for being with us tonight thank you coming up president obama's opposition to reaganomics. sachs back cads face trial and women getting the money shaft at work just a few of the rides topics are with a rifle. let's not forget that we have an apartheid regime right. i think. either one well. whatever government says to the confucius safe get ready because their freedom.

you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear see some other part of it and realized everything you thought you don't i'm sorry welcome is a big issue. for .

are you ready to rumble joining me tonight on the panel brian darling columnist and director of government studies at the heritage foundation eric annuity democratic strategist and dr david hallberg washington correspondent at business investors daily welcome to all of you get started here president obama drew a line in the sand on wednesday presenting his own deficit reduction plan to rival the republican plan but privatizing medicare and cuts taxes even further for millionaires and billionaires perhaps the most significant part of the president's speech was when we were bukit reaganomics take

a look this vision is less about reducing the deficit than it is about changing the basic social compact in america ronald reagan's own budget director said there is nothing serious or courageous about this point nothing serious about a plan that claims to reduce the deficit by spending a trillion dollars on tax cuts for millionaires and billionaires. and i don't think there's any great just about asking for sacrifice from those who can least afford it and don't have any clout on capitol hill that's not a vision of the america i know. because what he's referring to obviously was not his plan but the republican plan with these words president obama became the first american president since one thousand nine hundred eighty to tell the truth about reaganomics that it doesn't work so this is the beginning of the end of the thirty year reign of reaganomics in america obama nominates doesn't work i mean president obama when he did as. it's been tried for the last couple years and you commies not

doing well unemployment is very well president obama's been president for quite a while now i mean he's at some point he's going to take responsibility over his failed stimulus plan the fact that his ideas just aren't working for the american people we look at gas prices right now go through the roof food prices when people go buy groceries or there is a rule is for you can't blame george bush for everything at some point barack obama has the credit for the damage he's done to our economy and erica his stimulus failed i think it's going to actually incredibly successful we saw you know rapid decrease in the job loss we've seen the economy start to really get going i think that's actually the reason why we're in such why this budget is so important because we started to have this economic recovery that was kick started by the stimulus i mean i personally somebody that thinks that we can use to pad a second stimulus or maybe a little bit more money and i think that's a lot of economists agree but that you know this idea that we're going to certainly don't translate cuts right now at a time where the economy needs

a little bit more of a boost to really get its feet back underneath it i think is insane. as well reaganomics was about low taxes and low inflation and we had a period of very long growth there creating over eighteen million jobs and i certainly wish we could go back to reaganomics reagan ran up a three trillion dollar debt you give me three trillion trillion dollars i can show you what it looks like to live large will brag about it would love to only have three trillion and he's run up quite a bit more than that but actually it would place him in just a bag it's it's nothing close but all his budget is a lot of money in his budget would go bill and double or do. if you were to serve a second term of the years in the lion exposures i think the problem paul ryan's budget is not only that it doesn't reduce the deficit but you're asking people to cut in fact in medicare and then any savings that you would have received from that is then being spent on tax cuts for people that if and if you're a fan of low tax rates well we want to got incredibly low tax rates for corporations and for the wealthiest one percent as opposed to health care plan that

takes medicare cuts and turns them around spends them on health care a lot of that wasn't medicare that was not her advantage which was a private is no it's a medicare as well the cuts in the hospital have a great well in a good way just to wrap this topic and we'll move along my take on this is that this is the end of thirty years of reaganomics the i think it's toast will we'll see any yesterday congress passed a spending resolution to keep the government funded for the next six months given the hopes of the tea party that one of the government shutdown plan includes thirty eight half billion dollars in spending cuts this year and this is and and is this the first step in the new austerity agenda that mostly republicans are trying to implement in america or look at the ocean across the ocean at the u.k. we're conservative austerity policies have been in place for a year clearly shows they are working instead the u.k. is facing its worst economic situation since the one nine hundred thirty s. average household income declined two percent resale sales dropping three percent this was just reported yesterday in the financial times this is and it was

predicted actually when cameron first came out with his budget in the financial thought back you know some time ago so is this what the republicans are trying to do in the united states crashed the economy did well first of all the what's going on in the u.k. they also had a drop in their in their jobless numbers as well so it's not entirely clear that there are security measures are leading necessarily to a recession i mean if you look at some of our numbers we saw jobless going jump up recently and we have only you know we haven't even gotten to a security measures you know only recently so i don't know that it all that. measures leads to recession i think there is you know we have to look at what we mean by austerity measures is it austerity for one particular part of the population being the disabled children and the elderly or is it austerity across the board because this idea that we're going to go in and fix this with the time limits but not look at what we're spending on and on things like tax cuts for

wealthy i think the kind of keep that dog but it's it's it's really quite i think insane that we're you know fighting over things like five million for n.p.r. funding for planned parenthood and then we're going to you know keep cutting you know checks and spending and giving away the revenue to the wealthiest one percent when their income has gone up by twenty or you know i think the average for the roughly top one percent is twenty seven million for the ninety percent of americans that are below that it's about thirty minutes and thirty thousand dollars would go down the road of greece and portugal and not have the means to get rid of it and deal with our fourteen point three trillion dollars in debt as a nation that we put out there so we're carrying this start we need to do something about it we need to balance the budget at some point in the future and you have to cut government are going to try to get on the road to sweden and germany and sweden is cutting taxes because they're running a budget surplus a massive budget surplus or tatts it's actually you know there's got the circle so that it serves any any you pay if in my opinion the republicans are actually trying

to create a recession because it'll make obama look bad and help them win the two thousand election but we'll see again senator carl levin chair of the senate subcommittee on investigations finally released his report on the causes of the financial collapse back in zero eight in it he points the finger at major banks like goldman sachs and washington mutual for the fourteen investors by selling them junk securities and manipulating the markets senator levin has now and over his report of the justice department so will banks there's finally go to jail and why is it that while democrats are investigating the real causes them. republicans are trying to defund wall street regulations that would prevent another meltdown they would they're not the democrats are not investigating the major source of the mill it down which was the government sponsored enterprises like fannie mae and freddie mac. if you look at their report i mean again another democrat report spends about two pages on the g.s. these look if if goldman sachs in other banks to have really committed

crimes here the justice department should be prosecuting them so far we've seen no prosecutions would suggest that whatever they were doing it was not criminal and i think that's the basis for what makes this situation so incredibly i'm fortunate and it's very clear that what was done was wrong the fact that it hasn't shown that we've been violating any laws or that there's any criminal prosecutions shows that we have a problem with our law we don't allow stealing murder we don't allow rape we don't allow all of these things because it destabilized our society so if something like this which the stabilized our society or effects our society but yet we don't have a lot of protect against that or to punish those that perpetrate it then you know we've really got to look at our laws because while there may not be any criminal violations why aren't there you just in the would you suggest that had we not had the commodity futures futures modernization act and. what was the other one that it blew up glass steagall you know also also why our good friend phil gramm and his

wife wendy who was on the board of enron. that we wouldn't have this problem we wouldn't have this problem if we didn't have the community reinvestment act in this bubble that was created with the housing or your investment. and i could not agree with any c.e.o.'s that are we have eight hundred trillion dollars where the c.d.o. is out there from zero nine hundred eighty nine eight hundred trillion dollars g.d.p. in the entire planet sixty five trillion dollars yeah. this is the result of these two pieces of legislation from phil gramm and i don't and i don't think you can bring in phil gramm for the housing bubble that burst and i think. probably greenspan actually we probably agree that the federal government shouldn't build out these businesses but to go in feel good politics and regulate wall street of the stone age that's not going to solve any problems it's just going to harm our economic output as it is going to get any reinvestment act which is important now is that what it did is that it said it it's not that banks that were taking money in or neighborhood not lending in those neighborhoods they were using that credit

and that and that you know that that money freed up and just putting it into other areas that that was not allowed the really about the real real the real problem is a canard i have to have the rafters topic and so i won't even do the for the last word on the just say that when ronald reagan deregulated the cells in eighty two and then they melted down in eighty six as a consequence he put two thousand people in jail and you know when the u.s. the noel's in this situation is very similar and they were both backed by government when these things well whatever you know the president has and i wish he had put some people in jail any on. tuesday mark equal pay day to day that recognizes that women still don't earn as much as men for the same job in fact looking at the chart the earnings of women compared to men actually went down last year they were going backwards so nearly a half century after the will pay act was passed in one thousand nine hundred sixty three mandating that women was to receive equal pay for equal work we still haven't closed the gap should we resort to more drastic measures my proposal is for

a ten year moratorium on boating by men and i'm dead serious. anybody want to take the i don't think we should have the federal government trying to solve these problems big government looking at different different corporations and saying you have to pay a woman x. amount of man y. amount that's you know they're saying that you need to pay me an x. amount and pay a woman x. amount i think job not x. and y. and same and equal pags i mean what made what wait a minute what if what if the woman has not had as much experience and time at that job as the man and that's exactly what it was you know it and. no that's all you have you don't have a job to complete that way so when i do often experience and it was an educational educational same you would actually get paid more than that and i'm sure you know that is very true and that is a matter is going to hold for what you are talking about here the difference is accounted for by the fact that women simply take more time off to care for children they do not have as much experience in the work. in in the business world.

that is what accounts for that wage you know what are you going to train for when you control for that the difference to disappear also there watching posted a fantastic article kind of breaking down the five myths about why women are in last and that was exactly one of them the reality is that women don't get paid for many reasons none of them being particularly fair and the reality is that if you do a job and you do it well and you're a man or woman you should be paid for that job that you're paying time exactly right and that your gender should have nothing to do with it and that if i leave and want to have a child that's my income shouldn't go down actually another interesting statistic is that it should go down no you know what it should not know the truth in my performance in my education should be equal for somebody with the same like but i have the dns been there longer than you after you leave but you know what if i stay in the workplace because it shows that men's income actually goes up about twelve percent for their first child worst moment go down four percent because men tend to be perceived as something more responsible and if we want to talk about you know i think this is a great country but it's not the greatest country in the world if you're

a woman and we're going to look back at what we did in iceland i mean that even if it in norway forty percent of the parliament by a wall is women in iceland it's fifty percent chance and yet it works and they're not having wars and one of the tigers out of a cell but i would say this is the greatest economy in the world and even though you don't know that you're the middle one i will say that one interesting thing that you brought up about the equity in congress is that this was the first here and first election in thirty years that the representation the number of women the percentage went down we've been seeing steady increases but it's roughly about sixteen percent representation and we're from. are more than fifty percent you know about fifty percent of the population and it's not that there's not women who are qualified i think that you know there's a lot of reasons about you know we need to encourage women to go and we need to bring women more in the process in appointments and all of these things that kind of help with the equity here but the reality is that you have a situation where i am my old boss used to say that we will truly be equal is when there can be as many mediocre women elected to congress as there are mediocre but

we don't want to empower government bureaucrats to be the official to figure out how much a man should make on which a woman should make if you empower the government to set wages the problem's going to get worse and i'm talking about fighting wages i'm talking about saying that it is illegal and i'm fair and not something that we stand for the country can pay somebody differently based on the color of their skin based on their age based on their gender or any of their not paying it based on the gender they're paying it on things like work experience if you take time off to care for your children you're going to have less experience than a man who stays there on the job and other than other kids who will be at last we're going to wrap it all year now. and i'm still in the camp of let's have a moratorium of ten years where men don't get to vote and i think frankly a lot of wars we've been doing you know conny looks like if i'm running out of there you know i think you're right ok last question this is quick fire senator jon kyl found himself a bought of many jokes after his office admitted that kyle's claim last week that

ninety percent of planned parenthood funds or services go to abortions was not intended to be a factual state twitter phenomenon has since started with users posting other statements about jon kyl that are not intended to be factual either so the question is what else will john kyl say on the floor of the senate about planned parenthood it is not intended to be factual will it be a good ninety percent of planned parenthood services go to our mean iran with nuclear warheads or be ninety percent of planned parenthood services go to providing prenatal care of terrorism beats or see ninety percent of planned pair. good services go to keeping john mccain alive but as preventing kyle from being arizona's senior senator are you think we can president obama what if president obama said i'm going to make sure that unemployment never goes below eight percent or president obama saying i'm going to shut down guantanamo bay or how about the fall so that he was going to introduce a bill in the senate in the house so that we could have comprehensive immigration

reform those three right there not of our politicians of the. total already there's a difference between saying want to know this in guantanamo doesn't exist the kind of more parallel ninety percent versus three percent i mean that's like a two thousand per cent exaggeration an increase in how much money actually you know i i actually as a i think former senate communication staff members i know that he blamed his press person and said that you know that it was really that they were saying it was not intended i think if you're on the floor you shouldn't canned peas that were correct vaccination ten that what you're saying be truthful i mean i think the next thing senator kyl should say is that we should stop sending hundreds of millions of dollars to a big business like planned parenthood which took in over just about a billion dollars in revenue last year has about a billion dollars in assets and frankly i don't know why the government sending them any money for any of the things they should do it should be all it should all be done with private funding with a lot of poor women in this country will present whole other thing my take would be ninety percent of planned parenthood services go to more market off these wardrobe

see anyway. brian. david thank you all for joining us thank you very much much appreciate it coming up dominance by the filthy rich was not the vision of one of our founding fathers for america approve it and i still it's. five. feet. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something

else or see some other part of it and realize that everything you. are. those spending measure was passed out of congress this week a bill chock full of spending cuts aimed at the working class and public servants and not a dime taken away from corporate coffers that right now are sitting on and refusing to use two. dollars in surplus cash and another year will go by before a government of by and for the people does something about republican tax cuts for the richest of the rich and the most powerful of the transnational corporations who

are seen in this new era of legislation written by and for the wealthiest among us is exactly the thing that one of our founding fathers thomas jefferson feared most . after the last shots were fired in the revolutionary war and the final treaty signed america turned toward another battle a battle over which direction our newly independent nation would take the interesting thing about america shortly after the revolution was that it was absent a vast and wealthy ruling elite virtually all of the truly rich people in north america had either grungy back to england or had gone to canada was also absent a major corporate monopoly like these to india tea company which america had rebelled against years earlier in the boston tea party so this was the vision of thomas jefferson and most of the other founders of america a nation of independent free citizens essentially

a nation of farmers and independent family businesses and egalitarian utopia jefferson felt that the best way to preserve this vision was to enshrine certain protections in the united states constitution there were three things that jefferson feared most at the onset of our nation fear of tyrannical governments like kingdoms fear of organized religion in fact the jefferson bible which is still in print removed all references to miracles in the new testament and portrays jesus as a proponent of natural human rights and peace and finally fear of commercial monopolies are an immensely wealthy ruling elite that could corrupt the fledgling american democracy to defend against these concerns but to ensure that america would be a nation of people practicing self governance like the iroquois in the early greeks . jefferson fought for the constitution to include a basic bill of rights and he actually threatened to pull virginia out of the

constitutional convention he didn't get his way he outlined these rights in a letter to his protege and best friend james madison a letter expressing his disapproval with the constitution in its first draft form and seven hundred eighty seven because it didn't include a bill of rights jefferson wrote i will now tell you what i don't like first the omission of a bill of rights providing clearly for freedom of religion freedom of the press protection against standing armies restriction of monopolies and the eternal and unremitting force of haiti as corpus was and trials by jury ultimately a few years later jefferson would be successful in lobbying for these rights and a bill of rights would be added to the constitution and ultimately ratified in seven hundred ninety one or two of jefferson's concerns were left out of it protection against standing armies it was a fragment

a remnant left over we call that the second amendment which originally banned standing armies during time of peace and the restriction of monopolies and federalist party which is comprised of people like treasury secretary alexander hamilton and our second president john adams sort of today's republican party it only went through a couple of reincarnations through the whigs and the republicans would fight tooth and nail to make sure that there were no limits on monopolies a policy that would later per provide america with an economic boom and secure its place as a superpower of the world but also a policy that sowed the seeds of today's immense corporate grip on our government but there was one last battle jefferson wanted to fight to make sure his vision of america would be realized and a senator in the united states senate. in eighteen thirteen jefferson and his political rival john adams who'd been the president just before jefferson in fact

he was jefferson was his vice president clashed over how senators would be elected to serve in congress at the time it was left to the states and most to crony appointments by governors or elected by state legislatures that often and. former president adams was of the belief that the senate should be comprised of a wealthy elite he was a genuine original conservative he thought we should have a natural aristocracy that was his phrase what he called it but it could serve as a check against the masses or the rabble adams word for people like you and me an eight hundred thirteen letter to adams on this issue jefferson this is five years after he left the presidency lashed out at what he saw as a flaw emerging in our democracy he wrote of this a couple all in the senate of the united states has furnished many proofs nor do i

believe them necessary to protect their wealth because enough of these will find their way into every branch of the legislation to protect themselves i think the best remedy is exactly that provided by our constitution is to leave to the citizens a free election and the separation of the wheat from the chaff in general they will like the really good guys in some instances wealth may corrupt and birthname blind them but not in sufficient degree to endangered society. you see jefferson's idea of an egalitarian senate wouldn't be realized until nineteen thirteen with the passage of the seventeenth amendment that declared that all u.s. senators must be elected by popular vote within their states and amendment wildly unpopular with the emerging corporations and the robber barons of the time the carnegie's and rockefeller's of the day the morgans and points and whatnot who could no longer throw their weight around and state governments to elect or appoint

for corporate bodies unfortunately nearly a century after the power in the senate was taken from corporations and the super rich and handed to the people just as jefferson had a vision and the supreme court would snatch their power from us and hand it back to the corporations and their citizens united ruling at the beginning of two thousand and ten and it was really the culmination of several first national bank first as a lottery before that buckley versus relate how well the way back to santa clara county versus versus a southern pacific railroad back in one thousand nine hundred six but really from that point on from twenty. from last year citizens united wanted jefferson's greatest fears a ruling aristocracy of transnational corporations multi millionaires and billionaires has actually in fact emerged to buy off our politicians to give

themselves massive tax breaks and pass laws that only benefit the rich the early battles of the jefferson one as our nation was being founded have now been reversed and america has a vastly different from what he would have dreamed of we need to make a choice today about the future of our nation particularly as we head into next year's budget battle we go with the vision of an american legislature bought and paid for by the highest bidders. that's basically what paul ryan the republicans are proposing or will we go with the founding vision of this country as one where the average voter had as much power as the rich as as bernie sanders suggests with public financing but do you trust more to god is that the republicans will owe their allegiance and political survival to billionaires and corporations or the author of the declaration of independence thomas jefferson well some of the democratic party and that's it for tonight thanks so much for being with us and

don't forget it begins with you. see you. here broadcasting live from washington d.c. coming up today on the big picture.