Later there was the tarp and other tools the government had. At the time of the Lehman Brothers failure, there wasnt much left in the arsenal. The question is could they have handled things differently back then . You know, theres plenty of things you could have run of how they might have done things differently. But you had a massive Financial System that was overextended, that was short of cash, we were hitting the outer limits of the Legal Authority and really the political will to bail out Financial Institutions. What about the Market Expectations that abby was talking about . You go to europe, and they are still very critical of the american authorities for not doing what they needed to rescue Lehman Brothers. The american authorities would say we didnt have any legal tools. But lehman was the leading cause of the crisis, but the Financial Sector relied too much on borrowed money. How did the Banking Sector get to that point . The financial crisis, i think was driven by a housing
Out the cause of last weeks fire in seaside, new jersey. The team is certain that the electrical unit compromised by sea water, caused the fire. And nearly 1800 people have been rescued in colorado, those stranded by washed out roads. Inside story is next. When one bank came apart it shook banking to the core and changed the industry forever. The lessons of Lehman Brothers tonight. You are watching inside story from washington. Hello, im libby casey. When the huge wall street firm Lehman Brothers collapsed five years ago this week, it was only the beginning of a crisis in the Bank Industry from which the American Economy is still recoverying from. Well talk tonight about what has happened to the banks, and the new rules under which they operate. But first some background. Some of the largest investment banks in the world failed, banks stopped lending to familiar list and small businesses. It has five years since the upheaval, so powerful we will still feeling the reverberation. It was
Iconic institution was at risk. The doddfrank wall street reform and Consumer Protection act was signed in to law by 2010. We are the 99 . But the economy continued to lag and americans grew angry as none of the approaches were popular. In 2011, the anger found its voice. People are frustrated and suffering and want something done about it. Thousands of protesters from around the nation filled new yorks zicotti park in washington. The u. S. Housing market is rebounding, and tarp has been paid back, but unemployment is still a problem at 7. 3 , and job gains have been small. Americans are cautious. In a recent Pugh Research poll on the recovery, nearly half of respond acts said the country is still at high risk. While 43 said the government has been too involved. 63 of americans polled believed the u. S. Economic system is no more cure now than it was in 2008. Thats in contrast to a third who think its now safer. The study concluded that American Consumer and Business Confidence in the
As i mentioned, we have a 180 site network in the commonwealth of virginia and with technology it doesnt have to be a traditional referra referral arh is than the western half of the commonwealth of virginia. Ibos who with her preponderance of sites in Far Southwest virginia primarily because thats, lisa we start that was a rural area and a lot of the Grant Funding and our legislative partners were in southwest virginia. We have sites in the middle of the Chesapeake Bay and on easteron theeastern shore of vis well. So technology while this is not about technology it is really important to choose technologies that are interoperable. That has been our Guiding Force is to choose things that work with one another. Plugandplay. There is a team of health alliance, equipment manufacturers that have pledged to great interoperable devices. We have desktop videoconferencing, mobile videoconferencing carts, fixed via conferencing and even ipad and other tablet devices. Weve use Robotic Technologi
Left a wrong impression when i was talking with the secretary saying if you were given the same report that that probably would have solved everything. We still have big concerns about the five, and i didnt mention that when we were briefed in november of 2011 and january of 2012 that there was real concerns of members of congress that those five would be released. In fact, there was real opposition to it, and thats why were very concerned that we werent told if we reenter those negotiations, you would be told and then we werent, so those are things that we really need to have clarified and worked through. Mr. Thornberry. Thank you, mr. Chairman. Mr. Secretary, id like to begin with a brief additional observation on the notification issue. For the past several years, this committee has worked on a bipartisan basis to establish an oversight structure for cyberoperations, for terrorism operations and for sensitive military operations. And an oversight structure that allows the department