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tv   [untitled]    August 22, 2011 11:30pm-12:00am EDT

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this is the seventh or eighth or ninth time that we've heard the president talk about producing a plan and each time that he's sort of gotten around to toss an idea out of the table it is included only more spending more deficit more debt and the american people are fed up with it maybe not as fed up as they are over driving on potholed roads and crumbling bridges president obama's also floated the idea of extending the payroll tax cut for working class americans yet even a tax cut is now drawing a rigid or frigid response from republicans actually from republicans budget committee member and one of the gang of twelve republican judd and surveiling nixed the idea of a payroll tax cut saying so is a net positive you'll have to have spares keep more of what they earn but not all traction wave was critical for the purposes of helping to get the economy moving again as in taxes are all well and good when they're for millionaires and billionaires but when they're for poor people no way meanwhile desperation grows for millions of americans who don't have
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a job as we could jobs fair in atlanta hosted by the congressional black caucus drew thousands of people who wait in line for hours and scorching heat just for a chance to secure a paycheck democratic congressman john lewis from georgia was on hand passing out water bottles of those waiting in line and stressed that lawmakers cannot turn their back on the unemployed he said you have to give people a sense of hope a sense of optimism tell him over and over again don't give up but with their latest opposition to a jobs plan that hasn't even yet been released are republicans prepared to tell the unemployed in america that it is indeed time to give up for more on this and other issues of the day i'm joined by a democratic congressman from new york charles rangel charlie rangle congressman rangle welcome back to the program. thank you before we get to the u.s. economy what's your take on the events in libya. well i can't imagine where america is you know was in that too long ago that we would welcome in khadafi back
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into the civilized leadership of the middle east and now of course it appears as though even though we don't know who the rebels that we decided that anyone is better than khadafy but it's really strange that we only really get involved now when we have famines and floods in many countries but where there is oil so it's consistent when a foreign policy and i do hope that the voices that are screaming out for democracies are hurried through out there were a list specially in this part of the world you know that's that's an excellent important point particularly as right now there's tens of thousands of smaller refugees pouring into kenya and many of them dying you know on the way or when they get there and exactly will no relief. it's tragic will will republicans. to to the to the issue of domestic politics will
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republicans reject any sort of tax cut or a jobs program as long as it comes from president obama on several several the programs that he's proposed so far. that they object to now are actually started out as republican proposals. i think it's abundantly clear that they need publicans or at least a governing controlling plodder them. so anxious to defeat president obama reelection that they are prepared to allow the united states of america to go into default i think they proved that when they held the president hostage i think is going to happen again in november and some people say well why should not the president. go to his constitutional remedies well we're not talking about being in default we're not talking about going to the supreme court we're talking about allowing other countries to continue to believe
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that this is a safe place to put their money and the republicans in the house of representatives that all the way but recently during the debate they made it abundantly clear that they were against revenue in any type of revenue no matter how deep the cuts would be this is really frightening when people who would want to see this country go down in order for them to prove a political point are you of the opinion sir that the republicans as explicit strategy are trying to crash the economy between now and twenty two thousand of amber twenty trial of an order to prevent president obama from getting reelected. well i won't say that for the republicans but what i do believe is that a lot of us scared to death of a primary and if indeed for whatever reason it seems party and to us is a candidate against them they know as from past experiences that they could be
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defeated and i think a lot of republicans will put their real lection ahead of the policies that they find themselves as supporting structure maxine waters. i really have more confidence in america though. i think jon huntsman's remarks over the weekend sounded as though there was some sanity in america that we had to put america back to work we had to change our tax system we had to take away incentives for people that no longer need them and making hundreds of billions of dollars and we had to be several in believing and signs a bill even in the climate change in believing in things that just make sense to
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the average ship person industry i just don't see how even though it's republican primaries that any of these candidates saying the things that they saying about each other could ever hope to lead the united states of america and is just making this look quite. irresponsible to have these these people as being the leaders of the republican party you know it's and it's frankly a true tragedy for america congressman congressman rangle thanks so much for being with us and keep up the good thank you thank you for having me thank you so much thank you. turning our attention now to the ongoing bangsar fueled housing crisis in the second quarter of this year mortgage delinquencies increased as in close to ten percent of all homeowners are on the verge of being foreclosed on a sign that the housing crisis beginning in two thousand and seven is nowhere near resolved after four years but has been resolved the wall street money making
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machine is more records from the federal reserve go public we're learning that two thousand and eight bailout of wall street known as tarp was just the tip of the iceberg and public funds going to the banks toure's in december of two thousand and eight the fed secretly gave more than one point two trillion dollars and virtually interest free loans to big banks like morgan stanley citi group and bank of america that's one point two trillion dollars which coincidentally is about how much it would cost to save six and a half million homeowners who are delinquent on their mortgages and facing foreclosure in other words a clear choice was made in two thousand and eight there in the bush administration to help banks stirrers or help build homeowners and the fed chose the banks or. so that it is no wonder the banks toure's are doing just fine again with five of the six largest banks in america reporting saurian profits j.p.
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morgan chase up thirteen percent wells fargo up twenty nine percent meanwhile millions of americans are still being kicked out of their homes and republicans refuse to sign on to any sort of relief to help them so what do we the people need to do now to make sure we see the same sort of recovery that wall street saw your answer that question is richard j. esko writer and former austrian executive who's now a scholar at the campaign for america's future richard welcome. thanks tom good to be here thank you because the trillions we spent on the bail out of the banks and you know the money that was loans of them by the fed as well was it worth it was it worth it no i absolutely not i think there are two issues that people have to separate in their own minds one is did we need to record a rescue of the economic system which i think most of us agree we did we didn't want to see a global depression we didn't want to see the economy go down but the second part
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of the of the equation is did we want to rescue these guys and preserve the system they were managing with the same people in place doing the same things that created the problem to begin with and i think anybody with common sense would say that's a terrible idea but that's exactly what we did with these massive loans will to really multibillion dollar giveaways once you factor in the entries we rescued the wrong guys the guys would crash the economy once before and left them in charge as you absolutely correctly said didn't rescue the homeowners and the other people who had been victimized by their predatory practices even though there is just as logical or a stronger logical economic argument for rescuing them and that's left us in the situation we're in today you're a former wall street executive i think you probably have more insight into this than than the vast majority of us think the banks were really planning to use their
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bailout money to to rescue homeowners like if they didn't say certainly our politicians or those. well i don't think so no and i don't think that was ever expected of them because if it had been there were any number of ways they could beat their own first of all our it could have been said look the guy's the senior exaction made the decisions that got us in trouble have to go or and or you could have said this money comes with strings it comes with conditions here's what we expect to see in terms of lending and in terms of the loan relief for underwater homeowners for example none of that was there and in fact a lot of the same individuals in both parties who pushed for these loans and pushed through the secret see that we've now seen partially overturned by these new documents are the same people who don't want to see homeowners out there in any way or other consumers helped out so i think there is no question that this could have been very differently and i think at this point that people in both parties should
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be feeling the pressure from their constituents to do something different now you know it's not like we haven't seen this before during the hurting coolidge and hoover administrations all the rules on banking in and stock transactions and whatnot were pretty much a done away with ignored or didn't exist and led to great crash and f.d.r. came in and as the banks were failing all around and instead of bailing out the banks he said the people who own these five year exploding balloon mortgages will create a federal agency and turn that to a thirty year mortgage that that agency resolved you know wrapped up business in the early sixty's if i recall right and actually showed a profit were a good when when they deregulated the s n l's and two thousand and eighty two rather and they have been blew up and crash in eighty six he went in and hired all the heads of the signals and and over a thousand people were criminally prosecuted why didn't the bush administration do
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any of that i mean just looking at history and why won't the obama administration do it now. well i guess ronald reagan was too progressive for today's democratic and republican parties because you know the one thing you look at in the years i spent in the business world the one thing that was never tolerated was managerial incompetence and one of the many things we've seen it revealed again by these documents is that the leaders of our largest banks lied and they continued to lie up till these documents came out there even lie after they came out and we have evidence to the contrary and they were bad at their jobs so you know we all talk about their moral corruption in the cynicism and all of the greed and all of that but even if you take all of their this a given they're not very good at their jobs time and so you know the thing that i think reagan found intolerable and reagan's people was look you can't keep these guys who crashed their own businesses into the ground in charge of the business just so they they crash again and i guess the difference between then and now is
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that the banking lobby is so much more powerful especially after citizens united which came part way through this process admittedly but it's so much more powerful than it was i i guess there are a lot of people who are republicans it seems and and a great many democrats who feel you can't stop them so you've just got to deal with them but i don't think that's true it's it's tragic however it plays out richard thank you so much for being with us tonight. my partner you know if we can afford to give trillions to wall street then we can afford to give trillions to main street obama wants to help working people with his new jobs plan is frankly time for republicans to drop their politically motivated opposition and help save this country from another great depression. coming out one of the koch brothers response to warren buffett's call for more taxes on the rich in my daily take i'll tell you how it's obvious that the code don't want to discussion about how they made their for other family members first millions.
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what drives the world the fear mongering used by politicians who makes decisions to prove it through made who can you trust no one who is in view with the global machinery see where are we heading state controlled capitalism is called sackfuls when nobody dares to ask we do our t. question morning.
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your take my take his assegai the show where you have the opportunity to make yourself heard here on the big picture it's your chance to share your questions comments rants and observations and i'll try to address them as best as i can my first comment came to us through the forum and thom hartmann dot com loomis asked where can one find raw data about the taxes paid by the top one percent you hear these figures thrown out all the time in aggregate but direct sources are really provided you know where these can be again it's a great question and fortunately information is easily available to the public on the web be congressional budget office compiles all of the raw data about federal income taxes every year and post the internet on their website c.d.o. dot gov once you log on to the c.d.o. website click on publications in the menu across the top of the page then choose
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special collections from the dropdown menu that appears and click on distribution of federal taxes and this page will give you all the information on tax rates and hundreds of different data sets all available for download as a p.d.f. or excel document knowing the facts is important thanks to resources like the c.d.o. website it's easy to do our next comment is from the viewer rant line from threatening to execute the federal reserve chairman to claiming climate scientists make up global warming to make a buck or perry has been sticking his texas spurs in his mouth since he declared his candidacy in the republican presidential primary last weekend and it hasn't gone unnoticed here the big picture one viewer called the rand line with this observation i was just wanted to comment on rick perry says there's a big black cloud over america now with his open pollution policy and there are radioactive waste disposal site that the county pays for it it's the same black
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cloud that he's building in texas the only miracle about the job success. it would be a miracle if those low wage jobs could put food on those poor people stable and remotely millions from education hiring thousands of teachers and his vision of the future to me. like that movie idiocracy i wasn't familiar with the movie so i looked it up today and found out it's a comedy about two average joes who participate in south secret military were nation experiment that goes very wrong and they end up waking up five hundred years in the future it is never that the world has spiraled into a dystopia where advertising and commercialism rule the day and d. evolution has resulted in a stupid human society devoid of individual responsibility and they are now the smartest people on earth. to scan the world to school like to kiss it's a conspiracy to get those courses to do mr president.
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the sky it's so you see it wouldn't be considered extraordinary. and just when i thought the rick perry analogies couldn't get any more creative i received this message at harben dot com i've seen i hadn't seen blazing saddles in over three decades the movie was shown last night for a performance burton gilliam plays lyla the brash stupid bully cowboy who is a foreman of a crew lay in a railroad track is anti workers anti blacks anti chinese and i kept thinking this guy looks and acts like rick perry. yeah i see the resemblance not only is rick perry radical but it's off the cuff remarks and brash analysis of issues that impact millions of people are just downright dangerous and our final comments and i came via twitter last week the gang on fox and friends and others in the conservative media criticize the agriculture secretary tom vilsack sconce about
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food stamps are the most direct stimulus you can get the economy during these tough times. the state of this program now is it actually people who are on food stamps stimulate the economy because every dollar generates one dollar and eighty four cents into the economy you buy more groceries if you're on food stamps if i don't keep i that is a stimulating part of the economy and i offered my take on why fox news doesn't know jack about economics. if you give people money to buy stuff then guess what they buy stuff and buy and stuff stimulates the economy it creates demand which increases the need for more stuff which means some people have to get hired to grow or build or manufacture and supply more things to sell which means more jobs and more paychecks and pretty much everybody doing much better it's called economics
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one hundred one government spending does boost the economy every one dollar spent on rebuilding our infrastructure creates a dollar fifty nine in each increased economic activity a dollar spent on unemployment benefits or what fox news call socialism generates a dollar sixty four in increased economic activity and as for food stamps every dollar spent on them creates a whopping dollar seventy three increased economic activity making it the most effective stimulus program at the government's disposal. yet all of these programs are programs that republicans and their mouthpieces of fox so-called news rail on as an extension of that in any state and government waste well some guy named eric bollinger over at fox news rode talking heads mention in that daily take didn't take my criticism very well he tweeted those two new scones seven minutes teaching me to nominate sort out more about economics the most liberal jacko swill. i think
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he's i think i should read will ever know but i guess it's easy to garble your insults when you're trying to fit them into one hundred forty characters or less you know the thought of any american i never claim to be an economist but out of the twenty two books i have in print for a bit about economics and the economy about you but you know what i realize how facts and the truth can be hard to process over the top so-called news so it's for your is so. good so you know yes that's it for your take my take tonight if you'd like your comments and questions for the segment the big picture listen up. you know your two cents you comment but visiting the tom hartman facebook page via twitter at tom underscore apartment or in the chat room on the message boards through the blog at tom hartman doug you can also leave a message general grant line at two two five three six fifty three zero six agree disagree sound it's all welcome to remember that your comments made a used on the year.
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last week billionaire capitalist warren buffett called on congress to stop coddling millionaires and billionaires and raise taxes on people like himself the same level that his secretary pays asking that the over rich pay taxes like everybody else didn't just draw the ire of talking millionaire heads like eric bolling of fox so-called news who apparently missed econ one hundred one of those called bof a socialist he also said a fellow fellow billionaire oil all of our charles koch estate and released to right wing media outlets charles koch responded to buffett by writing i believe my business a nonprofit investments are much more beneficial to society well being than spend sunday in anymore money to washington which makes me wonder of charles koch even knows how he made his billions in america because he realized that it was thanks to washington's international treaties negotiated by government negotiators and
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ratified by the government senate that allowed his dad to do business with joseph stalin and make hundreds of millions by setting up fifteen oil refineries in communist soviet union. and that it was thanks to washington's banking system that then allowed his dad to bring those millions back to the united states and invest it and eventually bequeath it to him and his brothers charles koch realize it was washington's court system that enforces contracts to do business and it take over other smaller competitors and hire workers and streamline services and expand his own mega corporation does you realize that it's washington's investment in the nation's infrastructure that allows him to transport his goods all over the nation in the way to maximize profits because even realize it's washington's and doubts that as the new york observer and the institute for public accuracy have uncovered a lot of his timber and cattle ranching companies to set up shop on public lands paid for by us taxpayers and use public roads again paid for by us taxpayers
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does he realize he makes millions from the government contracts in washington does he realize this corporation directly reaps benefits in the billions in taxpayer subsidies and corporate welfare that goes to oil companies every year you know what his oil company is he doesn't realize any of that because if he did he wouldn't say something like his own investments are better than the government's because without government and without taxpayer money charles koch would have no investments in speaking of those so-called investments are they really more beneficial to the societal wellbeing but the millions of dollars as reported by the world street journal of charles koch is funneled into the george mason university think tank known as the mcadams center it's filled to the brim with climate change deniers and those scientists hell bent on destroying as many environmental record regulations as they can you know regulations that make sure that the air we breathe the water we drink and the food we eat is safe in fact when george w. bush came into office in two thousand and one the koch funded merkabah center
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suggested more than half of the environmental regulations that bush or mediately put on the chopping block. so when our kids get asthma thanks to this polluter agenda we can thank charles koch for his so-called investments that benefit our societal wellbeing or maybe koch was referring to the hundreds of millions of dollars he invests in universities across the nation i think anomic are both as florida state university where as the st petersburg times noted charles koch can veto the hiring of any new professors if they don't subscribe to his tax cut and deregulation agenda or at utah state university where coax contribution happens to coincide with local requirement for students at the school of business to read his book is also charles koch and coax investments into tea party and anti-tank anti-tax think tanks and front groups like americans for prosperity that have brainwashed millions of americans into thinking that tax cuts for the rich will
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trickle down when they won't and that intelligent programs are growing broke which they aren't but their anti-tax efforts have yielded excellent added profits for his corporation and millions an extra cash for his personal bank account and they make sure that just like warren buffett pays far less of his income in taxes and his secretary does from pushing to gut the e.p.a. to spending huge lobbying dollars to keep his corporate and personal income taxes and at historic lows the main group of people who benefit from the koch's investments are all or guards who also have nine zero as in this was bank accounts the rest of us are left to suffocate under more and more pollution and a growing wealth imbalance that's leading to civil unrest all around the world. if that's charles coke's idea of investments that benefit the societal well being then frankly he can keep his we don't want it simply billionaire oligarchy like the koch
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brothers that don't want to pay their fair share to support what makes america great or leeches on our body politic as the big picture for us tonight for more information on the stories we covered visit our website as a target dot com free speech dot org and. check out our two you tube channel zero one six on our this entire show is also available as a free video podcast on i tunes and we have a free tom hartman i thought i pad app the app store it's honest feedback and twitter of tom underscore and on facebook and tom others for our blogs message boards it's open comment line it's on our radar. and don't forget democracy begins with you get out there get active say your it will sit in.
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what drives the world the fear mongering used by politicians who makes decisions to break through it's already been made who can you trust no one who is imbued with a global mission a receipt where we had a state controlled capitalism and school satchels when nobody dares to ask we do our t. question more.
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to. come. to. the time.


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