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tv   MSNBC News Live  MSNBC  October 11, 2010 3:00pm-4:00pm EDT

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stumping for him? >> reporter: well, it depends on what's going on in each individual state. you have bill clinton stumping for the democratic nominees in both senate races. on one hand they want a star democrat to come help motivate the base. on the other hand, the base that say, the president's base is different than base democratic voterses in west virginia and kentucky. it's really different strokes for different candidates. take yesterday, the president being in philadelphia, firing up african-americans. last week you saw him in madison, firing up young americans. that's the strength of his base. when you look at the drop-off voters that we've done studies with. young voters and african-americans have high approval ratings for president obama. take the decision of bill clinton in west virginia and kentucky. both mansion in west virginia and conway in kentucky need the base to turn out. but the base in both of those
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states is sort of a blue-collar manufacturing base that bill clinton always has resonated with. >> based on the polls, based on the quotes i saw in kentucky, is this slightly a racial thing here? we want president clinton in the whiter areas? keeping it real. >> reporter: well, here's why -- i know some folks want to look at it that way. but i would say go back to 1994. guess what? bill clinton wasn't invited to kentucky congressional district. bill clinton wasn't invited to places in the same rural areas that democrats were representing at the time and seen as the most vulnerable. basically what you have is these rural districts areç the ones that have been the most upset at washington for going on three straight cycles. so bill clinton now being dissubstantiate from it is seen as a positive. when he was sitting president,
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he had the same problems, the same bad job ratings. i guess i would push back on the notion that it's all racial. you could look at it that way. in both the instances of kentucky and west virginia, there isn't a significant african-american vote that can be motivated to come out, and that is something that president obama can be helpful with in this case. in those two states there isn't a big enough chunk of the electorate that fits the demographic. go back to 1994. bill clinton was in kentucky. >> is it really a function of how much the president is being attacked? back when bill clinton was being attacked by the conservative media, rush limbau limbaugh, et cetera. now fox is on the warpath against president obama and all the sudden he's the bad guy. in ten years from now we're going to be like, president obama, remember when he was around? he was great. >> reporter: we only have to go back two years. during the democratic primaries
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when you had all of these democratic lawmakers in red states coming out for obama over clinton. why? there was the fear of, oh, the clinton name. they remembered what happened in 1994. this is sort of who is the boogeyman or boogey woman at this time? the guy in the oval office is who is held accountable in a midterm election. we saw it with bush in 2006. we're seeing it with obama in 2010. >> thank you, nbc's political director, chuck todd. has former president bill clinton taking the wheel from obama when it comes to helping democrats? he's stumping candidates from kentucky and west virginia all the way to california and nevada. almost as if his name were on the ballot on november 2nd. this hour he's attending a rally for west virginia governor joe mansion and will continue to chris cro crisscross the country for all democrats all week long. but the republicans are making
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news by expressing sadness he's no longer the president. a story in "the ney york times" had this quote. many republicans with aç deep animus for president obama find their hearts aflutter with the memory of a former leader. he was a compassionate conservative, a man who reached across the aisle. senator orrin g. hatch recently said former president bill clinton will go down in history as a better president than the sitting one. today in kentucky it appears the feelings were not exactly mutual. >> this is a choice. and you cannot let the people of kentucky be played by these ads that are playing to people's fear and anger, and they're totally fact free. they're funded by secret, anonymous donors. if they weren't ashamed of what they were doing, they would tell you who they are. >> earlier sean hannidy would
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say good old bill clinton. is clinton more conservative than obama? some ways, yes. he passed health care reform, nafta and the deregulation of the finance industry, which turned out to be very conservative and proved the disastrous. but financial bill has huge loopholes that leaves the bank still in charge, as we'll explain more later in the show. the health care bill was a gift to the drug industry, and left the insurance industry as the only option for health care. obama is struggling to get tax rates back up to where they were under bill clinton. and clinton wouldn't have dreamt of doing wireless tapping or ordering predator strikes on u.s. citizens abroad. so it's not obama or clinton is more liberal than one or the other, it's that the times have changed. ten years ago, 48 out of 54 republican senators voted for disclosure of campaign donors to clean up politics. when that was proposed about a
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month ago, none of them voted for it. washington has become enormously more conservative, pushing politicians like obama further along with it. k kiki mcclan worked on the hillary clinton campaign in 2008. kiki, let me start with you. you heard my premise. doç you agree with that? it's not a matter of who is more conservative or liberal, it's just that the town is so much more conservative? >> i have to break your whole measuring stick that you've got against this. it's about the labels. i worked for bill clinton when he was the chairman of the democratic leadership counsel and government of arkansas. that was a time where everyone in the democratic party said he's too conservative to be a democrat. the question is the labels you're applying don't apply to either of these men. both of these men have led and clearly president obama will continue to lead for the times
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they're in. you're using antiquated labels that don't represent not only who they are and what they do. but both are known for breaking ground and doing what's right and moving forward as opposed to saying i'm only for liberal things or i'm only for conservative things. >> well, you have to characterize them somehow. i'm telling you, it is confusing. >> but, cenk, why does it have to be on those labels? >> bill clinton is not a republican. we have to be honest here. he's a democrat. and he was a very popular democrat. he served two terms. he didn't 50% in the first election in '92 because ross pero was in the race. you remember that very well. but bill clinton was more of a centrist. some say more of a conservative democrat than the president that we currently have. and time has a way of mellowing out people. bill clinton you often times see with former president george h.w. bush. sometimes you see him with
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geor george w. bush. he's much more peaceful now. at the same time, we have to remember what fires voters up today is whether or not they have money to spend, whether or not they're working. as long as you have unemployment nationally at 9.6% and in some states in double digits, you're going to have a lot of angry americans. they'll be voting on the people responsible for it. those people are going to feel it on election day. >> joe, let me stay with you for a second. it's not just the unemployment numbers. it's also the conservative media. when clinton was around, as chuck todd was saying, and i was saying, they pummeled him. they went after him day in and day out. now that obama is in charge, they pummel him. so it's a matter of who fox news is more angry at that gets people riled çup, i think. >> it is true some news organizations are accused of having a bias one way or the other. the reality is when you're the president of the united states, and i worked at the white house,
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it's hard to find anybody terribly complimentary. you work your tail off. you try to do the best for the american people. ultimately americans care about results. whether they're working or not. if they have money to spend. they want the president to be results-oriented. they want members of congress to be results-oriented. and they're going to respond with their votes. >> kiki? >> it's interesting. i think joe and i agree here on something. it's really about results. i can remember in the earliest days of his presidency, and president clinton would say change does not come easy. both president clinton and president obama have pushed for a tremendous change, and when you push change, and you can label it however you want, cenk, but when you push change, you spend your political capital down. >> that's right. >> barack obama has pushed significant change, and change which has frankly kept us from going into a full-fledged depression, kept our financial system afloat, and now we're going to see the next step of
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the fruit of that change, which is beginning to decrease unemployment, create more jobs, move us forward, have families protected in health care. at the end of the day it's like president clinton said in the clip. this election is about a choice. it's not a choice between bill clinton and somebody he ran against or barack obama or somebody who wants to run against him. it's a choice about, do you want what you have in the past with the unparalleled spending. >> hold on. hold on. >> i don't agree. and i don't think the american people agree that we've had so much change. you see a "washington post" poll out today. there's many polls that say he should have done more. a recent gallup poll by a two to one margin says there should have been more change in health care reform, not less change. my problem is -- >> well the change -- >> the problem is they're too conservative. they stick too much to what the health insurance companies want, the drug insurance companies want. clinton did it, too. and so does obama. >> let me put it this way.
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if you want to see more people hired, you have to make sureç that what you're doing legislatively benefits people who can hire folks. so if you punish the job creators, the small business people who create jobs -- >> it's not small business people. it's not small business people. only 3% of the top tax cuts. >> cenk and joe, cenk and joe -- >> kiki, go ahead. >> stop the yelling. i think that's what people are tired of. the labels are what people are tired of. joe is raising something important. do things to help the economy grow and create jobs. that's why president obama pushed the through the tax breaks for small business. republicans stood on the sidelines. these are the examples that really make clear the choice we've got. you're talking about a group of republicans who wish bill clinton was back in office because they were republicans who as much as thal fought him, worked with him, unlike john boehner, who will not work with president obama, who stood on the sidelines with mitch mcconnell and said we will not have anything to do with you at
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all. >> democrats are owning up to what's happening now. republicans lost in 2006 and again in 2008 because they didn't do what the voters wanted them to do, which is make it better for all of us. to put people back to work, lower the burden of taxes. 2006, 2008. they raised taxes. >> i got you, joe. we got to go. >> nearly 10% unemployment. >> all right, cenk. >> joe has to have the last word there. i thank you both for the conversation. really appreciate it. >> thanks. up next, your representative in washington. how much do you want that person to be just like you? not that much, if you ask me. [ advisor 1 ] what do you see yourself doing one week,
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i'm not a witch. i'm nothing you've heard. i'm you. none of us are perfect. but none of us can be happy with what we see all around us. i'll go to washington, and do
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what you would do. i'm christine o'donnell. and i approve this message. i'm you. >> i'm not a witch is a new way to start a campaign ad, but a politician trying to associate themselves with the voters is as old as politics itself. do we want a politician just like us? most people believe we try that had with george w. bush, and most people think that didn't work out that well. did we want abe lincoln to be just like us, or did we want him to be extraordinary to get us through the civil war and get the country together? the voters at the time really care if they could have a beer with good old abe. but this question is not that simple. what do we mean, just like us? there are two factors involved. he scored high on the folksy scale, but people bought into it, so they considered him
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folksy. but he was also tied in to the most powerful people in the country. including the oil industry and wall street. president obama is on the sophisticated side but also tied into power brokers. christine o'donnell has no power, but she may be a bit too folksy. and i'm using that as a euphemism. rust feingold fights against the power but is quite sophisticated. my take is we want a politician among the best and the brightest, but not bought by the rich and powerful. that's a very rare combo indeed for a politician. michael, do i have that roughly right? >> i think it's true i think there's a yearning for the ç
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folksy. on the other end, you want him or her to be well connected. particularly now in the tough economic times. i think now, more than ever, if you look at the poll numbers, people want someone who can bring money to their district or to their state. that requires that they not be a humble joe or jill who is just in office, but someone part of the power structure and has been for some time. >> i think a lot of people are missing this. christine o'donnell comes out and says i'm goofy. i'm in a lot of trouble with my mortgage, et cetera. so i'm like you. but i think she's missing it. we don't want someone not that well educated or not that bright. we want someone to take down the powerful. i don't know that she does that. do tea party people who have this big populous talk and
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rela rhetoric, are they really going to back that up? >> this is a paradox at the heart of what's going on on the right in the conservative movement, tea party movement. it's schizoid. on one hand they want to bring down big government. on the other hand, polls show they want more pork. they want more for their districts. they want a powerful representative. take barack obama. here is guy who fits the bill perfectly. clearly a member of the elite because of his resumé and his ethnic and racial background, he was someone you could identify with. none the less, harvard, the best schooled connected with the powerful as a senator. one of the reasons for the disappointment. particularly on the left, but the center as well, here's a guy who was going -- you know, was better than us. was clearly better than us. was going to fix the very deep problems and somehow managed to do it.
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>> but shouldn't we as a country realize we should take one end of that scale down? the whole idea of idea of being folksy or not that bright or that educated, that should be out theç window, shouldn't it? when someone says i'm like you, what they're saying is, no, no, no, i'm going to rip down the power establishment. they're going to get progressives behind them just as much as conservatives. shouldn't we clarify that better? >> i think we need to bet past our schizophrenia nationally and realize, people want to hear this to some degree on the campaign trail. they generally want someone not captured by the vested interests in washington. so they wanted jimmy carter, peanut farmer, humble guy, outsider to come in and take over the vested interest. they don't want to discover in the first or second year of the carter presidency that he doesn't have his hands on the power.
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he didn't know what he's doing really. so it's very schizoid. so we need to think this through better. particularly the tea party movement. who doi they really want? who do the republicans really want? do they want someone to go in and create year zero? you still need someone to represent your interests in washington. phil gramm said he was against big government, if they weren't going to give the tax breaks and everything else to the big bankers, i could live with it. at least they could have the debate. i don't think that's the direction they're going in, unfortunatelily. michael is of course from the national journal. up next, the pope has a message for islamic extremists.
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that should be interesting to hear. and later, is the fed going to get ready for the heist of the century? are the bankers going to pay themselves with our money again? mom, did you borrow my green shirt? ♪ that's not really my style honey. weird, i can't find it. ♪ [ female announcer ] new tide with...acti-lift technology helps remove...many dry stains as if they were fresh.
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to build a better tomorrow. that's why we're here. ♪ back to cenk in just a moment. first i'm milissa rehberger. now topping the news, the search for a 10-year-old girl. she's a bone cancer survivor who is hearing impaired and has a prosthetic leg. she disappeared over the weekend from her home in the town of hickory. police are looking at the child's stepmother as a person of interest. she's the last person to have seen the girl. at this hour the man at the center of europe's toxic sludge disaster is in custody. hungary's prime minister says the government should also take over the company and freeze the assets. last week the sludge burst from a mechanical reservoir, killing
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at least eight people. and pope benedict spoke out against violence performed in god's name. he pointed out terrorist ideology. he opened new conversation on promoting peace between israel and the palestinians while countering islamic extremism. cenk,back to you. >> thank you, milissa. i like what hungary is going. that's apparently how a real government deals with a spill. one to grow on. the chilean miners are coming out soon, but some of them are fighting to get out last. why is that? and here comes the money. fed may be printing another trillion dollars. where is it going to go? will any of it go to you? preferred prescription plan. it's a medicare prescription drug plan that saves you an average of over $450 a year, with monthly plan premiums less than $15 and copays as low as $2. with savings like these, you have more time to remember what it's really all about.
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i'm hampton pearson with your cnbc market wrap. major averages flat, barely in positive territory. excuse me, right now the dow is
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down about five points. the s&p down a fraction of a point and the nasdaq up two points. meanwhile, microsoft is working to give iphone a run for the money as they are launching three new smart phones with at&t. and with more than 14 million people out of work, why are there so many job vacancies? today three scholars won the nobel prize in economics for a theory called search friction, explaining the impasse. that's it from cnbc. first in business worldwide. cenk, back to you. >> all right. there's some journalists like matt taibbi. that sounds complicated. it means the fed will print more
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money. they already print ad trillion dollars during the bailout. now they may print more. do you know what you do with the money they print? turns out they give it to the banks! i didn't see that coming. in the first qe, they did quantitative easing buy buying op mortgages. in fact, this is a new way to do bailouts. reported last week there was a giant loophole that allows the fed to rescue the top banks if an emergency were to arise. after the t.a.r.p. debacle, the bankers figured out how to rob us more efficiently. there's no point in asking the taxpayers for money anymore. turns out american people hate that. so they go to the fed and get the money from them. it's much easier. it's all good until we realize, there may be a downside to the fed prints $2 trillion.
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when inflation hits with ç unemployment, we'll be back to the fun times of stagflation. but the bankers are all richer by then, so mission accomplished. i just mentioned you earlier. he joins us now. how are you, matt? >> good. how are you, cenk? >> it's good except the qe nonsense. >> yeah, it makes my head hurt. >> i want to understand how they buy stuff. what are they buying? how are they buying it. >> first of all we have to back up and realize this is the third strategy for stimulating the economy. the first two we've already done. you can slash interest rates to nothing to stimulate the economy. we're already at zero. we have already done that. you can have the government hire people to build bridges and roads. we've already done that to the tune of $800 billion. so this is the third and last strategy, which is just to print money and buy stuff with it. they already did one round with this.
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a trillion and a half dollars of buying mortgages and treasury bonds. that was qe-1 between march of '09 and march of this year. now they're doing another round where they buy treasury bonds and mortgages and that's how they do it. >> when they go to the mortgages, buy the mortgages, i know they bought toxic mortgages the first time around, they're buying new mortgages. who determines the price, and do the banks get to pick the worst mortgages? you see what i'm saying? >> from what i understand this is a wink-wink, nudge-nudge system. they talk to the guys and say we're going to buy a bunch of "x." in a week and a half or sew you can sell it all to us. they go out to the market. it's basically a bailout of the banks. if you're at, say, one of those big banks, multinational banks, you go out and buy fannie maes or whatever it is. if a week and a half's time you can sell it to the fed above market rates. it's basically free money.
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>> that's a good scam. can i get in on it? >> no, you can't. that's the key thing. >> i can't! >> when you sell this stuff to the fed, you have to keep the money at the fed where you can now collect interest. that money just sits there and it collects a small amount of interest. so again it's basically free money for the banks. >> so let's say it's $100 today. aç mortgage. and they know the fed is going to buy it at 120. so they go buy them at 105 or whatever. so now the mortgage isn't worth 120. so when the fed loses money on it, like i assume at some point they sell it. so what happens when the fed loses money? >> well, the future consequences of all this stuff are just bad on all sides. if all the money ends up into the economy, you're releasing $2.5 trillion into the economy. it's like a friend of mine said, we're zimbabwe.
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the dollar is going to be toilet paper. you have a hyper inflationary. that's a disaster. there's all kinds of potential consequences of this that are a disaster to think about. >> so you have the inflation. at this point we're not worried about it. soon we're going to be if you pump in all the money. i remember the old days of argentina when they keep spending money. how does that hurt the average guy? >> the money is worth less. once the dollar is depreciated, if you have money in your bank account and it's worth three-quarters of what it was a few months ago, then you've lost all the money. and basically that money is gone to subsidize capitalizing the banks. it's a straight up capital transfer from ordinary people who have savings to banks making profits. >> who runs that feds to make the decisions? obviously bernanke. but who is behind bernanke? >> it's the president of the individual federal reserves. the new york fed is obviously a big power in all of this.
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but the important thing to remember about all of this is the federal reserve officials are not elected officials. obviously they're appointed by an elected official. but none of this stuff -- there's no referendum on this program by any elected officials, really. think of the up roar over the $800 million stimulus. that was a massive national controversy. here you have a program probably twice that size and involves money we're printing out of thin air, and we hear almost nothing about it. >> the banks pick the people on the new york fed. so the banks are paying themselves. that's a good racket. >> yes, it's a great racket if you can get a part of it. >> so this a way of doing it the time? they did, we're going to pay ourselves. that's your problem. >> it's great for them in the term. it's terrible in a long term. it's another line of the bank
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robberies going on in the last two and a half years. if you borrow money at 3% interest, that's also a bank robbery. this stuff is going on under everybody's noses. nobody does anything about it. it's amazing. did they figure out, why are we doing this? why not print the money? >> right. effectively it works out that way. they'll all say we're doing this because we're desperate to kick start the economy. on an individual level it works out great to all involved. >> rolling stone's matt taibbi doing great work. thank you very much. >> thank you. rescuers just took another major step towards freeing 33 men trapped in a chilean mine. after more than two months underground t miners will be hoisted out one by one. the countdown to freedom begins.
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natalie morales is live in chile above the mine. natalie? >> reporter: good afternoon. i think the headline today is really that this rescue is imminent. they're saying it could happen possibly beginning midnight tuesday overnight into wednesday. it's going to be about a day and a half long. they're expecting about 30 hours or more to get all of the 33 miners out. but the real headline is the time frame that we're expecting. now a lot of work in place today earlier this morning they just finished encasing the top casing the top part of the shaft down to the miners to make sure that the rock in the area is stabilized. actually now already conducting test runs as of early this morning at 5:00 a.m., they sent down the phoenix one capsule, one of the two capsules being lowered into the ground to rescue miners that went in for a test run already. we're told it got to about 40 feet of theç miners.
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they told us they didn't let it go all the way because they didn't want any of the miners to get too excited and jump in and start making their way up but they said so far that test run went without a flaw. they said the capsule went down, didn't move a rock. didn't even dislodge the dust. so that is a really good sign that really all systems are a go. and now today they're getting the system which will then pully the rescue capsule up in place. it's a winch, sort of like a fishing rod with a cable that will go down. it's a ski chair lift cable that will pull up the rescue capsule. the miners are doing they're part getting ready. we were told by a doctor evaluating them several times a day that all the vital signs are being tested as we speak. they're undergoing a battery of
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tests to make sure they're physically and emotionally ready. >> i read some are arguing as to whom should come out last. why is that? >> reporter: it's a really interesting point that was made. they're fighting about going last. that gives you an idea of the solidarity and the bond they formed after spending 67 or 68 plus days now in the mine together. i think they all want to let everybody else go first and be the first one out. but they may not have that much of a say. as it turns out what they're going to do is send up the first four or so, they told us. the first four that are in really good condition and are probably the most experienced miners because the idea is if they encounter any sort of condition or obstacle on the way up, they want these guys to be the test pilots to make sure they can figure things out and figure out solutions to then be able to help the other guys get up as well. so when it comes down to it, we're told we're not going to
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know up until they start pulling the miners out who is going first and who is going last. they're not going to announce the order to us. we'll find out as each one comes up. >> there's a guy who had a vigil. his wife andç mistress ran int each other. what happened to that guy. >> reporter: everybody asks the question. i can tell you the inside scoop, what i learned two weeks ago. apparently they were separated. he and his wife. so that miner had another relationship with another woman. that's been his ongoing relationship. they both showed up. both are here. i think they've patched over some of their differences, and this is all a family community here. so wait to see what happens, of course. but maybe he'll be the last one out. i think i would be. >> natalie morales in chile. thank you so much. we really appreciate it. all right.
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2012 presidential election. shira, who are the big winners here, and what are the states losing the congressional seats as well? >> well, look, if prior history rings true, the states that have traditionally voted republicans continue to volt for republicans, republicans are kind of the big winner coming out of the census in terms of the presidential map, right? our country don't vote for president by popular vote. we vote by electoral college. so states with more electoral college votes will have more say in an election. given the difference in census figures and the increase, the numbers will shift right before 2012. we're going to see increases in the number of electoral votes in texas and florida. those are the two big ones. those are traditionally republican states. at least more recently. >> now, if we have -- but there's another trend here. which is a demographics are shifting towards the democrats, right? more latino voters are leaning
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democrat at this point. there are many examples. so in a state like florida, could what seems to be a republican, you know, good news and victory turn into a huge democratic victory? then all the sudden you flip the electoral votes to the democrats instead? >> there's no doubt florida will continue to be a key state. florida will probably gain a couple more seats. there's no doubt florida will continue to be the most important state in the electoral map for presidents. however, you're right, the growing number of hispanic voters and a lot of the states, in texas and florida will affect that a little bit. i wouldn't be surprised if you see presidential candidates in 2012 really trying to speak to the spanish and latino communities a lot more than they did in 2008. >> yeah, and then so far the republicans don't seem to have done it much at all. you have states like nevada and arizona where that's a growing population as well. so when you balance all this out, with the demographics leaning democrat, but the
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electoral votes at this point leaning republican, where do we stand at the end in 2012? are democrats better off or worse off? >> i'm going to say the advantage is slightly towards theç republicans at this point. look at the northern half of the country. the seats have to come from somewhere. they're coming from the rest belt. states that have traditionally gone for democrats like new york. and president obama's home state of of illinois is projected to lose a seat, and therefore also an electoral vote. really a slight advantage to the republicans. >> if one of the big states with more latino voters flips and becomes a solidly democratic state, then that advantage is not only wiped out, but possibly a sichs where politics can't they recover. >> we've always talked about florida and ohio being the key states when it comes to the presidential map. that probably won't change. even though ohio is projected to lose two votes. we're still going to see a huge
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focus on the states. there's still going to be the bell weather states. it changes the strategy for the democrats and the republicans. >> all right. thank you so much for joining us, shira. we appreciate it. >> thanks for having me. now we're looking at bill clinton. he's speaking right now. let's check it out. >> i loved what coach huggins said. i want to thank him for being here and for being a great basketball coach. i love that west virginia team last year. he did a great job for you. also want to mention one other person. when i ran for president in 1992, all of you know that west virginia was one of my three best states, you were so good to see me. i don't know if they do it the same way, back then in order to qualify in the democratic
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primary, you would to raise a certain amount of money, as i tn 20 different states in amounts no larger than $2,500. and one of the people who helped me raise that money not too long out of college is now a candidate for the united states congress. and i want you to help him win. where are you, mike? stand up thyñ >> all right. we'll be back. from blah to oh la la? cook with campbell's. with touches like a splash of fresh cream or sauterne wine. our soups help you put smiles on the faces of the ones you love. campbell's.® it's amazing what soup can do.™
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♪ ♪ one, two, three, four ♪ you say ♪ flip it over and replay ♪ we'll make everything okay ♪ walk together the right way ♪ do, do, do, do but with advair, i'm breathing better. so now, i can join the fun and games with my grandchildren. great news! for people with copd, including chronic bronchitis, emphysema, or both, advair helps significantly improve lung function. while nothing can reverse copd, advair is different from most other copd medications because it contains both an anti-inflammatory and a long-acting bronchodilator, working together to help you breathe better. advair won't replace fast-acting inhalers for sudden symptoms
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joining me now, dylan ratigan. i just talked to matt taibbi
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from rolling stone. we talked about massive inflax coming. if you get $2.5 trillion, when i look at that, i see economic armageddon. am i wrong? what am i missing? >> there's two things missing in that. sort of thought. one, it's not just how much money's out there. it's how often the money is out there changes hands. it's called the velocity of money. it's not if you had a trillion dollars out there, but if it's changeses hands more, part of the theory from the fed chairman is because the so-called velocity of money is so low, that they can get away with adding a lot of it because it's not changing hands that quickly. that doesn't address the money printing issue. the currency in sim bab we, the lira. the difference between us and
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let's say mexico who's gone through this or the greek crisis, which is very disturbing in that context. in the history?xju$e world never has the world gotten into a situation while having global standard currency. we are too big to fail so to speak. we're screwed, everybody's screwed. china's got to back us up. >> but also, the american taxpayer and company is also giving in. we can't pay ourselves. >> the leverage, i can screw everybody, which makes everybody a little less screwed, which makes no sense at all. can we make this money change hands and if we print the money, are we able to get away with it because unlike the british pound
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or peso or other currencies. where are you going to go? >> dylan's going to tell you about that in the next hour. >> like a bully. give me your lunch or else. >> catch me at 5:00. dylan ratigan is coming up now. ♪ [ man ] to deliver technologies that anticipate the future, today. ♪ and help protect america, everywhere. from the battle space to cyberspace. [ female announcer ] around the globe, the people of boeing are working together. to give our best, for america's best. that's why we're here. ♪ [ female announcer ] last year, the u.s. alone used over 39 billion plastic bottles of water. ♪ that's enough to stretch around the earth over 190 times. ♪
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good afternoon to you. i am dylan ratigan and today, time to crack open the books. a foreclosure scandal exploding into a national outrage, embarrassment and crime potentially. exposing a massive fraud being perpetrated by both the federal government and the big banks. should the states step in where the federal government refuses to? a conversation with lori swan son seconds away. plus, man versus machine on wall street. how math wizards with supercomputers are banking billions of your hard-earned savings while denying our country

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