and david hallberg from investors face business daily all join me after the break for tonight's weekly well look. let's not forget that we had an apartheid regime. i think. even one well. whenever the government says if it can feel safe get ready because their freedom.

you know sometimes you see the story and the scene so you think you understand it and then you glimpse something else you're seeing some other part of it and realized everything you saw you don't know i'm sorry is a big. fat . fuck.

are you ready to rumble on the panel for tonight's big picture rumble that i should mire mayor a consultant for the conservative political consultant contributor to the daily caller and your community democratic strategist here in washington d.c. and david ho good washington correspondent for an investor's business daily welcome to all of you let's get started you know reason edition of rolling stone reporter matt taibbi takes on goldman sachs and argues that it's time to put the corrupt thanking on trial he was on his show last night he had this to say about the current climate of wall street all the incentives that existed before two thousand made that led to all of this horrible being here and all these dramatic consequences that are all still in place and i think the most important thing to

remember is that all this stuff happened and nobody got punished and that was that's the single biggest thing the set in to all of this happening all over again because i look at back in the last decade we clearly learn that wall street can do far more damage to our nation than any terrorist could ever dream up so why we're throwing trillions of dollars into our war on terror but not one dime to prevent a larger threat of financial collapse. well yeah i mean i think i mean i obviously think that we've spent way too much on wars and fiscally irresponsible and not enough regulating and for saying those regulations on wall street you know i think it is interesting to look back and see the damage that was done by the financial collapse and then look at what we spent i mean if even if it was initially just for oil thought that cheap anymore when you're looking at you know trillions of dollars being spent on these wars in terms of what we've gotten out of them i thought the law to lives leave you know we've lost

a lot of white men and i just don't know that we've gotten our money's going my question for for david and natasha why do the republicans every single time there's an effort to regulate wall street come forward so you know we're not going to last are able to the last time i checked wall street bankers goldman sachs didn't actually kill anyone they didn't vaporize three thousand people there's going to be it is a reason they didn't vaporize three thousand a lot of families that have been destroyed that's all tragedies that are nervous about a child but they did not. know you thousand people ten years ago and talk about these are these are not mom and pop investors these were institutional investors read you know representing companies that represented companies that had their own analysts that also made bad choices so it's these were these were denied that they wouldn't have done if they didn't know anything close choices would not have been possible if the commodity futures modernization act and the grammys bliley x. about it passed in ninety nine two thousand if we hadn't deregulated those commodity markets and gone from no c.d.o. zero to nine hundred trillion dollars where the c.d.o.

is given in a world where the total g.d.p. of the planet is sixty five trillion dollars by two thousand and eight that would not happen they wouldn't happen without the implicit backing of the the federal government's implicit backing of the go this is you only have that in the ready for a market look at people who really lobbied for this is going to take bigger risks in uniform and moral hazard when they think they can dump their risks on the taxpayers that's exactly what happened here it's. exactly what happened with us in the us a as one would have to it is he said we backed these guys up there i'm sure there's a bigger issue here that there isn't there but there is damage that doesn't mean that and if the bar is that well you know they didn't kill anybody so you know hey they aren't that bad or you know no harm no foul in that if you are not saying you are just and you know in general that a lot of people look at this and say well you know they didn't kill anybody and you know they were making guesses and they're all doing their best to try to make money and that it's not just the same thing as trying to you know destroy lives and kill bin ladin who is clearly out to kill me i guess what. i don't know is going to you

know if we're going to move along the others i'll just add my i think these guys should be and it would burn it off because it's but that's this week speaker john boehner or laid out his demands for republicans to support raising the debt ceiling to work. so let me be as clear as i can be. well there are splits significant spending cuts and changes in the way we spend the american people's money there will be an increase in the debt limit were there are talking about billions here we should be talking about cuts in trillions if we're serious about addressing america's senate minority leader mitch mcconnell echoed the same demands saying that any debt ceiling increase must be tied to big cuts in medicare and medicaid so afrikaner was one of the republican party not to play games with the debt ceiling by republicans playing games with the debt ceiling i mean here you

have been around mcconnell the two republicans and the president and the two had democrats palosi and read all the green we've got to raise the debt ceiling i think just do that on a clean bill. i mean i'd like to see that i mean i said before that i think that playing games that that feeling is not only dangerous but it's also completely irresponsible and that leadership has that power sponsibility debt ceiling is not politically and something that particularly popular because people don't understand really what the consequences are we've never defaulted on our debt never defaulted on a washington exactly i mean our whole financial system is based on this idea that you know our word is our bond and that we won't default here and i think that kind of playing these games to talk about the trillions of dollars here will trillions that mean anything to you and it with tax cuts than trillions i mean anything to you or billions when we're talking about you know cuts for taxpayer subsidies going towards companies they are going to take five million out of n.p.r. i mean really if this is a lot of grandstanding and a lot of wasted time and it's not productive and it's it's completely probably your

check in with you i don't like what ok really i just want to ask kind of a stupid question is the non expert on the panel how could debt ceiling never goes down. well. there are actually arguably isn't a debt ceiling blabbers defined so much we never lowered our debt we never really know what we did actually in the last year the clinton mystery we have a surplus yeah i mean that's what i was put in. and so that congress could continue and not have to worry about to tell you that here are one we've actually let ourselves bump up against the debt ceiling a couple of times the treasury department has a couple of measures they can make to delay the fall back in four months well they actually did it by six months back in ninety five ninety six before a budget deal was it was cut this is not unusual what the republicans are doing you know she said she had a total that if you haven't hung on hang on this is not unusual with regard to what the republicans are doing trying to negotiate and i frankly i think trying to save our economy save our country long term we've got a serious serious fiscal crisis coming down the road and if you look if you all

you're going to do is raise the debt ceiling without catching something to it that's going to put a cap it also bending which is a real problem we're going to pay our treasuries we're going to pay our bills exactly and if it is something that's unusual they have great they spend ninety three helps to reign for that thing it completely i'm controversial so the fact that they're going to go down to like a last minute here is you know very thorny most of the problem is congress of most often voted to raise the debt ceiling or john boehner and mitch mcconnell and forget no one is a republican in the senate it's. in and it's what will be president obama ignited a debate on immigration this week here's what he had said tuesday in texas. so one way to strengthen the middle class in america is to reform the immigration system so that there's no longer a massive underground economy that exploits a cheap source of labor while the pressing wages for everybody else i want incomes

for middle class families are rise again i want prosperity in this country to be widely shared. i want everybody to be able. to reach that american dream and that's why immigration reform is an economic imperative. so will republicans actually jump on board for reform this time or will they cling to their everyone most be deported now and keep their favorite wedge issue alive for the twenty twelve election and why doesn't anybody mention reagan you know he actually did an amnesty for three million people. by wedge issue you mean that you know obama is now going to give a speech and not really provide any leadership and try to dump all this. and yes this is going to be a wedge issue look what we need is some real leadership on the immigration reform you need to do more to secure the border you need something that allows people from other countries to come in and find gainful employment but the last thing you need the real leadership you need is a clear we're not going to do an amnesty reagan did an amnesty in eighty six the

all honesty does is incentivize more illegal behavior more people coming across the border this is illegal and forcing the laws against employers that i think that was the big immigration is a problem at this point a broken system that there are a lot of people who are on the pathway and then because of administrative roles have kind of have been put on the outs and we have a lot we're probably a people that are off the books that are just out there and we need to find a way to get them back on the books and out into the sunlight in terms of in terms of immigration policy it is incredibly important that it become an emotional and that people go in and actually try to do what i think the saddest thing i think lugar has removed his name i believe because i think he's going to make his name from immigration reform republicans have been leaders on this issue in the past and they're kind of about face and running away it's really tragic because they're ignoring important problems in front of john mccain's he was going to hold and that was very personal stake in this i'm a legal immigrant to this country and i got my family did it. come

through all the hoops you know did everything right myself in the paperwork absolutely we did it in five years it's so what it's done so far why is it is not so hard here it is not getting hard. it's only harder if you you know cross the border illegally than me makes it harder because we have these rules in place for really good reasons but when the rules have changed recently there's back we don't have necessarily number of people to go through the paperwork but also also the rules are but where's the money but if we're out of time here say so france announced it was going to ban fracking a method of extracting oil toxic chemicals underground something that's been proven to contaminate groundwater you look at this clip from the movie gas ninety. six states have documented over one thousand incidents of groundwater contamination purples that has this when it comes out. i wonder if they can drill whether we like

it or not but it's a free for all our water was good before you started. it with a good god it was bad obviously we have a problem here. also around the world japan announced it's going to ditch its goal of using nuclear energy to power fifty percent of the country instead they opt for fifty percent renewables by two thousand and twenty fischler announced yesterday and germany is ditching nuclear power to go with merkel is close you know all over their nuclear power plants by the year twenty twenty and they're already using home rooftop solar panels to produce literally twenty nuclear power plants worth of electricity this year and meanwhile here in the u.s. we still rely on fracking and nuclear power and coal and oil and we have no plans to change is the time to have a national energy policy. we've had many a national energy paul we haven't had a series we passed we've passed loads of national energy bill look i'm time and energy i am to everyone that wants clean safe energy but you have to ask at what

cost at the cost of of technologies that have not proven to be cost efficient like women like the older like the most expensive yes i that's why wall street has not been willing to back to nuclear for many years now the most cost efficient ones we have are things like petroleum natural great gas and coal and the solar drops in half every three and a half years for the last over the last decade well i'm not sure about that statistic look if solar was such a wonderful way of meeting where they're going to be as the energy companies would be all over do you think you companies are i mean i think the problem is that we don't have the infrastructure we've had a hard time i want to be happy when energy we can't store it and harness it and it able to have an infrastructure that supports that i mean if we were spending our money on upgrading our infrastructure and developing the technology to more effectively tap into new technologies as opposed to thinking billions into the outdated thing that we know isn't going to sustain us which is why you know well

companies getting all of these subsidies i mean that's energy and money that we are not investing into future technology we've been pouring subsidies into future technology not the same rate it was pouring billions into it give tax breaks for the management style cost prohibitive. why would it be cost prohibitive to give a tax break for clean energy of coal with no interest. cost prohibitive the solar panels or stop. all theirs and they all expensive they're going to look for just a way that unemployment now we've got something like that is exactly right like when the oil industry started off over one hundred years ago no one had to go out and subsidize that i mean we spent billions and we billions and in subsidies and tax breaks we have something that we have is already in terms of about so you're saying that the highway system and the railroads and you know all of that is is infrastructure and that you can. transport well in trucks and all kinds of different ways now you can't put when so it is yeah i mean so there may have been supporting it well and it's not about the problem if you can't put wind in a truck. where you come out i mean you've got to why i'm going to rely on the sun

coming out you get a little rely on the wind blowing you don't have to rely on you those with petroleum and natural gas or coal you have to have runs out ok we've got to wrap this up my take on this is bucky fuller zal comment that you know nuclear power is a fine thing and we've got a giant react nuclear reactor ninety three million miles away which is about as close as one should ever be and we should make use of it the sun and the last question quick fire today is friday the thirteenth which makes it a perfect night to talk about scary movies so let's soon to be released political horror film has the most potential to make moviegoers jump out of their seats and eight capitol hill has eyes the revenge of the patriot act or be texas bearer babies mass or terror babies massacre louie gohmert ultimate prophecy or c. nightmare on c. street sex lies and fraud. or you can pick up your own. i think it's the blog known as obamacare and it's going to stifle the health care

industry stifle our economy result in rationing of health care so that people will look at the waiting lists for surgery and. is not going to go out of state thinking doesn't it care of lions and tigers and bears out i mean that with a capital. this is quick for you got a great example live the capital has its hands probably the bigger are moving. i say real action starts now is the harmony of success. that change my answer to that . i'm ok i think that i think that we have a consensus mine is psycho the two thousand and twelve g.o.p. ticket you know its closeness this time. and it's. thank you thank you all very much for dave excuse me for. offer very much for being here with us appreciate having to break the fact that all executives are getting some help emptying the walls of average americans and you'll never guess whose it ating.

let's not forget that we had an apartheid regime. i think. either one well. we have the government says if it can feel 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 blame something else you hear see some other part of it and realize everything is ok. i'm sorry there's a big. the

oscar goes to. the finance committee yesterday a slew of big oil executives were paraded in front of the senate finance committee to defend why they need tens of billions of dollars in oil subsidies courtesy of you and me the taxpayer let's just say the senators had a hard time understanding why this money was well spent take a what. in the case of the actual mobile the church the fact is federal tax rate is substantially is three percent lower than what the average individual third rule tax rate is does that mean anything to you do you think that. your subsidy is more important than the financial aid we give to students to go to college could you answer that yes or no that somehow the loss of two billion dollars

a year which means you only make one hundred twenty three dollars under twenty three billion dollars in profits is somehow so proficient somehow not part of shared sacrifice some how you need to go back at them at the pump to make up for it it's hard to understand it is hard to understand i really like based on there you'd think that our lawmakers would get to work cutting off those subsidies immediately when you get the truth you're just watching a show a show worthy of an oscar nomination or lawmakers pretend to express outrage over the behavior of corporate giants in america and these corporate giants play the role with feigned regret some nice sound bites are made for the media public is satisfied with it seems like people are being held accountable but in the end what is really going to come out of this here absolutely nothing why because while these particular senators are supposedly kicking butt and taken names behind the scenes they're graciously taking over six million dollars in campaign contributions from

these very same oil executives and this isn't the first time we've seen the show. just last year after the b.p. oil spill our lawmakers put d.p.c. iau tony hayward and went to work to do what. ninety seven percent of all of those agree just violations that u.s. refineries on your watch were against your company that doesn't sound like a company that you use your words is committed to safe reliable operations as your number one priority i'm concerned at the corporate culture from b.p. c.e.o. tony hayward to chairman and president of b.p. america lamar mckay the chief operating officer doug suttles that there is a willingness to cut costs and take greater risks of time is expired and i just amazed at this testimony mr hayward you're not taking responsibility you're you're you're kicking the can down the road of acting as if you have nothing to do with

this company and nothing to do with this is what i thought of that i thought they were supposed to sew it in and come out of this town washington. no gives a lot of money to politicians and their campaigns in fact just yesterday republicans in congress passed the oddly named putting the goal to work act which lets well companies dive right back into the gulf as if the b.p. oil spill had never happened and get right to our budget oil holes in the sea floor all over again oh and republicans added an extra special provision in the bill that says that if there's ever another accident the future then only the fifth circuit court is where the case will be heard. why the fifth circuit court well because the fifth circuit court covers only texas louisiana mississippi all oil producing states and oil bought and paid for politicians from those states over the years

have made sure that the fifth circuit chart court is chock full of judges with literally humility of lee millions in oil investments and lots of drinking buddies in the industry pretty handy so another hearing and things actually got worse reminds me of a senate committee hearing last year on the financial meltdown when goldman sachs executives were put up on the sacrificial table and gutted by our lawmakers take a look. you are the bookie you are the house you have less oversight and less regulation as you all began this wild wild west of tranches waterfalls equity traunch is the residual where housing as you began all that you have less oversight in a pit boss in las vegas and when you hurt your employees in these emails and look at these deals said god with a shitty to. god what a piece of crap. when you hear your own employees or read

a vote though to email to you can't feel anything i fear i think that's very unfortunate for you. yet as soon as that hearing or after wall street lobbyists began passing out the box and surprise surprise congress went to work watering down their virtual irrelevance and real financial reform as a regulation and now the republican party is making sure that even those weak rules aren't forced by defunding all the wall street watchdogs again a day of rage in congress and the nothing changes or things even get worse. but this goes back even further peggy lee of the house energy and commerce committee back in one thousand nine hundred four looking into big tobacco companies and nicotine addiction i would also observe mr horrigan is very difficult for me to find you a table characterizing anything is outrageous after seven apparently intelligent

people have stood here and told the american people two hundred fifty million of which no better it's cigarettes are not addictive what could be more ridiculous is that offends you that free samples are available that put trips across this country where children can walk into their purchasing candy and grab one they can't do that if you're going to be addicted to your product or method your product goes into dick's people certainly can't get rid of literally life and you're proud of them of the root of the reason that otherwise would come to the station to make the consumer choice best part of that hearing is that every single one of those executives said under oath the nicotine is not addictive. yes you know you believe nicotine is not addictive i believe nicotine is not addictive yes he's cute john. congressman cigarettes and nicotine clearly do not meet the clancy definitions of because i don't believe that nicotine or our products are good. and we. got. to.

we've known since nineteen thirty in the early one nine hundred thirty s. that the nicotine is clinically addictive yet not one of these guys went to jail for perjury in fact one of these criminals lou gerstner was even awarded the top job at i.b.m. after he left r g r where he went from killing people with tobacco to ruining american families by offshoring jobs and today the tobacco companies are doing just fine thank you very much and their lobbyists are seeing to it that the profits keep rolling in right along with allowing the lung cancer deaths a so-called congressional hearings are nothing but a dog and pony show year in and year out it's not what our politicians say it's what they do and frankly they're not doing much unless we reverse some of these crazy supreme court rulings that allowed corporations to claim personhood to buy off our politicians and the american people will continue to be entertained by this

theater of the absurd once a year and then get screwed over the next year when another oil spill ruins another pristine coastline or another market crash writes out our pensions we need to take back our government and beginning day begin holding corporate crooks accountable only then will we stop handing out promotions for great acting and start handing out subpoenas for high crimes against america. as the big picture first night for more information on the stories we covered visit our website and dot com an artsy dot com entire show is available for free podcast over the i tunes also check out our youtube page at youtube dot com slash the big picture and slash tom hartman and don't forget democracy begins when you get out there get accutane your it will see on monday.

morning news today violence is once again flared up. and these are the images the world has been seeing from the streets of canada. before asians rule today.