they can do that under dodd-frank. i do not think burning he did and i do not think hank paulson could do what he did. when there is a panic, the only thing that will stop it is when somebody who has the ability and the will says, i am going to do whatever it takes. that is what bernanke and paulson and congress said to the american public. if bernanke said, i will do whatever it takes, he did it. they called it the change stabilization fund of the treasury. it was enacted in 1934. you had these strong characters who had the ability to print money. they said, we will do whatever it takes and the president was behind them. that is the way to in the real panic. congress does not like to give anybody that kind of authority. i tip my hat to them. there will be another panic. where it comes from, who knows? when that time comes, the question will be, will the people who caused the economic engine to stop come back and be doing something? i am not sure what has been enacted i