21/01/2016 This Week

Tonight, after a week of freezing weather,

David Cameron is with the world's so-called movers and shakers

But is the Prime Minister going off-piste by talking

about the possibility of deporting immigrants who don't learn to speak

Comedian Sadia Azmat, has joined the This Week

Cameron's skiing in Davos this week, but is on a much more slippery

slope with Muslim women in the UK this week.

Canapes and champagne consumed by world leaders in the Alps

as turmoil in the markets increases fears of another economic downturn.

One of those not invited to the jamboree, journalist

and broadcaster, Julia Hartley-Brewer.

Cameron is desperate for his fellow leaders to focus on his EU

negotiation, but they have other matters on their minds.

And, bringing the financial crash of 2008 to the big screen,

braving the cold conditions in the This Week studio,

Hollywood writer and director of The Big Short, Adam McKay.

The housing market is rock solid. It's a time bomb.

I've waxed my skiis and I'm off on the piste!

Now, long-suffering fans of the show will know to their cost that

Diane Abbott is a hard habit to break.

For over a decade she bestrode our sofa like a colossal pain

So news that Diane will soon be portrayed on the London stage

in a song-and-dance-and-hard-left spectacular entitled Corbyn

the Musical, The Motorcycle Diaries has already been greeted

with a five-star review by those who know her

The plot sounds entirely reasonable to us and sees our Jezza facing

a nuclear crisis with the Soviet Union, set

against the doomed-romantic background of the pair's

now-infamous East German motorcycle holiday in the late 1970s.

A sort of Easy Rider meets the Stasi extravaganza you might think,

but described by the writers as James Bond meets the Kama Sutra,

it promises to do for Diane and Jeremy Corbyn what Summer Lovin'

and Grease Lightnin' did for Sandy and Danny Zuko.

Of course, political balance demands that we also express our enthusiasm

for the upcoming Boy George musical provisionally entitled,

of Cutting Student Maintenance Grants -

Though nobody knows what the soundtrack will be

since there's no mention of it in the Tory manifesto.

Speaking of nasty surprises you weren't told about,

I'm joined on the sofa tonight by two unexpected items back

Think of them as the 'sympathy strike' and the 'sympathy card'

I speak, of course, of #fourpercent Liz 'miserables' Kendall

and #sadmanonatrain Michael 'choo choo' Portillo.

Welcome to you both. Thank you very much. Michael, your moment of the

week? Jean-Claude Juncker, the President of the European Commission

seems to be proposing changes to immigration rules which are very

significant from Britain's point of view. We are able to deport and have

deported 12,000 immigrants over the last few years to the place where,

in the European Union they first sought asylum. Which is the Dublin

Agreement? He is saying this might need to be revoked unless Britain

agrees to take its quota of immigrants, which in our case would

probably be about 90,000 souls. Quite a significant number. This

dwarfs what David Cameron is talking about at Davos, for example, which

is the limit on when EU citizens, who move to this country, would

first receive benefits. It's a much bigger problem. If it really is the

case that Juncker is thinking of making these changes, it will loom

Brett pretty large over this He may think summer. About it, I suggest to

you it will not happen? You think because he will see this as dynamite

in the referendum campaign? Yes it would be deeply unpopular in Eastern

Europe too. It won't just be Britain. We will see, you never

know. We will see. Liz. Today's enquire into Litvinenko's murder.

Remarkable, wasn't it? It may not ultimately have been surprising, but

it was brutally shocking I thought in its conclusions. It raises very

difficult issues for the Government which has to be able to demonstrate

it's not going to allow the Russian state to get away with murder whilst

also being able to deal with Russia over the very serious questions in

Syria and Isil. I also think it raises some important questions for

those on the hard left who have often acted as apologists for

Russia, claiming Russia is always forced into things by the West and

claiming that somehow they are the subject of propaganda from the

western media and demonised. I hope after today's report we never hear

those comments again. I never thought I would hear him name a head

of a foreign state. Quite amazing. Now, John Major described Britain

as a country of "long shadows on cricket grounds, warm beer,

invincible green suburbs, Not sure he actually mentioned

the last one and he might have used another word,

beginning with B and something to do with his parentage,

but you get the picture. This week David Cameron went

further, claiming speaking English was an essential feature

of our way of life. According to Dave, tens of thousands

of Muslim women living in the UK struggle to speak the language -

often prevented from doing so by men who don't have their best

interests at heart. He's even proposed deporting women

who fail to learn the language adequately after two-and-a-half

years in the country. So are Muslim women in the UK living

in the social isolation Here's comedian Saria Azmat

with her take of the week. # Grandpappy's never

late for his dinner. # And he washes it

down with brandy...# I'm here today for a

lesson in Britishness. If the Prime Minister is to be

believed, as a Muslim woman I spend most of my time waiting in corridors

for the men folk in my life to finish their important meetings

and hiding behind the firmly closed door of my house, which sounds

more Isis than Leyton. There might be a minority of Muslim

women living in the UK But the answer is not to generalise

on the basis of a few case studies because the main thing making Muslim

women feel like second-class citizens is the Prime Minister's

demonisation of us. And speaking of generalisations,

what truly qualifies Having a Sunday roast,

drinking Earl Grey or crying I'll have the steak

and kidney pie, please. In one breath, David Cameron talks

of a Britain where women and girls are free to choose how they dress,

how they live and who they love and in the next advocates clamping

down of the wearing of the veil. You know who else tells women

what to do and what to wear, For me, wearing a headscarf,

far from being submissive, is an act of rebellion

against my liberal parents. In short, it brings

a better game than I do. The reality is, the Government

is scared of a problem it doesn't understand and has reacted

by further alienating the community, clamping down on the freedom

and individuality it It seems like, as a Muslim woman,

I've still got to prove my So, Mr Cameron, is this

English enough for you? And from Rules Restaurant

in Covent Garden, to disobeying the rules of making good

television here on This Week, Sadia Azmat and Yasmin

Alibhai Brown join us now. Yasmin, let me come to you first.

What do you make of Sadia's take of the week there? You know, it's a

good... It's a good set of arguments. Of course, nobody is

saying all Muslim women are oppressed. Can you imagine anybody

oppressing me? You know, I'm a Muslim woman, you know. We've often

tried? You've tried and failed. I think there is a serious crisis and

there is a serious problem. Just because all feel angry for the Prime

Minister for the loose way in which he was talking and linking language

and women to terrorism doesn't mean we have to ignore a very serious

problem. We are lucky. We are lucky women. Have choices and we have

independence. Before the elections I went to Rochdale I walked in this

area and it seemed as if all Asian women, Muslim women, had been

Spirited Away on to some planet that I didn't even know about. They

weren't at the hustings or at the meetings. The same thing in Bristol.

Male monopoly. East End of London the same thing. . You say a minority

of Muslim women might well be oppressed. I don't think the Prime

Minister said all, I think he was imself referring to minority. Do we

know how big this is minority is? Is it worth doing something about the

minority? I think yes, there is worth doing something. It's the way

he pitches it. There will be a benefit in doing a literacy scheme.

The way he makes it sound is that all Muslim women are ill literate.

So that's the problem with the way he's kind of framing it. Putting

aside how the Prime Minister framed it, I think Yasmin agrees with on,

that is there a problem ta needs to be tackled? I don't know how - what

research he's done. I'm sure there is - I'm asking you? From my opinion

I think there's a small issue probably. Just a small issue? To be

honest with you, he is making it sound like it's Muslim women. If

they are in a relationship, maybe it's Muslim men as well - you agree

with that. You think the problem is Muslim men? Yeah. They should not

have picked on the mums and the women at all. It's not just Muslims?

No, but it is mainly Muslims. It doesn't help - The literacy - No,

not the literacy. This is what happens. Young women from Bangladesh

and Pakistan in parts of India come here to marry. Those young women

don't speak English. Now years and years ago I used to teach them

English in their homes, in factories, we had a national free

scheme here. Where you could go and teach them English. They killed

that, big mistake. I feel very strongly that those women,

particularly, are closed off, not able to speak English and cannot

participate. I'm saying this because I care about them. I'm not

demonising them at all. All right. Let us hold these thoughts and we

will come back to you. Liz, you have a significant Muslim community in

your constituency in Leicester West. Is there a problem of integration,

of being able to speak the English language of becoming part of the

community? Yes, I mean, I agree with the Prime Minister that it is

absolutely vital that people can speak the language in this country,

but I think that that applies to men and women and people of all

different religions and from all different countries. But the real

problem with what the Prime Minister said was he claimed he wasn't making

a causal link between not being able to speak English and extremism that

is precountriesly what he went on to do. The problem with that is,

firstly, it doesn't get to the root cause of why radicalisation is

really happening and, secondly, it does alienate the very communities

he needs to work with if we are ever going to get to the root causes of

the problem. Your reaction Michael? This is rather tragic, all three

speakers so far have recognised to various degrees there is a problem

and that the Prime Minister was right to talk about a problem. The

Prime Minister has done so in such a bad way that the three speakers so

far are absolutely against what he said. I would add to that the

ridiculous idea that a woman who fails her language test by 0.5 point

will find the police car screaming up to her door, dragged away from

her children and husband, takenen to the airport -- taken to the airport

and deported. Why does the Prime Minister waste his breath and ink in

ludicrous statements. It's not going to happen. It's not going to happen.

As so often - Why do you think he has made a basic, stupid comment. .

He had time to think about it. He has a motormouth, I think. In the

United States, the first rule of any immigrant, if you want to get on is

you learn to speak English. Even if you're in a Hispanic community.

There are more and more in the United States, you need to speak

English to get on and become part of that society. That's got to be true

for Britain as well? If I could interject. He keeps making these

comments about how we should be British. My question is - how come

it's harder to get into Disneyland USA than to Raqqa Syria because

there is more people going to Isis every week. An Asian family what

wanted to go to Disneyland and restrict from going. The Prime

Minister didn't give them backing in that case story. I take that. I

asked you about a, you are talking about b. I come back to this issue

of an immigrant society we become more and more like that over the

years. It's been generally welcomed, which would surprise many from the

60s and 70s, but if you don't want to be cut off from the mainstream,

if you want to get on why would you come here if you didn't want to get

on, don't you have to learn English? Who is doing the cutting from the

mainstream? The community is alienating the way he is speaking to

the community There was more integration from the '60s to the

'80s, partly because Muslim men and women had to work. The film East Is

East, I've read the booklets in the mosque saying do not mix with the

infidels, don't let your children mix with them, it's as if you can

live... Is that widespread in Britain? Completely. Because the

Wahabi set finances it. The publications paid for by Saudi

Arabia. You don't recognise that? I completely disagree, I don't

recognise that at all. I'll show you. This is where the Prime

Minister was on to something when he mentioned the connection of language

and extremism. It's a subtle point, but where people don't use the

language, they are naturally alienated and it's a short step from

that to victimhood. We had a young man telling us about the victimhood

by Muslims on estates and of course if people feel excluded it's easy to

inculcate the sense of victimhood and you can take people in many

dangerous directions. What do you think? There's something we need to

do. It's not always good to be viewing ourselves as the victims and

I try not to do that, I don't do that. When David Cameron talks about

contradictory terms, so he says women are free to dress how they

want but they should take off the vale, I can... He mentioned... We

are talking about people who come here, playing the full part in our

vote, if they can't speak English and they wear the full vale, I think

most people watching this programme will think it's inconceivable they

could play a full part in British society. Are we wrong? The people

who wear the full vale with well-speaking English people, the

people I've come across. Even so, it's a symbol of self-exclusion.

This is saying, you cannot see my face, the face is how we

communicate, I can see your face and I have seen a school in the mid

lands lands -- Midlands where every teenage girl was valed. How can this

be right? How is it good for us Muslims to do this to ourselves?

That's you will to their choice. Doesn't it limit, because there is a

problem with higher rates of unemployment, particularly in the

north of England, of Muslims. Doesn't it limit their chances of

get ago job? There's probably other factors involved like discrimination

as well I would say. In any case, I think I'm right in saying that the

Prime Minister raised the vale in the context of public positions held

by Muslim women wearing vales, in other words, you know, a judge, a

teacher, a social security official, communicating with clients through a

vale and he was saying that in those circumstances, he thought it

inappropriate. He wasn't suggesting what the French is done, which is

banning vales. Thank you both for being with us.

Now it's late, Crispin Blunt on Poppers late.

But don't go sniffing the Blue Nun fumes just yet.

Because waiting in the wings, writer director Adam McKay

is here to talk about his Oscar-nominated movie The Big Short,

and the politics of the financial crash.

And don't forget we are still going belly-up in the social media

meltdown on The Twitter, The Fleecebook, The Friends Reunited

and Gordon Brown's world wide web sphere.

Now, the all-conquering success of This Week still manages

How does a programme with almost no budget consistently

defeat all its rivals with such consummate ease?

Well, the secret's all in the high-producution values.

And the fact that we bribe Question Time, and Today,

and The Andrew Marr Show to be just a little bit more rubbish

Newsnight doesn't really need a bribe - obviously.

And so with backhanders being exchanged everywhere,

we decided to do what everyone does in mid-January,

and play a game of rigged tennis in the freezing cold.

We turned to broadcaster and former tennis pro,

This is her Round-up of the political week.

# Well, you're the real tough cookie with the long history.

# Of breaking little hearts...#.

What many people don't know about me is that back in the day,

long before the political journalism got in the way, I used to be a bit

So when This Week said they were looking for someone to rig

the round-up I thought - absolutely, why not.

Let's get you back out there and see if you've still got it.

Luckily, I didn't bet on the election.

If I believed what the pollsters had to say, I'd have lost a fortune.

A review of where they went so wrong was published this week and it turns

They had too many Labour voters in them and too few

It turns out that if Conservative voters had just answered

their phones, then the pollsters wouldn't have had Labour

and the Tories consistently neck and neck.

The question is - did the polls affect the outcome of the election?

# Why don't you hit me with your best shot...#.

But they did mean that we all obsessed over whether Labour's

double partner would be the SNP or not.

The next test for the pollsters will be predicting the outcome

If they get that wrong, they may not be allowed back

Talking of not getting the ball over the net,

Labour's former Foreign Secretary, Margaret Beckett, stepped back

on to Centre Court this week to explain why Ed Miliband didn't

It turns out it wasn't just his weak backhand.

The task we had was to try and convince people

that they could trust us, particularly with the economy

and to deal with issues that the Conservatives had made

issues of division between people like welfare and immigration,

As one Labour MP succinctly put it - blame the media, blame the polls,

blame the Tories, everyone's fault but ours.

Frankly, the Labour Party just served too many double faults.

Fundamentally, it came down to the economy and leadership.

Voters didn't think that Ed Miliband would make a good leader

and they didn't trust him on the economy.

And if the party doesn't change its game plan,

there's little chance that wildcard Jeremy Corbyn will win

# I'm on the edge of glory and I'm hanging on a moment of truth.

# I'm on the edge of glory and I'm hanging on a moment with you.

# I'm on the edge, the edge, the edge, the edge, the edge,

The global economy looks gloomy and the markets are in turmoil

thanks to a slide in oil prices and slow growth in China and that

has led to a change of tactics by the governor of

Now is not yet the time to raise interest rates.

This wasn't a surprise to market participants

But it may come as a surprise to those who heard him say,

just six months ago, that we should expect a rate

The PM has made his annual trip to the ski slopes,

rubbing shoulders with the global elites at Davos, he's been

using his best topspin to encourage business leaders to get

behind his EU renegotiation strategy.

I think it would be good for Europe and good for Britain

if we demonstrated that we can turn the goodwill that there

is into the actions that are necessary to put this

Come on, Julia, let's come up to the net now.

There'll be a lot of new faces on the international circuit next

year, one of them could be the man that we all love to hate -

The Republican presidential contender infuriated,

well, most of us with his call for a ban on all Muslims entering

Over half a million people signed a petition in protest

at Donald Trump and MPs were granted a debate in Parliament to decide

whether or not to ban Trump from coming to Britain.

Donald Trump is no more than a demagogue.

I'm here to support the next President of the United States,

So Donald Trump has the support of someone even crazier than him,

When it comes to self-promoting egomaniacs, Sarah Palin has

True, she'll bring him right-wing support, but what's

he promised in return - Secretary of State Palin?

Enough's enough's, I don't think I'm going to give up the day

Um, strictly expenses you understand, absolutely no

Practise makes perfect! Kind of. Michael, this huge collapse in the

markets at the moment and all the major Stock Exchanges from the FTSE

to the Dow, the FTSE down 20% compared to the peak, the DOW

collapsed as well. Here is the most difficult question of all, is this a

major correction or is a harbinger of a serious downturn in the

economy? My guess would be the latter. I think there are so many

people now saying that they want to get out of equities that the sheer

force of numbers probably will have an impact on the markets, a very big

impact before long. Then we'll two back into the usual recovery phase.

But quite a lot of people are out there in quite exposed positions.

There's still an awful lot of debt. Thinking about this country, of

course, you know, a lot of people because we have such low interest

rates have not corrected their debt positions. They may have been

encouraged into greater exposure than before so this can be very

painful, not just for people who own shares and pot just for people who

have pension funds or are drawing pensions. I think the other thing

worrying the markets is that if we were to tilt, by that I mean the

Western economies back into recession, it's not clear now what

the weapons would be to fight it because interest rates are still

incredibly low, quantitative easing is still out there, fiscal deficits

are still very high. Where are the economic tools to use if we do go

back. I think that that is one of the reasons why there is such

volatility in the markets. It's not simply what is happening in China or

with the oil, but the markets understand that. I think the

challenge for us in the UK is whether we are best prepared as we

should be for what might come. I am concerned that we do still have some

underlying weaknesses and imbalances in the economy and that if the ship

is weakly built, it's not going to be able to weather the storm. That I

think is the challenge when we come to the budget later on this year. We

are so used to talking of austerity loosely because I think broadly

speaking there hasn't been all that much austerity that, we don't

recognise that we have been in a growth phase for quite a long period

of time. In other words, what you would normally expect by now is that

you would be going back into a downturn, so, it really isn't all

that surprising. The other real factor, the markets have lost

confidence in the Central Bank authorities of China, which

mishandled the valuation of the Fed which raised rates and that was the

wrong thing to do. Governor Carney seems to change every time he makes

a speech. The EU now, and Brexit or not, do you think the support of big

business mike Goldman Sachs which is going to step in to help in the

campaign, does that help or hinder Mr Cameron in his bid to keep us in

the EU? I think almost the best prospect for

the out vote succeeding is if the British people get the idea that

there is a conspiracy of establishment thes. If all the

political parties and the major newspapers and the CBI and, dare I

say it, the BBC and now the banks, if they are all on the same side,

then Joe Public may say - if it's good for all those people it may not

be good for me. It may make people suspicion. Where the establishment

has a position it becomes pretty clear to the public where they have

to aim if they want to kick the establishment very hard. We have

seen that in continental Europe. The Swedish ref to Jiang r join the

euro. Their equivalent of the TUC were in favour of it, the Social

Democrats were in favour of it and big business was in favour of it and

the people voted against it? Yes we need insurgent i in the "in"

campaign and think more about small businesses. There is a big desire

amongst climate change and green groups. We need to give it a bit of

energy and that is what I know certainly Allen Johnson is termed to

do with the Labour In For Britain can Campaign. I don't get the

impression that Theresa May or Boris Johnson will jump ship and join the

"Out" campaign. The biggest name to join from the Cabinet will be Iain

Duncan Smith? That would certainly be a pity. You may be right, I think

it's not a foregone conclusion. The Prime Minister and, I wouldn't put

too much weight on this, has again been talking about the possibility

of the referendum not being in June but at a later date. It's difficult

to know what is going to happen. If it looked as though t leafers had a

chance the leadership candidates might change their position. It's a

joke to call them leadership candidates when what we are talking

about here is followership. Labour report by Margaret Beckett. Would it

be unfair, Liz, to say it wasn't the most revealing report I've ever read

on why Labour lost? It's good it has come out. Some of us were pushing

for it to be published. Was there a chance it might not have been A at

one stage I wasn't sure it would come out. It was raised in the

parliament Labour Party. It reminds me of Orwell's comment - to see what

is in front of one's nose requires a constant struggle and sooner or

later a false belief bumps you up against a solid reality." All of us

on the doorstep knew people didn't trust us on economy, leadership and

concerns about welfare and immigration. We can blame the

pollsters, media, and the SNP we need to look at ourselves and what

the public really think about us if we are going to have a hope in hell

of winning in It was soft 2020. On Ex Machina did he nobble Margaret

Beckett? He wouldn't have done that. No In the end the Labour takes

responsibility for the strategy and direction of travel of the party.

All of us is have a big responsibility. I don't think we did

the serious thinking over the last five to eight years about who we are

and what we stand for in the modern world. We are - It's a problem of

centre left parties throughout Europe? It's a cliche we remain an

industrial parties in a post-industrial age. We believe we

can pull the levers of the state and make things happen. That is not how

the world works any more. My prize for deep thinking this week goes to

the analysis of why the pollsters got it wrong - they asked too many

Labour voters, how did that lap? Their methodology appears very

wrong. What is quite sinister, I mean, it really is a terrible

deception of the public it has real consequences in the way that

pollsters bunch. They herded? They herded. If one of them, as it turns

out, gets it right they start correcting and adjusting their own

figures so they align themselves with the herd. In this case actually

what we are seeing is not a not accurate. In some cases it isn't

honest. In some ways distorts. I think if the poll had been accurate

rather than inaccurate during the campaign the way the media covered

the campaign would have been different. Yes. The way the Labour

Party fought the campaign, if they thought they were behind and

struggling, it would have changed the way they voted. And some of the

things promised wouldn't have been promised. Of course. The pollsters

of Ex Machina in Nicola Sturgeon's pocket, it was powerful and happened

at the end. Those last-minute things, important though they are

didn't affect the underlining fundamentals. Even thoep the polls

may have had an impact towards the end I think - The trends were

against you. There is a lesson for people like me. If you see that a

party is ahead in the leadership and ahead on the economy, and you still

believe the polls they are going to lose the election you need to

question that a bit more. OK. Thank you for that.

Now, the Labour Party published a report this week into why it lost

According to author Margaret Beckett, the Tories -

ably assisted by their Lib Dem coalition partners -

"assiduously fostered the myth that financial institutions had been

brought to their knees by the overspending of a profligate

Well, if you believe that you deserve whatever

Whatever, it was certainly an effective strategy,

putting the blame on politicians rather than the financial system.

But does that mean the real causes of the crash are still being

ignored, setting us up for a fall yet again?

We're concerned and that's why we're putting the financial crash

With markets on the slide round the world, some people

are worried we could face another financial crash like 2008.

Perfect time then for a movie that shines a light on what went so badly

I'm sure the world's banks have more incentives agreed.

The Big Short tells the story of the men who went

against the economic grain and predicted the bubble would burst

Eccentric characters who understood what collateralised debt obligations

were and how the credit default swap market worked and thyen bet

against them when everyone else was looking the other way.

If you're wrong, you could lose it all.

The banks defrauded the American people.

The film was based on the best-selling book by Michael

Adam McKay, known for Hollywood comedies such as Anchor Man,

wrote the screen play and directed the movie,

turning the complex world of high finance and subprime mortgages

into a whip smart blockbuster, gaining a bucket load of Oscar

and Bafta nominations in the process.

Do you have any idea what you just did?

The American economy. Scenes from The Big Short. We are joined by its

director and writer, Adam McKay. Welcome to the programme.

Congratulations on the movie, nominated part of the Oscar

nominations. Let me ask you this, what possessed you to make a movie

about credit default swaps and collateralised debt obligation? How

did that pitch go down in Hollywood? It's funny much I read the book.

Michael Lewis is a recognise of a writer. I read the book in one

night. Picked it up at 9.00pm. My wife was like, "what are you

reading?" I said, "I will check this out" I was up to 6.00am. A great

combination of compelling characters and salient information. I had never

seen that combination before. You wrote the screenplay? Yes. Did you

have to do a quick read on the financial instruments and financial

markets? I did. You know, as friends of mine will tell you, I tend to be

a bit obsessive. I started reading a lot of books and a lot of websites

and we had a great consultant on our movie, Adam Davidson, a financial

journalist. I just went through a crash course in economics and

finance. Crash course, get it! Exactly! A stable course - I should

have said. But, yeah, I learned a lot in a very short amount of time

and the big thing was to crack the jargon. The big thing the banks do,

they throw a lot of jargon at you to separate the people from the wheels

of power. I really wanted to make it so that working people could see

this movie and understand what really happened. Didn't it happen

that they didn't understand their own jargon? They actually bought

into their own Li to some degree. They definitely lost track of the

con or the fraud, if you will, because it got so big and

profitable, which often happens. No, they knew their own jargon - Some of

the bosses didn't. The Chief Executive of RBS, which was almost

destroyed, he told me, six months before, he didn't really know what

it was? They didn't want to know. It was Triple-A. It didn't count as

debt on their books. How convenient is that? It would be like my scale

was broken. It was telling me every morning I weighed 180llbs. I

wouldn't look to fix it. It was a certain - I've got that scale too!

Can I borrow it? Yes, can you have it for the week? The incentives got

turned upside down. There was a degree of stupidity. A degree of

fraud. I think the ratings agencies were really culpable and the media,

in the US, really missed the ball on this one as well. Michael Lewis

makes that in an interview in Britain this week, that financial

journalism, people whole knew more about it, until you started to do

your homework, knew more than you. They never got this? They never saw

this? It's funny. We have a scene in the movie where a couple of main

characters go to the Wall Street Journal and say it's going on. The

Wall Street Journal goes - get out of here. Some people from the Wall

Street Journal were annoyed by this. They say, the truth is the guys came

to you three times thech went to the New York Times, they went to a bunch

other outlets they tried to tell me the Wall Street Jourpal. They said -

we knew there was a housing bubble. I said, did you know there were CDOs

and a contagion? There was a long pause and a no. I said it never

occurred to you that the market was that big that you couldn't look into

it? Could something similar happen again? What is that? Could something

similar happen again? I don't think it will be exactly the way we saw it

go down. It never is? No, I don't think it's about the housing market.

I think that blindness that is led by greed and profits the orderly

system, right now, you guys were talking about it with China and oil

where it's at, it could happen from any other kind of thing. Do you

think the banks are too billing big to fail? No question. No question.

They are so much bigger. In the US five banks control more than 50% of

the entire banking industry. That is incredibly dangerous. There is a a

lot of junk debt around in the energy sector at the moment. A lot

of areas where you could see something happening again. The group

who saw what was happening and no-one believed them, they are

outside the mainstream they were not what you think of the tie ans of

Wall Street? No they were strange guys. That is why they could see it.

The reality was - everything is great. Home prices will always go

up. I was m LA, everyone thought - it's the way it was. Christian

Bale's character would read numbers. He was immune to popular culture.

That is how he saw it. He was really the first guy to see it before

anyone else. It's now, seven years since the epicentre of the crash. I

would suggest that there is still a lot of anger about it? Oh, yeah.

From the United States perspective, Donald Trump. He reflects it. Bernie

Sanders? A rational version of anger. Donald Trump is a punch a

hole-in-the-wall type of anger. It makes no sense. No-one knows why

they are supporting him. That anger comes from the fact that the

recovery in the US, the wages have been flat for 98% of the public and

for the top 1%, 2% there has been an up tick. That is not healthy. It's

never good for an economy. You don't want income inequality. Ied middle

America feels let down these days? Absolutely. It will feel even more

let down when they say your movie. It has an Oscar nominations. I can

ensure you that the bear markets are more interesting than a bear! You

have been waiting all evening for that one. That was nice. Good luck

at the Oscars. My absolute pleasure. Thank you for having me.

That's your lot for tonight folks, but not for us because it's

match-fixing night at Lou Lou's and Michael and Liz have been bribed

to throw some shapes on the dance floor.

But we leave you tonight with the gift that keeps on giving -

after the Labour Party were sent into an administrative frenzy this

week, desperate to find the sales invoice for the infamous 'EdStone'.

The party urgently needed to supply details of its cost

to the Electoral Commission and today it was revealed they spent

around ?8,000 on the two-tonne slab of limestone that sunk

That's only ?7,400 more than they spent

Nighty night, don't let the joke that never gets old bite.

Our pledges form the basis of our plan for working people. . These six

pledges are now carved in stone. They're carved in stone because they

won't be abandoned after the general election. I want the British people

to remember these pledges because I want the British people to be in no

doubt - we will deliver them. Thank you very much.

APPLAUSE. I want to try him on a bottle

of formula. Please, Sister. MUSIC: Take Good Care Of My Baby

by Bobby Vee I ain't getting in the red for

a pram. You've got to try harder.