either one well. whatever the government says there are people safe get ready because you get your freedom. for. first. few.

speaking on capitol hill earlier this week 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 that they could do and that they are unfortunately just innocent bystanders and europe's debt crisis been hitting markets hard and we have a jobs crisis here in the u.s. which is fueling fears of corporate losses that i guess it all adds up to a grenade 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 as well as of course student loans and credit cards that's where a country that likes to charge and then pay later but since the banks got a bailout and the american people don't want to discuss this it means anthony randolph the director of economic research for the reason foundation i think thanks

so much for being here tonight for starters i mean is it kind of an when he started saying that our recovery just might be faltering i think that most people really felt like it hasn't been a recovery for a long time and this is actually nothing new from the fed but actually they completely changed their tune in jamie where they were saying the economy's 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 begin to change their stories the last couple of times the federal market committee 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 so we should just stop treating them as you know going on over here is not any more i would be in favor of you know the united states treating the federal reserve that way. for a little bit is he is he right there when he says that they're just innocent bystanders in the european sovereign debt crisis and there's not a lot that the fed can do when it comes to europe there's not a lot that the europeans can do i just spent the past week in europe and the greek . sort of economic crisis is almost completely unsolvable big definitely. are

going to fall it's just a matter of when the question is when the defaults and when a couple of french banks to fold as a result will that 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 when those dominoes fall of course they're going to affect our banks and our economy and blah blah blah so maybe this whole proposal of massive debt really shouldn't even be in the cards but let's talk about it anyway i mean what you bring to this idea right there are a number of economists that are saying that you know maybe the american people need their own bailout if the banks can't live here you can say that 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 running we've got increased demand so first off this is actually not a new idea this is been talked about for a long time sting called other things in two thousand and two thousand and nine it

was called cram downs and there was 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 so how do we do this and people are trying to come up with ways but the second thing is 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 money into either save me or if they're not going to put me into 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 that 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 will the u.s. government needs to figure out that situation absolutely true households have been

sort of the not talking about aspect of this and 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 it back and actually say will then let's look at stimulus efforts and say what is going to actually impact that you know it's not so let's if we're going to fix the economy let's put that aside a lot since the bottom line every place we should look at our year let's look at the real cancer in the country but if we did you know start relieving people very 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 want you wind up hurting all sorts of people potentially people who have

you know that themselves that's what i do watch i want you to react to god i mean do we have your figures that we can throw out ok so how do you have to show you know he wasn't tens of millions and that 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 the debt that everybody else so even if we had every dollar back you know china's holding of what night even if that money was put into the hands just dropped by helicopter saw a couple grand and people picked it up they couldn't pay off all their debts. there's so much household debt that we just can't pay it all back and this fractional reserve banking sort of spills up that is a daunting situation and i think 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 why did this hold out hope 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 you some people call it and you're basically on the 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 crashed all my hopes for and here are terrified as can you there are literally not of dollars on this planet and so this perpetual cycle seems like you know 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 breaking the contract law could congress actually do something about it well there's there's the could and there's the will but. i don't i don't think it will and i 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 you need to pay less interest which means you have less money sort of at the end of the day but even bad if you have a massive refinancing and 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 big 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 and 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 with that it's sort of it's an orderly process isn't it in this case hopefully it wouldn't just be sort of willy nilly people walking away from their homes but that it may be that sort of basically some massive haircuts for

homeowners how much more massive than the foreclosures that we've already seen over the. three here right because you can say well 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 sort of practices there really is two thousand and three i never even told anybody so was massive foreclosure mean a quarter of homeowners are underwater right now or maybe i think about a fifth now a fifth of homeowners are underwater so we're talking about nearly one of a million but when 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 afford their mortgage but maybe their mortgage is three thousand dollars and have two thousand dollars so you going to rental housing it would be intentionally saying all right i mean 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 basically start renting a home and they would be just sort of out to you we know well it's not good in washington d.c. it is not cheap it was not cheap in washington d.c. and actually if you had all you know the 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 a viable solution but these are sort of the level the scope of the things that we're really talking about when it comes to how do we address the situation i have always overwhelming and my questions that i answer anthony thank you so much for joining us tonight. out of time for showing sal on tonight's program and staying on the topic of occupy wall street those who've been protesting accuse of lacking any sort of coherent goals or solutions so i want to know what you think the protestors should be or could be fighting for their free speech rights and send you to find out what you have to say. occupy wall street and 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 because 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 don't we wanted to know if you can come up with some goals of your own and objectives to the occupy wall street protests adults would you like to see on their list of goals all justin said he believes the first major goal is to get the money out of politics this is a one step to alleviate so many problems macs told us stop yelling out the 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 pull abouta said change the current money system from an interest based system to a new one with a fee for banking services all of these suggestions may be goals which occupy wall street might want to consider adding to their good agenda which proves a point the list of goals can just keep growing and as it does still build

a number of supporters because underneath it all there is a larger pot and everyone involved in one way or another has just how to not 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 the concert by the round massive debt relief for the people so what do you think think the banks got bailed out should taxpayers be forgiven and their debts and respond to us on facebook twitter and you tube i don't know is the response i just might make it on a. sort of comes night we have a little i told you so whole time significance of georgia's new immigration law an unhappy hour marks all out from hank williams jr comparing president obama hitler plus of the way for westboro baptist church announced their plans for protests to johnson's funeral a little ironic that cannot. let's

not forget that we had an apartheid regime break. i think the rock the bombings readable and on the well. we never got the live shows there to keep them safe get ready because you give them your freedom. get some closure see the story of the scene so you think you understand it and then you live something else here's some of the part of it and realize that everything is just you know you don't. charge is a big. he

just put a picture of me when i was like nine years old i just you know lived through. it. because that's an environment where all get a friend says i love rap and hip hop music and pretty. but it was kind of yesterday. i'm very proud of the world with its place.

and five are tied to a time of war and i'm just a g.o.p. lawmakers in georgia who passed a tough new immigration law just this year it was a story we've been following for several months and we actually predicted that this would happen let me explain that on to life first the law took effect and it enables law enforcement officers to question all criminal suspects about their immigration status it also requires employers to verify the immigration status of new employees through a federal database before hiring them now when he signed the bill into law georgia governor nathan deal said the state just had to act but an illegal population that is estimated to be almost one here million could collect the financial cost to our educational health care and correctional infrastructure is in the billions. you see by playing to the g.o.p. base governor deal and his fellow republican lawmakers have created a major problem for the state of georgia agriculture business across the state is stuffing suffering all because georgia just had to act. 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 i believe 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 and 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 crocs 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's 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 now 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 in this country for for her blueberry farm and south georgia connie horner spoke at a congressional hearing about a labor shortage and crop loss in issue i saw firsthand in june went to south georgia former showed me the cucumber she 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 nearby 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 a dinner table is hot hard 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 you see 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 and you can sign up to do a job that migrants are now doing but fair warning it's hard to back breaking work that's usually done outside in the heat but in this slow economy it's a really good to be chasing workers and their money outside of the state and 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 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 how's that new immigration law working out for you that's why

we're giving you tonight still time to work. ok is the time for happy hour joining me this evening as our tea producer jenny churchill and anthony rands as a director of economic research for the reason foundation thanks for joining me guys. ok so we spoke about the fact that steve jobs passed away last night sadly but the westboro baptist church we should be very well aware of a little message for them but if you don't remember who the westboro westboro baptist church is here's a nice little reminder. do you ever need to warn his neighbor this is taking down that's what my neighbor me the purpose of his gig is not to bring anybody here it is to condemn the world like no they really.

are to their 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 the twitter that the a.p. tweeted the apple co-founder steve jobs has died at fifty six and who has her about history tweeted to them westboro will picket his funeral he had a huge platform god gave god no glory and taught. it to me is going to just a little weird that westboro is using all the technology to do this simply made this amount announcement on twitter and i found if you can put it back up its paces are part of his twitter. i mean really come on do you think you are now but they're going to take it i guess they're saying you know he had a huge platform and were using it he does mention god enough and it's really like you know jobs it's everything and i feel like there's nobody i was under they had i

don't know who it is and i was and he was preaching teaching sinners teach sand i'm not sure how he would yeah i mean you say that he was like really i mean with a lot of workers maybe another kind of thing because you know. they were involved in a serious because he allows homosexuals to use his products i'm i mean so yeah it's 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 gave at stanford or or something like that the company floats around the internet and inspires a lot of people to do great things and that was so terrible for humankind because it wasn't you know a turn or burn. sermon that apparently wasn't got enough glory. i guess if you don't end every sentence and with an amen you're not i don't really want to play it i'm so miserable all the time you know dealing with what is life like when you just hate everyone all day every single day if you like if you look at their funerals

are actually sure there's not much of a difference between westboro baptist and most of the real housewives shows because they all just seem to be attention they all seem to be attention whores they got that sort of like party. their attention whore is that they live in the lab luxury goods are too i don't like their hair they're just maybe a little more shallow whereas westborough just out of the real housewives and pretty. obviously not. all right and i really like the real housewives of new york by the way so i just have a landline. and cleaves jr as officially got the boot from e.s.p.n. for the following that he made about the president earlier this week. ok just kidding. ok so we actually played the clip earlier this week where he compared obama to

hitler said the banner playing golf with obama was like gandhi playing golf with hitler right. yeah yeah yeah exactly so crazy from the hot sun today and that was the monday night we're never going to see again 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 my detroit lions are playing this monday night and we're having a great season for like the first time in our history and we're going to you know we're not going to let you i mean i you know yes. i mean i can see a win the lions don't do good it has nothing to do with them. if you're not played maybe the fact that he's not playing but. i actually i think this is really sad i don't agree with what he said but i think this is a continuation of something we've 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 hand when it's a private kind of thing i how the title rights of people are consequences do i believe in freedom of speech yes but at the same time. there are times when 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 people say worse than we see them walk around with signs that obama looking like you know to me like he's not the only one to go ahead and i mean i understand the understatement of this very rotten organization. williams jr is wrong if you tried to claim that they're stopping sort of like free speech or just stepping on the first member here because he yeah yes he does have. doesn't have to. which at the same time this they sort of like made something out of this where they could've just ignored it and let it go because celebrities say crazy things all the time and you know if if you're ashton you know if you're ashton kutcher say something crazy like c.b.s. has to take him off and also after the fact he did apologize he did say you know

people misunderstood i mean if he had said like you know what obama is hitler airlines country stars you know you have to you care more careful with your words i know this company expects treatment pilot who finds. this plane 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 on a sheriff's deputy pulled you over 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 why you were handcuffed which were apparently the hackers 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 it was a little bit around how to see can feel pain. truth of life for twenty four written back in one nine hundred eighty seven feminism was established so as to allow both attractive women 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 emotional to spread the stress excuse me legend defamation fisheries saying that she's african-american and having to listen to rush limbaugh is really really miserable for her looks i still see how that kind of torture is i would say it's pretty much on par with waterboarding i mean to me they seem exactly the same you know i mean i think guy who painted our house a while ago listen to rush limbaugh and it was like every time you know 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 taxicabs around washington d.c. people whether it whether it's a sermon or rush limbaugh are n.p.r. very sorry larry somebody is always going to be a problem i never know it to be a sermon or i hear a lot of a lot of n.p.r. and 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 midget tossing is a thing. i had no idea that was a thing but a republican in florida is trying to lift the ban on midget tossing because he thinks there's going to be a job creator oh grissom dr phil i think that sex is worth 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 if 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 then you know if you're ok with being tossed first and we would return if you go someplace i when i do i do i'm never going to be i don't think i know you this is very like my mind has been blown today i mean i got a rap and i was a really over time but thanks so much for joining me as

a friend i so thanks for tuning into back tomorrow political activists that still are going to be on to talk about the latest wall street and the jobs numbers and the meantime follow us on facebook and on twitter it's actually easy to accomplish a lot of seo and coming up next in the. wealthy british scientists some time to look for a. market . that's going to find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune in to cause a report. you

know sometimes you see a story and it seems so horrible you think you understand it and then you've lived something else you hear or see some other part of it and realized everything you thought you don't i'm sorry welcome to the big picture. more news today violence is one.