welcome to the lone shell get the real headlines with none of the mercy i can live in washington d.c. now tonight we're going take a look of warnings coming from federal regulators towards bank of america they say that they might have to take public enforcement so that actually mean and could be a good sign that maybe practices on wall street will be forced to change then thirteen news organizations have filed a complaint with and like p.d. over the treatment of journalists that occupy wall street protests we're going to ask if we're in a new era for the police simply don't respect the press and then up to

a dozen cia agents have been reportedly captured in lebanon another big mess up by the intelligence agency but it's not happening because of the change in culture they're moving from intelligence gathering to becoming more of a killing machine tony shaffer will join us for that and we're going have all that and more peter night including a dozen of happy arbiters take a look at the mainstream media has decided. all right so the media is still crying over the fact of the supercommittee failed to reach an agreement even though everybody knew it was going to end up that way and rather than talk about the overall dysfunction of our system where everybody chooses to kick the can down the road until the next elections that they never ever ever have to be held liable for any decisions they might make well they want to get down to the bottom of whose fault this really is they want to figure out why republicans refuse to raise taxes and what revenues on the table and so that russert was filling in for chuck todd on m.s.n. we see this morning with the hard hitting question with some of them to me and

listen to his response and you know if that's the vision we're going to have of a european style really very large government then you need bigger taxes to fund that i don't think that's the right solution for america i know it will reduce the size of our economy over time the inhibit innovation it will reduce opportunity to lower our standard of living so i want to government that lives within its means and we don't need a giant tax increase to fund their. all right so he claims that innovation quality of life all of that's going to suffer or does luke do does he follow up with a question asking for proof of those statistics well of course not he just let it fly and then moves on to the next one we see this is part of the problem is that politicians are being allowed to get away with these complete b.s. arguments and get to shape public opinion by pointing the finger at the other party by speaking in five tubes because the mainstream media doesn't call them out on it so we decided to do a little digging see how toonies answer of raising taxes making government bigger

will lead to socialism in a horrible like argument adds up unless you say it doesn't we compared the u.s. to five countries with the highest tax rates that would be denmark sweden italy belgium and finland all their tax rates are nearly double what ours is and here's what we found that unique oafish of the measures inequality in a society well we've got the highest score on that one which is a bad thing because it means that our inequality level is actually the highest it's analogous move on to figures from the o.e.c.d. when you look at life satisfaction three out of five of these countries have a higher score than we do when you look at the unemployment rate three out of five of the countries have a lower rate than we do let's not forget that all of this is happening with double the rate in taxes so it does mean that paying over forty or forty five percent in taxes the right way to do it or the way things have to be clearly didn't work for all these countries either contrary to what had to be would like you to believe that's not what democrats are proposing that's not what american citizens overwhelmingly support if you read any polls what they watch is for the tax burden

to be equally shared for the wealthy not to pay less in the middle and lower classes and for some of the biggest banks and corporations anything don't forget the exxon and bank of america they paid absolutely zero income tax in two thousand and ten but again higher taxes aren't instantly the solution belgium and italy rank worse in the u.s. in those satisfaction and employment categories because it's poor management that's going on in poor management is exactly what we see here in the united states it's why spend we. so much more on health care than european countries i gather citizen somehow managed to get all access and ours don't but the point is that these are the conversations that need to be hacked those are the questions that need to be asked so we just get talking points that are repeated by both parties and a major media that rather than call them out on it chooses to miss. well looks like there's some bad news from the us banks bank of america is

reportedly been operating under a memorandum of understanding since may of two thousand and nine and that memorandum is public and identified problems that need to be fixed and there are reportedly governance risk and liquidity management and regulators are now warning the bank's board of the company could force public enforcement action or could be forced to take part in public and force an action if regulators aren't satisfied with the step of the bank was taken to fix their problems you can add to that reason estimate that says the banks might face a loss of one hundred eighty five billion dollars in deposits in the next year if you're a consumer move towards credit unions and you start to worry what the wrath of the banks could look like don't forget in the month of october alone more than six hundred fifty thousand people close their accounts of big banks and forty thousand more left on november fifth which was bank transfer day but then could all of this actually be a good sign could be a first step towards a forced change of culture on wall street or discuss this with me is anthony rand the director of economic research for the reason foundation every thanks so much

for being here tonight can you tell us more about these memorandum of understanding is there not the public but what this is basically is a bank of america is on probation and it's given sharply the stock market can actually any bad news particularly government saying one thing or another in a situation a lot of the stuff happens privately and for good reason and in this particular instance and so basically what this means is that bank of america for the past several years has been very closely scrutinized by the government and not quite like when the treasury department was basically running citi group very tassel it's not the government was saying to bank of america union is to to these five dollars for use what they were more was acting on their own but they're being very very closely watched and it makes america board doesn't want to do. that because it doesn't seem to me like bank of america are. the bank for that matter is being closely watched and apparently there are more than a thousand u.s. banks that are on these probations there have been so since two thousand and seven if you ask americans you say well god frank didn't even put you know that strong of

regulations into place it seems like the banks are still doing whatever they want it depends on what you want the government to do but if we're closely watching what the government is closely watching are things like their capital buffer how like how risky are the bets that they're taking we've seen the bank of america do a lot of stuff with their mortgage portfolio over the past year they're getting rid of all kinds of things some of which maybe even being bailed out by fannie mae we've been talking about you talked about a lot of that stuff has been because of the government behind the scenes spaces when saying you need to be less risky you need to have more capital in place and because bank of america wants to get out from under this probationary period the government's saying if you want to you're going to have to raise more capital you're going to have to do more stuff with the government's not watching out for are things that are more populist in nature whether or not there's fees that people are going to be upset about and so you know you may seem like they're not being watched much the matter of what you want to watch and well i mean the same time the kind of justice is now filing an antitrust lawsuit or at least not a lawsuit investigation they're looking into these debit card fees that the banks are going to charge you know and so i guess you could say that is maybe a step in

a good direction for it all depends on the consumer but again because of how you see those debit card fees i saw the debit card fees is a very transparent way to fund what they're going to do instead of charging five dollars fee is now they're going to be putting other fees in place they're going to be limiting the transactions that you can make with your got a card they're going to be putting fees in place if you don't have more than two or three different types of accounts are those and those are less transparent things like that mean that we should be happy with a transparent the that's all we get these things at the very least would've been more transparent than what we're going to get in the first place what you what you don't want you want to do is you want to step back and say why was a feat put in place in the first place well that's because dodd frank required the federal reserve to change the way that card fees can be charged by the banks and it meant that the banks have seven billion dollars less a year than they had in the first place to basically they're trying to do is to try to find. way to make up at seven billion dollars and so they come in close with something like a five dollar fee everybody gets upset or bank of america police everybody gets upset and i say p.r. perspective we're going to step back there's going to figure out ways to make up

that money elsewhere if you ask any bank any person who works for a bank or banking analyst they'll laugh when you say oh you know the consumers are not better off of course and you know we covered that on the show actually pinpointed some of the sneaky ways they're going to try to make consumers pay more but seven billion dollars in lost revenue compared to this hundred eighty billion dollars in lost deposits because of people actually pulling their money out of the big banks now that seems like pocket change so what do you think of that i mean i don't think people really expected this bank transfer day move your money out of the banks to go this far all the want to learn things you know when it comes to banks is that not every depositor is equal and if you if you just have a checking account at a bank you're almost worth nothing unless you make a whole lot of overdraft fees what banks want you to do is they want you to have a savings account attached to checking account they want you have a credit card to go and so in some ways some of these fees are basically to drive away their own profitable customers they don't want your deposits at all you're

going to do is keep a thousand dollars or two thousand dollars in a checking account and you're going to have nothing else nothing else through them so all of that one hundred eighty five billion that's sort of disappearing that's not revenue that's going away a lot of that is actually just unprofitable or costs at a loss because they have to manage all these accounts are going to make money on so i don't know that the banks are as terrified about all those deposits going away as some people might think that they are that's totally the opposite of what this is. do you think that's bad news so what happens now if the regulators like i say are going to step in publicly and force changes on bank of america what does that actually what it means is instead of this behind the scenes probation or in conversations where bank of america stock doesn't take direct hits are specific actions that means they're going to come out with something like what happens in europe when the. european regulators did testing of all the banks and they said this bank you need to have these many billion more euros in terms of your capital buffer and you have to increase by this percentage point about it ok yes and so

what it would be is to be very public to the fed or whoever basically come out and say bank of america you have to increase your capital by x. percent and that's going to impact a couple of things one is going to impact the price at which bank of america then go out and raise their capital and two it's going to hit their stock which is going to lower the value of all of their shareholders and want him to definitely is not like that and that it is warren buffett i guess right now there are five billion dollars was that they have an america now really quickly too yesterday everybody was freaking out the markets are reacting to the fact that supercommittee had failed but i think to actually tied together i know the markets were not freaking out because if you have a good view with each other and so you know where does that symptom come from for the media or is this just another sign that we don't really accurately know how to read the markets because we start blaming it on things they don't actually have anything to do with it's because the media is very uninformed because you have a lot of people in the media that don't know a thing about finance and they see two things happen and they try to draw some kind

of causation there's not even really i mean correlation the stock market has been down because if you're up first and foremost there's all this talk about italy collapsing and i spent some time with some european central bank. people couple weeks ago in chicago trying to get a sense of like what their perspective on is and and chatting with them big big they're pretty sure that italy is not going to go down but that's not everybody has that kind of conversation and not every been it's not misleading guarantee that these guys are going to be right there's lots of concerns because if italy collapses it's going to be much much worse than greece that's scaring the crap she's a colloquial term out of the marketplace right now the super committee it doesn't matter to an equity investor whether or not there's one point two billion dollars taken out of the department of energy or the department of defense or wherever it comes from unless. you are investing in the french companies because the stories are they exactly this is this is anybody that claims that really has no idea how finance works or it probably should be covered wall street for well i foresee i can

say that we see much better answers when it comes to our presidential candidates that are have you another debate tonight who last time because they didn't even want to discuss the euro zone sovereign debt crisis are anthony thanks so much absolutely. well coming up next on the show to come up for the details of the n.y.p.d. terror plot arrest and after journalists are roughed up and arrested new york last week covering occupy wall street now they're fighting back from their talk about the complaints that they've issued after the break. so you don't believe the reckoning. like what a protest nobody seems to know. but never appropriate to face but hardly argument that they're being overly dramatic.

you know sometimes you see a story and sing so you think you understand it and then something else here's the part of it and realize that everything is ok. i'm sorry is a big. blow

to the. listener. on sunday night breaking news took over the airwaves the twenty seven year old jose pimentel was arrested by the n.y.p.d. and he was charged with criminal possession of a weapon in the first degree as a crime of terrorism conspiracy as a crime of terrorism amongst other charges and the penalty if found guilty is twenty five years behind bars now as the news broke the mainstream media was first

to share the details of the incident. the man accused of making pipe bombs in his new york city apartment is in custody this morning on several terrorism related charges authorities in new york believe they stop an alleged terrorist before perhaps hours before he could execute his plans twenty seven year old jose pimentel allegedly wanted to bomb the police and u.s. troops returning from the war and we want to show you a video about the resulting damage to see if him until have been able to build and place the bombs this tape of an n.y.p.d. test gem age he could have cost he represents exactly the kind of stretch f.b.i. director robert muller and his experts had warned about new york's top cop says the suspect was radicalized by the teachings of the u.s. point cleric a lot. similar thing here is that the media also left out a few very crucial details turns out that the mental health from

a neighbor in upper manhattan who happened to be and why p.d. informant and the f.b.i. was aware of them intel but they chose to pass on the case now original reports assumed it was because the f.b.i. was doing a bad job but it turns out even they could tell something was fishy to pretty important elements of the story and i think that's right so while bloomberg and n.y.p.d. commissioner raymond kelly spoke at length about the danger of the suspect in custody they left out the role of this neighbor let me give you a few details here the neighbor and wife with the informant played a very central role in planning the attack he provided an area for the suspect to build bombs also serve as a companion to him and tell well the n.y.p.d. has intelligence division built their case and according to the new york times the informant smoked marijuana with him until and recorded him making incriminating statements after doing so several investigators question the suspect intelligence level wondering if you have the knowledge or even a financial resources to build a bomb without the help of the informant and we should also know that intel appears to be unstable and he was reportedly living with his uncle after his mother threw

him out now despite the fact that he's been under surveillance for two years and the effort to actually construct the bombs didn't happen until the middle of last month and officials say that federal agents were informed about him until a year ago however when the n.y.p.d. has intelligence reached out to the f.b.i. they declined to pursue the case they believe that their mental wouldn't have built any of these bombs on his own and several people who were briefed on the case say the f.b.i. was worried that the informant played too big of a role and came into his case was that of entrapment defense attorney for the suspect has already said that he would bring up entrapment issues and the role played by the government in creating aiding this plot so perhaps women tell could be added to the growing list of terrorism entrapment cases popping up around the country and being heralded as victories for law enforcement just think the new bird or important christmas tree bomber the new york subway bombing plot all of those were sting operations. all of those were arguably examples of entrapment now back in august other joes did an in-depth investigation into the f.b.i.'s network and

form its only point only to find out fifteen thousand people are working undercover to help the feds they also determined that out of five hundred eight terrorism cases nearly half of them involve the use of informants in a sting operations resulted in the prosecution against one hundred fifty eight defendants and in a decade after nine eleven the f.b.i. has decided to focus on its counterterrorism efforts spending three point three billion dollars on that compared to only two point six billion for all of organized crime now even though the f.b.i. passed on pimentel case their joint task force with the n.y.p.d. decided to pursue the case against him unfortunately the media simply clung all of all the key words here charism bomb plot al qaida and then they just ran with it meanwhile as more and more information comes out it looks like this was far from a dangerous care clause and far more a case of entrapment so perhaps the n.y.p.d. was looking for an opportunity to turn away attention away from the police brutality from last week's occupy movements across the park i guess everybody was more than happy to play along. now last week as the cutting park was being raided

by the n.y.p.d. and dave action in march is followed afterwards we saw a disturbing development not only was there an attempted media blackout but journalist were roughed up pepper sprayed have barriers tossed at them even got arrested despite having to prove police press passes and the city's response was that in some cases they were breaking the law to either the new mistreatment has. noticed however and now thirteen news organizations including the new york times have sent a letter of protest to the new york police department saying that the police actions of last week have been more hostile to the press than any other event in recent memory now separately ten press club unions and other groups of represent journalists called for an investigation and said that they have formed a coalition to monitor police behavior going forward so we have to ask are we seeing a drastic change in the way the journalists are treated joining me from our studio in new york is ryan devereaux reporter for democracy now brian thanks so much for joining us tonight now i know that you've been covering occupy wall street for

a while for the last couple of weeks and we've seen a lot. of the press we've seen a lot of press get roughed up have you witnessed some of that personally. oh absolutely we've been covering a democracy now we've been covering occupy wall street since just before it began couple days before the actual occupation began and over the course of these past couple months i've seen numerous incidents of police encounters with the press in which the press was roughed up in which people were taken away who were members of the press and begin the first incident that i remember was it was the night after troy davis was executed there was a rally to protest his execution in union square here in new york city and that turned into a large march that joined with occupy wall street folks in lower manhattan and cameron that i was working with for democracy now i was struck in the face with the tal on that march and another march i saw one of our cameramen get thrown across

the hood of a car scene and y.p. officers lunge over barricades journalists it's been. it's not surprising at all the things that are written in the letter that you referred to the n.y.p.d. has displayed a lot of force in dealing with journalists throughout the throughout occupy wall street it's been pretty. disturbing to watch at times now when you are out you know from what you've seen it where they well aware that these people were journalists and their press passes displayed or at least sad i'm i'm part of the media. absolutely in the case of the two colleagues of mine who was the one who was hit in the face with the baton the other who was shot across the car both were wearing their press passes both clearly identified themselves as number members of the press which people do in these situations again and again identify themselves as members of the press but the n.y.p.d. depending on the officer that you deal with it is generally not too receptive to

that sometimes if you have an n.y.p.d. issued press pass which most people covering in occupy wall street don't then they may make some considerations but in the event of the eviction last week for example i was with a number of other journalists i was one of the few people that managed to make it to liberty square and the police were moving all of us along these were people you know a.p. folks if you see news reporter that was there covering it sort of hurting us away from the actual center of the park where the arrests were happening down to the far end where they placed us in a barricade pen where we could barely see what was going on inside the park and then they the p.d. parked two large school buses n.y.p.d. school buses in front of that head so it was all but impossible to see the rest as they were unfolding if we tried to get out they would threaten us with arrests the n.b.c. news reporter challenge was the n.y.p.d.

was doing and his press pass was taken away from him the officer that he tried to deal with on that issue wouldn't identify herself it was an incredibly frustrating situation because this was an international event that people were pain attention to and we were down there trying to do our jobs and we were just being herded around into into a cage essentially and then having buses parked in front of us made it all but impossible to do what we were there to do after your experience as to if we talk about this on a local level you say you have these police issued press passes are they hard to combine or you know do they make it easy for media outlets because especially with a. you know an event like occupy wall street you have a lot of alternative news outlets that are there to cover it probably more so than even the mainstream press. that's an important point that brings up a number of issues the press has are very difficult to come by but in my application for an n.y.p.d. press pass weeks and weeks ago they were supposed to get back to me after a couple weeks that followed up multiple times and understandably i'm sure they're

getting a. ton of requests at this time but i haven't been able to ascertain a press pass and i've been covering this nonstop and been involved in you know all of the major incidents with the exception of one or two would have held a lot more comfortable if i had the you know the official credentials but as we're beginning to see even those official credentials are protecting journalists from harassment arrest. her by police officers at times now what do you make of his argument today we've heard from mayor bloomberg himself who said that you know as a journalist you don't have the ability to break the law you should cover the story but you should be breaking the law and so they try to often act like you know journalists that might be there where they're claiming that protesters are trespassing that you're also trespassing how do you try to balance that. well it's obviously a difficult situation. it's a journalist's job to get the story and if if maybe these credentials were easier

to come by for those who are trying to pursue the story we could deal with those issues we can deal with you know these situations where for example in the case of the brooklyn bridge i was on the brooklyn bridge as the march moved on to the roadway and i chose to follow the march because that's where the story was and that's what needed to be reported i didn't have any y.p. issued credentials but i had a job to do and numerous other people i think felt the same way numerous other journalists are and when it comes down to it a reporter is going to follow the story and that's that's what we have to do it would be nice to know that we will be treated like perfection when we're just trying to do our jobs now unfortunately we've seen really a lot of this heat. treatment plant from other people being spoken to do they feel like the attitude in general or the amount of respect coming from police towards the press has changed you know a lot of people go back to the democratic national convention in two thousand and four and say that was a bit of a turning point. well you know it's difficult to say i think the issue with the

occupy wall street is that we're seeing something that sort of on president we talk about the d.n.c. you're talking about a situation that began it was over within a a short amount of time where is he struck by wall street you have an ongoing demonstration that has created these situations where there's you know we're at the press and the police are interacting on a daily basis for weeks on end i think it creates a dynamic unlike anything we've seen before so it's you know it's difficult to say if the police are acting in more harsh now than they have before because i don't think we've seen anything like this before we're not seeing you know mass arrests like we did during the r. and c. of reporters within a short number of days but we're seeing a consistent effort on the part of the n.y.p.d. to make the job of journalists as seemingly as difficult as possible so what do you think of this after an hour by news organizations to file a complaint or write a letter to the cops i mean i at least think that it's nice to see some outrage i

think we've seen a lot of outrage coming from the print media coming from bloggers but not quite enough on the cable networks. well i think i think it's a step in the right direction it is refreshing to see some of these big outlets you know speak up in and taking note of what's going on here in new york city for reporters that are trying to cover this story that being said i i think that someone should speak up for the independent reporters who've been out here since day one people who you know if you look at some of the most well reported most in-depth reports coming out of occupy wall street if you look at some of the most compelling video footage coming out of occupy wall street the videos that have gone viral these are coming from people who aren't you know accredited reporters with major news organizations these are coming from people who are there you know without eventually who think it's important to document what's going on and i think it's these these independent reporters that really need to need somebody to stick up for him and i hope that this letter will start a process in which we can try to guarantee rights and protections for everyone

that's out there that's trying to you know show the public what's going on with this occupy wall street movement. thank you so much for joining us tonight and i hope that it actually creates some change because otherwise it looks like the police and their bloomberg the city officials are all just pushing in the opposite direction thanks. i thought to come on a show tonight here our viewers and show and tell and that is the cia report the five things you have to lead on force is the question is the intelligence agency getting better at killing and they are i find out that for. the. what it's asking.