:00:10. > :00:15.Just when you thought it was safe to come out of the house, guess what,
:00:16. > :00:20.there is more of this to come. Ruined crops stranded communities
:00:21. > :00:24.who is to blame? Before radio was invented a reporter
:00:25. > :00:31.could only speak to as many people as could hear him shout and then...
:00:32. > :00:39.. Why has a century-old medium not
:00:40. > :00:46.just survived but thrived in the new era.
:00:47. > :00:50.As the football transfer window slams shut in 28 minutes, only one
:00:51. > :00:58.show will carry it life... Newsnight! ?
:00:59. > :01:03.Hello, if you have just realised how much the animal kingdom chooses to
:01:04. > :01:07.hibernate this time of year look away now. More rain heading our way
:01:08. > :01:11.with high tides and gale force winds. Two flood alerts put in
:01:12. > :01:16.place, and even what the Environment Agency is calling "threat to life".
:01:17. > :01:20.Those worst hit have seen homes ruined and livelihoods wrecked.
:01:21. > :01:24.Environmentalists are blaming the farmers and the farmers the
:01:25. > :01:32.agencies, then the odd lone voice blaming the gays.
:01:33. > :01:36.There is nothing unusual about the Somerset Levels flooding, much of it
:01:37. > :01:40.is under sea level, but not this long. The land is under water a
:01:41. > :01:44.month. The county might have had the wettest January on record, but many
:01:45. > :01:47.think this disaster is man made. Once upon time it was only really
:01:48. > :01:51.God who got it in the neck for causing flooding. These days it is a
:01:52. > :01:56.case of take your pick, farmers, sheep, birds, bureaucrats, climate
:01:57. > :02:01.change, rich people, apparently they are now all to blame. Unless of
:02:02. > :02:07.course you are one certain UKIP councillor, for him things have
:02:08. > :02:10.really come full circle, this is collective punishment by God for gay
:02:11. > :02:13.marriage. First in the dock the Government, including the
:02:14. > :02:17.Environment Agency and minister Owen Patterson, who Labour has now
:02:18. > :02:23.decided to call "the fool of the floods". Why wasn't it done ages
:02:24. > :02:28.ago, why only now? Many of the locals don't seem impressed either,
:02:29. > :02:33.they are angry about lack of flood defences, a slowness to pump the
:02:34. > :02:37.rivers and a lack of dredging. I have been campaigning for years to
:02:38. > :02:42.have this river dredged for years along with the local residents, I'm
:02:43. > :02:45.a councillor for 14 years, you are a councillor for 20 years and they
:02:46. > :02:49.don't listen. If they weren't listening before they are now. The
:02:50. > :02:55.Government is saying dredging will start as soon as is practicable. It
:02:56. > :02:58.might seem unlikely but the RSPB is charged with helping to cause the
:02:59. > :03:03.floods. They manage large parts of the Somerset levels for the benefit
:03:04. > :03:08.of wading birds, and they along with other conservation groups have
:03:09. > :03:13.opposed dredging. I'm sorry about the birds and voles, we have to
:03:14. > :03:19.defend ourselves, birds can fly and voles get away. It is hard for us to
:03:20. > :03:22.lift up homes adisappear. Next up farmers and landowners. This takes
:03:23. > :03:26.the argument in a some what different direction, to what is
:03:27. > :03:30.going on upstream. Even the sheep are guilty. Because, the accusation
:03:31. > :03:34.goes, in order to give them land to graze on, farmers have been ripping
:03:35. > :03:37.up threes and scrub which would normally soak up the waterfalling on
:03:38. > :03:41.the hills. No-one is saying that flood-hit
:03:42. > :03:46.residents deserve their faith, but some think it is time they moved. In
:03:47. > :03:50.Somerset the argument goes the 1,000-year history of keeping sea
:03:51. > :03:53.water out of the area has to end. While across the country it is
:03:54. > :03:58.argued the practices of draining wetlands, reclaiming salt marshes,
:03:59. > :04:03.and walling in rivers are being overwhelmed by the forces of climate
:04:04. > :04:07.change. What we have to think about is perhaps areas that are less
:04:08. > :04:12.heavily populated, areas where we have built on by the coast. Some of
:04:13. > :04:17.these areas it is just not possible to continue to defend at all costs.
:04:18. > :04:20.If the blame game is getting on your nerves, last night's Question Time
:04:21. > :04:24.showed you are not alone. Every time we have a disaster, and I have no
:04:25. > :04:27.doubt this is a terrible disaster for the people living there, they
:04:28. > :04:33.must be having a nightmare time for the last few week, somebody has to
:04:34. > :04:37.be blamed. I think the present furore about Somerset, who is to
:04:38. > :04:41.blame, somebody has to be summoned, this lynch mob stuff is slightly
:04:42. > :04:45.irrelevant to the suffering of the people there. Southern England, the
:04:46. > :04:50.south west and west Wales may feel they have suffered quite enough
:04:51. > :04:54.already. But more misery is coming, high tides, strong winds and yet
:04:55. > :05:02.more heavy rain is on its way. And there are nearly 150 flood warnings
:05:03. > :05:07.in place. That was Zoe, joining us is the environmental campaigner and
:05:08. > :05:11.the nationa farmers' representative Steven Watkins. I will start with
:05:12. > :05:15.you, you are the man who has currently 300 acres or so under
:05:16. > :05:19.water, do you think anything could have stopped that? Yes, I'm great
:05:20. > :05:23.believer in dredging of the rivers, the reason for that is historically
:05:24. > :05:28.it was done and that was to, in my case, the River Severn to allow
:05:29. > :05:31.larger vessels to travel up to deliver oil much further north on
:05:32. > :05:33.the river. But we have a situation really where building over the
:05:34. > :05:37.years, and that is not necessarily on the flood plain, we are talking
:05:38. > :05:42.general building, has increased the speed at which water runs off. And
:05:43. > :05:45.what's happened is that I have been given the considerable amount of
:05:46. > :05:50.money by the Government and Europe to manage low-lying grassland to
:05:51. > :05:54.maintain it in an environmental low-sensitive area. Because the
:05:55. > :05:57.rivers are not taking the water away I'm actually losing these
:05:58. > :06:00.environmentally sensitive areas. When you say the rivers aren't
:06:01. > :06:04.taking the water away, what should have happened? If the dredging was
:06:05. > :06:08.continuously happening we would have a situation where the water is get
:06:09. > :06:13.out to sea. In the uplands the water needs to be held. In the lowlands
:06:14. > :06:16.the water needs to get away. I guess you have to listen to the people who
:06:17. > :06:19.work the land and say that is what they are pointing to, a lack of
:06:20. > :06:21.dredging? Of course they are pointing to that. I completely
:06:22. > :06:25.understand the pain they are going through. But there is absolutely no
:06:26. > :06:28.point in coming up with the wrong solution. What we are looking at now
:06:29. > :06:32.is a sort of reprisal of the badger UK the farmers are very upset,
:06:33. > :06:39.rightly, for very obvious reasons they are upset. They want action,
:06:40. > :06:42.they want to see something dramatic and muscular and eye-catching done.
:06:43. > :06:45.That is what the Government wants to deliver, and so it is giving them
:06:46. > :06:50.something which is not just useless, but in many cases actually
:06:51. > :06:55.counter-productive. And what dredging does so often is it
:06:56. > :06:58.actually causes more floods, more dangerous floods than were there
:06:59. > :07:03.already. So you have just been accused of watching eye-catching
:07:04. > :07:06.muscular policies that do nothing? That is absolute rubbish, we have a
:07:07. > :07:09.balanced society, and a balanced needs of society. We need
:07:10. > :07:15.environmental features and if the rivers are not being cleaned, I have
:07:16. > :07:20.got trees that are in a major river, the River Severn is a major river,
:07:21. > :07:24.we have trees falling down there and not cleared, and holding up the
:07:25. > :07:28.water. It is holding it further upstream and the Government spending
:07:29. > :07:32.more money on defences it is an ever-decreasing circle of spending
:07:33. > :07:35.more money on defences and we need to maintain what we have got. What
:07:36. > :07:38.is your solution, what should the farmers be doing? It is the same
:07:39. > :07:42.solution as the Environment Agency is advocating. It has been very
:07:43. > :07:46.clear about this. When talking about the Somerset levels it says dredging
:07:47. > :07:50.is not the answer. If it is the answer it is a tiny part of it. What
:07:51. > :07:54.we have to look at is the whole catchment, what is going on in the
:07:55. > :07:58.hills, we need more vegetation in the hills to help trap and slow down
:07:59. > :08:01.the water. We have to reconnect the rivers with the flood plains in
:08:02. > :08:06.places where it is safe to do so. More vegetation means what, fewer
:08:07. > :08:11.sheep, crops or what? Fewer sheep in the hills. When you are looking at
:08:12. > :08:15.land which is extremely unproductive and interfile it is crazy to keep
:08:16. > :08:19.that land there. That is not the cause of it. The best thing to do on
:08:20. > :08:23.the land is get trees back and some deep vegetation back to hold the
:08:24. > :08:27.water. The cause of the problem is the fact we have had no forestry in
:08:28. > :08:31.the hills for hundreds of years and the sheep farming has been going on
:08:32. > :08:35.perfectly acceptably. The problem is we have been building more and more
:08:36. > :08:38.houses, more and more roads, as society develops, but we have not
:08:39. > :08:42.been maintaining the drainage system, if we don't maintain the
:08:43. > :08:47.drains. If you have your sink and your sink gets blocked you unblock
:08:48. > :08:49.it. The Environment Agency and experts all over the country who
:08:50. > :08:53.have been clear about this, that just dredging and dredging, all you
:08:54. > :08:57.are doing there, you are not increasing Compatties of the flood
:08:58. > :09:00.main -- capacity of any flood main substantially at all. You are
:09:01. > :09:04.increasing the rate of flow. That means you are increasing the chances
:09:05. > :09:09.of dangerous floods to the towns downstream. People could be
:09:10. > :09:17.listening to you saying fine, but it is cook can you land, you can't --
:09:18. > :09:20.cuckoo hand, you can't ask people to re-think their livelihoods? We are
:09:21. > :09:25.paying ?3.6 billion in farm subsidies, a lot of those subsidies
:09:26. > :09:29.are delivering social harm like the flooding at the moment. It is a good
:09:30. > :09:33.example. We should rejig the farming subsidies, we should pay farmers in
:09:34. > :09:37.places where it is safe to store the water on their land. We should pay
:09:38. > :09:40.them to plant for trees and deep vegetation to slow down the flow,
:09:41. > :09:44.dredging is not the answer. I have received a lot of money from the
:09:45. > :09:47.Government and Europe to create and protect these very areas that you
:09:48. > :09:54.are talking about. They are being killed because the water cannot get
:09:55. > :09:58.away fast enough. My flood bank, I have 11 miles river frontage, four
:09:59. > :10:03.miles close to my house, the EA spent a lot of money in 1995-96
:10:04. > :10:08.repairing those. When we had the serious floods in 2007, Hillary Benn
:10:09. > :10:14.and Lord Rocker came to the farm and I showed them, Barbara Young the
:10:15. > :10:19.head of the Environment Agency said there was no reproduction in the
:10:20. > :10:22.system. Bridgeing is not the answer, it is the upstream catchment
:10:23. > :10:27.management we need to concentrate on. We appreciate that, thank you.
:10:28. > :10:32.Janet Yellen was officially welcomed today in what may be the biggest job
:10:33. > :10:37.in the world, as of the US Federal Reserve, she is responsible not nest
:10:38. > :10:42.for decision making in the world's largest economy, the US, but also
:10:43. > :10:50.for what happens everywhere else. As the Fed begins tapering quanative
:10:51. > :10:54.easing, the free money it has been pumping in to buoy the system. There
:10:55. > :10:58.are those who say it is moving too fast. We will ask what obligation
:10:59. > :11:03.the US has to other countries in a moment.
:11:04. > :11:17.First we have this, a stiff drink in one hand and party for one. Too
:11:18. > :11:19.fast. We will ask what obligation the US has to other countries in a
:11:20. > :11:22.moment. First we have this, a stiff drink in
:11:23. > :11:25.one hand and party for one. Emerging markets are in trouble, interest
:11:26. > :11:31.rates and stock markets plunging. What has that got to do with the US
:11:32. > :11:34.Federal Reserve. There is an old saying about the Fed it is supposed
:11:35. > :11:38.to take the drinks away just as the party is getting started, a few can
:11:39. > :11:46.get things going, but it is easy to overdo things. I consider it
:11:47. > :11:52.imperative that we do what we can to promote a very strong recovery. The
:11:53. > :11:56.Fed's way of livening up the economy is to create new money. Janet Yellen
:11:57. > :12:00.has an unusual relationship with the Fed's bank balance, she can type in
:12:01. > :12:07.any money she likes. That is what it means to be a Central Bank, you can
:12:08. > :12:11.create money out of nothing. Miss Yellen's predecessor has been doing
:12:12. > :12:15.plenty of that since the financial crisis of 2008. Spending the money
:12:16. > :12:22.on things such as US Government debt. But there is a spill-over and
:12:23. > :12:26.it is quite deliberate. Private investors don't want to outbid the
:12:27. > :12:32.Fed by investing in US Government debt, because the Fed has all the
:12:33. > :12:36.money in the world. So they look elsewhere to invest. In mortgages,
:12:37. > :12:43.or corporations, that makes borrowing cheaper, and it pushes up
:12:44. > :12:46.share prices. But, then, the spill-over continues. Investors have
:12:47. > :12:54.been looking further and further afield, putting their money in
:12:55. > :12:59.India, South Africa and Turkey. And just as the previous head of the fed
:13:00. > :13:03.put the pun into the markets, Janet Yellen will help to pull it out. The
:13:04. > :13:07.Fed is still printing money but it is slowing down. By the end of the
:13:08. > :13:11.year it is on course to stop buying new assets. Investors are suddenly
:13:12. > :13:16.telling themselves that if the Fed is going to stop buying assets in
:13:17. > :13:23.the United States, it might be easier and safer to make money there
:13:24. > :13:27.instead. And they are pulling out of emerging markets. You might wonder
:13:28. > :13:32.why, if the Fed is slowing things down so gradually, the trouble has
:13:33. > :13:37.arrived so abruptly. That is one of those things about markets. When
:13:38. > :13:46.things turn sour they turn sour in a hurry. Professor Nyree Woods, a
:13:47. > :13:55.former adviser to the IMF joins me, and former economic adviser to
:13:56. > :14:01.George W Bush, Eliaquim Mangala are with me. This policy was called
:14:02. > :14:05.selfish today, would you call it that? I think it is ill-advised, you
:14:06. > :14:09.can wonder why they think they should only look at the United
:14:10. > :14:13.States. But the fact is the United States' set of policies are having
:14:14. > :14:17.real effects on all other economies in the system. Those economies, like
:14:18. > :14:21.India, and this is why the Indian governor came out so strongly, are
:14:22. > :14:32.exactly the economies that the United States asked for help from in
:14:33. > :14:36.2007. As the IMF's manage -- managing director keeps saying, when
:14:37. > :14:41.it changes direction it should do so carefully and with consultation. It
:14:42. > :14:45.is talking about tapering for a year now, how much slower could have it
:14:46. > :14:49.have been? There has been no clarity. By floating the balloon
:14:50. > :14:54.that tapering would happen at some point, they have injected a whole
:14:55. > :14:59.load of precarious and fee broil tension into the markets. By not
:15:00. > :15:04.consulting with major economies and pulling the G20 together and making
:15:05. > :15:09.sure it is done in concert, it is creating chaos. It would have been
:15:10. > :15:13.so easy to do that, creating the goodwill from including people it
:15:14. > :15:19.depended on? I totally disagree I have to say. The fed has broadcast
:15:20. > :15:23.as loudly as it can, it has told the world what they are going to do. It
:15:24. > :15:27.is hard to have more clarity than what they have delivered. But what
:15:28. > :15:30.you can't do is deliver to policy makers around the world, we are
:15:31. > :15:35.going to do this on Tuesday, because then it is out in the market, right?
:15:36. > :15:38.It is still a board, and they still have to meet and make a decision.
:15:39. > :15:42.They don't make the decision before they arrive, and then broadcast what
:15:43. > :15:47.it is going to be. They actually go to the meeting and that's where they
:15:48. > :15:49.decide. The bigger question is do you think America has a
:15:50. > :15:55.responsibility to these countries, or should it just be looking to what
:15:56. > :16:00.it needs to do? The way every Government is structured is monetary
:16:01. > :16:04.policy answers to domestic populations. Nowhere in the world do
:16:05. > :16:08.you have central banks that are responsible for the impact of their
:16:09. > :16:12.monetary policy elsewhere. That is not the way the game works. However,
:16:13. > :16:16.having said that, what I think should be more in place is an
:16:17. > :16:19.wariness by the Federal Reserve of what is happening in the markets
:16:20. > :16:24.generally. And, what the specific impact is so they can understand
:16:25. > :16:29.where their partners around the world are. This is not well
:16:30. > :16:32.understood. A load of people will be sympathetic with that, America has
:16:33. > :16:35.to put itself first. These countries can be tiger economies, they can
:16:36. > :16:39.boom when they boom, why should they not be able to stand on their own
:16:40. > :16:44.two feet now? Two things, so the United States has spent decades
:16:45. > :16:49.persuading economies whether Brazil or independentia or Indonesian or
:16:50. > :16:53.Turkey to open up their financial systems and admit US investors and
:16:54. > :16:57.banks into their economies. It is those countries most affected by
:16:58. > :16:59.changes in US policy. If the US doesn't start taking responsibility
:17:00. > :17:04.for that, those countries are going to become much more nationalistic in
:17:05. > :17:10.their finance, and should the door and not let those investors in. You
:17:11. > :17:15.think that will happen? That is the risk, not trade, I'm talking those
:17:16. > :17:21.countries putting up what they would call Prudential barriers to stop hot
:17:22. > :17:26.money flying out and flooding i They should have done that initially.
:17:27. > :17:31.Protectionist measures? It doesn't have to be, if they were that
:17:32. > :17:35.worried about the hot money when it came in, the Federal Reserve's
:17:36. > :17:38.position is you should have raised interest rates at that time if your
:17:39. > :17:43.economy couldn't handle it and allow your currency to appreciate. If you
:17:44. > :17:47.didn't do those things you forfeit your right to complain now. That is
:17:48. > :17:54.speaking without a consideration of what a big economic power America
:17:55. > :17:57.is? I ace agree -- I disagree, the US is not the only one in
:17:58. > :18:01.quantitative easing, it is the combination of Britain, the United
:18:02. > :18:04.States and Europe will lean in that direction as much as the Germans
:18:05. > :18:07.will they let them. This is a different world than one Government.
:18:08. > :18:11.At the end of the day it still is our currency and everybody else's
:18:12. > :18:15.problem. This is a question for both of you, I will start you with
:18:16. > :18:22.Professor Woods, does it look at this point whether quaying has been
:18:23. > :18:30.a successful solution to a major world problem? I think so,
:18:31. > :18:33.quantitative easing was partly about repairing financial systems that
:18:34. > :18:36.were broken and stimulating economies. It is not a good way of
:18:37. > :18:40.stimulating economies, and you have to have an exit strategy and nobody
:18:41. > :18:45.could come up with a good one. It was the wrong exit strategy at the
:18:46. > :18:48.wrong time? Nobody knows the exit strategy, on the other hand it is
:18:49. > :18:53.hard to say they shouldn't have done it at the time, we were on the brink
:18:54. > :18:57.of quite a disaster. What is really interesting is it is working if the
:18:58. > :19:10.purpose of QE is to generate inflation, it is just generating it
:19:11. > :19:15.in the emerging markets. When MTV launched the first video was Radio
:19:16. > :19:19.Star, the intention was the channel would kill off radio. It is not the
:19:20. > :19:22.only thing, everything from the talkies and the Internet is billed
:19:23. > :19:28.as its them circumstance all have failed. Listening figures are
:19:29. > :19:31.holding up remarkably well. Is this the inevitable decline with
:19:32. > :19:42.technology, but there is big investment going into radio's
:19:43. > :19:46.future. For thousands of years spreading the spoken word was
:19:47. > :19:59.limited to how far someone could shout, and then 100 years ago... .
:20:00. > :20:08.SOMETHING CHANGED. THE INVENTION The invention of radio is still going on
:20:09. > :20:14.around the world. In San Francisco on 997 Now is Let It Be. Energy all
:20:15. > :20:18.over the bay today, it is so awesome. She is playing music and
:20:19. > :20:24.using technology that would have been unrecoginsable to the radio
:20:25. > :20:28.pioneer, she still sees herself as part of that tradition. We keep it
:20:29. > :20:32.local, we live here, I live here, I go through the same things, if there
:20:33. > :20:36.is an accident on the way to work that people are stuck in. Most
:20:37. > :20:39.likely they will know what I'm talking about, something happens on
:20:40. > :20:43.Bart on the train here. And it helps that I can relate and live the life
:20:44. > :20:48.they are living. News at the speed of life, your life. For years people
:20:49. > :20:55.have been predicting the death of radio, but radio definitely ain't
:20:56. > :21:01.dead. In the US, like the UK, over 90% of adults listen every week. You
:21:02. > :21:09.might think that good old steam-age railway is the antithesis of the
:21:10. > :21:14.computer and internet age as in Silicon Valley. However there are
:21:15. > :21:18.many internet entrepeneurs who are betting big that the radio has a
:21:19. > :21:22.loud and bright future. We are looking at two companies with very
:21:23. > :21:27.different approaches to how radio can evolve. The first would be a
:21:28. > :21:32.God-send if you ever wake up say wanting to hear a Nigerian hip hop
:21:33. > :21:38.station or all-hits radio from Malaysia. Tunein says it can deliver
:21:39. > :21:43.100,000 radio statis streamed to all your devices anywhere in the world.
:21:44. > :21:47.The last mass market medium moving on-line, as a result what is
:21:48. > :21:51.happening is the proliferation of these connected devices are meaning
:21:52. > :21:54.people from around the world can consume any radio station from
:21:55. > :21:59.anywhere. It used to be you could only consume a radio station if you
:22:00. > :22:02.were within 30-40 miles within the terrestrial tower. Now on your
:22:03. > :22:09.smartphone, instead of 70 options locally, you have 100,000 options
:22:10. > :22:12.from around the world. Tunein is backed by venture capital companies
:22:13. > :22:16.including Google. They are seeking to mash the traditional model of
:22:17. > :22:24.radio, which is local sales to local businesses. In Paolo at toe -- Alto,
:22:25. > :22:29.let as say I'm listening to a station in the UK, but the ads won't
:22:30. > :22:34.be relative to me. There is a local station here that could sell those
:22:35. > :22:41.ads and we revenue share that with the broadcaster and some place else,
:22:42. > :22:47.no matter where they are. But what if the future of radio isn't
:22:48. > :22:50.internet-based audio streaming. At the moment most modern smartphones
:22:51. > :22:55.contain a chip in them that allows you to receive an FM radio signal.
:22:56. > :22:59.The same signal you get in your house or car, it is just most
:23:00. > :23:04.carriers disable that chip. Change that and suddenly most people are
:23:05. > :23:08.walking around with a radio in their pockets that is free to use and
:23:09. > :23:14.don't require gobbling up your expensive data allowance. That is
:23:15. > :23:18.the idea behind Nextradio, a new service launched in the United
:23:19. > :23:24.States. The signal comes over FM, extra data like interactive ads,
:23:25. > :23:32.special offers and information comes over the Internet. One of the US
:23:33. > :23:38.carriers, Sprint, is promoting the idea. Where we step off and make it
:23:39. > :23:42.more compelling is to use the FM, what the audio is for FM, to trigger
:23:43. > :23:46.events that make it more interactive. As the song is playing
:23:47. > :23:50.we might display artist or album information, offering the listener a
:23:51. > :23:54.chance to give feedback, do you like it or dislike it, would you like to
:23:55. > :24:02.share it with your friends what you are listening to on which station.
:24:03. > :24:07.We are offering promotional things like awe -- automating the call. We
:24:08. > :24:12.are liking live radio stations and automating them and presenting to
:24:13. > :24:16.the consumer. And FM has its advantages. It is far more robust in
:24:17. > :24:22.the case of an emergency than internet streaming, making it pretty
:24:23. > :24:27.useful in earthquake-prone San Francisco. In the UK the Government
:24:28. > :24:36.is looking to kill off FM in favour of DAB. Although how soon and how in
:24:37. > :24:42.total we don't yet know. But this is just a debate about the delivery
:24:43. > :24:46.platforms, however they listen, radio survives because audiences
:24:47. > :24:49.value it. The audience will always want to connect with local radio
:24:50. > :24:55.personalities. Can you get music anywhere. You have lot of different
:24:56. > :24:59.devices to get it, it is inbetween the records that radio makes the
:25:00. > :25:01.connection with the audience. It is the personal connection, people want
:25:02. > :25:05.to be connected with other people, they want to be part of a tribe.
:25:06. > :25:08.They want to know that they are in a group with other people, they want
:25:09. > :25:11.to be accepted and that is what radio brings. Radio has survived a
:25:12. > :25:18.century of supposedly fatal challenges, from the movies, then
:25:19. > :25:21.television, then tapes, CDs and MP three players, it is now surviving
:25:22. > :25:30.the Internet and streaming music services. There are plenty of people
:25:31. > :25:40.betting plenty of money it will survive another century or two.
:25:41. > :25:44.If you haven't seen your teenager for the last six hours you should
:25:45. > :25:48.understand the football world in overdrive now less than four minutes
:25:49. > :25:51.to go before the January transfer window shuts. Tonight has been
:25:52. > :25:56.unusually quiet, but it is normally a frenzy of highly fought battles
:25:57. > :26:00.over glamorous signings from exotic clubs. At heart it is simple, the
:26:01. > :26:04.more you pay for the players the more you expect to win. Joining me
:26:05. > :26:10.now from the Football Focus studio in Salford is the show's presenter,
:26:11. > :26:15.Dan Walker and former Liverpool midfielder, Danny Murphy, who will
:26:16. > :26:22.be on in a few minutes. Tell us what's happening, first of all with
:26:23. > :26:27.Liverpool, Danny, is it Pilanka, sealed yet and what about the other
:26:28. > :26:33.signings? That is an on going saga. One thing for sure if it is sealed
:26:34. > :26:36.he's terrific, he could be a real boost for Liverpool pushing for the
:26:37. > :26:41.top four spots. I can tell you some of the other things that have gone
:26:42. > :26:47.through, Fulham have signed a Greek striker for ?11 mill I don't know,
:26:48. > :26:55.Chelsea have -- million, Chelsea have spent ?12 million on a player.
:26:56. > :27:04.It is not a big deadline day bid. The biggest was Juan Mata to Chelsea
:27:05. > :27:07.which is a few days ago. The teams at the bottom now are so desperate
:27:08. > :27:10.to stay in the Premiership because of the money involved. The top
:27:11. > :27:15.squads can't get the quality of player they want, so will wait for
:27:16. > :27:19.the summer. We see at the bottom with Fulham and Palace making ten
:27:20. > :27:25.signings how crucial it is for them to stay in the Premier League. How
:27:26. > :27:29.much do you say a club's fortunes rely on what happens on this kind of
:27:30. > :27:34.night? I mean it is interesting as a question. You do get this panic
:27:35. > :27:37.buying and in this country, in England they spend much more than
:27:38. > :27:40.some of the other to be leagues across Europe combined. It is an
:27:41. > :27:43.awful lot of cash. Sometimes it doesn't make too much of a
:27:44. > :27:47.difference. You have the likes of Torres and Carol, spent a lot of
:27:48. > :27:51.money on those, but without the big impact. You have Suarez, signed on
:27:52. > :27:54.deadline day, he does make a difference. In this window, it has
:27:55. > :27:58.been the likes of Crystal Palace and Fulham at the wrong end of the table
:27:59. > :28:02.who have spent quite a bit of cash and brought in a lot of players. If
:28:03. > :28:06.it keeps them in the Premier League it is money worth spending. We are
:28:07. > :28:10.seeing the financial fair play act, which makes club if you like offset
:28:11. > :28:15.the money they buy with the, the money they spend and the money that
:28:16. > :28:20.they bring in. Do you think that's quietened down the market? I don't
:28:21. > :28:23.think it has had as much of an impact as perhaps UEFA hoped it
:28:24. > :28:28.would do. You take a club like Manchester City, whose losses are
:28:29. > :28:32.far above what they should be by UEFA rules. They are reducing losses
:28:33. > :28:37.and taking action to do that. UEFA will look on them positively. I'm
:28:38. > :28:42.told the window has closed, it is 11.00, anything happened? Anything
:28:43. > :28:47.happened? I'm sitting here I don't know! The financial fair plaything
:28:48. > :28:51.is interesting, with what the top clubs are doing is finding ways and
:28:52. > :28:55.loopholes to get round it, naming rights of the stadium and using
:28:56. > :29:00.sister clubs in different countries. The window never closes, it always
:29:01. > :29:05.slams, it never closes. You can tell I'm Newsnight can't you! Thank you
:29:06. > :29:06.very much indeed! We're going it take you quickly through the front
:29:07. > :29:35.pages, the independent: That's all this week, we leave you
:29:36. > :29:41.with the Internet footage apparent from Turkish television of a police
:29:42. > :30:08.SWAT team in action, see if you can spot the fake sound effect we added.
:30:09. > :30:33.# Ooh # Ooh
:30:34. > :30:45.# Ooh (DOORBELL) February's about to start, where
:30:46. > :30:47.January left off. With plenty of flood and weather warnings, one of
:30:48. > :30:50.the problems on Saturday, the strength of the wind, coupled with
:30:51. > :30:51.high tides around western