ves 40 ople lbgigne e ving a in 1975 ending these practices. >> wherever by clear and objective standards, states and counties are using relatis or law or sts den t rit tovote th theill be suck do. iis car tt ste officials still tend to discriminate, en federal exinerwilleent i t remger a elible ters whenhe ospef dirimitions gonehe exiners will be immediately withdrawn. and under this act, if a coun, anherenhisatio do n wteder tervtion ieed oy op itpollg ples to all of it people.

>> iwasn unt theassa ofhe ving ghtsct tt blk pele itheouthnd some plasutsi theouth coul tual ercisheir righ toe fl rticatin tize in ericmocry. xasouldow like to get rid of that rule and more broadly do whatever it pleases as far as rerictns on voting are coerne justo hpenshile tex i pursng aend t theight o tyray,tes aund e tionnder republican control to the poor and marginal. in pennsylvania, new voter i.d. law recent study found that 67 $7,000eoplr ontent of e eleorat doot havi.d.s toote novber. oof tizenship, which 60% of alabama voter or former voters do not have. brennan center for justice estimatethe total number of ters naonwi peried b ws tt we adopd or g into effts mehan 5

llio remeer t marnf vtory the last time a president was up for re-election was just over 3 million votes. republicans willite the odd voteaud, butny a a seous quirs to t tic ndhe pblems stistilly noxistt. ev u.s attorneys hand picked by the bush administration were unable to find much of athing. >> we took or 100 comaint and setp a hotne. belie treo b prosutab cas but a the en ofwo yrs i cldn' fd onease i could prosecute. >> u.s. attorneys who balked at resources und themselves condemned by local repubcan gwigand ultateliredy th whi hou. th washe ce ohe.s. atrney scaalo amntf gor uld chae tact tha vir fudr and impersonation is not existent. this handy graphic shows, o

sitingare r mo cmon. becaehe effts o restctio on ver regiratirive a requemen to sw i.d. falls on people and people a load cialsubtt. at's wha ec holr w ferrg to is pt tuday. >>nderhe ppose law, concealed handn licenses would be acceptable forms of photo i.d. buttude i.d wou not ny ofhose witut i. uldave toravegrea distces gethem. and some would struggle to pay for e documents they might need to obtain them. calthospollax . >> tcoervaves, the is no grear a frohan t alled

raci. w cod heompa t practices of the racist old south with a common sense neutral desire to simply ensure clean elections. but's worememringhat e orinaloll x w ke. re, we w unrsta it a a toolf whiuprecyr ppression, those who pushed them could claim they had nuthing to do with race. on their face, they weren't scriminatory. shouldn'peop be le t rea if there gng t vote isn'that comn nse? ey weesigd an imemend toreat sprortiote racial effects but the genius in many ways, intent doesn't matter, effects do. lawys for the deptmen o juiceot t innt. one has t do a md adin we c leaide the qstio ofick per andhat fee in his heart of hearts. it was mostly white racist democratic piticns w ove

sathe stemnd me tn a w whi rublinshooldl chpion civighteorg romn of micganhoarch uld e naacp in 1963 and walk out of the 1964 republican convention. those daysre lg go. j's embre folwed by the publan sateg hased to oucurrtituaon ihich repuicandon'have african-americans in their coalitic but they havmostf th tt romyentiedot a pee abt vot restctio durg apeak to thenaacp this week. joe biden surely did. the awkward truth is when a party gets absolutely zero ppor it istratical sensle t aempt toeduc eir paicipionn voti, iceanst's tire possle ttromn'sello repuicanwanto met

harder for poor people of color to vote simply because they're likely toote for democrats rather than they aren't white. but asheoting rhtsct ys, the inntoesn matr, it the fect eier wt' wng. wanto ta witour nel ter is. [ kimi ] atti d i had always called oregon hom unt i g a j n thbig ple. djusng tcityife wa harfor . d bomin a llte indo cawast ea fortti buwe had each other and he had purina cat chow indoor. he absolutely loved it. and i knew he was getting everything he neede stahealy inors. a aft a cple wee, knewe we filly me! [emalannocer pina t ch indr. alws the foyou. [ slap! ] [ slap! slap! ap! slap! ] [ male announcer ] yr farite foodsightg yo fit ba faswithums.

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good morning, we're talking about the voting rights actnd tt roey'speec and joing me tod w he deedc mohaed, vtori ffransco.

d sten cter,utho o t nenovel he impehmenf raha lcolnlaw ofesr at ye unersi. i had just cracked into the book and it was excellent and i loved your previous work, so i thi evyone should go out and get it i fod thsubtt o everhinghatappedhis week scining. tt rneyent theopeak d th uer lyi thing that texas is going to be able to loose itself. it was interesting that mit romn didot aresshis a al >> pticurly at aorne genel hoer spon that monday and as biden would say the following day, voting rights ishe key aspectf wthe naacisabt. wh youook athe reacons toromn's spch, y unrsta thabecae it

wa't speaking to the needs and concerns of the constituents and it was not only what he said, but what he didn't say. his faer tk a rongtand on t ving rhts a h coul't mtionotin rigs onis sech to tnaacn xas wle tre's mor lauit ing sho to m th eitr he doesn't take that issue seriously or wasn't taken that addresso us seriously. >> but it sms toe the's th, the's a suati in mode pitic whe theacia polics a theaciaisto aralsobeddn ayste whe the's st this, there's a split among african-americans in their voting behavior that is unlike any other subdemographic amecan fe. yohavehis suati in whi 95of bckoterre goi to vo for youopponts, rht soit cathis zarr polical latiship i me, trere som pple who are saying, what the heck do you want him to do with the naacp? he's a rublican ao on in

thatoom is goi to a te f hi at do u thin >> onhe oneha, givhim lot cret foshowg upnd taking those boos and keep on smiling. that's not anasy thing to do ese days. althe cricis ofhe speh aren ir,othat he tald abt votg rigsut h g oedhen he mtion oba care. but having said that, i do want to say something about the voti rhts act andhe ver i.d. lot bad peoe fobad peop areightg fothes la. buwe ao he tecogze at t sistceo the laws is it's at best a rear guard action. we're moving to a national security future in which everyo wilhave t pro thr ideitiesevel tes dafor allindsf this an in td, wll he to commate rselso tha alit paful 's gng tbe >> iasust on a book tour in

seattle and went to an office building in seattle to meet with some folks and i went right into th bldinand wt u t theigh flo and i w ke, iso on cheingy i.? eali nowhat see stnge. coue, wkingnto a budingeemelikeomething one just did. >> as opposed to this building this morning, for example. >> which is basically likft. ox. in tex whae'reeein i thisperft sutio loong for probm. >> rig, th's tise. as wer loong earlr, chri andou were talking about this and no evidence of systatic ve fud but sh asur do spresturnt. i hao proemith an a kehisf theostf suressg rnou ieall gogo fhtoter fraud. there was a study done in texas where we saw that you need a valid for oi.d.it dsn't justean driv's licee. toate and he you vid

me o it. you g rrie yhang yo na. ateans ttf you lk at thace of it, 91% of latinos could vote but when you put in that valid point, that's 88% amg afran-arica tha go dowto aut 82%. th i ascrencyhichoes t gelithecti fiv the ta ither i want to take a it back to the question that you asked. what would you expect someone like mitt romney toay, at i woulspec ishat main d. wa t bngn afrin-amicanoter and we ve a presdage that used to vote republican and tn the political line of the republican party changed, then the afcan-erics stted votg fo demoats. mcca wheeame h ge mo of atail speh bui tnk it was aery spectiveful speech. it was taking a lot of shots and

a lot of his answers about -- shs agnst acp picynd th h sutioereust ally rheric dust rlly ee eerpre ao planion. ianto pla cp oim making an appeal which was a classic one. this is him at the naacp convenon in housn. sayi, pe intmy sl. i bieveha i you undetood who tru am in my heart and if it were possible to fully communicate what i believe is in the realendungest intest o the aicanmerin mili, yowoul vot f m r priden if y wt aresint tt woulmakehing bter ihe afrin-amicanommuty, u arlooking at him. >> again, a tough se, bhat s thistition beten t mcin sech dhe rney

spch tyou? >> mainhen he ske it was 20 ande wasalking about educational policy and he talked about tax credits and greater bonus anawaror teaers who re i loperfming are ileomne w sayghing mo lik prnto e het p heart. very general things and we have to free the mart and somehow things will get better and then specifically saying we will get rid t affdablheal cact whiaslosi raal dispity. sayghings lik printo hrtoesn wk if you'll address any voting bloc. if you want to talk about mitt romney talking with the naacp, thenouee t tk abo ingsikeheotin rht act,utocusssue b sto and isk polies inew yk citynd why don w tal aut thdrugar ahing that actually affect this level of the population or this group and then i think that, i think it's

not onlybout ce, b a certn lel o css appes re,to y wodoterecesrily belie th mit romyillo anytng ffric-amecan lor inco pulaon i wl street are his biggest donors. >> that's a great comparison, actually. good point. >> tt level of deil tha mcin hhe nap, romy d --atiol aociaonf lati eltedfficls wch ok pce a cple weeks ago in orlando. rom no showed up and he bashed the president over the head with imgratn. yeahyouould fl t bat the roo jt be take buthene we on layut a tail appach whahe uld witimmiatio he'day i'dnfor the borrs aittl bit more, i would raise the caps on family reunification visas. i would increase work permits. heent downhe le. yodidn necsaryike h potionn immiatio but here my alteativ mneynsayi, wre gng t do ay wit obare, here

are my projects x, y and z of the alternive. >> that is the difference between trying and not trng. >>till,venso ihinkhat foree goo f dn th partan rd,lipide wt you id iheino. reblics ha noeasoo go after the vote in the serious way because black people aren' going to vote republican. r the same reason, democra haeasoo ge athin to ackoter as a groecau th knohey' a gngo vote mocric. youookt t datane thinthat you fin t situion poor bck peoe juss a bad under democrats as it is under republicans. >> let's take a quick break and let you get back at that. tdd# 1-800-345-2550 let's talk aboutees.

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so, we're tkingbout mit ruy's eecho t naac an stepn, y mad a pnt i icheopl havmade i a vaety iffent ys, bh der president barack obama and previously about the demratic

party's relationship of black voters and the political effects tacthat afrin-amican versote so suclargumbe a hig perctage for demrati polician whi ishat repuicandon'haveo cou th, b thaemocti poticis catakehem f granted, essentially. i've heard this argument in many ways and, in fact, there was some reporting about people being frustrated at the acp convtion thahe pside himsf di not com ttoe bin d notome inead. at d u, how do you- agn, jthe pnt about that african-americans vote republicans. i don't believe that. t that we won't te republicans, i think ofteime repuican ptysot pridinmuchor afcan-erics toant vo forhem. puingheones ohe ricaamerans at we have prejudice, i don't buy into it. they do need to court us just like every yr democratsre taing, demrats hav't w th majityfhite vot sin

kenny or sethi le that consntly crtin whi mal vote so,ye all constituents should be courted and i don't think mitt romne did a very good and dn't do a very goodob coting afran-aricavote and stea oayin tre i nothg fohimodohere is rerds pple whotood b nsertiverincles w me a better, even george bush, i believe, like 10% ofhe african-american vote and i think he did court the african-americ vot >> iant it be clr, t realy ofmerin polics t menheostivil rigs er w dl theigni o t civil rights act. you have to choose as political party whether you're going to have the white racistvo. u catave a cliti tha s th bot togeer. at i jthealit o ameran polics. m su peoe wle offded that i ju wt t beclr. t sayg all, i'm saying the white racist is going to go to one side and black vote to the

other. why would you have a political collision at hothf tho emen in th? >> tt'sometng i alws wonded. th linosheepubcan pay reh ou and sayou'r socially conservative and we're church-going folks and also socially conservative d i'm just alway spris thahere n't re o a pu. heentied itnts his spch befly sayg wld fend marrge. t ju in pas aing , i was surised he didn't try to establish more of a connection like that and just the broader strategy of republican politics. i thi isardo do becae theraring eme raci andrejuce tts invoed. we n goack t the poi th may the docra tak advaage ofhe black vote, i think that's a problem the party has in general. an asemption not onlyfric amicanoterreoing to vo for back oba,agai thviroentasts d th yoter tt wil veor him,gainno mterhat

haens. that's why we've seen the democratic party just move to the center because the people they're trying to court now are ose middlof the road voters and nothe othe. >> ahougthatlogi t aming ingbout thaogic shld peain, righn clascalcien andt shld peain on both sides, but it doesn't. >> it is a proble >> but i think it does pertain on both sides andhat' o reon tt t rublinarty st t las ecti. bo paiesave aprlem. th paies he a solba, aase that they pay lip service to because the truth is, the republicans, if you look at the actual record in office, they never actually giveuch to t soalnsertive theociaconsvatis. >>heyalk t tmnd the bis ty ps not thauch. th ptiesre figing or the same smallroup of independent voters. >> i would just push back a little bit on that i think that may be true somewhat at the federal vel.

hinkthe ste lel at'sot true whenouook arerick on aboron. thaishatasng to say. republicans get more votes at the state level than they do at the federal level. also at the state level, it's in the local churches tt you find these vario conrvate grps gngrounand ting too outrch. tryin to oueachased onhe socl cservive ids. >> wt toeadhis comnt th romy tn madebout his own speech, he's talking about tting booed and he said, this isim in a funrais theame ght. saiwhen mtion the reoingo getidfbama careheyerenppy. if i't snd f whathey want, go vote for someone else. your friends who like obama care, you remind them, if they nt somo stu fmhe vernnt. in ndsit, may ty shldotave vite a reesentiverom ther

campaign. what this does, it will mobilize the base. my question is, is this going to mobilize the black base? is this goingo aerhe constuen thenapo g ck a fig stroer? iss win/n and miliz everne? naac invi both presidential nominees to come because, again, i think -- >> this gets to the exa thing that we're talking to. >> ain, w wt morrom bot parts, docra and publans o hahe oppounittoavehat intectio buthis who a th rus lbaug and oths e takgt lik reay slamming down this whole free stuff piece and just the idea that minority voters just want free stu while harworkg, miless andunsa and whe peoe d'tant fre uff. meanthisount in my ys woundn freestf, anin tland. took genocide to get t the free stuff -- >> then free labor. >> and me recently, the gat wheiddl css wasuilt o lot o fre sffn a l o

fr higrducaonnd l of fe accs tighwsf subuia tbe devopedn suidieon homeownership. so, just the idea -- it's been su a rist int theast. mopinitt romy wn't tryi to dow tharo, but me o toreexeme amicanacvist >>he wfare- the infamous strapping young buck of the mythology of ronald reagan buying a t-bone steak. this happy couple used capital one venture miles fotheir "desnati wedng." ubleiles you n "auall use buwithhose sing miltrav car... bridmaid blaed o... but m a idesid. oh "xmarkthe ote'lleverit. but i bought a dress!

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jaw-oppi new sdy theek prodes inghts t at is tyi t scaaln wa stre. sury conducted found that at least 30% of professional services found that they feel pressured to act unhicay o legay. 39saidhey bieveheir mpetors e unkelyo engend thi wk aloe

ha fincial scaals tt seem to confirm the reports sults. on tuesday, federal officials accused io-basrokege rm pagreeinanalf frauandrresdfter h aprent attpteduici and ft aote sayg htole mor than$1 milon fm customers. on thursday, wells fargo agreed to pay $175 million to settle claims that its brokers add at tustieparent lled"a raclsuax to t loanof bland hisnic boower" thnexty, jpmganrealed me o i tdersough t cover up the bad debts that contributed to its $7.5 billion trading loss an last night, "n yorimesrepohat deraauthitieexpe to filecrinal crgeseyinthe key intestra, we tked about that on the show last week. edward conner former partner at bain capit andutho o

nintded coequees" d alexldstn rurnind w aembe of "occy t se grt to he you guys here. >> thanks for having us. >> so, ed, your book is abo inntiv, paly,nd aut inceivesor invementnd sk ting and o of the ingshatave bee ruggng wh in wtingy owbook and seeing the cascades of scandals seems incentives can go in a bunch of different directions and o wayhey n doncen havrisk ting and also lotf catin and lot of cnerutti andteems to mthat t culre o fince s sothindeep rotten about it. do you agree? i'm seris. not load queson. i jthink tre i l o mone cnginhand oall stets d in bks aou'l expe theank rberso b ere. so su,shere imins

involved in that activity and do we have to look carefully and root out those operationshere weindthem evy invtor s to rogni at, well i a verearfhat i goi to fin one fm or ather t beie mados of the world who are stealing my money as opposed to investing it. society works on 95% of the people beingawnest and coopatin noatte the supeisio whioesn mn that hont peoe o the marn perhs, d some this tha a inpropate. r thmostrt,coeratn dring our economy and our civilization forward. much more benefit than costs. >> i would disagree with that because havinorked on wal stet, an, evethins a st befitaalysi whatouldhe cos bef we wereo viate ts pticur regulation and what is the ultimate fine. you are incentvised to push the velo in ter o wt's gal d wt'sotegal if

younow wn youe cghthe fi tha isvied isess tha the prot tt youmake. we are in an environment where we have seen 99% of the cases that the federal reserve h do in ban eorcentctio ve nesuld in t ban hang de aongdng. not oy hav we neennyon goo ja,uteoplon't ve t ait the did anything wrong when we see the regulators come in. u had this cost benefit anysisheretakes sen to olategulionsbut, sie, we hav thi cture o immuty. i jt d't thi t mh wos beuse my experience in business is that people care greatly about their careers. if they get caught doi sothininapoprie or ty do sethi apppria and- >> t ghat bwp was able to gff and creehole new dgefu. >>ould say in e vast majority of circumstances if you

get caught with your hand in the cookieiar and get caught doing something inappropriate or if u ta a letima bines risknd ifas, a hig probilitthatouraree i cong t and ahe liliho thayou n get bk intohe me, ain- >>eein a huge amount of bank as that are bsidized by the u.s. government and for both the bas anriva comniesnd enomeorei gernmts d foign comniesnd we ven'seenny pishmtor y ofhose ingsagai i say it agn, aultu of imnitynd i don't think that what you're saying holds true any more and i don'think i er did. >> t sepate proemshe. at a the pple lik on wal reet i kn a l ofhem a the pele inow aot the peop, inct, cutngorne inhe way ttou desibe it. >> i think. >> i think, i believe. but, please, let me finish. let me finish. >> sure. but thas not t lgerpot. thlarg poi is at y cat te wtherthehere

beennougpuniment uil yore se rimeave bn committed and many times the reason both sides settle, the government and the regulated entity is because neither one actuly wts to ph it. thgovementight los the lauit thentit mig be ken wn in a serus way. th's w the settd. weon'tnow in a lot o tse cas. wean'tell fm t fachat a bank faid that someone needs to be punished. >> just to ground it here. in the case of wells fargo, okaywenow tha theas compsati suctu tha shedeopl to bpri los ann a rialasis and these were people who were coming in that were black and latino, but the coensaon ructe, ts ishej wel rgo mplat. proved a songncenve f olese mtgagroke to orinata room as subprime even if they could qualify for a more prime lo.

resulted in scrimination on theasisf ra and natal igin sothisis, iss a cas whe wetual do he ttlentndeo hav - >> thas the colain not t ttlent. >> right. >> but, they got hit with $175 million. maybe i should have don mor - >>hat dsn't meany wronoing >> tt's e poin $1 milon i thin itthin ey bary- >>.6 blionn quaerly profits. >> i think part of the settlement reflects what the government really thought. if they had a strong case, they uld ove itasil a ty woul't stleor a nber ke at. ,on't knofhat' neceariltrue >> oid t lititionosts thatouldaveone ongith it. nap,also, had issues around the subprime lending, rgetg wi ban ande ofteime undhathe mt portt thg wao trto t a angefractend that alsthe vernnt i loing r, n necsari

th we n't ve atron se, tost iorta thin wha can we do now and that's the $175 million is for. to help people who have, who are in trouble around feclore dave had unstaible -- weave bill blk,hos a profsor d al forr regutor. he scialed oninanal frau we'll bring him into the conversation, right after this. us we made the right decision. so when we can feel our way through the newest softest, andost coloul optis... ..crosevery poibleeel our way thrice nge. newest .ourudge won be piing e ste. weil re sin more doing. that's t power of the home depot. make room for savings with $37 basic installation on martha stewart living and platinum plus carpet. but it doesn't cover everything. only about 80% of your part b medical expenses.

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wan to bring in bill black at university of missouri, kansas city. the best way to r a bank is t owe e. sothinyou end lotf time thiing abo andlso as aregutor,s cminogist loing into authat tind of conditions are that do produce either ethical corner cutting or outright illegal behavior. >>re. so,ealk abocrnuogic viroents envinmen tha pduce epemicof fud a w can giveou impical edencon the debat you just been having.

so, for in the savings and loan crisis, for example, detailed inveigatns, e rert of the natnal cmissn fnd at a a typal lge faure, frdas varily esen we kw that if you use a compensation system, you can prode endic frd. sover % of t araiss sign aetitn bging the itedtatetoakectio agnst appraisal fraud. we found in invesgations that wamu, washington mutual, had blk lif appiser aou go onhe bla lt if you fuseto inathe prail. no thibout that ere no rson why a honest banker would ever inflate an appraisal. and that happenedoutilynd evence sho thave 75% of

apprsersere bjecd t erci actns aays inflate the appraisal and that this came from the lenders. and note that it doesn't take 100% of the appraisers tooad r fud tobeme endic causyouimplyse the7% o apaise whore hap t infle t apprsal. you nd thell t business. and same thing happened in the credit ratings where you had this absurdity of a ratgs r this tt wer't en nglec. , ts is 2 plu rd inatiothatapped ablute rounely over22,000 times in connection with the toc waste. it i nruehat 95fhe timeifoueave pple ale, ey wl d the rht ing. if cater prosper, then it creates what we call a dynamic

in which bad ethics drives good ethi outf therketace. >> , i wanou tospon t that >> wn yoook a t croedenc you wlind cheang. agre tt's tay the world works. look what happened to you as real estatprices relive to euro. they did not rise, sotheyer actulyempornderma tegred eternermand japawas sufring bigeal tateoom, s tseconoes diff frothe res but our real estate prices didn't rise more than them. appraisers who were making inapoprie apaisa, but did thariveur rl este maets tohe lel? ion't shecroedenco y itas emdec. >> l meive you the macro evidence. studies found that 90% of stated income w-domentation lns volvaud. instigionseterneha the arlmos varily oduc by t lenrsnd

eir agts. how many of these low documentation loans were there? by 2006, it's roughly half of all the lns made in the united ates you'alki aut mlion of fraulent loandhe dro e hyrinftion out o the bble ihe unid ates >> we would have seen -- >> but, this qutionbout thers ao thqueson aut ethethers a t ofraud inther plac, a ll. i dot wan to necsari- i me, hang rdin t spanh re este bble whh w massive and, in some some ways does look like ours, seems like possibl a tremendous amount of fraud hpeni in ain,sll. >> an ireld. >>buan w g bko thi mpentionuestn tme becae thseally kdf atheore of this, is that my theory on this, and i would like to get your thoughts on this, is that like you know, evybods

goa pcendhe larr the solu payos, the me lily iis ttceo fin u. mebo com tyou d yodo th thi tha is kind of dodgy and here's $5,000. here's $5,000. wellllhe gd iouldo wi the5 llio i uld datet to enterise-- ectlyhe oosit in thry anbusisses lead the world. the new new york works for business. findut how it n work for yourat tnewncom.

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at sll, belve the rld eds broarmix eneies. at'shy wre pplyg naral s to geratelean elerici... thatas aund % fer 2 emsionthanoal. and it's also why, with our partner in brazil, shell is producing ethanol a biuel de fm reneble garce. a mite, m! t's oadethe wod's ergyix. t.

so, ed, i want you to respond to this idea, when the payouts get big enough and i ink e so of the yout opate difrenteopl in diffent ys. he's, ere' tre'shis inrestg cbinaon o stat seeng bausehe numb, it lik a aerta point, you know, people, my bonus can be $10 billion, 15 millnow myoreachtm gointoy,he stus. e nuerhat youalk aund

wi. i'm a a plustent, basilly. th the ith,n the oer sideit'srying to kind of cover your track physical you screwed up. thiss thepmorgan chasec fili abo tir o eimat ofarnisnd tdershat madehis tdeexcto mk eirositns wre the c ecutin t mart and cent discered iormation raises questions about the trader marks. ey were, they didn't wt thei loss to b exsedo as certnndivuals wld sw the ll amou of lsesnd yodisaee wit thior o picte of motatio'm painting. >> i think the circumstances matter. the people's careers are a lot more valuae than their yearly paut. youant toomeby a sd i'dayou $5 milln, mig yobe abl tootiveth? i tnk yind t pple king5 milon a yeaere making $5 million last year and the year before and the year before.

they worked hard to get all as andorkheiray in the posions d th loo rwar to t fute an thesee youtand thereeryaref abt jeopdizill the he woed f and a tt comes next. so, they're less motivated and when you get to those levels, there is high, gh,igh visility >> wnou tal belo tse vels like moro wit moragend mortge bkersndhese typ of tngs whe allf a sudn th're makg $60,000, $80,000, $100,000 that was kind of big money. seemed to be almost eemic the amnt o unstaible morage ing t forwd. if ynow y hearee makiillis ofolla f ars. ivendisaee withe millions of dollars a year the behavior of traders is that if you start to lose money in your book, you go forbre. theermu ade. yo doue dond pul yourlf o of the he andou make gre bus a iour pock, aonwayicke to

bermuda or brazil and a lot can goff and form hedge funds because they made a name for themselvess grt ri taks. i tual d'think it rns your caer, ateastfou'r arade aou bloup. >> y havo be ver ceful abt th bmuda tra becse when people do lose money -- >> it's amazing that is athing. >> a lot of pervion ban for is vy thg beuse kn whepeop losmone th wildoub dow tryg to save thselv. >> wanto getillo spon to this we shodake t diinctnetwe bad risk undertaken not fraudulently, just bad managementf risk. doubling down on a badrade and beg depti and clinghe rsonubmiing ur lir bid. >> y usuly do he to he . mo of es trars that blow up, are also hiding their numbers. >> bill, i want you to respond. >> okay, we don't have to guess about ese things.

whol fld cald crinolo atas rearcdhis for year , fit, i i'tusthe doll amnt, it'he ft at y gettrly. so, modern executive compensation is perversend eryby ages wh it seco, is larg but, ree, it su. is ihe nel lauatend the 93 artie, looting the onomic underworld of bankruptcy for profit where he emphasizes the great thingbout account aingraud ist's su ing. and e fouh tng i ishe opsite you loseourob if y fuse engenhe aud. the avege cfo in america has a tene of three years. now, that's all kind of problems to ben th,ou'r ner gog toet alo-ter persctivout tha ah, hd tthoug rht the, hdhat thght, ll. we'lkeepounhe linend

we'll come back. i want to keep talking about this. we'll get right back into it after this break. [ male announcer ] its simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. stayg aive n acuall eae arritisympms.

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andtheyhite 25timebett an aeadi whiting othpte. est itesips. lie ops uphen u do >> hel fro n yo, i'm chris hayes here with deedric hammed and edwar cner fm in pita ala goldee annow a mber of"oupy wal reetand steen cter,aw ofesr at yale and joining us is bill black. we're tking abo t week thate've see o wal reet justn wee o wls far settmentf raclly bia practices that cost black and latino borrowers money and we have seen more come out of the

libor scaal andear r "tim" pce i taper tod okinto bld crinal se arnd i paragreem looks like a mini madoff situation in which a guy ste $100 million of his clie's mey a whathe ltur o fince iand etheor n is syematallyrivetowas rner cuing. stephen, somhing you want to say. >> well, spupse is tru abo nanc that somhing tha i tru in eric lif seemndem toheind o thin thaweondhe kin of pctic y refer to, pushing people into subprime loan is a terrible thing to do. on the other hand, begins from theame fltyotio tt evybods biest set shod beheir houndoueed to

maxize youcoumptn. bumoretuff and get me stuff where you'll never be happy. you see the same pressure on both ends. the greater damage when you see it hpeni setim at the top. youndicent hat t tire cturescoupt. >> it' not tt cruptn is e wrg word tt w hav culture that encouges constant consumption and i'm talking about desire like i want to b at tng afou'r gng to hehat cuure,eopl are ing fin way to cut coers g the thishat ey want >> t oy thg, y canocus onhe goor theadnd evythi has costs and benefits. if you look at the united states. we add aed $40 million on the base of 140 million emoyee ropend japrew hal a fa. incasedurpructity ile thes fell wecrted, weroug0 million immigrants and pulled them into our country and we educated their children and put tens to mlion oeopleo

wo off shor whenou sp bk anlookt thackel levnd witall e co cutng a ahe thin thahave ourre o working class incomes have grown twice as fast as theirs. on a per person basis, but total basiand tal numrf emoyee we he p0illi ppleo worknd ty're les -- >> betenurop and japa the t oer hi-wag omiethatrehe realorld examples. >> in terms of job creation, if we look at the last decade and the decade that this stuff is happening, the decade inhich trers the ldon offe o barcys we calng up t peopubmiing eir lbids. >> lowest unemployment -- >> until a financial crisis. that's like saying ias perftly heahy uil ias ncertricn.

the ccer that you're describing is caused by a massive withdrawal. >>his is a bank run, h nothing to dith anythinghat s haening i theunpo it. e wl he hh unemoyme andlow owth actlase hav nhenhe moneisn' circatin instead of the bankers doing illegal things and we focus on the corner cutting and not the things that are beneficial. we end up wh $ triionn th bking stem and $2 illi -- hers m theyor w it' undeoyed if iew,f i was one of those people surveyed that said 40% of my competitorsill illal unetca tngso get ead,ycompsatitrucre inces has ilgal bevior anknewherade on the desk >> y wou havdone tt in 2007 -- >> but n that i've seen it all blown up, i wou not trust the syst and i would silt on my ney i a pernal

indidualre dng rht n beuse don' truhe stem caus funmently tyste seem trusorth peoe think the game is rigged and nobody is investing and we're in a climate of fear and it's g nothing to do wi, you know,t has everythinto do wh the fthat weee th masve corptio ando onchar the stemny mo. >> wusedo be ttimplit verns ho allhe ort-term debt in place and we woke up in 2009 and recognize that they don't work and an enormous ris of damage f withawalnd wave to hol ney aseo fdhose withawalin t even o anotr ca. if is siing the delis. it'sot fding yr hous a ur biness an not creating employment and business and growth. >> let me explain this in lay terms and then i want to get bill bck inhere th iaetweheic and e inranc inhe wak ohe bankhat pripited,hat that bank run was, we never

wanted to have one of those, again. federal deposit insurance corp was set upo sure peop's coun so the mid o a panic ppleouldt r t eir bas. bankhave lialiti ixces to rerveand ey lt o re mon tn the ha. that theurpose of a bank. everyone goes to get the bank at the same time and the bank will then be bankrupt. so, we guarantee it. what youe singometng ke ttapped ithe ort-rm fding mark, whi ishere i a wleunch of mplitedays y c expin wh itookske, t, essentially, a run on the banks anwe need something like, not necessarily fdic, t what is happening in thehorterm lendgrket >> wt haeneds al tse basere poin ou i he all of the aetsnd l rtga-bacd surits d i usi tho to fund my payrolls and pay my day-to-day bills and i go to the repo market overghtnday il an tso yo ovnigh and the nextayinstd o yingt ck, iust

renetiatthe tms othe al wn evyoneeali all thes aa rings wer't wth anhing all of a sudn the markets froze up. the fact that all these banks are doing all their payroll and everything else basedn shorterm lenng i a tribl mode thats th rson tha everhingell harand s fa. >>his whaanks , th puthhortermoneyo work. >> the repo market. >> they put the -- >> bill, bill, bill, i want you tospon t tsort , th degr to ich canort untherhat ppen in e tnk tst, inome see,l. noveandovocative thesis in your book is precisely that. distinguishing the real estate market and the way the credit mark ats look and the mtgag bule a all thohingn thrun to erisi fro e kritouelf d y detaing ose o ings >> tunp befe the crisis looks a lot like the rest of the world. >> bill, want you to respond to that.

>> the rest of the world s a ole t offrau so, uan't aume thathe restfhe wld doe't hav aud. lookt'seall bor a econy toave is kd of frau if you allow aggressions dynamic to exist, if cheaters prosper, then we have kno f nturs, sft tks aut thisof a this ttou'r ing hav fud beme edomant andou g cny pitalism and you get weak growth. so, enforcing the laws against fraud and preventing the crimnuenicnvirmentn th firsplacisealloo thinfornecony. w doou dthat fit, y stoxecuve coensaon a ofeson compsati fro being set up in theperverse way they are now. second, y getid othe re d derelati, desuralition

the ath of counbili. acerlof and romer say when you deregulated theavin andoan dust whawe fledo unrsta washat is w bod to pduce widspre lo lootg. thaid,ow w kw better. if we have an economic theory, we don't have to have these crises. we did the opposite. wereguted d we iledo precutout he savgs a loan isis wid or 1,00 felo convtion iajor caseinhe curnt cris o e folks who drove it on wall street, we have zero. and, so, yes -- >> se ofhe regutionade the csis wors th 25hang tha mad rivaves btenioif a compy go bankpt, all assets get frozen, except for derivatives. they are exempt. so, when everythin gets frozen

deritiveand coterpties getoull allheir mon out rstnd tt'shat ppen inhe we ofhe csis i at eryonreak o becae th knethat whe casefter t 25chans. 'm gng to tnkil black professor -- sorry, bill, we have to go. thank you for coming on. dlexioldsen,orme inrmatn techlogi a meill nch, tha youor joing us we rlly precte i >>mittomneaid h left bain capital in 1999. we'll have more right after this. [ le nouner ] uldn it coo iwe tk thniss alta and imaged arlyverying it? ve igrear hoepow anbesin css 38pg hhwa.. ...advanced headlights... ...and zero gravity seats? yeahthat would be cool. ♪ intduci theomplely imaned ssanltim 's o mosinnotive timaver. nian. innotionhat cite

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president obama hammered away at mt romn'secor ter w edenc sugsted th romy maveremaedt e fi lger tha hs

evioly ated a th o n docents b "t ston globe" and current tv indicate romney held the title of chairman and executive o bain capalntil 200 deite clai byomne tt heeft the rm i 19 to r t ympi in lt leci. this docunt,omne has listed as chief officer and list hirincal oupatn as nagi direor. sending their jobs overseas during the period in question. president obama hit romney on the outsourcing claims yesterday in virginia. >> l's spivinax baks to comnies tt a shiing jo ovseas les gi taxreakto coaniethatre inveing rit he in e uned stes ameca. mr. romney's got a different idea. oh, he invested in companies

that have beenalleiones ofutsocing don wtoione in outsrcin i wa som insourcing. >> despite the new documents, in a series of interviews wh five dierent networks on fray,e wanoonge inlvedithin opation 199. he'somne o nbc. iebruy o 1999 lt in cital aeft all management authority and responsibility for the firm. i had no ongoing activity or inlvemt in the affrs o baapit bause wt out toun tolpics i don recl a sineeeti sinerticatio in an instme disioby bain or personnel decision. >> this despite romney's own testimony from 2002 that he tended boardeetis sh a stles ringhe perd i queson. nt t welme bk to t ble, vtorind alyo, ht

of alona show. all right, ed, we are confused. america is confused. if- ifitt romy w not ruing bain i 99 to20, who sunniain? whyoesn tha pern com foard dsay, i was running bain? >> trying to transmission mitt to a new structure. he announcede wasoing t leavto r the olyics at was airl srt ord a tt's nam wer o the cumes ahe cef ecuti anit tooever yea f us to sort out how to put the management team in place and there was a management team in ple alady a we h t gotie wh mt bausee wod crte a l o fnchi vaa ane'd payim for that wead trecoize at oer partrs wldeave ortime. whatever we did for him was going to be reflected in wt everyone else and we had

mplited t of notiaons at tooaboutwo ars unwi. dung tt ti a magemt commtee n th fm ande uldardl get mit t ce backo negiatehe tms o his departure because he was working on the olympics. >> this is interesting. the reason that the three years happened, hs thief exutivoffir dung ts riodf ti. >>egal ocumes, suose,s. but h no hs n atndinany mting >> no meetings a all. he never showed up at any meetings. >> it was ten years ago, can i remberveryinglmeetg? >>o. >> we h a manemen teaan fa,evybods parte tha tend itas difficult to get any time for mitt. >> premabl docents tt bain s. >>ut the's a oerin memondum all vests h

recognized that mitt had gone off to the olympics and wasn't involved. >> theuestion is, why didn't he own it? right w we'reeali withe tenicatiesf it peopon'tike techcalies. t ely onehoul he sai lefin 199but name stayed on there because of these issues. but he didn't say that. right now it's coming up to haunt hi that he wast clear abt it early on. >> m queio isagn,o me i'm t aigall strterso in away. ify ne is dn asceo whetr i being actively involved in management a lot of money to a lot of amicans, doesn't he ve tbe hd sponble? s nastill down manamenteamoingt b he ill eds tak reonsilityor wt is happing ba durg that time period. >> doesn everyone else find it incredible that mitt romney would have thought thisthugh. th isotis firampan

anyou uldhinkha you uld bbleo adesshese thin. yowoul-- i donhink tre's any queson imittin - i don't think there's any question in my mind -- >> this is the weirdest thing to me. the name is on the document, also, why a you paying h $1,000 ar. i uerstd in t strturef mi romy'smpention th's esstial a ti catedherm,no, mit eate the fir and enormous franchise vae and their ntrition to tlue to t firm wnitt le,h,ee yo ter,ou don get anoer di fro the fi. ureat somhinginedib luab andoueed to be compensated for that. >> that's different than the $100,000. >> you are fusing on the wng stuff wh youhink of 00,0. heas a lotf tngsn t rm bot runng t fm like lited paner. >> l m askou is, an, $100,000 is still -- he's still

being paid and he still has his name on it. if, let's say, my understanng of bainurinitt romn's tere i treereerta thgs in wouotinst in becae ofitt romn'swn fah an wld view. thin like alcohol, f instance. did those brig lines go away in 199. dealmadence he was rning the ympihat wld he olat thi kd oode tha he d,hich iinduite irab, actuly thahang afr heas rninghe olympics? >> i don't recall before or after. i think we all looked at evidence and id, hey, w he enwments and penon fds a pele inur invement w mit no wt to aume tngs kegambng,or exame. his y y n't i, i don't think the are a lot of those investments in the portfolio. which doesn't mean weouldind some example here or there, b a geral elin n jt in ou firmut i my fms t

shaw fro instmes. >> wnou s tsas takg long me,hat washe -t sods le heas driving a hard bargain. is that the issue? >> yes, of course. >> because, why? because he -- what was at issue? at were the netiatns? ion'tnderanhat t negoatio werthatreat thre yea. >> creed aninvaable fir thats ming all you guy rich thats the negiati a now thext person says, whatever you do for him -- >> doesn't he have ownership stake anyway. doesn't he have anwnerip ake at tt valu wl crea anay. >> y havto dide whe you' no nger volv in the rm wtould the bhe econics r somody who had really created enormous franchise value le he had. when you address those issues, you have to turn to other people who say i create arancse vae, to wh abo ,hat aut me l rtne wan tet invoed i the notiaon o ha wh it ans r hind means something for me, too. >> he's the first one to leave after this thing had been

created an the negotiation for him is going to createhe bu bencark r th coensaon struure. t's lkor aut thi and sohat's assue re. youave seordsn your book right after we take this break. ♪

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for ereion stinmorehan ur ours. stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. ths is the age of kingctio viaa. lk tyouroct. we're talking about the, somewhat mysteriousnd bflin tere o mtomne beten 99 a 22 at bain pita edas a bn catal. so, he was legally ceo. just two more things and then i want to move to kind of like a bigg disssioabou fshong a outsrcin prumab, ife ward t reh, a yus sdfore caus peoe weryin to reachi pele weryin t reach him. there was some business doings he was doing with the firm. >> he wasegotiating with the firm, yes. >> but only negotiating, no nagement bineshe w dog.

i ner sm. ani w ianagent mting mang iestmt disio a heas ner ther d you tnk ba should release documents establishing this. i feel like i learned more from you, the salary negotiation kes e thi make me see. >> ion't knohat dumen th wou hav to rease. i'sure ty lkedhat cumes ansaidheff aeri mrenhen the wen ouo raise fund, oh, mitt's coming back, don't worry aut it, he will come back and manage the money. that wastsaid >> i tnk tsilliewn. its julyheog dayof summ ande're allooki f methg to anale, b i ink it a chnility he wast trenhe day-to-day, but he was there on paper. he should have taken his name off. >> it does sak tohis ia th somowitt romy i unretablto t avege rson the erag pern y cane esidt, ceet coensaon anthenay iave no responsibility for what the

company has done. >> let me also say this, putaonally, weere lkin in t fir blobout retati. heas t ceo. ifba d someing, dided do sethi enf has in t mstf worng the crazy days in utahnd bain decided to do something that was reputationably massively damage aingr irediy foishr unse o premsitt rney coulhaveom bac and said hey, ys, d't dois. we decided that the future is the hula hoop and we're going all inn a ha hp vestnt de cod flbacko boon d belike, no,hat is bad ea. youave toprese h w are it >>e's are hisoney >> i would hope so, right. but, can i ask one more question, too. you think all of this will die do becse wren the mdle of sumr rht now? wi it thou?

if theuestn isere er a ght w pple are trying to evaluate whether they believe in mitt romney and whether he might offer the right policies and move the country rwar as eryo lik to y. weotsed tolitians lng maybonce there iffic a nowe cautimn aie - we hav't cghtim i a lie. >> come up with a message and a way to explain it, then it's dishonest. >> all the perwkfoard th the is >> i tnk myameasn i a problyhoul hav bee- mig not lik that >> n t mia rortsave me out. can i ask this, the reason that -- >> this is all really diversion, the way. >>iveron fmheth or not pple tual wanto ust is cdida. >> dersibout wther o not u wa 8% unploynt. ,t's n qte that cro

and not tha cro. amaampan h h oneal thatbain did. theacto i kans city missri, ey shu dn t plt an tobs med offshore. >> they were not moved offshore. >> the whole steel industry moved offshore but we didn't open up alanfsho. >>heteel comny i st downndhe oma camign run d aut tsnd mit romn's respse. he is hreondi tohe osin the steel factor. >> they said, oh, gosh, governor romney at bain capital closed wn a steel ctor but eiroble of urse is at t ste ftorylose wn tears aer ltin catal. was lger the. sohat' hdlyometng ich on wat. >> here's what i think is so strange about this. the romy campaign is sentlly sayinhereshis g diinctn, the beviorf

bainpr1999 andst-19, i i was there. we would never close down a steel factory and it just seems insane to that that is th case you ys aasicly dng t samehing in 1998 a 1999 a 20 and 01. isn' tt tr? >>well i bieve tt's true s. i liev thabainapital does what bain capital does which is make the company stronger and grow them faster. >> if the dealoesn't work out and the plantloses dn whetr thappe in'96, '9 24 o 2008 is i the wayhe busess wos. i bievehesettac o bain and mitt are attacks on business generally. they're trying to pit emplees ainsemplers,f cose ey a. th wanto ptendhe custer dsn't matt. theompaecid wch compy touy fm a wch facty to b fro aow mh th're wlingo p f oduc. wes vestsnd employees have to respond to those demands. >> doesn't it drive you crazy that he just won'tefend what

ins ing? wh is ashadof th is wt in d. we kw whriva equy doe and hugeebatartl because of this campaign and partly because of this book and private equity is goo for capitalism andestctiv o t. why asmed and w be defeive ou a sglelant at clod andappe to hpen y-toay.er yere runng ok, is is how it works. >> you say ashamed and i see great pride. >> b he doesn't see great pre. >>ashomne oveheead abouin, yete wil tn ound and say w nee to exnd our enomyndlobaze a aliztherare ergi markets. why doesn't romney own it? if he owns it he is in line with what the president -- >> iant romney to rd fro ur book is what i wt h t doecau youwn . >> ielie t folwings th. wh the date reaytart in aust, stemb a ocber, wel se

thi he' o it. en you're here in the dog days of summer with a lot o distraction by the obama administration who, by the way, can spend all their priry moy wn mit snt his prary meyheneoesn ha the ahateall tter canry toake hisasen julyhenobod i lisning or he can wait, hold his fire and make his case in september, october, november, i believe he has to make thiz ca. >> i will talk abo thease tual foroffsring rit? forovin js out o hi-wag maet le th u.sin low-ge mketsightftere ta thibrea man ev yea sopa ani use e pnte ean th r ci thayou rd f a raxinvacaon. ♪ sometimes, we go for a ride in the park. maybeo a little sighteing

or,et se frh ai but is smer, we ud outhanyoupnts jushangut wita fefries in london. [ male announcer ] the citi thankyou visa card. redeem the points you've rned to travel with no restrictions. rewarding you, every ep ofhe way.

redeem the points you've rned to travel with no restrictions. is inew rk ste. bui theirstailw, thfirstradroutnts you've rned to travel with no restrictions. is ine theest,. the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. onthat worng tattrt busissesnd cate bs. a ple whe invati meetdeteinatn... and sinees ld thworl the new new york works for business. find out how it can work for yours at thenewny.com. so, the center of this is about a debate about lo-ter tren in eric catali, mafactingobshich he be sha clin inhe.s. an lfheanufturi ha mov tolace scifilly mt fauslychina, where it's much cheaper to pay people.

and, the idea, i me,he subtt in all o thihen mit roey i bei attkedy the ama cpaig for vestg i is praicetinapitr fooverseeing this practice at bain capital, this thing is a bad thing. that's why it's an attack. but it just seems to me thatt cann posbly t ce tha mi rney thist's b thinbecae mospeop who worknriva uity st peoen capital finance capitalism see it as a positive. you write in your book, theery stirring dense of offshore lar. t's t krselsbout w offsre lor reay is if tse wkers iigrad re. don payor their medical experiences when they show up in the emergency om a we n't y fothei unploynt benets a the wr and tr onur plic inastrture and

drk dring, dg und otr crim. 's clean-costs neither the employees or employers are here to vote and seek political handouts. this sounds likouthk, yes, thiss beficl for ople >> ihinkhe pblemith fendg itfor tt,'m n spkingor mitt >>ou'r speing ryourlf. people look ver close to the paper and say, ah-ha there is a b th wen ovseas and we n spkboutbain illimmignts cam in our untr nsourng, n t tsouing. wer gronghe ecomy ft engh tt weere pulling the employees into the country. >> the jobs are different, though, the jobs that areoing outre difrent o t fks mingn. >>50% ohe 4illiobs crted %ere catedt th hiest ef thwageap. so, there was a disproportionate increase at the high end of the wage scale over that, over that

period. >> that i beeve. t t poi is thattheris casehat is ishatt's tion andinde,enefial mov tse kdf jsut ofhisuntr >> just a few more ings. 85%, prior to 2000, 85% of the manufacturing jobs losere st adostic proctivy gain o-thds welo, so thers aot o fshong tt mighhave ocrred i wa the hea ohe nufaurin praice at bain. there were lousy investments if you take stuff over to china. th vue igonend is a usyommoty pductnd you' makg i in higvome. that not wreucceful.s. sine isoingnhe futu. >>here areheygog? they're going to much more complicated and local services for starts a muc me compcate inllecal prerty th haselate tourop a

pan the resf our economy which has moved into the local service economy. doctors, nurses, teachers, truck drivers whose wesave bee re sulad, i y wi, omorei comnsatn. >>ut t polics ohis i thatou suld not be clong wn jsnd sppinthem overseas and what's bizarre about this debate is that people are both sides and, i mean, demoatic policia and demoaticolic has overen a t of ouourcg and naa, obvisly,id aot o tt. xtile iustry and moved across the border to mexico. there is this debate being had about the issue which, i don't en thk, i notven sur e docracarty this is a ba thin the n't,thou, if you ok awhat theresint i doinrighw. 's b n mea chaion r thameran wker. and, if you look at a, for example, this transpacific partnership agreements being gotiedith ehtr ne

ffert courieshind osed dos. at t end of theda thi cod behearge tra dl in u. htory some lab unis tha he come out and taken a stance against it, it will hurt american labor but for the most part, we give back to thi iss tha the lar unis wl vot fhe pridenanyw. theye no ming bigf fu ashey suld wre ty suortn thexactame li policies as republicans do. >> it is this love/hate relationship we have here in america and we don't want immigrants and we don wt offsringnd p $10 for a ad o letcend w d't nt tay $or a-shi at e ga we s thergumts a thi big gume abo the uniforms for the olympics being made in china. i mean, there is this outrage of it, but when you go to the sre and you want touy jt som swtpan and t-sht, you dot wa t p t $50 you nt t b t onehat we madat chin soat t miclevewe'reine atthatut at the thelogical

level, the theory level, that's where weet t puback >> the wking cla do fee th hav bn setch andot th the 1% are benitin eatland at tyre fferg. soi mean yere tking abt thmicro versus macro, there is a larger picture of how the larger class and working cls ar not flingike ty e ab to ep up and me forwdp. the numrsre tre. midelasstagnionnd frusatiobout the ecomic circstans is whas unrlyi allfis. we'll talk about that after this break. ttd#: 1-800-345-2550 let's talk about market volatility. ttd#: 1-800-345-2550 in timesike these, it ca be tou to ow wch ttd#1-80345-50 at crleschwa we' rea th oecti inshts out tt: d#: 800-5-25hprest maet a ancan lp tn the inghts onom continto ttd#: 1-800-345-2550 a plan of action that's right for you. ttd#: 1-800-345-2550 so don't let the current situatiotake you off course. tt: 1-0-342550ta to uck.

sta nalting wages for the middle class and a sense ofore porfulha en t ecomics theotiolensef hozonshat kd of the domint md inhe wefhe eat cessn anthe ash a time of 8% unemployment and that seems to me what is gng to dene this election, more than anythg.

d i ink par o it, al, thgh, t seatio tha thgames fid,he res en'tquar it notn t lelnd peoe fe ke, youknown the tax return issue, for instance, it's like, at the world that mitt romney is operatingns a vy dierenworlthan i opering . iook ay tetur and, yoknow the'sot ahis compxity a cayn islds d offshore accounts and whatever. what is that world? it seems to me part of what has happed itheampaigshat mi rneyasbeme aind of and for aotf frtratn wi amecan equaty. youhink tt'sortf wt haened >> ihinkhe oba adminiration has been able to define it that way. i think a lot comes wh frtration wi grow. wan fter groh and hher wage the queion , wha picie willreatth? e the vernnt-dven pocy and tnk we hav a

oicen this election on that. >> do you really think -- i think that always ends up being the choice. if you lk at tastime publans r erytng, y a rublin congss,he peentaf p ew. gre aot mor afrwar, bu s. >> it grew during that period. they didn't do any shrinking. just unclear to me that, actually, the stakes alwayset finein thedeolical wa. yowrota bobout a ctain eolo and cerinet o incils. is ia chce bween t idlogynd principa. when you dig underneath, no actual evidence to suggest that there's going to be some huge differencen th pcentef gdp der mocrs an repuican-- it'not at cnd dr >>ho i ioing tobenet. nterting engh, thi ri in btsoing te tacked on to the tax argument. so, you know, the president wanting to let the bush tax cut pireexce forhose ming

unr $25000. i had aryst ball i wld y th the replica are justoingo say, pe, it' abt th debreli. and, so, you get americans thinking, not so much about the taxes, but about the debt. look at the spe thrt govement all ey disend, spd, end. d th geteopl ver ary d yotakehat empsis off the ta off of the indidualevelnd y put i onhe dtnd thasre it comes back and the republicans have a much stronger argument. >> that's the one they're making. >> the republican support, they pport governmentpendg jus asuchs demrats do b ey le t hidt batiol serityand, i mean wnt mesofens thiis wre, e reblics arthe mber one oponts of masve government spending. >> i just think there that much evidence that there's that big of difference. >>overent speing se i 20% gd to 2425 vernnt endi. >>nderobam inhe wef the ressi. itose rosshe wld. i wan t tha ed conner, the

former partner at bain capital and you have been told aut t onomis wrg. weidn' eve g t marnal x rat. >>what y shod kn thi weekrighaftethis [ me anunce] eseah suestshe health of our cells plays a key role throughout our entire lives. ♪ one day n's + is cometeultvitain sigd fomen' heah coernss wege. ♪ it has more of seven antioxidants to support celhealth. that's one a damen'50+ ealt advtage

to support celhealth. [ feedback ] attention, well, everyone. yocan w trsnapot fm ogreive e. justlug is io yo carryone. anyourood ivin can ve y up 30% yocoulevenry iwitht switching . why not give it a shot? carron. now u catestrivenapst foreou st.

what wehould kno for the ek ahd. plus m bk is oale n at onlietairs i you loc bostor i'll be appearing here in the common new york. check out our website for more details about other upcoming appeance whato yo nee tno for t ek comg? w cmon acesorne cting o wl stre. a quarter of wall street workers believed unethical wkerould

he peoendhe kwledf ongdng i t rkple. 30%aidheir comnsatn structure createdtandards to violate the law or commit insider tradingf they believed ey cld get ay wh it' ha to devop a stem whout monery rardsor catin spng o ethal bache a para stu sho thenite stat haslipp in e raing lea corpt untrs fr 16tplacin 01 t24thlacen 20. thu.s. ialli bind mos othereveled nionsnd t u. deptmenof aiculre s nad 1,0 kont ts naral dastearea

thiss thlargt su degnatn inhe pgram stor congress will most certainly pass a farm bl th yea it doi notng tmitite t clime efcts. 's n goi to counor ry mh iepubcanset t fure tthey see tont. thearty thatuled mico for 71 years, the pri, appears to have reinedower the alleer h fil a rmalomplnt t anul enrickque and pri has a long history of corru buying and te buyi. a cent pol sws tt 40% di't tnk tthe eion s ean. what do you think people should know this week? >> what i would like peoplto ow ito lk athe lacy d li of natial brd

mberho psedaw. he h a lonisto of actism a thi lik mt amicanthe - wt we contribute most in life is what we don't get a paycheck for but his type of aiviswhatt i toy an died with that type of activism. wonderful all ght. te. evenarte >> wt pele suld owhis weeks with all of the scandal at penn state involving joe paterno and so on, we saw a similar scandal with much less attention in montana football team as well. it's merely the tip of the iceberg. whereverou henorms pow ncenatedith pple surrndedy lo and lot o akl co-lights and lots of

followers. >> i think there's been an interesting conversation that's been opened up autolle spts ithe st yr. it'not st srts. allhe aas olifehere we td toleva peoe hi ana lo of peop'sivin depes oneeping them at the high elevation, that's where weeoingo meion . >>ictoa? >> wanto tk abt th drout. weave en aall the crs whh mes ineasein ain ices so wt dohis mean? you have a decrease in crops, you ha peoe gog hury, onom insbili whi lea policalnstality downhe rd, tnkinabou thatonneion fooand secuty. alna? >> you mentioned the ansportation suppor atereakennto ting t fi a way t psecu

wileak they are very politic poll rising figures but overall everyo should payttenon t the y th theare yingo usthe pione ac >> yh, iaw t stin it was pretty -- >> cryptic? >> i want to thank my guts, sthen rterrom le iverty, ur n boo-- g i ameachnt oabram lioln. 's a crtro rill. >> check that out. victoria francesco and alyo minkovski. coming up next is melissa harris perry. she has a few things to say about the remarks from the

naacp. that's nt comg . e yonextere "up ♪ ♪ i want to go ♪ wanto w breaes dply ♪ thiis wre e drm bens ♪ ♪ wanto gw ♪ i wt tory ♪ i can almost touch the sky [ male announcer ] even the planet has an olympic dam. dow isroud to support that drm byelpi prode gener moreustaableolutns fromhe ompicilla tohe sdium sotionm. t newptimm.™ ♪ ts drm

his morning starts with arthritis pain. d twpill afteoon'overul srts withore in. re pls. ipleheckg hyauli. theveng brgs me pa. , ba to re pls.

mostone,hen. ha on. stan docr remmend aleve. it can keep pain away all day with fewer pills than tylenol. thiss rudy. who switched to alev and o pis r a y fr of in. ♪ anget e alday in rief of ave iliqu gel >his moing, thenato of rap jo. ishere any humithi us, theresint ion a roll mocrs, is time to stand by your man. first, tolits ofree uff. ally mit romy? good morning. i'm melissa harris-perry. this week at theaacp convention, tt rney arte off th testaye's ever

d inrontf a ack auence ok, fit ofall, hehowe up. en tughe wn't liky t wiany tes tharoom his willingness to address an naacp suggested an dersndinthat he'sunni forresint o all theeopl notust e ones thaikem. en hddreed t bla auenceike han beings. that is a light years ahead of this. >> whoetheogsut? wh o? >>an of cour, th -- >> wt's happin? that'smichael. >> he als gsredior keepg ital. ere s n traf mt mneythefliplopp, wh swites posions whe it' poticay nvennt