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Yet with downward revisions for the previous two as well. europe is a worry and the u.s. jobs picture and potentially the u.s. economy running out of steam. and that is why the s&p now is down 10% since april 2nd. it closed flat, the dow closed down, around about 17 points. and slightly higher at the start of trading after the germans sending out soothing messages, angela merkel saying all instruments are on the table to guarantee the safety of european banks. that said she's ruled out giving money directly from european coffers to spanish banks unless they've got formal bailout programs. perh...

Including aig, gm, and allied financial. jon, here's the thing. the watchdog is saying that essentially the public perceived that the tarp was going to exit out of basically these invests when bank of america and citigroup stakes were unloaded. but then the public basically did not get the full information from the treasury department essentially that basically the tarp program is continuing, continuing and it could be cemented into the government's permanent architecture of bailouts, quote, for years to come as tarp has now morphed into 13 bailout programs for, not just banks, but for the aut...

Passed that would force open the fed's books. unfortunately, not for its entire history but just for a two-year period that covered the bailout, and even that only covered emergency overnight loans and some of the bailout programs. in december they got a list of all these people who had received moneys through received monies through all these various programs. >> some of them are exactly who you would expect them to be. some are major u.s. banks, some are not who you'd expect them to be. non-american companies, non-american banks. that wasn't even the most interesting part. >> i looked throug...

Second a second shock wave through the system. >> something like what? >> well, the panel is estimating 200 to 300 billion-dollar in possible losses for the big banks alone. and it is worried that obviously that could cripple the financial system again. at a minimum it could should down lending, particularly small business lending and hurt community banks. >> shepard: are we going to get a decision at some point? >> after the tarp bailouts, big banks raised buildings in capital and are making profits so treasury officials told us they think the big banks can muddle through and you better belie...

Is hard to see how the fundamental problems of the system have been addressed." he added that "the substantial cost of tarp will have been for nothing if we do nothing to correct the fundamental problems." in our financial system, it could end in a similar or greater crisis in two, five or 10 years. he warned in the report that in his view little changed to head off another financial crisis. "to the extent that huge interconnected too big to fail institutions contributed to the crisis those institutions are now larger in part because of the substantial subsidies provided by tarp and other bail...