samaritan s purse field hospital in northern iraq over the weekend. there s nobody else there because it s so dangerous. i had the opportunity to go there. but without facebook live, you know, i couldn t bring the viewers to it. i posted the video later on my facebook page, but facebook live is such a good tool. i ve taken it to ecuador to earthquake zones. so there s much good we can do with it. i think that s something often left 0 out when we have a horrific incident like this and there s so much controversy. the macro impact of these platforms and particularly of facebook, i think, is extremely positive in society. people want to use those features like facebook live. the problem arises when you have a psychopath like this murderer. could you imagine what kind of person would want to shoot somebody in the head while shooting a video? it s incredible, but that s the society we live in. facebook has to operate in a world where some of its users are like that. that s tough. guess
letters and news stories saying, people are going to lose their jobs. why haven t they come together? and the history of this doesn t look good in terms of the politics, doesn t look good in terms of the budget. also doesn t look good for people who want to deal with the underlying problems. the president did agree with this. this is an agreement he came up with republicans in congress. i mean, the absurd it d, it was your idea, no, it was your idea is a bit much. in terms of the impact on the macroeconomy, i agree with what simon said that the beneficiaries of these individual programs will take a hit. i m very concerned about it, especially the defense department, you re talking about $50 billion a year immediately, which will be a big blow to the defense budget. and the beneficiaries of these individual programs on the discretionary side. but in terms of the macroeconomic impacts, and we re talking less than a quarter of 1% of gdp. again, i m not for all of these cuts, but i am
bank internal and external auditors confirm adherence to the best practices and attest to the accuracy of bank s libor rates. bank stocks, prophets, could take another big hit if there are huge penalties but the macro impact are not going to be that big. there is an irony, and that is, in fact, to the extent that the rate fixing kept interest rates low, say, in 2008 and 2009 that could have helped the economy. bank of england, which geithner contacted back in 2008, said today that concerns of difficulties were widely expressed i but added no evidence of deliberate wrong doing has been cited. that would appear to be contradicted by the new york fed documents we got today. trace: a police officer burned so badly on the job his own family did not expect him to five.
already there and at the bank. it doesn t seem like they have a better idea of what s happening than the people at the top of the bank. it teams to be a harder time making money and they have to find out other ways to make the profit. right and the macro impact could be from that very question. how much do banks need to do and lend and how much activity can they spur by loaning people money to start businesses if they are too worried about it and too busy doing all this financial transaction. the core question of banking needs to be right now with a recover. are they lending the money they need and how did the regulations play into that. you have this idea that the fed made this easy money policy and they want the banks to be