tv [untitled] August 25, 2011 11:00pm-11:30pm EDT
oh i'm sorry been in washington d.c. and here's what's coming up tonight on the big picture president obama is considering a new idea to finally get the wheels turning in the american economy so all those new plan aimed at helping homeowners bring some much needed stimulus to means three more will wall street seven this idea too and new york's attorney general is leading the fight to hold banks there's accountable for their high crimes so why is president obama stopping and trying to sweep wall street's mr deeds under the rug.
you need to know this a new congressional budget office report brings bad news for president obama according to the report unemployment will likely be at or above eight point five percent through next year's elections reason cited for persistent unemployment is weakness in demand as in not enough people have enough money in their pockets to spend and those stimulate the economy and republicans who don't want to ask of a job keeping it that way but making sure any programs put forward by democrats to help the unemployed and get people collecting. so it is resorting to desperate measures to get money back in the pockets of working people to stimulate the economy is the payroll tax cut extension that republicans are less
than enthused about supporting and here's another idea through helping homeowners it was just reported in the new york times today which read the obama administration is considering further actions to strengthen the. allow millions of homeowners mortgages to refinance that today's lower interest rates about four percent a wave of refinancing could be a strong stimulus to the economy because it would lower consumers mortgage bills right away and allow them to spend elsewhere so this is really an effective way to get the economy on track and if so why wasn't this done a long time ago here to offer her take on this issue is nomi prins journalist and senior fellow at demos she's also the author of several books including it takes out pillage behind the bonuses bailouts and backroom deals from washington to wall street and only thanks for joining us from our l.a. studios. thanks tom what's your take on this latest idea being floated by the obama administration to help homeowners refinance their homes is this an effective
stimulus. if it actually happened it could be if it were to be done properly it could be the thing is and you sort of mentioned this in the lead in that the idea of refinancing and restructuring borrower mortgages should have been done way before but were bailed out what happened was obviously we gave trillions of dollars in bailouts and guarantees in f.d.i.c guarantees for new debt for banks to create in the zero interest money they have access to that the rest of the country simply doesn't and rather than turning around which was obvious from the onset i've written about it many other people have and spoken about it and figuring out a way to diffuse the the problems that have been happening at the borrower level and the fact that first of all a lot of these mortars are fraudulent that the market was overpraised all of the fraud that happened but also that once the banks received cheap money and cheap
guarantees and still continue to do so they did not turn around and help individual borrowers have the same benefits and that has continued to drag the economy and it was easy to see this from the beginning if people can restructure their mortgages especially when rates all around them for their banks are falling are being kept low the fed is continuing to keep them low with various q.e. measures in everything else they're not seeing that same benefit so of course they're on the hook for paying an underwater homes in an underwater mortgage is more than the banks from which they originally borrow that money and get to pay for their money and that has aggravated what was and continues to be a really bad situation so yes if there was a way to force banks that should've been done from day one of any form of bailouts on land to restructure to help their borrowers refinance their mortgages in general
in this country our house. situation would be a far better position our economic stability for individuals let of the fact that we have a tremendous jobs issue but at least that piece of it would be in better condition and so none of that happen if we can get there that would be helpful there is a whole lot of pain that needs to be addressed as well though and it's not clear banks will let that happen at all anymore and that's it with him that's kind of the larger question in in two thousand and six is when our our housing market really started to crash i think it was almost thirty thirty point drop in housing starts and that's when you know people in the know were saying hey look out something really bad is coming because in one thousand nine hundred twenty six or maybe was two thousand and you have to those of six that was that one hundred twenty six the exact same thing happened you know the bubble the housing bubble that had been inflated for the five years prior to that started to burst which led right to nine hundred twenty nine in the great crash roosevelt didn't go to the banks and say hey
you know help people out i mean the banks are failing all around and he just said we're going to create a federal agency we will buy your mortgage from the bank or we will simply take over your mortgage most of them at that time or a five year balloon mortgages that was the norm at the time but you know not that different from our exploding arms now and and and offer people thirty year fixed rate mortgages at a reasonable price that were guaranteed by the government when they resolve this organization of a good name a bit in the one nine hundred sixty s. there was actually a profit for the federal government and people got to keep their homes is there any chance at all that president obama could do something like this without having to go through the republican house of representatives which of course will absolutely not go along with anything like this. it would have to be done through you know ties to the money that's coming through the fed to the treasury department in there have to be another way to do it is a treasury type of. concoction but i don't honestly think that the
treasury department will
go along with this the tim geithner will go along with this because the banks will go along with this and whether it's the republicans who won't anyway if there was a viable solution that said look refinancing has to happen banks have gone a good deal on their money they have not opened their doors they are not working with borrowers we see that in every corner in every county in every city throughout the country and if there was a legal requirement for what the banks are receiving there continues to be zero interest money now as well there has to be a certain percentage otherwise they're taxed more otherwise something happens to you know their very income their profitability whatever that actually in current acts a an economic kind of pain to them if they don't refinance only one way of doing it outside of a sort of congressional vote or congressional action if it came in came from that but that kind of an idea would never flow through the treasury department and be
very very difficult
to create and so you go back to talk about what happened in the twenty's absolutely that was a situation where the banks ran up prices there was a lot of lending there were shorter term mortgages and ultimately when things plummeted there was more assistance and that's the same kind of assistance that the banks receive they received a workout of their debt problems they received extra guarantees for their debt they received money to use to speculate to pay bonuses to continue to keep their businesses operational and to merge and become bigger than too big to fail they did that with money and that money needs to be and had to be back then several years ago distributed in such a way that at least it was coming through the government to the banks it was going through from the government to the end of. jewels or legally created this requirement from the banks to individuals and that wasn't done so there would have to be some sort of. as some sort of the securities or along with a cure for banks to not do their job and that's can be very very hard to really
create and that with and that would be a way to get it to happen around congress and it seems unlikely given the power that these bankers have now i know we thank so much for being with us tonight. thank you republicans will likely shoot this latest stimulus strategy down because their plan is to seriously crash the economy before the two thousand and twelve elections and their plan is in full swing so mr president it's time to go bold with a new jobs package maybe even one that includes mortgage refile opportunities. it's time for our daily poll your chance to tell us what you think here's the day's question is proof that unemployment will stay a ball of eight and a half percent through two thousand and twelve hurting president obama's reelection will he go bold on jobs no as one possible answer the republican plan to crash the economy before the two thousand and twelve elections is in full swing or yes it will go bold and whole leader through congress you can log on to our own dot com
visit let us know what you think the poll be open until tomorrow morning. the. it's the good the bad of the very very. ugly the good judge john mcconnell. the end of two. years currently pending in that state's district court all of them judge mcconnell statement reads if mortgage foreclosures stayed are hereby it says the cases are here by state and show the maine so until further order of the court decision comes out of the fact that no one really knows who won't be anyone's mortgage anymore thanks to a decade of banks to chop them up and so on and off to other investors over and over and over again and by the time
a homeowner goes into default it's unclear who can actually foreclose on the property and when that happens the banks have been hiring robo signers to forge fake mortgage documents to cover their butts well judge mcconnell is saying no more funny business at least in rhode island and telling the banks there's they have to get their act together in their paperwork in order from here on out so if other judges around the country are list. the bad news corp the fox so-called news parent company is producing a new documentary glorifying president george w. bush's handling of the nine eleven disaster that happened on his watch hoarding early reviews the film aims to rewrite history to make it look like bush was a great leader who put politics aside and was determined to hunt down bin log. person reality we know the push to prolong his vacation in presidential history right before nine eleven had plans immediately drawn up to invade iraq right after nine eleven and call off the search for osama bin laden not too long after invading
afghanistan but none of that matters because as producer and all said in the interview my goal was to get a good talk about those four or five days i was lost and she said facts and how he was feeling. less interested max i guess this really is a fox so-called news production and the very very ugly bob turner turner is the republican running to fill anthony weiner's baking. congressional seat in new york and he's really chosen a winning platform attacking ground zero workers in an interview with the new york daily news turner was asked about the zadroga act which gives health benefits to nine eleven first responders and turner offered this explanation saying is the pool beyond criticism oh i was going to a little too broad a turn there when i was a dozen things volunteers who helped to ground zero and are now dying from the
dioxin fumes then able to be eligible for health benefits while turning your back on sick nine eleven workers or running for congress in new york let's see how that works out very very. coming up are the billionaire duo koch brothers practically laying down a welcome mat for potential terrorist attacks on american chemical plants are in deep pockets of danger in millions of americans or are they or are they not. we just put a picture of the need for those like nine years old until the fruit. i mean i am in total get of friends that i was driving to and pretty soon. he was kind of yesterday. i'm very proud of the little without
you see it's a place. eric schneiderman is our best shot at making sure banks pay for the crimes they committed on wall street crimes that have led to millions of americans losing their jobs homes and livelihoods crimes that so far have gone public unpunished earlier this week schneiderman who is new york's attorney general was kicked off a panel of state officials from around the country who are working with the obama administration to come up with a one time settlement for the banks to a for their crimes and if that settlement gets paid and everything else gets swept under the rug for their lawsuits no jail time no not that crime of the century gets
forgiven a number being floated around is a twenty five billion dollars fine and we shared the words pocket change for banks toure's but schneiderman doesn't like the idea and that's why he was kicked off as attorney general in new york unless the lead police chief on wall street schneiderman has the power to bring what ever investigations he wants against any plans to do just what he launched investigations into wall street giants like goldman sachs progun stanley and bank of america and he wants wells three held fully accountable for the damage they caused and not just a slap on the wrist fine. so why is the obama administration not on schneiderman side and how much longer will the american people put up with the banks the law the war on this i'm joined by a man who. were near the whole banks accountable campaign organizer at the national
people's action national people's action. thank you so much. tell me a little bit about it first well so eric schneiderman has been in the news a lot this week and that's a great thing because what we've done and what we've seen is a focus again on the fact that homeowners still have not really seen any justice and so what the conversations about is this fifty state attorney general settlement and you know there's been a lot of mind and the other attorney generals are you on that team are you on eric schneiderman team and in that scene we all need to be on team homeowner there are hundreds of millions of underwater homeowners in america today is this is this doesn't this also extend to things like all the people who lost pension funds in the states got wiped out countries got wiped it absolutely i mean if we look at the overall damage that these big banks and wall street have done to our economy
trillions and trillions of trust that they got fourteen trillion and bailouts and backstops and i would argue that we everyday americans have not seen any any help for our homes for our jobs for our state and city revenue crises and we've got an opportunity here to deal with the housing crisis and we need to take it. did you see the movie client number nine i didn't oh he strongly recommended it is not about the salacious i mean it's got that you know it's about eliot spitzer but basically the story line of it is he angry with a billionaire who goes on camera brags about it the billionaire hired roger stone. big they got some illegal stuff done people inside the government. releasing information they were supposed to release and they were able to figure out that spitzer was seen hookers and then they turned that into a major very expensive p.r. campaign and brought it down and and then they both bragged in the movie about how
you know we took down this guy that was trying to take us down so now we've got schneiderman doing the same thing spitzer was doing or it seems you know trying to take on the billionaires of wall street assuming that he doesn't have hopers in his background. does he have other things to worry about i mean this is what he's raising a really critical question about this attorney general settlement and now none of us have seen the thought on that yet but if you would have passed me a piece of paper and asked me to write it what i would write is a strong sell them and that's going to benefit homeowners in all fifty states and there's a critical component of that first we've got to have a principle write down for homeowners we have to second we need restitution for homeowners whose homes were illegally foreclosed on we're talking about robo signing right where it was not even clear that banks held the mortgages when they foreclosed on on people's homes fraud it's fact and i believe if i came to your house and i was not the owner of your house and i removed you from your house and i took that house over i would be stealing your house and i would go to jail sure
that's criminal behavior and we need criminal prosecution why is the obama administration not on mr snowden side you know i guess and i think what we really need to talk about here is first of all and i know that for a fact we haven't even seen a thought on it yet about what actually had been as we have been. it is raising and he's in a critical decision to do it is this question of did i get a free pass and should real thorough investigations continue so what we know of the attorney general investigation so far is that it's focusing on foreclosure fraud and its focus focusing on robo signing do we need relief for homeowners is that in a way what is going to be critical to getting our economy started they can you know we just released a report with with a shocking number here and that shocking number is seventy one billion dollars a year and that is what will get put back in the economy and stead of in the pocketbooks of banks stars if the underwater mortgage is. all underwater
homeowners in this country were reduced to market value yeah so so so new bottom line release this report a win win solution and that says so for example say i you know i have a house that was valued at five hundred thousand dollars and i took out a mortgage for four hundred thousand dollars right and then the economy crashed right then it's just crashed the economy through their illegal activity breaking the banks your soul what if we made the people what if we made the people and so now my house is worth three hundred thousand dollars and i still owe almost four hundred thousand dollars so i have to put more money back in the pockets of those three banks that brought my house to you down in the first place so if we're to do that we could create we think over a million jobs because that that money would be flowing back into the economy and it would it would move things one is there any you know these bankers who got fourteen trillion dollars from us and took literally billions of dollars in paychecks oh yes yes in the in the half
a minute or so we have left is there any chance that we can claw back any of that money. that those folks have done what i mean i think you know it's going to take a lot of street heat we've got to get out there homeowners have to get out their tenants unemployed workers workers are going to need to hit the streets and there's a series of actions that are planned in october this fall you can find out more about that by visiting the new bottom line dot com. but the next opportunity actually is this attorney general thought i meant and we do have to consider what eric schneiderman is raising and not give banks a free pass on all of what needs to be investigated so people could contact their state attorney general's office and say please support or at least have an out and support a real government and the website is new bottom line new bottom line dot com dot com thank you very much for diminishing. the american people just want justice served of wall street and it's up to the president to make it happen or at least get out of the way of.
are the koch brothers playing into the hands of terrorists according to a new greenpeace report the koch's have spent huge sums of money lobbying against legislation that requires greater security and chemical plants prone to terror attacks currently thousands of chemical facilities across america are putting more than one hundred million people at risk if terrorists were to target those facilities koch industries and its subsidiaries from fifty seven of those chemical plants arguably putting four point four million americans in harm's way and while countless environmental labor and health organizations are pushing for legislation that requires companies and people out there security reports are that the koch's are quietly working to defeat those efforts that's her apps because they could make more money and so. they know that more money spent on security means less money in profits so how are they getting away with this and shouldn't profits come second to
saving american lives john dean's joins me now is the toxic campaigner. campaigner about toxics. so far you're not a doctor go greenpeace dot org hey john welcome welcome thanks on the coax you and i talked about this on the radio today that's right and in the time from then until now the koch's have come out and rebutted the argument the report that you are the greenpeace and and. receive the organization that worked with you on that. was two separate reports we became know their own report their own research but sometimes the center for public integrity also released an investigation so the reports it was on the coasts of rebutted your report by saying that they place a few books profits they take appropriate precautions these are you know i'm paraphrasing but these are their words and support they support of the bipartisan chemical facilities answer to terrorism standard city rats and they say that your funded by george. soros so the question did george soros tell you to trash the
business interests of these oligarchs and is there anything you want to correct or apologize for you know i mean the codes criticisms are really just acknowledging what we said in our report which is yes they do support the chemical facility anti-terrorism standards which are weak have exemptions it's been shown time and time again by security experts and they don't focus on disaster prevention they essentially allow coke to continue operating the facilities just as they have for years so of course took like that and they'll acknowledge that i noticed in their in their rebuttal and i read it carefully you know we're going to do this show i want to be as close to accurate as possible or as accurate as possible. there was. one when we talked on the radio today one of the main focuses of your concern is their lobbying efforts. and yet there was not a mention of lobbying in the report unless i misread it or missed it. was it
sort of like you were saying a and they said oh no we're not doing b. yeah so off our point is that we've tracked their lobbying records and we've shown that far and away i mean the chemical industry has been allied against protecting americans from a chemical cast disaster for years and coke is one of those companies all they are saying is yes we agree we've lobbied on this issue and we've said we want to keep things just as they are we want to keep these facilities that we own and that other chemical companies are running and want to keep them from switching to safer alternatives that are available well now that was not mentioned even once and they were bottle and this is another point that you made that they're using chlorine products which are deadly when in fact they could use oxidizers like hydrogen peroxide but that are rather less deadly putting both workers and communities at risk. and the idea why they chose not to address that i mean that what that was all . an important part of the focus here paul we we put very hard research into this
and they know that they can't rebut the facts when the facts are there there's a submit these these records to the government they've said these are their lobbyist on these issues they've put a public statement on their website that says we support the status quo and we are they literally say on their site we are against inherently safer technologies how can you be against something that is inherently safe or so and yet they have absolutely right on their website so they're not even denying their opposition to the policy that we support which is to close these exemptions we have thousands of facilities around the country that are even under the current v.h.s. regulations department of homeland security the policy that coke likes so probably many of their facilities are exempt from the policy but they say they support. should should people who are. well it's probably a larger question. to two how what are they doing right now i mean it will be
moving forward that that you're pointing out one of the things that you're pointing out that you would specifically like them to change or stop or that you would like public pressure to be brought to bear on them to change well we need a comprehensive policy the current policy to cope supports was meant to be an interim piece of legislation is tacked on to the appropriations process and it was meant to give d h s a head start well congress can get its act together as we've seen congress isn't that exactly the other and a big reason is because companies like coke. are lobbying against a comprehensive policy and now they're hiding behind this policy that offers a bunch of exemptions for the biggest exemption the biggest security gap is considering changing the process at their facility so that if a terrorist flies a plane into a facility or stands outside the fences and the cameras and the guards will. a high powered rifle they can't rupture
a massive storage of toxic gas and fumigate an entire city as he said over one hundred million people are currently living in the shadow of one of these chemical facilities and coke is lobbying to keep it that way and there are safer alternatives that could be inside those tanks absolutely for almost every dangerous process that we've looked at there are safer alternatives that presumably more expensive in some cases yes but in many cases a survey was done and a third of the companies surveyed said they actually save money because we're talking about innovation or we're talking about equipment upgrades so this is just momentum or inertia status quo or all of the above thank you john appreciate it thank you very much we should be too surprised that even when millions of lives are at stake we coax can only think about making the money but my question is where is the outrage from the right wing terrorist hawks.
crazy alert good obvious obsession for alluding ousted leader moammar gadhafi compound in tripoli libyan rebels have made quite a discovery a photo welcome. to former secretary of state condi lisa rice reportedly the photo album was filled with age after page of pictures of condi rice who could avi once referred to as his darling woman even had a pet name for her leaves i'm sure mine's me as anyone checked rice's basement for get off the ball because well it got elisa rise photo shrine is a bit disturbing i have a feeling fringe desperate gadhafi has other skeletons in his closet tragically literal. coming up congressman paul ryan is that again screwing over his constituents why is he hiding behind police to avoid doing his job. drives the world the fear mongering used by politicians.