Steve Syre

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Fri, 26 Jun 2009|

Syre from the Boston Globe..

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Tags:

  1. Boyz II Men1:19
  2. Whitney Houston0:46
  3. Mariah Carey1:13
  4. The Beatles1:15
  5. Bank of America2:24, 2:35, 3:47
  6. the Fed1:42, 3:08
  7. JPMorgan Chase4:17
  8. woken4:36
  9. pretty hard1:58

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Automatically Generated Transcript (may not be 100% accurate)

Order now will start -- three beds about it -- slice is good guys is. What it does -- tomato would give you five interviews factory that is who Steve's site. Thanks to -- That's let's go to Steve's site of the buzz the globe and save me from myself good bought it Steve. What happened. Hot hot hot hot. Very good Steve's idea -- out brackets that melodic Korea. -- your debit card tell us all all of his top ten songs the wreck of the Edmund the chances that. A citizen. Those aren't talking -- you brought me this morning is right Ares I truly cannot think of the Google. One always there so I.

And then Whitney Houston has eleven number one's. I know she did one huge song which I can't think of what it was not right now we but beyond that. The under the pressure -- I think -- of the physical strength -- record more than once -- she -- our military fortunate however our bottom brown. The that's right no she was a great reform but here's another way of looking at the most cumulative weeks and is that. Across a career of it being number one gotcha yeah Elvis 79 weeks tied with Mariah Carey -- like that The Beatles second twenty weeks less than 59 weeks now followed by Boyz II Men fifty weeks at number one and usher 43 weeks. I wonder with the us.

Leadership -- demand. --

I coveted number one hits has been Bernanke yet. He's got one it's got its use sirens -- charts so -- well what went on yesterday Ben Bernanke is creating.

Congress is you know usually when the Fed Chairman. Testified in congress it's. All the core element and pleasantries and it it was completed well yesterday -- In it wasn't just that he was being attacked it was it was being attacked from both -- which is pretty hard to do on. Financial -- the Republicans were attacked him in the democrats' first somewhat different reasons were attacked him all the same time and it it must've felt like they were you know he was in the fort surrounded by Indians.

Let's take -- let's take a from the Democrats perspective what are they giving him a hot time about what are they suggesting he did -- failed to do.

Well it Democrats or Republicans have different take on one -- which was. How Bank of America ended up buying Merrill Lynch and to what degree that said it ended up injecting itself into that role. And in the end of that ended up giving Bank of America even more money that'd give them before and it helps stop up does the problems that Merrill. From a democratic perspective. There idea is that you know you were completely bamboozled by the banks and you you know gave -- more money you're an idiot. On the Republican side they say you know you rejected the government wait too deeply into. Private private business there was a problem with this transaction. News a lot of evidence and accusation that. Bernanke and the Fed had threatened bank of Americans said we're gonna blow management if you bail -- like.

That's brilliantly the common perception is that there was arm twisting going on and that really they are railroaded into this -- what what came up about -- yesterday.

Well I think those were the two point of view and you know that again -- is as usual these with these things there's little piles of emails in conversation. And.

You always Bernanke assets specifically.

Each defendant himself in terms of saying not that that you ultimately get that and that clearly there were a lot of hostile testy exchanges between. That's bed and Bank of America and that is it to be some evidence that there was a lot a big block in the said that. Seriously question management at Bank of America. But the problem. It took a look at the different points of conversation in the testimony yesterday. I think what you come away with is the idea that. Bank of America had was making a big -- there was clearly a perception. From what we thought we -- for banks like Bank of America at the time not so -- reality. JPMorgan Chase that. The strong one can probably and it's all about the things that are dying and become bigger and stronger in this period of uncertainty. Bank of America and its own was really weaker than we all thought. And Merrill was just a disaster. And that they came in consent I've woken up by distance scooped up. They saw the problems and -- well let's get out of this thing and we want more money if the government is going to try to force that's. To make this deal from the -- perspective. But also -- that was probably at that point and I think what you wanted to do was marry up. The week in the stronger and they agreed with this Bank of America Merrill deal definitely blasted it. And all of a sudden here comes -- American Ken -- the CEOs saying. The deal stinks who want -- should give us more money. And they thought that you know all these banks think that it's open season on. The government writing checks than they're trying to blockbuster and they're trying to just grab all the money and we're gonna beat up with them. And I. To me that's what I think that dynamic was when I listened to all these people recounted.

You know I am trying to recall the sequence of events and if I haven't yeah I mean Lehman Brothers have fallen. There was terrible anxiety -- the celebrity culture has.