today we talk a lot about mary jo white here and today is going to be no different and we have a special profile of her later in the show she's been up to a lot recently taking on jobs act implementation in mind in money market reforms so it stands to reason that as these people need a bigger budget right all right let's get to what's in your prime interest. last friday the bureau of labor statistics releases monthly unemployment numbers which beat expectations one hundred sixty five thousand jobs were added to the economy and the unemployment rate ticked down from seven point six to seven point

five percent but according to a new york times c.b.s. news poll about half of americans believe that the sequester sequester async hides would hurt the economy or earlier i got some employment from political commentator sam sachs and from the executive director at the iran institute you're on drugs here's what they had to say. it's really what we're seeing is is is with the sequester cuts and we're just in general the austerity regime that's been implemented in europe and here in the united states is going to see money being taken out of the hands of working people and out of the middle class and i think if you look at the with the economies function they don't function when wealthy people have tons of money they are stocking shelves with goods they function when people have money to spend in the pockets and go out and spend their or your idea how do you think the questions are being the jobs market why it's not what should be the jobs market is the economic policies of the last fifteen years we should disaster increased regulation increased government spending. increased government borrowing

increased taxation that's what's just that's what's hurting the job market which is destroying the u.s. economy which slowing growth every job lost in the public sector is more money in the private sector every job lost in the public sector is one person less doing unproductive activity and more money in the hands of productive people building stuff creating stuff and moving this economy forward so sequestration is helping the economy the problem with it is it's much too small much too little and it's not affecting the real problem which is over regulation over taxation and and a government that's way too big to every level i did ask wall street about overregulation as west texas about overregulation i think jack says there's a lower level than they've been in the last week is tomorrow here is your latest industry in the united states wall street is dramatic you regulated it every bank on wall street is regulated by five different regulatory agencies that was true in

two thousand and so what you see today and what you saw during the financial crisis is a consequences of over regulation of taking our time that now i'm glad i have another clavicle incidents like that that i would have another point i want to bring out that sam had he has argued before that the government nurtures our middle class by rich distributing taxes to fund programs that help the middle class like their medicare food stands on a plane and share and why does the government need to provide these programs sam why can't the private sector do this because it doesn't do it i think that's what it comes down to in crowded out because the government has taken over such a big share of these industries no look i mean go democratic governments didn't arise out of nowhere they rose out of the fact that we've been living for you know whether it's medieval times or whatever in which wealth was accumulated at the very very top and everybody kind of just got trickled down a little bit of money here and there and if you privileges they didn't have any rights we came gov we have democratic government we have democratic control of our economy to make sure that wealth. it's distributed more even evenly and so that the

wealth imbalance between the very rich in the very poor is good i think that's what's good for economies if you look right before every previous crash and even the crash in two thousand and seven two thousand and eight they were all preceded by massive wealth inequality where there was nine hundred twenty nine or two thousand and seventy we're still seeing that wealth and you call that a year on whereas where the private sector where. the private sector is being crowded out there is no private sector in america today government is every way government has its fingers on every aspect of our economy even those segments that were relatively free to ten fifteen years ago today being regulated heavily through antitrust and through other means that look at technology look at how google today is building massive operations in washington d.c. said can lobby effectively because otherwise government is going to destroy them just like they did microsoft so you know that it is no private sector today and to compete to blame anything on the private sector today is ludicrous when government

is so involved in every aspect of economy and really this this what distribution to compare capitalism to compare the economy of the last two hundred years to feudalism is just insanity you know yes in feudalism it was sort of sin it was to kratz and it was to question came rich by exploiting the so it's that is not capitalism in spite of it mocks marx was wrong capitalism is what raises the poor it's no accident that over the last two hundred years the poor in our society have risen up they've risen up into you know some of them into middle class but even the the people who are poor who sit on the consequences of democratic government over the last hundred years here add is not a consequence of government that is a consequence so of course you destroy life station of capitalism of wealth creation to build the products of creepy stuff which government does its best to see into feel with that close and current screw it and hero who is our men are granted slide the current social. by unemployment insurance the wagon which

protected the union organizing the goods is how the legislation all of these things corresponded with the growth of the middle class that's all a coincidence right still not true historically the ag act the quality and standard of living of americans by raising the cost of living when you force employers to pay their employees what you do is force everybody to pay more for their products and as a consequence everybody stand to be including unionized workers is lower today because of the way because of minimum wage and because of these things that i want to get back i want to get back to a sequence tracy and i have a graph of government spending we can see that total government spending is over three and a half trillion dollars the deficit is eight hundred forty five billion dollars we're paying two hundred twenty four billion dollars in interest and the sequester ration is just around forty four billion i mean that's really that's not look like much when we put into perspective the total amount of what the government is

spending and then according to the g.a.o. there's a lot of overlap and do ok so what then the government i mean how can agencies really get together to streamline these cuts that we don't see hysteria with the government programs that are saying. well look you know the look small but it's going to have profound effects there are people who need chemotherapy there p. treatment were being turned away there's unemployment benefits that are being cut by ten percent meals on wheels programs are being cut this is real pain for real people and it's also taking money out of the pockets of people who spend money which is the last thing we need when we're in an economy where there's no demand whatsoever your you can you can open up a shop as much as you want you can stock as many you can start your shelves with as many products but nobody's going to buy anything if they don't have any money because they're they're losing and they're going to buy me a comment or a reason for me to and from everybody has to come from somewhere well ok when it comes to action the money comes from wealth creation the money all the. all the

money in the economy comes from the private sector and you tax it in the private sector that are sitting on the shrills of dollars of no they're not doing anything with it there is no money out the other than money and wealth created by the private sector all you're doing is redistributing wealth that people in a private sector have created so if you want more wealth if you want to really be pure one more jobs if you want more people to buy the goods and in the grocery store then you need to create jobs in the private sector not in the public sector because every job created in the public sector requires us to take money from the private sector so it's a neck loss it has to be a net loss to multiple on government spending it's always negative there's no mathematical way it can be positive so if you want to create more what you need to do is free up the private sector and allow them to invest the capital create some sudden the about with us economy and i've been second is doing just fine corporate profits as a percent of g.d.p. are higher than they've ever been before in the history of america and here we have

if you look at the forbes four hundred list and you look at who sits atop of it whether it's the koch brothers the walton family everything they have a.q. they have billions and billions and billions of dollars that they tend to spend in their lifetime or anyone else's lifetime how is that good for an economy because it had gone through a bank and found some rich guy to to make your argument look the fact is that corporate profits are at record highs but cooperations are not the number one wealth created in this country and a job creator it's a lot of it is small to medium sized businesses that are hurting because they're being regulated and taxed and profits and not being we invested in this economy because of the growth of regulatory state because government is it is in perry nobility to create jobs i wish you had as have a chance to vest that money create an environment that is friendly to business that is the solution that more you attack business the more you attack the forbes four hundred the less the inclination of those people is going to be to i were talking about government regulation i want to get at another point that sam had mentioned before i thought. you know he said that government regulation regulates the economy

to prevent the abuses they have the middle class their minimum wage laws they work place safety wise but yet you are and you think these programs have really been effective in protecting the middle class were not wage laws minimum wage laws protect union workers and they hurt low income in a city my naivety youths youth are being hurt by the state unemployment among young people in the united states today is approaching thirty percent because of minimum wage laws and because of all the other labor regulations who do they protect if we raise the minimum wage what we protected the union employees who have their salaries link to that c.s. that the upper middle class gets even gets even better without even doing any. conduct of young people will never going to get a job because minimum wage prices them out of the economy and that's a tragedy and this yeah i mean labor unions have how and a lot beat those you know give them

a lot of benefits you know what i don't have power and they don't necessarily which i don't necessarily deserve but whose expense at the expense of young people and that expense of poor people. that was sam sachs political commentator and you ron brooks the executive director of the iran institute i've next i'll be hosting a debate between prime interest producer bob english and mark levine of the inside scoop on the marketplace fairness act that passed the senate last night discussion online retailers charge state sales tax then in the daily cold bob inglis and i will talk about whether big coins should be regulated or not we'll be right back.

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last night the marketplace fairness act passed the senate sixty nine to twenty seven this bill would require online retailers to collect and calculate sales and local taxes on online sales that cross state lines now currently online retailers are only required to collect sales tax and saves that have a physical presence i have. with me now our t.v. producer bob english here with stops in the approach to increasing taxes on small businesses and mark levine who believes in leveling the playing field with sales tax fairness between online international retailers so mark can you please tell me

why you think this bill is good for american because first of all this is not a new tax consumers are already required to pay sales taxes or what they call use taxes on the things they buy the question is whether people should be able to cheat and avoid these taxes and people have been cheating and avoiding these taxes house really for about twenty years because even though you are required to pay them most people don't pay them they don't know they're supposed to pay them you don't fill it out on their tax returns what this does is says that best and target don't have to get punished because of amazon or e.-bay or an online retailer it exempts small retailers those that have revenue under a million dollars and they give states sorely needed aid just from the tax cheats what's the problem do you think people are really cheating your taxes here i don't think so i think they have some cover from two different supreme court decisions that came down one forty five years ago and this was basically an out for people that have to pay sales taxes or state sales taxes for these goods that are coming in and out of the state the supreme court kicked it back to congress and said

already congress makes something of it what forty five forty six years later here we finally are and as to the you know as to the question is this twelve billion dollars per year that's going to be generated the supreme court said that people do not have to pay these tales they said they don't have to collect the sales taxes they said people still have to pay them because the state law requires you to pay them but the online retailer doesn't have to collect them for you see when you go into a store people have to pay them but the retailers don't have to actually do that and that would mean that most people aren't paying them because the way you go into a regular store they collect them the cash register you know you pay something a dollar and here's an extra six cents and they charge you then and there the way these works you had to pay a dollar now and six cents later on your tax returns and nobody will do it when you tax something you get last that is really a time in our economy when. we want to stifle sales if you don't like sales taxes then go to your state legislator and tell me cut sales taxes but this idea that best buy gets punished less state legislators and i sales tax i call one i mean

it's the issue that's democracy right if you don't like the democratic prosperity of the summary ok but there is these are the it simply is fairness across the board the same tax how we should be applying this if this is essentially a progressive tax this is going to hurt middle middle income families more than the rich i mean how do you justify that. and i actually firmly agree that sales taxes are worse than income taxes you know we democrats tried very hard to get the fair the rich to pay their fair share and they said only if you make the forty thousand dollars are we going to increase your taxes are going to happen based on amazon sells you know the rich paying their fair share dates are hurting and the reason they're hurting is because the recession because the reason they're hurting their own money don't they do they get more for less they did before republicans have cut aid from the federal government to the states and so what are we seeing we're seeing cuts in teachers cut simply stop the cuts in bridges and roads and all the things that states do the answer is this tax is already on the books so let's just apply it fair so then we want to pay for teachers went on line sales teachers

should be paid for with sales taxes sales taxes pay for all kinds of things at the state level the tax that already there lotteries well not really bring in money to actually to actually the most regressive tax we have and we will i wonder is a supporter of this bill do you think that it's possible that wal-mart is trying to get. people back into their stores i'm not a fan of wal-mart because they don't pay the workers enough so we get a whole topic on wal-mart but the end of the day i don't see why brick and mortar stores should be punished actually they have higher costs they have to get the goods bring them in the store and a lot of people go amazon shopping right they go to best buy they pick out their t.v. and they go to the internet and they buy something on amazon without it a variant of what's going to prevent unintended consequences like start up companies amazon competitors going to canada going to mexico and you. you don't think this is going to push business outside of united states if you're a startup company if you make under a million dollars in sales you're already but that's a very low bar it is a low bar in terms of international there's all kind of you know there's nafta

there's all kinds of agreements some countries we tax some countries we don't tax that's a different issue at the end of the day it's just a question of fairness make the same businesses pay the same taxes for the same consumers i don't see how making people pay twelve billion dollars a year and sending it even if it is to their state government who might need it more than the federal government the state governments or local governments do not spend wisely they don't know they don't use price signals based on their behavior they wasted a lot of money the securities and exchange commission is finally looking into harrisburg pennsylvania that was selling fraudulent bonds to investors and this is this is right because across the country if you don't like state sales taxes contact your state legislator total or the. it should that's the only system we've got it's with the churchill said it was the worst system in the world except for all the others so look it's the best we've got the main thing though is to be fair taxes should be applied fairly we shouldn't punish best buy and reward amazon we should charge all retailers the same way maybe if we do we can actually lower tax rate and what is the chance of that happening the hounds i think you think it's got a good shot because i think a lot of small business owners who want everyone to get their fair share you know

target could charge less if it is that they're getting amazon has to pay a little bit more so i think you're going to find this will pass the house but it's going to close as well as mark levine from the inside scoop an artsy producer bob english thanks for talking about you guys thank you i i i i. today mary jo white the newly appointed as the chair testified to the house appropriations subcommittee on. c.c. budget so let's take a look now at mary jo white the woman who was picked to oversee the securities industry when she was first nominated for the position we saw reports book claiming

mary jo white has a record of tough prosecutions and mary jo white will be a get tough to keep wall street in line well maybe she could rail and a whale of a banker like jamie diamond as the u.s. attorney for manhattan she won some high profile cases against mobsters terrorist and financial fraud while securing convictions against the mastermind behind the one nine hundred ninety three bombing of the world trade center and against a mobster john gotti bad but there is another side to mary jo white one that was made humorously evident during a panel at the n.y.u. school of law. finally to my extreme left we have mary jo white currently a partner and head of litigation that the boys in clinton where she seems to represent just about every senator institution that has anything to do with any of the financial crisis cases out there what can i say to. that. since two thousand and two when she has defended some of the biggest names in banking including morgan stanley and bank of america to her connections with these

big banks matter well in two thousand and ten white bro in a motion some have looked to assign blame for every aspect of the financial crisis even where there is no evidence of misconduct this sounds like a get tough sheriff to keep wall street in line but that's not all she told the huffington post last year and the financial crisis was so expensive and so many people were injured that it's ones and seem to think that there must have been massive wrongdoing from the top on down criminal cases must be built on compelling evidence not just positions and evidence of broad based misconduct that would rise to that level it doesn't exist. this is the person who will be in charge of overseeing and best a geisha of securities fraud and fraud related to the financial crisis and the letter to the senate banking committee that as the sea occupy the as the see also raise the issue that a former as he's the chairman had to recuse himself from many cases that involve

his prior clients why because the oath of office every as the the chairman must take this would allow a jamie diamond and begs like his very own at j.p. morgan to receive an extended pass because white defended j.p. morgan from two thousand and ten to two thousand and twelve in several cases relating to the financial crisis and this is how we profile mary jo white our newest s.e.c. chairwoman. and it's time for the daily dool joining me is our t.v. producer bob inglis good to see you again thanks for joining me so evidently

quotable bart chilton of the c f t c he added again he's the commissioner of the futures industry regulator he says if anyone is going to regulate big coins as would probably be the c f t c because it might be a commodity that can be used and driven if and traded on computers so what do you think the c.f.o. c.v. rating decline well first you gotta love bird chilton because as he said eminently quotable we give a quote the other day that he wanted to put a good housekeeping stamp of approval on all of them so he has great ambitions for regulating just about everything you know he wants to get his hands on but coins and he cited the fact that they're traded on computers that might be derivatives he should be reading the see if he. the about page because the city of d.c. already regulates money and i just wanted to see a few things jobs to save consumers from they had wrong doing and it's possible that bitcoins could be involved tile or they are dangerous to consumer maybe we

could put a warning on the package but there is no package but what i'm saying is yes there are there is a lot of volatility in bitcoins but that doesn't mean that the c.r.t.c. should unilaterally usurp authority authority to regulate something that people have created on a voluntary basis that's well known the the algorithm for creating these things is open source and people should be able to trade them freely even knowing that there is volatility all you have to do is open up a chart to play here that quote what if the creator when he said there is going to be twenty one billion bank on twenty one million and what he wants he's a twenty one million but what if they just make more and now you know your clients aren't worth what you thought they were to begin with and you've had thousands of people poring over this algorithm and nobody's come to that conclusion so i think it's pretty safe there what will destroy the bit corny market is closing the bottleneck that is when you have to convert to another currency like the us dollar euro to buy them governments can just arbitrarily shut down at will and i think that's where they're going and where anything evidence of that the man who invented the hateful yeah you know i'm here and he's hauled out because of this reason so

a big point isn't even people backing it are flogging it. ok that's all we have time for his name to do anything about. it was a contentious day here on prime interest tax or not to tax that was the question posed to mark levine and bob inglis apparently the marketplace has been unfair to wal. an amazon merrill lynch versus countrywide birth is m.b.i.a. oh and by bank of america at least in part all we can say is of wow mary jo white can't seem to make up her mind white shoe law firm or f.c.c. that was surely would not simply have shrugged after watching sam sachs go at it

with iran rugs from the iran institute and finally bart chilton strapped on as gloves the battle big points or at least regulate them thanks for watching it for you come back tomorrow and be sure to follow us on facebook at facebook dot com slash prime interest him everyone at prime interest i'm hearing him boring have a great evening. the oh super says the u.s. is disappearing if he's a lawyer there's been a new. lawyer

so you. lose you lose you think you know who it was or you for sure. you know 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 realized everything you thought you knew you don't. charge marc. the big picture. wealthy british.

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live from moscow ten pm outrage in the u.n. offer a syrian rebel group kidnaps for peacekeepers. such action makes the opposition much of its international. kind of stops neighbors brainstorm how best to curb extremism when u.s. troops withdraw or with the threat growing elsewhere in the region. russia's great cardinal resigns from a top position in the government to take a look at what could be behind his exit from the. bus when life in prison is the only life you can afford. the hopeless and people with disabilities because i can't afford to pay a small fine.