tv [untitled] April 27, 2011 9:30pm-10:00pm EDT
let's not forget that we had an apartheid regime. i think. even one well. we never got that says there keep you safe get ready because your freedom. in the. world. you know sometimes you see a story and it seems so for like sleep you think you understand it and then he glimpse something else here sees some other part of it and realize that everything
welcome back to the big picture i'm tom hartman coming up in this half hour the dow rose five hundred points today sighs from three years ironically on the same day federal reserve chairman ben bernanke he gives his assessment of the economy so is there good news on the horizon and in tonight's daily take the nation of turkey is experiencing some economic woes right out how bankers are planning to crash the turkish economy. and there currency there to boost their own faults.
and i were going to try something different with a mid-week were on the list time i'm the lone liberal voted to i was all of america's best conservative commentators on some of the biggest stories of the week joining me tonight jamie weinstein deputy editor of the daily caller dot com and david hogan washington correspondent at investor's business daily right ok welcome to you both let's get started overmatched probably misleading the american people really only have a choice between president obama's budget and the republican budget the answer actually is no on sunday nobel prize winning economist paul krugman used his op ed to endorse the progressive budget plan this is from the in the house progressive caucus also known as the people's budget the nobel prize winning economist wrote a new york times quote the only major budget proposal out there are in a plausible pant plan to balance in the budget is the one that includes significant
tax increases at people's budget from the approach congressional progressive caucus which unlike the ryan plan which is just right wing orthodoxy with an added dose of magical thinking is genuinely courageous because it calls for shared sacrifice so given that the progressive plan ends our foreign wars achieves a budget surplus by twenty twenty one. way faster than either of the president's or the publicans plan and does all this without sacrificing medicare medicaid and social security is a painfully obvious that the best way forward for america is the progressive budget no actually you know that's why we're getting our wars to keep intact their social safety net and raising taxes on millionaires and billionaires i mean i think that this is the way one of the ways you can tell who is actually serious in trying to come up with a. a solution to to our problems budgetary long term budgetary problems paul ryan's plan which you know might not be perfect but he's actually he's asking asking for
a serious debate. serious debate it's not a plan that you would put out there if you're looking purely for electoral purposes to get reelected because he's going to get creamed he's attacking a third rail of politics and he's doing so because he knows it's necessary to save america from a fiscal crisis how he's rewarding him so that's called courage he well i would say he's doing so because he's getting big bucks from people who will make even bigger bucks if medicare gets private so he's not rich even a rich guy it makes all it inside millions of dollars to get elected office yes and that's why the money that was getting out of here my pay i did i did you know that you can't get elected by the federal poll i think that i can't admit he's making is that if he goes after medicare right now it's not going to happen it's not going to go anywhere in the senate and i'd love to hear your take on this do let me finish something first if i may it is that he's figure in that his big funders and these big insurance companies will buy millions of dollars of the ads to get reelected you think i'm wrong well it look if this is such a good idea the progressive plan and why hasn't president obama adopted it i think
because it's probably also a political loser it's. relies on very large tax increases and i look at you know the i would point out is you know one of the things that's being talked about today is that you know paul ryan ends medicare as we know it medicare as we know it is going to end one way or another it's just a matter of how do we take some sense that. the congressional budget office knowing it is such an is that it will end one way or another if it's if changes aren't made and yet of the way it's funded in the way it pays money i guess there are better. ways to do both of those things it doesn't mean it's going and it's going to change what's going to end it we as we know it if it does not yeah if we don't change it in some way i mean it's fiscally and since reagan raised the tax themselves parity and programs still along well we've continued to raise taxes on. we've raised taxes on social security and medicare over the years and we still keep coming up with these fiscal short and we still have the lowest tax rate in the world or at least.
hundreds well and makes up we have the greatest inequality we've got the worst outcomes or in the bottom fifth of outcomes in terms of in from our technology teenage pregnancy this is actually as easy as drug addiction and yet if you rush to the suicide and yet people still vote with their feet they come here what what why would anyone want to come to such a horrible place we don't want them in the hallway it's not true there is a huge the battle going on in europe right now about immigration they eat you know just pay attention eat it was loaded with their goods that are living off and i know it's i know it's got the swedish people so angry that's going to flip the government if there is and you try and get in there on a good front lines actually moving this week she's a switch that was back on its i said you know could i go you know not a chance any up let's let's move along federal reserve chairman ben bernanke he held a press conference today to talk about the fed's future efforts to stimulate the economy take a look. and its policy statement released earlier today the committee announced first that it is maintaining its existing policy of reinvesting principal payments from securities holdings and second that it will complete its plan purchases of six
hundred billion dollars of longer term treasury securities by the end of the current quarter. what's really important here is what he didn't say in other words more interest secret low interest loans to banks and transnational corporations but no more quantitative easing he didn't announce that they're going to buy more treasuries in other words expand the money supply so far the fed's efforts to stimulate the economy have been widely panned as being ineffective but all should we expect from a program that was solely focused on giving trillions of dollars to banks there's multimillionaire c.e.o.'s dictators like moammar gadhafi and the wives of wall street had on shows and hoping that that money would trickle down to us it's that they wall street is surging the banks have tons of cash the rich are never been richer and yet our economy is still in the tank for working peoples and dozens just once and for all approve the trickle down economics is an idiotic idea. where do you get the statistic the the rich are richer than they've ever been in fact that's
that's not the case the rich have seen their incomes fall just along with everyone else the last two years for the last two years but never made most of a back up no i don't think that's i doubt eighteen and a half years ago the rich were richer than they've ever been. fair enough but look i don't really know this quantitative easing is necessarily a trickle down policy i mean quantitative easing has been you know about the notion that you can boost the economy by by you know boosting the cash flow boost the amount of dollars that the government prints and i'm not really sure that that's ever been sort of you know the reaganomics free market well the idea the idea of energy of easing was really similar to the idea of. you know tarp which is let's let's put money into the system and into the banks and you know by buying treasuries as well you know let's put money into the system and and hope that that then causes the system to loan money out to small businesses to help banks refine
mortgages to get things going when in fact in the thirty's when roosevelt did was because everybody had five year mortgages back then in the one nine hundred thirty s. and they were all going south and he created a federal agency that bought those mortgages turn them into thirty year fixed rate mortgages and over a fifty year period the period time took to dissolve that agency dissolved in the sixty's the government showed a profit on reagan with the s n l's when he regulated them in a two they crash in eighty six so what did he do he shot them all down he fired all the banks was he sent two thousand people to prison the stockholders took a haircut and and the resolution trust corporation they set up the bill see them a good republican put in charge of it showed a profit why didn't bush do the same thing with the banks which i think is two points to be made here one is that i think pretty good cop which what he wanted to do was be so mind numbingly boring no one would want to hold a press or the press conference again never to add to the point. that the rich are getting richer and the poor are getting poorer which is something the bomb has been
saying as well there's actually a recent study last week released by a cornell professor as well as two other professors showing that's not exactly the case at all the poor actually have been getting richer as well. the other data had been taken to account some of the other benefits that come along with jobs the vast majority of americans would disagree with these three professors but you know it's it's whether the rich are getting richer the poor are getting poorer i mean isn't there or isn't there something to be said for doing it the way that reagan did it or the way that f.d.r. did it rather than the way that bush did it in other words rather rather than simply saying we're going to pour money on the top of the overtones that wait a minute i mean friend i'm going to use it again though did have there was an s. no bail out look that's what i'm saying. it was a detail out for the banks that is actually their loss in an s. and l. bailout get rid of this no those those banks were nationalized those banks were shut down the c.e.o.'s of those banks were thrown out they brought in government guys with green eyeshades used to be bank examiners to run those banks he sent over a thousand of those banks to prison one of the few who didn't was neil bush who
made off with a million bucks from silverado i mean you know no reagan reagan took it seriously things like tarp are not free market economics this is quote you know this is better. call the better term for it is corporatism what free market economics would simply do would be reducing regulation reducing tax rates and getting the economy going that way i mean things like tarp things like obama's stimulus plan has sort of the last in regulation you're in favor of for example football games without referees it would be more exciting than anything i've played i've said i would just like football gets a period of. let's let's move along to the top of gas prices or by the way i just put a punctuation point on that i'm just curious either one of you i've heard this conspiracy theory on some of the conservative websites that president obama released his birth certificate today so that nobody would notice ben bernanke he's. heard someone say that i thought about the economy there's no i don't think anyone noticed but many
would say there you go is mind numbingly boring ok gas prices are still spiking so of course republicans are criticizing president obama for not doing enough to expand oil drilling but like some of these claims in the right completely baseless look at oil giant caliber which just posted a historically high first quarter profit of five point three billion dollars while the money because as halliburton claimed that it is financial times there is increased drilling in the united states they made most of that money in the u.s. so should the write back off its criticism that obama isn't doing enough and when we realize that the real reason for surging gas prices is because of rampant speculation on wall street even conservatives are talking about speculation of wall street driving i think i mean no i actually don't think we should back off just because they were able to drill in some new places the united states made more and more profit that doesn't mean there's drilling wherever don't want to wash and oil is the price every every oil company you the companies want to drill in places where they believe there's a lot of oil in the united states and up the coast united states where they were not permitted to do to do it why not let them do it why not have that one piece of
the problem we're awash in oil we're awash in oil but we're also awash in a tremendous amount of demand for oil i mean the supply is not keeping up with the demands not genuine demand though david it's demand for derivatives you know no you know if you're still a sheen on the riser batteries i actually speculation drives the price lower speculators what they do is remove the risk that is inherent in the economic transaction as i wish bush told us in two thousand and seven the reason they were wrong when when gas was a dollar for four dollars and some of he was going to can commodities futures trading commission to look at it and did not find the speculation was the culprits but what speculators do they really do that there was this crime you know they did not find there was a crime they found the speculators were not the result for rising gas prices which frankly why the rise two years ago. presumably supply and demand trying is coming online more and more people are why don't they stay high on it because the economy would die. and that means less people have be good people used to buy cars in china and other places even though saudi arabia says we don't need to produce extra oil
because libya's off line and and the price of the price of oil that we have bail ability oil there's no shortage of availability oil right now for any refineries anywhere in the world including the united states. we should have higher gas prices but i think you make a good argument for donald trump's presidency because he says he's going to go to opec and demand them to start pumping more oil. and fire less maybe in five of the latest wiki leaks release targets the trials and tribulations of get knowledge by trials i mean secret military hearings and admissions that we don't really know if any of the detainees or many of them anyway are guilty or innocent and by tribulations i mean throwing people in detention because they were in the wrong watch so will this latest get more embarrassment finally force republicans in congress to stop blocking the president's efforts to shut down that this little less congress block the president the president's efforts as well simply because they didn't want the prisoners and get most being transferred to the u.s. which is what no one wants i'm not even sure that obama wants that and he started
up military tribunals again earlier this year i don't think we're going to get any of these so frightened some americans who are such terrified little see if this is the i mean it's completely irrelevant what you guys are such supervillain this is this is so silly so you want to get mowed down which is probably the finest the nicest jail the ritz carlton of jails anywhere in the world you know who doesn't get motion down and transfer to some other jail evades the guys and get all the guys in good no i don't disagree with you on that but the rest of the world is using you know the reason major recruiting is not actually it is there was a great study in the weekly standard by thomas johnson of all the most recent speeches just all the speeches the speeches that were given very rarely mention get but here's the thing tom. that we were even once is enough for me that once is enough i think if you give the reason that this is become a bogeyman is because you and people on the left and people in the europeans have created this false notion that diplo is in the terms of amnesty international offensively historically offensively a gulag of our time what is nothing of the sort all it was certainly during the
bush administration crimes were committed there was people that you know almost one hundred people died during interrogation they did not always get loaded again because i do not eating food there yes he was it was not good but people were sold . should there have been sixty six i mean options a gate there was a spear was even a president obama had a investigation done when he came into office the defense department issued a report two months later they did find some overall why do you think rob why would you agree with president obama that these guys should be kept in jail forever without due process a law this is a vice lisa wilkinson this is seventy eight the members and i don't know nine hundred sixty as usual pronouncements i mean they don't they don't fall under the constitution says a persons it doesn't say citizen this is a word this is this is not here with us everyone we captured on the battlefields and europe during world war two should have got a proper trial during the war if we had these people did not declare a war they had nothing to do with them not. you're saying that the people i mean most people give i had nothing to do with yes that's not what the documents reveal there might be no i think history history is going to see that we treated in
a time of war the people who disappeared humanely i agree history definitely will judge us thank you jamie weinstein thank you david holder thank you very much for after the break find out where wall street vultures are circling now and why the united states could be the next great. let's not forget that we had an apartheid regime right. i think the plumbing readable and well.
we have the government says they're going to keep you safe get ready for freedom. you know sometimes you see a story and it seems so bleak you think you understand it and then you glimpse something else and you hear or see some other part of it and realized everything you thought you knew you don't i'm sorry there's a big picture. for .
it's time for thought i'd say the good the bad of the very very painfully ugly the good senator dianne feinstein democrat from california is ushering legislation through the senate named the respect of my. act that would promptly repeal the deep bents of marriage act a federal law that prevents same sex marriage bill picked up two more co-sponsors last week and is on track to pass out of the senate judiciary committee soon so while the republican controlled house is fighting to defend doma the democratic controlled senate is fighting to repeal it still think there is no difference between the two parties and the bad world net daily a conservative conspiracy website has posed that over six hundred articles since president obama took office alleging that he is not an american citizen so now that
the president released his long form birth certificate time for world net daily to admit it's of mistakes right. wrong today the editor in chief of world net daily joseph farah released this statement saying it is important to remember that there are still dozens of other questions concerning this question of eligibility they need to be resolved to assure what has become a very skeptical public concerning barack obama's parentage is adoption is that is throughout his life. there really are no more questions joe he was born in hawaii he's a u.s. citizen is the time to take off the tinfoil hats at work. and the very very ugly you get rich speaking at a catholic prayer breakfast this morning gingrich took umbrage with a very pressing issue that all americans are talking about at least the talking about if they're paranoid religious zealots and that issue is our allan your date system. and intro to religious values and principles are coming to dominate the academic news media and your digital class in america there's now
a convention and scientific publications are a place on all of dawn many a deep with common era c.e. secular cultural pressure rejects recognition of the christian calendar in favor of an artificial replace. relax newt changing eighty to see what bring about the rapture but i do understand you have to make it seem that way to win. up the christian right in case you decide to run for president or you just want a whole bunch of campaign money from them and that's very very. wall street banks three years are looking for their next next get rich quick scheme
and they may have found it in the nation of turkey this week the turkish economy is front and center in world market news because of its soaring deficits a deficit that could lead to an economic implosion as a new york times pointed out in an article yesterday turkey's trouble in financing gaps or deficits of that size has been at the root of its two busts past to us and some worry that history may be repeating itself basically turkey is cooked on credit and aggressive banks over the past two decades have been giving pretty much anyone alone even get a loan through a text message or at an a.t.m. so the economy both here and worldwide has been inflated by huge amounts of debt that could come crashing down at any moment highly influential economist nouriel roubini a guy who predicted the financial collapse here in the u.s. before it happened in two thousand and eight he voted his newsletter today to turkey's debt saying turkey stands out in terms of the size and speed at which it's a current account deficit is expected to grow in
a worst case scenario this could lead to credit bursts and severe downturns and we're being and when roubini is talking about turkey and soon everyone in the foreign business community will be talking about turkey and that means it was at most a matter of minutes to hours after roubini published his newsletter that the vultures already started circling. thanks to republican phil gramm alan greenspan and reaganomics there is now practically no limit to what bank stress can make a buck off of today and in the last few decades the big payoff gamble of wall street is in foreign currency speculation that's when banks speculate or bet that a certain country let's say turkey's currency is going to collapse and if it does collapse the bankers make off with a ton of money problem is once this process begins is a little turkey can do to stop it with more and more bankers beth but the turkish currency will collapse and the credit agencies will start downgrading turkey's debt causing even more pressure on their economy until finally the turkish currency or their economy or both does indeed collapse it becomes
a self-fulfilling prophecy these guys are like vultures circling around a wounded animal trying to feast off what little they can before just the bones are left they sit around wait for a country that's an economic trouble and then dive in to make sure it does indeed collapse is what george soros did back in one thousand nine hundred seven in thailand they put up seven hundred million dollars bet that the tide bought would collapse as soon as that nation started to get into an economic trouble seen his move major u.s. banks like goldman sachs j.p. morgan citibank and morgan stanley jumped in with multimillion dollar bets on thailand's collapse which drove down thailand's bond rates raising their cause to borrow and then sure enough thailand collapsed for some reason these bankers don't see that their massive payouts come on the backs of millions of people who suffer star and endure violent turmoil when their economies collapse these guys are making literally billions destroying people's lives and i'm willing to bet that turkey will be their next target now that roubini has pointed out it's vulnerability. so
why should we care because after turkey the united states could be next as long as these insane tax cuts for millionaires and billionaires persist too much hot money running around out there then we will see for ourselves looking at a debt that could take down our economy just last week the s. and p. credit rating agency said there was a one in three chance a u.s. credit could be downgraded and if that happens you really think the bankers won't turn their sights on television about america and pillaging us these are the same guys who are selling off our nation's infrastructure in bulk to foreign nations they're the same guys who are shipping us jobs overseas by the millions and they're the same guys who are already showed us back in two thousand and eight that they don't give a rat's patootie about bringing our economy to the brink just to make a buck turkey may be the wounded animal today and pretty soon the us can find itself surrounded by wall street's ravenous folgers that's the big picture for today for more information on the stories we covered visit our websites to tom