i can be alone a show where i get the real headlines with none of the mercy we're going live to washington d.c. sniper stock market plunged again thanks through increased worries about europe's debt crisis and bad economic figures here at home those investors flock to safe havens should we take this as a real warning that another crash is coming and we're going to because you go from the young turks about corruption greed and our broken system today's example comes from the 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 going to examine the role of between the first black

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

regurgitates the announcement and then move just like that there were balances no questions no nothing hello people how about for starters asking what made on. finally come around to this decision protests me 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 does he even made he was called 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 transition in a little weird because here we impose when this was happening in libya are we still

involved in a civil war there one that has no and which was supposed to be a humanitarian intervention but turns out it 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 breaking point maybe they realized they were already involved in how many conflicts abroad afghanistan iraq pakistan yemen somalia libya and make six countries so i guess i said it would have just been a little over the top just one two maybe six we can handle it really is a ludicrous what's been going on in syria has been a tragedy the clampdown by syrian forces on their own people two thousand lives at least have been lost but here there was no resolution by the u.n. this for some reason didn't count as crimes against humanity listen i don't think that we should have intervened in libya i don't think that we should intervene in syria but there transparency of the global powers to try to use rhetoric try to

find one situation is this another situation is that it's subtle 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 any more we pick and choose our partners or on our enemies based on our needs we were above that our vice president ordered just wrapped up a trip to china but that's the way it is an interconnected globalized world just admit it don't ganser 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 it's an 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 sting them out and then moving on and asking any questions that's what they choose from.

yesterday we 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 make it seem like a lot of people have the same concerns the dow jones fell four hundred nineteen points today thanks in part to europe still being on the brink morgan stanley the economic team revised its forecast concluding that the u.s. and europe 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 isn't going to contract now as it is the fact of the yield on ten year treasuries fell below the two percent mark for the first time in at least seventy years gold

prices are again marching to record territory is nearing one thousand eight hundred thirty dollars an ounce it's a lot of data to suggest but how big is what it's telling us join. from our studio in new york is kelly evans head of the tate columnist at the last return kelly i want to thank you so much for joining us tonight so i just you know spoke about all the data there and you have people running against a goal that's again hitting highs you have people buying a treasury to 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 it tells you that these are the kinds of moves we typically only see during periods of financial crisis so to 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 and 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 and 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 are we hearing about new records and it does start to tell you that we're going through is interesting or garden vanilla kind of period of choppiness after a recession and into a recovery but there's something very different happening here potentially quite dangerous but 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 separate 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 crumbling down. well i think people have to sort of understand what's really fundamentally happening here and that's that we sort of have this two three decade credit boom that will that you had a big build up in debt and then the other side of that you had

a lot of it increases in asset prices so we had first it was the stock market you know a lot of tech stocks and it was the housing market and now there are other places that look 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 joining 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 the question is 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 because 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 do you fall 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 euro zone 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 and 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 you know i just spoke about obviously a lot of this is an emotional reaction that people are having right now you can tell there's some panic and. 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 was like you know the neighbors like you know where they decided to go after each other about some of the advice that's being put out there take a look. by my question to which you can't be is constant issue quite prosaic you know i don't care sturgis you can get your money there you kill people to buy bear stearns that's a very different argument from me saying we're not about whether you're in six hours we're still in still a pair ok thirty six hours you fell apart and it was fine to say there was a full court and this help or my first call was that it was ok to keep your money

there which turned out to be true all i'm saying is that i don't want to get people for his chances i think things are better than they were i see here. things like that had a bit of a. nerve heard him graver obvious that something that's still hard on him but he's still saying 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 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 flocking into gold flocking to the swiss franc or anything that they think is a store of value at this point it suggests that this massive risk off mentality you know isn't just a little bit of a of a move or an overreaction to some of the problems we have but 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 will 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 right now and i thank you so much for joining us tonight and 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 and that's the lowest they've been in at least seventy years seems 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 the f.t.c. destroyed the records of some of the nation's worth of financial criminals thank you the host of the young turks joins me to discuss i'm just and. you know sometimes you see a story and it seems so silly you think you understand it and then you glimpse 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 of. the world we are broke. and yet though.

let's not forget that we in the far right. i think. well. we never got as safe get ready for the freedom.

of the debt crisis in europe and core 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 us has not prosecuted or a single wall street banker for bringing it all down the first time in two thousand and eight call it coddling call it unfair or just call it what it is corruption and say about slavery is an excellent piece a rolling stone that shines light on that kind of corruption at the securities and exchange commission according to him as he's the whistleblower over the past two decades the agency is destroyed records of thousands of investigations in his words white washing the files of some of the nation's worst financial criminals and that

as he created the palsied spelled out its own. an internal web site that for any m u i's which stands for matters of inquiry for those that don't develop it's a full blown investigations all the documents be destroyed which is that it was done thousands of times and it makes you wonder if there had been a paper trail if 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 we place the story in the larger context of corruption and hypocrisy that we see that from our government earlier i caught a quick change your 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 him. no not at all it's exactly what i expect

the government is in essence where there 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 the decisions of job 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 the so that they're not going to pursue the wrongdoing or wall street who would be surprised by this is the. now how do you try to fix something like this right that'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 see it in terms of campaign donations or what else but when it comes to people who actually work after s.c.c.a. we're kind of helpless we don't get to decide who gets to hold that position or not who gets to be the top investigator and then move on right over to one of the banks that 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 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 would tie a v. as examples but with almost every one of these bureaucracies we 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 has it isn't to fix the system and the guy who's handling the waste management then guess who we were to right afterwards the same company that 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 allowed to work in any company or even in the

industry do you regulating for a certain number of years i would do that i would be draconian and say ten years well then people say oh nobody will want to work there well ok if you came to the government to rob us so you have paid later on i don't like to work there i want honest people who work there and i would pay good for you to do it. you know i like that idea carter county and i don't think of that sounds bad at all now when it comes to our members of congress though right because apparently this entire story out at a concert as you see in one state is reporting on bank came out thanks to a whistleblower from within the s.e.c. and he went over to congress in july and he presented this information to them right where chuck grassley said why does turner stand why an investigative body you know would want to do something like this why they would want to get rid of potential evidence and they had there we had heard in thing else from congress and only after this piece broke today now that senator grassley once again start bringing 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 would i see grasses rationally that i think you see for the snickering after is good oh golly gee willers i didn't see that because we all get beat by these guys what a joke this is and he's just 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 happen they go oh go as you would there's nobody could have seen it coming it's one of the other there's no question about burg. 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 let's just 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 would any of this kind of information even. try to make you know even have made them look the other way or try to approach things differently. unfortunately american people have to understand this and i think they're pretty close understanding that we don't have an honest government so if we had significant evidence which we did by the way we chose to ignore of foul play it is countrywide or any of these top banks of 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 want this we don't sweep it on the right it was made public they were going to meet you know now we have to deal with this and people are going to complain that we're you know giving money to these same corrupt people but they 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 maybe seen anywhere on t.v. today. our t. jerks. you know i hope. some shows on cable news and i know what i had on when i used to buy us embassy show the ratings c.b.s. is terrific so there's no reason why you shouldn't be all over television talking about this. i would have firsthand agree and extend my invitation for him to come on here as well now i want to segue really quickly to talk about another little element that we're seeing so as an peta side to downgrade the u.s.

credit rating and of course we saw a lot of angry finger pointing and that is the republicans fault that was the democrats' fault now it's just s. and p's fall and now we also find out that s. and p. is being investigated for what they missed when it came to mortgages for two years ago if you think the timing is a little bit convenient here is this 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 that the s. and p. thought oh they're going to downgrade and they're going to investigate us so let's downgrade them so that it will seem like revenge right that's also possible or we got word that some people was thinking of downgrading us all or 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 again

unfortunately fundamentally corrupt organizations and 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 throughout the united states so it's shocking to be came to a conclusion that it turns out the u.s. needs to take more from the middle class and give more to 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 your most who's at fault. yeah definitely it's a complicated read there weaving there i guess we won't know the details but i'm sure you can assume that the other credit 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 falling on as of his shoulders there has got to ask now 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 letter has been passed around it's going over to the c.e.o.'s of other corporations heating or 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 one hundred percent right because all the money to use and over to republicans or democrats is totally and utterly wasted a list you're actually trying to basically implicitly bribe them in which case is not we said money it's money well spent you'll get a great return on investment. but if you're actually an honest person who thinks that they're going to do what they claim to do it's you're in for a rude awakening and even if you're a conservative and you give to the republicans you think they want to balance the budget they do a good game about balancing the budget all they want to do is shovel money into the very rich and 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 percept is stop giving the politicians they are 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 tell you a corporate personhood 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 this is you want 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 think i want to thank you so much for joining us and i see you're just as cynical as i am like i've said all of us don't know how we're going to win thanks. don't worry we're coming. now attention earthlings here dreams of going to the stars of may have just one step closer to reality darpa the fun science wing of the u.s. military has announced 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 in 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 do we say a few minor road blocks the thing is ridiculous by the way this picture by 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 then of course there is 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 out on a limb and say that the cost is going to go in the major impediment category now the ultimate goal 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 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 government cash well you know what the when i see it i would rather be spending five hundred thousand dollars for humans to colonize the stars than to colonize other countries which we spend billions if not trillions doing every year so i don't know if darpa 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. now so that kind of time we have our third date if you have show and tell and a member of the congressional black caucus says that they're ready to challenge

president obama tonight trafficking if this white house has turned its back on the black community back in the summer. lead. you know sometimes you see a story and it seems so poorly sleep you think you understand it and then you glimpse something else hears you some other part of it and realize that everything you thought you knew you don't know i'm charged welcome to the big picture. the for. the world you are the elite and so.