tv [untitled] August 16, 2011 10:00pm-10:30pm EDT
good. woman. show the real headlines with none of mercy or live out of washington d.c. we keep being told the uncertainty is the reason the businesses aren't hiring it's not our guest smith tells us why that excuse is not only destructive but in her own words propaganda needs to be laughed out of the room then rick perry says the fed printing more money maybe treasonous michele bachmann doesn't they gave families count as families you have to wonder how the republican presidential candidates more extreme than ever before and according to a recent study the ability just google it is changing what we choose to remember
but is that a positive development or is it a sign that we're getting stupider or dissipated lead researcher to see what she has to say we're going to all that and more for you tonight including a dose of happy hour my first let's take a look at what the mainstream media has decided to miss. you know the name calling in politics these days has turned into a stream of never ending fodder for the media and let's face it why wouldn't it be when you have the words terrorist communist socialist fascist and you name it being thrown around so lightly by pundits and politicians alike the thing is it's one thing to address the name calling and then call out the name caller when what they say doesn't apply i cried you know that just let it go unchecked and let me give you an example a couple weeks ago we saw an outpouring of anger directed towards the vice president who even though he denies it was reported to have called the tea partiers terrorists when it came to the debt ceiling debate again the vice president claims that he never said that the white house came out and said that they don't find that
type of language acceptable and a huge media debate unfolded asking whether or not the tea party really can be compared to terrorists which they can't but yesterday a lot of campaign stop the president. confronted by the tea party or about the nation. which. most of the tea party are demanding to know why president obama was talking about civility when vice president biden allegedly called members of the tea party terrorists he just got in a space he didn't see that on the news every would be absolutely certain. now i don't really know biden said that or not but for starters i would like to give that tea party or their a little bit of advice and remind to the not everything you hear or see on the news is true which is why i spend so much of my time calling them out for that and so here we get to the next element here is tea party was very upset about being called a terrorist the president said that he understands because he himself has been the victim of being of queues of being a socialist or somebody who was born in this country at the end of the whole thing
but tea party or later told reporters that he still thinks obama is a socialist and that's where i have a serious problem the mainstream media and the right wing mainstream media machine known as fox news to spend endless amount of time talking about how it's so wrong to call the tea partiers terrorists which i agree just doesn't apply but then when it comes to using other terms to describe someone the in reality well things that are one hundred percent not true then they just perpetuate it and the perfect example there came after warren buffett wrote an op ed yesterday calling for congress to stop coddling the super rich and make them pay their taxes like the rest of us but this is where fox news decided to take it. warren buffett wrote an op ed york times today so we should be i think you mentioned earlier we should do it we should be taxed more of just the people who are in a little cut when you got the ones who create all you want to do here these are job creators tax them a little bit more because they're not doing enough already what is this i mean oh is he completely
a socialist and he's playing interviews to obama's hands of. you know i have really had it with this word i don't believe in a tit for tat eye for an eye mentality i don't think it's ok to call tea partiers care. just because the right wing calls obama a socialist and i for starters believe that you should be able to say whatever you want because you have the freedom of speech in this country but if you're going to go on the airwaves and say whatever you want it's up to the media to check that i get instead of checking it the mainstream media either perpetuate it perpetuates it by using the words themselves as you just saw on fox news or they just ignore it or scoff and giggle for a second and move on like m s n.b.c. or c.n.n. but why don't we just settle this thing once and for all right here on the alone a show maybe people would stop using the word socialism all the time if they knew what it actually meant let's take a look at the definition of this word and this comes from a number of dictionaries out there socialism is any of various economic and political theories advocating collective or governmental ownership and
administration of the means of production and distribution of goods a system of society or group of living in which there is no private property and an economic system based on state ownership of capital i don't matter what you think of the president or of congress or the laws on our books i don't believe he described what's going on in this country right now is socialism if anything we have a government that is too close to industry in this country but it's too close in the sense that allows these industries to get off easy not pay their fair share in taxes and so the only people that are actually paying their fair share are people like you and i and the richest of the rich most often those in government or the ones who are leading the industries well they have plenty of private property private capital they hide from the state or for which there are enough loopholes and tax laws that they don't actually have to pay anything to the state. so when warren buffett or the president says that the rich need to pay more in taxes they need that the rich actually need to pay taxes as buffett pointed out in his op ed yesterday he was one of the richest people in this country one of the richest
people in the world paper prices last year than any of the other people in his office those earn money from a drop rather than make money with the money they already have and it's not about a redistribution of wealth it's about trying to even out the system make unfair close loopholes so that one portion of the population isn't getting away with murder all the other carries the entire burden who wants to deal with definitions or facts right just let them call each other names let the american people be fooled and scared until they think it's real and that's what the mainstream media chooses to do and that's how they miss it. let's face it they come to me isn't getting any better in fact one in three economists now say they believe we're heading into a double dip of a recession and that more than sixteen percent of americans are unemployed if you use the real figures in the us six that's not good news but is it these predictions
that are keeping businesses from hiring the idea of more bad news if you listen to them by them i mean the corporations in the business is they'll tell you that it's the threat that higher taxes and more government regulation are creating financial uncertainty it's a little odd considering taxes are lower and regulations are fewer but in recent decades in the u.s. and according to our guest tonight that argument is propaganda needs to be a laughed out of the room so joining me from our studio in new york is smith creator of the blog naked capitalism and author of econ how unenlightened self-interest undermined democracy and corrupted capitalism he's i want to thank you so much for joining us and i am now with where i got that line from where you said this is propaganda needs to be laughed out of the room was at a recent post you when you were a guest blogging for glenn greenwald over it's a long dot com can you elaborate on that for us. well it's interesting how uncertainty has increasingly in the business media become code and now that for we
need less regulation we do us taxes you know that they've said they've they're so confident of this idea that the uncertainty equals government intervention and they don't even need to bother unpacking the tag phrase in fact it's really obvious why this is aren't hiring the economy's terrible and you pointed to the statistics we have a cut in economy which before the bust was seventy percent consumption with high unemployment rates with millions more underemployed with plenty of workers not included in the headline unemployment rate consumers aren't feeling optimistic they aren't willing to borrow more money and spend beyond their means the way they were in the past and banks not accommodating them either the banks have typed up on a lot of consumer credit and so it is that there is uncertainty that there's actually a pretty safe degree of certainty that the outlook is going to be terrible all the business surveys completely debunk the party line that business is the culprit the business the surveys show that businesses are most worried about demand you know unless you're in a business that benefits from
a terrible economy and there are some you know tailors for example are doing gangbuster business right now unless you're one of those businesses that's countercyclical countercyclical you don't have good prospects and you don't have any confidence that the economy is going to get better any time soon why don't you stick your neck out and hire people well i think that's a great question then but so than you know why would a businesses stick their neck out and start hiring right now no matter how many calls there are for them to please stop sitting on all the cash that they're holding you know it's interesting how it seems like they've switched spots of the american people who used to be the ones that are saving and now it's the businesses that are saving because until recently consumer spending it didn't actually fall into what was a junior in july. that's correct i mean the what it has been so long at a lower rate but yes and you know basically there has been the trend has been that there has been modest increases in consumer spending even from the crisis song where there was the fourth quarter of two thousand and nine where there were big
declines in consumer spending but the constant you know a lot of people have been surprised that there haven't been more consumer more cutbacks in consumer spending you know for example the christmas season last year was much better than people anticipated but nevertheless you widen the frame you know you raised a very basic client which is that the intuitive understanding that everybody has about how the economy works is that consumers save businesses spend spend spend the money therefore you don't want government running big deficits because goffer fed it my crowd out business. investment by raising interest rates now that model has actually it's not just that that model isn't operating now it actually didn't even operate in the last expansion underneath under bush businesses have been net savers since two thousand and two and that's just an unheard of pattern in an expansion and you can look at the way the economy works overall now this is have terrible incentives stock market trading is very short term oriented investors are very punitive if investors mr quarterly numbers big c.e.o.'s have stock incentive
weighted pay and so they've got incredibly short term oriented nobody wants to invest anymore so i think you know you definitely bring up a good point there which is everything is focused on the short term it's focused on these quarterly earnings and how come we don't actually hear that discussed as much in the media the fact that this is aren't hiring because they're more worried about making sure that they still look good on paper just in the short term and making sure that these executives still get their record bonuses every single you know every quarter rather than the fact that well this is part of the problem here. well unfortunately the business meeting going to the a lot of the discussion happens in the business meeting and the sort of larger popular media winds of picking it up is the business media itself has benefited from the short term focus because you know when i was a kid i sort out wall street in the early eighty's people didn't care that much about quarterly earnings to be perfectly blunt i mean yes if there was something extreme if there was either markedly good news or markedly bad news in the
quarterly earnings of course investors would react with sort of the band of their reaction was you know of. what we're earnings could be for them not to react with a lot wider than it used to be in part because nobody took quarterly earnings up seriously they were there they were and are an auditor there's a lot of noise between what happens in the quarter and what you actually see anyway and and but the business particularly in particularly when consumers started getting access to real time market data you saw a big shift in behavior in the late ninety's when suddenly you had the rise of the dot coms everybody was investing in them you know the stock seemed to be moving all the time and you had this this new obsession with where stock prices were and that led to more people watching the business media more closely so the business media is is the big beneficiary and promoter of the short term focus so how do we change the conversation how do you get both the business media to start talking about the long term and what exactly needs to get you know what exactly the country needs the
world needs to get the economy back on track in the long term and to get companies thinking in the long term do they have any kind of incentive to do that. right now no because also short stock holdings themselves are very short term aren't and there's so much if you look at the statistics particularly with now high frequency trading beings being so influential the average holding time even before high frequency trading took hold of the stock was under seven months i mean if you throw in the impact of a shift here i haven't seen recent responses to six but it has to have collapsed so we really don't have long term investors in stocks anymore i mean the irony is that the private equity funds which in theory you know they paid by companies take them private in theory they should be able to take a look take a longer term perspective in fact they just want to basically get the earnings up and throw the companies back into the public market to even they don't take much of a longer term perspective either i mean the biggest change and it would take a lot of muscle to do it would probably take changes in the tax code would be to discourage. c.e.o.
incentives towards being stock market oriented and instead have them reflect longer term measures of business performance like free cash flow i mean if you took if you go to business schools free cash flow which is what the business really makes that's its returns after is that correct it's cash flow not it's reported profits reported profits can be manipulated and that's what it has available on an ongoing basis to invest in in either in either in dividends or in or in the company itself but that's really the bottom line measure of how businesses perform or you know i think you're right the sense that we probably won't see that because nobody wants to see any more government meddling here but then what do you suggest is the answer to people just have to deal with it now and just realize that we know the one thing that is certain is the economy isn't going to look good for probably at least the next few years and so i have to sit around and twiddle my thumbs and deal with the fact that i won't have a job and you know the government can sit around a deal about where should government try to create more jobs. well this is it's
funny the way business is a complaining about a situation that they've created because the other way out of this box would be to have more government spending you know as i indicated before when you got the private sector saving up businesses are saving you actually need government to take up the slack and yet there's been this propagandizing oh my god we can't have deficit spending in a downturn that's nonsense in the time you know you want to worry about government deficit spending is when the economy is strong got a legitimate concern to generate too much inflation we learn that inflation if it becomes persistent is very damaging to the economy and to investors but that is what we have now and the fact the businesses have been have either sat on our hands or have taken an anti government line you know they're living with the system they created i mean it's funny for the you know it's sort of like a cliche of the of an orphan asking for sympathy when he's actually the one who shot his parents and the meantime just blame the government sort of asking them to do anything about how he's i thank you so much for joining us tonight. thanks so much really appreciate the opportunity and so can the f.b.i.
for trying to scare parents and the g.o.p. race for the white house is in full swing and songs from outlandish comments by some of the candidates so are they crazier than usual or has that really become mainstream back in just a month. you know sometimes you see a story and it seems so. you think you understand it and then you glimpse something else here's you some of the part of it you realize everything you just don't. charge because if they. were. really really good and you know.
looks like the f.b.i. is finally getting into the afghan are making their grand entrance into the twenty first century with a new smartphone app available exclusively for the i phone called the child id now the whole idea here is the parents can load information into this application for each of their kids with details about their height their weight and description anything else that would be helpful to identify kate if they got lost now aside from providing tips on how to keep your children safe but this is that if for some awful reason your child goes missing you have all the necessary data on standby to immediately send on the internet to local police anyone else that you think you might need to alert and that sounds like a good idea to encourage people to download this app that b.-i has also made it
free am even come up with some interesting posters like this one to spread the word about technology but the thing is if you take a closer look at what they're saying on this poster i leave you scratching your head as a few other skeptics have pointed out already the staff the f.b.i. is posting might not necessarily be accurate take for example the first line or it says a child goes missing every forty seconds in america many never return home. in eighty points out that would mean that eight hundred thousand kids go missing every single year however according to openly available f.b.i. missing children sadistic that's not even close to true that's not even in the ballpark and a recent study released by the f.b.i. itself shows that about one hundred fifteen children a year were the victims of a typical kidnapping according to that same study forty percent of those children sadly were killed so when you calculate the stats that means that forty six kids during that same year didn't return home so the statement every forty seconds
seconds a child goes missing seems to be blatant misinformation and a characterization that many kids will return home is also overblown now according to the f.b.i. it's forty six kids out of one hundred fifteen victims so i would argue that's more like less than half would be the more. already so it's very clear from the way this poster is word of the f.b.i. is fudging their numbers using alarmist language to instill fear into parents and to top it all off a study out of princeton shows that despite the fact that most cities across the country have in fact become safer the public's perception has not changed and with fear mongering like this coming from the f.b.i. i think we all know why now i'm going to spare my usual ranting about the privacy issue with these apps and devices i can say that when the f.b.i. promises it won't be keeping all this personal data about your kids i'm not buying it so while yes i'm totally in favor of using technology to keep children safe i don't think we need to amp up a smartphone apps appeal by having the f.b.i.
scare the you know what out of all the parents with their lives. well well well there's no denying that a presidential race for twenty twelve is officially on but are the candidates off their rockers it's one thing to try to appeal to a base the at the fiscal or social conservatives but in trying to outdo one another be the bigger tea party or as well as cast all the blame on the current administration are these candidates doing rhetoric that's outright extreme take a look at what rick perry said about the federal reserve's policies and bad chairman ben bernanke. oh.
that's of course coming from the guy that is part of the around the treasonous idea of seceding from the united states but that's just one example we're going to look at a few markets and ask is that the candidates are crazier than your typical politician or crazy this has become the new normal of the past is that we as matthew boyle reporter avidly recall it thanks so much for joining us and i thanks for having me ok for starters these people i guess you could say are more on your side than on mine thought my guy do you think the candidates are a little crazier these days that the stuff that they're saying seems a little more outlandish than usual will want to first of i would really like to get a copy of the rubric that you guys use to define people in the political spectrum as extreme or not i that's i don't like it is i'd love to see it because people when i was clearly support rick perry in the clues bordered neutral bachmann and social in the intro but i'm talking about the the rhetoric of the politicians right and the type of situation of the country is in right now because obviously you're going to find some kind of support or if these are the top candidates in the g.o.p.
race right now right clearly americans are angry they want some kind of a change be it whether they want obama out of office or they just want some kind of change in the country in general but reading here in dire straits on the economy is in dire straits and people are starting to feel desperate are they going to be more willing to go to some of this is a little more out there than normal will i mean first off i mean if you're going to say that there's. a record whatever term you guys are using these days i'm not saying that you're all that rhetoric and i don't agree my rhetoric either right now i'm saying do you think that people live change very. sample let's go back to you rick perry was saying here right about the federal reserve about ben bernanke he of course there's the whole we're not going to treat you very nice here in texas but now it's this idea that the federal reserve shouldn't be printing more money is that a mainstream idea or has it been a doesn't tell you this if i would highly try i would much more trust rick perry's advice on the economy than barack obama spurlock obama is. what nine point one percent unemployment he said we were going to stay under eight percent unemployment
that isn't true rick perry has he gone through your dad years now you're not any three hundred restaurant you're going there are just when the passes have been totally normal for the majority of the candidates to start talking about the need to not have the federal reserve print more money to start questioning the federer who are first over there actually was it was wrong homer if you look at rick perry's actual comment uses not before the next election he didn't say it would be treasonous to do it at all ever again that would be of more of a ron paul kind of idea rick perry said the measure shopping in on it right now the idea is that if you're going to free the outsider you're going to put more money before the next election as a way to hide back nomic damage that you've done to the country that's what rick perry really wasn't perry was taught well rick perry is on he's going to do even more than that so like he was asked by reporter they said they do you think that that would be done by the about in this ration just to beef up the economic numbers because some people would actually argue out there i disagree that he needs to help
out the economy and he did in fact say a total loss and he said if they print more money to me now in this election i would suggest that's exactly what's going on and they're just trying to prove obama's chances so he just doesn't like the idea that obama might try to do something to help the economy in the meantime he wants the economy zigzag only he was the economy to crumble and be bad so he can be a little unfair if you're going to falsely prop up the economy by printing more money that's what he's talking about a question that needs to be discussed right that's not a question of the president make single had a big this is the federal reserve that we're talking about the reserve supposin the independent or it's supposed to be. is it really so i think you really want to go down that road the federal reserve is not independent of you and i can agree on that one ok but so did ron paul a strange thing is why now do we have rick perry now and why now do we have to call n.t. talking about you know angry united states at the dollar being a. candidate all of us and i mean i mean but now he wasn't in the race until about two days ago why suddenly to easier this rhetoric rhetoric the fact that people are
talking about that they don't believe in the federal reserve the idea of having a central bank anymore if they don't believe that maybe we should go back to the gold standard this used to be only ron paul got to say it right when we had terry said that we see that we shouldn't have the federal reserve anymore go back to little search and rescue me the federal reserve perry saying that we shouldn't print more money to falsely prop up the economy the thing is all the election so there was. some. thoughts when that or the flop you know you break right up economy based on printed money printing more money i mean that's where kerry saying let's see repairs let's say to do way with the federal reserve like ron paul saying you know if you actually really contrary it's only famous now and i believe if we can agree to disagree here because obviously we're not getting anywhere is that the only reason rick perry is saying these types of things is because maybe ron paul started leading the way because now we're in this new i mean it was that i mean like that's where the far away are you want to say that you're probably crazy let's move on to a social issue ok so we have
a clip from michele bachmann and well let's take a listen. can we get a couple with we talk children your might be considered a family. when it comes to marriage and family my opinion is that marriage is between a man and a woman and i think that's that's been my view would you call it was kids would not be considered a family to you you know all of these kind of questions really aren't about what people are concerned about right now this isn't what i was and you said and i just said that any any candidate for president should be asked about his or her views and their record this is a record of your stated these were defining political issues for you and as your political career it danced your letter said that same sex marriage was a defining political issue of our time those were your words back in two thousand and four so i'm just asking you about your views on something that is animated your political life i think my views are clear. why i think that david gregory did a pretty good job of calling her out there in terms of her hypocrisy but so
basically she's saying that if you're a gay family then you're not you're not actually family you don't count maybe you shouldn't even be people you just don't count period ask you this is not a crazy idea is that a crazy idea i mean every regular is horrible says that back in two thousand and four she said that you guys have had years to bring this one up why are you bringing it up now i mean where do you think you guys to me for i david gregory let me in the early years i think is going on in the election right now and if you look at recent polling right the majority of americans actually approve of same sex marriage i'm sorry but the tides are changing the world is changing and it's shifting opinions are shifting so to me to have candidates come out and openly say that they don't think that gay families count as families that's pretty ludicrous and that's crazy and that is a huge portion of the american population they're calling not a person do you think that that's crazy or not it's a little bit out there but what i'm saying that why wait until after she wins the ames straw poll to start she's been doing sunday shows for months now i almost
every week i think getting she's really getting under enormous amount of press. an inordinate and ornament a process and why wait until after she wins the straw poll to bring out i'm not sure i mean because i know you know that she might actually be a serious candidate so good resume nobody considers a serious candidate if we should write a story that's up to other people right but that's because he was on the radio or is what i'm saying is there is that is there is another i have to take we have to break so i got all right but not thank you so much for being here i thank you so much. also to come tonight we have a tuesday edition of show and tell and computers and smart phones have made our lives easy but are they also making us dumber going back in just a moment. into a little bit with the mechanisms to do the work to bring justice or accountability . i have every right to know what my government's true if you want to know why i taxed.
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