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Jun 30, 2014
06/14
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BLOOMBERG
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so it will have an impact on the bank but it won't cripple the bank which has also like a retail bank sudden sib -- subsidiary in the u.s. which obviously that would have put that out of business. that's the follow-on deal but that's part of the hammer. that's why in this case, you mentioned normally they don't cooperate. here they had to. for the u.s. attorney's office and the department of justice to charge these companies criminally, they need to know that they're not going to get out of business because they don't want to do that. that's where the new york banking authority comes in, because they then cut a deal saying, we won't put you out of business, but we're going to demand all these sanctions. >> what nation it so -- what pushes something over the line to being a criminal deal? >> it's a violation of criminal law. and it's basically, as michael was saying before, it used to be that banks could plead guilty to criminal charges through a deferred prosecution agreement without any of the collateral consequences. we've moved the needle a little bit on that and now they're actual
so it will have an impact on the bank but it won't cripple the bank which has also like a retail bank sudden sib -- subsidiary in the u.s. which obviously that would have put that out of business. that's the follow-on deal but that's part of the hammer. that's why in this case, you mentioned normally they don't cooperate. here they had to. for the u.s. attorney's office and the department of justice to charge these companies criminally, they need to know that they're not going to get out of...
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Jun 14, 2014
06/14
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WHYY
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>> yes, because the banks continue, the financial system continues to be fragile and the banks continue to live dangerously. and when you're speeding at 100 miles an hour, you might explode and harm other people. >> and that's what they're doing, 100 miles an hour? despite the fact that we thought after the crash that we had learned some lessons, we were going to have a discussion and institute some reforms that would prevent it from happening again? >> we have a tweak is what we have. we have some tweaks. we have messy, unfocused efforts, but we haven't really gotten to the heart of the matter and really managed to control this system effectively. >> but as you surely know, the bankers tell us, not only do we have a safer system, but it's getting even better as reforms are put into place, but you look skeptical. >> well, they are truly trying to confuse people with their narrative. they just either are speaking a language nobody can understand or they say things sometimes that are completely wrong and sometimes they are just misleading. but if you step back and look at the system, it's
>> yes, because the banks continue, the financial system continues to be fragile and the banks continue to live dangerously. and when you're speeding at 100 miles an hour, you might explode and harm other people. >> and that's what they're doing, 100 miles an hour? despite the fact that we thought after the crash that we had learned some lessons, we were going to have a discussion and institute some reforms that would prevent it from happening again? >> we have a tweak is what...
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Jun 25, 2014
06/14
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CSPAN3
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i don't take issue with the historic mission of the bank. but the bank has lost its way. today, the bank is being used to provide subsidies to foreign companies. companies that don't need the financing, but use the advantage to undercut u.s. companies. recently, the house of representatives voted unanimously to require the u.s. d.o.t. to simply follow the law when it considers foreign air carrier applications. why does this matter? because norwegian air shuttle is attempting to subvert u.s. law and international policy to establish a flag of convenience operation. norwegian has also applied for ex-im bank financing that it does not need and that will hand it an unfair economic advantage that threatens u.s. airlines, u.s. jobs, the u.s. economy, and i'm going to tell you, u.s. national interests. we thank this committee for recognizing that unfair business practices such as nai should be rejected. international flying is crucial for u.s. airlines. tens of thousands of flight crews at the three largest u.s. carriers fly international operations. so our jobs are directly at
i don't take issue with the historic mission of the bank. but the bank has lost its way. today, the bank is being used to provide subsidies to foreign companies. companies that don't need the financing, but use the advantage to undercut u.s. companies. recently, the house of representatives voted unanimously to require the u.s. d.o.t. to simply follow the law when it considers foreign air carrier applications. why does this matter? because norwegian air shuttle is attempting to subvert u.s. law...
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Jun 29, 2014
06/14
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FBC
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and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system >> that is the way the system works. we're moving our company to new york state. >> that is the way the system the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. >> eidetic, the loans are actually subsidies for big corporations. >> that is right. when it comes to picking winners and losers, who has more experience? john: it is a government, of course. and the group that made the cartoon is at best that it steals opportunities for myung younger people like them. picking winners is something
and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system >> that is the way the system works. we're moving our company to new york state. >> that is the way the system the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now...
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welcome back to the show now free banking argues that the best way to create stability in the banking system is to do regulate the banking sector now in this system banks would supply their own paper currency and then market forces and competition would ensure stability this is a drastically different system from the one that we have today were too big to fail banks get bailed out in order to avoid financial meltdown now in part two of my interview with dr george seldon a professor of economics at the university of georgia would discuss more about the concept of free banking now i first asked him to explain why there would be a lender of last resort in the free banking model take a look at what he had to say. well one reason quite simply is there was never any perceived need for one there were failures in the scottish system of individual banks of course there were failures in the canadian system which by the way had no central bank until nineteen thirty five but they generally tended to be handled by . acquisitions and mergers that sort of thing could very quietly for the most part t
welcome back to the show now free banking argues that the best way to create stability in the banking system is to do regulate the banking sector now in this system banks would supply their own paper currency and then market forces and competition would ensure stability this is a drastically different system from the one that we have today were too big to fail banks get bailed out in order to avoid financial meltdown now in part two of my interview with dr george seldon a professor of economics...
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Jun 13, 2014
06/14
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BLOOMBERG
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. -- bank of england governor mark carney. it should have been centered then financial markets currently expect. -- it could happen sooner. oil rallies as insurgents pture two key cities. elon musk says his patents will be open-source and free. welcome to countdown. i'm an edwards. bloomberg reporters are standing by ready to deliver the stories of will drive your day. caroline hide his year with a look at mark carney's warning to .nvestors ryan chilcote is following the u.s. response to rising instability in iraq. his own way.going hans nichols is in berlin to see why the move may use tesla. the bank of japan sticks to its stimulus plan. john dawson has the latest details from hong kong. that could threaten britain's recovery and rate hikes could come sooner than markets currently expect. that's the warning mark carney gave it the annual mansion house address. business correspondent caroline hyde has been following the events. good morning. how soon will the rates rise? it's the impossible question. stands atmoment it april n
. -- bank of england governor mark carney. it should have been centered then financial markets currently expect. -- it could happen sooner. oil rallies as insurgents pture two key cities. elon musk says his patents will be open-source and free. welcome to countdown. i'm an edwards. bloomberg reporters are standing by ready to deliver the stories of will drive your day. caroline hide his year with a look at mark carney's warning to .nvestors ryan chilcote is following the u.s. response to rising...
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Jun 27, 2014
06/14
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FBC
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and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system works. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can ease arthritis symptoms. but if you have arthritis, this can be difficult. prescription celebrex can help relieve arthritis pain, and improve daily physical function so moving is easier. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain. and it's not a narcotic you and your doctor should balance the benefits with the risks. all prescription nsaids, like celebrex, ibuprofen, naproxen and meloxicam have the same cardiovascular warning. they all may increase the chance of heart attack or stroke, which can lead to death. this chance increases if you have heart disease or risk factors such as high blood pressure or when nsaids are taken for long periods. nsaids, like celebrex, increase the chance of serious skin or allergic reactions, or stomach and intestine problems, such
and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system works. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can ease arthritis symptoms. but if you have arthritis, this can be difficult. prescription celebrex can help relieve arthritis pain, and improve daily physical function so moving is easier. because just one 200mg celebrex a day can provide...
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Jun 5, 2014
06/14
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BLOOMBERG
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let's not forget the other bank in meets today is the bank of england. we have an analysis what we might hear from the central ank. economists are not expecting a change in interest rates, are they? >> absolutely no change. >> that is essentially all we're going to hear, probably. what would a stronger pound suggest about the interest rate outlook? >> that is what economists are looking for as far as the impact on the b.o.e. what that tends to do is suggest that is going to keep a lid on imported inflation pressures on the economy. that just alleviates some of the pressure on the bank of england to move sooner for its first interest rate increase. >> this is significant because it perhaps makes life a little bit easier for somebody who wants to not hike rates in the short-term. as opposed to the group within the bank of england to avoid moving towards hiking rates? >> that's right. if you're on the side that is concerned about the slack of the labor market that cease there is a bigger share of slack than perhaps other members of the o.m.c., any inflation
let's not forget the other bank in meets today is the bank of england. we have an analysis what we might hear from the central ank. economists are not expecting a change in interest rates, are they? >> absolutely no change. >> that is essentially all we're going to hear, probably. what would a stronger pound suggest about the interest rate outlook? >> that is what economists are looking for as far as the impact on the b.o.e. what that tends to do is suggest that is going to...
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Jun 28, 2014
06/14
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CSPAN2
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strengthening the banking sector is needed because of the legacy of bank crisis and poor governments in the banking system which credit provision and the affect public confidence in banks, the strategy requires developing financial infrastructure, improving banking and anti money-laundering and terrorism supervision and enforcement as well as developing an interbank market. the minimum capital requirements have been increased, but some banks need more capital because of the loan portfolios not performing well. further, financial markets need to start to be developed because they will not only improve the effectiveness of monetary policy but they also provide more liquidity management and better liquidity management for the banking system as a whole. the new banking law will provide a better legal basis for financial sector development and improve bank and corporate governance, supervisory oversight, strengthened core and enforcement measures and the bank resolution. central bank financial division department has adopted a five-year strategic plan. the central bank is prepared qualiti
strengthening the banking sector is needed because of the legacy of bank crisis and poor governments in the banking system which credit provision and the affect public confidence in banks, the strategy requires developing financial infrastructure, improving banking and anti money-laundering and terrorism supervision and enforcement as well as developing an interbank market. the minimum capital requirements have been increased, but some banks need more capital because of the loan portfolios not...
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Jun 25, 2014
06/14
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we've had greater use of small business and banks have come bank. some of our larger exports -- >> i would just say for the record the 90% is fairly misleading. i see that i am out of time. chair now recognizes the gentle lady from new york, miss maloney, the ranking member of the capital market subcommittee. >> thank you, mr. chairman. and welcome to all of the panelists. mr. hochberg, some people on this panel today have suggested that we could let the export/import banks charter expire and that the economy would be fine. that the private sector would just step in and take over and there would be no impact on the u.s. exporters or small businesses. can you walk us through what the impact would be? >> thank you for giving me the opportunity to talk about our small business. one, we actually do 90% of our clients are small businesses. and the small business is defined by the sba. we don't make our own definition. you heard on panel one steve wilburn made it a clear articulation of the loss and harm to his business and his employment if even just the
we've had greater use of small business and banks have come bank. some of our larger exports -- >> i would just say for the record the 90% is fairly misleading. i see that i am out of time. chair now recognizes the gentle lady from new york, miss maloney, the ranking member of the capital market subcommittee. >> thank you, mr. chairman. and welcome to all of the panelists. mr. hochberg, some people on this panel today have suggested that we could let the export/import banks charter...
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Jun 6, 2014
06/14
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BLOOMBERG
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fortunately, this is a bank with large european banks. they can afford it. >> when we talk about these two --, whoail banks tom a benefits from all this? is it the japanese banks? to buying?en seemsate to say this, it not so much to big to fail but to big not to afford. main, the big banks will be hit and hold onto the market share. we have seen some things from the investment backing market. ubs and barclays, we can make returns anymore. >> thank you so much. we greatly appreciate it. terrific perspective on the european banks. the equity markets shrugged off. futures are up as well. about 50now we are minutes away from the jobs report. what happens next? for economic up activity? we will discuss on "surveillance." ♪ >> this is "luber surveillance." tom scarlet fu here with keene and adam johnson. we start with gm. they fired a executives after an internal investigation on why it took so long to recall cars with defective parts. blamed a lack of urgency in the legal department but did not find evidence of a conspiracy. luxury cars is a
fortunately, this is a bank with large european banks. they can afford it. >> when we talk about these two --, whoail banks tom a benefits from all this? is it the japanese banks? to buying?en seemsate to say this, it not so much to big to fail but to big not to afford. main, the big banks will be hit and hold onto the market share. we have seen some things from the investment backing market. ubs and barclays, we can make returns anymore. >> thank you so much. we greatly appreciate...
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Jun 13, 2014
06/14
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BLOOMBERG
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but he also means the bank of england. he has been given legal powers to the bank of england to start raining in mortgage lending. really interesting. demand. look after you suppress demand for housing by putting caps on the amount that we can borrow against a house. 60%aps we can only borrow or 70% of the value of the house that we buy. also cap in terms of the amount that you can borrow versus your salary. at the moment, we already see -- and lloyd's raining in reining in. issues.e the key bank of england, you take charge of demand. meanwhile, the government will take charge of supply. they are spending more than half a billion pounds to try to get on currently dirty land. they are going to clean that up quicker and get supply rolling. it is going to take time. house prices are not going to go down that quickly. mortgage is starting to fall in terms of applications, but there is still concern, which is why the pound is spiking so much. will interest-rate hike before the end of 2014? that is the question. >> now let's tal
but he also means the bank of england. he has been given legal powers to the bank of england to start raining in mortgage lending. really interesting. demand. look after you suppress demand for housing by putting caps on the amount that we can borrow against a house. 60%aps we can only borrow or 70% of the value of the house that we buy. also cap in terms of the amount that you can borrow versus your salary. at the moment, we already see -- and lloyd's raining in reining in. issues.e the key...
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Jun 7, 2014
06/14
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CNNW
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it happened again, at the very same bank. >> we have a bank robbery in progress. >> it was turning our quiet town, known for its seafood, into a quiet town known for its bank robberies. >> a bank employee recognized them. >> she recognized the voice, the way they stood, the same directives. she was positive the same people were robbing her over and over again. in fact, the statement she made was "deja vu." >> one of the robbers is about 5'8" and nearly 300 pounds. he was fairly distinct. they got identified that way, as being the same people. >> hurry up! >> the robbers warned the tellers not to throw dye packs in the money bags. dye packs are rigged to explode later, leaving a permanent dye on the bills. >> one of the news crews had come down. it sort of made me mad. that reporter stood in the middle of the street in calabash and made the comment, if you want to rob a bank, calabash is the place to come and do it. >> over the next several years, these same men robbed other banks in the area. the getaway cars were stolen and abandoned miles away. >> they were not making a lot of mistak
it happened again, at the very same bank. >> we have a bank robbery in progress. >> it was turning our quiet town, known for its seafood, into a quiet town known for its bank robberies. >> a bank employee recognized them. >> she recognized the voice, the way they stood, the same directives. she was positive the same people were robbing her over and over again. in fact, the statement she made was "deja vu." >> one of the robbers is about 5'8" and...
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Jun 30, 2014
06/14
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at the bank. >> she was bank official. she got wired 100,000 dollars. the nigerian businessman ascended to her when he requested the money from his own bank he said this was a solicitation payment. it was pretty cut and dry. >> yesterday at the bank hearing congresswoman carolyn mook car the implied there was no surprise. >> they found four employees did an investigation and they let him go. that is the way the system works. anybody that understands any business there are going to be people that try to rig the system. >> that's the way the system works. >> that's the way the system works when you have the government involved when you get to pick and choose who is getting it. there are some government programs where you meet the standard you get the benefit you get the tax break. i oppose those but they don't provide the opportunity for corruption because politicians bureaucrats are picking winners and losers saying this guy gets the subsidy this guy doesn't. >> fanny and freddie provide the opportunity, too. fanny executiv
at the bank. >> she was bank official. she got wired 100,000 dollars. the nigerian businessman ascended to her when he requested the money from his own bank he said this was a solicitation payment. it was pretty cut and dry. >> yesterday at the bank hearing congresswoman carolyn mook car the implied there was no surprise. >> they found four employees did an investigation and they let him go. that is the way the system works. anybody that understands any business there are...
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Jun 6, 2014
06/14
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BLOOMBERG
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bank, ands, deutsche bank of america single -- signal bedtimes for banking. d-day, june 6, 1944. remembering it. it is friday, june 6. i'm tom keene. joining me, scarlet fu and adam johnson. we will do much on normandy today, but right now let's get to our morning brief on economics. here is adam johnson. >> we will start overnight in inflationhere the forecast for germany, affecting the euro area battle for price pressures. ecb head mario draghi, who put rates -- >> just amazing today. a -10 basisut it, point deposit rate. >> you pay them to take your money. >> it is like a penalty. money,we don't want your we will penalize you for it. >> what else? >>
bank, ands, deutsche bank of america single -- signal bedtimes for banking. d-day, june 6, 1944. remembering it. it is friday, june 6. i'm tom keene. joining me, scarlet fu and adam johnson. we will do much on normandy today, but right now let's get to our morning brief on economics. here is adam johnson. >> we will start overnight in inflationhere the forecast for germany, affecting the euro area battle for price pressures. ecb head mario draghi, who put rates -- >> just amazing...
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Jun 26, 2014
06/14
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CSPAN
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we've had greater use of small business and banks have come bank. some of our larger exports -- >> i would just say for the record the 90% is fairly misleading. i see that i am out of time. chair now recognizes the gentle lady from new york, miss maloney, the ranking member of the capital market subcommittee. >> thank you, mr. chairman. and welcome to all of the panelists. mr. hochberg, some people on this panel today have suggested that we could let the export/import banks charter expire and that the economy would be fine. that the private sector would just step in and take over and there would be no impact on the u.s. exporters or small businesses. can you walk us through what the impact would be? >> thank you for giving me the opportunity to talk about our small business. one, we actually do 90% of our clients are small businesses. and the small business is defined by the sba. we don't make our own definition. you heard on panel one steve wilburn made it a clear articulation of the loss and harm to his business and his employment if even just the
we've had greater use of small business and banks have come bank. some of our larger exports -- >> i would just say for the record the 90% is fairly misleading. i see that i am out of time. chair now recognizes the gentle lady from new york, miss maloney, the ranking member of the capital market subcommittee. >> thank you, mr. chairman. and welcome to all of the panelists. mr. hochberg, some people on this panel today have suggested that we could let the export/import banks charter...
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Jun 29, 2014
06/14
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FBC
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and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america. that's why i always choose the fastest intern.r slow. the fastest printer. the fastest lunch. turkey club. the fastest pencil sharpener. the fastest elevator. the fastest speed dial. the fastest office plant. so why wouldn't i choose the fastest wifi? i would. switch to comcast business internet and get the fastest wifi included. comcast business. built for business. >> eidetic, the loans are actually subsidies for big corporation
and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we...
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Jun 29, 2014
06/14
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CSPAN2
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these people were just the head of the banks for a minute ahead of the banks for decades. if they work heads for decades they were in the treasury department or the defense department or the state department or the national security department. there wasn't a place where the wasn't overlapping and interaction. and it was just because wall street was influencing wall street. it was because wall street and washington was the same thing. two sides of the same coin about and all of the stories i found really just showed there was so much personal integration, personal, you write about the new deal and fdr were one of the most fascinating things when i went to the fbi library in new york was -- fdr library. i was look at documents no one else a look at the custodial stop me to all the different the banks were friends with fdr. a lot of people know that the all of them, and when i say friend, i mean connected, yachting. james roosevelt it was fdr's father worked with jpmorgan great amount of them -- metropolitan club in europe and to discuss matters of the day. this is something
these people were just the head of the banks for a minute ahead of the banks for decades. if they work heads for decades they were in the treasury department or the defense department or the state department or the national security department. there wasn't a place where the wasn't overlapping and interaction. and it was just because wall street was influencing wall street. it was because wall street and washington was the same thing. two sides of the same coin about and all of the stories i...
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Jun 27, 2014
06/14
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CSPAN3
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/import bank yet. it's going away. it's going away. so it's going to increase the imbalance here, but it will tip it in favor, drastically in favor of foreign competition. we are opening up our markets, we are walking off the battlefield. we will no longer try to protect our workers in this iteration the way we have been doing -- and it hasn't been smooth. it hasn't been fair to smaller businesses, i agree to that. but we are protecting a whole boatload of workers right here, but the reality i am dealing with, is if you sections, if the xmt m bank goes away, and it looks likely that will happen, because no other nation is going to disarm, we're going to be at a huge disadvantage, and foreign manufacturers will be handed a huge advantage. i think it will be a good day for airbus. you'll see their stock go right up. it will be a great day for them. but at the end of the day, when the xm bank goes away, government will still be picking winners and losers. it just won't be the u.s. government. and the gove
/import bank yet. it's going away. it's going away. so it's going to increase the imbalance here, but it will tip it in favor, drastically in favor of foreign competition. we are opening up our markets, we are walking off the battlefield. we will no longer try to protect our workers in this iteration the way we have been doing -- and it hasn't been smooth. it hasn't been fair to smaller businesses, i agree to that. but we are protecting a whole boatload of workers right here, but the reality i...
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Jun 16, 2014
06/14
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BLOOMBERG
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german banks, nordic banks, singapore banks, three each in the top 20. >> all right. thank you so much for that. you can read more about the world's strongest banks in the july-august edition of the bloomberg market magazine. there it is. bloomberg market that. is the cover. other stories making headlines for you. the first chinese bank to get a license. they are set to get a license by the end of the year allowing them to boost transactions and lend larger sums. meanwhile india's new prime minister more tough decisions need to be made to revive the economy. and growth is stuck in india. near a decade low and inflation averaging about 10% over the last two years. new federal budget is expected next month. and russia's state-run energy producer ended talks with ukraine saying outstanding gas bills must be paid today. the company has given ukraine until 6:00 p.m. to pay up. ukraine owes about $2 billion for past deliveries and they are refusing to lower its price. gazprom fell for a second day friday in new york. and it is good news china may lift a decade-long ban on f
german banks, nordic banks, singapore banks, three each in the top 20. >> all right. thank you so much for that. you can read more about the world's strongest banks in the july-august edition of the bloomberg market magazine. there it is. bloomberg market that. is the cover. other stories making headlines for you. the first chinese bank to get a license. they are set to get a license by the end of the year allowing them to boost transactions and lend larger sums. meanwhile india's new...
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Jun 8, 2014
06/14
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he left the bank, as president of the bank, in 1920. he did a lot of traveling and speaking, but he really never spoke much again about the federal reserve. he went to europe right after world war ii when they were still having the paris peace conference. he was extremely affected. as benjamin strong said, he got very enthusiastic about the terrible destruction in europe and how he would see farm areas where products were going, produce was being grown. but he would see other areas where there was nothing left, no buildings. he said they would be driving along and see streams of refugees going in the other direction, and he knew they were going back to their homes and there was nothing there. there were no railroads. there was no infrastructure to get food from where was grown to people starving. he felt the banking system needed to help. he felt there needed to be some central help, so he became much more involved in what we could do in this country to help finance what was needed over there. he did not seem to pay much more attention
he left the bank, as president of the bank, in 1920. he did a lot of traveling and speaking, but he really never spoke much again about the federal reserve. he went to europe right after world war ii when they were still having the paris peace conference. he was extremely affected. as benjamin strong said, he got very enthusiastic about the terrible destruction in europe and how he would see farm areas where products were going, produce was being grown. but he would see other areas where there...
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money that's eighty percent in the united states and that's produced by banks commercial banks produce this element of the total money supply and i'm talking about m. so for as measured by the center for financial stability in new york that's that's a big broad measure of money and so or so there so the reason that the reason i said that schizophrenia because most people say oh the monetary policy has been very loose in a sense lehmann collapsed in two thousand and eight the federal reserves increased the state money by about three hundred percent. and so it's loose it is loose but it's a small portion of the total bank money perk has actually declined by about fourteen percent since lehman collapsed and the reason that it's declined is that we have all these new bank regulations all these new capital requirements coming out of basel in switzerland these are international regulations and leverage ratios and liquidity ratio is and right now for the ratios you know you name the ratio it's getting tighter and tighter as the noose around banks and so banks haven't been lending much money t
money that's eighty percent in the united states and that's produced by banks commercial banks produce this element of the total money supply and i'm talking about m. so for as measured by the center for financial stability in new york that's that's a big broad measure of money and so or so there so the reason that the reason i said that schizophrenia because most people say oh the monetary policy has been very loose in a sense lehmann collapsed in two thousand and eight the federal reserves...
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Jun 26, 2014
06/14
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based on the bank's data itself. and finally, i mean, i will say that we're talking a lot about jobs. we're talking a lot about businesses, but we're forgetting consumers. i mean, it hurts consumers in the form of higher prices. economists care about producers and consumers too. i think we have many years of economic studies that show that basically protectionism tends to benefit -- even for the beneficiary of the protectionism does not outweigh the cost to all the unseen victims. >> thank you so much. that goes to my point. a lot of what i've heard here today is that we need to continue to provide subsidies and stay on the subsidy train because the rest of the world is on the subsidy train. and to continue that logic means that nations of the world have to continue one upsmanship on subsidy. so it's subsidy versus subsidy and it's a complete rejection of the free market. i don't think that's the direction we want to go. the free market has built up the most magnificent economies of this world. i remain a defender of
based on the bank's data itself. and finally, i mean, i will say that we're talking a lot about jobs. we're talking a lot about businesses, but we're forgetting consumers. i mean, it hurts consumers in the form of higher prices. economists care about producers and consumers too. i think we have many years of economic studies that show that basically protectionism tends to benefit -- even for the beneficiary of the protectionism does not outweigh the cost to all the unseen victims. >>...
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Jun 30, 2014
06/14
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which 30 banks went under. so now it is creating a very concern andl of attention in the country, especially as the government also looks unstable. >> let's talk about the politics. the liquidity situation is likely to be a little easier. that takes the possibility of serious runs off the table. ink us through what happened the politics arena. are we going to see this having a meaningful impact? >> at the moment, it is important to note that there are authority saysng that the sector has enough liquidity and the banks have enough assets to handle the pressure. socialist the government is under pressure to resign. they had a poor showing in the main european union parliamentary elections. , the president called an early election for october 6 and he will dissolve parliament next month. in the run-up to this, we have had some politicians, including the main opposition party run by the former prime minister, accusing the current government about being forthright what has been happening at the banks. they are sayin
which 30 banks went under. so now it is creating a very concern andl of attention in the country, especially as the government also looks unstable. >> let's talk about the politics. the liquidity situation is likely to be a little easier. that takes the possibility of serious runs off the table. ink us through what happened the politics arena. are we going to see this having a meaningful impact? >> at the moment, it is important to note that there are authority saysng that the...
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Jun 13, 2014
06/14
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BLOOMBERG
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that is why the pound is reacting so much. >> just sticking with central banks, today the bank of japan maintained its record stimulus as it continues to try to boost inflation. investors have encouraging signs. japan can weather its april sales tax increase. the governor says he expected the tax hike to receive this summer. at the same time, the rebound in the end threatens to undercut the thanks inflation goal. are forecasting traditional using this year. lowda also said he sees risk of the eurozone falling into deflation. betng up, elon musk's bold on an open source business philosophy. we will explain why he is giving away some of his company's most prized intellectual property for free. ♪ i asked george if i could have a purple light saber. he said no, they are only blue and red. >> that was the actor samuel jackson speaking to olivia sterns about his role in the star wars franchise. we will bring you more of their conversation later. i want to bring you up to speed with some of the companies on the move. airbus says it will keep an 82 plane order from kingfisher airlines on its
that is why the pound is reacting so much. >> just sticking with central banks, today the bank of japan maintained its record stimulus as it continues to try to boost inflation. investors have encouraging signs. japan can weather its april sales tax increase. the governor says he expected the tax hike to receive this summer. at the same time, the rebound in the end threatens to undercut the thanks inflation goal. are forecasting traditional using this year. lowda also said he sees risk of...
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Jun 18, 2014
06/14
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CNBC
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jgb portfolio to the central bank. and, you know, where do we go from here? what happens if and when, you know, the economic recovery actually, you know, gains further credibility. you know, where is the end game plan here? we'll have to discuss this in 2015, 2016. right now, again, the focus is still on getting private institutional investors to commit to more risk assets. that's, you know, the window that we're in right now. >> would you look at the future. thank you so much for your insight. head of japanese equity research at jpmorgan securities japan. >>> we've had some comments or further comments out of iraq. sunni militants apparently controlling now 75% of iraq's buy due refinery. that's an official at the refinery speaking. we'll continue to bring you further developments. jack lew, the treasury secretary in the u.s. is on his middle east tour. speaking from jerusalem, he's saying the next step for u.s. in iraq is not a military challenge. the u.s. is not focusing on a military challenge right them. we'll kee
jgb portfolio to the central bank. and, you know, where do we go from here? what happens if and when, you know, the economic recovery actually, you know, gains further credibility. you know, where is the end game plan here? we'll have to discuss this in 2015, 2016. right now, again, the focus is still on getting private institutional investors to commit to more risk assets. that's, you know, the window that we're in right now. >> would you look at the future. thank you so much for your...
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the the massive lie that is told is that the central banks are fighting deflation. and then flesh them are just came out this past few days. in the u.k. in the us they're grappling down one half percent now officially as i've been saying on the show for a few years quantitative easing and zero percent interest rates cause the flay ssion they cause the going to cause these prices to come down as they are doing now . because all this money is going to support a zombie banks machines that are crowding out all legitimate investment just causing massive malinvestment and there as a result the economies are imploding and then they say look the economy is imploding let's do more of the same let's do more quantitative easing let's do more money printing less to negative interest rates but that's in fact what's causing this economy to implode so paul krugman has been discredited utterly over there at the new york times he said this would not be the case is completely wrong everyone who said that this would be the story is now been i've been proven right of course and they ar
the the massive lie that is told is that the central banks are fighting deflation. and then flesh them are just came out this past few days. in the u.k. in the us they're grappling down one half percent now officially as i've been saying on the show for a few years quantitative easing and zero percent interest rates cause the flay ssion they cause the going to cause these prices to come down as they are doing now . because all this money is going to support a zombie banks machines that are...
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peripheral banks rather than core banks like germany or finland or the netherlands so are these if these actions going to weaken the euro. i think the e.c.b. wishes they would but you know when the week that the e.c. made the announcement the euro got down about one thirty five we haven't taken out that level the low for the year with said earlier this year in february at about one thirty four seventy five or so we're not at those levels i that's i think the e.c.b. the bit frustrated with how resilient the euro has been but partly i'd say this is the way predictable in a sense that we too are looking for a firm euro after the e.c.b. announcement for a couple reasons one is the markets are incredible but the anticipatory nature since may drag him to be able to do something in june the markets had been discounting that in addition to that what we saw happen with the federal reserve announced q e three back in september of two thousand and twelve they had tipped their hand the market anticipated it to dollar sold off before q e three was announced and then valued afterwards as if the market
peripheral banks rather than core banks like germany or finland or the netherlands so are these if these actions going to weaken the euro. i think the e.c.b. wishes they would but you know when the week that the e.c. made the announcement the euro got down about one thirty five we haven't taken out that level the low for the year with said earlier this year in february at about one thirty four seventy five or so we're not at those levels i that's i think the e.c.b. the bit frustrated with how...
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bank has done for several years? it's a first on fox business interview. closing bell ringing in 45 minutes. gm ceo mary barra tried to turn the page on the bungled recall and chart a new course where employees put car safety first. but can a more than 100-year-old car culture be completely overhauled that quickly, and do gm's major competitors stand to benefit from all this bad press? >>> and sick of emptying your wallet every single time you fill up your car? how does 84 miles per gallon sound? we will show you a new three-wheel -- is it a car? what is that? is it a motorcycle? it could soon take the auto industry by storm. the founder and ceo of elio hoarlts joining us in a fox business exclusive. ♪ ♪ if i told you that a free ten-second test could mean less waiting for things like security backups and file downloads you'd take that test, right? well, what are you waiting for? you could literally be done with the test by now. now you could have done it twice. this is awkward. check your speed. see how fast you
bank has done for several years? it's a first on fox business interview. closing bell ringing in 45 minutes. gm ceo mary barra tried to turn the page on the bungled recall and chart a new course where employees put car safety first. but can a more than 100-year-old car culture be completely overhauled that quickly, and do gm's major competitors stand to benefit from all this bad press? >>> and sick of emptying your wallet every single time you fill up your car? how does 84 miles per...
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Jun 5, 2014
06/14
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BLOOMBERG
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also with banks, with -- with the other national central banks. i think the risk at this stage probably legitimated. we also don't expect the e.c.b. to move the deposit rate too deeply into negative territory. >> they are going to dip their toe in the water here. i guess one of the reason as far as that is they don't understand how the money market is going to react. another reason potentially is the banks presumably will at some stage have to pass this on to their customers. if they don't pass its on, that is going to hit their profitability. banks are short of capital now. you don't want to hit the capital. i guess that is a risk as well. >> that is true. first of all, you can't go too negative. then banks and other customers are store the cash in their basement. unless you tack it. the negative -- tax it. the negative can't become too negative. banks can't pass on those costs. it is probably going to hit the profit margins, particularly in germany. they would charge a little bit more. then they would shift out of the euro into other currencies.
also with banks, with -- with the other national central banks. i think the risk at this stage probably legitimated. we also don't expect the e.c.b. to move the deposit rate too deeply into negative territory. >> they are going to dip their toe in the water here. i guess one of the reason as far as that is they don't understand how the money market is going to react. another reason potentially is the banks presumably will at some stage have to pass this on to their customers. if they...
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Jun 24, 2014
06/14
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ALJAZAM
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bank here in the city? >> i like to make a comparison, just like fertilizer is to the farmer to make the plants grow, a financial institution does the same thing for the community. it provides the grease that keeps the community together and keep it a well oiled machine. >> killingsworth says the hope model is working . >> when i talked to mr. bynum, i felt i was invested in the credit union. >> it's the people's bank? >> the people's bank, the people of utica. >> hope was my last hope. >> after a decade much waiting white was still able to move into her dream home whether in jackson, utika or greenville, hope will take time. the people that hold if key to the future. >> the kind of life we lived in greefnl greenville a long time ago. >> so you have hope? >> i have hope. >> sarah hoye, greenville, mississippi. >> talk a little more about cycle of credit. and how it traps communities. julia malveau. listening to that lady, she said i was like working for payday loan companies. this is a cycle you have seen b
bank here in the city? >> i like to make a comparison, just like fertilizer is to the farmer to make the plants grow, a financial institution does the same thing for the community. it provides the grease that keeps the community together and keep it a well oiled machine. >> killingsworth says the hope model is working . >> when i talked to mr. bynum, i felt i was invested in the credit union. >> it's the people's bank? >> the people's bank, the people of utica....
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Jun 26, 2014
06/14
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CNBC
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attorney general and the uk banks. barclay's was the number two players in this field and some of these allegations are man th in after bob diamond seems to give the bank a fresh imagine. he is very keen on things like technology, which is supposed to be about what all things are about in the future. truth be told, a third of its investment has come from the exchange. you have this massive restructuring just a couple of months ago where they curtailed a lot of their businesses, they're borrowing a lot of people, especially in europe and asia, and their cash cow has been the u.s. and that's going to be very difficult when the regulator is breathing down your throat. so remember, it wasn't long ago we saw rbs say they are going to shrink their u.s. business so they wouldn't have to hold more capital as directed by the fed. so there is definitely something in it. u.s. regulators versus european banks. >> barclay's on the defensive once again. helia, thank you so much for that. we'll get back to you later on in the program
attorney general and the uk banks. barclay's was the number two players in this field and some of these allegations are man th in after bob diamond seems to give the bank a fresh imagine. he is very keen on things like technology, which is supposed to be about what all things are about in the future. truth be told, a third of its investment has come from the exchange. you have this massive restructuring just a couple of months ago where they curtailed a lot of their businesses, they're...
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on in the banks but the. smiths said played kid gloves with with the the banks for a long time and they have far too much political influence so it does lead to this very incipit form of crony capitalism now timothy geitner is a robert rubin protege who says that yanks are a critical part of the economy and he writes in his new book stress test that government had no choice but to take over and bail out the banks because your to do so would have meant another great depression so is he right well he's been very cautious short about this for a long time look he he's right that banks play a vital role but he i think he sets up a false dichotomy and he's persistently done this from all the time that he was in office the notion is not on bailouts of the kind that we had versus not. doing anything nobody said that you should just accept the most extreme libertarians and you should just let the banking system go but there were other alternatives we use other alternatives in the 1930's we we nationalized and restruct
on in the banks but the. smiths said played kid gloves with with the the banks for a long time and they have far too much political influence so it does lead to this very incipit form of crony capitalism now timothy geitner is a robert rubin protege who says that yanks are a critical part of the economy and he writes in his new book stress test that government had no choice but to take over and bail out the banks because your to do so would have meant another great depression so is he right...
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Jun 30, 2014
06/14
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ALJAZAM
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i feel like i'm vested in the credit union. >> it's the people's banks much. >> the people's bank. the people of utica. >> hope was my last hope. >> after a deng aid of -- decade of waiting white was able to move into her dream home. whether in jackson, utika or greenville, recovering will take time. it's the people here that hold the key to the future. >> i just would like to see people live the kind of life that we lived in greenville a long time ago. >> so you have hope. >> i have hope. >>> and looking ahead on "america tonight" - nowhere. >> my world view now comes with the assumes that things will fall dawn. >>> redirecting life after an unstable nightmare. a survivor tells her story as "america tonight" investigates how to bridge the gap in a crumbling america. that report this week on "america tonight". >>> coming up next in this hour - going for the goal and coming up short. how brazil's football factory turns out the world's great, and how the ge. galectico might be stolen away. >> on tech know, an amazing new species is discovered... >> kind of like we're watching little
i feel like i'm vested in the credit union. >> it's the people's banks much. >> the people's bank. the people of utica. >> hope was my last hope. >> after a deng aid of -- decade of waiting white was able to move into her dream home. whether in jackson, utika or greenville, recovering will take time. it's the people here that hold the key to the future. >> i just would like to see people live the kind of life that we lived in greenville a long time ago. >> so...
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Jun 9, 2014
06/14
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CSPAN
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resulting in bank crises. the capital stopped, economies bombed, the public finances hit the banks because the banks were sitting on all the government bonds. and then that depressed economic conditions and rebounding on the banks. the so-called sovereign bank doom loop. now, the failure to predict this was forgivable. no one spotted this. this link between governments and banks on what it could do. but the weakness of adjustment mechanisms within the eurozone was predicted. this is a very large and very diverse currency. it comprises very, very different economies. so a shock, the economic shock will hit some of them very differently to others. euro members cannot devalue their currencies as everyone knows. and they don't have what economists have a lender of last resort. they essentially borrow in a foreign currency. there's no bank that will step in and buy their debt in the way you see here in the u.s. so without a currency and without a fully central bank, something else has to be flexible. now, this mean
resulting in bank crises. the capital stopped, economies bombed, the public finances hit the banks because the banks were sitting on all the government bonds. and then that depressed economic conditions and rebounding on the banks. the so-called sovereign bank doom loop. now, the failure to predict this was forgivable. no one spotted this. this link between governments and banks on what it could do. but the weakness of adjustment mechanisms within the eurozone was predicted. this is a very...
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Jun 6, 2014
06/14
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CNBC
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as pete mentioned, banks -- some of the banks like citi, bank of america, still have a lot of room to the upside. if the financials start to take out highs and make new highs, the s&p will be trading north of 2000. then it is time to lock ok at t nasdaq, the major index that hasn't confirmed old highs going back to 2000. it is a matter of time until the level is taken out as well. >> 17,000 on the dow, we're about 100 points a way, is that a confirmation that this rally can keep going or is that a sell signal to get out of here because now it is only a matter of days, weeks or months until this thing turns. >> i think what is interesting is you are seeing a rotation. the first quarter of this year, utilities led the markets higher. it was much more of a defensive feel. that was because the economic data was very mixed. here in the states, we had weather problems, china was decelerating, we had no idea what was go on with europe. we have gotten some clarity and what i think is interesting is that we have seen a catch-up, not only with the financials, but energy and commodities are actu
as pete mentioned, banks -- some of the banks like citi, bank of america, still have a lot of room to the upside. if the financials start to take out highs and make new highs, the s&p will be trading north of 2000. then it is time to lock ok at t nasdaq, the major index that hasn't confirmed old highs going back to 2000. it is a matter of time until the level is taken out as well. >> 17,000 on the dow, we're about 100 points a way, is that a confirmation that this rally can keep going...
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Jun 27, 2014
06/14
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FBC
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keep the bank? tweet me and accused of #x. m bank. coming up, it is so great save the cronies. >> that is why they are standing by to help build legislators like you to make the right choice. >> we all made a big mistake >> it appears that some loan officers took bribes but this congress woman says that happens everywhere. >> that is the way the system works anybody that understands business people will always try to rig the system. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america. what is this place? where are we? this is where we bring together the fastest internet and the best in enterta
keep the bank? tweet me and accused of #x. m bank. coming up, it is so great save the cronies. >> that is why they are standing by to help build legislators like you to make the right choice. >> we all made a big mistake >> it appears that some loan officers took bribes but this congress woman says that happens everywhere. >> that is the way the system works anybody that understands business people will always try to rig the system. when folks think about what they get...
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Jun 30, 2014
06/14
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FOXNEWSW
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and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system >> that is the way the system works. >> that is the way the system works. thought i told you to stay off our turf. and what would you know about turf, skipper? let's end this here and now! let's dance! whoa, there! progressive covers boaand rvs, okay? plenty of policies to go around. arrrgh! [ thud! ] oh, oh, i'm the bad guy. you threw a fish at us, so... yeah. yeah. yeah. coverage for land and sea. now, that's progressive. >> eidetic, the loans are actually subsidies for big corporations. >> that is right. when it comes to picking winners and losers, who has more experience? john: it is a government, of course. and the group that made the cartoon is at best that it steals opportunities for myung younger people like them. picking winners is something that many americans want their elected politicians to do. someone needs to decide which industries deserve american support. so we can analyze every company to decide which is
and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system >> that is the way the system works. >> that is the way the system works. thought i told you to stay off our turf. and what would you know about turf, skipper? let's end this here and now! let's dance! whoa, there! progressive covers boaand rvs, okay? plenty of policies to go around. arrrgh! [ thud! ] oh, oh, i'm the bad guy. you threw a...
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Jun 28, 2014
06/14
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FBC
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and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system works.$ ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! he has a phaser! it's not a phaser! it's my phone! he can use his voice to control the tv. you can use your woice? my voice. your woice. my voice. "vuh," voice. his voice. your woice? look. watch sci-fi. [ female announcer ] the x1 entertainment operating system, only from xfinity. i'm taking off, but, uh, don't worry. i'm gonna leave the tv on for you. and if anything happens, don't forget about the new xfinity my account app. you can troubleshoot technical issues here. if you make an appointment, you can check out the status here. you can pay the bill, too. but don't worry about that right now. okay. how do i look? ♪ thanks. [ male announcer ] troubleshoot, manage appointments, and bill pay from your phone. introducin
and coming up, the cronies explained why the bank is so great. >> banks. we have all made a big mistake. >> that is the way the system works.$ ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! he has a phaser! it's not a phaser! it's my phone! he can use his voice to control the tv. you can use your woice? my voice. your woice. my voice....
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Jun 26, 2014
06/14
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CSPAN
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i don't take issue with the historic mission of the bank. but the bank has lost its way. today, the bank is being used to provide subsidies to foreign companies. companies that don't need the financing, but use the advantage to undercut u.s. companies. recently, the house of representatives voted unanimously to require the u.s. d.o.t. to simply follow the law when it considers foreign air carrier applications. why does this matter? because norwegian air shuttle is attempting to subvert u.s. law and international policy to establish a flag of convenience operation. norwegian has also applied for ex-im bank financing that it does not need and that will hand it an unfair economic advantage that threatens u.s. airlines, u.s. jobs, the u.s. economy, and i'm going to tell you, u.s. national interests. we thank this committee for recognizing that unfair business practices such as nai should be rejected. international flying is crucial for u.s. airlines. tens of thousands of flight crews at the three largest u.s. carriers fly international operations. so our jobs are directly at
i don't take issue with the historic mission of the bank. but the bank has lost its way. today, the bank is being used to provide subsidies to foreign companies. companies that don't need the financing, but use the advantage to undercut u.s. companies. recently, the house of representatives voted unanimously to require the u.s. d.o.t. to simply follow the law when it considers foreign air carrier applications. why does this matter? because norwegian air shuttle is attempting to subvert u.s. law...
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Jun 27, 2014
06/14
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CSPAN3
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bank crisis and poor governance in the banking system which affect public confidence in banks. the strategy requires developing financial infrastructure, improving banking, and anti-money laundering and encountering of financing of terrorism supervision and its enforcement as well as developing an interbank market. the minimum capital requirements have been increased but some banks need more capital because their loan portfolios are not performing well. further, financial markets need to start to be developed because they would not only improve the effectiveness of monetary policy but they would also provide more liquidity management and better liquidity management for the banking system as a whole. the new banking law will provide a better legal basis for financial sector development and improve bank and corporate governance. the law will enhance supervisory oversight, strengthen corporate governance, prudential requirements and enforce measures and, if needed, bank resolution. the central bank's financial supervision department has adopted a five-year strategic plan. this pla
bank crisis and poor governance in the banking system which affect public confidence in banks. the strategy requires developing financial infrastructure, improving banking, and anti-money laundering and encountering of financing of terrorism supervision and its enforcement as well as developing an interbank market. the minimum capital requirements have been increased but some banks need more capital because their loan portfolios are not performing well. further, financial markets need to start...
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Jun 8, 2014
06/14
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CSPAN2
tv
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in our system the fed's reach was limited to a part of the banking system that the banking system was only about 40% of financial system credit. that other 60% was much more risky and very vulnerable to runs. when i got to the new york fed in the fall of 03 i think what worried me the most was where there is risk, where there were constraints where there was somebody in charge and the scope of the authority we had because i knew when things fell apart which they might do people generally say where is the fed? what are you going to do about the? they come ask us for money. we have limited tools at that point in that troubled me a lot. i learned a fair amount about what in the face of the try to do to lean against the forces of optimism that were causing this big boom in leverage of risk but as i write those efforts were of course very weak against the force of the boom, inadequate, wait a, insufficient. not because there was not a lot to worry about but because we had no direct authority over where most of the risk wasn't even where we had authority over the banks we didn't think about
in our system the fed's reach was limited to a part of the banking system that the banking system was only about 40% of financial system credit. that other 60% was much more risky and very vulnerable to runs. when i got to the new york fed in the fall of 03 i think what worried me the most was where there is risk, where there were constraints where there was somebody in charge and the scope of the authority we had because i knew when things fell apart which they might do people generally say...