From the New York Times, this is the Daily. I'm Michael Barbaro.

Today, as the legal back and forth over President Trump's immigration ban continues,

a Times investigation goes inside the world of ISIS and finds that terrorists 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. To understand how upside

down that seems, you have to go back to 2008 and remember who won and who lost in the financial

crisis and who despite that now regulates the banks that cause the crisis.

It's Monday, February 6th.

2008, Donald Trump is hosting the first season of celebrity apprentice.

Welcome to your first boardroom. Mayor Bloomberg had a great time. He liked both Frank

footers, but ultimately it's how much you sold the cats. Amarosa, how do you think your team did?

I think we did outstanding. As the year goes on, a cascade of terrible decisions by homeowners

craving cheap mortgages, by 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 that turns a bad US housing market into a full-fledged

financial meltdown. Wall Street banks are taking those bad mortgages, chopping them up 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 21%. We're now down 43%.

Infecting the entire financial system. Let's talk about the speed with which we are watching this

market deteriorate. Who knows where this is going to end up? I mean, this is volatility. We haven't

seen, of course, since way before you and I were born. From Las Vegas to London with America's

...