whalen. engineless for the last eight years. >> looks pretty rough.heat and there's no flush toilets. >> carolina owns this ship and has a non-profit bedding that preserving the history is key to transforming the economy. and she wasn't going to let superstorm sandy get in the way. >> it is a symbol of preparedness and rel sisilient . >> so as the storm washed ashore, she spoke to her partner to board. sometimes they were crawling on the floor to make it they didn't fall overboard. >> it was scary at times. we go back inside and come out every half hour to check on to make sure we were secure. >> preparation kept whalen from becoming a similar ship which washed ashore on staten island. it quickly became a recovery effort. carolina used the equipment to start one of red hook's command centers inside of an art gallery. >> we used computers to access fema. set up free clinics. put up a few community meetings. made the space available for other things. it was a safe place. >> the port center stayed open for a month providing hundreds with information all

whalen, engineless, and home to carolyn for the last eight years. >> pretty rough.ral heat, and there's no flush toilets. >> care lean opens the ship and is head of portside new york, a nonprofit betting that it's the key to transforming the waterfront economy, and she wasn't going to let superstorm sandy get in the way. >> the mary whalen is a symbol of preparedness and resiliency. >> so as the storm surge slammed new york see, she convinced her colleague peter to join her aboard. >> it was scary at times. we would go back inside and then go back out every half hour to make sure we were secure. >> what began as a mission to save history quickly became a recovery effort. care line used the six's six computers and other office equipment to start one of red hook's first command aid centers inside of an art gallery. >> we provided electricity, and recharging computers, access, set of free legal clinics, making space available for other things and a safe place. >> the portside command center stayed open for a mock, provides hundreds riff recovery information, all thanks

. >> built in new york city, the mary a whalen once carried it through its ports. few have ever heard of the 613-ton tanker. that was before she stood up to superstorm sandy. tied to the docks off brooklyn's red hook neighborhood you will find mary a whalen, engineless and home for the last 18 years. >> it is rough. there is no central heat and no flush toilet. >> she owns the ship and is the head of a nonprofit bedding that -- betting that it is the key to transforming the waterfront economy. and she wasn't going to let superstorm sandy get in the way. >> she was a symbol of preparedness and resiliency. >> as they slammed new york city, she convinced her colleague to join her aboard. >> the boat was on top of the pier and toppled over. >> they wore these life vests the entire time they were on the mary whalen and sometimes crawling on the floor to make sure they didn't fall over board. >> it was scary at times. they said to go back at it and make sure we are secure. >> preparation kept the whalen from becoming the john bgodell that washed ashore on staten island.

remain standing for the singing of "the national anthem" jimmy whalen, a retired new york port authority police whom director comby worked in new york and whose funerals heard at the for so many of his colleagues killed on september 11. ♪ o say can you see early light ♪ what so proudly we hailed at the twilight's last gleaming ♪ ♪ whose broad stripes and bright tars through the perilous fight ♪ ♪ o'er the ramparts we've watched so gallantly streaming ♪ glare he rocket's red air ♪mbs bursting in gave proof through the night that the flag was still there ♪ that star spangled banner yet wave ♪ 'er the land of the free and the home of the brave ♪ [ applause ] >> thank you, please be seated. next, please join me in dorch.ng reverend robert i'm sorry, reverend? >> good morning, mr. president, friend, jim, o my director comby and patrice comby and judge walker and all of the gathered guests here today. 17 years ago e when we met in richmond you had recent seminary graduate and we were able to work together in some of the toughest communities. it's been said that teamwork makes the dream work. a

cheryl: we have brad hintz, sanford bernstein senior analyst and chris whalen and managing director.art with you with the banks because it looks like this quarter more than other quarters several banks are going to have major issues. let's start with jpmorgan and what we'll hear from this tomorrow with this potential fine. what do you think is going to happen? >> since the second quarter call really morgan has been guiding down telling investors that they expected a 40% drop in mortgage lending volumes in the second half. this really isn't the result of interest rates, cheryl. industry knew this was coming because volumes have been largely driven by refinancing existing mortgages rather than purchase of hopes. so, you know, we knew at some point this was going to be curtailed and it is. the mortgage bankers association's expecting total originations to drop from 1.5 trillion this year down to about one trillion next year. cheryl: chris, really quick, are you more concerned about the mortgage business or more about the potential fines against the company? sounds like the mortgage busi

whalen,l be chris managing director for carrington llc, a wide range of real estate buses. cofounder of the lord whalen, which provides customized mitch -- customized risk management tools. he is the author of the book "inflated, how debt built the american dream" and he is the cofounder of the shoes global cards as the go back to march 2007 when the bubble was just starting to turn into a shrivel. finally, you will hear from john makin, a resident's carter at aei and former consultant to the u.s. treasury. john specializes in international finance and financial markets, including the u.s., japan and the european economies. the author of numerous books and articles on financial policy, john also writes aei's monthly and insightful economic outlook, which i recommend to you. each panelist will speak from 12-15 minutes. it will give them a chance to respond to each other or to clarify points. and then we will open the floor for europe exchange unless the russians run out sooner, we will probably at 4:00. >> when i was looking at the title of this conference, the post bubble,

may have been the final athlete to cross the finish line at the chicago marathon, but this dennis whalenunner was not letting that stop them. he has muscular dystrophy, but he still won the and -- ran the entire marathon. he says the most important thing is never to give up. >> incredible. >> you can make it happen. life is the most beautiful thing. so, the best of life. >> how about that? his final time -- 16 hours and 46 minutes. >> incredible. >> but he made it. >> he did. still to come -- >> people in this dundalk neighborhood told to stay indoors as a hostage team negotiated barricades. we will tell you how it all played out. >> and the inner loop of the beltway shut down for much of the day due to the fatal accident. latebreaking details, straight are on edge.idents >> live, local, latebreaking. this is wbal-tv 11 news at 5:00 p.m. with stan stovall, donna hamilton, chief meteorologist tom tasslemyer, and sky team 11, covering the news where you live. wbal-tv 11 news at 5:00 p.m. continues now. >> new at 5:30 residence of baltimore county on edge following a series of vicious dog a

next will be chris whalen, an executive vice president and managing director for carrington llc which operates in a wide range of real estate businesses. chris is also the co-founder of lord whalen which provides customized risk management tools and consulting on banks and the financial services industry. he's the author of the book "inflated: how money and debt built the american dream," and he is the co-founder of this series of bubble conferences which go back to march 2007 when the bubble was just starting to turn into a shrivel. finally, we'll hear from john makin, a resident scholar at aei and former consultant to the u.s. treasury, the congressional budget office and the international monetary fund. john specializes in international finance and financial markets including the u.s., japan and the european economies. the author of numerous books and articles on financial policy, john also writes aei's monthly and insightful economic outlook which i recommend to you. each panelist will speak from 12-15 minutes, we'll then give them a chance to respond to each other or to clarify p

>> reporter: professor mike whalen of santa clara university communications department says it would make sense for cable companies to stop fighting the rise of netflix and join the internet viewing party. >> i think hollywood, and i include comcast and at&ts of the world and broadcast networks, recognize that the way to reach a wider audience, more diverse audience and a younger more affluent audience is to find out what they're viewing and they're viewing online, they're streaming. >> reporter: such a deal would in some ways benefit both sides. the cable companies would get original content, a big library of movies and a strong subscriber base. netflix would benefit from a new and powerful way to distribute its content. a way for new and old media to help each other. >> and you have companies like netflix that can deliver that 18-year-old to 35-year-old demographic that is extraordinarily lucrative to everybody in the industry. so why not recognize that brilliance and go after it? >> reporter: well, i tell you, investors are ready to grab for it. they boosted netflix stock today no

school lauren sang in an acappella group in high school and began dating a star wide receiver at whalenationship was a roller-coster fight. >> they chronically got into fights, back together, broken up, back together broken up. >> reporter: and then in her seep year year lauren broke it off with nathanial for good. >> that was not good for him. >> reporter: nathanial's uncle george mattingly. >> he was a kid who was always on the move who went to lying on the couch completely miserable. >> reporter: nathanial's mother was worried and took him to see a cry cry terrorist but he refused treatment. >> reporter: was lauren worried about him? >> she was worried about him. she was like do you think i should do something, try to talk to him? maybe i should try to help him. >> reporter: and on lauren made plans to visit nathanial after she left work. investigator tony delucia. >> reporter: there's a video surveillance of lauren in the mall on the phone. she's on the phone with nathanial. >> reporter: that's the last time anyone had heard from lauren. >> when i heard they found a body, i kept bel

next is chris whalen, an executive vice president and managing director of risk analytics.he is also part of risk management tools and provides consulting on the financial services industry and the author of the book inflated, how money and debt built the american dream. and he is the cofounder of this series of conferences which go back to march of 2007 when the bubble was just starting and starting to shrivel. finally we will hear from john makin, a resident scholar and former consultant to the congressional budget and international monetary fund and he specializes in international finance and international markets, including the u.s. and japan and the european economy. the author of numerous books on financial policy, he also writes the monthly and insightful economic outlook, which i recommend to you. each panelist will speak for 12 to 15 minutes and then we will give them a chance to respond to each other or clarify. and again, we will open the floor for your questions. ask the questions run out sooner, we will adjourn promptly at 4:00 p.m. jay brinkmann come you have

i was fascinated by chris whalen's comment about the relationship between interest rates and employment growth. in economic theory there is such a relationship with the investment function, but my question is, what does this mean? does it mean the fed is rethinking a lot of these neoclassical models they've been going through? what does this really mean if, in fact, doubt is being cast on this relationship? >> well, i guess classical in a neo-keynesian sense. look, i wrote about this in my book back in 2010. since the 1990s when we -- 1980s when we first really confronted a dropoff in demand, the fed has used interest rate policy to goose consumption. and be this is how we've driven gdp in nominal terms. but if you look at the interest rate charts -- and it's gone down and down and down, we've loosened credit criteria for housing particularly because housing was the great driver for employment and demand -- and so i would say it's a distortion of neoclassical rules because there is a price stability rule in there somewhere too. and that was thrown out the window. i would argue that we'v