Alex Jones calls in to say that his Genesis phone system is down and he needs a backup in the studio. Joseph Stiglitz joins Alex to talk about the government trying to shut down the internet and all computers in the United States and around the world.
00:00:34.000I'm going to insist that that happens, and that a few phone lines be added in the studio.
00:00:41.000That's a problem with this society, is that everything is going to computers with no backups.
00:00:48.000I was out in my little gym in my garage, lifting weights and riding the bicycle about an hour early this morning, and I watched Die Hard.
00:01:00.000The last one that came out, I think Die Hard 4 or whatever it is, Live Free or Die Hard, and it's all about hackers taking over and doing a fire sale, is what it's called, where they completely shut down everything that is computer-based.
00:01:19.000And of course, it's some rogue group of hackers that do it, not the government.
00:01:23.000But in truth, it is the government that openly has said that they are looking At ways to shut the web and all computers, not just in the U.S., but in the world down.
00:01:36.000And boy, we sure are a society that are setting things up to make that easy for them to do, aren't we?
00:01:46.000All this important news and information going on.
00:01:49.00030 minutes from now, Dr. Paul Craig Roberts is scheduled to be on the show.
00:01:56.000And then, of course, Nobel Prize winner Joseph Stiklitz.
00:02:00.000Right now we're I think he's in New York City.
00:02:03.000I think we're stringing a wire a String with two Dixie cups on it over there to New York right now And then Sidney Sheehan pops in to give us an inside view of that amazing race Going on between her and the Speaker of the House Nancy.
00:02:17.000Let's keep the war going for a hundred years Pelosi in the district that covers San Francisco and Berkeley where the war is In the polls, over 90% unpopular.
00:03:52.000Very twisted, but there's also a lot of good in this nation.
00:03:55.000A lot of people worked hard to build this country, and you know, it's got a lot of problems, but it's the best thing running out there in the world.
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00:08:01.000From his Central Texas Command Center, deep behind enemy lines, the information war continues.
00:08:08.000It's Alex Jones and the GCN Radio Network.
00:08:27.000Robbery in world history is going on right now against not just the people of the United States, but the people of Canada, Europe, investors worldwide.
00:08:39.000There are hundreds of billions of dollars being stolen by the international banking cartel on a daily basis.
00:08:51.000Hundreds of billions of dollars being stolen Mainstream news is basically trying to create a panic while at the same time talking out of the other side of their mouth, claiming that everything is going to be okay so that they can't be accused of trying to cause a panic.
00:09:10.000It's a very simple thing to understand.
00:09:14.000On a daily basis now for the last two weeks, institutions much larger and much more leveraged than Enron Are going under.
00:09:29.000Enron made hundreds of thousands of people lose their jobs.
00:09:42.000A few people got maybe 10 cents on the dollar out of it.
00:09:47.000And then Kinlay, after he was convicted, conveniently died in his home.
00:09:55.000In Aspen, Colorado, if you believe any of that, he's probably basking in the Maui sun with Whitman Price and Haddad, his debt to society paid in full.
00:10:08.000I mean, with this government, as corrupt as it is, there's no telling.
00:10:12.000Remember, he later became Secretary of the Army?
00:10:38.000They would just make up whatever numbers they wanted, and some days would bilk the Californian taxpayers for more than a billion dollars a day.
00:10:50.000It, of course, was a money-laundering operation for drug cartels and the CIA offshore.
00:10:58.000And when they were done with it, they closed it up like an umbrella.
00:11:00.000All the real assets had been moved out the back, and they just told the public there had been some mismanagement, and that's why hundreds of billions of dollars had just disappeared into a black hole.
00:11:13.000Well, that's the same thing that's going on here, but every day, every day, There are events much bigger than Enron, and you'll hear the news say, and federal regulators say, who by the way all come out of these companies, they'll say, oh, there was some mismanagement, they did some things that probably weren't completely kosher, but nothing illegal's been done.
00:11:40.000That's right, taking junk debt, That they knew when they sold it wasn't gonna be paid back, but they knew they were gonna actually cause the run on the securities.
00:12:32.000Thousands of new banks because they could take those assets, those securities, government backed, that means taxpayer backed, and go deposit it as a asset and then loan out 10 times more.
00:12:46.000And then take the money from that bank and set up another bank and loan out 10 times more.
00:12:52.000Or 9 to 1 if you want to get technical.
00:12:54.000The fractional reserve banking here in the U.S. But then they, by the mid-90s, they just got rid of that and just said unlimited.
00:13:02.000And then I found out about the IMF World Bank Plan, which wasn't hidden.
00:13:06.000It was in the BBC News and other places to do that in the West and to leverage everything out and then implode it.
00:13:11.000And then to actually have riots in the streets for food and water and Then bring in martial law and I said, man, this doesn't sound too good.
00:13:19.000I better go on the radio and warn people.
00:13:21.000And I got laughed at like I always do.
00:13:24.000Drinking sodium fluoride, taking mercury shots, prisons popping up everywhere, cops in black uniforms with ski masks with no identification, cameras going up.
00:13:33.000It's, you know, on every street corner, it's real funny.
00:13:39.000It's real, all of it's real funny, isn't it?
00:13:46.000I remember in 1998, I saw a blurb online put out by an industry publication about how Dell was going to move most of its factories to China.
00:13:55.000So I walked up to Michael Dell at a Smart Growth Land Grab conference.
00:14:12.000Because he knows and the insiders know This nation was born to be butchered like a fat hog.
00:14:20.000And then these delionaires, people that, you know, had Delstock and think they're rich, they call into my show and say, Dad, he's telling the truth, you're a liar, and we're an American company, and we're going to do great, and they're just arrogant, full of themselves, self-assured.
00:14:41.000I haven't walked around self-assured and delusional since I was about three years old, imagining that I was a superhero on the back porch on a sunny spring day, and then I had self-awareness suddenly happen, and I realized there's this giant world, a universe around me, I'm an individual, I don't really count unless I make myself count, and that it was embarrassing to be imagining that I was a superhero, jumping off the back steps.
00:15:05.000These adults, though, folks, They are like three-year-olds that never woke up.
00:15:12.000All these people going to the steakhouses and the golf courses with their heads up in the air and looking at each other, looking at each other's jewelry and just all into it.
00:15:21.000And I'm not even saying things are bad, but the worshiping of it.
00:15:24.000To the point of where you worship things so much, you buy into a fraudulent stock market system and you buy into a system that was designed to totally steal all of our real wealth and with leveraged Fiat currency make us from the richest surplus nation, greatest manufacturing, greatest patents, ideas, best universities, most informed, intelligent, dynamic people, to being what we are now.
00:15:50.000People who bought into lies, bought into frauds.
00:15:57.000And now, we are in the slaughterhouse, being brought through the slaughter pens economically, and a lot of these bovine Two-legged cows don't even know they're in a slaughter pen.
00:16:52.000But this is what happens to decadent, evil countries of self-assured ne'er-do-wells.
00:16:58.000The problem is there's a lot of good people in this nation A lot of people that have fought against this evil and corruption have been laughed at, and we don't deserve this.
00:17:06.000We don't deserve this to happen to us.
00:17:12.000But, c'est la vie, we'll see what happens.
00:17:18.000This is from PrisonPlanet.com, Paul Watson, excellent analysis article.
00:17:22.000You could read this story and get more than you'd get from reading 30 MSNBC stories or CNBC stories.
00:17:28.000Run on the bank, Americans could lose their deposits.
00:17:31.000You know it's bad when Yahoo.com features a story about fiscal Armageddon.
00:17:38.000You know things are bad when Yahoo, the most trafficked website in the world and usually a purveyor of mindless celebrity gossip, cooking tips and dating advice features a top story about how Americans could lose their bank deposits following the collapse of Lehman Brothers.
00:17:55.000By the way, Goldman Sachs is about to go under today.
00:19:03.000You know things are bad when you're on the most crowded website in the world and usually prepare a mindless celebrity gossip that writes a story about how Americans could lose their bank deposits following the collapse of Lehman Brothers.
00:19:15.000For the internet giant to prominently report that there is already a slow-motion run on banks is indeed a landmark event.
00:19:23.000That's what I called it, slow-motion run on banks about a year ago, and precludes even that it's a slow-motion Red Dawn.
00:19:29.000But it's not Soviets taking over, it's NORTHCOM and the Pentagon eating America.
00:19:34.000This is all being militarily run, with precision, bringing the economic structure down as they suck up the pieces.
00:19:43.000And precludes even the most ignorant American from claiming they were not forewarned about the unfolding economic catastrophe.
00:19:50.000I'm going to run through the economic news, then we're going to have Dr. Paul Craig Robertson and the Nobel Prize winner Joseph Stiglitz.
00:20:17.000Fabled Enemies is the first 9-11 film to take a close look at the terrorist ties to intelligence networks inside the United States.
00:20:24.000Some U.S. investigators believe that there are Israelis again very much engaged in spying in and on the U.S. I'm aware that some Israeli citizens have been detained.
00:20:34.000Bin Laden's connections to the CIA, the hijackers'ties to the FBI, the Saudi Arabian connection, the Israeli Intelligence Network, Warnings and War Games, the shadow government, and much, much more.
00:20:45.000Either you are with us, or you are with the terrorists.
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00:22:16.000They don't have to worry about the oddities of the world taking over and wrecking their lives.
00:22:20.000I've always wanted to be a good provider, and I'm not going to change that now just because the economy's in upheaval and because there's a lot of political and social uncertainty, and I hear about global warming We're good.
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00:24:41.000Mainstream media is saying, run on banks.
00:24:44.000The article points out that although the Federal Deposit Insurance Corporation guarantees individual accounts up to $100,000, the FDIC not only has about $50 billion to insure, about $1 trillion in assets across the nation's financial Institutions.
00:25:42.000They trained the police that there's thousands of white Al-Qaeda everywhere about to attack, that white people are Al-Qaeda.
00:25:48.000First, it's just those brown people and the racists get behind that and then, well, it's actually you.
00:25:53.000When Americans realize the fact that banks are going to run out of money, the article nonchalantly states, a run on the banks will accelerate.
00:26:01.000Warning comes from top economist Nouriel Roubini.
00:26:08.000I want to get him back on, of NYU Stern School of RGE Monitor, who correctly predicted the severity of the credit crunch.
00:26:16.000He says there is already a slow-motion run on retail banks occurring nationwide.
00:26:21.000He advises that people with accounts over $100,000 in value should at least spread them out among different firms.
00:26:27.000The use of such inflammatory language like a run on the bank, especially for the most visited website on the entire planet, is a phenomenon, and other news websites, as well as financial advisors, have been cautious to use such terms in an effort to prevent panic.
00:26:41.000For example, we read in today's Seattle Post intelligence, sir, that Sarah Hassan, an analyst with Seattle's McAdams-Wright Reagan, Inc., said she didn't even want to use the word run on a bank during an interview because these are very touchy times.
00:26:54.000Other advisors are more upfront with their warnings.
00:26:58.000First off, go ahead and make a run on your banks.
00:27:01.000If you have money with a brokerage firm or a bank that is in trouble, get your money the heck out of there, writes Joe Ponzio.
00:27:10.000In reality, I don't want to cause a run on banks, but I wouldn't prevent one by saying that everything is fine and that you shouldn't wait until it's too late.
00:27:59.000Stocks slipped Tuesday morning as investors considered Goldman Sachs' mixed profit report at the latest Federal Reserve policy meeting after the previous session's brutal sell-off.
00:28:10.000The Dow Jones Industrial Average, the Standard& Poor's 500 Index, and the Nasdaq Composite all declined in early going.
00:28:18.000Goldman Sachs reported earnings of a third quarter which missed analysts' expectations for revenue.
00:29:31.000It's just wholesale stealing and fraud and crime.
00:29:37.000We're going to talk to the former Wall Street Journal editor, former head of the Treasury, father of Reaganomics, Dr. Paul Craig Roberts on the other side.
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00:32:00.000Attention, this is an extremely urgent self-reliant news bulletin.
00:32:04.000If you have ever wanted to produce your own cheaper-than-dirt survival food, this is going to be the most important message you will ever hear.
00:32:13.000This network has just learned of a new video course that reveals the secrets of how to safely prepare and store all types of survival foods in an event of social unrest and food shortages here in the U.S. Grain shortages and hunger are spreading across the globe.
00:32:26.000Will troops guard the food supplies in the U.S. this fall?
00:33:01.000Crashing through the lies and disinformation.
00:33:05.000It's Alex Jones, only on the GCN Radio Network.
00:33:13.000We are seeing Enron-level collapses every day.
00:33:18.000Fannie Mae, Freddie Mac going into receivership with the Treasury.
00:33:22.000Dr. Roberts, former Wall Street Journal editor, head of policy, department of the Treasury, father of Reaganomics, Joseph Stiklitz, Nobel Prize winner in economics, joining us in the next hour, author of The Three Trillion Dollar War.
00:33:36.000But Dr. Roberts said he didn't know if the Treasury would be able to even sustain this and not go bankrupt itself or not have the world see it as insolvent last week when he joined us when Fannie Mae and Freddie Mac got in so much trouble, and now we've seen all these other major brokerage firms in deep trouble.
00:34:16.000And to answer the question from last week, we have confirmed, it has been confirmed, the Treasury is backing the securities out of Fannie Mae and Freddie Mac that were sold, and so those are now government-backed, not just the bad mortgages and jumbo loans of above $500,000.
00:34:34.000So for this one segment, we are joined by Dr. Paul Craig Roberts, author of, and the second edition just came out, The Tyranny of Good Intentions.
00:34:48.000Dr. Roberts, where do you see things going here?
00:34:53.000Well, Alex, there's been a lot of concentration in the financial sector.
00:35:03.000It looks like the end of independent broker-dealers, and so we're moving into what Marx or Lenin or somebody would have called a financial monopoly.
00:35:16.000capitalism this concentration is what it will take I guess to prevent this from unraveling happened was all of this in my opinion is consequence of too were deregulated to the point that
00:35:46.000Capitalism. These independent broker-dealers like Goldman Sachs and Lehman Brothers, Bear Stearns, they did not have enough capitalization to back the risk that they assumed in these new deregulated financial instruments like subprime derivatives, collateral debt, obligations.
00:36:11.000No one really knew what the value of these things were because the risk had never been analyzed.
00:36:18.000And so they lacked the capitalization to sustain the risk.
00:36:26.000And so they seem to be, for the most part, going out of business.
00:36:32.000I don't know that it means anything other than just more concentration.
00:36:37.000It's kind of like the deregulation of the airlines.
00:36:56.000You know, the deregulation of electric power gave us Enron.
00:37:00.000So I don't think it means the end of the world.
00:37:04.000I think we have to have some Concerned that the Treasury's assumption of the Fannie Mae and Freddie Mac risk, since we don't really know what those risks are, that the Treasury could possibly impair its own credit standing.
00:37:22.000It might no longer be seen as the safest government bond.
00:37:28.000It may fall below any number of European countries or Japan.
00:37:34.000And it's ranking, but I don't think it means necessarily the end of the United States.
00:37:39.000The problems that we face that are more serious than this financial trouble that we're experiencing is the budget deficit and the trade deficit.
00:37:53.000And these are pushed into the background.
00:37:56.000They're kind of submerged because of the focus on the current issue.
00:38:02.000There are the more serious problems, because how can you close a trade deficit, which could be approaching a trillion dollars a year, when you don't have factories, when you don't have anything to sell because you're offshoring, not just the manufactured goods, but also the tradable services, research, the development, the engineering.
00:38:25.000Just recently, Duke University has issued a report that these high High value added services that were considered too proprietary, too much of the core business to be outsourced abroad are now being moved offshore.
00:38:45.000So we don't just lose the tradable goods, we lose the tradable services.
00:38:52.000Well, even weapons development outfits aren't just building the cluster bombs and tanks and weapon systems offshore.
00:39:01.000They are now, as you said, having different research and development done, even in, quote, enemy countries like, quote, Communist China.
00:39:09.000Right. There's no reason for us to worry about that.
00:39:13.000In fact, it might be one way we can curtail the war-making proclivities of the Republicans.
00:39:18.000Well, let me ask you this, Dr. Roberts.
00:39:21.000Yeah. We're talking to a syndicated columnist, author, and of course he's an economist, a former head of policy department of the Treasury, Dr. Paul Kirk Roberts.
00:39:34.000Doesn't it also increase the deficit to have the Treasury bailing out all these quote financial institutions?
00:39:41.000Right. And then further devalue the dollar down the road?
00:39:50.000The trade deficits and the budget deficits.
00:39:53.000So when the Treasury assumes these responsibilities, it's like the Congressional Budget Office said the other day that the revenues now of Fannie Mae and Freddie Mac should be included in the federal budget.
00:40:06.000And their expenditures should be included.
00:40:10.000Well, obviously, the expenditures are greater than the revenues.
00:40:15.000So, yes, That will automatically increase the amount of money the Treasury has to borrow every year for the federal government to operate.
00:40:26.000And that, of course, puts more pressure on the dollar.
00:40:31.000At some point, the rest of the world, which is financing us, realizes that there are just too many dollar obligations for them to be good.
00:40:43.000And when they stop buying the bonds, that's when reality hits Americans, and when it hits Washington.
00:40:51.000Because then they realize, hey, you know, we've been dependent all this time on foreigners to operate the government on a daily basis, and we've abused that to such an extent, we've scared off the lenders!
00:41:04.000And that's, those are the problems that are lurking that are far more serious.
00:41:10.000Then the failure of Lehman Brothers or Merrill Lynch being bought by Micro America or whatever the remaining independent broker dealers who will possibly be pushed into being acquired by some commercial bank.
00:41:28.000Apparently these big commercial banks, I don't really understand the mechanics of it.
00:41:37.000They feel that these big commercial banks are protected by so many deposits that they...
00:41:43.000I don't quite know how the accounting works, but somehow this shields the investment parts from being undercapitalized.
00:41:53.000So... When really what they're doing is infecting everybody's savings and pension funds right now by moving all of this Bad debt and all these dirty securities into Bank of America and others.
00:42:08.000Well, Bank of America wouldn't have taken this if they didn't see it to be their advantage.
00:42:16.000You know, sometimes the companies get...
00:42:19.000Insolvency doesn't always mean the company doesn't have a future when things turn around.
00:42:24.000It just means it can't last that long.
00:42:30.000Well, it'd have to be pretty smart to know how all this would work out.
00:42:47.000Whether it's engineered or not, it is leading to financial concentration.
00:42:53.000Uh-huh, which is what the elite wants.
00:42:55.000I mean, could you come up with a more dastardly plan?
00:42:58.000If you tried to, to offshore our industry, to dumb our population down, to militarize our police, to then run us up to debts, that never before seen even in imperial Rome, and then to set up a domestic police state and have NORTHCOM over the people, and to have our new industry be prisons and military, I mean, that's really...
00:43:21.000I mean, you talk about the greater threat being our trade deficit, and I agree with you, but even if everything fell apart tomorrow and we had a depression, If we had liberty and some free market system, we could build it back up, but if all we have is North Com and the prison system left, and a lazy population, I don't see us ever digging out of that.
00:43:42.000I see us becoming a banana republic, Dr. Roberts.
00:43:45.000Well, Alex, if I was this elite and I was that clever, I would rather be Taking the cream off the top of a highly prosperous and successful country.
00:43:55.000I don't see how it would be my advantage to run it into the ground.
00:44:00.000So, this I think is what's problematic about the elite wanting to destroy the country.
00:44:09.000I can see that we want to have power and more control, but they certainly don't gain from creating a situation in which they can't borrow money.
00:44:22.000Well, Alex, I don't think they planned to get everybody in debt.
00:44:43.000What they did, they fooled themselves with free trade theory and faulted all shoring.
00:44:48.000was free trade and that we would benefit.
00:44:50.000And when they found out what they were really doing is killing consumer demand because people were losing the jobs and the income, then they said, oh, well, we can substitute low interest rates.
00:45:02.000And a housing boom, if we drive up their housing prices, they'll be richer, they can refinance them, and spend the money.
00:45:09.000And we'll have a service economy, and we'll call putting a hamburger together manufacturing.
00:45:14.000So I think it's really just a low grade of fault rather than a supermind.
00:45:19.000I mean, what is Homeland Security all about?
00:45:22.000I mean, you've written a book about it.
00:45:52.000You know, years ago in New York we were trying to have police review boards and the police were fussing, the conservatives were fussing, this would make the police ineffectual and all that.
00:46:05.000They don't like accountability and so they've always got some kind of legislation on hand It makes them less accountable and gives them more power, and they use whatever happens to advance that.
00:46:19.000Because the Patriot Act, for example, was written long, long before 9-11, and even before anybody planned 9-11, because it was waiting for an opportunity.
00:46:32.000So they always want to be unaccountable.
00:46:55.000And of course, the law and order conservatives who think that crime is rampant, they always want the police to have more power and be less accountable.
00:47:05.000So there's so many factors out there pushing for unaccountability that Just like on the economy.
00:47:12.000So where do you see the economy going?
00:47:16.000Well, that's another very important question.
00:47:18.000You know, in the past, when we had a recession, we had a recession because the economy heated up, inflation moved up, the Fed cut down on the money supply, sales fell off, inventories built, firms laid off workers, and then when the recession set in, the Fed would switch gears and lower the interest rates again.
00:47:40.000Get the credit out, and things would pick back up, and sales would pick up, and they would rehire the workers.
00:47:46.000Well, that's not what we've got anymore.
00:48:23.000And maybe that's why they want to start a World War threat.
00:48:26.000Well, you know, since they have no way to finance the war except foreign borrowing, I don't know if the foreigners want us to Well, what about this?
00:48:52.000They're not even talking about prosecuting anybody or even investigating to prosecute with all the scams that have been going on.
00:48:59.000I mean, that's another dangerous sign right there.
00:50:04.000Cleptocracy, where the elite are above the law, but then write unconstitutional laws for we the people.
00:50:13.000Well, you see, not all the elite above.
00:50:15.000I mean, Lehman Brothers has to be the elite, and they're going down the tube.
00:50:21.000Merrill Lynch is the most famous brokerage firm in the world, and they had to become part of a commercial bank.
00:50:29.000So it's just difficult to understand, other than the American people don't seem to have any real awareness of what is transpiring and of the risk to the kind of social economic system they live in and to them personally.
00:50:46.000And so it seems like what we are witnessing is a dissolution.
00:51:17.000Fabled Enemies is the first 9-11 film to take a close look at the terrorist ties to intelligence networks inside the United States.
00:51:24.000Some U.S. investigators believe that there are Israelis again very much engaged in spying in and on the U.S. I'm aware that some Israeli citizens have been detained.
00:51:34.000Bin Laden's connections to the CIA, the hijackers'ties to the FBI, the Saudi Arabian connection, the Israeli Intelligence Network, Warnings and War Games, the shadow government, and much, much more.
00:51:46.000Either you are with us or you are with the terrorists.
00:52:01.000Do you want to pay for the government bailout of Fannie Mae and Freddie Mac?
00:56:11.000Oh, if we don't improve our bottom line, shareholders will bring suits, or some takeover artist will show up on the doorstep.
00:56:24.000There's just the total lack of accountability Well, it's the same thing that we've seen over and over again throughout history, just magnified in our current situation.
00:56:35.000The surge, admittedly, was tens of billions of dollars of $100 bills on pallets paid off of the warlords, and then it's come out in the news.
00:56:44.000I reported it two years before it was in the news that they give privates $30,000 But that's to corrupt them.
00:56:50.000They give colonels a hundred thousand, they give millions to generals, and then they kill all these army inspectors and people looking into corruption.
00:57:17.000You're right to be suspicious, and it's a good thing that you report these things, otherwise people simply will not know about them.
00:57:27.000So, just to sum up briefly, this is a financial mess, but the real mess is submerged, and that's the two ongoing deficits, the budget and trade deficits.
00:57:42.000What ways do they have of closing them?
00:57:49.000I suspect that when the next dollar crisis hits and they start having trouble selling their bonds, financing the government, that they will make a run at private pensions.
00:58:03.000They will simply say, as my successor in the Treasury, a Clinton appointee, said, That the build-up of private pensions is tax-free, and therefore there should be a capital levy on the private pensions to make up for the tax-free build-up.
00:58:25.000In other words, the government should go in and recoup the tax-free build-up in the pensions with a capital levy.
00:58:37.000Amazing. We're out of time, Dr. Roberts.
01:00:50.000Bill, what do you think the right way to look at this is?
01:00:52.000The market is afraid or, wow, you know what?
01:00:55.000If you have a bank no one expected to go out of business and get bought this weekend, another bank declared Chapter 11 and the world's largest insurer Trying to get a Fed lifeline.
01:01:08.000Well, I suppose in terms of the stock market, you know, investors are afraid, Erin, but I think in addition there's a technical situation, a technical unwind that's associated with claimant.
01:01:21.000It's primarily in the credit markets, but it flows through to the stock markets, and that is that credit default swaps and interest rate swaps that were Thank you for having me.
01:01:36.000and had positions with Lehman, and that includes the street, that includes Goldman Sachs and Merrill Lynch, and includes PIMCO, now are scrambling to re-initiate those positions, and it produces Lots of volatility, lots of uncertainty and technical positions that need to be unwound.
01:01:53.000Do you have clarity at PIMCO right now about what your potential losses might be?