on. but of the lower show where you get the real headlines with none of the mercy if you live in washington d.c. now it's not really discuss the death penalty in america what does the makes our country stand out from the rest of the western world by still carrying out capital punishment then stocks are falling nerves are rattled and movies has downgraded three major u.s. banks so what is all that mean for the global economy and google got grilled on capitol hill this week with lawmakers asking if it searches are biased and if it's an industry golding but there's a group out there called consumer watchdog says its privacy violations are the bigger problem so to speak to

a member from that group we'll have all of that and more for tonight including a dose of happy hour but first let's take a look at the mainstream media has decided to miss. last night at eleven o eight pm eastern time troy davis was executed now the execution it originally scheduled for seven pm but the supreme court renewed hopes for davis' supporters that it just might not go through with the last minute they delayed the process until they could deliberate whether or not to accept a request to stay the execution but around ten twenty pm the supreme court announced of the application for a stay had been denied and there was not a single dissenting vote and if you watch our show you know that we've been covering the story for some time but the mainstream media they only picked up on it recently after protesters began gathering in georgia thousands of petitions were sent to the georgia board of pardons and paroles and after world leaders people like the pope and president jimmy carter joined in opposition to davis's execution nonetheless by last night this would become the biggest story in the country and

the media did give it wall to wall coverage with of course the exception of fox news but expected breaking news this evening as there continues to be no decision from the united states supreme court on a pending and very controversial execution he was set to start by lethal injection three hours eighteen minutes ago seven pm eastern time that is on hold for the execution of troy davis is grim. just reporting that the supreme court has denied a stay of execution this just in the supreme court has just rejected the stay of execution for troy davis theory that troy davis has been executed is dead you are talking the execution was a living away. and i'm happy that this case got the attention that it did that finally made the mainstream media raise the questions that they did the fact that a man who's guilt could not be proven beyond a reasonable doubt but i thought he was executed with the most insane final power

of the government holds that scary that should be discussed and the problem here is the troy davis he isn't alone his story isn't a one off story that it's never been seen before that is the mainstream media pick and choose what cases they want to get behind now meantime also while i applaud them for realizing that this story was big it was a horrific example of what's wrong with our justice system i wish that they would do it more often i wish the investigative reporters who devote their time to exposing corrupt prosecutors corrupt cops discredited medical examiners i wish that those people got more airtime on those cable networks i wish the fact that we have the largest known incarceration system in the world and that every been registered on a normal day for those staunch progressives or liberals who now seem to care so much you know our justice system is immensely fly we lock people up we throw away the key for nonviolent offenses we create a second class of citizens they're either forever locked up behind bars or forever disenfranchised unable to get jobs or reenter society and we have countless people

in this country who have been victims of unfair trials of racism of corruption people that just might be innocent and they're profiteers that are building private prisons and lobbying for tougher legislation also that they can fill those prison cells and in the meantime fill their wallets and when nothing is more finite and state sanctioned death that's what gauri all of us the whole system here is flawed now i hope that after troy davis is. case we're going to see this become part of the public discussion we're going to see attitudes shift we're going to see the media's focus shift to uncovering the in this in sees the injustices to uncovering that all the time but i'm just afraid they're going to move on and in the long run they're going to continue to miss. now fears about another global financial meltdown continue to grow stocks plummeted

today with the dow industrial average at one point falling as much as five hundred twenty seven points even said it's a combination of reactions to the federal reserve's announcement of operation twist yesterday the prospects of another government shutdown here in the u.s. and moody's downgraded the credit rating of three major u.s. banks today those would be bank of america citigroup and wells fargo but the real pain is over in europe standard and poor's downgraded the ratings of seven italian banks and headlines are running wild about french banks looking for a cash in the middle east although b.n.p. c.e.o. denied those claims so what's the world to do well this week finance ministers from the brics nations are meeting here in washington if i am at how much could they really do joining me to discuss it as economist and economic analyst excuse me. because i want to thank you so much for joining us tonight and you know at this point has it become really obvious that europe doesn't just have a greece problem they don't just have a spade or an italy problem that the entire banking system there has been infected . so you're absolutely right and thank you for having me on and i'll excuse my i

just had to operate on up the problem we had today with the all of the markets collapsing basically commodities equities and the only thing i was doing ok we're very proud stacey we have an entire system that is incredibly fragile if you thought it was yesterday's announcement of what people are calling twist the new federal reserve policy of purchasing four hundred billion dollars worth of thirty year hard problems and financing that with the sale of four hundred billion dollars worth of short term treasury notes that that is what triggered the fall of yesterday in asia and today in the european and american markets and the fact that matter is that a trench banking system the american banking system they're all incredibly fragile because of the european sovereign debt crisis now you have this announcement yesterday which i think that most people would agree who are following the news was not that big of a deal what the fed was doing certainly no match for ransoms fifty two back in

november of last year and what we have had is the entire system is crumbling its heels unbelievably fragile with the problems that we had two thousand and eight were kicked down the road and we still have the same problems today and we're trying to fix them haphazardly on an ad hoc basis you know the whole central banks here and they're doing some random things to prop up their particular financial sector like the swiss uniques a couple weeks ago and then the bank of england follow on d.c.p. and now a reserve everybody's basically realize that the entire financial system is standing on its side and issue becomes not when will all these dominoes fall but rather which is going to be first domino to fall that will trigger this collapse of the entire system i mean i am unfortunately very very bearish about the current situation that we're in i think that that basis we are about to experience is going to be worse than the run in two thousand eight hundred about. prospect of them

breaks stepping in and trying to do something of course brazil first through this out there last week now they're going to be meeting here in washington this week and i.m.f. meetings and you know there is talk of them purchasing sovereign debt from european nations they have maybe four point three trillion dollars in cash on hand that's what some people are estimating but is that a good idea could they even really say are up at this point but personally i don't believe in the easter but ok it's a nice look and see if that saugus that is still russia india and china the notion that they have enough cash on hand that they can throw the west a lifeline but the problem is even if that were possible which is far from true i mean it's it's probably a nigel. noises that both russia and china have been making recently even if that were the case we will only be postponing the inevitable because what we have is a financial system in the west europe and north america that he's insolvent. the

central bank which is central banks that have been essentially kicking the can down the road we have to purge these imbalances and this of course is painful so if we go into more debt you know to straighten out our situation and buys ourselves some more time we're simply going to be cute and we can down the road and a person you kick the can down the road that can become stable or so it would be nice to dream that little dream but the brits are going to come and save us sort of like you know rambo and the third movie or whatever but i don't honestly think it's enough. well now if we go to movies which downgraded the credit ratings of three u.s. banks today i think they're dreaming a bit of another treat because essentially what they're doing here is they decided to ground downgrade their credit rating because they think that a second time around the u.s. government probably wouldn't step in and bail them out if need be but i don't know i'm a little skeptical sure you could say the political climate has changed a little bit now especially with the tea party in congress you can say that popular

opinion has changed but then again we see warren buffett investing five billion dollars of his own money and b. of a which you could say looks like a little mini bailout and its own i'm not really convinced that we wouldn't see more bailouts here in the u.s. how bout you. i agree with you i think that more bailouts are probably nothing for a simple political reality the ad states government cannot allow all these big institutions to go down the tubes they've already invested too much they have truly become too big to fail but the problem is that the united states government for political reasons doesn't much do the right thing which is basically nationalize the spanx purge them up their toxic assets reform them we regulate them we implement people and get them or only that's what smaller weaker economies for instance iceland that's a did in two thousand and eight they just went ahead and nationalize the banks and wiped out the equity holders and started fresh like they're supposed to at the end of the day that's what bankers accuracy laws are for when you have

a bankrupt institution get a small mom and pop grocery store or a giant you can't get super bank like citibank for it seems if they go insolvent if they go bankrupt that's what the laws are there for to write about equity holders for all of our holders to take care of pets to reorganize the company so that you cause as little pain as possible to the society as a whole the problem is that when she doesn't happened and all these banks were insolvent rather than do what was necessary which is what the icelanders deterrence which is right up the banks and right up yet people use the american and european bureaucrats side to kick the can down the road and there are these banks to to fail and bail them out you know hundreds of billions of dollars and you know how that story runs it was very unfortunate story and very i'm talking about the problem now is that those banks are far larger than they were and wants me so it's going to be a bigger bailout it's more expensive and more painful and the political reality is that there is no political will to let the free market june which job of creative

destruction and wipe out these from points so we're going to have bailouts it's as simple as that up well i think it may also take haven't taken account of fact that there are a lot of people who are struggling right now from the. mishal financial crash and you have more than forty six million people in america living in poverty and so the prospects of trying to go through this let's just start over bottom out that's really scary because a lot of people are going to suffer very very much so in a tough way i just have one quick question for you too so we've seen with the stock markets just plummeting today at the same time of course the dollar's doing ok u.s. treasuries still doing ok but gold fell how do you make of that. up it's a good question i took it personally and well today and i'm kind of curious about it myself but i was much more concerned about copper. and thought on thirty percent in the last three four weeks i think from its high of particles of four twenty or whatever and you know it's a three and

a half thoughts per pound now the issue is chemically people say that only copper has ph d. in economics and i think that this is very true or is that because it basically means that the markets have decided that there is not going to be a reactivation economy and that the world's economy that is i mean just local global level is not going to react to make in the short to medium term but it is the next. months and so you're seeing that in the price of commodities and just the commodities in particular which are falling and falling rather drastic and that is particularly worrisome that you should go to a person it's falling to i do believe it was seventeen point five of those today i think that that is perhaps a generalized you know flights to safe haven because remember the global market is exceedingly small when compared to the treasury market or of european sovereign debt or so if there is a flight to safety it is inevitable that role will take a hit if it is a strictly financial player moving out of equities and into treasury

a lot of. girl positions in order to cover the there are oppositions in equities and treasuries but having said that i think that any pullback that we see now that we have seen today a problem which in seventy three probably use it over the time being and it will be covered in short term but i think that what we should really be paying attention to in surprise commodities are concerned these copper and it is it's continuing far i think that's very worrisome because it points out the markets have collectively reached a conclusion that there is not going to be a reactivation of the industrial sectors in the near to medium future i'll make sure to keep an eye on that thanks so much for joining us tonight. oh it's a pleasure thank you for having me. and now earlier this week president obama announced his deficit plan which included a new tax on millionaires something dubbed the buffett rule. this is going out of opportunity that's great i want to say it is that those who have done

well including me should pay our fair share in taxes to contribute to the nation that made our success possible either we asked the wealthiest americans to pay their fair share in taxes we're going to have to ask seniors to pay more for medicare we can't afford to do both. so the g.o.p. they quickly rallied the troops to fight the evil plan after all it encourages the rich to pay more taxes forget about the whole concept of paying your fair share they think of that is just preposterous so leading the charge and accusing the president of waging class warfare as house speaker john boehner along with many of his other generals. i don't think we're just right class warfare is leadership because it looks like the president wants to move down the class warfare path class warfare will simply divide this country more or taffe job creators divide people and it doesn't grow the economy and when you pick one area of the economy and say

we're going to tax those people because most people are not those people that's class warfare. class warfare well yeah there's definitely a class war going on and guess what noble g.o.p. warriors if not the rich that are on the losing side i mean offer of an example here for you so forbes just released their list of the four hundred richest people in america today what's really interesting about this list is how it's grown and not in the number of richest people but in their net worth you see the total well for all these millionaires and billionaires has actually gone up by twelve percent this past year so these groups combined worth is now one point five three trillion dollars and you can see a lot of similar faces within the group including bill gates warren buffett george soros and of course the koch brothers bill gates network grew by five billion dollars and his earnings are estimated to be around fifty nine billion george soros added seven point eight billion to his big bank this year and he's now worth twenty two billion dollars facebook c.e.o. mark zuckerberg has added over ten billion to his fortune in the past year making

him worth about seventeen point five billion and in fact the only person on the top twenty of this forbes list who lost money is warren buffett and despite losing six billion dollars he still comes in second place with a net worth of thirty nine billion dollars so just one person out of the top twenty lost any money in the last year maybe buffett's losing his touch maybe that five billion dollars that you invested in failing b. of a might have something to do with it and of course that didn't happen yet but once again maybe he's losing his touch anyway here yes these men are the richest in the country but they're not just your average joes they might be living on another planet they're going to continue having their wealth continue to grow but this time and that's kind of crazy if you compare their growth to the american people as a whole so you courted the fed household wealth declined from two thousand and seven to two thousand i buy twenty three percent of the census the american people's real median income declined in two thousand and ten by two point three percent that all the wealth of the world the top four hundred wealthiest americans

but up twelve percent of the g.o.p. says that there's a class war going on you know there right there is a war on and the rich are the ones that are winning. after the break of the return of the case of troy davis and the gruesome the death penalty here in the united states but ask what popular support of executions really says that our country as a whole. enjoyed only the military mechanisms to do the work of how to bring justice or accountability. i have every right to know what my government should do if you want to know why i pay taxes. but i would characterize obama as a charismatic version of american exceptionalism. you know sometimes you see a story and it seems so for like sleep you think you understand it and then he

glimpse something else here see some other part of it and realize that everything is ok you don't i'm trying hard look at the big picture. let's not forget that we had an apartheid regime right here. i think that is beautiful and funny well. whenever the government says they're going to keep you safe get ready for freedom.

for. fifty five. when else which turned the case of troy davis i've seen it many staunch supporters of the death penalty say that in this particular case they're opposed because of the technicalities now we also saw some very disturbing examples of blood let's take for example and coulter's tweet yesterday that said one troy davis flame broiled now everybody may not be as overtly twisted and disgusting is called her is

she can speak to a certain tally overall to one and it's been so for decades americans fundamentally believe an eye for an eye mentality they believe in justice being carried out through the means of capital punishment so we ask for that comes from why in this particular case we see our values align more with countries like iran and china than our western european allies where the death penalty is longer abolished and the e.u. foreign policy chief responded to the news of davis's jeff yesterday by saying of the e.u. opposes the use of capital punishment in all circumstances and by calling for a universal moratorium so what america ever signed on to something like that might trade davis finally change our society or is this notion of seeing justice carried out that way to integrate well joining me to discuss it as james who knows host of the bottom line and reform school on petey the james i want to thank you for joining us tonight and i guess first if we can just start with where you fall in this entire discussion from what i understand you support the death penalty but in the particular case of troy davis you were against it. well i think there's

a real looking at this oftentimes gets swept under the rug and we're dealing with the things here you because it is a contentious issue there's a lot at stake in of course the downside is if you ask some people and i think there are two claims at work the first claim is that there are some crimes that are so heinous that the only commensurate penalty is for the criminal to lose their way so the question then becomes you know well and who's going to do the taking of the life that's when things get they see when the government has to do it it opens up a series of problems that we can get into later but the second claim that gets made is that justice really can't be done unless said criminal is tried and convicted based on eyewitness testimony and judged by a jury of his peers not scientists not a lab not d.n.a. evidence that also puts the burden on us as citizens to do a certain job and to do it well i think that's an important one for us to carry but once again when it comes to actually applying standard we can get into some real

trouble as as we've seen in the past with only with you know sort of retroactive d.n.a. evidence that's going on people are innocent people those people who do get sent to death row and executed where there are some significant questions as to whether or not they're guilty or innocent i mean i want to go back to your first point there he said some crimes out there are just so heinous that you feel like the only way you know to go back with it is to also take that person's life the person that committed the crime but who decides what crimes are so heinous and you know not everybody thinks that way which is why i'm trying to figure out what is exactly or specifically about this is siding here in america if we compare ourselves to europe where the death penalty is abolished where they think this is just some barbaric archaic way of carrying out justice what makes us that out why do we still think that this is the right way to go about it. well you know i think we're less afraid of death as a rule than europeans so i can exaggerate in that way but you know i think it's a mistake to say that we're an eye for an i say you know this is

a society where if if someone charges someone's arm off we think that their own should definitely be charged are in the comparison to countries like iran or like china where you know you can be thrown in jail for practicing the religion of your choice or you where you can be han executed publicly for being gay that doesn't compare at all to the way capital punishment where it's the united states you can agree with capital punishment you can disagree with it you can you can save it until it's given the facts and given a possibility for abuse that we should really dal it down or even in it but you don't need to go down the road of accusing america of being an eye for an eye country worth having the same kind of view of death and punishment as you get in countries like iran or in china in any case if that accusation i think but it's a valid question and it's we ask that right i mean these are our policies and we give the government and they go this is also what's so interesting here is because there are so many americans there have this mindset that limited government is the best kind of government and i believe that you are one of those people yourself but

to give the government the power that to me is the most insane aza out of power that bear allowed to decide and to take a citizens life that's crazy. well you know here's my concern is is when you hand over that amount of power here's what you're doing you're creating a possibility which in practice can lead to some serious abuses and this is been well documented we see this across the board when it comes to evidence that comes from snitches who are in prison when it comes to actually gathering like hair samples and introducing hair samples and sort of thing as evidence in the courtroom when it comes to the sort of representation defendants worth facing the possibility to execution really actually get in practice and you know first to set aside not even touch the whole questions of sort of institutional discrimination and it's written by seasoned juries and that sort of thing even without going there which is itself a politicized leaving the boy just i mean look at the way. the criminal justice system works or doesn't work and especially the impact of the war on drugs has on these proceedings the pressure is on prosecutors to you know deliver

a certain kind of record that will get them that will get reelected or remove them higher up the political future there are such profound problems with couple personally in the way that it's really practice with it really goes down but i think even people who are who are not against the idea of capital punishment here you have to seriously take all what's going on in the way this is new united and you can to question whether or not we need fundamental reforms including reforms that want to before we can even get to a place where we're comfortable raising ourselves to the standards a really. clear and proceed adequate approach to capital punishment would until i totally agree with you there you know in a sense that there are a lot of problems in this justice system and things that need to be addressed and i hope because this case got so much attention and you know i think that it's a it's unfortunate there are incarcerations as have our justice system don't get this kind of attention from the media every single day but at least the case of troy davis has somehow elevated there and you know i hope that somehow from this

point on things might change but if we go back to the fact that we already granted this type of power to our justice system when we look you think that there are some type of religious undertones here you know a lot of people would say that it's very christian because they can find certain passages in the bible that will say that it's ok to kill in results of a crime as a form of justice or do you look back at the eighty's the early ninety's when there was a lot of crime in this country and that became really an emotional response a tough on crime attitude. well you know the biblical evidence if you will is is you can find what you want to find i don't think that the bible is final one way or the other only shoot and even if it was that wouldn't you know it wouldn't solve the problem for us as a sort of political numbers of a political society and unless the bible tells us what to do in every instance you know it doesn't so so i would set this sort of critical what role is christianity play here i would set that aside i would say that doesn't gain again purchase for us and how to resolve the question and you know it's not just that people who are

up for execution who we have to worry about here tragically it's people who get thrown away in prison first their lives people without parole people who are you know on the losing end of a three strikes you're out law you know the problems with a criminal justice system then i think rubbed off on a capital punishment issue and there are progressive and it's not just the guys for getting executed that we need to. bear in mind as we reconsider what's right what's wrong with cruel justice system absolutely there are a lot of things to be reconsidered you know unfortunately it's sometimes takes a really emotional case like this to get a lot of public attention like i said again hopefully after this something will actually change dave thanks so much for joining us tonight and here. i felt confident we had our first data show intel and later google is in the hopper here in washington a tech company facing questions over antitrust issues consumer group says a hearing should have focused on google's practices of storing your personal information instead we're looking at how they can just an.

internet only military mechanisms do the work to bring justice or accountability. i have every right to know what my government should do if you want to know why i pay taxes. i would characterize obama as a charismatic version of american exceptionalism. you know sometimes you see a story and it seems so silly you think you understand it and then you blame something else here's you some other part of it and realized everything you thought you knew you don't know i'm sorry because a big fish.