free. and free broken videos for your media project a free media. oh i'm sorry but in washington d.c. and here's what's coming up tonight on the big picture president obama is considering a new idea to finally get the wheels turning in the american economy so will his new plan aimed at helping homeowners bring some much needed stimulus to main street or will wall street seven tell you this idea too and new york's attorney general is leading the fight to hold banks toure's accountable for their high crimes so why is president obama stopping and trying to sweep wall streets this in deeds under the rug.

you need to know this a new congressional budget office report brings bad news for president obama according to the report unemployment will likely be at or above eight point five percent through next year's elections reason cited for persistent unemployment is weakness in demand as in not enough people have enough money in their pockets to spend and stimulate the economy and republicans have done one heck of a job keeping it that way by making sure any programs put forward by democrats to help the unemployed and get people collecting paycheck. so. as resorting to desperate measures get money back in the pockets of working people to stimulate the economy is the payroll tax cut extension that republicans are less than

enthused about supporting and here's another idea through helping homeowners that was just reported in the new york times today which read the obama administration is considering further actions to strengthen the house allow millions of homeowners mortgages to refinance that today's lower interest rates about four percent a wave of refinancing could be a strong stimulus to the economy people cause it would lower consumers mortgage bills right away and allow them to spend elsewhere so this is really an effective way to get the economy on track and if so why wasn't this done a long time ago here to offer her take on this issue is nomi prins journalist and senior fellow at the most she's also the author of several books including it takes up pillage behind the bonuses bailouts and backroom deals from washington to wall street nomi thanks for joining us from our l.a. studios thanks tom what's your take on this latest idea being floated by the obama

administration to help homeowners refinance their homes is this an effective stimulus. if it actually happened it could be if it were to be done properly it could be the thing is and you sort of mentioned this in the lead in that the idea of refinancing and restructuring borrower mortgages should have been done way before banks were bailed out what happened was obviously we gave trillions of dollars in bailouts and guarantees in f.d.i.c guarantees for new debt for banks to create in the zero interest money they have access to that the rest of the country simply doesn't and rather than turning around which was obvious from the onset i've written about it many other people have and spoken about it and figuring out a way to diffuse the the problems that have been happening at the borrower level in the fact that first of all a lot of these mortars are fraudulent that the market was overpraised all of the

fraud that happened but also that once the banks received cheap money and cheap guarantees and still continue to do so they did not turn around and help individual borrowers have the same benefits and that has continued to drive the economy and it was easy to see this from the beginning if people can restructure their mortgages especially when rates all around them for their banks are falling are being kept low the fed is continuing to keep them low with various q.e. measures in everything else they're not seeing that same benefit so of course they're on the hook for paying an underwater homes in an underwater mortgage is more than the banks from which they originally borrow that money get to pay for their money and that has aggravated what was and continues to be a really bad situation so yes if there was a way to force banks that should've been done from day one of any form of bailouts on land to restructure to help their borrowers refinance their mortgages in general

in this country our house. situation would be a far better position our economic stability for individuals and that is the fact that we have a tremendous jobs issue but at least that he said it would be in better condition and so none of that happened if we can get there that would be helpful there is a whole lot of pain that needs to be addressed as well though and it's not clear banks will let that happen at all anymore and that's it with ham already that's kind of the larger question in in two thousand and six is when are our housing market really starting to crash i think it was almost thirty thirty point drop in housing starts and that's when you know people in the know we were saying hey look out something really bad is coming because in one thousand nine hundred twenty six or maybe was two thousand and six that was over one hundred twenty six the exact same thing happened you know the bubble the housing bubble that had been inflated for the five years prior to that started to burst which led right to nine hundred

twenty nine of the great crash roosevelt didn't go to the banks and say hey you know help people out i mean the banks are failing all around and he just said we're going to create a federal agency we will buy your mortgage from the bank or we will simply take over your mortgage most of them at that time or five year balloon mortgages that was the norm of the time but you know not that different from our exploding arms now and and and offer people thirty year fixed rate mortgages at a reasonable price that were guaranteed by the government when they resolved this organization of going to be able but in the one nine hundred sixty s. there was actually a profit for the federal government and people got to keep their homes is there any chance at all that president obama could do something like this without having to go through the republican house of representatives which of course will absolutely not go along with anything like this. it would have to be done through you know ties to the money that's coming through the fed to the treasury department other have to be another way to do it is a treasury type of. concoction but i don't honestly think that the

treasury department will go along with this it's i'm going to go along with this because the banks will go along with this and whether it's the republicans who won't anyway if there was a viable solution that said look refinancing has to happen banks have gotten a good deal on their money they have not opened their doors they are not working with borrowers we see that in every corner in every county in every city throughout the country. and if there was a legal requirement for what the banks are receiving and that continues to be zero interest money now as well there has to be a certain percentage otherwise they're taxed more otherwise something happens to you know their income their profitability whatever that actually in current acts a an economic kind of pain to them if they don't refinance that would be one way of doing it outside of a sort of congressional vote or congressional action if it came in came from that but that kind of an idea would never flow through the treasury department or be

very very difficult to create and so you go back to it's talk about what happened in the twenty's absolutely that was a situation where the banks ran up prices there was a lot of lending there were shorter term mortgages and ultimately when things plummeted there was more assistance and that's the same kind of assistance of the banks received they received a workout of their debt problems they received extra guarantees for their debt they received cheap money to use to speculate to pay bonuses to continue to keep their businesses operational and to merge and become bigger than too big to fail they did that with money and that money needs to be and had to be back then several years ago distributed in such a way that least it was coming through the government to the banks it was going from the government to the end of. jools or legally created this requirement from the banks to individuals and that wasn't done so there would have to be some sort of. as some sort of a sickness or along with a cure for banks to not do their job and that's going to be very very hard to

really create and out and that would be a way to get it to happen around congress and it seems unlikely given the power that these bankers have known only thanks so much for being with us them. thank you republicans will likely shoot this latest stimulus strategy down because their plan is to seriously crash the economy before the twenty five elections and their plan is in full swing so mr president it's time to go bold with a new jobs package maybe even one that includes mortgage refile for trees. and. it's time for our daily poll your chance to tell us what you think here's today's question it's predicted unemployment will stay of all of eight and a half percent in two thousand and twelve hurting president obama's reelection really go bold on jobs know as one possible answer the republican plan to crash the economy before the two thousand and twelve elections is in full swing or yes it

will go bold and you know live through congress you can log on to our an icon does it let us know what you think the poll be open until tomorrow morning. it's the good the bad of the very very. ugly good judge john mcconnell. the end of two. years currently pending in that state's district court all on judgment connell statement reads if mortgage foreclosures stayed are hereby the cases are here by state and show the maine so until further order of the court decision comes out of the fact that no one really knows who won't be anyone's mortgage anymore thanks to a decade of banks to chop them up and so on and off to other investors over and over and over again and the by the time the homeowner goes into default it's

unclear who can actually foreclose on the property and when that happens the banks have been hiring robo signers to forge fake mortgage documents to cover their butts well judge mcconnell is saying no more funny business at least in rhode island and telling the banks as they have to get their act together in their paperwork in order from here on out so of other judges around the country a list. of bad news corp the fox so-called news parent company is producing a new documentary glorifying president george w. bush's handling of the nine eleven disaster that happened on his watch forty to early reviews the film aims to rewrite history to make it look like bush was a great leader who put politics aside and was determined to hunt down bin laden. course in reality we know that bush took the longest week asian presidential history right before nine eleven had plans immediately drawn up to invade iraq

right after nine eleven and call off the search for osama bin laden and too long after invading afghanistan but none of that matters because as producer peter shaul said in the interview my goal was to get him to talk about those four or five days i was most interesting facts and how he was field. less interested facts i guess this really is fox so-called news production and the very very ugly bob turner turner is the republican running to fill anthony weiner's baking congressional seat in new york and he's really chosen a winning platform attacking sick ground zero workers in an interview with the new york daily news turner was asked about the zadroga act which gives health benefits to nine eleven first responders and turner offered this explanation saying is that cool beyond criticism oh i was going to a little too broad and then went on to say doesn't think volunteers who helped your

ground zero and are now dying from the dioxin fumes than a should be eligible for health. well turn your back on six nine eleven workers while running for congress in new york let's see how that works out that's very very. coming out are the billionaire dual code brothers practically laying down a welcome mat for potential terrorist attacks on american chemical plants are in deep pockets and danger in millions of americans where are they are they not. we just put a picture of me when i was like nine years old and since you know lived through. i make sense and i am a total get of friends that i love traveling because he is a philanthropist. he was kind of yesterday.

i'm very proud of the world with its place. eric schneiderman is our best shot at making sure banks pay for the crimes they committed and wall street crimes that have led to millions of americans losing their jobs and livelihoods crimes that so far have gone public unpunished earlier this week schneiderman who is new york's attorney general was kicked off a panel of state officials from around the country who are working with the obama administration to come up with a one time settlement for the banks years to pay up for their crimes so that settlement gets paid and everything else gets swept under the rug for their

lawsuits no jail time no not the crime of the century gets forgiven the number being floated around is a twenty five billion dollars fine to be shared with the words pocket change for banks tears but schneiderman doesn't like the idea and that's why he was kicked off as attorney general of new york in the us the lead police chief on wall street schneiderman has the power to bring what ever investigations he wants against and he plans to do just thirty launched investigations into wall street giants like goldman sachs morgan stanley and bank of america and he wants wells three held fully accountable for the damage they caused and not just a slap on the wrist fine. so why is the obama administration not on schneiderman side and how much longer will the american people put up with the banks are skirting the law for more on this i'm joined by amanda. we're near the whole

banks accountable campaign organizer at the national people's action national people's action. thank you so much. tell me a little bit about eric schneiderman first of all well so eric schneiderman has been in the news a lot this week and that's a great thing because what we've done and what we've seen is a focus again on the fact that homeowners still have not really seen any justice and so what the conversations about is this fifty state attorney general supplement and you know there's been a lot of obama and the other attorney generals are you on that team are you on eric schneiderman team and and the team we all need to be on team homeowner there are hundreds of millions of underwater homeowners in america today is this is this doesn't this also extend to things like all the people who lost pension funds i mean states got wiped out countries go by it absolutely i mean if we look at the overall damage that these great banks and wall street have done to our economy.

it's trillions just so they got fourteen trillion and bailouts and backstops and i would argue that we every day americans have not seen any any help for our homes for our jobs for our state and city revenue crises and we've had an opportunity here to deal with the housing crisis and we need to take. did you see the movie client number nine i didn't oh me strongly recommended it is not about the salacious i mean it's got that you know it's about eliot spitzer but basically the story line of it is he angry to a billionaire who goes on camera brags about it the billionaire hired roger stone. big they got some illegal stuff done people inside the government. releasing information that they were supposed to release and they were able to figure out that spitzer was you know hers and then they turned that into a major very expensive p.r. campaign and brought it down and and then they both bragged in the movie about how

you know we took down this guy that was trying to take us down so here and now we've been doing the same thing spitzer was doing or it seems you know trying to take on the billionaires and wall street assuming that he doesn't have workers in his background. does he have other things to worry about i mean there's but he's raising a really critical question about this attorney general settlement and now none of us have seen the thelma yet but if you would have passed the piece of paper and asked me to write it what i would write is a strong settlement that's going to benefit homeowners in all fifty states and there's a critical component of that first we've got to have principle write down for homeowners we have to second we need restitution for homeowners whose homes were illegally foreclosed on we're talking about robo signing right where it was not even clear that banks held the mortgages when they foreclosed on on people's home fraud and i believe if i came to your house and i was not the owner of your house and i removed you from your house and i took that house over i would be stealing

your house and i would go to jail sure that's criminal behavior and we need criminal prosecution why is the obama administration not mr snowden so. you know i guess and i think what we really need to talk about here is we're going to go there for a fact that we haven't even seen a settlement yet but eric schneiderman is raising. generous name is raising and he's in a critical decision to do it is this question of the banks get a free pass and should real thorough investigations continue so what we know of the attorney general investigation so far is that it's focusing on foreclosure fraud and its focus focusing on robust finding do we need relief for homeowners is that in a way what is going to be critical to getting our economy started they can you know we just released a report with with a shocking number here and that shocking number is seventy one billion dollars a year and that is what will get put back in the economy and set in the pocketbooks

of banks stars if the underwater mortgages were all of all underwater homeowners in this country were reduced to market value yeah so so so so new bottom line release this report a win win solution and that says so for example say i you know i had a house that was valued at five hundred thousand dollars and i took out a mortgage for four hundred thousand dollars right and then the economy crashed right but it's just crashed the economy through their illegal activity making the banks are sold what if we made the people what if we made the people whole and so now my house is worth three hundred thousand dollars and i still owe almost four hundred thousand dollars so i have to put more money back in the pockets of those same banks that brought my house that value down in the first place so if we're to do that we could create we think over a million jobs because that that money would be flowing back into the economy and it would be things long is there any you know these banks toure's fourteen trillion dollars from us into literally billions of dollars in paychecks yes yes in the in

the half a minute or so we have left is there any chance that we call back any of that money that. those folks have done what i mean i think you know it's going to take a lot of street heat we've got to get out there homeowners have to get out their tenants unemployed workers workers are going to need to hit the streets and there's a series of actions that are planned in october this fall people can find out more about that by visiting the new bottom line dot com. but the next opportunity actually is that the attorney general thought on that and we do have to consider what eric schneiderman is raising and not give banks a free pass on all of what needs to be investigated so people could contact their state attorney general's office and say please support. the partner really i don't know and the website is new bottom line not new bottom line that com dot com thank you very much great to meet you. american people just want justice served and it's up to the president to make it happen or at least get out of the way of.

are the koch brothers playing into the hands of terrorists according to a new greenpeace report the koch's have spent huge sums of money lobbying against legislation that requires greater security at chemical plants prone to terror attacks currently thousands of chemical facilities across america are putting more than one hundred million people at risk if terrorists were to target those facilities koch industries and its subsidiaries run fifty seven of those chemical plants arguably putting four point four million americans in harm's way and while countless environmental labor and health organizations are pushing for legislation that requires companies to beef up their security reports are that the koch's are quietly working to defeat those efforts that's perhaps because they could make more money and save. more money they know that more money spent on security means less money in profits so how are they getting away with this and shouldn't profits come

second to saving american lives john dean's joins me now he's a toxic campaigner. campaigner about toxics. so far or not as i said go ahead greenpeace dot org a job well welcome thanks on the coax you and i talked about this on the radio today that's right and in the time from then until now the koch's have come out and rebutted the argument the report that you are the greenpeace and. it was the other organization that worked with you on that. was two separate reports came out of their own report their own research but sometimes the center for public integrity also released an investigation so the new york city on the coax of rebutted your report by saying that they play safety of oil profits they take appropriate precautions but these are paraphrasing but these are her words and support they support of the bipartisan chemical facilities anti-terrorism standards and the fats and they say that your funded by george. so the question did

george soros tell you to trash the business interests of these oligarchs and is there anything you want to correct or apologize for no i mean the criticisms are really just acknowledging what we said in our report which is yes they do support the chemical facility anti-terrorism standards which are weak have exemptions it's been shown time and time again by security experts and they don't focus on disaster prevention they essentially allow coke to continue operating the facilities just as they have for years so of course coke likes that and they'll acknowledge that i noticed in their in their rebuttal and i read it carefully i thought you know we're going to do this show i want to be as close to accurate as possible or as accurate as possible. there was one when we talked on the radio today one of the main focuses of your concern is their lobbying efforts. and yet there was not a mention of lobbying in the report less i misread your missed it. was it sort

of like you were saying a and they said oh no we're not doing b. yeah so off our point is that we've tracked their lobbying records and we've shown that far and away i mean the chemical industry has been allied against protecting americans from the chemical gas disaster for years and coke is one of those big companies all they are saying is yes we agree we've lobbied on this issue and we've said we want to keep things just as they are we want to keep these facilities that we own and that other chemical companies are running we want to keep them from switching to safer alternatives that are available well now that was not mentioned even once in their rebuttal and this is another point that you made that they're using chlorine products which are deadly when in fact they could use oxidizers like i didn't prophesied but that are far less deadly putting both workers and communities at risk. and the idea why they chose not to address that i mean that what that was all. an important part of the focus here paul well we we put very

hard research into this and they know that they can't rebut the facts when the facts are there there's a submit these these records to the government they've said these are their lobbyist on these issues they've put a public statement on their website that says we support the status quo and we are they literally say on their site we are against inherently safer technologies how can you be against something that is inherently safer so if you have a they have absolutely it's right on their website so they're not even denying their opposition to the policy that we support which is to close these exemptions we have thousands of facilities around the country that are even under the current v.h.s. regulations department of homeland security the policy that code like so probably many of their facilities are exempt from the policy that they say they support. should should people who are. well it's probably

a larger question. to two how what are they doing right now and you know forward that that you're pointing out one of the things that you're pointing out that you would specifically like them to change or stop or that you would like public pressure to be brought to bear on them to change or stop will we need a comprehensive policy a current policy that coke supports was meant to be an interim piece of legislation is tacked on to the appropriations process and it was meant to give the h.s. a head start well congress can get its act together as we've seen congress isn't getting exactly gather and a big reason is because companies like coke dow dupont are lobbying against a comprehensive policy and now they're hiding behind this policy that offers a bunch of exemptions the biggest exemption the biggest security gap is considering changing the process at their facility so that if a terrorist flies a plane into a facility or stands outside the fences and the cameras and the guards were. a high

powered rifle they can't rupture a massive storage of toxic gas and fumigate an entire city as he said over one hundred million people are currently living in the shadow of one of these chemical facilities and coke is lobbying to keep it that way and there are safer alternatives that could be inside those tanks absolutely for almost every dangerous process that we've looked at there are safer alternatives that presumably more expensive in some cases yes but in many cases the survey was done and a third of the companies surveyed said they actually save money because we're talking about innovation work we're talking about equipment upgrades so this is just the momentum or inertia status quo for all of you thank you john appreciate your being with us thanks tom thank you very much we should be too surprised that even when millions of lives are at stake we coax can only think about making the money but my question is where is the outrage in the right wing terrorist rocks.

crazy alert get off his obsession while looting ousted leader moammar gadhafi his compound in tripoli libyan rebels have made quite a discovery a photo album shrine to former secretary of state congolese rice reportedly the photo album was filled with age after page of pictures of the rise who could offer you once referred to as his darling woman even had a pet name for her liza which reminds me as anyone checked rice's basement for going to off the ball because well the congolese arise photo shrine is a good disturbing i have a feeling fringe desperate gadhafi has other skeletons in his closet tragically literally. coming out congressman paul ryan is that it begins growing over his constituents why is he hiding behind police to avoid doing his job. drives the world the fear most.