From the New York Times. This is the daily I Michael Varvara today, as the legal back and forth over president trumps. Immigration ban continues Times. Investigation goes inside the world of ices and finds that too. No longer have to cross borders to carry out their attacks. Meantime, The White House has begun to dismantle the rules put in place by President Obama after the financial crisis rules intended to protect. American consumers from Wall Street banks and how upside down that seems. You have to go back The two thousand and eight and remember who won and who lost in the financial crisis and who, despite

now regulates the banks that caused the crisis its Monday February six. Google. two thousand and eight Donald Trump is host the first season of celebrity apprentice. Welcome too for his boardroom. Marrable borough get a great time. He, like both frank photos, but ultimately it's how much you solve the gas us anything get team did pointed out, stand as the year those on a cascade of terrible decisions by homeowners craving she mortgages lenders who lowered their borrowing standards and by regulators who turned a blind eye to all of it, are conspiring to cripple the United States housing market, but something else is happening, something

turns a bad. U S housing market into a full, fledged financial meltdown wall. Street banks are taking bad mortgages, chopping them in exotic ways and selling them to investors over and over, for billions of dollars and in the process. The stock market is now down twenty one percent. We mapped out forty three percent infecting the entire financial system that saw them the speed with which we are watching this market deteriorated knows where this is going to end up. I mean this is volatility. We haven't seen, of course, since before you, and I were born from LAS Vegas to London, with America's housing do. You know heels win from one hundred and ninety to one hundred and sixty six in the blink of an eye, but right now breaking news here: sucks all around the world are because of the crisis on Wall Street one of those banks, is Goldman Sachs and the press common sacks back in two thousand and eight you'd. Please raise your

hand is a man named Gary called you solemnly swear or farm under penalty of her remember that needs to move to Mr Cohn. I would like to begin my testimony with an apology. Gary Comin with it is always useful with hindsight to examine actions taken. Of course, we regret that we didn't do many things like having less exposure to leverage by September the economy implodes. We are in the midst of a serious financial crisis and the federal government is restored. Nothing, would decisive action and tax his bail out or shore up dozens of. Your financial institutions that are judged too big and essential to fail seven hundred billion dollars to rescue the countries failing banks, including Goldman Sachs, which got ten billion dollars from the guy There is a massive public outcry and a call for retribution against the bank's money gets it at bank, said a bank commanded back to us

in two thousand nine. The country's new President, Barack Obama in office just a few months, has to make a choice that that's exactly right. My colleague rules to cover the crisis closely for the business section of the times in in two thousand and nine, the Obama administration is trying to decide what do we do? Do we try in re, regulate the economic system, it is on the ice is or do we punish the people, the wrongdoers, were clearly making a lot of money off the backs of Normal America's, this fundamental decision, which is there will be time to potter's thousands, This fire we want to go after improving the system through regulations, rather then trying to put the wrongdoers in jail right now. We want to point out that by what can you do both well, if, if they had to say to try and put people in jail, and we, regulate the financial system. At the same time, that's all the Obama administration would have done in the first year and they have other things. You want to get done, like health care, for instance, but equally

getting the right regulations through that's kind of dependent on having the bank's go along with what you wanna get done. And if you're trying to the ceos imprisoned in prison at the same time that you're trying to convince them to support your regulations. It's gonna at least take a much longer anything else, and it might not get done at all. So no major Wall Street executives go to jail. Few of them lose their jobs. None are Forced to give back their salaries that year, Gary Cone earns nine point six million dollars ECHO Miss acts in the end, the only punished levelled against the Wall Street Banks, the thing demanded of them to prevent this kind of devastation again is a single piece of legislation, the Dodd Frank LAW. Right. This is a series of reforms that are put in place to say things like, for instance, banks have to keep more money in their vaults, so they have a bigger capital. Cushion safety cushion of things go wrong Banks can use their own money to make speculative bets on the marketplace, because that way, there not is exposed to the whims of the market

There's a series of reforms that are put in place to make sure that what just happened in two thousand and eight that that never happens again. If you look at walls, right? Now, it's crazy. It is it. The same guy are running the banks as were running them in two thousand and eight. This is actually the roots of the tea party. Is this absolute linger over over the elites excluding everyone else, taking advantage of em of average Americans and that that anger, that frustration? That is the seeds of the tea party, which eventually becomes the tramp of odor the Trump voter whom Trump promised to be champion for an whom he told that his opponent, Hillary Clinton, could not be trusted to take on the banks or hold them accountable. Goldman Sachs, imperfect, I would imagine she made very positive statements toward Goldman Sachs and all the people that they want their money to spend money on

body of last week, President Trump signed an executive order that will begin unravelling the Dodd Frank LAW silent principles for regulating the United States financial system directly behind Trump when he signed the executive order. I would like to begin my testimony with an apology was Gary com. It is always useful with hindsight, to examine actions taken, of course, regret that we did. Do many things better like having less exposure. He left Goldman Sachs in December to Chair Donald Trump National Economic Council. He will now play a cue. In figuring out what kind of regulations are needed to prevent Wall Street banks once again wreaking havoc on the american economy that whole progression. It feels really outrageous unless you content the idea that Dodd Frank was really flawed? Absolutely and the reason why, because Dodd Frank was written for a calamity,

right it was. It was written for amid a color, there was a medical imaging was written to stop. Is something that happens once every seventy five or a hundred years, and so it was over broad, it had some provisions that went too far. I think the fundamental question, though, is who is driving. This is president Trump driving this to appease voters, who are relatively unsophisticated about the details of these regulations and simply sort of want to see the government kind of burned down or is it being driven by everyone from Goldman Sachs is now working for the Trump administration who understands very well the the sophistication of these regulations and that some of them are absolutely needed.

Necessary and that other regulations are overly broad and, more importantly, can they reform Dodd Frank with the precision necessary to make the wise choices or will the animal spirits of the marketplace or of the electorate or of someone who says like? I think I can get an extra dollar if they just write something a little bit different than the obvious who's going to win, we'll be right back. You wanted to first portfolio, so you'll have to do a lot of legwork right. Well, not really see. With I shears corps We award winning television series at the turn of the twentieth century, uncover a dark and tat are designed to give you broad and balanced building blocks across a range of major asset classes. Making diversification easy pc take a close

Look, I shares Corey TS and get a new perspective on your portfolio. Learn more had I shares dot com. I shares, invest in something bigger. That White House and federal courts are now locked in a high stakes. Legal battle over the President's immigration ban. This week, judges in Washington in Minnesota ruled that the ban is unconstitutional and immediately lifted the restrictions on the seven muslim majority countries that had impacts. President Trump is appealing that decision and attacking the Washington State Judge who first blocked his order, calling him a so called judge and tweeting quote. If thing happens, blame him and court system

Vice President Pence defended trumps attacks on meat, the press, the judges, actions in this case, making decisions about american foreign policy and national security, it just very frustrating to the poor. To our whole administration to millions of Americans who want to see you Just that will uphold the law on Raw did was probably already the presently. The United States has under the constitution to manage who comes into this country. Molly did presumes that acts of terrorism depend on crossing into United States from abroad. What, if they don't community com Aki describe your beat? Is it the terror? Be it's become that I as such, they cover the Islamic State, Romania reporting for months on a theory she's developed while poring over documents from inside ISIS document. The challenge. Our idea of who carries out attacks on western targets. The generic understanding of what a lone wolf. Terrorist is so alone Wolf by the definition of

word is somebody who's, acting alone among the fears, this holiday, the threat of the lone Wolf. Where say it looks like a lone Wolf attack on its usually here. This is they become a movement in his mother's basement or whatever their moms basement on Facebook, Youtube in Twitter and he's radicalized through the propaganda that the Islamic State WAR. Another two hottest group puts out their law enforcement agencies on our shores of warning about the threat of long war and decides to take action on his own without any actual connective tissue back to you innovation, myself started a self started exactly essentially self radicalizing within it, without any sort of contact with a centralized terrorist organism. The problem with the term is it's almost never let me give you the case. If we had gone, whose a teenager from Afghanistan living in Germany

Last summer he boarded a passenger train in the town of Wurzburg Germany, with an ax one. Witness of the scene in the carriage was like a slaughter and proceeded to hack. People on the train is seven ten year old was self The cologne he's described as a deranged young man. There are no known links to anyone else, a couple of weeks, after the attack. A german newspaper was able to get the chats that were found on his phone, that the chat begins with an ISIS handler who says to him brother. How do you plan to attack and the young man says my knife and acts are ready for use and then the handler replies brother. Would it not be better to do it with a car, and then he explains that the casualty would be much greater and the young man says that he doesn't have a driving permit and he says I can't drive and learning takes time and he says I want to enter paradise tonight. So. He walks him through recording a video pledge, but genuine again when he decide to go

it gets released. Basically, fourteen hours after the attack shot, and what I want you to notice is how they are in touch up until the minute the young man boards a train, so he says carry out with an attack with an axe in Germany. Today the hammer replies going to committee attack all willingly, islamic state will claimed responsibility, for the last May that they exchange begins with a teenager, saying pray that it I become a martyr I'm now. Waiting for the train, I'm starting now This young man had never travel to Syria. As far as we know, he never saw or even heard the voice of the handler whose guiding him this is all just chats on on on a smartphone, and yet there able nothing more than ten digital connection to move the her son from intention to violence able to do it in a very short amount of time, so

Let me move from this case to one that takes us back to America one of the handlers that that was most prolific and most successful in taking people to the step is a guy called up? Who is some alarm? Ricky, oligarchy, actually means the American. To this day We really dont know who this guy s we do know is that he spoke fluent English with American turns a phrases so in twenty fifty, In around Christmas time, he gets in touch with a manual watchman, whose a young man in Rochester New York, from the twenty fifth to the thirty first, so basically six days they chat nonstop, and he manages to take this young man from considering an attack to actually going to Walmart to pick up ties an axe. And masking tape and other things they were planning to go attack a bore in Rochester and take hostages

kill them on camera and then use that as far as complicated as a propaganda of video right. So six days it states that it took to really completely screw up this young man's life. This is what is now and called the remote controlled attack. How detailed an explicit our directions for been like that? Just how much are they dictating the deity was? It was just incredible. You know like in India, Jack cases just stunning, because in that case, and in several other cases that we found in Europe, etc? Isis? What so far as to essentially arrange weapons drops for them in different places in India. So, like one drop, one, left at the edge mirror. Translation neglects the railroad tracks. Another a bag of pistols was left hanging in a plastic bag from a tree, the non dead airport and they would just given. Gps addresses of these of these locations. You know like you, you go to the doubts that the non dead on airport look for the railway office across Willie,

my office you're going to see a tree approached. The tree in the tree you're going to find the back master literally the puppet master I this is gonna. How to this new president to trump his plans to stop there, and to stop TAT? Louise build his entire strategy around one for Waller another either a physical one of the Mexico border or An immigration kind of law, helping people from coming in from Syria. Iraq would not do anything to stop these none lone Wolf, lone Wolf that you're, describing, I really don't think so and the reason that that's not gonna do anything is once again these people Travelling to our country, these people are american citizens that are already in Rochester. In Ohio in Virginia in Texas, Infinite, Phoenix Arizona and

are being incited to attack by by actors overseas, so that the trip wire is not travel. The trip wire is a digital communication with unknown terrorist, asking them to care. An attack, so I've heard you have this theory that I want to end on in some ways, though, it's not intentional- this ban Trump Administration is pursuing, is actually a gift for ISIS in a week you could say that it is. Isis the world to believe that the United States is at war with Islam. It's why the Obama administration and the Bush administration before that made very clear that the war was not with Islam that the war was with an extremist ideology and with people who are advocating violence, I can read to you, a social, a social media post that was put out by a pro islamic state Channel on the day of trumps. Inauguration put, I think, makes this clear, the new mule of the Jews Trump before us.

Power went to, that to be blessed to continue in the war against Islam and its peak, of monotheism, again, and again do not ever forget its a crusade while they took the faculty, went to the church of the White House- yes, yes he's so is if they already like drawing on the thinnest possible rewrite they write than a ban is actually a pretty thick. It's a pretty thick when it's a pretty thick, went and I mean, let's not make any bones about it. They, of course, would have hated Hillary Clinton as well and in fact, in some of the channels- and I was following one- o Qaeda follower, put out a long screen where he said there is actually no differ. Between Hillary Clinton and Donald Trump, the only difference Is that Donald Trump is making explicit what we know. Everyone in America already believes which is that this is a war on Islam. So so to them. He All of them are the same, but the differences that Trump is making a transparent.

And now they no longer have to go to great lengths to explain to their supporters that this world is not accepting to you that this does not have not not a home for you. Thank you. Thank you. That's about it for the daily here else. You need to know the patriots, of course. Are this year's Superbowl champions after an incredible, come from behind victory and threw out? game. Several major american brands, including European Bee and Budweiser, aired commercials that felt like political statements. By touching on him creation and diversity, Coca COLA, actually recycled and add from two thousand and fourteen

but one that had new residents in this moment yeah see yeah. The show is just started, We want to know what you like and dont like about it, what you more or less of- and we want to know who you are so I'm asking you to fill out a short survey. It's at N Y Times dot com. Slash the daily sir fill it out, Let us know what you think Barbara Cinema.

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