i think iraq is either one well. whatever the government says they're going to safe get ready for freedom. for five. ft.

speaking on capitol hill earlier this week federal reserve chairman ben bernanke he didn't give anybody much to smile about regarding the debt crisis in europe and he said that there was little the fed could do and that they are unfortunately just innocent bystanders and europe's debt crisis been hitting markets hard in riyadh the jobs crisis here in the u.s. which is fueling fears of corporate losses that i guess it all adds up to grenade he's warning that the economic recovery is close to faltering now if the necessarily needed bernanke you tell us that but anyway let's move on there's a new proposal is being floated around out there and it may seem a little radical but some economists argue that it's the only way to get us out of this mess that proposal is massive that really just think about tens of millions of americans are burdened with mortgages that they can't afford i was well as of course student loan debt and credit card that's where a country that likes to charge and then pay later but since the banks got a bailout for the american people want to discuss this it means anthony director of

economic research for the reason foundation i think thanks so much for being here tonight first tartars i mean is it kind of a node when burning he started saying that our recovery just might be faltering i think that most people have really felt like it hasn't been a recovery for a long time and the session nothing new from the fed they've actually completely change your tune and jamie where they were saying in the economy is praises because the all knowing fed was saying we're going to have great growth in two thousand and eleven and about the summer they began to change their story and so the last couple of times the federal market committee has issued a statement they've been very very dour and they're just getting more and more down on the economy so it's it's nothing new and it's sort of a note about it but so we should just stop treating them as you know all going on over here is not any more i mean i would be in favor of you know the united states treating the federal reserve that way. for a little bit if he is the right though when he says they're just innocent bystanders in the european sovereign debt crisis and there is not a lot that the fed can do when it comes to europe there's not a lot of the europeans can do i just spent the past week and a half over in europe and the greek just sort of economic crisis is almost

completely unsolvable it definitely. are going to default it's just a matter of when the question is when the defaults and when a couple of french banks to fail as a result will trickle down to five or six more banks will spain italy fall those are the big questions that people are sort of dealing with there's not a lot of answers or ways to sort of address them so it's just a matter of like when these dominoes are going to fall and that's a really dismal situation and what does dominoes fall of course they can affect our banks and our economy and blah blah blah so maybe this whole proposal of massive that really shouldn't even be in the cards let's talk about it anyway i mean what do you think of this idea right there a number of economists that are saying that you know maybe the american people need their own bailout if the banks spotlight here you can say there's a moral hazard involved here you know you spent money that you didn't have that was unwise of you but how else are we going to get people to start spending again to increase demand so first off this is actually not a new idea this is been talked about for

a long time something called one of the things in two thousand and eight two thousand and nine it was called cram downs and there's actually a law in congress that was going to try and give judges power to go in and break mortgage contracts and basically clear people's deadweight now that's a really terrible idea because that means you're basically kicking aside all contract law so the question is how do we do this and people are trying to come up with ways but the second thing is if it's absolutely true if there was some way that we could clear away a third of the dead in society particularly for households that would be a fantastic thing for the economy that's one of the biggest things that's holding us back right now is that if you can stimulate all you want but is long as households are going to put that money into either saving or if they're not going to put in the savings or consumption but they're going to be putting into paying off their credit card loans and student loans and their household debt and household debt having doubled in the past decade that that is a massive problem and we've also got this you know sort of everybody looks at the sort of the u.s. government says wealth u.s. government needs to figure out that situation absolutely true households have been

sort of the not talked about aspect of this is so to have sort of a more attention on this. that we actually need to lower household debt in order to move the economy forward is really good and i think that back and actually say will then let's look at stimulus efforts and say what he's going to actually impact that no it's not so let's if we're going to fix the economy let's put that aside the what's the bottom line or anything less we should look at our debt let's look at the debt and we'll cancer in the country but if we did you know start relieving people buried that then who gets hurt if the banks it's the bond investors and something tells me they're not going to like that right what's and is not just a this nebulous idea of a bank it's the shareholders of that bank i mean that i mean you could be a shareholder in bank of america which means that if your producers have massive debt and they get wiped away that winds up hurting you so there's actually people on the other side of this not not just to mention contract law but we basically would be by sort of clearing away massive debts sort of. just. arbitrarily

we could wipe you wind up hurting all sorts of people potentially people who have you know that themselves that somebody who are trying to react legally do we have their figures that we can throw out ok so how they're going to show you how it was lousy tens of millions in debt there's a there's lots of numbers but those numbers probably aren't really going to mean anything to you this is this is what i think is sort of the real crazy thing there are not enough dollars in circulation in the world to pay off that debt that everybody else so even if we got every dollar back that you know china's holding and what not even if that money was put into the hands just dropped by helicopters and all corporate brand and people picked it up they couldn't pay off all their debts there there's so much household debt that we just can't pay it all back and it's fractional reserve banking sort of spills that up that is a daunting situation and i think what that that speaks to the fact that we should be adjusting our expectations if we've been adjusting our expectations of two thousand and nine going into this i don't know if there would be as much pressure

frustration now because we would think well this is going to be a five seven year process but it's hold out i'll hold me down. that. just to me that speaks to the magnitude here is it just we really literally cannot we would have to inflate our way out of this and that's what we some people call and you know basically print enough dollars to pay for it all but there's no you know there's no other way other than sort of time i think you just you just crashed all my hopes for any i don't care if they're terrified is going to be there are literally not of dollars on this planet and so this perpetual cycle seems like just keep going and going and going and going but ok so you said this idea has been brought up before this time around in some other way without working with contract law could progress actually do something about it well there's there's the could and there's the will there. i don't i don't think it will i don't think that there is there is not yet been proposed a viable plan not just sort of politically speaking but economically speaking that could. they could address the gravity of what we sort of face there is this idea of

sort of massive refinancing a massive refinancing ultimately doesn't lower your total debt it's going to lower sort of your payments on a day to day basis and it will lowers that somewhat because i mean you're paying less interest for news you have less money sort of at the end of the day but even then if you have a massive refinancing at fannie mae and freddie mac. which i don't think is a good idea but even if you did that's only going to people who are capable of paying off their debt right now it's the real be a problem is people who are underwater in their homes and it may be that the only real way out of this other than time is just massive foreclosure you know with grease the only solution for them eventual be some kind of default and hopefully it's a structured default hopefully it's you know it's very intentionally chosen ok we're going to do it on this day and we've got this kind of haircut for our creditors hopefully that it's sort of it's an orderly process isn't that in this case hopefully it wouldn't just be sort of willy nilly people walking away from their homes but it may be that sort of basically some massive haircuts for homeowners how

much more massive than the foreclosure is that we've already seen over the. three tiers right because you can say we've seen robo signing we've we're now seeing lawsuits over it we just got a report that came out this week that fannie mae of all these mortgage practices there really is two thousand and three i never even told anybody so was massive for a closer me a quarter of homeowners are underwater right now or maybe i think about a fifth now of a fifth of homeowners are underwater so we're talking about merely a lot of the new york i mean americans of people not homeless they would be walking away and taking the money that they're currently paying for their you know they can't afford their mortgage but maybe the mortgage is three thousand dollars and a few thousand dollars to be going into rental housing it would be intentionally saying all right i i'm just going to walk away from my house i'm going to go into bankruptcy and i'm going to take that money and i'm going to you know basically start ranting about it there would be just sort of let's see if we all know that washington d.c. right is not cheap it was not cheap in washington d.c.

and actually if you had a whole sort of flooding of the market you know there's not that many rental properties for all those people so even that is a sort of viable solution but these are sort of the global the scope of the things that we're really talking about when it comes to how do we address this situation oh it's overwhelming and we have more questions than answers anthony thank you so much for joining us tonight. our decider show in seattle on tonight's program staying on the topic of occupy wall street those who've been protesting an excuse of lacking any sort of coherent goals or solutions so what do you think the protesters should be or could be fighting for that are producing countries and sent you to find out what you have to say. occupy wall street it means a lot of things to a lot of people and some are arguing that there's no clear goal but when you have so many things that need to be changed you find yourself with a list to be endless those who are criticizing their list of goals though they're

failing to see that this mix of motivations is what it gives strength because no one needs to agree or disagree with every goal in order to join the ranks of protesters won't we wanted to know if you can come up with some goals of your own and objectives to the occupy wall street protests we're adults would you like to see on their list of goals all just some said he believes the first major goal is to get the money out of politics this one step will alleviate so many problems naxal does stuff failing out of banks downsize the d.h. as cia and the pentagon as these institutions are running rampant robert added look at the books of j.p. morgan and major banks without buying to call eliminate the i.m.f. and eliminate corporate bailouts well i'll do said change the current money system from an entrance phase system to a new one with a fee for banking services all these suggestions maybe goals which occupy wall street might want to consider adding to their debt agenda which proves

a point the list of goals can just keep growing and as it does so will the number of supporters because underneath it all there is a larger bond everyone involved in one way or another has just had enough of the status quo. now is always we thank you for your responses and here's our next question for you just poke about. the idea that economists are floating around massive debt relief for the people so what do you think think the banks got bailed out should taxpayers be forgiven there that they can respond to us on facebook twitter and he would say oh i know it's a response that just might make it. just out of time tonight we have a little i told you. that never comes to georgia's new immigration law and an unhappy hour mark call out from haiti plans to marry comparing president obama hitler last of the way for westboro baptist church announced their plans to protest steve jobs here all a little ironic talking about. let's

not forget that we had an apartheid regime right. i think the rock the beautiful and well. we never got the shows they're going to keep you safe get ready because you give them their freedom. you know sometimes you see a story and it seems so poorly sleep you think you understand it and then you did something else here's some other part of it and realize that everything is ok and you don't i'm trying hard look at the big picture.

put a picture of me when i was like nine years old and just you know look through. yes and i am in total get a friend that i love driving because he's a killer and pretty sure. he was coming yesterday. i'm very proud of the role that it's played.

and fine for ties to a time of war and i guess the g.o.p. lawmakers in georgia who passed a tough new immigration law just this year say this is a story we've been following for several months and we actually predicted that this would happen let me explain that punch a live person a lot of effect and it enables law enforcement officers to question all criminal suspects about their immigration status and also requires employers to verify the immigration status of new employees through a federal database before hiring that now when he signed the bill into law georgia governor nathan deal said the state just had to act with an illegal population that is estimated to be almost one half million it collect the financial cost jory educational health care thank you erection all infrastructure is in the billions. these people by playing to the g.o.p. base governor villanous fellow republican lawmakers have created a major problem for the state of georgia agriculture business across the state is suffering suffering all because georgia just had to act. a study commissioned by

the georgia fruit and vegetable growers association found millions of dollars in losses this spring and summer and blueberries twenty nine million ideally onion sixteen million bell peppers fifteen million the association says those figures could grow and form sizes shrink. so far the state has laws seventy five million dollars thanks to the immigration law that agriculture is big business in georgia producing more than five billion dollars a year in revenue sources called the peach state because that's world famous peach crops ever tasted of my daily onion their sweet onions and they're only grown in the state of georgia that same university of georgia report also says that the state's economy is projected to shrink by three hundred ninety one million dollars and about thirty two hundred legal jobs will be lost so at a time when every lawmaker across georgia should be looking for ways to spur job growth they went out of their way to kill jobs and shrink the economy great job guys considering the state unemployment rate stands at ten point two percent well

above the national average but you know what these lawmakers care less they just want to please the g.o.p. base to get reelected and our farmers from across georgia are the ones that are trying to save their own livelihoods if we don't fix this. there will be no way for sure in this country for for her blueberry foreman sounds georget connie horner spoke at a congressional hearing about a labor shortage in crawford last issue i saw firsthand in june one is south georgia former showed me the cucumbers he lost many farmers say they've tried to do it right and hire through federal guest worker program but the red tape and cost make it impractical. now georgia isn't the only state to pass a measure like this year by alabama also has a strict immigration law and part of that kicked in this month even before the law took effect alabama farmers were already seeing migrant workers leaving their state . in gathering the things we like for our dinner table is hot horrid work and

somebody's got to do it sometimes it's difficult to local folks that are willing to do some of those jobs that's what we found out about half a dozen south baldwin farms immigrant workers so do you blame illegal immigrants or fleeing after all they're under attack by right wing politicians and their supporters is what people don't realize is that these undocumented workers are doing jobs that americans will never do there's an entire website out there called take our jobs dot org you can sign up to do a job that migrants are now doing but fair warning it's hard backbreaking work that's usually done outside the heat in this slow economy is a really good to be chasing workers and their money outside of the state well they may have been there without any documents they were working and contributing to society those are things that politicians don't really like to bring up an immigrant population is a huge contributor to this economy and that is fact so we need to figure out a way to deal with this properly but tonight we have just one question for governor nathan deal and other g.o.p. lawmakers in georgia as that new immigration law working out for you that's why

we're giving you tonight's tools on board. ok that is the time for happy hour joining me this evening as our team producer jenny churchill and anthony runs as oh director of economic research for the reason foundation thanks for joining us. ok so we spoke about the fact that steve jobs passed away last night sadly at the westboro baptist church we should be very well aware of a little message for them but if you don't remember the westboro westboro baptist church is here's a nice little reminder. to be every man to warn his neighbor this is taking down that's what my neighbor me says the purpose of his gig is not so great anybody it's to condemn the world like no it was.

all right so they're hateful people they go to protest at soldiers' funerals all the time because they think god is punishing us for allowing homosexuality in the country and they announced via twitter that. the apple co-founder steve jobs has died at fifty six and the hasbro baptist church tweeted to them westboro will picket his funeral he had a huge platform god he got no glory and tot see the turkeys behind it just a little weird that westboro is using all the technology they are specific lee made this amount announcement on twitter and i found if you can put it back up its paces or bottoms is twitter. i mean really come on do you think. they're going to pick it i guess they're saying you know he had a huge platform and were using it you just mentioned god enough and it's really like you have no jobs everything and i feel like there's nobody who knows how to

date and i don't know who it is and it was he was preaching or teaching said. teach sin i'm not sure how he would i think i see what it was like really having read a lot of workers maybe another kind of was you know. they were wallace doing it because allows homosexuals to use his products i'm so yeah yeah definitely you know and i could you know he he was inspiring to so many people there's a great sort of speech that commencement speech i think he did at stanford or or something like that it kind of floats around the internet and inspires a lot of people to do great things and that was so terrible for humankind because it was a you know a charmer. you know sermon but apparently wasn't it got enough for. us i guess if you don't in every sentence and within a man you're not i don't like to play it i'm so miserable all the time you need to take a look at what's life like when you just hate everyone all day every single day and

feel like you have to go pick at their funerals are actually sure there's that much of a difference between westboro baptist and most of like the real housewives shows because they all just seem to be a judge they all seem to be attention whores they got that sort of like my take their attention whore is that they live in the lab really love very hard to. i don't care if they're just maybe a little more shallow whereas westboro just out of the real housewives and pretty. obviously not. all right moving on i really like the real housewives of new york right away so. it's not even a landline. hank williams jr as officially got the boot from e.s.p.n. for the following stuff that he made about the president earlier this week. oh ok just kidding.

ok so we actually played the clip earlier this week where he compared obama to hitler at the dinner playing golf with obama was like gandhi playing golf with hitler right. thank you so crazy for being outside the hot sun today and that was a monday night football scare we're never going to have are you sad because my dreams is all about is. like that's what you grow up watching football and you think of are you ready for some football me my detroit lions are playing this monday night and we're having a great season for the first time in our history and we're going to you know what i mean i know you i mean right here yes. everybody can see it when the lions don't do good it has nothing to do with it. if you're not played maybe the fact that he's not playing that's actually that's the change where you know i actually i think this is really sad i don't agree with what you said but i think this is a continuation of something we talked about a lot of the show where people say something that other people don't agree with and

then they have consequences in the professional i think e.s.p.n. has every right to fire him when it's a private company now you have the right to fire people and consequences but i believe in freedom of speech yes but at the same time well. i don't how i think that his statement was blown completely out of proportion i do i don't think he said i think we've heard they were saying we see them walk around with signs or obama looking like hitler you know to me like he's definitely not the only one to go ahead and i mean i understand the other thing to be very raw is an organization . hank williams jr is wrong if you tried to claim that they're stopping sort of like free speech that are stepping on the first member because he quit yeah well yes he does have that he doesn't have to. which yeah at the same time this they sort of like made something out of this where they could have just ignored it and let it go because celebrities say crazy things all the time and you know if you're actually you know if you hear ashton kutcher say something crazy it's not like c.b.s.

has to take him off him and also after the fact he did apologize he did say you know people misunderstood topic i mean if he had said like you know what obama is hitler parents country stars you know you had to care more careful with your words i know. i like to point to. this i just really really cracks me up so imagine if you were having a bad day and your car broke down on your way to work then you got you pulled over on the side of the freeway then a sheriff's deputy pulled you over wrote you a ticket for driving on the shoulder decided to arrest you then following that you had to go to the hospital because your heart started racing then you were taken into custody again after that and while you were handcuffed which were apparently hackles were put on your wrist very painfully you were then forced to listen to rush limbaugh on the radio and you know we're going to force you to listen a little bit right now to so you can feel the pain. undeniable truth of life number twenty four written back in nineteen eighty seven feminism was established so as to

allow both attractive women the easier access to the mainstream of society and even to this day people to pull this and saying it's insensitive how could you possibly say something like that because i mean it because i believe there's something to it . ok so the reason i love this because this woman is now suing and part of the thing is that she's suing about is you know motional to spread distress excuse me defamation case are you saying that she's african-american having to listen to rush limbaugh really really miserable for her kids i think it's you know that's kind of . i would say it's pretty much on par with waterboarding i mean to me they seem exactly the same now i mean a guy who painted our house a while ago listen to rush limbaugh and it was like every time i just have to get out of here i have to get out there and i'm going to go there but i experience is all the time when you're actually caps around washington d.c. people whether whether it's a sermon or rush limbaugh or n.p.r. you are hearing somebody is always going to be a bit i never know to be a sermon or i hear a lot of a lot n.p.r.

news a lot of ron paul i was listening to you last night in a taxi ok really quickly i don't know if you've ever done this but apparently tossing is a thing. i had no idea that was the thing but a republican in florida is trying to lift the ban on midget tossing because he thinks it's going to be a job creator oh gruesome dr kulacz that sex is over five maybe a dozen if they are consenting adults who are being paid i don't see anything wrong with that i don't see any difference between tween girls mud wrestling in the middle of you're an adult and you say it's fine as long as no one's like forcing you into it you know it's not slavery you're not being exploited and you know if you're ok with being tossed first and we would return and yes sometimes i would i do i do i never i never said it was great i know why or this is very like my mind

has been blown today i'm here i got a ride i was a really over time i think so much for joining me at super nice so thanks for tuning in come back tomorrow political activism that still there's going to be on talk about the latest on my wall street and the jobs numbers and the mean time followers on facebook on twitter turning to accomplish a lot of show and coming up next is. brown are your eyes. we hear it because our country out states. the god time is them this milind belongs to. will if they are still going to be thinking. and gone chosen people will not believe that god is real estate agent say look at this that is just for you guys and this guy is as for you. on the corner this is

a. different might not that. dumb but you. are not going to look up to. the tough stuff. wealthy british style. sometimes. market finance scandals find out what's really happening to the global economy with much stronger run no holds barred look at the global financial headlines.