welcome back to the big picture i'm richard fowler coming up in this half an hour republicans love to tell us that government regulation hurts businesses and stifles economic growth but are they essentially they are essential for the fair competition and for job creation and we'll find out in just a moment also after all the scandal in recent years is a career in wall street still worth it we'll ask one former finance financer about why she quit the banking world and what advice she has for prospective bankers and no country in history the history of the world has ever cut its way to prosperity but some for some reason people like alan simpson and erskine bowles just don't accept those facts what has this pair washed up washed up corporate corporate shills come up with now and does this is their plan do anything to solve the nation's economic woes will tell us about in the daily take.

in the best of the rest of the news the financial crisis of two thousand and eight hit the u.s. hit the hit the u.s. millions of americans were left with looking for answers how could the federal government have let the big banks bring down our entire economy and let them get away with rampant corruption and greed for so long the answer to the question is a short and sweet when it began with reagan reagan deregulated big banks and big businesses and he removed the crucial restrictions that were put in place to keep the corporations from cheating and from pillaging the american people reagan argued that in a capitalist society there is no place regulation federal oversight as we all know now reagan was wrong without regulation corporations and big banks wreaked havoc on our economy and our society nearly every basically every day all the name of pell and all the name of padding their bottom line. so isn't it time that we bring back

sensible regulation to keep corporations american corporations in check and where would we be without regulations that are in the place to protect us today joining me to talk about that is tell lincoln director of research for public citizen. congress watch. and author of the new book reality check the forgotten lessons of deregulation the unsung success of sensible safeguards taylor welcome to the show thank you and thank you for having me so is this whole there's been this whole debate that we've heard republicans make that we've got to get rid of regulation is the only way we're going to grow the economy but the same time we see that when you get rid of regulations you cause you know by housing bubble to sort of pop that's the whole point and i think it's remarkable event that occurred that has been really little noted here set up is terrific it talks about how with the scent of ronald reagan to become the president the country embarked on a three decade experiment with deregulation and we found out deregulation last

deregulation led to the housing bubble in deregulation led to the proliferation of derivatives which caused the financial crisis and guess what that's not controversial that was understood that was consensus thought in two thousand and many of the deregulators including alan greenspan himself and many others were chastened and everybody expected there was just a generalized national consensus that we as a country were going to move back into the direction of having some more common sense safeguards and oversight and then the remarkable thing is president obama moves into the white house the economy is awful and what's to blame for the ten percent unemployment in the poor g.d.p. doing its job killing regulations and guess what without a shred of evidence i mean when you hear job killing regulations which some people seem to be saying in their sleep. what jobs are they ever really mentioned there really is very little evidence and that's why we wrote the book that we wrote is to to try. this memorialize this event and let people realize what

a crazy thing is just happened to taylor i think there's a there's a movement on the right i think you could argue with the tea party that continues to make this argument over and over their bodies are going to hook line and sinker that we need the government out of our wallets we need the government not being involved with regulation what role do corporations have and sort of vilifying the government you know the i think it's a complicated question you're asking is you've got the tea party and then you have the corporations role i really think is funding the think tanks like the heritage foundation american enterprise institute manhattan institute and so forth chamber of commerce right and so they've maintained a steady drumbeat of invectives against regulations and coupled with america's natural cynicism to government that's going to break through i think the tea party case is a bit complicated because on the one hand sure they're going to say i'm against the government you hear that when they march on but they also don't like the big banks and how we're going to get rid of the big banks that's really going to take the role of government and so i think that if you were interviewing

a tea party person right now you might find a more nuanced view they might i think as is often the case they might hate regulation in the general but when you mention specific aspects of regulation it's most americans do and i'd be like well if you put it that way and i hear that and i think sort of that i think that sort of calls the pause because we all know the tea party is funded by the koch brothers and big corporations so have these sort of like brainwashed these people what's what's going on here i mean i think it's bigger than i don't really have that much feeling i mean animosity towards the people i don't think there isn't it when it comes to the tea party you want it how about fox news i mean there's twenty two hours a day just on question and then i'm against regulations with no thoughtful discourse but also really you have to look at the mainstream media and sort of it's either lack of a critical eye or it's bending over backwards to be quote unquote fair and they make it seem like all this stuff all these allegations whether they were questioning it when they say job killer. regulation when you ever hear of

mainstream reporters say what's the job you're talking about writing this is something that this is just the tea party or fox news or the mainstream media democrats have bought into this too i mean every time the president has a big economic speech he devotes a section of it to these regulations that are too burdensome whatever they like that's exactly right and that's another reason goes back to the batteries and we talked about a block away here just kind of is this lingering effect throughout the last thirty years that just the word regulation means something that hurts the economy and what we thought was two thousand and eight will be a turning point and i think what our book is trying to point out is two thousand and eight didn't end up being a turning point maybe it ended up being this beat up in a really brief speed and. there's a big price to to not having to our current regulatory climate for instance just a matter of worker safety oh she used to protect workers they try they found out so much killing workers they turn around a rule in three months or six months or nine months they found out nearly a decade ago that more than a decade ago the diaster told the. artificial butter flavor riser for popcorn it's

killing people there's no rule for it this is it true that all sort of regulations are can be job creating i mean if you travel a. refinery that they have to clean up their smokestacks then suddenly they have to install scrubbers and those that smoke stacks that means they have to buy those from somewhere which means someone has to build those as a stimulative effect on the economy that's exactly right and it's not it's not it's not that the goal of them should be to create jobs the goal of them should be to protect workers and to provide for a fair play the marketplace and so forth but they can have a modestly pro employment fact and they also can result in surprising developments in just plain innovation like you mentioned smoker smokestacks and the clean air act of one nine hundred seventy four it's just been a smashing success and it's created all kinds of innovation and it's air pollution on a steady downward trajectory and the reason it hasn't come down further is just because so many corporations and up power plants have refused to put the scrubbers on or robi down further. now we just have

a couple seconds left now what is one thing that everybody out there should know about why we should get more regulation and more consumer protection and more protection of the people in this country when i think it's not necessarily more it's just better and it's just that i think regulations it sounds awful but on exciting the things work they provide for fair play we've got an n.c.a.a. championship game tonight nobody wants that nobody likes the referees but if anybody talked about playing the game without referees. taylor appreciate you being a pleasure to be a good luck thank you so much. and it's time to judge the good the bad and the very very gentle logically ugly to the good of your dannel malloy on a sunday appearance on c.n.n. sit in the union program the connecticut governor called out n.r.a. chief lobbyist wayne la pierre for his criticism of the nutmeg state's gun control

legislation. this guy is is so out of whack. it it's unbelievable ninety two percent of the american people want universal background checks i can't get on a plane as the governor of the state of connecticut without somebody running out a background check on me why should you be able to buy a gun or or buy you know armor piercing a munitions it doesn't make any sense he doesn't make any sense out of whack to put it lightly last week malloy signed into law a bill that gives connecticut some of the nation's toughest firearm regulations the law mandates universal background checks on all gun purchases while closing other loopholes while congress delays finalizing its own gun control it's essential that politicians like malloy the governor of the state that suffered one of the worst if not the most gruesome mass shooting in american history no less take public stand for reasonable gun control but the majority of americans want. keep up the good

work governor malloy and by the way if you don't agree with what the governor is doing check out small penis gun club dot com. all right moving on the bad early on to ross layton and mario diaz balart while the rest of us spent the weekend worrying about whether or not the united states will go to war with north korea or if obama's budget proposal destroy the new deal to florida republicans called for a formal state investigation into jay z. and beyonce this trip to cuba the music power couple recently visited a venue to celebrate their fifth anniversary concerned that the carters may have obtained a legal permission to visit the island representative ross led them in the blood sent a letter to the treasury department demanding quote within all applicable applicable rules and guidelines information regarding the type of license that beyonce and jay z. received for what purpose and who approved such travel rumor has it that john mccain

and lindsey graham have taken this opportunity to request information on jeezy's whereabouts during last fall's benghazi attacks to. the very very ugly tucker carlson on a saturday appearance on fox and friends the conservative pundit compared a phoenix arizona affirmative action program to jim crow era discrimination phoenix is trying to hire more minority lifeguards out its public pools and into effort to break down language barriers resulting from its large immigrant population after comparing diversity to segregation carlson and guess crystal wright went on to rehash old stereotypes about minorities in swimming. this is the same rationale that propped up jim crow for eight years right when you want to show women in school what people look like you you want to sit on the bus or sit in the same segregated use the same water found as people look like you it's to rusty this is irrational it's not good for the safety of phoenix residents and really what they need to be doing is putting resources. swimming classes because i just want to end

with this hispanics and blacks tend to not be as good swimmers as white. as though that's not a socio economic problem it's all just pretty cringeworthy from carlson's comparisons to claim that minority lifeguards will endanger swimmers this whole segment is just very very ugly. after the break a job in finance puts you in the fall puts you on the fast track professional success and personal happiness right maybe not we'll talk to one wall street refugee about why she left her high powered career and how she found satisfaction in the post business world.

let me let me i want to know what all let me ask you a question from. here on this network is what we're having the debate we have our knives out. to do you this right it's a bad thing there again here it is the way we're being i don't want to talk about surveillance me. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm sorry welcome to the big picture.

isn't talking about the same story doesn't make it news no softball interviews no puff pieces i mean tough question. worst you could live. like that for the. radio guy for a minute. because you've never seen anything like this until. then welcome back while the dow jones and the s. and p.

five hundred hit record highs last week wall street giant bank of america was busy negotiating another deal to make amends for its role in the foreclosure crisis on thursday the justice department announced that bank of america would pay thirty nine million dollars to three hundred sixteen members of the armed services that a legally foreclosed on from two thousand and six to two thousand and ten yep bank of america targeted soldiers overseas with foreclosure another day another blemish on wall street's public image for many young americans over the last few decades a job at the big banks was once represented the pinnacle of professional success but after the two thousand and eight crash and all the ensuing scandals there's a wall street career still hold the same last stir for young professionals and showed it let's ask nestle lowder a former wall street executive and founder and c.e.o. of power of n s a welcome to the show. thanks it's great to be here great to have

you on so when i say you worked on wall street for many years for big banks like j.p. morgan what initially attracted you to this field of finance and then what eventually pushed you out of it. you know well i'm jim's of initially attracted me coming out of college everyone described investment banking as this kind of work hard play hard job and i thought well that's me i like to work hard play hard of boys and really into academics and sports and apparently out acquire a really good skill set in business that would serve me well throughout my life so sounded great and in terms of what drove me out. that was there are many things that led up to that but eventually i got to a point mike career where i was you know making well over a quarter of a million dollars a year see on the boards of company and i think someone looking at my life from the outside might have thought wow she has it all but inside i just felt really empty and lost and deeply unfulfilled and i couldn't understand why and so i decided that something had to change so i hear that so you sort of have this this renaissance of

thought that something had to change and what was that change so you created a new company and what is a new company do you know well long story short i did all this soul searching to understand why i had always been such a overachieving perfectionist you know went to an ivy league school graduated by beta kappa and working on wall street was just sort of one more rung in that ladder for me and. basically i started actually myself what is it i really wanted to do with my life and i couldn't even answer that question because i had been so caught up with achievement the whole time so as i started searching more and more and did all this soul searching i got really into alternative healing and i found all of these techniques that really worked to lower my stress and anxiety and increase my happiness everything from you know mindfulness based stress stress reduction meditation to hypnosis you know coaching all kinds of energy healing and i ended up changing so much that i realized what i was most passionate about was bringing those tools to other people in the business world so i founded my company

a korea and i do high end group coaching programs for brit workshops and retreats for people who are in and fulfilled and what could be with their career. or their relationships or some other aspect of their life vanessa was this your decision to leave i mean was this something that you just were driving with the way wall street was working with finance or did a real put something wrong did you sense something wrong with the industry i think it was part of actual times a few years ago i had this article alfred hitchcock's the banks bankers and it was about how surely anyone who would have thought selling these complex financial instruments and placing all these bets than expecting bailouts anybody who thought this was a good idea has to be a psychopath i mean did you get any sense about him was that what force you out well i wouldn't call them psychopaths for sure i would say you know you have a whole range of personalities on wall street and i also want to clarify in my experience doing investment banking at morgan stanley on wall street in new york

city was very different from say working in private equity at a smaller investment fund in san francisco like culturally types of personalities very different so in my experience the wall street new york it investment banking was a very toxic environment and i mean you know there were times when i would leave my suit jacket on the back of my chair take the stairs up a level and sneak into the elevator to go all the way down to the lobby to leave for the day so no one would know and this was at nine pm because it was bad to leave that early so yeah i mean that's that's not a very healthy environment right and i i like to believe if you finish your work there is no such thing as face time and they take it to a whole other level at least so vanessa and i want to go back to a book stephen made previously about sort of trying to find yourself so what do you say to all those in the hood was watching tonight who are sort of having that struggle they're probably part of the wall street called the wall street culture they don't want to lose the paycheck in the last couple side of what you have to say to them which is they do hello they need to follow their heart and their

intuition you know i made a major transformation and i'm happier than i've ever been because of it but i had to start asking the question what is my heart want to do what is what is my. inspiration telling me rather than living from the place it's fear or ego and worrying about money so it's really about following your heart and listening to this guy well said vanessa that's a load of thank you for joining us tonight thank you. while visiting brussels on his first trip to europe as treasury secretary jack lew reminded his european counterparts that they should focus first and foremost on solving unemployment not budget cuts if they want to regrow the continent struggling economies austerity has been

a disaster for the eurozone thus far since greece first came clean about its budget troubles in late two thousand and nine the e.u. led by german chancellor on hold merkel has pursued a policy of savage cuts to social services and government spending that has pulled the entire eurozone down into what seems like a never ending recession but european leaders aren't the only ones talking budget cuts as a solution to the worldwide economic downturn the united states has a pair of austerity evangelist of its own their names are alan simpson and erskine bowles appointed by president obama to head a commission tasked with finding solutions to the american budget crisis simpson and bowles here concluded that the federal government needed to make hefty cuts to social security and medicare if it wanted to head off fiscal disaster under the guise of bipartisanship in centrism simpson bowles and their followers in the

beltway elite have been pushing their own version of european austerity since the commission disbanded back in two thousand and ten and they've been collecting a pretty penny in speaking fees doing it too. in february we just need more money for speaking fees they announced a second version of their cat food commission plan that calls for even more cuts to vital social safety net programs with president obama announcing his support for or at least unveiling a budget this week that will likely call for social security cuts and changes to c.p.i. then simpson bowles is pushed for this european style austerity well it seems to be working but make no mistake about it the simpson bowles plan isn't about saving america from fiscal doom or making a grand bargain it's about helping out the richest americans while screwing over the rest of us and that is the subject of tonight's daily tick. you've heard of the burgers and the truth the town thursday and the nullifier zx and even the fockers

but now it's time to meet the simpson bowles ors over the past few years we've heard a lot of crackpot ideas first there was donald trump and his jolly gang of burgers who to this day claim that president obama was born in kenya or someplace not the americas not the united states then came the koch brothers funded can't climate change deniers who despite record temperatures an unprecedented superstore arms insists that manmade climate change is still debatable you know like many of those exact same people said about cigarettes not causing cancer finally we have the tenth ers in the nala fires like rick perry who want to ignore federal laws that they don't like but none of these outlandish nonsensical ideas are as dangerous and destructive as the new simpson bowles cat food plan two point zero yesterday the pair introduced a rebooted or shall we say re baked version of the original simpson bowles cat food

commission idiocy that original plan you remember was so bad that their own commission members would not vote for it. yes there was no official commission report unfortunately the media is still in love with these irrelevant hustlers and their crazy ideas which makes understanding the absurdity of the simpson bowles two point zero cat food plan all the harder but let's give it a try in the original simpson bowles cat food commission plan on the left here the pair saw a whopping two point nine trillion dollars in budget cuts combined with two point six trillion in revenues fancy word that mostly describes increasing taxes or cutting tax loopholes under the new simpson bowles cat food plan two point zero by chart on the right this pair of crackpots is now seeking one point two trillion dollars in revenue savings meaning they've jacked a budget cuts this time to a staggering three point eight trillion dollars while the original cat food plan

had roughly one to one spending two gods the new plan is three to one simpson bowles cat food plan two point zero calls for two point four trillion in new savings over the next ten years if you're serious tax and entitlement reforms and cutting additional spending so what are the exact devastating cuts and reforms that simpson and bowles want to make in federal government spending. first they want to reduce medicare medicare and medicaid spending i mean fewer and fewer elderly americans and poor americans of access to health care and medication. next simpson and bowles want to enact comprehensive pro growth tax reform which is just a fancy way of saying they want to give corporations even more corporate tax breaks while jacking up taxes on working people of the two point four trillion a new savings of the simpson bowles cat food plan two point zero calls for nearly eight hundred billion of it comes from so-called tax reform finally these washed up

corporate shills want to strengthen loans on discretionary spending and reduce non health mandatory spending which means cuts to things like social security higher education and farm subsidies just a dame a few in other words or i mean cat food the bottom line here is the simpson bowles cat food plan two point zero much like its predecessor is entirely about help you know corporate america and the billionaires who run it and screw it over the rest of us along with the so-called pro growth tax reforms come these so-called entitlement reforms which basically argue we must abandon elderly disabled and poor americans if we want to save the american economy the only people who are happy with simpson bowles do cat food plan two point zero or their corporate and fat cat buddies all of the millionaires on t.v. won't tell you this the fact is that working class americans need to see through all the smoke and mirrors and pass the media circus and realize that much like a bird in the truth is the sims of bowlers are just completely off their rockers no country in the history of the world has ever cut its way to prosperity and whether

simpson and bowles like it or not america isn't going to either so let's roll grampa simpson and grampa balls back to the old folks' home where they can't do any more damage to our economy and our country and leave the cat food for the cats. that's the way it is tonight monday april eighth two thousand and thirteen for more information on any of the stories we've covered visit our website thom hartmann dot com free speech dot com if you missed any of tonight's show you can now watch it on hulu hulu dot com slash the big picture and check out our two youtube shadows and the links at hartmann dot com also a. ways you can send us your feedback. as tom always says democracy begins with you get out there get active occupy something your it.

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