just so our group. and i would leave this to the u.s. chamber of. commerce trade afterward. hello this is our team or sco thanks for being with us when i'm scared you know in our top stories for you moscow denounces victor boot sentencing in the united states is politically motivated as the russian businessman gets twenty five years behind bars who was convicted of conspiring to sell weapons to terrorists and to kill american. reports of ongoing violence in syria despite the u.n. automator have both sides must reach a complete cease fire next week president assad saying he's already withdrawing troops from certain areas. and french muslims claim their big scapegoated in the

wake of the deadly shootings and to lose they say the bearing the brunt of the heavy crackdown on extremism and of the presidential election. next getting the balance right is lower lyster emotions and and tonight's capital account. good afternoon and welcome to capital like how i'm lauren lyster here in washington d.c. easier headlines for a profit two thousand and twelve u.s. president barack obama signed the so-called jobs act today the jumpstart our business startups that. this bill represents exactly the kind of bipartisan action we should be taking in washington to help our economy. only this so-called bipartisan six thousand rolls back security laws for companies going public with up to a billion dollars in revenue so not so small and according to critics what it really jumpstart is fraud life wall street pump and dump scheme so how does

a bipartisan achievement is it simply the latest example of the bipartisan commitment to corporate welfare and did great he'd have a semiannual job evaluation and we missed it because fortune had broken the news to us that after public talks in washington bernie he went on to retreat to a private lunch in new york with a laundry list of major wall street executives will talk about it and from doing god's work to criticizing any attempts to rein in risk post manto crisis when it comes to the big banks did you know their p.r. pushes through the mainstream financial press just helped push that he our message right along let's get to today's capital account.

so we hear the rhetoric out of washington all the time parties pitted against each other on how to help the economy grow on government spending taxation and who should be taxed more or less what's making the us go broke earlier this week we heard president obama lay into the republican budget which was passed in the house of representatives last week he said this it is a trojan horse described as deficit reduction plan is really an attempt to impose a radical vision on our country it is thinly veiled social norm for women's. then on the right you have people like the republican presidential hopeful the front runner mitt romney blaming obama for what he calls european scale unemployment if you add up european policies it's not surprising you're going to have european

unemployment that he he has he has adopted european policies with health care with taxation with regulation with energy policies but then you see the two parties put aside their differences sometimes and come together on something like the jumpstart our business started back to tell it as a bipartisan achievement obama signed us today you heard what he said when i played that at the top of the show and we've seen republican leaders like eric cantor who have been touting it to take a listen the jobs are good small businesses and entrepreneurs back into the game but are removing costly regulations and making it easier for them to access capital ok so everyone's agreeing so what's the catch here there's got to be one right well the problem is critics who have been on our show who work in finance or have worked regulating it white collar criminologist say this is what this so-called jobs act really jump starts to creating a lot of jobs for people who want to turn to

a life of crime everybody that knows about fraud because this bill is not just bad it is unbelievable it's still a wish list of every fraud friendly practice in the world. and they are in the bill but we every time is invoked shares they don't have to provide accounting statements they don't have to be accountable to investors this is a formula for disaster i've never seen anything like this and in addition it's going to allow people to basically write research reports touting stocks when did we get into trouble with their before with world com with other issues. oh gee it sounds great so it rolls back a host of securities laws for companies going public so i.p.o. rules for so called emerging growth companies which can have up to a billion dollars in revenue ok so that's not a small number that's not exactly how you'd think of your typical small business

and they'll get out of audits and accounting rules as examples and it also breaks down the separation between research analysts and investment bankers who work for this same firm so it allows banks for example underwriting i.p.o.'s to issue reports ahead of stock offerings opening the door to pump and dump schemes like you just heard janet have a call a talking about there now it was recommended by obama's jobs council which has been led by g.e. chairman jeff immelt and includes nineteen corporate chairman and c.e.o. is out of it's twenty seven members so what is this all really about you know because it doesn't really seem like what it is on its face is this really just the latest example of bipartisan support when it comes to supporting money corporate business interests that are heavily influential in washington well here to help us talk about this whole issue is jumper because he is a former economic hitman and he's author of going to an economic hit man reveals

why the world financial markets imploded and what we need to do to remake them so we're going to we're going to figure out today how we can do anything about this so first mr perkins thanks for being on the show it's always really a pleasure to talk to you it's great to be with you thanks so when you hear something like this jobs act which has this bipartisan support and sounds the way politicians have talked about it like it's this great thing that's going to reduce barriers first of all businesses to raise capital sounds great but then when you hear more about the fine print from a lot of experts it just sounds like wall street interests are going to get their way at peeling back regulation or corporate interests are going to have more leeway that sort of thing is this to use sound like wall street in washington's bipartisan support for corporate welfare. it certainly does you know and i'm not familiar with all the details of the air but everything that or heard about it and read about it it certainly sounds like a boondoggle for business and it's kind of interesting because at the same time obama is and many other politicians are supporting has called the stock act which

is to stop congress from insider trading or using insider trading to its benefit so you get these two kinds of things going on at once which is which is very very interesting and why is it interesting to you because it was that represented about where they were saying on the one hand we're not going to allow for insider trading among postmen which is which is a very good saying but on the other hand we're also saying that we're going to set up a carte blanche for businesses to deceive us and it we're using that is a way of saying this is going to create more jobs but it is one of your earlier speakers pointed out you can play that it seems like it's going to create more jobs for robber barrons basically for robber barrons so let's take on this issue of robber barrons because as another example of this this trend we've seen come out recently saying hey we want to undo the subsidies for the oil industries and republicans quickly gone the way of that in the senate but just before that

democrats had voted down bringing up for it instead they wanted to move on to talking about postal service reform and obama wasn't complaining too much that was criticized as a political theater when he when he came out made that speech so is there anybody in washington who is elected official that is who really wants to undo corporate welfare like oil subsidies for some of the largest corporations. listen you know. at this time when citizens united is being withheld you know there's a huge movement in the united states to to have a twenty eighth amendment basically do away with the citizens united ruling that ruled his corporations a tremendous amount of power who are financing campaigns it's an election year yeah and the citizens united stand so these corporations have tremendous power so everybody's jockeying to get corporate money and at the same time make it look as though they're defending people but the fact of the matter is for politics today we

the people are secondary importance to the big corporations because big corporations provide the money for campaign finance thing and everyone knows that the campaign with the greatest finances has the greatest likelihood of winning or others for the presidency or whatever sort of senate seat or congressional say right and we hear this this issue come up again it always seems to boil down to citizens united for a lot of people but what is really the answer because say for example at a magical world we did change the law and we believe made things more fair we do live in a global society today so when business is just go to where it's more business friendly. i hate businesses go there anyone if you look at it have halliburton moved to dubai and you know today most businesses don't look at themselves as being american businesses the big ones are they have no loyalty at all to the united states they work on all over the world and they follow whatever

laws best suit but certainly the united states has the largest market in the world with less than five percent of the world's population and we consume nearly thirty percent of the world's resources so they really struggle to have the most unfriendly laws the united states you know they it wherever they go they're going to want to have laws in the united states that favor them and i think what we need to understand is that we the people must speak up against this corporations right now they have to serve that infamous one percent they're not paid a sort of public interest we need to go back to their history the roots of our country were four hundred years could not get charted in the united states unless they could prove that they're going to sort of public interest i think that's a good idea you know they can still make a profit they can still pay packet decent rate of return to their investors but we need to come out to this idea that the corporations are there to serve us we the people they're not just there to serve a few extremely wealthy robber barons but how do you know i'm do that because it's

not only these these a very powerful interests that have a lot of influence over the political system but also if that's to the very root of how the business model is conceived of and tie in the u.s. and any business after iraq until you're absolutely right you know but it has not is that that hey you know when i went to business school in the late sixty's i was taught that a good c.e.o. makes a decent rate of return for his investors and in other words place a profit but he also case good care of his customers and his employees he gets good health care insurance pension funds for retirement and he's a he's a good fit. us a good citizen in the communities where his business operates he's willing to pay good or sufficient taxes to support the community and he goes beyond that to support schools to build schools to pay for recreation centers for children the sorts of things you notice that i'm using the term he is because let's face it most

programs that is today the most powerful ones are met i think we have more women in these jobs actually we may have had a more nurturing society we have not seen that sometimes with women in charge of corporations with pets because this is true men just smell mentality out there that says some indigenous friends say men steal nests women build less and i think we need to get more into this mentality of we need to build good nestle's nest need to be for all the people to we the people and go back to that basic premise yet all in the united states for the first hundred years of our history i hear what you're saying but we just also talk about how now these businesses these huge corporations don't see themselves as tethered to any place they don't see themselves necessarily as american companies first who are entitled to wherever it is that they're based they are global so how do you get any sense of responsibility over the community that you're existing at. well you look at it as a global community truly but each place where you're doing business becomes that

location and this is always been the case for example of the bennett car manufacturers back when i was a young man or in detroit but the dealerships are all over the place and the dealership in the town rides. tremendous responsibility for their community and overall the detroit companies took responsibility for their employees wherever they were president look at that today so or company that operates in one hundred trucks years it's it's branches in those countries need to takes responsibility in each of those countries and countries where it has manufacturing plants it needs to take good care of its laborers in those countries give them health care people insurance give them pension make sure they had to be something decent incomes i think centuries where it's just selling us woods doesn't have the manufacturing plants it needs to make sure to oh it's really good good goods and good services and it provides a really decent market for those who are buying its products so this is you know it

is part of this. business will italy and also back locally a finance of it locally and it's a great idea i want to talk more about how we can possibly get there with all of these issues that exist that we're talking about we're going to get a break but when we come back we will have more with former economic hitman john perkins and still out here dine and dash saying motorcade style we'll give you our three cents how much of what money the police say obama owes them but first your closing market next. thanks.

it's technology innovations all the developments around. the future are. welcome back with the signing of the jobs act today in the u.s. which critics say simply opens the door to massive fraud wall street pump and dump schemes allows companies to report a lot of accounting and audit rules or here to them when they go public companies that make up to a billion dollars we're talking about how to deal with this issue of entrenched corporate interests and corporate welfare in washington which really garners bipartisan support these are the bipartisan achievements ones that don't

necessarily benefit the people that they say they're benefiting so john perkins is talking with us he's former economic hitman and author of good point an economic hit man reveals why the world's financial markets imploded and what we need to do to remake them because we're talking about how to remake them and before the break we were talking about global companies that need to serve local interest and we need to rethink what a company's priorities are but i guess the question i have the biggest question is how do we ever get back to the reality because we see all of these issues whether it's regulators that fail to regulate even what's on the books whether it's the entrenched money interested in washington that influence every law or get subsidies or whatever you know how do we really change them. christ it's a great question and i think has this fairly easy answer a little bit necessarily easy to implement to that and but before i get into that just very quickly you know it strikes me as i travel a lot of america asia the middle east and we talk about banana republic some

corruption in these countries in a way i think where the biggest banana republic out there we've kind of had a i'm up on monoculture culture economy that's pretty much based on the military to a large degree right and then providing a bunch of junk to very rich people and we have tremendous corruption in this revolving door thing that we have where you cut you know the the watchdog agency is over the oil companies run for more oil from the executives who are going to go back to work as executives that oil companies that's it crudely corrupt system and we have to recognize that politics is extremely limited because of this corruption and because of the money politicians receive so we need to get our leverage is directly with the corporations and you know when when i was a in college we got rid of apartheid in south africa because we boycotted corporations that supported it some of our rivers were terribly polluted we went after the corporations we refused to buy from corporations that were polluting the rivers until they cleaned them up we did the same saying with corporations to get

them to open their doors wider to women and minorities i think we have to recognize that best as a consumer every one of us has a tremendous amount of power whenever we buy something or decide not to work testing of ballots and that's probably more important than the ballot we cast to be two years or four years of the election. so we need to be really aware of how we shop and we need to pressure these corporations so for example i love making products i hate the fact that a lot of their goods are still made by slaves and sweatshops in places like indonesia and it's not enough for me just not to buy their products i need to send them email every time i buy something that could be a product i send an. can a can even say hey i love your products i won't buy them start paying your people in indonesia and elsewhere fair wages give them health insurance and retirement plans and buy your product i wonder and i wonder mr perkins if this is shifting a little bit the power that the u.s. consumer does have because in these emerging economies we see consumer class is

growing and that's where a lot of these military national corporations are looking at their growth so how much does the u.s. consumer really have and is this more of a global consumer's duty now where we're still less than five percent of the world's population consuming about thirty percent of the world's resources the american consumer has a tremendous amount of power maybe getting watered down a little bit but we've got tremendous power and we get also remember that a lot of the other courts in the world people are taking action europeans are much more proactive than we are he really been citing g m o's in their food group successfully or they've got another battle coming up but they've been pretty successful but i travel around a lot of just came back from the middle east two weeks ago i go to china go to europe i go to south america and all over the world we're seeing people rise up in taken control we're even seeing in places like russia where they're demonstrating against putin who were heard of it so well ago so we're all alone of course and i think people really take it take it to the united states and as the leader so we

start to really develop consumerism and consumer movements the rest of the world works or so there's a possibility of people because as you said corporations and government are so close you cannot count on elected officials i just have to ask you this because you're talking about we don't have a lot of time left we're talking about how you're traveling around now you used to travel around in a different capacity going to these countries as an economic hitman and you've been very critical of the world bank in those processes where they saddle countries with that in order to garner resources that are benefiting foreign companies that would come in and buy them i'm curious we've seen a lot of coverage of the latest nominees to the world bank president and now there are more than one it's a u.s. nominee also one from that colombia and also i do. gary i believe i'm wondering if you think that anything could change with the world bank or i absolutely the world bank has a mission statement that says its job is to reconstruct devastated parts of the world but then that mission statement was formulated back at the end of world war two and did a pretty good job in europe of doing that and then it became

a representative of capitalism against the rising power of the soviet union and it stayed with that even though the daytime the soviet union was pretty much collapse in terms of economic power but in that process the world bank became very big france and corporations and it can exert a lot of power over these progressions i have hope for the world back i wish you would step back into its mission statement and do what it's meant to do which is to to reconstruct devastated parts of the world and let's face it our corporations to police huge role in that you know we've got people starving throughout africa how about getting on something and dole into kids of these companies companies that have been destroying the earth's. a recall to resources with chemical fertilizers and get them to find better ways for starving people to grow food more efficiently storage and distribute it the grain but there is a great solution you propose i wish we had more time to talk about that but i'm glad you're giving us a little bit of hope here and that was john perkins i wish we had more time i

cannot leave it there for today is a former economic hitman thank you. thanks . all right let's wrap it up with loose change we have dmitri and shannon to talk about the banks because it wouldn't be a day on the show without that because j.p. morgan c.e.o. jamie dimon is annual shareholder letter came out yesterday if you haven't seen i bet you can guess with it he complains about new government regulation he's been this has been a stick for a while he says it'll cost three billion dollar he's upset about it this morning on swap fox jim cramer actually had something to say about diamonds containing lots of this. party he's become what club you arrest warrant or maybe jail he's

a warner you like. all right that's not a good thing where you get copies of it and then the stuff the government means oh hold on i mean just do. so he hammered and we've got to give jim cramer credit for that but the most interesting part is look at the reaction of the other people that were on him listen to melissa lee. why can't he speak out without being on why are we why do you call him a whiner just because he's raising a lot of issues that a lot of other people in the industry don't think you have the courage the appetite to go out there on a limb and express and not something that other other anchors were saying too so jim cramer says came a dime in the weiner which he is come on and everybody jumps to any time defense so are the actual press in the mainstream are they just kind of doing the bidding of these banks in terms of their p.r. similar to this of the traders have on their for white noise i mean actually listens to that to inform selves of this would be to go against.

pretty much their apologist for the banks so it's not even you know something just about everybody. and i just want to bring out to along this on this note i caught this picture they were chosen by the wall street journal to illustrate a story about goldman's new leads. they pick a story of him with a nun ok are they buying into this doing god's work thing absolutely i mean this is not just a p.r. thing to actually do we believe it's the divine right of the see right ok and that's what this whole thing about religion is and when you when you give the video when you give the vine right to decision making they have a holy degree and that's just much more powerful than any kind of legal legal right . well let's move on because decree and legal right let's talk about what president obama is right is to overcharge police so to private campaign events last week president obama had a seventeen car motorcade secret service police that were from the counties where he was in vermont but it seems reportedly the campaign didn't pay the bill ok and

didn't pay the police that the state provided this isn't the first time it happened the same thing happened when michelle obama visited in june police provided extra security costing them thousands of dollars and have not been repaid your any problem. so it's happened in vermont it's also happened in springfield illinois reportedly there is a bill that they still have from the obama campaign in two thousand and eight for fifty five thousand bucks so what is this obama goes and doesn't pay his bills and just you know uses the city's resources but i think the real concern here in a very serious is the militarization of police and local police as they police you have created these gangs of people war whose allegiance is only the federal government as long as they can provide the money once the parents are going to go rogue doing a sort of sucking off over different kinds of policy i mean it's a policy of this entire united states if you want to everything obama has just done

and dash if he can get away with illinois and he's going to do it. he's going to do it again repeat offender before we go we just have to say today is international fund outworked day and to celebrate this year's theme which is work like your dog we have our dogs throughout our life taking our place my question here what kind of message is this thing how can it work day but work like a dog ok are people that dumb working like a dog is having but it worked a bunch of lazy ok. i don't know what this is about working like a dog so expression right now there are those of an hour later going to sit on the sun again there are similar to working in those they're great dogs by the way i don't have. the time you know who's going to go by the way sort of putting it there that's not my dog is a pit bull ok i like the goals that i have a dog a beautiful no ok i think anybody care how they're going to miss that we have to leave it there because that's all we have time for thanks so much for tuning in

don't forget to follow me on twitter at lauren lyster give us feedback on the show at youtube dot com slash capital account from everyone here thanks for watching everyone.