50 or 100 years. This is the real thing. And much of what went wrong on wall street could be traced back to something called credit default swaps. They were traded in a risky shadow market, and they were at the heart of the financial meltdown. [ticking] it has tentacles as wide as anything ive seen. I think, next to housing, this is the single most important issue in the United States and certainly the largest threat to the u. S. Economy. Meredith whitney was talking back in 2010 about a then looming financial crisis involving state and local governments across the country. It was a debt crisis which some people believe could derail the recovery and require another big bailout package that no one in washington wants to talk about. The day of reckoning has arrived. Thats it. And its gonna arrive everywhere. Time may vary a little bit depending upon which state youre in, but its coming. [ticking] welcome to 60 minutes on cnbc. Im steve kroft. In this edition, we look at three stories lin
1. And i ask for five more minutes. The presiding officer is there objection . Hearing none. Ms. Landrieu so this is the record. When people say democrats havent been willing to negotiate, that is false, false, false. We have been trying to negotiate for six months, and the way you negotiate is going to a budget committee. Now we are in control of the senate. The people elected us. No one appointed me here. The people of the United States elected us in a fair and square election. Some of us won by a lot. Some of us won by small amounts. But this was an election by the people of the United States. The people elected the Republican Leadership in the house. They passed a budget. We passed a budget. All we have to do is go to conference. But not everyone in washington is reckless. Not everyone loves to fight over our constituents misfortune of unemployment and lack of business. Theres a small group that put them on the chopping block, and they need to take them off. They should not be used
Headlines today. In washington with the food inflation conduct food inflation report, greg storz and paul sweeney are in new york as the high court dealt what may be a fatal blow to area arielle aereo. The Supreme Court decided today that theyve violated broadcasting copyright laws by taking the signals for free. The justices ruled against the barry diller backed internet startup. A triumph for broadcast , nbc,ies, including abc and cbs, who said that they were threatening the underpinnings of the industry by selling the programming online without licensing fees. Aereo sought to give consumers a new way to watch broadcast tv would do without urges and packages. Customers in 11 cities have been able to watch live and recorded broadcast programs or as little as eight dollars per month. In a statement after the decision the ceo said that the decision by the Supreme Court is a massive set act for the american consumer. He continued that they would continue to fight for their consumers and
For president Richard Nixon, be with us. Ill he has a fascinating new book about what really happened in watergate. Information that has never been told before. All that and more, but we go back to this big story in argentina. Joining me right now to discuss means inof this argentina, we are joined by. Asey rackham and sheila and mike mckee as well. What does all of this mean . It is not good news, that much is clear. There had been optimism that the two sides would reach an agreement, because for the first time, represented as of these hedge fund holdout Bond Investors and the argentine government got together last night in the law office of the mediator mediating the dispute. And they spent quite a few hours together yesterday. The economy rolled in sort of late in the afternoon, which surprises everybody, but they have a surprising schedule. The trading has been like. We have seen a rowley in argentine assets because of the prospect for some kind of settlement. Signal of the governm
He has a fascinating new book about what really happened in watergate. Information that has never been told before. All that and more, but we go back to this big story in argentina. Joining me right now to discuss what all of this means in argentina, we are joined by casey rackham. And sheila and mike mckee as well. What does all of this mean . It is not good news, that much is clear. There had been optimism that the two sides would reach an agreement, because for the first time, represented as of these hedge fund holdout Bond Investors and the argentine government got together last night in the law office of the mediator mediating the dispute. And they spent quite a few hours together yesterday. The economy rolled in sort of late in the afternoon, which surprises everybody, but they did have a surprising schedule. I wonder what the trading has been like. We have seen a rowley in argentine assets because of the prospect for some kind of settlement. And also, the signal of the governmen