you know one of the big show off of his crimes and also repeat themselves under different names now going to talk to you about the clutter was debt obligations for the c b o o's while they've been reinvented the same scam but they've got a new name because i did about that in a moment but first late breaking nosed about some german woman saying i want to show you this headline which is just remarkable how empires and they choose to just shoot themselves in the head there like you know they're threatening the rest of world but actually the whole thing is going to and if if you don't like ok by ass we're going to keep ourselves germany. if us sanction. merkel as retaliation against states for their russia so they the u.s. congress you know the both the senate and house of representatives voted overwhelmingly for this bill to sanction russia but now it looks like the u.s. might be sanctioned by germany oh well that is exactly what i said for the past two year while america heats up this anti russia rhetoric and it increases the stank

sions or push germany a key. arms of russia now being germany russia and china in a in a world. war with. the u.k. . russia and china are going to side hum i wonder how that's going to go all the explanations of. creditor china america's biggest export is china and germany plus throw russia in there as the biggest you know atomic weapon or a. formidable opposition but you know maybe. the social transgendered. people are. for anyway let's turn to. and. lines in the financial news and while we were gone of

course the f.c.c. came out with a report about out oh you know these i suppose this initial quote offering to particular they mentioned the dow which is one of the earth the first smart contract the first i say it was actually on the theory blah change that all collapsed when a hacker sorts of planes and that resulted in a split in the area and exactly a year ago oh so you know that it was the f.c.c. said that is a security and they're going to regulate it so the f.c.c. is crucial to the next story about regulating and the threat to regulate. the sequel to the global financial crisis is this in the financial times they say the culprit is. what i caused earlier. risky low grade ones into attractive packages and high credit ratings and may there were two deals of one in a billion dollars each and experts estimate that seventy five billion dollars worth

. of. capital recently close to two point one billion dollars t.l.o. just in the u.s. since two thousand and six and the third largest and history although most of the loans underlying these deals are of a quote junk status war that half the new debt is rated. a sound familiar max yeah well it's reversed drug dealing you know typically if you are drug dealer you cut your drug with like you know baby powder or something a baby laxative a new standard your drugs so more of your drugs here with a horrible bottle. that are junk that are. reversed you put in some. bonds to give it a higher content and so that is the same story from ten fifteen years ago and then the ongoing story that area a group of charlatans on wall. street and around the world all that are pushed onto

the investment public securities that are. still. paying. and then told by the central banks to keep interest rates low so the cost is always going down but as i've said before. if you want to stop financial fraudsters on wall street and around the world need to raise the cost of. enough to try to stop gun crime for example raise the cost of guns if you're trying to re stop fraud on wall street raise the cost of fraud have got to go up to make fraud less appealing for fraudsters until that happens we're going to have more of this but so going back max you know c.d.o. it's a class that obligations back in two thousand and six separate those were mostly backed by mortgage backed securities that were sold the pension funds they blew up and the whole system collapsed so this time they're saying that during the early

two thousand and similar highly rated deals called collateral by stand up for popular first they seemed harmless or at least not so big that their collapse could cause a financial contagion but when the latest ignored their growth opaque a profitable with credit ratings disconnected from reality like cracks in the buildings foundation the risky miner at first the high ratings hid the instability of the entire structure until it was too late of course back then what happened we had new legislation our legislation for many american people because they pretended that it doesn't allow people to sell these fraudulent sacks of as sachs called it as they were dumping it into pension funds they said that was not illegal to. they ever do this again it will be a peacock and they called it the new law dodd frank dodd frank was supposed to stop his credit rating ploy but this to cure seems has permitted the agencies to dodge that. dodd frank imposed on the just before the.

bike wise congress barred the agencies from getting inside information about issuers that they rate. the f.c.c. permitted that to as c. grow the cracks are spreading again so as are saying seventy five billion dollars worth of these t l o deals going up this year those are being done to pension funds the article points out later seventy five buildings and there's just one billion in and offerings in the crypto space as you see is we've got to protect people about this and we are going to crack down and make an example. in jail. if they protect that's. on the shelf that's been documented around the. equivocation about it they're. in the. top of the deals are

now getting to the point where it will capsize the global economy once again the pension funds of course are where people dump their toxic debt and those people's retirement will be obliterated and they're already quite harmed through low interest rates they have a name all the packaging of these things you know i talk about how when i started the water in the early one nine hundred eighty s. there was a lot of behavior that i was dubious that. was across the line of what's legal and illegal and i've pointed out what regulators did was. to make it legal. which is a very. it's. the same scam it's packaged just given a rating cell to pension accounts this is the third or fourth generation people meanwhile the wages are stagnant economy is being undercut the chinese germans and russians are taking over an american center but there are some other things reading

watching politics. platers and then. of course we all went to the voting booth in two thousand the. hope and change is going to change through these people and tell you to keep on going to the voting booth and say yes we're going to. think about it did something about the issues adopting. these on elected regulators at the f.c.c. say we're going to don't work as expected so who might be out there who want to create a bank to compete with these horrible banks there. of course they can't compete with you and you've been deprived of many small banks across america have gone out of business because frankly because of the regulations and frank that the big banks are being exempt from actually having to abide by that on top of that they meant that. called and.

took effect requiring. a slice of the downside but. to take on and that risk the club or a third party that is taking a risk. it's you it's me it's all about it's the pension fund but once again let us review some keep on tear how billionaires we don't billionaires in america for the most part is by taking the risk of engaging in this fraudulent system and putting it under somebody else's show bowlers you take the ninety in eighty's when you have options market begin trading. is one possible risk separately. this is a separated using mathematics and once they get off from a hedge fund. group. it jumps into the

public domain as toxic securities enter and it pollutes the public domain in the form of an economy that's not competitive lost wages and busted pension accounts it's not by actually that it's not from the economics it's not from poor policy choices it's from fraud and i would posit financial terrorism as i said before the penalties should be death and ok and so you know last time what they did is they had packaged up all these mortgages that were given to people but with so called liar it's remember the banks they could have possibly been the liar loans mistress fraudulent sed horrible americans the tens of millions but those on the water mortgages they're the ones that the fraud of these poor bankers right so this time again they're already said that americans you with those pension funds it's your fault and the reason why it's your fault is because you need yielding you're chasing me. some experts say it's different earlier this month.

managing director in capital a subsidiary of new york life told a roundtable of c o experts they should not worry about defaults and the seventeen quotes the ask. that is ferocious he said. insurance companies and university endowments are demanding both stay fifty and high terms c l. c to offer the best. of. jim jones drink the kool-aid as cyanide it'll kill you but you're thirsty right now mr penalty before you see. if you don't have insurance and right now there is not a charge for fraud well they can put the bank out of business they could kill the bank but they do know. that they will not be put out of business or wells fargo a serial fraudster ha ha this week get caught this way you need to turn it in

losing one's life i think is a adequate target for wells fargo and the sea well we got it. because i got the second half we can debate this in the comments if you want i'd like to see the blood spilt state of the spec and have a go it. just

. comes. in. many. ways to look for. oh. we.

turned. back. all right so i want to talk about your piece of. michael dash hudson dot com the

post is called dads many proverbs he assembled these in prison why was your dad in prison who sent them there this is a story we haven't heard what's going on here michael well i grew up in minneapolis which was the only city in the world where being a drug theist was a career advancement. and my father was a late really they're one of the minneapolis seventeen under the smith act the day before pearl harbor. essentially the democratic party wanted to turn the yacht seems that you know who said it was in minneapolis where the money. promised support the democratic party and they were terrified that the prosecutors so many outlets were going to take over the labor movement and the stalinist celso were dressed as they were. and. that ultimately was used against the.

communist party itself and so the attorney general bill framed up the cross theist's for advocating the overthrow of the government by. the books marks on your bookshelf and my partner and his colleagues at the well all in the national guard and protect this breaking workers from the minneapolis police that were working for the local. gangs and walgreens at the time but i will give there's a there's a there was the general straight and a many outlets and i think that was one of the high points about american labor history my father was right the middle of it so he was sent to jail but the the democrats. and mostly. and sure not local so where you

want to be because inside these are not i don't criminals they were mostly. witnesses who were subject. to. my father. is recruited the moment his heart and my partner were in the library and i compiled out this group. compiled a list of everything lenin and trotsky on various topics but somehow their loss you know one of their moves this is incredible history and courage everyone to take a look at you know when i'm listening to you there i had a thought i want to ask you more philosophically the labor movement in america anywhere there's a movement of course has had trouble. agency and economy for all and they also are constantly fending off entreaties from organized crime as

well as corporations that seem to be more. what the got from it. labor or a left wing has never really come up with adequate way to fight capitalism i understand and obviously with the time his manifesto and the works of marx there is a critique of capitalism but start necessarily a roadmap. oh you system as far back. or maybe like what is just completely off is exactly what. father under his. branch or. a later. he pointed out the impossibility of the labor movement trying to work within the democrat party it was basically a link between wall street and our. corporate sector so they need.

systematically not only in the back. row to move. and activist in the labor movement tried to be. either of them control. bush wrote a book on him or any kind of critic. action l.c.a. . of the war. socialism of america if you're going. to the right with the government. get rid of. peter. fatal. that's the entrance to the. party so. throughout the night if these

sixty's. was over what is the next move that as they were both in the democratic party and finally now that we see the fight between turning it over it now we see that and you open the possibility of other democratic party. interests later. act. for terror. hey but wages because they were tagged to inflation and america's wage earners act that was a golden at the night seventy if you work out a car wash you can still own any financial independence shouldn't speaking greater patty agency. wants to stock market crash want to see interest rates go up to help the stock market and they're not sure leaving for a crash to the market because it will never wall street suffered labor benefits and

going back decades not being told i think there's a disconnect between the stock market and the rest on to me this. doesn't really have anything to do with the conditions of. labor is not increasing it so wages we've discussed before in this show greenspan theory of why lever is not producing it's wages and it's because the workers can't afford to go on strike if they don't have enough savings and they're one paycheck away from a missing a credit card payment or a mortgage payment that's really the problem the stock market is going up for completely different reasons that have very little to do with the economy in large oh really financial engineering not industrial engineering or not really something social about right way bring up an interesting point there about debt so an average worker would go into debt to buy a wasting gas set like a house or car whereas

a wall street financier will go into debt to buy him a day but irani a cost a shot so it's what you'll end things that go up in value so they're getting a leverage on their debt and the average worker is getting hammered by their debt and this interest rate apartheid is where we see the enormous cleaved in american society michel well the workers think about how this has been a waste in usa for years they have worked through this we're going up in price and the rise in prices. created the middle class in america. and the stock market measures there really might be some of the cases are junk are counted were holes they're trying the wrong stock corporate stock buybacks what you're seeing now is the stock market becoming part of the nation. instead

of being a leading indicator which the national bureau of economic research used to call it is a reversal but. the. may be companies are back their own stock and paying down their earnings and dividends instead of investing. instead of hiring labor they're downsizing were at the cannibalization. of american. capitalism and the corporations are they getting over. the top in washington about things like amazon and google and apple all violated antitrust laws getting to beg becoming furnish a pervasive monopolists it is going anywhere is it just claptrap are we actually going to take. the whole economy is becoming a run. the what you're saying is not only amazon and the other companies and information technology you're having about four companies in every sector whether

it's over for air print for the for the biggest banks or the four biggest economies their own operates and what they're really getting. but economic monopoly rents. is now being built from the monopoly brands in charge and in order to the corporation have both the government and despicable the president to say to the treasury department this almost. every bit of government that's. we're having read it and take over that's not military but it's a fight over that turning the economy away from. me into a rent expression kind of let's talk about bank for a second so wells fargo of course that recently was caught stealing money from millions of customers they have now been caught in several other scams insurance

camps there's no deterrent there's no penalty i made the point and sets my days on wall street the things that we consider illegal in any case have been made illegal so the message that these frauds communicate to washington is change the laws to make what the illegal activities that we're doing now legal we can do them but much bigger michel have to change the mix have to do is not apply i don't front so secret. it's not the law isn't the import the judge is. and we rely on government is that if he can do what obama did and put people in the justice department and appropriate it are the few. who doesn't matter the. obama was the one who really missed going to the. prostate. and out the federal reserve refused to apply to us and the f.c.c.

that is that i mean other companies for ron you know break down the line you're having are essential to late crooked judges put in charge of every apartment a government and then the genius of all with changing the law at all you don't have to even do that i hope erica billion dollars more because he certainly was the plus and fraud that covered many many billions of dollars hundreds of billions of dollars if. not all the corrupt but he's a. special. donald trump there let's talk about america and trump is there such a thing it makes you touched on a brief what's the current state where there is. no. changed its. hasn't given any economic speech spelling it out basically economics is our financial institution it means out over the i try let me put it industry

lobby so it's a government by labia it's you know it's open press but in the class war back in business. and that's what we're seeing a class war is back in business with a vengeance and i don't at any time in my life. class who are this obamacare is remarkable because we're paying two thousand dollars a month and all day long enough. so how is that not class war how's that not you know a festering of fostering uprisings in the strait they look for does not involve employing. it in both financial and insurance. medical care. in the. michael thanks so much. and.

just. think maybe some of the. almost thirty years. reveal. about.

ok.