this is the seventh or eighth or ninth time that we've heard the president talk about produce a new plan and each time that he's sort of gotten around to toss in an idea on the table it is included only more spending more deficit more debt and the american people are fed up with it maybe not as fed up as they are over driving on potholed roads and crumbling bridges president obama is also floating the idea of extending the payroll tax cut for working class americans get even a tax cut is now drawing a rigid frigid response from republicans actually from republicans well as you committee member and one of the gang of twelve republican judd and sirloins nixed the idea of a payroll tax cut saying so is it not positive a lot of taxpayers keep more of what they earn but not all tax relief was heard or to call for the purposes of helping to get the economy moving again as in taxes are all well and good when they're for millionaires and billionaires but when they're for poor people no way meanwhile desperation grows for millions of americans who

don't have a job as we can jobs fair in atlanta hosted by the congressional black caucus drew thousands of people who wait in line for hours and scorching heat just for a chance to secure a paycheck democratic congressman john lewis from georgia was on hand past you know water bottles of those waiting in line and stressed the lawmakers cannot turn their back on the unemployed he said you have to give people a sense of hope a sense of optimism tell them over and over again don't give up but with their latest opposition to a jobs plan that hasn't even yet been released are republicans prepared to tell the unemployed in america that it is indeed time to give up for more on this and other issues of the day i'm joined by a democratic congressman from new york charles rangel charlie rangle congressman rangle welcome back to the program. thank you before we get to the u.s. economy what's your take on the events in libya today. well i can't imagine where america is you know was in that too long ago that we would welcome in khadafi back

into the civilized leadership of the middle east and now of course it appears as though even though we don't know who the rebels are that we decided that is anyone's better than khadafy but it's really strange that we only really get god now we have famines and floods in many countries but we're there is oil so it's consistent with our foreign policy and i do hope that the voices that are screaming out for democracies are worried throughout the were of especially in this part of the world that's that's an excellent important point particularly as right now there's tens of thousands of small refugees pouring into kenya and many of them dying you know on the way or when they get there and exactly we'll know really if. it's tragic will will republicans. to to the to the issue of domestic politics or republicans reject any sort of tax cut or

a jobs program as long as it comes from president obama and several several the programs that he's proposed so far on that they object to now are actually started out as republican proposals. i think it's abundantly clear that they are republicans or at least a governing controlling part of them. so anxious to defeat president obama reelection they are prepared to allow the united states of america to go into default i think they proved that when they held the president hostage i think it's going to happen again in november and some people said well why should not the president. go to his constitutional remedies well we're not talking about being in default we're not talking about going to the supreme court we're talking about a lot of other countries to continue to believe that this is

a safe place the put the money and the republicans in the house of representatives not only they but recently during the debate they made it abundantly clear that they were against their revenue any type of revenue no matter how deep the cuts would be this is really frightening when people who would want to see this country go down in order for them to prove a political point are you of the opinion sir that the republicans as explicit strategy are trying to crash the economy between now and twenty two thousand of amber twenty twelve in order to prevent president obama from getting reelected. well i won't say that for all the republicans but what i do believe is that a lot of most scared to death of a primary and if indeed for whatever reason it seems party endorses a candidate against them they know as from past experiences that they could be

defeated and i think a lot of republicans will put their real lection ahead of the policies that they find themselves a supporting structure maxine waters. where. i really have more confidence in america though i think jon huntsman's remarks over the weekend sounded as though there was some sanity in america that we had to put america back to work we had to change our tax system we had to take away incentives for people that no longer need them and making hundreds of billions of dollars and we had to resettle in believing and signs and believing in the climate change and believing in things that just make sense to the average person in the street i just don't see how even

though it's republican primaries that any of these candidates saying the things that they say about each other could ever hope to lead the united states of america and this yes making this look quite. irresponsible lap these these people as being the leaders of the republican party it's and it's frankly a tragedy for america congressman congressman rangle thanks so much for being with us and keep up the good thank you thank you for having me thank you so much thank you. turning our attention now to the ongoing bangsar fueled housing crisis in the second quarter of this year mortgage delinquencies increased as in close to ten percent of all homeowners are on the verge of being foreclosed on a sign that the housing crisis beginning in two thousand and seven is nowhere near resolved after four years what has been resolved though the wall street money

making machine has more records from the federal reserve go public we're learning the two thousand and eight bailout of wall street known as tarp was just the tip of the iceberg and public funds going to the banks toure's in december of two thousand and eight the fed secretly gave more than one point two trillion dollars in virtually interest free loans to big banks like morgan stanley citi group and bank of america that's one point two trillion dollars which coincidentally is about how much of a good cause to save six and a half million homeowners who are delinquent on their mortgages and facing foreclosure in other words a clear choice was made in two thousand and eight during the bush administration to help banks stirrers or help built homeowners and the fed chose the banks are. so today it's no wonder the banks toure's are doing just fine again with five of the six largest banks in america reporting is soaring profits j.p.

morgan chase up thirteen percent wells fargo up twenty nine percent meanwhile millions of americans are still being kept out of their homes and republicans refuse to sign on to any sort of relief to help them so what do we the people need to do now to make sure we see the same sort of recovery that wall street so your answer that question is richard j. esko writer and former wall street executive who is now a scholar at the campaign for america's future richard welcome. thanks tom good to be here thank you was the trillions we spent on the bail out of the banks and you know the money that was loans of them by the as well is it worth it was it worth it no absolutely not i think there are two issues that people have to separate in their own minds one is did we need to record rescue the economic system which i think most of us agree we did we didn't want to see a global depression we didn't want to see the economy go down but the second part

of the of the equation is did we want to rescue these guys and preserve the system they were managing with the same people in place doing the same things that created the problem to begin with and i think anybody with common sense would say that's a terrible idea but that's exactly what we did with these massive loans and to really a multibillion dollar giveaways when she factor in the entries we rescued the wrong guy it's the guys who crashed the economy once before and left them in charge as you are absolutely correctly said didn't rescue the homeowners and the other people who had been victimized by their predatory practices even though there is just as logical or a stronger logical economic argument for rescuing them and that's left us in the situation we're in today you're a former wall street executive i think you probably have more insight into this than than the vast majority of us who put banks for really planning to use that

bailout money to to rescue our moaners like if they didn't say certainly our politicians sold us. well i don't think so no and i don't think that was ever expected of them because if it had been there were any number of ways it could be done first of all it could have been said look the guy is the senior execs for made the decisions that got us in trouble after go to war and or you could have said this money comes with strings that comes with conditions here's what we expect to see in terms of lending and in terms of the loan relief for underwater homeowners for example none of that was done in fact a lot of the same individuals in both parties who pushed for these loans and pushed for the secret seed that we've now seen partially overturned by these new documents are the same people who don't want to see homeowners out there out in any way or other consumers helped out so i think there is no question that this could have been done very differently and i think at this point that people in both parties

should be feeling the pressure from their constituents to do something different now you know it's not like we haven't seen this before during the hurting coolidge and hoover administrations all the rules on banking in and stock transactions and whatnot were pretty much a done away with ignored or didn't exist and it led to the great crash and f.d.r. came in and as the banks were failing all around and sort of bailing out the banks he said the people who own these five year exploding balloon mortgages will create a federal agency and turn that to a thirty year mortgage that that agency resolved you know wrapped up business in the early sixty's if i recall right and actually showed a profit weighed in when when they deregulated the s n l's and two thousand and eighty two rather and they have been blew up and crash in eighty six he went in and fired all the heads of the smells and and over a thousand people were criminally prosecuted why didn't the bush administration do

any of that i mean just looking at history and why won't the obama administration do it now. well i guess ronald reagan was too progressive for today's democratic and republican parties because you know the one thing it looks in the years i spent in the business world the one thing that was never tolerated was managerial incompetence and one of the many things we've seen it revealed again by these documents is that the leaders of our largest banks lied to they continued to lie to these documents came out there even lie after they came out and we have evidence to the contrary and they were bad at their jobs so you know we all talk about their moral corruption in the cynicism and the greed and all of that but even if you take all of that it's a given they're not very good at their jobs time and so you know the thing that i think reagan found intolerable and reagan's people was look you can't keep these guys who crashed their own businesses into the ground in charge of the business just so they they crash again and i guess the difference between then and now is

that the banking lobby is so much more powerful especially after citizens united which came part way through this process admittedly but it's so much more powerful than it was i i guess there are a lot of people who all republicans it seems and and a great many democrats who feel you can't stop them so you've just got to deal with them but i don't think that's true you know it's it's tragic however a place richard thank you so much for being with us tonight. my pleasure you know if we can afford to give trillions to wall street and we can afford to give trillions to main street obama wants to help working people with his new jobs plan and is frankly time for republicans to drop their politically motivated opposition and help save this country from another great depression. coming up one of the koch brothers response to warren buffett's call for more taxes on the rich in my daily take i'll tell you how it's obvious that the koch's don't want a discussion about how they made their for about how their family made its first

millions. what drives the world the fear mongering used by politicians who makes decisions couldn't break through a bit if we can made who can you trust no one who is in view who would have noble machinery see where we had a state controlled capitalism and school satchels when nobody dares to ask we do our t. question more.

your take my take is a segment of the show where you have the opportunity to make yourself heard here on the big picture is your chance to share your questions comments rants and observations and i'll try to address them as best as i can my first comment came to us through the form of tom hartman dot com loomis asked were can one find raw data about the taxes paid by the top one percent you hear these figures thrown out all the time in aggregate but direct sources are really provided you know where these can be obtained it's a great question and fortunately information is easily available to the public on the web and you can rush in all budget office compiles all of the raw data about federal income taxes every year and post the internet on their websites. dot gov once you log on to the c.d.o. website click on publications in the menu across the top of the page then choose

special collections from the dropdown menu that appears and click on distribution of federal taxes and this page will give you all the information on tax rates and under the different data sets all available for download as a p.d.f. or excel document knowing the facts is important thanks to resources like the c.b.l. website it's easy to do our next comment is from the viewer rant line from threatening to execute the federal reserve chairman to claiming climate scientists make up global warming to make a block or perry has been sticking his texas spurs in his mouth since he declared his candidacy in the republican presidential primary last weekend and it hasn't gone unnoticed here at the big picture one viewer called the rant line with this observation i was just wanted to comment on rick perry says there's a big black cloud over america now with his open pollution policy and they were radioactive waste disposal site that the county pays for the same black cloud that

he's building in texas the only miracle about a job fix it. it would be a miracle if those low wage jobs could put food on most people staple hammer movie billions from education money hiring thousands of teachers his vision of the future to me like the movie idiocracy i wasn't familiar with the movie so i looked it up today and found out it's a comedy about two average joes who participate a top secret military iver nation experiment that goes very wrong and they end up waking up five hundred years in the future they discover that the world has spiraled into a dystopia were advertising commercialism rule the day and d. evolution has resulted in a stupid human society devoid of individual responsibility and they are now the smartest people on earth. more to scan the world to schools like to kiss it to them prison get the press corps mr president camacho.

the sky it's so you smart. you consider it extraordinary to. see and just what i thought the rick perry analogy is couldn't get any more creative i received this message. i've seen i hadn't seen blazing saddles in over three decades and the movie was shown last night for a hackle performance burton gilliam plays lyle the brash stupid bully cowboy who is a foreman of a crew lay in a railroad track he is anti workers anti blacks into chinese and i kept thinking this guy looks and acts like rick perry. yeah i see the resemblance not only is rick perry radical but it's off the cuff remarks and brash analysis of issues that impact millions of people are just downright dangerous better final comments and i came by a twitter last week the gang on fox and friends and others in the conservative media criticized agriculture secretary tom vilsack comments about how food stamps

are the most direct stimulus you can get the economy during these tough times. this the end of this program now is that actually people who are on food stamps stimulate the economy because every dollar generates one dollar and eighty four cents into the economy even more groceries if you're on food stamps he he by that is a stimulating part of the economy and i offered my take on why fox news doesn't know jack about economics. if you give people money to buy stuff then guess what they buy stuff and buy and stuff stimulates the economy it creates demand which increases the need for more stuff which means some people have to get hired to grow or build or manufacture and supply more things to sell which means more jobs and more paychecks and pretty much everybody doing much better it's called economics one hundred one government spending does boost the economy every one dollar spent

on rebuilding our infrastructure creates a dollar fifty nine in each increased economic activity a dollar spent on unemployment benefits are what fox news calls socialism generates a dollar sixty for increased economic activity and as for food stamps every dollar spent on them creates a whopping dollar seventy three increased economic activity making a deed most effective stimulus program at the government's disposal yet all of these programs are programs that republicans and their mouthpieces of fox so-called news rail on as an extension of the any state government waste well some guy named eric bollinger over a fox news was talking heads mention in that daily tape didn't take my criticism very well he tweeted. news phone seven minutes to me to nominate sort of put out more about economics than the. i think he's i think i should read we'll never

know but i guess it's easy to garble your insults when you're trying to fit them into one hundred forty characters or less you know the problem any american i never claim to be an economist but out of the twenty two books i have in print for a bit about economics and the economy about you but you know what i realize how facts and the truth can be hard to process over there of facts are called news so it's for you or is so and so you know such a pass that's it for your take my take tonight if you'd like your comments and questions here in the segment the big picture listen up know your to send us your comments were busy in the tom hartman facebook page but twittering at tom underscore apartment or in the champ room of the message boards or the blog thom hartmann. you can also leave a message on the rant line it by three six fifty three zero six agree disagree sound on it's all welcome to remember that your comments made news on the year.

last week billionaire capitalist warren buffett called on congress to stop coddling millionaires and billionaires and raise taxes on people like himself to the same level that his secretary pays asking that the rich pay taxes like everybody else didn't just draw the ire of talking billionaire heads like eric bolling of fox so-called news who apparently missed econ one o one of those called both a socialist he also said a fellow fellow billionaire oil all of our charles. is statement released a right wing media outlets charles koch responded about it by writing i believe my business a nonprofit investments are much more beneficial to societal wellbeing than spend sunday on any more money to washington which makes me wonder of charles koch even knows how he made his billions in america. because you realize that it was thanks to washington's international treaties negotiated by government negotiators and

ratified by the government senate that allowed his dad to do business with joseph stalin and make hundreds of millions by setting up fifteen oil refineries in communist soviet union and that it was thanks to washington's banking system that then allowed his dad to bring those millions back to the united states and invest it and eventually be quit that to him and his brothers charles koch realize it was washington's court system that enforces contracts to do business and to take over other smaller competitors and fire workers and streamline services and expand his own mega corporation does he realize that it's washington's investment in the nation's infrastructure that allows him to transport his goods all over the nation in the fission way to maximize profits because even realize it's washington's and doubts that as the new york observer and the institute for public accuracy have uncovered allowed his timber and cattle ranching companies to set up shop on public lands paid for by us taxpayers and use public roads again paid for by us taxpayers

does he realize he makes millions from the government contracts in washington because he realizes corporation directly reaps benefits from the billions in taxpayer subsidies and corporate welfare that goes to oil companies every year like his oil company. i guess he doesn't realize any of that because if he did he would say something like his own investments are better than the government's because without government and without taxpayer money charles koch would have no investments and speaking of those so-called investments are they really more beneficial to the societal wellbeing like the millions of dollars as reported by the wall street journal that charles koch has funneled into the george mason university think tank known as the merkabah center it's filled to the brim with climate change deniers and those scientists hell bent on destroying as many environmental record regulations as they can you know regulations that make sure that the air we breathe the water we drink and the food we eat is safe in fact when george w. bush came into office in two thousand and one the koch funded merkabah center

suggested more than half of the environmental regulations the bush immediately put on the chopping block so when our kids get asthma thanks to this polluter agenda we can thank charles koch for his so-called investments that benefit our societal wellbeing or maybe koch was referring to the hundreds of millions of dollars he invests in universities across the nation like the economics department as florida state university where as the st petersburg times noted charles koch can veto the hiring of any new professors if they don't subscribe to his tax cut and deregulation agenda who are at utah state university where cokes contribution apples to coincide with local requirement for students of the school business to read his book as also charles koch unvetted coax investments into tea party and anti tank anti-tax think tanks and front groups like americans for prosperity that have brainwashed millions of americans into thinking that tax cuts for the rich

will trickle down when they won't and that incitement programs are growing broke which they aren't. but their anti-tax efforts have yielded excellent added profits for his corporation and millions in extra cash for his personal bank account and they make sure that just like warren buffett pays far less of his income in payroll taxes and his secretary does from pushing to gut the e.p.a. to spending huge lobbying dollars to keep his corporate and personal income taxes it at historic lows and main group of people who benefit from the koch's investments are all or guards who also have nine zero zero swiss bank accounts the rest of us are left to suffocate under more and more pollution and a growing wealth imbalance that's leading to civil unrest all around the world if estrella's cope's idea of investments that benefit the societal well being then frankly people because we don't want it simple billionaire oligarchy like the koch

brothers who don't want to pay their fair share to support what makes america great or leeches on our body politic. as the big picture for tonight for more information on the stories we covered visit our website it's our urban dot com free speech dot org and. check out our two you tube channel zero one six on our own dot com this entire show is also available as a free video podcast on i tunes and we have a free thom hartmann i phone or i pad app and he have his on his feedback on twitter at tom underscore our man on facebook and on others for our blogs message boards and cell phone comment line or an article and don't forget democracy begins with you if out there get active say your it will see the.

what drives the world the fear mongering used by politicians who makes decisions to break through. who can you trust no one who is imbued with the global machinery see where are we heading state controlled capitalism is called sackfuls when nobody dares to ask why we do our t. question more. its.

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