martha: perhaps these banks, these institutions would be in better shape today if they had been allowed in more cases to fail back then. you know i agree with that. that is the point that david stockman makes. look when you bailout big banks what we ve done, martha is basically created a big safety net underneath the big banks and the people who have been the victims of that are the community banks who don t have that level of protection and aren t able now to compete with the big, big banks. you mentioned goldman sachs, isn t it interesting at every stage of all the interventions goldman sachs came out spelling like a rose. i don t know if it s just coincidence that so many people in the government were at one time at goldman sachs. martha: what is the lesson now, i guess, because we continue the fed continues to print money. right. martha: at just lofty levels that are of great concern to a lot of people. what we re told by the administration is that you w really should -pbt be
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bridge, three in vermont, that were just washed away, disappearing in a matter of seconds, hundreds more there forced from their homes. we ll also show you this clip where a car is literally rolling down the street, throating on floating on water as it goes by. many came out to watch that. that was a small sample of what we re picking up after a long weekend here. i m bill hemmer, with martha maccallum. we haven t left. martha: no, we re still here. good to see you, bill. it s tragic what happened and those covered bridges are so historic and watching them get washed away is aufp is sad situation in vermont. check out connecticut, massive waves crashing right down in front of their homes, the flood waters in some areas in connecticut are still rising, one woman describes the scene as just a mess of rubble, basically, and other people are just in shock. you w-fp atthe end there, you look down plumb bank, you can see waves flash going peoples windows and
a very good question and a really important question and i understand it s going to be one of the subjects of the judicial inquiry, which the prime minister announced last week, which as a company we immediately welcomed and we look forward to. the question of public interest, the question of what s acceptable and what isn t in terms of investigative techniques is an important one. but let me be very clear. the codes of conduct of news corporation for our employees, journalists or otherwise are very clear that breaking the law is a very, very serious matter. people should be held to account. and in the matter of phone hacking or payments to police or things like that, we just don t think they should have any place in our business. so james mar dourdoch, you w be very clear and people should have been very aware that phone hacking was not only illegal but totally unacceptable? well, i think after the particularly in light of the