jamie diamond but as you point out all they do over there j.p. morgan is they take the risks on their. books and they stick it on the federal government's books that work beautifully for years as long as america had to play repeating but now that america has a double a plus rating and interest rates are going to by definition creep higher that is going to be huge wall of arbitrage agency arbitrage cock the nightmare bamboozlement that will no longer serve j.p. morgan in their quest to hide losses and that starts going down like a pile of bricks short j.p. morgan is one of pax sell it short make it in fact a better naked short at this at this time would have been bankrupt america if you follow this next head imax bank of america getting smashed as a i.g. johnson to the lawsuit fray in a big way so sure it american international group is expected to sue bank of america what might be the largest mortgage security related action filed by a single investor the suit seeks to recover more than ten billion dollars in losses on twenty eight billion dollar

government despite all their protestations despite every year when jamie diamond collects his tens of millions of dollars bonus he says because i deserve it nobody works as hard as i am i'm so clever i can print money but it's the u.s. government according to the rating agencies that give taping morgan its its rating right well nobody works as hard at fraud jamie diamond but as you point out all they do over there j.p. morgan is they take the risks on their. books and they stick it on the federal government's books that worked beautifully for years as long as america out of aaa repeating but now that america has a double a plus rating and interest rates are going to by definition creep higher that is going to be a huge wall of arbitrage enter agency arbitrage cock the nightmare bamboozlement that will no longer serve j.p. morgan in their quest to hide losses and that starts going down like a pile of bricks short j.p. morgan is one of facts sell it short make it in fact a better naked short at this at this time would have been bank for america if you follow this next have imax bank of

the real thing i spent time with jamie diamond this week the ceo of j.p. morgan. he said we have problems. there's all fixable. there's no calamity out there right now. as you watch the markets swing back and forth i think it's about investors who have lost confidence and looking for that direction as opposed to you know, a really big crisis like we saw back in 2008. we'll hope is better after the weekend and can sort of calm down. >> your interview with jamie diamond by the way, got played over and over and over again. almost to the point people are thinking why isn't this guy running for president? >> a lot of people are asking that. when i asked him that, he said i'd be a terrible politician. he's very frank. he says whatever he's thinking. he's not manageable by his handlers at all. hay don't have any control over him. >> so is the vice president and he's been a politician for a long type. >> there you go. >> good to see you. >> you, too. have a great weekend. >>> casey anthony could learn today if she has to probation on a check fraud decision. judge perry co

jamie diamond touring branches of california acknowledges the risk, but says his bank is strong. >> we have been in europe for hundreds of years, so we continue to do business there, we have manageable exposure to all the banks. >> reporter: and it's not just banks stuck in the downdraft. >> very likely we're going to see some significant ups and downs as investors begin to price in a slowing economy, weaker earnings and that typically means lower stock prices. >> reporter: in los angeles, investors are worried not just about stocks, but about mightme returns on bank accounts, cds and money markets. >> i'm just going to extend my working years by a few and find a different place to stash money for retirement. >> i moved into cd because it's growing slower than inflation. >> we have come through this several times before. >> 74-year-old retiree rick brousch and his wife marsha. rely on investment income. the family weathered the great depression and he's hopeful they can weather this. >> i believe in the growth of america and within reason, if i did pull my money out of the market now,

bankers they should all be given jobs you know why they won't be given jobs because lloyd blankfein and jamie diamond don't want the competition if they were actually pro-capitalism they would set up a ghetto investment bank and put these kids to work raping them plundering the global economy but that won't happen because h.s.b.c. barclays loans u.k. banks that were bailed out by the federal government bailed out by the people don't want competition so here you have the leader of the free world george w. bush at the time apologizing and providing an excuse for the bankers he's saying they were drunk now here's what happened to a looter in brixton brixton looters jailed for six months so my back a bell twenty three took several i pod touches an i pod nano devices from a currys in brixton when interviewed by police bell said she had been drinking heavily and followed a group of boys into currys she took the items from the floor of the store now she's been sentenced to six months in prison but the population is begging for more they want her to put the. bars for longer drunkenness is not an excu

freedom of information act that there was a one point two trillion dollar gift given to bankers like jamie diamond and goldman sachs's lloyd blankfein just on the cuff just to keep them sweet so now twenty billion dollars in that context is virtually the equivalent of a wad of gum stuck to the bottom of your shoe i mean by comparison i'm sure there are pimps in their hoods around the world they carry more in their sock. and you know i want to bring this over to more pension fund stories about this how the pension funds are being blamed for the market crash headline reads teacher pension fund joins california auditors risk list so this is the california state teachers' retirement system calipers remember they reported in march that it had seventy one percent of the assets needed to cover retirement costs for its eight hundred fifty two thousand members and family members the estimated shortfall is fifty six billion dollars but back as recently as two thousand and one they were ninety eight percent funded the article goes on to say but benefit changes and economic slumps. but her asset value

diamond or lloyd blankfein they want the u.s. dead downgraded to if they can't just junk status because you can make a lot more money trading junk the spreads are huge more volatility more money for blankfein and diamond the nine eleven crybabies who for ten years have been getting all of the money they've extorted from government whether it's hank paulson back in two thousand and eight or now barack obama who's just a puppet of wall street extorting once again for free handouts free money again for the too big to fail banks and this is going the way of all these other countries of saying where they've downgraded the debt great for bankers great for fees great for christmas bonuses this year for the kids but unfortunately horrible for anyone living in this country also because the chair is most what you saying is all of this is all constrained. well it's in their best interest in other words most of the economy in america over fifty percent of the economy is tied to investment banking and wall street trading so they control the g

diamond or lloyd blankfein they want the u.s. dead downgraded to if they can dump junk status because you can make a lot more money trading junk the spreads are huge more volatility more money for blankfein and diamond who for ten years have been getting all of the money they've extorted from government whether it's hank paulson back in two thousand and eight or now barack obama who is just a puppet of wall street extorting once again for free handouts free money again for the too big to fail banks and this is going the way of all these other countries of saying where they've downgraded the debt great for bankers great for fees great for christmas bonuses this year for the kids but unfortunately horrible for anyone living in these countries where the american public is having their worth decimated by wall street banks and j.p. morgan and goldman sachs are to america's middle class what buffalo bill was to the buffalo population in america their interest in wiping them out it's foolish to think of this in terms of republicans vers

jamie diamond says it's no calamity here, it's not the same situation, the "new york times" article was talking about, there was some similarities, it was about debt last time. last time it was about consumer debt, this time it's about government debt. but it's not the same most people think on wall street. because there aren't the same hidden problems behind the scenes that could lead to a domino effect, like we saw last time. that said, fear really is in the driver's seat on wall street. you definitely see that and i think the question of the day today is about european banks and it's about does germany have the political will to backstop the european system. >> we'll continue to watch that throughout the day. >>> so if you're one of those millions of people wondering what the heck should i do with my retirement money, we're here to help you. personal finance expert lynette cox is the founder of "ask t askthemoneycoach.com. wall street is down 16%. so if i want to stuff my money underneath a mattress for retirement, what do you think? >> everybody needs to be in the market to some ext

diamond from wall street will all show up with particular agenda from the business, and he needs a list of five, six, seven things for example to develop natural gas and oil in the united states and to use it more readily. to manufacture in the united states more rededadily, and thi of that nature. and some of the tax code is burdensome so it is appropriate to come up with the package to make it easier to bank without making it dangerous the bank. >> peter, it is only tuesday, but do you think that the week will end on and up-note for the markets? . >> well, i think that we have seen the worst of the bad news and only it can get better now, and it can rebound after the fed made the statement that it expects growth the be sluggish is a good sign. >> peter morici, thank you for being here. >> thank you. >>> coming up, another wild day on wall street and looking better than yesterday and we will bring you the latest ahead. ♪ purina cat chow helps you well-being. we're all striving for it. nurture it in your cat with a full family of excellent nutrition and helpful resources. purina cat c

there's a view on wall street, jamie diamond said this publicly, the ceo of jpmorgan, he said, look, there's a couple la sieve effect to what this administration has done to remedy the excesses of the financial system that resulted in collapse. that cumulative effect of regulation and capital requirements and all the rest may ultimately be depressing economic growth by keeping major corporations from making the sort of investments that austan say are crucial. what do you say? >> the evidence is reasonably strong that that is a correct evaluation. there's one thing we have never discussed, and that is how do we get what is really an excess of $500 billion in liquid assets held in nonfinancial corporations in the united states largely as a result that they refused or could not find profitable opportunities to invest in so they put in cash flow and liquid assets. how do you create a degree of certainty about the long-term future that would induce the people who hold the liquid assets to invest them in long-term assets because this is the only source of expansion, which is very large, in

first off let me say, though, jamie diamond -- >> yes. >> good guy. >> yes. >> and an optimistic guy. >> it's kind of refreshing, isn't it? >> yes. good morning, america. >> i mo. >> jon meacham back from the woods. back from the woods. >> i haven't taken one yet since i last saw you. >> since i last saw you. >> your vacations are like three months long. >> i've been to the 18th century, it's a long way away. it's really tough. >> did you bring us a gift? >> i brought something for willie. >> oh. of course. willie. >> we don't usually give these to people from vanderbilt but i wanted you to have that. >> purple are the school colors then? >> they are. >> so that's not like -- you're not being ironic or anything. thank you, jon. >> that's nice of you, jon. >> it's a tennessee thing. and harold has several. >> pretty color. >> school colors are also purple. >> harold, i think, probably carried franklin county. >> i did. >> how are you doing, harold? >> i'm good this morning. >> jamie dimon says things are going to get better and i trust jamie dimon. what about you? >> it was the right m