Financial storm and one that comes around perhaps one every 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. I
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
Get tough on people who were unfairly gaming the market at the expense of individual investors. Our own Charlie Gasparino broke the news on this story right here on fbn. He joins us now. Charlie, what do you have . I dont know if this is good for hft firms or not. Heres what we know. Schneiderman is not focusing on perp walks. He is not focusing on going after the hft firms, using the martin act, which is a very strong new york law, you can indict someone tantamount to a parking ticket. He will not use that to put people in jail but from what we understand he is focusing very intently on Structural Reforms in the hft business. He wants to remove their Data Information edge. They used to get the first read on Thomson Reuters university of michigan surveys. Marketmoving events somehow those were sold to them by the exchanges. So they can get the first read and could trade a nanosecond ahead of everybody or second ahead of everybody. He wants to end that. He wants to end other sorts of ad
Deal with directv. It could happen in the next 2 weeks. And 40 top sony executives reportedly will return annual bonuses as the Electronics Company struggles with loss. Well on this tuesday trading day, trader bill baruch of ii trader joins us now to take a closer look at the markets. Good morning, bill. Hi how are you today . Im doing very well. We seem to have a nice dotcom rally happening. What do you see among those tech stocks in the Broader Market . Well a lot of momentum from last week. The market held some key levels, we started moving forward and everybody was thinking sell in may and go away is second guessing themselves with some headlines that came out over the weekend with china welcoming investments foreign investments, and lifting some of those limits up really starting the week off great. What will you be watching for the rest of the week . We have retail sales today. Yeah retail sales today, ppi and cpi later in the week. Were already seeing with inflation there expect
Cspan is your unfiltered view of government funded by these Television Companies and more including comcast. You think this is just a Community Center . It is more than that. Comcast is creating wifi enabled left for students for low inme families to get what they need to be ready for anything. Comcast support cspan is a Public Service along with these other Television Providers giving you a front row seat to democracy. Financial regulators testify on oversight of the Banking System including crypto currency market. This hearing occurred after the recent collapse of the Crypto Currency Exchange ftx. The topics discussed include the impact of the economy on Banking Systems, lending in native, Rural Communities and banking reform. Senate committee will come to order. Welcome to the witnesses and committee members, most americans want the same thing, a safe, affordable place to call home, a strong, stable government they can trust, Democratic Institutions are only as strong as the people