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tv   The Ed Show  MSNBC  March 12, 2015 2:00pm-3:01pm PDT

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surface while scott kelly can be the experimental begin knee pig. >> it is a fascinating, fascinating study. derrik pitts, thank you for your time. that is all for now. >> thank you. >> "the ed show" is coming up next. good evening, americans. and welcome to "the ed show." live from detroit lakes, minnesota. let's get to work. an exclusive on nike's push for an international trade disaster in the making. >> who will benefit from the tpp? >> feeling good ab the momentum that we have. >> the biggest multinational corporations in the world. >> at this hour -- >> this was not someone trying to bring healing. >> tensions rise in ferguson. >> this was a damn punk. punk. >> and later, the epa under attack. >> this is happening now. this is not a future event. plus -- >> outright greed and irresponsibility in the financial sector. >> corporate profits rise as the
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american worker suffers. >> when does the greed stop? >> good to have you with us tonight, folks. thanks for watching. we start with breaking news out of ferguson missouri. an unconfirmed number of people have been taken in for questioning in connection to the shooting at two st. louis area police officers. a manhunt is still under way. the shooting happened just after midnight last night outside ferguson police headquarters. a crowd of demonstrators had gathered outside following the resignation of ferguson police chief tom jackson. the rally was beginning to disperse. witnesses described what happened next. >> i was talking to a couple of other photographers that we were going to pack up and leave because it was pretty much calm. >> it was pretty much calm. it sounded like a firework. >> i thought what i thought was fireworks. then i theard two or three more. i heard officer down. officer down. they formed a protective shield around him. >> officials are calling it an ambush. a 41-year-old st. louis county
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officer was shot in the shoulder. a 32-year-old officer from the webster grove area was shot in the face. st. louis county police, chief of police, jon belmar put the injuries into context at a press conference earlier today. >> these two officers took a very hard hit. any time that you're shot in the face and have a bullet lodged in your head any time that you have a through and through wound where the bullet enters your shoulder and comes out the middle of your right back those are hard hits. so we're lucky by god's grace we didn't lose two officers last night. >> the officers were released from the hospital some time before 9:00 a.m. this morning. missouri governor jay nixon has asked anyone with information in the shooting to immediately come forward. u.s. attorney general eric holder said the news of the shooting turned his stomach. >> what happened last night was a pure ambush. this was not someone trying to bring healing to ferguson.
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this was -- this was a damn punk. punk. this really disgusting and cowardly attack might have been intended to unravel any sense of progress that exists but i hope that does not in fact happen. >> holder offered the full investigation resources of the justice of department and of course, to find anyone who was involved in this meaning the perpetrators. the parents of michael brown also condemned the shooting. they released a statement saying violence directed towards law enforcement cannot and will not be tolerated. we must work together to bring peace to our communities. president obama responded using the official white house twitter account this afternoon, writing violence against police is unacceptable. our prayers are with the officers in missouri. path to justice is one all of us must travel together. effective at 6:00 p.m. tonight, the st. louis county police department and the missouri
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state highway patrol will assume command of the security detail regarding the the protests in the city of ferguson until further notice. joining me tonight, from ferguson, trymaine lee, msnbc national reporter. trymaine, good to have you with us tonight. what is expected this evening? what are officials anticipating is going to unfold tonight with protesters in the community? >> reporter: as has been the case for so long in ferguson once night falls, it's up for grabs. you don't know what to expect. one thing we know for certain is the county police have said they're going to approach this investigation with vigor and look for these men, man or men, whoever they may be, who fired those shots. at the same time, protesters are organizing to try to figure out what their next steps are. this is a terrible p.r. move. some have lumped the shooter in with them. they say the shooting happened 100, 200 yards over their shoulder. why there's still sho many questions, no doubt the police
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and county police will be out in full force searching for the shooters. >> trymaine, why protests tonight? the community is moving forward. they are talking about what life is like in the city of ferguson. the city manager is gone. the police chief has resigned. what are the protests about tonight? >> when you talk to activists and protesters especially those involved in the organizing around the ferguson protests from the beginning, they say this is only the beginning. one, two, three, four five resignations does not shape the culture. they are asking for an entire reconstruction of local law enforcement, especially give tennessee revelations in the department of justices report last week such wide disparities in the wake black victims are treated. they want the mayor to step down next. they say this is just the
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beginning. they're going to keep pushing until there's justice broadly in the community. >> is that what you're hearing o tennessee ground? the community wants a total house cleaning and a completely new start for the community? >> the word they use is accountability. they want all the folk who is took any part of what they describe as a scheme to separate black folks from their money and using the backs of the poor to boost the city's economy. they want everyone held accountable. that accounts for the mayor, the other supervisors and city government. those who help lord over city's finances. they're going to keep going. he says this is just the beginning of a brand new chapter for them. >> okay. that is very profound. that they're not done. stay with us trymaine. i want to bring in pastor michael mcbride.
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pastor mcbride, good to have you with us tonight. the folks in ferguson appear to be on a mission. when is the mission accomplished? everyone is going to have to resign? a total turnover of personnel before the protests are not in existence anymore? >> first our condolences go to the officers and protesters there last night. it's clear everyone there was deeply traumatized. certainly injured by acts of brazenness, by elements none of us are aware of where they have come from. certainly in all of my days there from august through thanksgiving, verdict season we had all kinds of provocateurs. we had the ku klux klan. we had militia individuals.
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we had people we had to expel out of our own protests who were there with different agendas. part of what we all know and believe is people overwhelmingly committed to protests constitutionally protected by the constitution of the united states and practiced by the civil rights movement of our ancestors, we have been consistently there practicing that. to see this video is very disturbing. many of us really want justice. even in this case. we demand those folks be brought to justice. this is not the way we believe we continue to get what everyone wants, all of the justice that is deserveded to the people in the city of ferguson and the counties of st. louis. >> so the dynamic here pastor is this. the protests themselves have become targets of outside
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influences that are trying to disrupt progress in ferguson. now how do you address that? saying there's outrage and having law enforcement go after the perpetrators, i understand all of that. there's probably some folks across the country saying well you have a new police chief coming in. progress is moving forward. and there's still trouble in the streets. how do you fix this? >> i think what you said earlier is critical. we should not broad brush. we need to keep our eyes on the prize. i believe that the report being put out, as trymaine referred to earlier, must be the thing that continues to drive all of the responses of all of us who care about justice. not just in ferguson, but all across the country. i believe people must continue to show restraint and discipline. and make sure that we are committed to a reform and
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revolution that does not require the loss of lives. we believe that justice is on our side and history is on our side. there are many opportunities on the ground to seek this out. let's not broad brush this. this is not something any of the protest movements have been support i have of. even in ferguson new york or any other place. it's important to drive that point home. >> okay. if they're an attractant of the outside influences, is a protest necessary? and i'm going to be up front on that? i think some people around the continue whether say what are you protesting for if you're getting what you want and the protests are becoming a target? and i also want to bring forth this pastor mcbride. where -- what when do black leaders in this community say we're making progress?
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do you think -- has ferguson made progress? >> so let's -- let me say two things. the first thing, let us not be historical about the process of progress happens in this country. all during the civil rights movement we had people who seek to derail them hijack them move the public sentiment off the center course. we must keep our eyes on the prize and not act as if this is the first time some kind of provocateur has tried to hijack a just and right movement. let me just say the reverend tracy blackman, many of the protesters have been on the ground and they're present tonight. i believe they're doing a prayer vigil to maintain the consistency and spirit of nonviolent protests. there is still a long way to go.
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we must keep our eyes on the prize and respect the process as it goes along. all right. st. louis county chief of police jon belmar spoke about the difficulties of police. here it is. >> it's difficult for the officers to discern within a crowd of folks that are perhaps there for the right reason exactly who is doing what. i would have to imagine that these protesters were among the shooters that shot at the police officers. it's very difficult for the u officers to understand what they're looking at and really be able to veflt the threats. >> this may be an off the wall question. ch do the police need to be there? if they're a target, do the police need to be there while the peaceful protests are taking place? >> i wouldn't take the kind of leap to determine whether the police should be there or not, but to chief belmar's point, i
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would imagine it would be difficult. you're talking to 200 people out there. they're in dark corners. people say they saw the muzzle flash 125 yards up a hill in the darkness. clearly it's difficult. but i would say that the idea that there's a shooter among the protesters concerns the protesters as well. they're promoting militant nonviolence. i've been talking to the young organizers and protesters for the better part of seven months. none of them wish violence on the police. in this environment and going back to the doj report when they say that because of the culture within this department and its leadership and the police department to trump up charges and unwarranted arrests and the municipal budget buoyed on the blacks of poor people it created this toxic environment that simply will not change with the resignation of a handle of people. when you talk to people on the the ground who are following this, they're waiting for the
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hammer to drop from the department of justice. does that mean the ferguson police department and the city of leaders agree to major reforms? is that a federal monitor? we have not gotten to that point at all. we're only a week and some change out from the initial report being released. that's the kind of change that the young people who are sophisticated and following what the department of justice is doing and the city leaders are doing, they're keen to what is happening. are they going to dig their heels? it's yet to be seen. >> all right. on the seen in ferguson missouri trymaine lee, msnbc national reporter and pastor mcbride, great to have you with us tonight. i appreciate the conversation. thanks so much. you can share your thoughts with us on twitter on ed show and facebook. you can get my video podcast at wegoted.com. coming up just don't do it. nike pushes for the closer ties with one of the sweat shop centers of the world.
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plus, a new scandal for the secret service. that's all coming up. stay with us. we're right back. talking to people who made the switch to ford. the brand more people buy. and buy again. oh i love it... we test-drove the escape... we both said, "i think that's the one"... and i really enjoy the pep in its step... that's the ecoboost... when the four of us go out we don't take their car... we always take our car. this was like a huge upgrade. it's awesome! the new image of ford now looks really refined... this is a very nice car. for us, the escape was just right. see your ford dealer today. most of the products we all buy are transported on container ships. before a truck delivers it to your store, a container ship delivered it to that truck. here in san diego, we're building the first one ever to run on natural gas. ships this big running this clean will be much better for the environment. we're proud to be a part of that.
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welcome back to "the ed show." thanks for watching tonight. corporations are coming out swinging for trade promotion authority. they want it. a group of more than 250 business groups formed the trade benefits america coalition. their only mission is to push through trade promotion authority. the coalition hired kevin madden. the former spokesperson for mitt romney's campaign. the gop operative is in charge of shepherding the job killinging legislation through congress. businesses are putting muscle and money behind the toxic legislation. now one of america's largest
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retailers has started to push trade promotion authority at the grass roots level. >> congress should act on something called trade promotion authority. >> trade promotion authority is still on the president's agenda. >> we actually hurt ourselves if we wind up trying to micro manage it through congressional day-to-day without the tpa. >> that doesn't mean we should close ourselves off from new opportunities and sit on the sidelines while others write our future for us. >> large corporations will benefit. they form the trade benefits coalition. >> trade promotion authority is the key for business in today's global economy. ft. >> 95% of the world's customers are in other countries. >> who will benefit from the tpp? >> nike sent an internal letter declaring their support for trade promotion authority. >> the biggest multinational corporations in the world. >> the company urged their employees to do the same. we need to hear your voice as a
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nike employee on the issue, and i encourage you to contact your congressional representative to share your support for this trade initiative. >> people can say these trade agreements grow gdp. these great agreements help corporate profits. >> nike is no stranger to poor labor practices. >> the protests are part of an ongoing dispute at a textile factory that produces goods for nike. angry workers venting their frustration in front of the courthouse in front of southern cam cambodia. >> unions unified against fast track. >> this is the first time every single member of every single union at the aflcio promised a full out battle to stop fast track. >> trade promotion authority endangers workers in america and worldwide. >> all the litigation goes on our people get clobbered and workers lose jobs. >> the unfair game would continue the downward pressure
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on wages. >> we reached out to new york key for a comment on their e-mail. they responded to us in a statement. they said we believe the the free trade agreements allow us to innovate expand our business and drive economic growth. we have communicated to our 26,000 employees in the united states that nike depends on free trade and the ability to reach athletes in the 190 countries around the world to sell our product. joining me tonight, jan shikowski from illinois. it's great to have you both with us. congresswoman, i'm really wanting to focus in first on this term stronger rules. no one has explained what rules they're talking about in this trade agreement. what are they? do you know? >> well i certainly haven't seen stronger rules, although
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it's been pretty much behind closed doors. very difficult for members of congress to see it. when we're competing with vietnam who have minimum wage between 49 cents and 70 cents an hour, and this is an agreement that covers 12 countries, 60% of the global gdp what we have heard has not been good for labor. even sometimes when there are strong rules. it often defaults to whatever law they pass in the country. but there's no enforcement. what we know of this is a bad deal for american workers and american consumers. >> all right. >> and congresswoman, what about the coalition that has been formed? is that a signal that they're in trouble? that they really don't have the
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momentum? the election was back in november. it was one of the first things mitch mcconnell talked about. we're now in the middle of march and this hasn't happened yet. what do you make of this? >> most people may not understand the first step is what is called a vote on fast track. trade promotion authority. we give the white house the ability to negotiate the deal and it's then just an up or down vote. they do not have the votes that i can see for this. >> so the vote were held today in congress it would not pass? that's what i'm hearing. i don't see it. i do not see it. no. >> talk to me about nike. do they care about fair labor practices? all the things the ttp are talking about? >> no, not at all. in fact vietnam is one of
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nike's largest exporters to the united states. and more than 40% of nike shes are made in vietnam. and right now we know on march 7th 2015 nike exported 52,000 pairs of sneakers in vietnam to the united states and what nike paid for these garments these shoes, were $1.93. this is an enormous markup on their part. and vietnam right now, it's a human rights situation which is in disaster. it's deteriorating very quickly. there's bans on political parties, human rights organizations. meanwhile, nike has $25 billion in revenues. so this is a bad deal all around.
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>> congresswoman, did you know that about nike and vietnam? and we keep hearing the white house talk about vietnam. >> yes, i was watching the video earlier today about some of the working conditions at the nike sweat shops around the world. this would be our competition. and these would be standards that would allow us to have to compete with those countries in a way that's absolutely impossible. and would cost american jobs. i think that's the really big thing. there's nothing in the agreement about currency manipulation. there's in the agreement that would allow corporations like nike. if there were laws in our country that would affect their bottom line, their profits, they could actually make a protest against our own laws. drug prices we think are going to go up around the world for consumers.
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not only abroad but even here at home through this agreement. these are all things that we have heard about, some have seen within the agreement. and so why would we want to have another bad trade agreement? this time affecting 16% of the gdp worldwide and 40% of the population. >> and explain to our audience where is the upside for american jobs? >> zero in mexico they're getting 64 cents in an hour. these are groups. in chile, $1.70. we're racing to the bottom. this is not a good deal. >> congresswoman and charlie kernaghen, i appreciate your time tonight. we don't know when the vote will take place. all this debate has been backed up to april. clearly the grass roots effort
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against the fast track, which of course connects the tpp, fast track will give the president authority to say yes to this trade deal. the pushback has been extraordinary. it is bipartisan push back. and it's not over yet. america needs to pay attention to this. coming up fighting against the environmental protection agency. a new mayor lawsuit challenges. rapid response panel weighs in on that. ♪ nineteen years ago, we thought "wow, how is there no way to tell the good from the bad?" so we gave people the power of the review. and now angie's list is revolutionizing local service again. you can easily buy and schedule services from top-rated providers. conveniently stay up to date on progress. and effortlessly turn your photos into finished projects with our angie's list app. visit angieslist.com today. ♪
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we will keep you up to date on this story as it develops. the secret service is working through yet another new scandal. two high-level agents have been reassigned. the obama administration is investigating whether the agents were drunk when they crashed their vehicle through a security barricade at the white house. >> the shine of the secret service has been rubbed off. >> sources familiar with the investigation told nbc news that the men involved are george ogilvie, senior supervisor and mark connolly. and in minnesota, republicans are upset because the minnesota governor, who created more jobs than any other governor in the region is using a private e-mail account. aol.com. we expect at any moment for the governor to be called in front
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of the benghazi committee to see what he knows. we love hearing from our viewers viewers. do you think the president can change his mind on the transpacific partnership? like you did on the keystone xl pipeline? do i think he can? yes, i do think he can. and it would be easily justified. do i think he will? that's the $64 question. but there is a history of the president following the facts in the past so i won't give up hope. keep putting the pressure on the white house. they're not perfect. we have to make sure they do things right for american workers as i see it and the economy. stick around. rapid response panel is next. i'm courtney reagan with your cnbc market wrap. the stocks surged a dow jumping 259 points back to positive territory for the year.
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retail sales were weaker than expected in february. economists were kp wanting a gain. and filings for first-time jobless claims dropped to 289,000. the decline reverses two weeks of increases. and shares of intel sinking today after cutting the first quarter revenue outlook. that's it from cnbc. we're first in business worldwide. or is that just me? it's lobsterfest... ...red lobster's largest variety of lobster dishes all year. double up with dueling lobster tails. or make lobster lover's dream a delicious reality. but hurry this won't last long. discover card. hey there, i just got my bill and i see that it includes my fico® credit score. yup, you have our discover it card so you get your fico® credit score on your monthly statements and online...for free. that's pretty cool of you guys. well we just want to help you stay on top of your credit and avoid surprises. good. i hate surprises. ahhhh ahhhh are you ok? nope.
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and we are back. republicans are crying over a new plan to cut carbon emissions in america. this summer the environmental protection agency plans to enforce the clean power plan on power plants. now the new regulations would aim to cut them nationwide 30%
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by the year 2030 compared to 2005 levels. it's the most sweeping federal regulations of power plant emissions in u.s. history. the republicans are doing everything they can to block it. they claim it kills jobs. and increasing power costs and on wednesday the chair of the senate environment and public works committee said this plan is wrong. >> while the epa is busy selling this as a plan to save the world from global warming, we know that this rule will have impacts on the environment. >> remember, james inhofe is a science denyer who thinks global warming is a hoax. that aside, majority leader mitch mcconnell is urging states to fight the epa. last week he wrote an op-f ed urging state officials to hold back on the costly process of complying. some governors are listening. at this point 18 state governors have been critical of the new epa regulations. 12 states have filed a lawsuit
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against the epa saying that they clean power plan is illegal. epa administrator mccarthy is pushing back. she said the epa will regulate the plan this summer. she said quote, if folks are thinking any of those pieces aren't going to happen they need to look at the history of the clean air act more carefully. this isn't how we do business. so we can come to the conclusion that the epa is going to move forward and there's going to be a big legal fight ahead. for more on this, let me bring in jeff homestead. tyrnyn and michael broom, executive director of the sierra club. great to have you a all with us. mr. homestead, you first. i broadcast for many years in north dakota. i know the coal situation there. the state that has enough coal o power the country, to turn the lights on for the next 900
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years. and i have researched the capturing of carbon emissions. and i researched the scrubber technology put in to the tune of millions. where does this take us? where is the job killer? why couldn't they move forward to make more adjustments when it comes to emissions? i want to give you a chance to respond because i'm curious about where the problem is here. good to have you with us. >> well thanks. it's great to be here. first, there's very little chance this will actually be implemented. it goes so far beyond anything that epa has ever tried to do under the clean air act. i think the chance that it stands up in court are pretty small. that said, i mean, i do agree with you. the history of hj has shown that we can develop new technology to make sure we have affordable,
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reliable power, but the deadlines and the haste with which this plan has been prepared doesn't really let that happen. and so you know i really do think that this is almost certainly illegal. and i think when epa comes out with a final rule this summer it will look a lot different from the proposal. because they've heard from many, many states. even states that support epa, that it can't be implemented. >> the bottom line here and to tell our audience is there's a computer model that the government has, and these plans have emissions, and the emissions have to fall within the model. is the model changes? how drastic is this model going to change? sp what we have seen is that there has been a coal plant that has been announced for retirement every ten days over the last five years. and the reason for that is that
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coal is one of the most dirty and dangerous and increasingly outdated forms of energy that we have. and almost every other form of energy is becoming more affordable, more accessible and more attractive to utilities across the u.s. we know on the one hand that coal contributes to four out of five leading causes of death, and on the other hand we know solar is cheaper. solar is growing 20 times faster than the rest of the economy. wind is often cheaper. the cost of wind has dropped by 90%. so what you're seeing is that utilities and now the epa with the obama administration, is choosing to invest in the future rather than clinging to the past. where the job killers here? the opponents say the energy costs are going to go up. how is that? >> i think these are all very good questions. this is a common sense
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cost-effective proposal. it gives states tremendous flexibility. mike was speaking to the benefits of clean energy, renewable energy. states when they come up with their own implementation plans have a lot of flexibility to meet their targets through things like efficiency and more sun and more wind. so we think this is win, win, win. this is really creating the good, clean energy jobs of the future. it is going to protect the planet. it's going to protect public health. especially society's most vulnerable, the elderly, children, people with breathing issues, this is a really common sense proposal. a lot of people think that the epa is already cutting carbon pollution in the way they're cutting other hazardous pollutants. so we're delighted to see them building o on the leadership and moving forward with the plan. >> mr. homestead, where is the ill illegality here? what's illegal about this? >> epa has taken a very small section of the clean air act and tried to turn it into a very
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expansive power that lets the epa basically restructure the way lek tris the i is generated in this country. that's not what the provision was designed to do. it's very clear from the history of the provision. it's been in the clean air act for 40 years. it allows epa to have states set a standard for individual power plan to reduce emissions. and epa has taken that and said we're going to use this and require states to build new wind and solar, and we're going to require them to take generation from some plants and give it to others. so those things are happening in some states. i agree with that. but this proposal goes so far beyond that. what epa is trying to do is work under the clean air act. >> what do you make of that? >> i have to respectfully disagree.
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i think this as i said a really common sense proposal. the question for states now is are they going to side with a climate change denyer like senator mcconnell, who is just telling them to say no. he's urging states to do what is not in their own common interests to be able to create their own economy that is unique and helpful for their state. so they have a choice before them. do they look to a clean energy economy that is going to protect consumers and be good for the economy and protect the planet. or do they continue to double down on the dirty energy o f the past? >> and so, michael, you think this can be implemented? this is the biggest pushback i've seen on this. >> it's just a lot of hand ringing. particularly from senator mcconnell, who is just doing the bidding of the big polluters who help to put them into office. the clean air act was a piece of bipartisan legislation signed by george bush. the epa used the regulation for
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a whole host of water and air contamination. the supreme court ruled carbon pollution should be regulated by the epa. that's what it is doing. it is finding ways to encourage energy efficiency to encourage solar energy to be installed in more places across the country, to encourage wind and energy storage to be used, and when we do that, not only do we keep the air clean, keep the water clean, have a shot at fighting climate change but we create more jobs that can be found in the coal industry, and we cut costs for consumers across the country. it's a win/win/win. >> you don't agree with that mr. homestead? >> i think that's just silly. if all that were to happen if this is really such a great deal, people would do it anyway. you don't need npa regulation. >> and they are. they are. >> absolutely. people are retiring coal plants that don't make since economically. that's certainly true.
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>> let's talk about iowa and oklahoma and kansas and in nebraska, south dakota and texas, where coal plants are coming down wind is being installed. solar is being installed, and rate payers are paying less money less money. we are saving money by getting off of coal while we protect our held. >> i'll give you the last word. >> that's you, jeff. >> >> i'll take the last word. >> michael is very clever but, if, in fact all those things are true we wouldn't need epa regulation. >> all right. great to have you all with us tonight. we'll have you back talking about this. all of you. keep it right here. we're right back on the ed show here on msnbc.
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tonight the two-minute grill, a heartwarming story. middle school basketball players in kell nosha are taking a stand against bullying. when a cheerleader with down sdroim was being bullied by someone in the crowd, players interviewed. >> these three boys were in the middle of the game when they heard something upsetting. >> so when i heard they were talking about her, it made me mad. >> reporter: basketball players stepped to action, walked off the court and asked the bully to stop. >> it's not fair when other people get treated wrong. we're all the same. we're all created the same. god made us the same way. >> desiree and the boys of the basketball team are not friends. they walk to class together. we'll be right back on "the ed show."
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hear ye! the awkward teenage one has arrived!!!! don't be old fashioned. xfinity customers add xfinity home for $29.95 a month for 12 months. plus for a limited time, get a free security camera call 1800 xfinity or visit comcast.com/xfinityhome. this is the story for the folks who take a shower after work. the income inequality gap is just not closing. wall street is still helping the rich get richer. >> profits have kind of edged down and the bonus pool continues to move up. >> despite falling profits, the annual bon us on wall street rose to nearly $173,000 l.a. year right before the financial crisis the 2014 bon us pool is
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double the annual pay for more than 1 million american workers who work full time for $17.25 an hour. to put it in perspective, the bon us pool was so big, it would be more than enough to lift 6.million workers up to the $15 level. >> if you have capital assets chances are you're doing fine. for most u.s. workers real wages have been flat or even falling for decades. the average wake peaked about 40 years ago. >> the profits are only helping a small number of shareholders. corporations helping themselves by doing stock buybacks. they propped up share prices l.a. year by repurchasing their own stock. on monday general motors announced a $5 billion stock buy-back. that combined with high dividends is expected to result
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in $10 billion for shareholders through 2016 essentially rewarding the investors and throwing taxpayers who bailed the company out in 2009 right under the bus. nick hanauer joins me tonight on this subject. good to have you with us. there's a lot of good numbers in this economy. we're scratching 18,000 against on the market the market up today. a lot of good number a lot of inequals, what fixes this nick? >> you know the central claim of the trickle-down crowd is that concentrated capital, the profits of corporations are the things that drives growth in the thriving middle class. indeed alls know profits have doubled from about 6% of gdp to 12% of gdp. that's another trillion dollars. so the idea is that the more
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money courses make the more jobs they create the higher wages they pay, and the more they invest. and the thing that is just shocking is that that is a complete lie, that every year today american public corporations are spending $700 billion not on wages, not on investments in plant and equipment, but in buying their own stock back to jack stock prices. ed, this explains why the stock market can be at 18,000 but business in middle america is still crumby. that's because essentially there's a $700 billion a year game of financial keep-away being played between america's biggest companies and wall street. >> what's your reaction to the perspective on the gm stock buy-back. this was an industry helped by the taxpayer and now look at it.
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>> you know ed this is just typically. gm -- as shocking as those numbers are, gm is not a standout. walmart has spent about $65 billion over the last ten year on stock buy-bags too same they xwof risch most of their workers. at the same time that the public spends about $6 billion a year on food stamps and other programs that are required by walmart workers because they're so underpaid. i mean this problem is endemic, and just to be clear, i want to be transparent. i am notice and have been before a director of public companies. i've done stock buy-backs, too. as a director of a public company, you basically cannot avoid it anymore. it is pervasive, and it's a practice that needs to stop. >> we are going to have you back to talk more about this. this is part of the economy that does not get enough attention.
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nick hanauer, thanks so much. we'll do it again. that's "the ed show." i'm ed shultz. "politics nation" with reverend al sharpton starts right now. \s. >> good evening, ed. breaking news tonight in ferguson where right now a manhunt is on for the gunman who shot twot officers. this afternoon a s.w.a.t. team surrounding a house, police taking in three people for questioning, though no arrests have been made. the violence coming at midnight last night after the police chief resigned when a mostly peaceful rally was interrupted by gunfire. [ screaming ] [ bleep ]. >> reporter: both officers were rushed to the hospital in serious condition,