banks to create securities that were designed to fail they were packaging products that were designed to fail then they bet on them to fail so they made their billions of dollars by selling a product and then betting on it failing think about this it would be like designing a car that was going to crash and then you took insurance out on the car so that you could get the benefits of the crash that's what they were doing and i'm not exaggerating the federal government investigated several of these every large bank was involved in this j.p. morgan chase goldman sachs you name it they all did this with hedge funds and they to try to make a killing you maintain that wall street gets too big of a portion of the national income and you say that should be changed but politicians are usually more in sync with the financier's they than they are with the average constituents so how can you realistically expect any type of change well here's

where the change going to come from from right now most people believe that if you make a lot of money you must be producing value for society being rich means being successful meaning somehow you're doing something important for society with this book is designed to do is to show that that's not true and that's the first thing we have to do we have to break apart the notion that these people are quote unquote successful they make a lot of money but when you look at how they make it it's it's impossible to say that they're producing any value for society once we do that it's going to be a little easier to make the case to politicians and the public is as a whole that this is outrageous as a matter of fact i think most americans are ready understand that this is outrageous the problem is that politicians are tied to all that money that comes into their campaigns what the american people now understand is that when you let these people play their game they will take down the economy they will. boy

millions upon millions of people without batting an eyelash and that's a volatile mix for the in america i think i think if any politician really had the guts to go after wall street they could ignite the kind of passion that led to occupy wall street people don't like the fact that they're getting ripped off and they know they're being ripped off by wall street you're essentially saying that the u.s. financial well the majority of it is effectively robbing the people so do you believe that the rising inequality between the rich and poor in america the widening inequality is a match a man made disaster absolutely it's a well put it's exactly that a series of policy changes took place in the late seventy's early eighty's and then all the way through that led directly to the growing gap the growing income distribution gap between the super rich and everybody else and it's precisely the

hedge funds that pull up the inequality every look if some thirty something person is making twenty thirty fifty one hundred million dollars a year well then every banker says hey i want to be paid like that to every finance person says i want to be paid like that too and then when the c.e.o.'s of regular companies say wait a second i have got you know twenty thousand employees how come i'm not getting that sort pulls up the inequality and that's what has to be stopped now a large part of the income now wall street receives is virtual it comes from trading financial instruments it's not backed by commodities how big is that disconnect huge it's huge they've totally forgot they don't even think about whether or not what they do is good for the economy or any or that it produces a product if they can do what they do it and what if it's more profitable for banks and hedge funds to play in this casino that is for them to put the money in their.

economy why is it that lending from the large banks is still so meager for businesses across the country is because they can make more money playing in these casinos as long as we allow these casinos to operate that's where the money will go because they can make more money there and they have some incredibly ingenious schemes for doing it but how long can these type of. shenanigans or imbalances continue and will we see a possible you know implosion of the global economy and implosion could happen at any time. it will go on as long as as long as we allow it it's a creation of human beings it's not an act of god we deregulated we could reregulate for example if we put a financial transaction tax on every single buying selling of a stock or a derivative a future any financial instrument you begin to suck some of this money out of wall street and put it back into the real economy and what you want to do a shrink wall street down to size you want to eliminate these outrageous salaries.

and bonuses you want to eliminate that so people will say you know what maybe i won't call wall street maybe i'll go work in health care industry or maybe i'll go work in a university or you know research they're smart people but what they're doing is they're using their talents to produce nothing at all and not only is it nothing but it's it can be a dangerous something that they produce could actually pull down the economy there's a chart that shows wages since world war two in the financial sector and the financial sector and from world war two up to the mid one nine hundred seventy s. a writer on one thousand nine hundred the two lines are identical other was it didn't matter whether given your skill and education whether you worked on wall street or worked in manufacturing you're and about the same that after deregulation the nonfinancial sector goes flat and the wall street sector goes straight up. how did that happen it happened. because we we made it super profitable to work on

wall street how do you believe the world should or can react to the information that you were disclosing it's not necessarily all you know but you're saying that it's escalating right i think for starters. step one is we've got to get rid of the tax breaks that they use they have hedge funds and private equity firms use this thing called carried interest where they can claim that their income is really capital gains which is now tax at twenty percent instead of the new rate of thirty nine point six i mean it's outrageous that they get a tax break why you are the richest people on earth getting a tax break why would a billionaire need a tax break and they're not even creating any jobs as far as i can tell so in fact they've destroyed a bunch of jobs so that's step one get rid of their tax base but step two is we need to find ways to suck the money out of the financial sector there's too much loose money floating around there in the way to do it is through

a financial transaction tax called a robin hood tax europe is several countries in europe now are moving in this direction. a because they need the resources and b they have no patience for this speaking of your hand crisis financial crisis do you believe the u.s. is exposed to the. potential crisis all in system that's money if you have money move so fast now it's all one system i mean the banks that we're talking about they're all global you know that and by the way they're larger than they ever were before and what's the consequence of. consequences are we're very likely to face another crash and this is the killer we're going to bail out these institutions i guess we're going to this is what i'm only going to make one prediction here other than if you stick with me and use these twelve point guide you tube will make a million dollars an hour other than that. i will guarantee that we will this goes on regulated we will face. another crash and we will bail out the very institutions

were saying we'd never be a lot again because they're bigger now but you know the five largest banks the united states account for fifty two percent of all the banking assets they're bigger than they were before the crash you think we'll let those five go under no way are we going to let those five go under unless we replace the whole banking system with a government system what are some of the. steps and points to be able to make a million dollars an hour step one is you have to want to be richer than the pharaoh's you can't just settle to be like tiger woods or even oprah or a movie star tom cruise or say that's not enough that's only seventy eighty million a year you got to want a billion a year so you have to you have to really think of yourself as one of god's chosen elites that you're good you're going to be smarter and richer than anybody that walks face of the earth so you have that step one you have to have to drive the

last step which i kind of want to get to is you have to be willing to crush your opponents you have to be able to deflect the center dissenters i got a taste of this i wrote a piece that questioned one of these hedge fund people about then designing bets that would fail and i wrote in my piece that why if this person is so smart why are they engaged in a near criminal conspiracy next thing i know. they threaten to sue me for saying that person was involved in your criminal counts in a criminal conspiracy and i said wait a second is near criminal that means like nearly having sex isn't there a difference between merely having it and the real thing is there a difference between being in a near criminal conspiracy in the real thing but you know they're coming after me with an army of lawyers so their goal was to get that piece removed and you know what they succeeded i couldn't fight them too had hedge fund managers very make

a million dollars an hour yeah they did more than one while more than one. and by the way by the time this conversation is done had we gotten our proper million dollars an hour we would have earned. two hundred seventeen thousand dollars so please talk to your boss about getting a raise. i will talk to him about that last leopold thank you very much for your time thanks so much for having me. my juggling geog. do hack work and get caught when lobbyists money and lawmakers are combined together that's where the problem of

corruption comes from. i don't know the document's. keep up a smart look. there is also. another world behind that which is how to influence the citizens to steer clear of provocations don't answer any question. came into the office and found banners hanging around the office and lots of strange faces around someone and said what's what's happening will somebody please tell me what's going on and they said oh we've come to occupy your building. possibly they want to do a confrontation possibly they wanted me to ring up the police to have the police come in through the mount but it didn't seem to be a good idea to learn the european way with brussels business. in the uk risky

it's one person one fold but in brussels business it's one euro one fault. download the official application to yourself choose your language stream quality and enjoy your favorites. if you're away from your television well it just doesn't matter. now with your mobile device you can watch on t.v. anytime anywhere. sometimes you see a story and it seems so you think you understand it and then you glimpse something

else you hear or see some other part of it and realize that everything is ok you don't know i'm tom harvey welcome to the big picture.