are going to be alone to show the real headlines we're not at the mercy we're going live to washington d.c. tonight the stock market plunged again thanks to increased worries about europe's debt crisis and bad economic figures here at home so as investors flock to safe havens should we take this as a real warning that another crash is comic and we just heard from the young turks about corruption greed and our broken system today's example comes from the who reports on document dumps at the f.c.c. and the congressional black caucus is asking its constituents to allow them to unleash on president obama and examine the role between the first black president

and the black community would have all of that and more free tonight including a dose of happy hour but first let's take a look at what the mainstream media has decided to. well this morning the mainstream media took its eyes off of the campaign trail for just a brief moment to pass on an announcement from president obama the united states is calling for bashar al assad a designated supporter of terrorism to stop them in a written statement the president says the syrian people should decide their country's future and the saw it is standing in their way it's all centers around as she says the slaughtering of an armed civilians including children during those pro-democracy rallies in syria ok also. where do i even begin here so the president announces that he's launching new sanctions against syria. he's calling for his side to step down and the mainstream media just

regurgitate the announcement and then moved on just like that no one else's no questions no nothing hello people how about for starters asking what made obama finally come around to this decision protests and going on in syria for months the u.n. estimates that at least two thousand people have been killed and we're heading to martha's vineyard for vacation he just decides to make this grand call but then why is he even making this call to begin with the biggest issue of all here is the hypocrisy take a listen to secretary of state hillary clinton and what she had to say today. as president obama said this morning no outside power can or should impose on this transition it is up to the syrian people to choose their own leaders. wait a minute no outside power can or should impose on this trip transition here that's a little weird because they don't we impose when this was happening in libya are we

still involved in a civil war there one that has no end which was supposed to be a humanitarian intervention but turns out was really just about getting gadhafi out and we still haven't gotten him out but then when it comes to syria suddenly we aren't interventionist anymore like i said the hypocrisy is just incredible i don't know maybe they finally reached a great point maybe they realize that we're already involved in how many conflicts abroad afghanistan iraq pakistan yemen somalia libya i make six countries so i guess said it would have just been a little over the top just one too many six we can handle you know it really is a ludicrous what's been going on in syria has been a tragedy they clamp down by syrian forces on their own people two thousand lives at least have been lost but here there is no resolution by the un this first on reason didn't count as crimes against humanity listen i don't think that we should intervene in libya i don't think that we should intervene in syria but there are transparency of the. powers we try to use rhetoric try to find one situation is

this another situation is that it's so blatant but it's completely inexcusable let's face it times have changed the world has changed there's no such thing as a moral of the already vested in the united states anymore we pick and choose our partners or on our enemies based on our needs we were above that our vice president one of just wrapped up a trip to china but that's the way it is an interconnected globalized world just admit it don't dance around the issue don't claim to have some sort of moral superiority when the evidence to the contrary is so incredibly overwhelming this is the problem with this country that incredible country i would want to live anywhere else but we just ignore our own wrongdoings we refuse to look in the mirror to see what needs fixing and make ourselves better and the mainstream media plays a huge role by regurgitating these types of announcements these calls for foreign leaders to step down these sanctions speaking them out and then moving on to asking any questions that's what they choose to miss.

yesterday they asked if two thousand and eleven is going to be a sequel of two thousand and eight a bigger longer financial crisis uncut by government bailouts and this time originating in europe today more negative economic figures in a volatile stock market maker seem like a lot of people at the same concerns jones fell four hundred nineteen points today thanks in part of europe still being on the brink morgan stanley's economic team revised its forecast concluding that the u.s. and heroes zone are hovering dangerously close to a recession over the next six to twelve months the labor department reported that the number of people applying for first time unemployment benefits rose back above four hundred thousand the largest number in four weeks and the philadelphia federal reserve's manufacturing activity show that one of the post-recession bright spots is again contracting now add to this the back of the yield on ten year treasuries fell below the two percent mark the. the first time in at least seventy years gold

prices are again marching to record territories nearing one thousand eight hundred thirty dollars an ounce it's a lot of data to digest but how big is what it's telling us joining me from our studio in new york is kelly evans head of the tape columnist at the wall street journal kelly i want to thank you so much for joining us tonight so i just spoke about all the data there and you have people running against a goal that's again hitting highs you have people buying of treasury treasuries despite the fact that the yields are so low people seems like they're panicking like they want some kind of a safe haven what does that tell you yeah it tells you about a lot about mentality right now and it tells you that these are the kinds of moves we typically only see during periods of financial crisis or take one example which i wrote about today in my column if you look at gauge of the money supply known as m two the only times we've seen a bigger increase in the money supply on a weekly basis are basically right after nine eleven and during the week of the

global financial crisis of september two thousand and eight so that the third biggest move that we've seen in this particular gauge was the week ending august first and that tells you a lot about first of all you know people's concern about the u.s. debt ceiling crisis but also a lot of what the trouble is with global growth in that in europe in the u.s. and otherwise so as you start to see these indicators and as we look at these and other gauges that are at historic lows always hearing about new records and this or that it does start to tell you that we're going through is an interesting or garden bonilla kind of period of choppiness after a recession and into a recovery but there's something very different happening here in potentially quite dangerous well how dangerous do you think that it might be my guest last night for example told us that this is going to be a sequel of two thousand and eight except for it's just going to be that much worse right that this house of cards that was propped up i guess you could say by bailouts from the fed the first time around now it's finally going to start going down. well i think people have to sort of understand what's really fundamentally happening here and that's that we sort of had this two three decade credit boom that all of you had a big build up in debt and then the other side of that you had

a lot of increases in asset prices so we had first it was the stock market you know a lot of tech stocks then it was the housing market and now there are other places that look a potentially a little bit overheated but really what's happened is an increase in debt levels across the private sector for households for companies specially for the financial sector during the financial crisis all that happened was a lot of that was transferred to the public sector to government but it still exists you know debt levels of come down a little bit in some places but they've only gone up elsewhere so the problem that we fundamentally had going into that period still exists today and i think that's why it doesn't necessarily mean you know the quite think of the question as to will this look exactly like like the fall of two thousand and eight is a little bit misguided because the problem is this is all part of the same problem and we're really still trying to work through a lot of these debt issues and until we can get to the other side of that we're not going to be over this period unfortunately it's going to take a long time just as long as it did to build up in the first place but here are we unfortunately also at the will of europe's debt crisis i mean what happens right if

european countries default or if european banks start collapsing everyone has their eye on the french banking sector right now there are a lot of other names that are popping up and actually that's going to have to trickle down. yeah and if you look for example what's happening a lot of the european banks you can either say that it's an echo of what we already went through or a preview of what we still might have to go through again so they're trying to grapple with a lot of their government debt levels and there are questions about exposure to government debt to different countries across the eurozone and you know what that means for different banks that have investors fully accounted for the risks there of potentially not getting all their money back so you know here in the u.s. we're a little bit different right you know we were just one country it's just one situation we don't have a lot of these european countries to deal with that will protect us somewhat relative to them but there is an element of looking over there and looking at our exposure to their own worries that is emanating throughout the financial system so you know again what's happening in europe isn't over they still have to figure out how to deal with all these debt levels they haven't figured that out it's going to take forever until they do so in the meantime there's going to be

a lot of choppiness and that will reverberate back here in the u.s. and again we may start to do it ourselves at some point as well now of course i just spoke about we see a lot of this is an emotional reaction that people are having right now you can tell there is some panic and. os often over right people have to decide what to do with this moment so we see people going to gold we see them going to treasuries they're trying to get out of the market when it comes to other things but i want to show you a clip from c n b c where simon hobbs and. jim cramer thank you it was like you know the neighbors like where they decided to go after each other about some of the advice that's been put out there take a look. i know my question to which is you can't be as confident as you quite yet you know i'm going to find their stories are going to get or money there you killed people to buy bear stearns that's a very different only human for me saying we know the value of your audience is ours their stones fell apart ok thirty six hours it fell apart and it was fine to say there was even a full court and then it fell apart my first call was it was ok keep your money

there which turned out to be true all i'm saying is that i don't want to get people for sure i think things are better than they were i see here. things like that had a bit of a. nerve virgin grammar obvious that something that's still hard on him but he still say that he thinks that things are better than they were or do you think that simon hans has a point there. yeah i mean look the the real issue here is should people panic or not are the markets about to fall even further than they have over the last couple of weeks or not and i think there are a couple of gauges you know couple that i mentioned earlier for example if you look at what's happening with people flocking into cash walking into gold flocking to the swiss franc or anything that i think is a store of value at this point it suggests that this massive risk mentality you know isn't just a little bit of a of a of a move or an overreaction to some of the problems we have book people kind of fundamentally coming to terms with the scope and depth of our crisis so while it may be true and possible that from the federal reserve for example or through other

measures will try to come in government try to come in here keep a floor under things keep the stock market relatively in this range or higher you know you never want to fight the fed as they say and that's why some people are still pretty bullish about things but at the same time we have a lot of systemic problems here you know it's a fundamental kind of solvency question and so whether we kind of can get through this patch is one thing but there are going to be other soft patches another mini sort of financial crisis flare ups to come in you know the question is really are you as an investor going to just hold on to that cash you know and basically get no return on it or are you going to gamble to try and go with the fed here or other policy makers and say you know at this point you know we all rise and fall together i might as well just stay in the market. and i thank you so much for joining us tonight of course we're going to have to keep following it and and see where people do decide to go but it's definitely telling you know when when treasury yields fall below two percent and what people are saying is that's the lowest they've been in

at least seventy years seemed like every does want to just hang on at the moment thanks. thank you. now still to come tonight a financial industry it run amok in the part of rolling stone says that the fee destroyed the records of some of the nation's worst financial criminals think we're hosting the young turks joins me to discuss just what. you don't know sometimes you see a story and it seems so you think you understand it and then a glimpse something else and here's some other part of it and realized everything you thought you knew you don't know i'm sorry welcome to the big. early on the road. and yet though.

let's not forget that we are right. i think. well. we haven't got her safe to graduate because freedom.

of the debt crisis in europe and poor economic figures here in the us lead us into what could be considered another double dip a crash a real depression let's not forget that to this day the u.s. is not prosecuted or a single wall street banker for bringing it all down the first time in two thousand and eight called carlin called unfair or just call it what it is corruption and say imagine avi's an excellent piece in rolling stone that shines light on the tide of corruption at the securities and exchange commission according to an f.c.c. whistleblower over the past two decades the agency has destroyed records of thousands of investigations into words white washing the files of some of the

nation's worst financial criminals as you see created a policy spelled out by. it's own internal website for any m u i's which stands for matters of inquiry for those that don't develop into full blown investigations all the documents be destroyed which is exactly what was done thousands of times and it makes me wonder if there had been a paper trail if the investigators could have seen patterns emerging if the financial collapse could have been seen before it hit but also shows the continuous revolving door between top level officials of the government's regulation agency and the very banks and wall street firms that they were supposed to hold accountable why else would an investigative agency want to get rid of potential evidence so how do you place the story into the larger context of corruption and hypocrisy that we see that from our government earlier i put it the change you were host of the young turks and i first asked him if unfortunately left enough after everything that we've learned since the crash in two thousand and eight if this story even surprised in rome. no not at all it's exactly what i expect the

government is in essence whether it was a republican or democratic administration covering up for wall street all along there's a couple of reasons for that one is that the politicians who make this issues of top get paid by wall street is oftentimes literally their biggest donors so are we surprised that we set up a system where people get paychecks from wall street and then they decided they're not going to pursue the wrongdoing or wall street who would be surprised by the system. but how you try to fix something like this right is it's one thing to say that there's a lot of anger towards congress and towards elected officials because these people get the checks to in terms of campaign donations or what else but then when it comes to people who actually work at the s.c.c.a. we're kind of helpless we don't get to decide who gets the whole back as issue or not who gets to be the top investigator and then move on right over actually one of the banks they were supposed to be investigating right next. well you see that's the key thing here you've got to set up the right system with the right incentives

and disincentives if you don't it's an automatic fail so for example with our rating agencies when they get paid by the people who they are rating obviously they will fix the ratings so they can get more money for the benefit of the people who are paying them i mean it's the most obvious thing in the world and with the f.c.c. i mean you can. be as examples but with almost every one of these bureaucracies you have the same thing for example in texas waste management was handled by a certain gentleman who was appointed by rick perry who got a tremendous amount of money from the guy from the people who built a five hundred million dollars in waste management plant in texas second biggest order rick perry rick perry hasn't sent to prison system and the guy who was handling the waste management then guess who he worked for right afterwards the same company that he was supposed to be regulating and chose not to regulate it's systemic how do you fix it you set rules where you say hey you know what for example if you were going to see you are not a law. to work in any company or even in the industry that you are regulating for

a certain number of years i would i would be draconian and say ten years but then people say oh nobody will want to work there well ok if you can do the government to rob us so you have paid later on i don't want you to work there i want honest people to work there and i would be good for you to do it you know i like that idea cause your county and i don't think of that sounds that at all now when it comes to our members of congress though right because apparently this entire story i would have said as you seen what he's reporting on bank came out thanks to a whistleblower from within the s.c.c. and he went over to congress in july and he presented this information to them right where grassley said why does turner stand why an investigative body you know would want to do something like us why they would want to get rid of potential evidence i had there we had heard anything else from congress and only after this piece broke today out of senator grassley once again start bringing it up so do they just play dumb even though it's on public record this is been presented to

them. you know i always wonder about the two and i don't have a good answer to that but i when i see grasses rationally that i think you see things you like snickering after is your whole golly gee willers i didn't see that . we all get paid by the same guys what a joke this is a nice is you know more sophisticated actor or are they purposefully ignorant they don't want to know so they don't know so they tell their staff to look into things like that so that when things that are obvious happened they go oh golly gee wooders nobody could have seen it coming it's one of the other there's no question about. now obviously it's hard to play the what if game at this point we can't just go back and pretend like the economy didn't crash in two thousand and eight we're not still feeling the effects of that but this kind of play with that idea for a second here just imagine if some of these investigations had gone through if some of these documents weren't destroyed and you could have picked up on a pattern and let's say that it came out that there is insider trading going on ai

g. do you think the government still would have taken the same steps still would have bailed them out with any of this kind of information even. trying to make you know even to have made them look the other way or try to approach things differently. and fortunately american people have to understand this and i think they're pretty close understanding we don't have an honest government so if we had significant evidence which we did by the way we chose to ignore of fellow played a i.g. or countrywide or any of these top banks and financial institutions well it would be inconvenient for the government because they were going to give them the money no matter what they were going to bail them out no matter what so the fact that there was evidence there they do they once we don't sweep it under the rug it was made public they were going to meet you know now we've got to deal with this and people are going to complain that we're you know giving money to these same corrupt people but it would have done it no matter what because the system is set

up in a way that our politicians and our regulators get paid by the people who are supposed to be regulating and watching over that is a fundamentally corrupt system now i feel like this is a pretty big story that's being broken out there i mean like you mentioned there are so many examples of the corruption within our system but this one in particular really stands out to me and i've seen it all over the internet but if you see anywhere on t.v. today. party turks. you know i hope they put some shows on cable news and i don't what i've had on when i used to buy us embassy show the rating c.b.s. is terrific so there's no reason why you should be all over television talking about this. i one hundred percent agree and extend my occasion for him to come on here as well now i want to say where really quickly to talk about another element that we're seeing so absent he decided to downgrade the u.s.

credit rating and of course we saw a lot of angry things are pointing out that if the republicans thought that was the democrats' fault now it's just s. and p's and now we also find out that as and he is being investigated for what they missed when it came to mortgages for two years ago if you think of the timing is a little bit convenient here is this you know supposed to be some sort of act of revenge. you know we don't have enough information because the justice department claims that they were investigating s. and p. or at least the inside sources that are quoted in the papers today that they were investigating s. and p. long before the downgrade now is it possible the s. and p. thought oh they're going to downgrade it they're going to investigate us so let's downgrade them so that it will seem like revenge right and that's also possible or we got word that s. and p. was the radios all are back in april which is true so then we start the investigation in may i don't know you need the extra details to know which came

first right but look i mean we're talking about two again unfortunately fundamentally corrupt organizations but what is the s. and p. which is paid by the banks to rate the banks which is a joke and by the way they also get paid by the banks to rate the united states so it's shocking that they came to a conclusion that it turns out the u.s. needs to take more from the middle class and give more of the rich which is exactly what the banks and the top corporations want and also the second party involved is the united states government which is also fundamentally corrupt so you know pick them as to who is at fault. yeah definitely is that it's a complicated web they're weaving very guess who won't know the details that i'm sure you can assume that the other or the other ratings agencies probably were involved the same thing that they also missed the housing bubble so why wouldn't they be being investigated as well and for some reason it's only calling on you know s. and p's shoulders there has got to ask but i want to ask you about something that the c.e.o. of starbucks recently decided he is that he's so sick so disgusted with congress

that he's going to boycott donating to any campaign and now that a letter has been passed around it's going over to the c.e.o.'s of other corporations even though that's a good idea to try to take the money out maybe then they'll listen. first of all it's a great first step he's a hundred percent right because all the money to you send over to republicans or democrats are totally and utterly wasted a less you're actually trying to basically implicitly bribe them in which case is not wasted money it's money well spent you'll get a great return on investment. if you're actually an honest person who thinks that they're going to do what they claim to do if you're in for a rude awakening i mean even if you're a conservative and you give the republicans you think they want to balance the budget then good game about balancing the budget all they want to do is shuffle the money up to the very rich and do whatever they're in charge they never balance the budget never in fact the last republican president to do it was eisenhower so they're playing a big joke on you the democrats are the same thing they have in the progressive

priorities and god knows how many decades so yes first step is stop giving the politicians they're just wasting your money and museum for their own purposes i think the second step should be to give to an organization that fights for an amendment to do you a corporate person because these corporations are buying our democracy and we've got to stop it the only way to stop it now unfortunately because the supreme court is totally on their side is to do an amendment we need to put all the money behind that one cause because otherwise we're going to lose on every single issue because the legalized bribery that's going on in the united states government. i can't thank you so much for joining us tonight and they are just as cynical as i am when it comes to all of our going to when thanks. don't worry we're coming. now attention earthlings your dreams of going to the stars of may have just one step closer to reality but the fun science wing of the u.s.

military has announced that it's going to be awarding five hundred thousand dollars in seed money to an organization with the best plan to make interstellar travel reality the next one hundred years i know pretty awesome right now for you too excited about the prospect of jetting to the stars any time soon there are here we say a few minor road blocks the thing is ridiculous by the way this picture by every one of those road logs being that is all still a very very very long way away like a couple of centuries away but you know you've got to get the ball rolling and then of course there's the price tag which is pretty impressive experts are predicting that human interest teller travel could cost somewhere in the hundreds of trillions of dollars and considering we have congressman arguing over cuts to aid for senior citizens i'm going to go on a limb and say that the cost is going to go in the major impediment category now the ultimate goal of this project would be to gather political will to dedicate the time and the resources to get this project off the ground which kind of seems like

a fantasy these days but scientists who do have a few ideas as to how it could happen maybe i don't know a killer asteroid plummeting towards earth armageddon style or maybe we discover life on another planet that or i guess the sun starts to boil the oceans who knows but until that moment comes i fear that we will have to live in a world where sending humans to the stars it's pretty low on the totem pole for politicians i can just see it now the darpa seed money for human travel to the stars in a campaign commercial about wasteful government spending along with some turtles who got a few thousand dollars in cash but you know what they're going to see it i would rather be spending five hundred thousand dollars for humans to colonize the stars and to colonize other countries which we spend billions if not trillions doing every year so i don't know if decides to explore the potential for human travel to the stars i give them my stamp of approval and i put myself on the waiting list but let's stop the wars first. also a cause that we have our thursday edition of showing tell and a member of the congressional black caucus says that they're ready to challenge

president obama so tonight we're asking if this white house has turned its that on the black community practice them. into that only a military mechanism to do the work to bring justice or. not i have every right to know what my government should do if you want to know why i pay taxes. but i would characterize obama as a charismatic version of american exceptionalism. you know sometimes you see a story and it seems so sorely sleep you think you understand it and then you've lived something else here's some other part of it and realized everything you thought you knew you don't know i'm sorry welcome to the big picture.