tv Breaking the Set RT November 15, 2013 8:30pm-9:01pm EST
they did rather. body has something to say everybody has a story i'm not the kind of person want to sit next to on an airport. i mean there's always in the waters in the halls that's whether it's a ballet dancer a ball player. things that are curious to me is it just things i think about. them or not of.
there i marinate it this is boom bust and here are some of the stories we're tracking for you today. first up janet yellen was in yellen during her nomination hearing yesterday as the next head of the fed we'll tell you all about it coming right up plus former lobbyist jack if i'm off sat down with the walk in studio to discuss the ramifications and recourse of campaign contributions and finally rachel corrie's is joins me later on the show to discuss j.p. morgan's. social media blunder tag don't do it that's all in today's big deal but for now let's get to the show.
janet yellen vice chairwoman of the federal reserve face the senate banking committee thursday for her nomination hearing to become head of the central bank in february now yellen said she's committed to promoting a strong economic recovery and will ensure monetary stimulus isn't removed too soon now during the here in idaho senator craig wasted no time asking elena yellen if and when we see an end to quantitative easing. just continue indefinitely i mean it's the labor market doesn't improve to the point that you reach your target. this continue do you agree that there must be some point which we return to normal monetary policy so i would agree that this program cannot continue forever the
costs and risks associated with the program. now yellen did however suggest that if the economy picks up in the coming months she'll continue with plans to wind down the central bank's eighty five billion dollar a month bond buying program however when asked by senator dean heller of nevada about whether she follows gold prices and what causes them to rise or fall you know one had this to say. i don't think anybody has a very good model of what makes school prices go up or down but. certainly it is it isn't as shit people want to hold when they're very fearful look out potential financial market catastrophe your economic troubles and tail risk. now a better explanation than what bernanke he said in response to the very same question from the very same guy just a couple months earlier check this out. nobody really understands gold prices and i
don't pretend to really understand to be that good to know from the head of now bottom line yellen passed her first leadership test without angering her two most important audiences one the financial markets and to the lawmakers grilling her now elsewhere moody's has downgraded ratings on a four major u.s. banks a consequence of the slim to none chance of a government bailout for these institutions in the future goldman sachs j.p. morgan morgan stanley and the bank of new york mellon had their long term senior unsecured debt ratings by one notch the agency made the changes as a result of banking reforms implemented by the dodd frank act now the reforms per banks ability to make risky investments and place new regulations on some complex financial derivatives moody's believes the u.s. government is less likely to step in to support troubled financial institutions.
and finally there we have it remember this classic flick i know you liked it. let's just. you just get is you. now while revenge of the nerds might have been fiction the revenge on the n.s.a. by the nerds of silicon valley is all too real by using a harder to crack code google facebook and yahoo are fighting back against the national security agency for authorized spying on users the companies say they must show both their networks and their online customers data in order to assure users that connections are secure and data can't be grabbed while the n.s.a. may ultimately find ways around these barriers that companies were burned in by disclosures that they were cooperating with u.s. surveillance programs and now there are looking for of them. well there you have it we'll be tracking all of these stories and as always keeping you posted on all the
latest. now while money and politics have always enjoyed a cozy little relationship in two thousand and ten the supreme court's to citizens united decision that drastically altered the landscape of money in politics now with the ruling fund raising caps on political action committees or pacs was removed this open the doors for individuals corporations and unions to funnel unlimited amounts of money into campaigns but how much did it did this have an effect on the unlimited amount of donations that can go into politics well earlier i spoke with jack off but once imprisoned in prison did. and now for our reform to
be asked and here's what he had to say. that involved politics since the seventy's and frankly i don't ever remember an election where money that wanted to get into battle action in the united states didn't get it there are always been well before the seventy's loopholes and structures that you could use to get all the money you want in an election into an election where citizens united did was it made it more public we got to see directly maybe we didn't know who was giving this money but we got to see directly the impact of this money through the so-called super pacs the other organization so in that respect it was in our face more but in terms of money more money i don't think so you know in terms of the aggregate i don't think so really because they were saying that historically these were some of the biggest campaign donations ever you're saying not only because the way they used to get money in before was totally in reportable people could do it through c. for going is ations problem supports a charitable tax deductible organization they could do it through the political
parties before mccain feingold other legislation that limited it so there were always ways to get your money in in the past though we didn't see this money we didn't know what was going on but i assure you hundreds of millions if not beings of these dollars were flowing into the political system wow see you think if nothing else it just provided a lot of transparency to see who is giving all sort of military transparency because that actually is not transparent some of the super pacs in the rest of it may be a level of annoying frankly a level of aggravation because now we get to see all this stuff and we get to realize that there are people who are playing very serious ways in our political system but now it's right in our face in the same way by the way in the old days in congress sometimes like when lyndon johnson was head of the senate you could go in his office and give him one hundred grand in cash and get your favor now you have to give them blotter contributions to get reported and everybody knows you're doing it so again it's still going on but we get to see it ok there you go out now tied to michael bloomberg who else may have tom styer and mark zuckerberg together. they
spent more than twenty five million this year alone this year now i mean have campaign it's kind of turned into a proxy war for billionaires well i think what's going on that's interesting is that a lot more people for so a lot more billionaire in america and a lot more wealthy people in america and these people whereas in the past they might not have seen the need to play politics or get active politically now they almost all do they realize that the government is very involved in their industry is very involved in their lives as there are. all of our lives and they feel they can do something about it so we see a lot more of these so-called billionaires and others putting a lot more money into the system than i think we did in the past so this is a new trend but i think i think we're going to see more of it by the way people who are still reluctant to get involved politically are seeing that their peers are doing it they're seeing the mark zuckerberg do it so they're thinking well maybe i could do that job maybe i can't play like he does but i could put in ten million dollars twenty million dollars in the course of a year there are going to necessarily be sheldon adelson and put in. hundred
million dollars but they're going to play at some level i think we're seeing more and more on both sides the aisle by the way democrats and republicans conservatives and liberals i'm working very hard in the reform cause right now and a lot of the progressives who are very wealthy are funding that so we see a lot more in our politics now some would argue that this is. kind of what's happened you know i mean that's a very aggressive there are many that i don't think it's quite as bad but i know where it's i think we have is and we've always had it by the way in every society it's not just in america the elites of every society have an outsized influence over that society it's just been the case everywhere what's different about america perhaps the modern american experience democracy is that at least the common folks all of us we get to vote so what they're elites are doing they're actually not petitioning the sara lee the government all the time their petition enough to try to influence to make their case to through their group you're right there is certainly outside. influence but it's not quite an oligarch he with
a bunch of people does running the world the way they want to they have to because of the media because in part of great shows like this they have to be somewhat responsive to the american people and i think in general they are that's a good distinction between the two you know if they might be able to influence but not not not control not control now how do we reform a system that you know it's filled with corruption we know this is not as corrupt as some places more corrupt than others but is money the source of the problem or is it more of a return to the robber baron air or what is this i think money is a source of the problem first of all one has to realize that people come to washington the same way they go to every capital in the world whether it's paris or london or moscow or rome they want power people who get involved in politics one power that's why they're in politics that they want only money they're going to go to new york and get involve in the finance world so they want power so you have a bunch of people want power then you have people who have money who want to employ implements those people so money is the tool that the people who have been used to
corrupt the system not necessarily illegally by the way which is the problem but they use the money in a way to corrupt things and to get what they want the way to solve this is to get the money out of this is them so how do you do that we're trying to work out a way to do that that's constitutional and we believe the way to do it is this fall is to get the lobbyists those who are actually lobbying not necessarily those who only those who are registered but the people who actually lobby the lobbyists and the people are lobbying for this special interests in america and for bid them from giving anything other than a de minimus amount of money so the politics that would reduce that influence in a significant way one eliminated in the sense that they would have been influenced the same way we would have in place those of us who can't get a lot of money in the political system but that is a very common sense reform it's by the way reform that people on the right and people on the left both support it's not ideological it's not partisan the elites don't want it and that's where the battle is now would public financing of campaigns make it. difference kind of like in europe but what you're saying is that
just the total difference that would make everything fair well i think two things on public land these campaigns number one it won't happen here because nothing that doesn't have a consensus of the left and the right that's big is going to get through you know in a way that maybe health care got through but that was a maneuver to get it through that's not going to happen with public financing of campaigns number two there's a lot of fear on the part of people in america that if you put the decision in the hands of government bureaucrats as to who gets the money to run for office then the bureaucracy is going to control the elected officials even more and that's another impediment to doing it so while the outcome of it removing the money making public financing i think in general sounds like a good idea practically isn't going to happen and number two the it is fraud as well with potential corruption that we don't see right now i'll tell you one of them for example i was a lobbyist and i was a. very. fortunately i guess and a lobbyist like i was and there are plenty of them still there they would look at
the public financing committee campaigns as another government program and what is that means of them they would start running candidates all over the country to get that money and then they would get peace around in them you would see a plural for ration of candidates like you can't believe then people certainly say well why can't i be funded if you can fund this person why can't you find me so it's a good simple idea but unfortunately in practice they wouldn't really i don't think we were and that was former lobbyist jack off. now coming up there's a battle a brewin between the new when the old and the taxi industry how long a heavily regulated taxi model survive more on the rise of the new girl after the break plus ever wonder what it's like being a multinational bank and financial services company well if you did then this week was your chance to find out for a joke or as a as an i discussed and today's a big deal and as we head to break here's a quick look at the quick closing numbers.
and the banks are trying to get all that all about money and other bashfully like for a politician writing the laws and regulations that bankers are going to have. just too much is a society. that. hello and welcome back now when you help cab you're probably not giving too much thought to the person driving or the company that he or she works for you're more concerned with getting from point a to point b. in the quickest way humanly possible while paying the least amount of money but in the nation's capital a taxi turf war is playing out on the streets and new regulations are now in place to modernize d.c.
cabs but at what cost to drivers buckle your seat belts as artsy as liz wahl explains the road rage. is related to no among them home nor nothing elias or rageh has been driving taxicabs in washington d.c. for twenty years but it's been a rough road doing business the last few weeks after the d.c. taxicab commission implemented a number of new rules. now all taxis must have the same dome light carry an approved credit card system and eventually be painted the same color cab drivers have had to take on the cost themselves upwards of a thousand dollars because of new this new revolution you know a lot of people lot of abuse he says the cost for these don't lights keeps going up and many drivers can't even get one due to a long waiting list now some drivers have been ticketed their cars towed and their business at a standstill even if i don't get the money how come i but food for my kids how
could i pay my bills just like anybody. drivers that say they're tired of being ignored have banded together and joined the teamsters union they're now suing the district demanding they get an extension on the rules and for the city to stop towing cars and imposing fines rob linton is the chairman of the d.c. to. the cab commission he says he put the rules in place for a reason. under the instructions of the mayor will know when he asked me to take this position to modernize. the regular taxi service of the district columbia it's not just new regulations i can drive or say are impacting their business parking lots like this have been more full lately because cab drivers say they're losing business to another company that's not playing by the same rules. as a booking service known for its upscale luxury car service with the click of
a button on a smartphone customers can expect a car to arrive in a matter of minutes drivers are dressed for business and the transaction is smooth and seamless no cash needed arrived in d.c. and late two thousand and eleven people could provide at least the illusion of being bald hearns or being a leafs cab drivers say they've been fine with sharing the road with until now uber recently launched a more affordable service called labor x. to get a license but i know what it's nobody's just going left or right because the person you're from d.c. . to business cab drivers say hooper x. which charges similar rates to regular taxis doesn't have to follow the same rules in order to be a cab driver have to do fingerprint. you have to bring where he lives driving like the commission says it's still in the process of writing the rules for the bracks but the cars can stay open for business until that. is gaining
popularity and many of its users think it's the future of urban transportation we know that it's fundamentally transforming transportation if the venture arm of google is given in this company a quarter of a trillion dollars for taxi drivers that don't welcome the service the taxicab commission says if they think or others. is there a problem they need to water people using them instead of me that's the question it's a question many county drivers are struggling to answer as their business and livelihood remain uncertain in washington liz wall r.t. . to talk more about these taxi turf wars i'm joined now by liz wall liz welcome to boom bust and first and foremost you know what i want to ask you is it time for the cab companies and the transportation industry in general you know to get on board with the new business model and really kind of let it enter the
market space instead of fighting it what do you think well i mean if you ask the d.c. taxi out commission if you asked passengers people that live in d.c. they're going to say absolutely not only is it time to get on board it is a long time coming i mean you go to new york city and it's not even. a question everybody takes credit card people don't you know they carry plastic a lot of people don't carry cash and people will come here and be like what's going on with the why me and just it's just common place and saying yeah a lot of people will say yes if the time has come to modernize the d.c. taxicab service so the commission that he says that that's exactly what he's trying to do to make it so that we kind of get up with the time right now can you go into a little more detail about the regulations that cab companies are subject to which are not yeah well there's a number of regulations out recently have been put into place that have made drivers angry at these new don't like if everybody has to have this uniform uniform
system and also the credit card system they all have to be approved by the cap commission so even though a while back some cab drivers here in d.c. did take credit card they would use those squares you know right but if they're caught with those they're slapped with a big fine so they're upset about that that they have to abide by what they see as these very stiff regulations on the other hand they don't have to necessarily follow these same regulations also cab drivers. they've had to they have to get extensive background checks medical checks and how drivers have been doing this for years and decades and say you know what i've had to abide by these rules now this company's coming in and taking a my business boldly before my eyes literally sweeping up my customers and they don't have to abide by the same rules but it's not to say that does not regulate itself i mean. they have a very high level of customer service that they try to live by they it's the customers that basically regulate it because i know that you take an uber and you actually break your regular caviar you're our driver now you were talking about this right before you came on and i love this you said apparently they can rate you
as the customer two it's a perfect democracy and you know you're really not zero if you are rude if they don't if you're not kind to your cab driver for any reason they don't have to pick you up so it works both ways really and i want to know what my reading is you know i'm really curious how big. the moment i mean how many cities just have a presence it's huge and we see that it is only growing it started launched fairly to fairly recently in two thousand and nine and since then it grown exponentially it's in fifty cities it's global and they only ten to they only intend to expand typically when you think of google you think of a more luxury kind of service the black cars now they've expanded to this x. and this is like cab drivers don't like because it directly impedes what competes with the company is because it's not necessarily you know the black car service it's more standard service and now they're being able to directly compete with cab drivers and charge comparable prices here in d.c. even less right now at the end of the day it's really about providing
a service and if there's room in the market for that service and the market wants that service it's going to succeed would you agree yeah we're seeing that right now . a lot of people will use hoover and they don't go back they go back to taking cabs because it's so it really harnesses this new technology you know i wish we had more time with this we've got to be back on the show very soon thank you so much for joining us. absolutely i was losing wall argy correspondent now it's time for today's big deal. big deal time rachel herz is as always joining me now rachel this is one of the banks attempts that we're going to talk about today at social media something that
apparently. i mean it just went south tremendously fast j.p. morgan now they posted a tweet trying to solicit some some people to talk to them it said on its twitter account take over will host our first the live q. and a on leadership and career advice with the leading j.p.n. exec on eleven fourteen use hash tag ask g.p.m. to submit questions and of course tell a really that ensued here are some of our top twitter responses coming up there we go now and this one i just love from david date in he said day n. he said what what's it like working with mexican drug cartels do they tip i don't like to know that when i did it i would really go for more eddie f. elfenbein i'm sorry if i'm crushing your last names everyone he wrote was the best way to get blood stains out of clown suit they didn't specify i mean i was just him learn what that to be about number three aimee hunter she said everett and another
person loses their home to no legal foreclosure does a bell ring i wonder if it does number two comes from our friend our lexus goldstein who when the o.c.c. translation office of the comptroller of the currency found you didn't properly properly guard against money laundering were you just like. and number one favorite this is from downtown josh brown said i have a i have mortgage for. market manipulation credit card of years to live again and predatory lending. there's one more bonus to it this comes from the one the only the whole areas for each of us how do i get a pair of presidential couple because i like it leave you alone especially if you know the graphics department. after a number of years on twitter j p. only responded saying tomorrow's q. and a is cancelled bad idea back to the drawing board rachel was this twitter job move by j.p. morgan a good idea or a bad one if you're j.p. morgan it was a pretty bad idea they were probably used to having commercials where you get to
broadcast whatever it is you want to but with twitter people are coming back at you all the time and i think that there's. a sense of how much people want to talk to jimmy lee about the dell deal which is a little out of whack with how much people actually wanted to give j.p. morgan a reckoning this is the first time we've seen anything like this happen member when mcdonald's tried to get people to share their mickey d's stories that went awry incredibly quickly because let's face it on the internet we all love being trolls and the number of people who just want to have a good laugh always outweighs the people who earn asli want to know jimmy dell what color they should make their resumes i mean. that was very funny. really what they thought that people were going to be asking jimmy do i like to think what's your favorite deal what's your favorite thing to order at lunch i mean what kind of message were things did they think they were going to be asking jimmy leave it doesn't make any sense what do you think the meeting was like where they were like oh my god i know what was that. you know like i don't really use
that i have twitter it'll be a great thing and it's going to be what's frustrating and i think that this is something that you know the friend of the show alexis goldstein said is the social media department is the one who's going to get in a lot of a lot of trouble for this food when really no one's really looking at the leadership at j.p. morgan thinking why have we inspired such and i are among the twitter and said everyone hates us what are we going to read. i come back to rob's work is awesome but that's all all the time we have for now but you can see all segments featured in today's show on youtube at youtube dot com slash boom bust our take we love hearing from you so please head up our website at facebook page facebook page rather at facebook dot com slash boom bust r.t.m. from all of us here boom bust thank you for watching that for you next time.
across talk rules in effect that means you can jump in anytime you want. on larry king now nellie's back is there anyone whose opinion you respect for god to you this is just some of your family some of your friends and i get their input up to spec them put enough to know if this shucking and jiving me a little bit. would you rather have been a major league baseball player than older than being over the artist's well first let me say that i always believed that everything happens for a reason so there was no way i would change you know my life in the way shape form or fashion.
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