polities you know i lowry that means into the mainstream and that's quite worrying and it's one of the aspects which is about if you want to go for your point about iceland is absolutely correct look at the situation with the social democratic government of iceland the prime minister wanted to repay all the bank debt making ice them bankrupt for fifty years turning iceland into what ireland became the president who only has the function of signing off that if you're going to bankrupt become country for fifty years there should be a vote ninety percent of the people oppose what the social democratic government is doing because they didn't want to all be plunged into the bankruptcy that you've just described she tried to do it all over again and again was rejected now this is in a nutshell what happens with the a central bank because you're told in europe the big lie that essential independent central bank is the hallmark of democracy where the independent some nobody votes form is controlled by the i'll make our case it means drop you

democracy let's have an oligarchy that's what an independent some troll bank means in the long as you have a central bank run by right wing bankers who will say we want to bring in an anti labor economists like the lady in france who said of the i.m.f. . and we want to be anti-democratic anti-labor and you say that's the whole market democracy but how on earth are you ever going to have a civilized stephens democracy in the euro is well i guess is it a toxic mix very much so i mean essentially we're dealing with a neil version of plato's republic being played out in central banks i mean it's absolutely terrible there's no democracy to just follow up on a plate that you made you know i would argue that there is a real structural dimension to this crisis in other words financialization has starved of the real economy of capital and entrepreneurial energies that would have gone into the innovation previously and as a consequence of that we're not seeing the deployment of as many innovative technologies as we perhaps would have in the past oh nor the develop. i think that

you're right to a certain extent it's a false crisis but on a deeper level there is some real dimension to it as well you're going to jump in the bit i mean i agree you're going to hear a general global problem about our financially dominant you know financial services about how bad the banking sector you know but i mean that's that's true but i come back to what i said i got a year at the year i was a currency you know it's kind of it's kind of price and most of the way you know the sort of the gold standard to be on the one hundred thirty s. was working maybe imposed in a severely deflationary policies or on countries that couldn't survive it i do think that's a separate issue do you hate anglo merkel so much i don't hate her it's the fact that you've been beating her up although there are the programs she has bought the banking myth she says we have to give money to the banks and make them solvent if they lose all the money in a bad bet make them good you use the word financialization she doesn't she thinks that the economy needs bankers to run it in to make it work but the bankers product

is this and the reason we're in a crisis is that the debt crisis because the bankers have created debt irresponsibly she says it's not the government to tell banks to be productive be parasitic that's the free market rip us off hey that's the free market our job is to give the bankers enough money so that when they make bad loans they can do everything they get paid and we're willing to sacrifice the economy year after year we're willing to sell it out so what merkel is is an american politician she can deliver her constituency to her campaign contributors and if that's the kind of politics you have and europe then the american economy runs most of the writer of the eurozone and referring to old europe the way they've just. one point which is that i fall too scared of the losses of the european banks which would suffer if you know for example i mean it's obvious to anyone that greece should default on its head yes one hundred seventy percent of g.d.p. it has economy contracts and have said yeah there's absolutely no way could be good to be. that it actually if you do if you are in the boat and so basically kind of

hedge funds and they know they're not going to be. present on the air i don't know but i did lucky to get fifty cents on the air and then i'd settle for something bad but that's a scared of the losses so you have a sort of day to be empty and the bank or the rest of it that allowed it to happen that it would be much better for everyone if the peripheral countries to default and then if they needed rescue dogs to bad for me to go out you could have a debate about afterwards if you did. this you were going to be. right where everything's about buddhadeb what could see the figures be much better and we had to michoud with sweden in latvia of course the swedish banks were terrified as was the swedish government lothians with the poles and i think you're absolutely right matthew we need to get right on we have to stop maintaining this fiction that these debts of retail will bear not just to just take a huge haircut everybody will know how all right just cancel the public would actually benefit from this so the banks would take a haircut just to get back to the point michael made i mean i think what he was describing was a kind of

a functional outcome of the system michael has used an analogy or metaphor before they're rather like and that is a parasite that actually convinces its host to act in ways that it wants and so we have this idiology that's present and that's how the system runs in a very parasitic fashion you have a column of those who actually control intellectual production and politicians pick up on that and i think many of them think they actually are acting in the public interest so we're jeff and i disagree with the europeans is that we're free marketers we believe in what adam smith adam smith said that no government ever repaid it and he was right and we believe that. the pretense that governments can repay the debts the banks know very well that they can't pay the debts what they want is now foreclosure time is arrived oh you can't pay give us the parthenon give us your water supply give us your tourist land this is the big gray up and that's finances now doing. that kind of thing it's massive in your view the last word i

kind of like kind of finance destroying the real economy. well i said this that moving the us i mean the assistance that peripheral countries can be paid out days is absolutely catastrophic and he says for these economies i mean i think you know people just need to look at the figures what's happening in places like greece about just the most extreme example the same things happening if you lay a portugal and spain you know we see recessions in the u.k. the united states but this is a nine hundred thirty style session this big effect on these countries and it's it's completely crazy i don't move all in a lot of very pessimistic note always happens when we discuss the euro i want to thank my guests here as i said in the global policy former and yet us lobby thank you very much and thanks to our viewers for watching us here r.p. see you next time and remember crosstalk rules. on the.

evening news. if. you.

hello i'm sorry but i washington d.c. and here's what's coming up tonight on the big picture republicans have some work to do now as president obama officially submitted the american jobs act to congress today so which political gamble will they take on saying yes and giving president obama political victory for saying no and solidify themselves as the party of no just inside which money well and even if republican members of congress go along with the president's jobs plan still has another hurdle to clear thanks to one person governor down in florida so now governor rick scott is screwing floridians

out of the ends of thousands of jobs. you need to know this lawmakers will be back in session tonight and waiting for that will be president obama's americans jobs act which was formally submitted to congress today. this is a bill that will put people back to work all across the country this is the bill that will help our economy in a moment of national crisis this is a bill that is based on ideas from both democrats and republicans and this is the bill that congress needs to pass no games no politics no delays i'm sending this bill to congress today and they ought to pass it immediately now

it's up to republicans to figure out what they'll do with it and according to at least one senior republican aide they're likely going to stick with the same game plan that they've used all year and that's saying. ok. his politico reports they're going to pass on the president's jobs bill an unnamed republican house staffer was quoted as saying obama is on the ropes why do we appear ready to hand him a win horse the american jobs act and whether or not republicans will support it or wait at until at least tomorrow to be seriously considered that's because most of the attention will be on tonight's c.n.n. tea party republican debate as we learned last week nothing gets in the way of g.o.p. debate so will we hear more of the same out of the republican presidential side show more probably bashing global warming denying death penalty cheeriness social security line here to offer her take on the latest political news coming out of

washington i'm joined by democratic strategist karen finney karen great to see you again good to be with you and thanks for joining us this is what president obama said in response today to that unnamed republican that i just quoted so that i can go on with the bill and just check this out. that's the attitude in this town yeah we've been through these things before but i don't know why we'd be form right now . that the matter is the next election is fourteen months away. the american people don't have the luxury of waiting fourteen months for congress to take action. so there you go ok so if he's on the he's all about this is about politics is what i want to work and people are i mean literally die. and on the other hand the republicans are like this is all about the election and we know what is sure to continue and this is part of the white house strategy right i mean to some degree the shenanigans we saw earlier in the summer if you talk to

the white house they feel like you know what that frees them up of any misconception that the republicans are at all serious about trying to get something done so now the president is really calling their bluff and saying ok you want to play and here's a plan you want and and remember that a number of the things in the plan like that would give tax breaks to middle class americans could be done very quickly and get that money flowing into people's hands very quickly and that's part of why he's going around campaigning for that so that people know hey this is what i'm for you want a few hundred dollars more in your pocket that's what i'm pushing let's see what they're pushing the interesting take on my radio show every day we have a report from the talk radio news service and and victoria jones is the person does that she does maybe i don't know forty or fifty conservative talk shows you know through the day and by liberal. and and so she goes out and she says all the conservative talk shows are calling this you know son of stimulus and saying this is a you know this is going to happen. how is this you know. how far can they play this

thing you know a couple things one of course they're trying to say son of stimulus because they don't want to have people really focus on the fact that literally what he's talking about are middle class tax cuts and today he outlined how he wanted to pay for them largely with cuts from where closing loopholes on you know well companies and gas companies and literally on corporate jet that's going to change the deduction equivalency there in sort of limiting itemized deductions so he's very special. lining up the choice do you want to oil companies and jets or do you want you know middle class americans so there's no doubt they're going to try to reframe this as stimulus are too because they don't want people thinking about the fact that wait a second this actually could be money back in my pocket i think at some point the other reality is they're looking at the same polls we are and those polls show that people are frustrated with president obama but they are more frustrated with congress and increasingly so they are blaming the republicans for the inaction in

congress you would not have the kind of tone and demeanor that you're seeing from eric cantor the lovely letter is that i'm going to take it away you know suddenly what we might be able to get something done you know so that change of tune you know it's not by coincidence reality check this one it seems to me that if if the republicans say yes to obama and give him what he wants they lose if they say no to obama and no way you just play harry truman and they lose the only way they can win as opposed to say you know maybe half a loaf i want to compromise like pretty much always have and he says yes well there's a grill chance of that and i hope that the president really sticks to his guns and sticks by his principles and doesn't give in because i you know we've seen that movie before and you're right even here this is what they're going to propose well that's the thing and although eric cantor is thinking this is not really

comfortable with money going to rebuild schools even though he voted to rebuild schools in iraq so i'm love to see him explain that to people in his district in richmond virginia but yeah i mean look you again you've got the president in a position where he can say he's in the strong position so he needs to hold on to that position because at this point he's really fighting for us but i mean the things that he's proposed these are not outlandish ideas we're talking about very concrete ideas to get the economy going and to get jobs. throwing good money into people's pockets so i hope he stays strong and stays tough and you know says look why don't you come all the way. instead of me coming half the way to your side again yeah yeah well let's hope that applies up that way back before all the republican debate and again i was suggesting that the ticket was going to republicans are going to be romney people want to. pull out he was never running for president my mind he was always running for vice president i think he proved that today by joining by endorsing romney enjoying his campaign your thoughts on

how it's going to play out and whether it's possible that rick perry will blow that all up you know and and be a governor or goldwater type of candidate you know the one x. factor that we have right now on the republican side is the calendar because they haven't quite set the counter if it's set in such a way that you go from iowa to new hampshire to a spate of southern states that could favor rick perry and make it a little bit harder for mitt romney even though romney would have the money to continue on and keep going so when that gets hard he sets the calendar and that. although you may recall in two thousand and eight we had we had similar problems on our side where you had state parties going to move up that's really where their contacts and so they're similar to what's going on on the republican side and as i understand it they haven't quite resolved that that being said plenty could be helpful in sort of the midwestern states i don't know that he's going to really have the kind of draw though that you would need for a v.p.

ticket you know rubio's name is still the one that you continue to hear because i think they believe there's a real opportunity and there could be to try to pull back some of the latino support particularly conservative catholic. this panic americans so what i'm not so sure of the plenty was making the v.p. play but maybe a cabinet position is a science and if it is the v.p. candidate even if you loses that puts him in the number one position of the president in five years. karen thanks so much for being good to see you always great having you here with us if you're watching the show live when you're missing the republican debate so here's an update on what's likely happening rick perry called social security a ponzi scheme that romney again was forced to run away from the successful health care plan in massachusetts ron paul dumped a bag of shiny gold coins on the stage and michele bachmann stared at the wrong camera so much.

so let's assume for a moment the republicans go along to president obama's american jobs act in a passes congress that mean there's a chance for the economy to find some footing and start creating jobs again not of republican governors and state lawmakers have something to say about the republican florida governor rick scott and his republican buddies in the state legislature are already suggesting they refuse as much as seven and a half billion dollars that florida could receive to fund schools and infrastructure projects as part of the american jobs act the white house estimates that over sixty thousand jobs could be created just in the state of florida alone if we got in the republicans take the money that is the republican speaker of the house in florida dean and said last week it's what the pros will still goes and go to sort of the current economic problem of not spending more money but considering that florida has an unemployment rate of ten point seven percent republicans in the

stage in the state should be asking for all the help they can get i mean it is unless they're just playing politics for more on this i'm joined by marie dimond reporter and blogger over think progress marie welcome thanks for having me great to have you here with us today as you point out your articles moody's says this is going to create jobs give us the details and your thoughts or you know that your reporting you know what your observation is of how this might play in florida first the movies right why. you know economists of every stripe have really been weighing in with positive reviews of president obama's jobs plan and you know as you mentioned moody's analyst said it could create two million jobs other economists have said it could create the floor for a three million jobs so you know there are really no dissenting views that you know this is not going to help stimulate the economy and we support it and it would especially help in the state of florida which as you said has a ten point seven percent unemployment rate it's much higher than the national

average and under this plan seven point five billion dollars would go to help florida operate schools will road through all these things to many of their stimulate their economy but governor rick scott has indicated that he's going to turn down all of that money because he says it's going to be like a second stimulus so you know he's turning away money that would help put floridians back to work which directly contradicts what he's been saying since he took office in january which is that his number one priority is creating jobs how does this how did how does i don't understand how in any universe other than that it's micro universe of hard core right wing talk radio listeners you know we just got to be a fraction of a fraction you know one or two or three percent of the already and maybe five or ten percent republican already down there how this cruise and your vanity well you know governor rick scott is one of the least popular if not the least popular governor in the country right now so you know he's his rejection of these federal

funds that could help florida has really cost him with already and you know they've been upset that he hasn't kept his campaign promise to create jobs you know what he ran on slogans like jobs jobs jobs of let's get back to work so you know it hasn't gone unnoticed by people in florida that you haven't kept these promises it's very interesting the. in fact it was the center for american progress and think progress blog some i don't know maybe a month or so ago pointed out that there are twenty five states with democratic legislatures and governors that have increased taxes increase spending and seen their unemployment rate fall right and seen their g.d.p. grow and there are twenty four states with republican governors republican legislators that have cut spending cut taxes and seen their unemployment go up and seen their g.d.p. go down so and the net net since president obama became president there's been about five hundred thousand government jobs that have been laid off right my

recollection of the math is right. if those government workers in those republican states had not been laid off right now unemployment would be to where we were sent and obama wouldn't be in this trouble he's right am i looking at a conspiracy here or at least a political strategy i mean you know it's republicans keep scapegoating public employees they keep making statements that government should shed more jobs that you know the state local and federal levels which is crazy because as you mentioned in new york times estimated that if we hadn't laid off you know close to six hundred thousand government workers and had been simulating get conned me the way that obama wanted to we would have had a million more jobs today so you know in florida for instance there have been seven hundred public sector job losses under rick scott and if you had taken her if you would take the money that obama wants to give him for florida there would be one point six billion dollars to reverse those job losses a get more government workers working to get that have been laid off that in two

thousand and twelve then rick scott in swing state would not be able to use the bully pulpit of the governor's office to say look how bad our state is the better unemployment is it's all the guy in the white house is fault that's true but there's also a risk to doing that because you know chief executives in their states like rick scott also get you know good for reelection in two thousand and twelve i don't know yeah yeah that would be an interesting one because ryan's if he's not well all the other thing he said he's going to create seven hundred thousand jobs it isn't right and he's been backing off that pledge to. he rejected high speed rail yeah i mean so the interesting thing is we've seen this from rick scott before you know he rejected two point four billion dollars in federal money that would have gone to creating a high speed rail project in florida that would have created twenty four thousand jobs so he does all these things that fly in the face of his promise to create jobs and you know you also rejected millions in funds from the affordable care act the health care reform law that would have gone to help seniors in this able to

children at this stage do they know that. i v i pretty sure the bureaucrats you know reflected his low approval ratings and i you know his is justification it's also really interesting because like other republicans who are coming out against this plan he's saying it's like a second stimulus which is easy but the other republicans by and large are taking the money in fact a lot of them are showing up at the at the shut the shovel groundbreaking ceremonies you know with the giant checks and start writing and so you guys have done a great job of you know the here's here's the here's the words here's the guy with the right say one thing and doing another and you know they seem to have forgotten how successful the first stimulus was at creating jobs you know at its height stimulus funds were supporting three point six million jobs and as of this this june they were still supporting about three million jobs so republicans should be able to get away with saying that stimulus funds didn't work and didn't create jobs so it seems to me that maybe we are seeing a political strategy here that goes beyond just crank ideology but who knows i mean one of the other either way it's going to hurt the people of florida that's

a shame yeah we thank so much for being so having me thanks for the great reporting you're doing over the summer for i think barbara starr thank you really it's great work reading your stuff with each passing day governor rick scott or as they call him down in florida governor skeleton or is looking more and more like another one term republican let's hope so anyway. coming up repairing our nation's aging bridges roads and tunnels is a guaranteed job creator for millions of americans but some republicans seem to think probably bridges are just fine even the ones in their home districts so why are these republicans that are putting our nation in danger of another infrastructure collapse. that drives the world the fear mongering used by politicians who makes decisions to create through. who can you trust no one who is you know in view with the global machinery see where we had a state controlled capitalism is called sessions when nobody dares to

ask we do our t. question more. our nation's infrastructure is crumbling the sherman mitten bridge for example spans the ohio river in louisville kentucky was shut down last friday do safety concerns after cracks were discovered in the bridges with load bearing parts and sherman minton bridge is just one of several bridges in danger of collapsing as the

american society of civil engineers points out thirty four percent of all the bridges in kentucky are considered structurally deficient and twelve percent of the bridges across the nation are in the same condition of disrepair there was president obama today on the importance of infrastructure spending in his american jobs act. we've got roads that leave work all over the country our highways are backed up with traffic our airports are clogged and there are millions of unemployed construction workers who can rebuild them so let's pass this bill so road crews and diggers and pavers and workers they can all head back to the job site there's plenty of work to do this job this jobs bill will help them do it let's put them back to work what's best for the. cord into a study by the urban land institute our nation's infrastructure needs to trillion dollars worth of repairs and erika's infrastructure now ranks sixteenth in the

world according to the world economic forum so should we be proud of being sixteenth in the world and the verge of another deadly bridge collapse like we saw in minnesota back in two thousand and nine for more on this i'm joined by david so conservative commentator and pro-business advocate david welcome. they thank you tom thanks for having me and i'd like to thank it's always your viewers they sent me some very warm letters particularly a young man named to him in my prayers go out to his family just lost his mother to cancer ouch sorry to hear about david thank you for joining us tonight why do you hate roads and bridges. i don't hate roads and bridges that all what i hate is the gross misappropriation of taxpayer dollars i think what we need to do is really put some controls on this administration because the spending that the president wishes to endeavor will probably lead us

a trillion dollars in waste and have very little to show for it i think it would be a lot and i'm not saying we should actually do this but it would make a lot more sense economically to give every american citizen a million dollars and call it a day rather than just throw our money away with this nonsensical plan i think that that might produce the same result the we saw in the. i'm our republic but. you know we're number sixteen in the world in terms of infrastructure and frankly american business needs this in for infrastructure as much as anybody else should we be proud of that number and should we be doing something about. we should be doing something about it by being good stewards and demanding that our elected officials be good stewards of the taxpayers' dollar but you make a very good point with the why more republic it's as if the president's economic plan is.