today on our t.v. ron paul might not pull off the presidential wind in two thousand and twelve but it looks like his criticism of the federal reserve is gaining steam a full out it might not be as far off as you think well tell you how congress plans to follow the money next. and congress may not be able to agree on anything these days but just two days before interest rates on student loans are set to rise it seems they finally stop dragging their feet but don't go counting your savings yet joe will give you two good reasons why this isn't a victory it's made out to be. the industry. has been ruled unconstitutional justice is just going to the centerpiece provisions of the obama

health care law well don't adjust your television that's just the mainstream media there are facts out the window again in pursuit of breaking news we'll show you where they drop the ball and ask some commonsense question about americans raging health care debate. it's thursday june twenty eighth five pm here in washington d.c. i'm liz wall and you're watching artsy. well and a fad isn't happening quite yet but it's on its way to getting audited congressman ron paul's ability to broadly at the federal reserve advance in the house yesterday and passed the house oversight committee and members say they hope for a full house vote next month paul has been a huge critic of the federal reserve criticizing its policies and lack of transparency so does this move show that paul's and the fed message is resonating

with more people to land the way and this is lou rockwell chairman of the wake of on me said mrs institute lou welcome so it looks like the fed is moving closer toward an op ed here reaction well i'd like to see the fed moving closer to a hole in the ground myself rather than all of it but i think this is of course a wonderful victory for ron paul eric cantor the number two guy in the republican house has blocked this bill for years and he's been persuaded to allow it to come to a vote i fear that doesn't mean it's going to become law because this the way the senate is going to pass it no way the president would sign it on the other hand this is the fed has become an issue ron paul made the fed an issue for the first time since one thousand nine hundred thirteen when the when the thing went into first came into existence so when you have eight thousand college kids on the berkeley campus chanting and ron paul in the fed you know that things are changing and people are right to focus on the it's

a very dangerous institution and it does only evil only harm to america and the whole world so the more we focus on it the more we talk about auditing and the more we talk about see if there's really the gold in their vaults that they claim there is it all we look at all the bailouts of the european banks the american banks the more we scrutinize everything they're doing the better off for the cause of freedom in the cause of economic prosperity and you had mentioned how this message has spread across college campuses of course ron paul with his very young following but it looks like his message is also spreading to members of congress. well they you know these guys don't want to shock anybody but they you know they care about being reelected and it's absolutely true that they're hearing from their constituents it's amazing how many congressmen get letters saying he wanted more like ron paul so it's it's quite a wonderful thing and they are i don't think they've changed their minds i i think they you know they can't be trusted their congressman after all right but however they will respond to public pressure and there is public pressure and we just

noticed even in the interview in somebody's parish was just pointing out to me even in regular economic stories we often see a picture of the fed when people are talking about economic troubles and boy that is exactly right the fed is the source of all our economic troubles not the congress of the presidency the supreme court these institutions all do huge damage but the fed is the foundation of all our economic troubles here in europe and i'm afraid that coming the global depression now lou i do want to repeat a quote from congressman paul it's a response to this moving at a advancing of the house he says quote it is time for the federal reserve to face a thorough audit of its monetary policy and lending operations the fed purchases of dubious assets from favored wall street institutions its lending of hundreds of billions of dollars to foreign governments and central banks and the prospect of further quantitative easing and european bailout to underscore the critical need

for transparency so lou what might an audit of the fed reveal well first of all it would tell us where the money is going how much money they're creating they've created. and may have even understated it probably trillions of dollars went to the european banks certainly trillions of dollars went to the u.s. banks we'd like to know how much did they create how much in effect money they counterfeit who got it what were the terms who were there favored fair haired boys in the banking industry here and around the world. and you know i mentioned to the fact they don't want to know they own all the gold but they don't want to let anybody look at it they don't even want to be counted they don't want the bars to be assayed they don't want especially the investigation of who actually owns it there are some questions about this about who whether it's foreign central banks where the fed really owns the gold is that clear all those kinds of questions should be investigated they should be open to a total transparency and investigation they should not be allowed to do everything

in secrecy like a criminal gang but of course they are a criminal gang so i guess that's what i like this is also a lot of questions especially a in a time of financial economic turmoil after the recession of two thousand a lot of questions i mean what policies of the federal reserve could put the economy at risk. well the quantitative easing i mean the inflation when when when the federal reserve pushes interest rates below that than the natural level when of course now it's they're almost zero when that happens it brings on the business cycle because it causes business people to make all kinds of investments that similar a great idea at the time but when the bus comes turned out to have been disasters this is of course the story of two thousand and seven eight and many other booms and busts that the fed the fed creates it creates recessions and depressions that's the worst thing the fed does and so they can actually put us into a global depression in cahoots with the european central bank in the bank of japan

their partners in crime so threatens everything it threatens everybody's economic future thirteen's our children's economic future it threatens our grandchildren i mean this could be go on for a very long time the hole that they're putting us in and yet they are immune from being questioned they're never to be touched that never to be inquired into bernanke and company should just be able to do whatever they want in a secret room in cahoots with the big banks and we're not allowed to know well ron paul is exactly right we have a right to know we have a need to know we need to if we can if we care about the economy we care about all our economic future than having prosperity and not all being in poverty we need to know what the federal reserve and it's going and its composite in the banking industry are doing to us in of course the purpose is to stop them from doing this and i do want to mention lou what the opponents of this are saying they're saying that this is undermining the independence of the federal reserve a federal the federal reserve is supposed to be a politically and dependent lester's i watch and it's not politically independent.

the famous statement by arthur burns who was richard nixon's chairman of the fed and a very bad man who once when question when questioned about this after he was out of the fed made a hilarious statement he said look the chairman of the fed has to do with the president wants otherwise we'd lose our independence. now what the independents means they'll get to live it up the fed the fed unlike the governor all the whole government lives up but the fed is really on the top of mount olympus drinking you know drinking nectar nectar of the gods they live it up to an unbelievable extent and they can determine their own expenses and so forth so that's that's what they mean it's not actually independent of the rest of the government to say you're not you're not buying said chairman ben bernanke is argument that this is going to open it up to the politics well what of course a political organization always cares about its politics all its all its whole its

whole concern is just nothing but politics and my view bernanke is whatever he says believe the opposite then you would be right all right i want to bring up a california republican he is the chairman of the committee darrell eissa he said clearly quote clearly that must be made and must be to excuse me if that must be made too big to fail and too big to fail requires a considerable amount of oversight what do you think about that well i'm glad to hear i say that and it's an indication of the influence of ron paul that of course the fed does need oversight the notion that this organization maybe the chairman of the fed is certainly an economic and financial matters the most important powerful guy in the whole world why should he be allowed to do whatever he wants in cahoots with goldman sachs and j.p. morgan and bank of america and the rest of them why does he get to do that to the american people people of russia the people of europe people of the whole of latin

america asia the people of the whole world who gave for what kind of nonsense is that of course he needs oversight of course we need transparency of course we need to know who's getting the dough i mean how we always know when congress has got in that we pretty much know what the presidency has got to do how come the fed can put out far more money than congress of the presidency much more money and yet would solve. those to be highly secret the only reason they want to keep it secret is because what they're doing is criminal what they're doing it would embarrass them and that's why we need to know what and we need to stop it so at this point it is advancing still needs to pass the house how do you expect the the senate to deal with this no the house will pass a believe and that's going to great thing for on the senate so it's not going to pass with the senate in the pocket of the fed of course obama is in the pocket of the so the senate won't pass it and the president will sign it nevertheless ron has made huge advances and i think specially with what young people are thinking and calling for we're going to some great things ahead they ought to be scared in the

in the marble palace of the fed they ought to be shaking in their pants. thanks thank you so much for weighing and we'll be keeping a close eye at this bill as it progresses in congress that was lou rockwell chairman but the lead weight of non nieces and. well it's time to check in with our web team to see what they are working on our team lead producer andrew blake is in the newsroom to tell us more hi there andrew so let us in on what you're working on over there we're going to a couple stories a couple stories go to our to dot com slash usa read all about them i'll give you one right now there is a story earlier in this week back on tuesday the f.b.i. said they had helped arrest twenty four different people who were being suspected of running a credit card scamming trading buying selling bad bad bad bad website f b i caught a bunch of them and said that a bunch were these hackers involved with this one group called eugene nazi they

were just as weird hacktivist all as i hear the word nazi and they are there's nazi and there you know usually when you put not seen something that's not good that's just my opinion but anyways these guys did something kind of cool few months ago u.f.c. the ultimate fighting championship the president of us the this guy dana white he was saying that sopa stop online privacy act he was saying that wasn't that bad of an idea so a couple of hackers started egging on. on he started taunting them back in the next thing we knew they hacked u.f.c. dot com they published social security info online so anyways completely unrelated this week the f.b.i. arrests some of these guys and now dana white the guy from u.s.c. he's going out there and saying you know what i talked to the f.b.i. and i think we had a little little something to do with that so if you see like a big meat head look in flight or a guy who's got a bone to pick with hackers he just to be ready because he's trying to he's kind of up to no good if you ask me what do i know. about that go check or twitter all that

crap well you are a producer so you know i would say you know a lot did i know a couple of andrea would thank you very much read all about what andrew has been working on our website r.t. dot com slash usa that was andrew blake with a preview i was trying to say under the. well it looks like congress will act to prevent interest rates from on student loans from doubling their such a go up in just a few days the rates were set to rise on july first from the current three point four percent rates all the way up to six point eight percent but college students and grad student breathe a sigh of relief just yet that's because even if interest rates say pipe students are still screwed while everyone has been focused on interest rates there are other parts of the deal that have major financial implications starting sunday students must pay interest rates on their loans while they're still in school and immediately after they graduate so that grace period between college and getting

a job don also gotten federal subsidies to education that will also jack up the price to go to college students are now facing a twenty billion dollar increase on their federal loan so what does this mean for college students and how could it impact the economy or applebaum joins us now to talk about it he is the founder of forgive student loan debt dot com welcome to the show there robert thank you so even though congress they you know they're being hailed for far reaching this deal but really students aren't that much better off are they not at all three point four percent interest rate keeping that is a minor issue in the overall student loan crisis that exists in america and as you were just saying the way in which they struck this deal leaves students just as screwed as if they had doubled the rates anyway we are in the worst job market

since the great depression and students who have graduated into this job market in the last three or four years have and does fifty three percent unemployment or under employment for these college grads yet they're supposed to start paying interest while they're in school and they're supposed to start paying right after graduation to enter into repayment it makes no sense they don't have jobs to make these payments. so essentially it takes a burden that was already there and makes the burden a lot worse and it makes the burden happen a lot quicker yes yes so congress in their infinite wisdom. has decided to keep the student loan rates the same but yet screw the students over other ways of oh you know it's interesting because people are still having this as a victory you know there's things to be this this fixation on the interest rates why is it that some of these other you know other provisions of this deal they seem to be overlooked but they just as well impact the you know wallets of college students and college grads sure and you know frankly this whole debate over the

interest rates is a red herring and it's such a minor aspect of the overall student loan crisis that we have in america we have one trillion dollars in outstanding student loan debt that's more than credit card debt that is suppressing economic growth in this country because of these debts those who are most likely to spend money aren't buying cars they're not buying houses they're not starting businesses they're not starting families they're not doing any of the economically stimulative things that we need all americans to be doing right now if we're ever to dig ourselves out of the hole created by the greed of those at the very top now when you put this burden on young people how could that further drag down the economy because they're not spending. it are we have a consumer based economy seventy percent of our g.d.p. is consumer spending and when you further burden those who are most likely to spend

their money by requiring them to repay these debts to the federal government they're not buying other things they're not doing other economically stimulative activities there is no economics economic stimulus effect of repaying these loans to the federal government and so there is no effect and you know these days with students they're graduating with a mountain of debt as you as you had mentioned a very we believe job prospects do you think that now more than ever the the value of a college degree is being called into question absolutely because of the student loan program itself colleges and universities have had no incentive whatsoever to keep their costs down and we have now long past the point at which tuition rates bear any reasonable connection to the salaries that one can expect upon graduation if you can get a salary so you know at this point i think it's very important for prospective college students and grad students to really consider the job market that they plan

on entering into before signing on the dotted dotted line for college and so as you had mentioned earlier congress ok they reach this deal but it's it's just not enough it's not doing much to alleviate the burden that on so many young people in the u.s. today what does need to get done. congress needs to pass h.r. forty one seventy the student loan forgiveness act of two thousand and twelve introduced in the house by representative hansen clarke its up a new repayment program called the ten ten standard whereby people who have student loan debt would be required to pay ten percent of their discretionary income over a period of ten years after which the remaining amount would be forgiven and in fact just today we had a rally in a press conference because i had started a petition in favor of the bill and we reached over one million signatures so clearly there's a groundswell of support for something drastic to be done to address this problem

now you know critics of that legislation like that will say well you know these students they took on this debt they made that decision to take on that debt and therefore should you know are now faced with the responsibility to pay it back sure but the legislation that i just spoke about doesn't isn't a free ride it's not a handout it requires you to pay ten years at ten percent of your discretionary income and moreover you know considering the job market and the economy today why would we do anything to further drag down the economy. like i said there is one trillion dollars of outstanding student loan debt and unfortunately that's not a cap that's just a disturbing milestone on the national path to poverty that we're on and you know part of this vicious cycle is student debt is one of those unique kinds of debt that follows you and haunts you where for for have forever basically you're learning you know and beyond exactly you can. if you file for bankruptcy

that is the debt that stays with you absolutely and there's no statute of limitations on the collections of these debts either so that puts it in a category with treason and murder. doesn't. mind boggling that is mind boggling so you know we've been covering recently was the at the protests in canada. students some estimate hundreds of thousands of students in canada taking it to the streets protesting to ration hikes activists you know people standing behind this cause the tuition hikes in canada are nowhere near what we're facing here in the u.s. the cost in canada for education for colleges is much lower but why is it that we see that outrage there but we don't see a net that outrage here to the same extent apathy i think the american people have

. gotten to the point where they expect nothing from congress anymore the government has failed them and they just don't see any connection between protesting and results so i think and that's unfortunate really i mean because i do i don't i'm not that cynical myself and i personally believe that if students would rally together and make demonstrations and make this issue come to the forefront then we would see some change so i think we have an apathy problem in america and what do you think it would take for for the u.s. or for students here in the u.s. to reach that breaking point and respond in the same way that we're seeing this response in canada i wish i knew because you know since one nine hundred eighty the average cost of a college education has gone up by eight hundred twenty seven percent that's an insane amount i mean it's way past the rate of inflation it's more than even health

care inflation so quite frankly i don't even know what it's going to take to get the american people to get angry the way i did when i started my petition in favor of the lieut. h.r. forty one seventy all right last i want to ask you because i knew that you were out protesting today. trying to get support for this bill a lot of support i guess in the numbers we see on your petition head what's next for that well congressman hansen clarke is delivering that petition to the chairman of the education committee today and hopefully we'll get a fair hearing on it and see it least get a vote on it but the battle doesn't and today just continues on all right robert thanks so much for coming in the studio and weighing in on this very important topic that just affects so many people so many young people here in the u.s. that was robert apple bomb the founder of forgive student loan debt dot com

thank you well he has sturrock victory today for president obama's lead mark health care law the supreme court decided to uphold the controversial legislation it's an issue that has divided the country in the mainstream media this morning rush to break the supreme court's decision here's some of the chaos outside of the supreme court the individual mandate has been ruled unconstitutional justices have just got it both the centerpiece provisions of the obama health care law if you know it's a fact that's the final word on the individual mandate there could be a little bit more complicated we're getting conflicting information we're getting inflicting information as you say there's just some confusion there are conflicting reports coming in from inside this supreme court so let's let's i'm drawing any final conclusions are still trying to figure this out the cautious with this we're trying to do the best we can right now as we sort through it and we need it later a lower third actually may not be correct take several minutes. again we are

reading now that the entire line has been held. well and they rushed to break the news they got it wrong the supreme court did not overturn the individual mandate their five to four decision in fact upholds all parts of the law that's what happens when you want to get it first instead of getting it right of course this is a success for president obama he can now tell this as a campaign promise fulfilled in doing so they've reaffirmed a fundamental principle that here in america in the wealthiest nation on earth no illness or accident should lead to any family's financial ruin i know there will be a lot of discussion today about the politics of all this about who won and who lost and how these things tend to be viewed here in washington but that discussion completely misses the point whatever the politics today's decision was

a victory for people all over this country whose lives will be more secure because of this law and the supreme court's decision to uphold. so a huge victory for a political a political victory for obama but is this historic ruling a victory for the american people and what does it mean for you and what are the true cost to our system to discuss this i was joined earlier by nick gillespie editor in chief of reason dot com and the co-author of the declaration of independence how libertarian politics can fix what's wrong with america. emergency room care for instance is something like two percent of all health care spending so it's not it's not a huge amount and it's simply a fiction to say that people who are denied regular health insurance don't go to checkups and then they end up with a new emergency room and they have major problems it's just not that big a problem in terms of the pricing of health care but you know if you stand on the margin say room visits are better than people who aren't insured but it is but it

is overall it's only two percent of all dollars spent on health care in a given year so let's say you get rid of that you've taken things down from one hundred cents to ninety eight cents it's not a big savings us why shouldn't we force everybody to have insurance and there's a there's a bunch of reasons first off is that you know health care is not something that everybody should be forced to take and if i'm young and i'm relatively healthy and i want to take my chances without being having a major medical plan that covers every aspect of my life i should be free to do that in a free society i don't have a right to make a claim on you when i screw up because of my decision but that's a separate issue but more importantly and we know this is that if you force everybody into shards then you also have to guarantee certain types of coverage and it drives prices up it does not reduce prices and finally when you you know and then it reduces services we know this. and of you talk about for canada is

everybody is covered and there are longer waiting to. see all sorts of all sort of procedures and things like that it's just the fact and it may be that you know enough people want to say you know what i'm willing to put up with less access but you know i think that the waiting lines let's take switzerland for example the waiting lines there are actually shorter where there is going to brazil health care there is not universal health care in the way that the risen canada for instance a single payer system and it's not government run we are moving inexorably towards that and there is no reason to believe that given the way that. americans want health care and we want health care we consume more of health care not simply because our procedures are more expensive but rather we go to the doctor more often and we expect more out of our health systems than other countries do there is no reason to believe that increasing government involvement in a in a field whatever whatever you know economic activity you're talking about there's

no way it's going to reduce the one i gave a i think it's interesting that you say that of americans that want to go to the doctor more but unfortunately what happens is people get really sick and they can't afford to pay their medical bills and it's one of the reasons primary reasons why people here in the us go bankrupt. that again i you know when we can debate the actual stats of that that is also that is i think that's over exaggerated and rather it becomes a way by which you decide to declare bankruptcy but the fact of the matter is is that relatively few people are going bankrupt because they don't have health insurance or they can't afford health insurance the the fact of the matter is and i mean if you take it back to a very core concept which is that we know that when markets are allowed to operate in relatively free fashion you tend to get lower prices and better service it's not you know and then what that means is that in something like health care and something like education and other goods that people really care about you know you can come up with ways to cover the people who can i cover it on their own even in

a in a looser market but the idea that somehow the government is going to come in and this is the same government that delivers horrible horrible health care through medicaid and massively expense of health care through medicare to many people will mean senior actually relatively wealthy many of them could afford health care we give it to them for free or reduced prices anyway you know we're we're looking at it's aster that will start and you know that has been unfolding for the past forty years in america as the government's got more and more involved in health care and it's only going to get worse now is that gillespie editor in chief of reason dot com and co-author of the declaration of independence how libertarian politics can fix what's wrong with america but that's going to do it for this hour for more on the stories we cover and you can head on over to our you tube channel we post everything there that is youtube dot com slash our to america .