Mega corporations control our Congress through campaign contributions and lobbyists, outsourcing American jobs while obtaining tax credits and subsidies. Bernie Sanders today on Dylan Ratigan says that “we got to break these babies up”.
We are in the midst of an economic crisis. Unemployment is not 9%. It’s 16% when we include all the individuals who have given up looking for work as well as all those who are underemployed at their present jobs. The fix is not going to be easy, since these mega multinational corporations have enormous power and funds.
00:00:00 T now.
00:00:24 >>> But your assessment, how many american jobs has that saved or created?
00:00:30 >> It’s obviously very difficult to know precisely.
00:00:33 We are seeing the intended results in terms of financial markets.
00:00:37 >> What is the started unemployment rate that you would be comfortable with?
00:00:44 >> Currently those projections are between 5% and 6% of the labor force.
00:00:49 >> 5% To 6%.
00:00:51 Is there a projected time period where that might occur?
00:00:54 >> If we were to average, just 5% growth, which is quite ambitious, it would still take us another four years or so.
00:01:09 >> Certainly that could have nothing to do with the fact that america’s corporations are currently hooding $2 trillion or ben bernanke’s banks system harvests your tax dollars or taking his printed money and lending it to traders in china.
00:01:25 Or high-frequency trading where they hold the stock or whatever it may be for 8 or 7 seconds at a time.
00:01:31 I wonder why there’s no jeb in our country when you can borough from the federal reserve and use it to buy treasuries to lend it to a çfree-spending government.
00:01:43 I have no idea how to solve that problem, I guess we’ll all just sit here.
00:01:47 I’m sure that it’s completely 5 million american jobs that have been shipped overseas in the past decade because of rig currency, rig tax policy, very profitable for a few people in this country.
00:02:06 I’m sure it has nothing to do with the fact that our biggest banks are recording record profits with the businesses i just described in the process handing out obscene bonuses paid with your tax subsidies, thank you america, while they continue to cut lending strayingle new business because it’s not profitable.
00:02:27 And surely you’ve heard that the good times are bag on wall street, people.
00:02:31 Come on.
00:02:31 If you’re going to provide 40% of the funding for every politician, the least you’ve got to do is get paid, brother.
00:02:39 The dow back over 12,000, and as stocks surge to pre-collapse levels on the implicit support of the federal reserve, and explicit support of the federal reserve, 30 million remain unemployed or underemployed, and a huge other percentage are in crappy jobs or afraid for their jobs.
00:02:58 Remember, it got so bad in egypt there was a direct correlation between the growth and the gdp and the deterioration of the quality of life of the people, because people at the top were making money at the expense of everybody else.
00:03:11 It’s connected.
00:03:21 Bernie, as you can tell, this is one that gets to me.
00:03:24 Investment is a great thing.
00:03:26 Lending is a great thing.
00:03:27 It drives prosperity.
00:03:29 Why does neither the democratic nor republican nor the white house, wow do I not see anybody in political leadership in this country talking about ending gambling and starting investment ç >> well, dylan, you didn’t leave much for me to say.
00:03:45 I think you want it all, but let me try to say a few things.
00:03:49 Number one.
00:03:50 At a time when we lost 42,000 fact foyers in america over a ten-year period, 42,000, millions of good paying jobs at the same time we saw wall street making almost 40% of all profits in america.
00:04:09 What you have is a wall street unto a world of itself.
00:04:13 You’re asking that the role of banking should be to help facilitate real production, real jobs in the real economy.
00:04:20 >> But let’s stop there.
00:04:21 I think that’s a lost point.
00:04:24 Will you say what you just said about what banking should be?
00:04:29 >> If I’m a being person and i have a good idea, I go to a bank.
00:04:33 I got a loan at a reasonable price, I invest, I make money, i produce real products.
00:04:40 That’s what the function of banking should be.
00:04:42 That’s what it used to be.
00:04:45 Increasingly now wall street is an I’d unto itself separated distinct from the real economy.
00:04:55 They produce worthless illegal products, sell it out there that nobody understands, make huge hams of money for themselves.
00:05:04 When their ponzi skype collapses they have the american taxpayer bailing them out.
00:05:10 Furthermore, to add insult to injury, and we don’t talk about this very much, you have today the four largest financial institutions in this country owning assets over half of the gdp of the united states of america.
00:05:25 Now, if teddy roosevelt were here, what do you think he would be saying?
00:05:30 We’ve got to break these babies up.
00:05:32 We need some real competition so we can get money out to the productive economy.
00:05:36 >> I spoke with ç alan grayson in the podcast we do each day, and asked him specifically about the failure to prosecute any of the fraud that was either reveal in the fcic report, or any of the other journalism that’s been done, when there is clear evidence that banks were knowingly selling fraudulent, worthless, nonconforming investments to pension funds and the government, and then betting on their collapse, as this company clayton holdings audited hundreds of thousands of these mortgages.
00:06:10 It was reported in the fcic report, that they xwreded they fraudulent mortgages in these investments and sold them to pensions and the government, and yet we have not seen a single prosecution, a single investigation, a sing the administration of justice, which only further undermines america’s relationship with the elite and the government.
00:06:31 Here’s what former congressman grayson had to say about all this.
00:06:36 >> We want at the beginning we’re going to look forward, not back, and thereof in the process of making that decision let all this is crooks off the hook.
00:06:47 It turns crime does pay.
00:06:48 It turns out if you steal a lot of money, there’s jobs for you somewhere else.
00:06:53 >> How can the democrats let these guys off the hook?
00:06:56 >> That’s a good question.
00:06:58 I’m not a democrat, I’m an independent.
00:07:01 When you that you can about why the american people are so frustrated and so angry, I think what we have just been talking about has a lot to do with it.
00:07:10 If a kid breaks a window in a shop, you know, steals some candy, steals some money, that kid can end up in jail, but if you have a bunch of crooks on wall street who destroy the american economy, throw millions of people — have millions of people lose their jobs, their savings and their homes, nothing happens to them.
00:07:30 So the real question is, and i think we have to take a deep breath and ask it, does the government regulate wall street, or does wall street with their bills onregulate the government through lobbyinga%d campaign financing?
00:07:44 I am afraid to a significant degree the latter is true, and i don’t want to, you know, give you some kind of utopian statement and make things seem better.
00:07:53 It’s going to be very, very hard to take these guys on.
00:07:56 In order to get deregulation, so they can end up doing what they did, which destroyed our economy, they spend $5 billion over a ten-year period.
00:08:07 They have all kinds of campaign contributions, president appoints guys — both parties are influenced.
00:08:14 >> Do we node need teddy roosevelt or his reincarnation?
00:08:20 >> Absolutely.
00:08:21 >> It seems like such a parallel.
00:08:23 >> Getting back to ben bernanke, what we should be doing is first off — and I have introduced — will reintroduce legislation, break these companies up.
00:08:30 You want to talk about a competitive society that’s not fourenings institutions controlling half the assets of america.
00:08:38 Control, producing, issues half of the mortgages in this country, two thirds of the credit cards.
00:08:43 Is that real competition?
00:08:44 Second of all, you know, ben bernanke and the fed have the emergency power to say to these banks top charging americans 25 or 30% interest rates on their credit cards.
00:09:02 The reality is the statistic is better than it used to be, don’t kit yourself.
00:09:08 In real sense, unemployment is probably at 16%, with underemployment, and with people who have given you looking for work.
00:09:17 We are in the midst of of an economic crisis.
00:09:22 >> And we need investment in america, straight up.
00:09:26 Who is against that?
00:09:27 It’s crazy.
00:09:29 Senator sanders, thank you for your support and the time.
00:09:32 If you want to check out the grayson podcast, his insdimt directly to the obama administration for their failure to administer justice against the obvious mortgage fraud at the highest levels of america’s financial institutions, that on ç dylanratigan.com.
00:09:51 Right here on “the dylan ratigan show,” a symbol of the revolution, our interview exclusively with a friend of wael ghonim, the 30-year-old google executive now at the heart of the egyptian uprising, a leader may be emerging.
00:23:50 The republicans finally reveal their proposed budget cuts.
00:23:54 Too bad they’re targeting the weakest most vulnerable americans while avoiding actually solving any of our budget problems.
00:24:02 Are these people serious?
00:24:04 Or are they just nasty?
00:26:48 >>> we’re serious about cutting spending.
00:27:18 We had agreement on that, i guess the particulars and i details will be where the disagreements may lie.
00:27:25 >> How can you be serious about cutting spending when your spending proposals are truly a flea on a dog’s ass?
00:27:33 The people come out with a few billion here and there, we’ll get rid of the food for poor people, obliterate subsidies for heating oil for the desperately poor, but we’ll continue to account for the half trillion spent on defense, we won’t address that.
00:27:51 We will not reform the tax code or investment policies of this country to drive investment in our country, which by the way, would help people get rich and create jobs, because we wouldn’t want to alienate those who are using us to extract money from this country.
00:28:07 There was a great tweet I said are the republicans serious or the republicans nasty?
00:28:13 And no, not again, on twitter said they’re both serious and nasty.
00:28:18 If only the democrats were any better.
00:28:20 That seems to be or problem, doesn’t it?
00:28:23 Well, today house republicans, friend of I don’t know who, released a partial list of what they plan to cut.
00:28:31 Not that we don’t spend a lot.
00:28:33 Medicare, social çsecurity, massive defense budget.
00:28:36 Not surprise glynn they’re tarting none of that and instead are targeting peanuts that are central to the obama political agenda.
00:28:44 Why deal with the military industrial complex or massive loopholes and bleed in the banks or tax code when you can cut the epa high-speed rail, renewable energy and the irs which has to help enforce the health care law, and in the process, they take aim as wic, which provides food for low-income mothers and children.
00:29:11 That would save your budget problems.
00:29:15 The full set of cuts will save about $32 billion this year.
00:29:21 I cannot emphasize how moronically small that number is and how sensationally devastating depriving poor people of food is while you continue to subsidize multimillion dollar tax trade and health care scams.
00:29:42 It’s stunning, almost as stunning as the democrats’ refusal to deal with the same problems.
00:29:49 I get a little worked up.
00:29:50 I apologize.
00:29:52 Let’s bring in our panel.
00:29:54 Jane hampshire, founder of the blog firedog lake, and doug haye, a former rnc communications director.
00:30:04 Doug, I won’t make you carry the entire water nor than I would jane the left’s water, but I am interested in your perspective on what the heck the republicans are thinking running on a pro-jobs, pro-growth campaign, they go after abortion and now food for women and children.
00:30:24 None of which do anything to create jobs or to drive investment or deal with our spending problem.
00:30:31 What are they thinking?
00:30:32 >> I disagree with your premise.
00:30:33 >> Where?
00:30:35 >> The house appropriations committee today reveal 70 different cuts that will be made in the budget.
00:30:40 I think that’s a proper thing to do.
00:30:43 >> I didn’t hear anything yk said.
00:30:45 I’m sorry.
00:30:45 I had somebody talking in my ear.
00:30:47 >> We saw from the house appropriations committee, detailing 70 different cuts.
00:30:52 >> How much money?
00:30:53 >> Well, we’re talking about $600 million from the irs.
00:30:59 >> Don’t go quickly.
00:31:00 That’s nice and fun for you.
00:31:03 What I’ll tell you about how much $600 million is as a percentage of $3 trillion, $14 trillion, $70 trillion?
00:31:11 $1.3 Trillion?
00:31:13 It is a moronically small.
00:31:17 The how many am I wrong in saying it is disengenous to just as moronic as our president and joe biden to talk about a high-spiel rail program like that’s going to create jobs.
00:31:31 Hundreds of millions of jobs this country is going to need.
00:31:34 It is equally moronic and insulting for republicans to come with a 20, 30 — we did 32 billion?
00:31:41 How much money have you cut out of the budget?
00:31:44 You can cut 1,000 things, what’s the dollar figure?
00:31:46 >> Dylan, we’re not talking about specific dollars figures, we’re talking about changing the culture.
00:31:52 >> So it’s not about spending, it’s about what we spend our money on and the republicans are against spending for food for poor people and the environment?
00:32:00 I thought the republicans were just against an overspending government.
00:32:02 Am I wrong?
00:32:04 >> Well, there’s so much in there, dylan — >> no, there’s not that much in there.
00:32:10 You’re either against spending money, which is understandable, or you’re against spending money that is irrelevant to the spending picture, you just don’t like feeding poor people and women.
00:32:20 >> Come on, dylan.
00:32:23 >> You haven’t answered my questions.
00:32:25 >> If you let me speak and stop interrupting, I this your questions are insulting.
00:32:29 I’ve heard you talk about an air of new civility and no you’re calling people morans.
00:32:36 >> Nobody — somebody comes into my office and says, jane, that they’re going to cut spending because they’re a spending hawk, okay?
00:32:44 On a multitrillion budget, and the best thing they can come up with is ç $30 billion that deprives women of food?
00:32:53 I would call them a moran.
00:32:54 >> Well, you know — I think this gets into insider/outsider politics that are dictating these things.
00:33:03 As we’ve discussions these are cuts made sure not to offend any of the big corporate benefactors, and the democrats do the same thing.
00:33:10 Earlier this year the national taxpayers union on the right and perg on the level got together, and they came up with a spending cut plan that both right and left agree on, and among other things, they cut the market access program that funds advertisements and promotions of private businesses overseas.
00:33:29 It cuts the private investment program, which encourages investors abroad by multinational corporations, that 154 xwil onover the next four years.
00:33:41 Why are we paying large corporations to investment overseas?
00:33:45 >> Those are tiny numbers, with all due respect.
00:33:47 >> Ethanol subsidies.
00:33:49 >> We have a multibillion dollar problem, people.
00:33:53 >> Ethanol subsidies $35 billion.
00:33:58 Agribusiness, $35 billion.
00:34:00 $22 Billion to ethanol subsidies going to the oil companies.
00:34:06 And even grover nor quist said we can’t pay for the war in afghanistan anymore.
00:34:10 These are the bold cuts we need to start making in the fat corporate contracts that don’t actually help people in any way.
00:34:17 That’s what we should be talking about, even if we’re talking about the culture of d.c.
00:34:22 >> I thought the republicans were against spending, but it sounds, doug they were against certain types of spending.
00:34:29 >> That’s not what I can said at all.
00:34:33 I’ll make my point, otherwise I’m not interested.
00:34:36 >> Listen, I don’t have enough time for it, doug, but again, i remain where I stand.
00:34:41 If you cut a small amount of money and take it away from people for food, you’re not solving the spending problem any more than somebody who wants to go after a high-speed rail program, until you break the banks, the trade, and drive money into this country, you are certainly not a patriot and ç chances are you are something worse than that.
00:35:01 Tomorrow on the show, we’re live , speaking of patriotism, with congressman ron paul, who surely is in favor of systems that will drive investment none country as opposed to favors for corporate donors who keep fat politicians in their jobs.
00:35:16 We’re with ron paul live in d.c.
00:35:18 We’re back here right after this.
00:43:53 >>> I’m dealing with chase, getting their phone calls, getting their harassment around the clock.
00:43:59 Jonathan missed two hours of our daughter’s birthday party, because chase simply would not hang up the phone until he made a payment in which we have already paid our mortgage.
00:44:09 >> We clearly made mistakes.
00:44:11 The customer service that we provided to him and to his wife was unacceptable.
00:44:26 >> So we subsidize them, and then prey upon the weakest in our society while funding 40% of both democrat and republican politicians all the way up to the presidency.
00:44:38 They seem to have a pretty good plan.
00:44:41 I wonder how long it would take us to come up with a plan.
00:44:45 morgan chase — not today — this is in the context morgan chase foreclosing on 18 military families, overcharging $4500 more for their mortgages.
00:44:55 Heck, they won’t know the difference, he’s at war.
00:44:58 Take the money, man.
00:45:01 The bank has apologized and is refunding the money, but congressman fillner was hearing none of it.
00:45:10 >> People under pressure we know commit suicide.
00:45:14 I would call it homicide, frankly, because you are putting them under pressure, and you are responsible for that.
00:45:21 >> With el now fresh from the capitol hill testimony is captain jonathan roust and his wife julia, along with their lawyer bill harvey.
00:45:30 Captain, how did it go today?
00:45:32 >> Well, dylan, it went very well.
00:45:37 >> You want to elaborate?
00:45:39 >> Yes, sir.
00:45:40 I believe that the ç members of the veterans affairs committees were — they understood our story, the other servicemens’ story.
00:45:54 That’s a starting point for them to move forward and make new legislation or what they need to do there.
00:46:00 >> Julia, do you feel like the banks were specifically trying to exploit military households?
00:46:08 >> I don’t know if they were trying to exploit medical tear households, but what they were doing is being ignorant to the fact that these claims and allegations of harassment were made over the years, and it almost seemed to myself that they knew what was going on and until it was a big enough problem, they were sweeping it under the rug.
00:46:28 >> Bill harvey, what is the legal breach, and what is the potential recourse for all of us desperate for any form of justice against a banking system that is peddling fraud and preying upon people at every turn?
00:46:41 >> Well, dylan, thank you for having us on today.
00:46:45 The scra is designed to protect service members like jonathan, when they were in the trenches and fighting for our freedoms.
00:46:59 Protect them from foreclosures, protect them from collection calls, protect them from repossessions of automobiles, protect them from the financial predatory practices that apparently chase has acknowledged that they did in this case.
00:47:16 >> And the penalty for violating or for violating these laws?
00:47:20 >> Well, it’s more — it’s definitely more than just give back $70 or $100 per violation, which is what chase has said 4 million, quote, refund.
00:47:34 We think they should be made to compensate these service members for the stress that they put them under, for the stress they put their families under.
00:47:45 There’s even an element of punitive damages in there if we can prove — and I think ç we probably can, knowledge and intention on their part.
00:47:55 >> Julia, describe what your household was like before being morgan and the stress and commitment involved with being the wife of an active american service member, and what the stress and environment in your household was like after the financial harassment began?
00:48:13 >> Before the harassment began, it was wonderful.
00:48:17 It was just jonathan and myself before we had two children, and not a care in the world.
00:48:23 You pay your mortgage, you see your statement, everything should come back correctly t jonathan is an active-duty marine, and the stress just alone with him being in flight school, deployed, being away from the home is bad enough when you have two small children.
00:48:44 Combined with the fact you would get collection calls of which on monies you did not owe.
00:48:50 It was — it was my nightmare.
00:48:52 It still is, because it still has not been resolved.
00:48:58 >> Captain rowles, you have made a significant commitment to serve america, to serve your country.
00:49:05 What would you consider to be the base expectation in return from your country?
00:49:13 >> Well, from my country, I just expect to be made whole.
00:49:18 My country is fighting for me, and I fight for my country.
00:49:23 The congressmen on the hill today were very sympathetic to our story, and I believe that many good things will come out of this, and we will continue to fight for every service member and their rights under scra while we can.
00:49:43 >> Bill harvey, according to the department of justice, the last service member’s civil release act violation, which is the law that we’re discussing, according to the american doj website, the last violation ç enforcement action was in 2008.
00:50:01 Is that in fact true, or is their website wrong?
00:50:05 And how much abuse do gentlemen and ladies like jonathan and julia have to suffer before eric holder and the justice department take action on their behalf?
00:50:17 >> Well, that was part of what we were on capitol hill here for today.
00:50:20 I think the members of congress that were on the committee extra understood the need for the doj and attorneys general offices to get involved.
00:50:37 It does have a criminal aspect to it.
00:50:39 We have urged the members and doj to get involved.
00:50:42 I think they’re taking that initiative.
00:50:46 They — doj, we believe that the doj sanctions, the criminal sanctions should be enhanced.
00:50:53 That was one of the suggestions we made to the committee today, and I think they heard it very favorably.
00:50:59 >> Listen, I continue to compliment you guys not only in taking up this fight, but in sharing this fight publicly with myself and other people, so we can all continue to educate ourselves into the nitty-gritty of the financial relationships with our service members and the recourse that we can pursue.
00:51:16 Captain rowles, julia, thank you so much.
00:51:20 Bill, thank you guys.
00:51:21 >>> Coming up on “hardball” the democrats, republicans or the tea party?
00:51:26 Chris is asking who really holds the political capital in washington?
00:51:29 I thought it was the guy with the checkbook.
00:51:32 >>> But first, social insecurity, cenk uygur back to say I told you so.
00:51:39 I just wonder about the democrats.
00:55:22 >>> I told you the whole government, senator richard shelby, republican, saying what are we going to do?
00:55:30 I think the correction solution is, quote, up the age every several years for your retirement.
00:55:36 So they’ll start at 65, go to 67, maybe they’ll go to 69, every couple years they’ll raise it again, maybe go to 71.
00:55:44 Do I have any takers?
00:55:46 Can I go to 73?
00:55:48 Can I go to 89?
00:55:50 How long can they do this?
00:55:51 He says, look, anybody that can do sixth grade math knows that social security is in massive trouble.
00:55:57 That is, 100% not true.
00:56:00 And I’m going to do the sixth grade math in a second, but he also said his sons like — he cares deeply, right?
00:56:07 He says, quote, they’re not going to receive anything, or if they do very little.
00:56:12 There’s no proof that they will get much, if anything.
00:56:16 Once again, totally completely utterly untrue.
00:56:20 ç social security has a surplus of $2.5 trillion.
00:56:30 $2.5 Trillion, surplus.
00:56:32 That will go all the way up to $4.2 trillion.
00:56:36 They say, no, but it’s just a BUNCH OF IOUs AND WE WON’T BE Able to pay it because we spent the money on the wars and tax cuts for the rich.
00:56:47 >> You’re going to pay china?
00:56:49 Saudi arabia?
00:56:50 But you’re not going to pay the people who put into social security all that time?
00:56:54 Hell no.
00:56:55 Hell no, we have to fight this tooth and nail.
00:56:58 Then he comes around and sell, look, what can we do?
00:57:01 We have a deficit problem.
00:57:03 No, social security has nothing to do with the deficit.
00:57:06 It gets paid by the payroll tax.
00:57:09 It gets put aside.
00:57:10 It has nothing to do with the deficit.
00:57:12 They’re lying to you.
00:57:13 They’re coming for your retirement money.
00:57:16 I’m not kidding.
00:57:17 You just saw the quote, right?
00:57:20 You can’t say stand for this.
00:57:23 Here’s the interesting part.
00:57:25 They say like no big deal, you have to work a couple more year, if you retired at 70 instead of an 65, you know how much it costs you?
00:57:39 They’re going to take that out of your pocket and they treat it like it’s no big deal?
00:57:43 Here’s my answer to them — hell no!
00:57:46 Hell no, they don’t get to touch social security.
00:57:50 We paid into that the whole time.
00:57:51 I’m going to leave it right there.
00:57:53 >> But how do we connect the dots?
00:57:56 We have these idiots on the right.
00:58:06 Our problem in this country is a lack of the courage to actually address the actual problems that we have with a corrupt banking system, corrupt tax code, corrupt health care system and corrupt trade relationship that’s created the deficits, and they come out as the republicans did today, going after food for poor people and social security.
00:58:30 The only barrier I see to prevent this is the american people’s ability to connect the dots ç between the borowed money, so obama and the republicans can keep their jobs, the subsidies for the banks so that obama and the politicians can keep their jobs.
00:58:49 The special deals with the health insurance companies and the drug companies so that obama and the republicans can keep their jobs, ownership the ongoing refusal as they just did last week to call china a currency manipulator and deal with the corrupt trade as obama’s treasury secretary did in the past few days so that obama and the republicans can keep their jobs.
00:59:11 They’re not worried about the people of america at all.
00:59:14 Obama, republicans and the democrats are simply worried about alienating those who write checks to keep them in the jobs and they have confidence that the spin doctors and advertising and marketing people they pay with those corporate dollars can convince the stupid americans that it was somebody else’s fault.
00:59:30 >> Well, let me connect the dots for you, right?
00:59:33 They cut $800 billion in taxes, half of those go to the top 2%.
00:59:38 >> We got that.
00:59:39 >> So then they say we’re out of money.
00:59:41 >> I get it.
00:59:41 How do we connect the dots?
00:59:43 >> They’ve got to get the money somewhere.
00:59:45 Where do they get the money?
00:59:46 From the middle class.
00:59:48 They already paid it in social security, so they go to rob the middle class to pay the rich.