in which economics have not had more of an impact. 50 years ago modern statistical finance was created through the work of academic economists like miller, sharp and others. it s hard to imagine until the academic work of control 40 years ago no one on wall street have the ability to properly price stock-option and many of the other derivatives that have been the center of the financial crisis. moreover as fed and treasury officials intervened in the markets following the crisis meeting the terms of the t.a.r.p. for bayh pricing model stopped in the finance classis. hand-in-hand with the rise of financial economics has been the rise of finance itself. in 1947 to finance industry accounted for only 2.7% of u.s. gdp. today it has more than triple the size to 7.7%. in 1990, the was 610 hedge funds with $30 billion under management. by 2007, there were more than 7,000 on this with approximately $1.9 trillion under management. while world gdp in 2006 stood at approximately $47 tri
free-wheeling debate. the once and they have to keep in mind is that to get in the segment to the cassette to have an amendment adopted the required threshold is 60 votes. the person opposes the other side could halt a filibuster on there so that very high threshold to change this bill but senator dodd indicated he would be able to work with people how far the extent we do not know. but basically he is holding a lot of the cards on how the debate goes and opponents who want to change this bill face a pretty high threshold. bill swindell from congress dail commented on a financial regulations debate getting under way in the u.s. senate. thanks for joining us. next, the leaders of the three major british political parties face off in their third and final tvd date. courtesy of bbc news. prÃncipe ann arbor minister gordon brown, conservative leader david cameron and liberal democratic leader nick nick glegg. the question focuses on the economy. a bbc david moderates of the 90
tangle the chair. thank you mr. chairman and i would note for the record that chairman rockefeller has a long and distinguished and successful career in protecting children. thank you mr. chairman and senator rockefeller for all the work you have done in this area. it is remarkable as my colleagues have noted how quickly technology has changed over the last few years. i still remember this. people would say if you want to program your vcr, ask your kid that now vcr s are a thing of the past. new technologies, devices, programs and applications that completely change the way we work and communicate. from gps and geolocation on smart phones to the ubiquity of text messaging and twitter to posting our photos on social networking sites, the world is quickly changing and no group adapts to new technology quicker than young people and as was noted by my colleagues, nearly 60 million kids aged two through 11 are active on line and make up 9.5% of on line users. these numbers are