the president really on obama talks about the bankers as fat cats but when it comes down to it he always seems to have their backs in the recent foreclosure gate scandal only seems to prove it once again we'll speak with marcy wheeler of firedoglake and fox news is reaching out to the latino population a little ironic considering the network fear mongers against latino immigrants day in and day out so it's fox really expect to have a huge latino following and they forget what their pundits spew will have a debate on that topic then we've been hearing reports about severe bullying against gays here in the united states but what can be done to protect the victims of bullying when high schools and universities seem to avoid the issue altogether and politicians are increasingly spewing hate all rhetoric about homosexuality all speak with someone who fought back at the end of tonight's show but now let's move on to today's top story. seems the greed is good only for the greedy that is you know how reports keep coming out saying that the recession officially ended

in june of two thousand and nine and those reports just don't seem to fit with the skyrocketing unemployment rates foreclosure rates wage cuts and everything else that we're seeing across america well it turns out that there is one place in the country where that does fit and it's wall street according to an investigation by the wall street journal wall street pay is set to break a new record high for the second consecutive year yet the top three dozen banks and investment firms are set to pay a whopping one hundred forty four billion dollars in compensation and benefits this year a four percent increase from two thousand and nine so how is it the wall street seems to live in its own little bubble and not feel the effects of the recession that they created or everyone else suffers it just doesn't seem fair we're here to discuss that with me is that carter economic out of there for alter net and a fellow at the campaign for america's future jack thanks so much for being here thanks for having me now ok i get it so the world isn't fair life isn't fair but

just tell me then technically how is it the wall street seems to be on top and they keep getting record payouts year after year well the easy answer is that they're still getting bailed out there's a lot of attention over the past week about tarp and the formal expiration of the congressionally authorized bailout but the federal reserve is still lending to banks at zero percent interest rates. at zero percent it's really difficult not to make money whatever you want to invest and so the easiest way to do that is to just take money from the government the fed zero percent invest in government bonds at two percent interest get two percent interest free money from the federal government as much as you want for as long as you want so we're subsidizing the banks directly and that subsidy is going directly into the bonus payments unfair unfair like i said well tell me this i mean a lot of these claims a lot of these firms claim that you know the reason that they have to give out such high payouts is because they need to keep their top talent if i don't get anywhere else. with this top talent to go where they're going to get any more money it's a profile. they need to keep this talent you hear talking about how they need to

pay out hundreds of millions of dollars to keep their plumbers i mean the plumbing agency goes bankrupt everybody gets fired there are no more plumbers at that agency if a bank goes bankrupt it gets bailed out and they're able to pay their traders one hundred million dollars a year it makes no sense well what they're claiming here too is that these people are starting to go to private equity firms and to hedge funds that that is i guess is where where the money is these days but i mean how valuable can these people really be if if they drove the banking industry off a cliff in two thousand and eight i mean they bankrupted the fabulous class and they went out of business and had to be bailed out by the federal government and one of the most embarrassing episodes in the history of capitalism these people can't really be that valuable if if if that's the product of their work but so then really i guess part of it is that the government is supporting them some somehow for some reason people are still thinking that they are valuable even though they royally screwed up although you mean the government did pass this financial regulatory bill which is now supposed to change the rules when it comes to pay but now those rules have been written yet so i guess my biggest question is how long

does it take to write some rules we'll see about pay i think it's very difficult to regulate pay directly i think you have to go and regulate the profit centers for the banks so those in the most profitable activities are inherently the riskiest you know the highest interest yielding assets are risky that's why they have higher interest rates that's why people go to them so you need to crack down on risk taking and there's not a whole lot in the regulation bill that's going to be going to do that there's some really great stuff on consumer protection and having elizabeth warren in charge of agencies can help a lot but the proprietary trading doesn't go into effect for seven years and there are some loopholes in it and there's there's no real tax or penalty for just raw gambling in the derivatives markets or the securities markets and that's where the vast majority of this risk takes place and where the vast majority of fraud on wall street occurs as well. fraud is extremely profitable and if you can get away with it it's literally. good to be true but very lowing them to get away with it but tell me this i mean is this in any way a natural effect of our society of capitalism i mean this is capitalism both at its

best and add its worst so did we ask for this to happen this is very much a product of of the last decade if you look at capitalism even under the reagan administration they do not have bailouts that operate like this. in ronald reagan's administration nationalized banks they took them over and liquidated them and kicked out the management teams that was the official policy of the reagan administration even when you talk about the much smaller too big to fail companies from that era companies like continental annoy the shareholders were bailed out it was the creditors of the banks the other institutions that were lending to it not the shareholders who own the banks and the management team did not get to stick around and make more bonus money they were given the boot this is all something that's happened since the one nine hundred ninety nine era of deregulation with the repeal of glass steagall and the commodity futures modernization act that legalized essentially gambling in the derivatives casinos now do you think that we're going to see that changed on me right now there's a lot of this anti wall street anti-government sentiment we have new candidates

from you know the loony vell i don't know even how to describe his tea partiers but i mean the system is already just seems like it's so set in stone and these you know essentially we have people from wall street then coming into also run the government and to be the president's advisors and we have these lobbyists from wall street that are just swarming all over washington d.c. well they're all indoors a huge problem but the banking industry is not nearly as stable as it seems despite these bonuses the foreclosure gate problem that you mentioned the top of the show that is an enormous accounting scandal an enormous fraud scandal covering up much more fraud i mean if you pull away the legal liability embedded in there you have the entire two point six trillion mortgage backed securities market that can be thrown at the front door of all of these banks there's no way those banks can survive the losses from that from that scandal so so then i guess the government is just going to have to cover it up. so we've forgotten like it never happened that is what that is one solution but another solution is to actually restructure the system because we've had a crisis and we tried to just cover up for them for the past two years and that

clearly has not worked i guess to see what happened in the meantime they are raking in the big bucks that thanks so much for being here thanks for having me all right time for our first break but still to come tonight the foreclosure gate scandal we were just talking about is growing here in the u.s. has many asking who side the white house and congress really are on a look at the issue in just a moment and our team is ramon lindo takes a look at a certain segment of the population also struggling with foreclosures believe it or not it's the rich we'll be back in a moment. well the british summer it's time to. go. to. market why not. find out what's really happening to the global economy is

a report on our. the exposure of widespread incompetence and negligence by banks issuing foreclosures has rocked the housing market and it's made us all wonder if the banks have really learned anything at all in the last two years you would think but after all the lip service that the obama administration is giving to solving the foreclosure crisis they would come to the rescue get foreclosure gate as it's being called has a lot of people questioning whose side the obama administration is really on is that the american people those affected by bank employees who stand foreclosures through without even checking the documents not caring that real lives were at stake or the wall street banks the ones who screwed up again big time and yet seem to be facing no punishment at all the obama administration made it very clear that they do not support a nationwide moratorium on foreclosures because this wouldn't be a prudent step to take in this fragile housing market but if we can look to ben

smith from politico's report well that's because wall street has threatened washington that playing politics with this issue could endanger the economic recovery but could it be time for politics to finally take wall street on or earlier i caught up with marcy wheeler blogger for empty we'll empty we'll at firedoglake and i first asked her why she thinks the white house has been so timid and won't just call this what it is which is a full blown scandal. i think they're really worried about. so what comes next what there are already i mean and they've been saying that this was caused by a sloppiness or that there were technical problems with the documents involved with titles when they don't want to say it was brought up and that's really where we're going to want to say for they also don't want to say about the title on most of the houses sold in the last ten years is. in the air we don't know whether the title is

good or not so even the term for closure i think is the wrong mean for it because foreclosures are just the means by which we discover the problem but there's probably the same kind of documentation problems because there is the issue that they're making up documents right there's the issue they've got the rover signers there's the issue that there's a company out there that is willing to go back and fix all of your documents but the reason they're doing that is because when they meet these securitized mortgage packages that they weren't to sell they didn't do the paperwork the first time and that's the big story and that's what the administration doesn't want to start talking about right now because the implication of that is just terrible well let's talk about that i mean the administration themselves has decided that they will support the fact that forty attorneys general in different states want to leave their own investigations and yet they at the same time very quietly decided to veto the bill that would put this national moratorium on foreclosures so do you think

that they are they're picking a side here you know yourself mentioned when your articles that wall street seem to be putting pressure on the obama administration here not to support this national moratorium on foreclosures because well that could put the fear already fragile housing market and jeopardy so i mean are they choosing wall street perhaps in their pressures in the markets over again the american people. i think they're continuing their their approach of extend and pretend in other words let's get out of the banking problem. that happened in two thousand and eight by given giving the banks a lot of time to kind of fix the problems and all the while pretend that they're sol and which they're not if they say all of the mortgages which were sold all of these mortgages that went into the bubble probably or may not have good title if they said that then all of a sudden we'd be back where we were two thousand and eight and so that's what they're trying to avoid but in so doing they're also choosing not to use this as an

opportunity to reset in other words to say the banks haven't held up their side of the bargain the banks are lending the banks are still taking crazy i mean the bonuses this year are going to be bigger than they were last year and so this is an opportunity to say let's make sure the banks do what banks are supposed to do and the ones that haven't been doing so for the past two years have been sucking on the federal teat we're ready to get rid of them and that's where the administration is you know i'd love to see them but you know when i sort of hope that they're madly putting a plan in place for the day when it becomes clear that this is fraud that this is fraud that that affects not just foreclosures but a lot of people's titles i hope that they're preparing for that but they're certainly not there yet they're not using i mean they're to some degree a lot of these issues a lot of the foreclosures are all state based so there is some limit about what they can do but alan grayson has asked them to declare this a systemic issue which it probably will be. and that's what the whole financial

reform bill was about was about was giving the federal government the authority to say this is big enough to crash the whole system we're going to do something to fix it. because the one that you're talking about where let's say the word fraud comes into play after these you know at least forty investigations are done what happens are we all the way back in two thousand and eight are is the government going to have to give another type of bailout to these banks and to these lenders. well i think the first thing you're going to see is you going to see lots of banks suing each other i think that make it capitalism was the one who just said well this is about this is going to be a lawyer folman full employment act because you've already got the investors in these mortgages beginning to sue or beginning to pool together. who are challenged this service. you've got fannie and freddie saying if there are problems with these mortgages that we've bought off you because you didn't do the paperwork we're going

to make you buy them back so i think what you're going to see before that is a lot of litigation beginning and again hopefully what happens is the administration uses that as an opportunity to say ok let's figure out a way to make it work for everybody such that a lot more people get to keep their homes with amounts that they can afford let's fix the underlying problem which is that a lot of people were sold homes that were worth what they were being sold for and to hide the fact that these houses weren't simple weren't what they were being sold for they had to either not get the documentation right or invent documentation so it all goes back to what went into the bubble and i you know i just i think i'm hoping there won't be a day you know like the day basically two years ago when the entire system was about to freeze i hope against gets to litigation which makes the banks realize that they really need help and that they're willing to finally act like human beings. and have it so that wouldn't that be the day. when they acted like human

beings i definitely seems like there is something a large that's brewing here and let's hope that it doesn't boil over like the way that in two thousand a marcy thanks so much for joining us thanks a lot. now some people out there mainly republicans and the tea party have no pity for those facing foreclosure they say that this is just a small portion of the population that didn't pay their bills that took on more than they can handle and it's their fault. which is somewhat true but i do wonder what the g.o.p. would say if they knew that it wasn't just the poor being foreclosed upon as our producer among the lindo reports the foreclosures affect people of all social classes including millionaires. if you had any question of whether or not we're still in a recession this long line may give you the answer thousands of people started lining up before dawn in a last ditch effort to save their home at america's largest foreclosure

modification event there is definitely a lot of pain it's a scene there in mind some of the great depression. i'm standing in a soup kitchen line and i'm a psychologist i can't see so that's taken out of the crisis has not discriminated record numbers of ordinary homes have gone into foreclosure as borrowers became unable or unwilling to pay their mortgage and now it seems like the rich are also sharing some of that pain the rich are suffering in the united states right now according to cora logic we're actually seeing one in seven homeowners which have homes that are worth more than a million dollars being seriously delinquent i think it's higher than that and i think it's only going to get worse even celebrities are vulnerable to foreclosure this bank and home used to belong to oscar winner nicholas cage i one point it was selling for thirty five million dollars now listen prices less than half that

eleven million in lower class neighborhoods there have been many reported cases of people who can't pay their bills and are now just squatters in their own homes it's also happening in the high end neighborhoods like beverly hills people sick of big banks being bailed out have just stopped making their huge mortgage payments and have become luxury squatters and that's hurting everyone realtor christian stevens also known as mr beverly hills but says the trend is killing jobs because. aren't being maintained not paying the bills it's also adding to the deficit so while yours thing in your arm and strategically not making a payment we're cutting teachers and firefighters and police and the potholes are growing and many people who once had thriving businesses are now i don't work like millions of other americans those who were once living in the lap of luxury are now being squeezed out of their own mansions while his own blood sweat and tears went

into building his house and just delusional stuff you know a once driving home builder designed this twenty eight million dollar home but eventually the economy and the bank caught up with him but even with this rise in millionaire foreclosures there is little sympathy for the rich even if they are crying to me so. so no i don't you. just gotta learn to live is not a question of feeling sorry for anybody in particular as far as you know walks of life i think pretty much america is in trouble it's just it is what it is is that the situation of our country. a situation that isn't showing any signs of improvement in los angeles that album galindo r.t. . or taking a break but still to come on tonight's show what's the real reason behind terrorist suicide attacks on the report indicates that foreign military occupation could be feeling militants to take action and the much anticipated trial of

a good mo detainee begins in lower manhattan today party correspondent and if they can i went to the courthouse to see how the public is reacting to this much debated terrorist trial. it should be soon trying to. remove it. from science to. stop top teams don't come. a

professor from the university of chicago was on capitol hill today to present new findings on suicide terrorism around the world robert pape pulled from data compiled from sources like the d.o.d. to determine what actually causes suicide attacks and the answer which is sure to displease many out there is not because islam is a violent religion or because muslims hate the american way of life and all the freedoms that come with it no in fact pay found that it is foreign military occupation now for years the government has been claiming that extremists in jihad is are inspired from their religion to attack politicians military and civilians but this research proves that that's not necessarily the case foreign military occupations have a direct link to suicide terrorism campaigns when foreign troops invade an area the locals obviously get angry and then they retaliate and paper as proof of this with

an example this graph is from the chicago project on security and terrorism which is gathered information since the very first suicide attack in one thousand eight know ever since u.s. forces began to expand their presence to the south and the east of afghanistan and suicide bombings coincidentally dramatically increased and if you look at this data it shows that when the u.s. up their military presence in afghanistan in iraq and in pakistan in the suicide attacks went up to the. pape goes on to explain the terrorism campaigns will almost certainly diminish once foreign forces leave their territory so if paper is right that means that if u.s. and nato forces leave iraq leave afghanistan cut back on the drone strikes in pakistan and the deaths from suicide attacks would be greatly relieved were deep reduced the u.s. should pay very close attention to this study because it could mean that we are doing everything completely wrong when it comes to our strategy in the region over

the professor suggests not a quick withdrawal but rather a troop freeze and within the next three years a dramatic drawdown of troops occupying the region and just think about it hey findings makes perfect sense you come over to someone else's country and you argue pie and then you start messing around with their government their religion and their culture their life as a whole that's definitely enough reason to want to strike back so maybe the d.o.d. needs to revisit their current strategy in afghanistan and in pakistan with data showing how to keep death and attacks to a minimum isn't worth testing the theory before we spend another ten years in war and another three hundred fifty billion dollars we'll have much more on this research tomorrow as robert pape is a will be a guest on our show. now when word first got out about a terrorist trial going on in lower manhattan the conservative press was up in arms about all the chaos that it would bring to new york and in fact he would have almost thought that the sky was going to fall and that terrorists were going to

take manhattan store but months later opening statements have been made in the case for good. so what was the scene outside the courtroom where we sent our correspondent and if they see it you know to the streets to find out. the main problem is a security problem on the head not how many intelligence secrets will be surrendered during this process. or on u.s. soil that's not the point we'll get to spew all kinds of anti american propaganda because that's what's going to happen well i'm an oracle a shockingly relaxed atmosphere outside the federal courthouse in lower manhattan especially when a case of such significance is going on this police has seen some of the most publicized scandals of the last two years this is where bernie made off with centers for over a century this is where the curious case of the russian special agents unraveled this entire street was packed with t.v. satellite trucks and dozens and dozens of crews ready to bring their viewers all of

the latest and now one for the first time at one time of detainees being tried in a criminal court of justice in the u.s. none of the media hype is here as the decision whether or not to try terror suspects on u.s. soil was being made the us mainstream media was out of control with outrage they were saying this is unacceptable and that terror suspects should be tried in military tribunals now on the first day of the trial there's only a couple of lonely journalists here with not much enthusiasm to find out what's really going on inside the courtroom traditionally want to big cases being heard here there's always protesters around and the mainstream media was saying that clearly this time will be no different that hundreds of people will. to express their outrage but today this is most of the action taking place here even though clearly there's more than enough space for the protesters to have gathered if they wanted to. one of the biggest concerns of the mainstream media profits was that

thousands of policemen would be needed to provide security in the area and that billions and billions of dollars would be wasted on policemen serving around the globe to be able to make sure that nothing goes wrong but clearly and obviously that is far from reality another big arguments against terror suspects including guy lonnie being tried here was that there would be lots of traffic which clearly is not the case and that the neighborhood the locals living here would be worried concerned and bothered are they let's find out what do you think about this trial being held here. obviously crazy people do know that a terror suspect is being tried in the courthouse right here no. from chicago does it bother you that this is happening on u.s. soil. you know does it bother you know do you know that a terror suspect is being tried in this courthouse right here. right now do you know that a terrorist suspect is being tried in this courthouse right here you know does it

bother you does it concern you that this is going on right here you know uninfluenced by the attempts to hype them up with fear mongering the locals are not facing any of the issues predicted by the media going about business as usual is that you're gonna r.t. new york. i guess the only peace of mind that we can get there is that in fact all the fear mongering from fox news didn't work and the residents don't see that scared but just because the rest of the mainstream media is not following these trials don't worry we will keep you updated on what happens with. now we're taking a break but still to come on tonight's show our tool time involves vanilla ice fog . snooze and two women who should never ever dance on t.v. i'll explain all that in just a moment and we will even play you the videotape i'm warning you it's not pretty and this election cycle seems to have brought out you go maniacs from the woodwork

we know the politicians love to hear themselves talk but this batch seems more psycho than the most it begs the question would anybody normal actually want to run for office in america also did you know that fox news has launched a new web site in the latinos but how can a network that spent years demonizing immigrants really deliver fair and balanced coverage on latino issues we're going to dive into that more into that issue in just a moment stay with us. more news today. these are the images the world has been seeing from the streets of canada. showing corporations are all.

hello again this is hit with a check of the headlines. pushing explorers in the find a floating trunk of ice suitable as a base for a new month drifting ice station as part of a year long polar expedition intended to supplant the country's territorial claims in the resource retreating. russian security forces killed two suspected most of mines of september's market blasts and the tick of cars in the republic of north assess here with three others events and after a shootout the authorities say the hunt for those involved in the north texas atrocity which killed nineteen is over. and u.s. secretary of state hillary clinton this is go great pressing president boris tadic

to open up talks with the self declared independent breakaway republic of calls but . there's the headlines let's go back to you to our washington studios and the rest of the i don't wish. well it's time for tonight's tool time award hour to go ahead and give it to two blondes at fox news this morning vanilla ice was on the show fox and friends and yes these ice as in i baby well he's got a new reality show coming out and he was on fox getting the word out while the super conservative laura ingram and gretchen carlson just could not help themselves and i must warn you the following video is not pretty. oh come on it's a. great ice to. hold them. daily.