We have no intention of dismantling the regulatory agencies. However, we must come to grips with inefficient and burdensome regulations. We will eliminate those that are unproductive and unnecessary. Tearing down these antiquated walls and granting banks significant new authority. In a victory for the banking industry, Congress has approved legislation which will allow commercial and investment banks to merge and form institutions of unprecedented size and global reach. I think it's very important for us not to introduce regulation for regulation's sake. I do believe in the American dream. Owning a home is a part of that dream. We are taking action to bring many thousands of Americans closer to owning a home. This project not only is good for the soul of the country, it's good for the pocketbook of the country as well. The housing market has reached frantic proportions. It seems that everybody is building, buying or selling. The Dow and the S&P both breaking records. Profits soared 93% at Goldman Sachs this year. Hotshot traders and bankers can expect to take home 10, 25, and in some cases, $50 million. Things that are too good to be true, are. When you see something coming... The real estate bubble... - Housing bubble... - Bubble... ... don't put it off. Take action immediately. Will there be a soft landing, or will the bubble burst? A new story, the mortgage meltdown. This morning in the mortgage meltdown, new numbers showing that a record number of Americans are losing their homes. More than 70 mortgage companies have failed in the last few months in America, and now the biggest of the big companies, the Bear Stearns, the big banks, are caught holding the bag. The fifth largest investment bank in the country, Bear Stearns, is being sold for just $2 a share to JPMorgan. It's being assisted by the government, which is stepping in to guarantee some $30 billion in Bear's toxic real estate assets. You've got to imagine that Hank Paulson didn't think he signed up for this when President Bush picked him to become Treasury secretary. Hank Paulson may now have to undo some of the deregulation measures that he and his peers on Wall Street pushed through when he ran Goldman. Treasury secretary Hank Paulson telling Matt Lauer this morning, "We're all over it. I've got great confidence in our markets. "They're resilient. They're flexible." Ali, the truth is that Bear Stearns is only a very small fraction of this story. Our economy could face far worse than a recession. In the wake of Bear's collapse, Lehman Brothers is scrambling to reassure investors about the impact of the mortgage crisis on its own assets. Insurers of the firm under a great deal of pressure this morning. Dick Fuld, a 39-year veteran of Lehman and the longest-running CEO of a major investment bank on Wall Street, has pulled the firm back from the brink during other crises, but today, for the first time that I'm hearing it, investors are questioning his leadership. - Motherf***er. - One key question investors have for Lehman Brothers, "What's the true earnings power of this investment bank's business?" - Hey. - Get up here. We gotta start stacking sand bags. What are you talking about? We're down 21%. On paper, I just lost $90 million, personally. With investors pummeling Lehman shares, the big question this morning is, "What options does Fuld have?" So far, he has failed to raise new capital while virtually all of his rivals have already done so. And now, hedge fund manager David Einhorn SIGN IN GET HBOMAX
SIGN IN GET HBOMAX  TV-MA | drama | 1 HR 40 MIN | 2011 WATCH NOW HBO Max Watch on HBO Centering on Treasury Secretary Henry Paulson, this film offers an intimate look at the financial crisis of 2008 and the powerful men and women in Wall Street who decided the fate of the world's economy in a matter of a few weeks. |
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