oh hi there i'm max kaiser this is the kaiser very far today and now are you in a driving in an over right now. well you know has been in the news many many many times of the past few years because of disinter mediating the whole taxi space taxi medallions are crashing and price all over the world from new york city to chicago i don't think they have medallions in london or places like that but it's certainly messing up that situation over there they've had loss after loss after loss after a loss they seem to be

a loss making operation part of that is in order to basically become a monopoly in the city so they've been losing billions of dollars it's not a publicly listed company but there are a lot of big investors like goldman sachs throwing billions of dollars at them to create a global monopoly but here is the latest in their debacle of losing money and you know fair enough it's only goldman sachs's money so i guess though goldman sachs will have to defraud some granny somewhere to pay for these losses but gets run over by its own subprime auto leases last year last three billion dollars they also lost their c.e.o. in the past few months and two years ago however when these folks launched the subprime auto leasing program to put their badly paid drivers and new vehicles they couldn't otherwise afford they apparently did not do the math remember they started a program called exchange leasing because they were having

a problem they were growing fast but they didn't have enough drivers with good cars to drive everybody who wanted a nuber well until i twenty fifteen when the exchange leasing program was announced the company gushed we're excited about how these new solutions drivers unique needs and offer more and better choices and greater flexibility than ever before their actual pitch from this exchange leasing program with a new ber at that time then goes on to say. unlike most multiyear leases that have high fees for early termination drivers who participate in exchange for at least thirty days just thirty days will be able to return the car with only two weeks notice and limited additional costs the program allows for unlimited mileage and the option to lease

a used car with three teen maintenance also included so the only penalty for returning your car for two injured it after thirty days was to enter the fifty dollar deposit and we're going to get to the shocking numbers about how wrong they were but on the surface max that looked like any sort of leasing program that any auto manufacturer in the world would everett and turner into knowingly what a cliffhanger could hardly wait to get these numbers they're so shocking all of the key phrase in their sub prime and we're talking about growth at any expense growth at any expense which is the business model of cancer and we saw during the real estate subprime crisis banks they ran out of people to lend money to but they were making a lot of money making these loans and the loans are backed up by the federal government and the taxpayer similar to what we saw in the savings and loan crisis and all the laws that were in place to safeguard people from

a savings and loan crisis were changed to make what was illegal in the one nine hundred eighty s. legal so the subprime crisis was a repeat of the crisis except all the illegal activity was made legal so they had to repeat and they ran out of customers so they started making loans to people so called ninja loans no income no job people without and if you could fog a mirror they'd give you half a million dollars to go speculate the property market it blew up as a course it had to. and then the government printed fifteen sixteen seventeen trillion dollars taken principally from people's pension accounts to make it all economically work and gave it to the bankers to reward them for having changed the laws to make what was the legal legal and they became fabulously wealthy in the price of fine art went up another hundred percent and a boss at painting hundred eighty million or whatever that's all the result of poor people defaulting on mortgages during the subprime crisis now of course look at

that they say no bankers never got in trouble there is never any penalties for committing massive fraud in the banking sector let's commit massive for all of the loan lease business well importantly nobody but nobody but their investors are paying big time for this the drivers wouldn't otherwise qualify for a loan in the private sector outside of working for they wouldn't have qualified here they're able to jingle mail just give the car back for two hundred fifty bucks in the meantime what they were getting is cars that have been driving for six months and they had twenty thousand miles on it so here's the wall street journal on this article where they defrauded themselves essentially wall street not wall street journal but are. messed it up for themselves and their investors well the exchange leasing division had been estimating modest losses of around five hundred

dollars per auto on average these people said managers recently informed executives that the losses were actually about nine thousand dollars per car about half the sticker price of a typical least vehicle so they were losing not five hundred dollars as their entire business plan and their projections and their earnings when they're presenting to goldman sachs and other silicon valley sort of investors to give us another few billion dollars so we can lose more money in order to gain market share well here here they were estimating we're going to lose five hundred dollars on this program you know but we're bringing in way more than that on getting these drivers and then you know saturate in the market with drivers. well there were actually losing nine thousand dollars on average they own forty thousand of these

vehicles now each one having a nine thousand dollar on average loss so they've either got to sell all of these vehicles and an already collapsing used vehicle market in prices because so many leases from three years ago are coming off off lease right now in the regular market but you're there competing with rundown cars that have way more mileage and then somebody who's leasing a car from one of the big auto manufacturers well there's a big number attached to the with that the total of cumulative the aggregate number yes i mean i think it was three hundred sixty million dollars in losses if they sell these of course they could do something else which is just try to package up this book of leases that they hold exchange leasing because they're shutting this down there so they've shut down this unit they could either sell these forty thousand vehicles and you know realize this thirty three hundred sixty million

dollars loss not like they need anymore tax writeoff or a buck or they could sell the leasing program to somebody else and maybe change the terms and conditions of all these outstanding leases that these drivers still haven't turned in their totality of the forty thousand vehicles i understand when you say that there are no investors outside of the private investors who are being impacted by this problem over there but i would disagree and that goober is on a private market basis they did a round of financing putting them at a value of seventy billion dollars and there's a lot of problems over and if goober in fact collapses let's say the way enron collapse enron was an eighty billion dollars public company that did collapse it set off a crisis in the counting industry for sure and it had ripple effects throughout the economy and throughout. the the markets now if tanks that's a seventy billion dollar potential loss and you point out it's mostly private

investors which would include let's say goldman sachs and others but if these folks like the goldman sachs suffer any losses at all remember they then can or the government for a bailout so they could go to the government and say blew up we need to bail out and the government because it is staffed by goldman sachs employees mostly under trump they would rubber stamp that fail up and then to pay for the bailout they'd have to go into people's pension accounts and they'd have to grab that money or wells fargo and go into your personal account and grab that money to give to goldman sachs bankers and make them whole because they're god and i'm her just you know and out in the meantime the public infrastructure and you know the public transportation system which is taxis are part of it in new york city in chicago and washington d.c. and los angeles and never really have a taxi system but that's all been wiped out like a lot of the medallion owners certainly in new york city remember they were selling

some people bought them for a million dollars and now trading at like one hundred thousand dollars which is probably even overvalued in the with the existence of but if we were also implodes just as the entire taxi system and all the cities implodes it could be quite chaotic well you're indicating there possible contrarian play that a taxi medallion in new york city might actually have bottomed out and the value might be starting to go up i mean if it for a contrarian investor like a warren buffett who says i like to buy straw hats in the winter time and go against the crowd you might look at this as say hey look at taxi medallion in new york is trading artificially cheap i think a load up on taxi medallions but we're not saying to do that but we're stuck because of course somebody's going to say no time bought a hundred fifty thousand dollars taxi rebellion and now it's only worth twenty one hundred taxis and the parked in my bedroom flat in queens i don't know what to do. and finally speaking of contrarian investors i don't know if this guy is one but he says people need to get outside their bias and this is ray dalley oh everybody

needs to put five to ten percent of their money in gold multi-billionaire investor he runs what's his name bridgewater associates out of connecticut one hundred sixty billion dollars hedge fund and he's saying that the political risk are rising rapidly and people don't seem to be accounting for this and they're so. and i think he calls them that they're biased towards the u.s. dollar and they are there keep on buying u.s. treasuries and they're against gold and gold barbarous relic but he says most immediately during the calm of the august vacation season we are seeing too confrontational nationalistic and militaristically leaders playing chicken with each other while the world is watching to see which one will be called bluffing or if there will be a hellacious war and two the odds of congress failing to raise the debt ceiling leading to a technical default a temporary government shutdown increase the loss of faith in the effectiveness of our political system rising it's hard to bear such things one way or another so the

best that one can do is be neutral to such possibilities and buy gold he says you know five to ten percent this is a standard wealth management tool for those with wealth to manage many americans who of course don't have any wealth but here he's saying five to ten percent we haven't heard people say this most people are even on the financial news on the c.n. b c's and the hedge funds of the world are all piling into big going what are your thoughts on this rebellion as a puppet for everything you just said is true and it's been reflected in the price of bitcoin whereas great value oban anyway we've got to take a break we'll be back right after this don't fret and go away. about your sudden passing i've only just learnt you were yourself and taken your

last wrong turn. your act caught up to you as we all knew it would i tell you i'm sorry. so i write these last words in hopes to put to rest these things that i never got my chance to. remember when we first met my life turned on each person. but then my feelings. starting to change you talked about more like it was a game still some more fun to feel those that didn't like to question our archaea and i secretly promised to never be like it said one does not leave a funeral in the same as one enters the mind gets consumed with death this one quite different to speak to now because there are no other takers. to claim that mainstream media has met its make. plain. lysis militants and just shows patrolled by.

enemy troop movements have been spotted on the photosensitive the river. here in the only two groups of militants have joined forces with. those groups looters who declared their determination to fund an independent islamic state in the philippines severely. limited to two months of funding keeps finding hidden weapons and explosives. now being rationed in areas where civilians used to live on a daily occurrence. cannot allow morning walk with their bundle let know what are you annoyed. this is the news or the. walking dead. unbelievable it is and it will make my head is the fish it is a city in the us alone. welcome

back to the kaiser report imax keyser time now to return to our conversation with international film star all around nice guy soon to be a starring in a new our t.v. show the gap the great american pilgrimage i give you stephen baldwin stan welcome back to serve our i well this is been a fascinating discussion i want to pick up on a point we made in the previous segment about the left wing in america the media in america a lot of these questions are open questions and they are debated in the mainstream media and the page of the new york times and the l.a.

times and so i think if you know what do you think about my my thought on this is that part of the reason for this show great american pilgrimage is to go out and talk to people i you know you and i can talk about this all day long but let's go talk to people see what they're thinking what's going on they're the ones who are making the votes they're the ones that are making the political right reality happen right you know. and i got to tell you. as you and i do because most of the folks watching the show don't really understand completely how well you and i know each other how long you and i know each other the fact that we're friends is i think is richer respects regarding funny you know i would must match kaiser's as much as i do if max keiser wasn't is funny as he is so that's why we're on board together you're going to be producing and you'll be producing as well we're going to come up with a lot of fun ideas but the idea is basically every time i meet people they go what

are you doing what's coming next i go we're going to the city called the gap the great american pilgrimage in an r.v. with the dogs and talk to people about america and everyone reacts the same day literally so. really sounds. so i'm excited to go out and experience the great american pilgrimage again i thank you we're we're so fired up to turn to turn this program into you know for our t.v. . parts unknown you know anthony bourdain or like a duck dynasty and you know i believe the best way to do that is to give people an experience that makes you laugh and they enjoy and they feel good about while at the same time really talking about the issues really talking about sanctuary cities we're going to talk about. immigrant policy except for a. across the board from from trump to guns to bibles to the qur'an and whatever it is we want to know. as

the. creators of of the gap we want to know from people. what happened how did we get here not what happened in a bad way or good way just how has this progress here in this country that you know reader seen now in twenty seventeen degree just movement and surge of pruett test in the united states since my team sixty seven sixty six sixty seven sixty eight. so that fascinates me and what fascinates you you're a serious guy and you're driven to our community. but you want to do it in a way that's unique and fun and i think oh this coming together on this journey is going to absolutely result in that outcome yeah well agreed on those points and this does have a fail of

a one nine hundred sixty eight political awakening to it in america and the point is that to go out there and find out what's going on and as you point out we have known each other a long time maybe experienced decades of american history and in a country that's not bad old america is only two hundred forty years old they've been alive for a significant portion of the history of this country so here we are traveling through america and what concerns me a little bit is that there seems to be this rising tension between two to two divides politically and america is not without political division and resulting in conflicts before i think sixty eight with a very polarizing period you know the kent state incident the murder can't stay for example the whole debacle of the vietnam war this was to mulch us turbulent times going back of course you could go back to the civil war clearly is you know another

example we have the illinois the state of illinois stephen is being talked about now is the first american failed state the economy of illinois about to go. illinois is about to go under the entire state is and this is bringing about a huge dislocation in america so what about this this tension that's happening in a in the hatfield versus the mccoys almost you know families are being split apart as they were in the civil war as they were during the vietnam war there is a real powerful sense of of of tension bleeding into. some violence so what what's your take on that yahweh is a trend becoming more pronounced are we in your opinion i mean we'll find out a lot of more about this on the road but the you see from your observations that the trend getting more divisive save-a. this is what basics are exciting

to me is that we really can't be sure you know can we. you know from emacs what i've witnessed. over fifteen oh. baby boatman is fifty one and what's what's amazing to me in my observation is this slow erosion of tolerance is what i call it. and really the interpretation of tolerance because in my perception the live room movement in america is looking to take the constitution and ethics and. moral ethics in you know tolerance and a lot of what is that in the iliad will write that i have to. be one of the members of we the people. is that now the most dangerous aspect of all of this is now free speech tolerance always is not

only can you not disagree with the progressive movement but you can't say that you do and in fact what they're hoping for relative to all of this she seems that they are pursuing is that not only that you. approve of it but that you agree with them as well that you must agree with these perceptions. of these changes to the landscape and the tradition and the foundation of what has built this country and that's the people so i'm excited that great american pilgrimage is going to go back to that grassroots thing to say hey look you know in in in sixty eight this happened in seventy five that happened in eighty one that happened you know as if we progress through this transition. it's going to be

interesting to hear the voices of people who agree with or disagree with it and everything in between and that they get to honestly and simply communicate that from their hearts so yeah it's to me max it's a super wild crazy freaky time in american history right now and i want to go right into the vortex and i wanted to assure wanda right into that with those people agree or disagree who are you where you're from god bless you what do you got to say about where we're at what's happening right here on the great american pilgrimage is this going to be excited and thinking about the one nine hundred seventy eight which of carthage american effort was a time when workers had the greatest purchasing power of any time alas. airth wall street was on the way down workers' wages actually because inflation was on the out they were getting great purchasing power with the wages that they were making and that during that time we had filmmakers like alan pakula who may have

things like all the president's men the parallax view and films that challenge the official american narrative you know the only guy we have out here today who is challenging the official american narrative is oliver stone who would put out things like the alternative history of america series or he'll go and interview flat america potent in moscow and you know as a journalist but my question is. where did all that great filmmaking go word those directors go and how are we on the verge of possibly going back to an era where we are we will see hollywood directors challenge the official narrative and come out with socially relevant and challenging material stable. it's great christian brother because you know in hollywood you have people like me and dean cain and some others. who are willing to to really stand up and give their

opinion then james woods who slips through and down on his twitter use use a man using. this who obviously for the most part of a majority of hollywood folks that do not agree with any kind of school conservative or skillful perspectives in that regard which is which is foreign to you my thing is this i'll never forget i went to the premier of syria the clooney put together. and afterwards i walked up to and i went hey you know the movie was kind of wild and you know it was more entertainment in my opinion than trying to seriously sarcastically communicate a message which is that liberal message of i'll never get clooney same to milliken i said hey look straight i didn't this really agree with all of it but i said looks pretty cool to see it today and i guess he was yeah man this should be fun with this one causing the trouble isn't it and it kind of did and i went well i guess

for new road but you know when it comes to like the coal miner and people like that who can afford to go see this movie mr clooney you know those little people who do their best to pay their taxes to. you know. i hear you i guess the point i'm trying to make is this is really quite simple. i'm we're grateful and motivated and inspired to live in a land. that no matter what oh the dynamics are regardless if seventy percent of the messaging in the media is this the people are what matters americans are what matter hers most in america. so i'm looking forward i think. right now like you said.

mr stone and some folks are are obviously in an incredible minority in the content provision world called hollywood but that's strange and that's changing the rattling of this cheese and all of this protesting resistance and all of this disagreement and discourse is what america's all about it's a good thing that we have the the rights and the freedoms to to have this conversation to have this it's a platform of politics that we do the is truly democratic and free lessons stand before we got to go one last question if you looking forward to what compare this nischelle an hour to the gap the great american pilgrimage where you can you think it's going to compare more to the thout of music are apocalypse now. be like if we did our own version of apocalypse now to be like if alec

baldwin were playing a colonel walter kurtz who kind of seeing that kind of brando alec kind of coming together and then alec i don't know perhaps like brand new must have done on accusing maybe help break out a ukulele and just start singing. the nishan folk songs like i couldn't make you willard and then i guess that makes me that that a top or character that photojournalist it tells people you can't land on a fraction ok i was going to do it for this episode the cather parts they have all the facts let's bring up. and that's going to do it for this edition of the kaiser report with me max guys or as they say i would like that our guest even baldwin you want to catch us on twitter it's kaiser report intellect on bio.

the city of minima so mom was hit the hardest by the twenty eleven through mommy but it was damaged mostly by the radiation after the nuclear disaster the little not even enough to look you did not. think it will mom also have the love that i. am a little slow to return it to the will decontamination is not complete much many locals could not leave their houses and farms most of us you know he might. be a nice nice kid. six to one they stay strong like their ancestors centuries ago did. not mean i'm also a couple. of what i want. how long she initiated. to be sure the one i will there wouldn't souls find

a way to rebuild their lives in the world and lambskin. were. but you know what i don't. know melissa i know that's like going and one million people died and. he killed people even. now no one's going to weigh everybody's rounded up and that's.

police in finland say they now believe that friday stabbing attack which left him dead was an act of terror the main suspect is said to be an eighteen year old moroccan asylum seeker. meanwhile seven people a knife during the soltan siberia it's been kind of the russian police say terrorism is not their main have a new investigation. we didn't get any benefit from the u.s. they target civilian houses for they don't target guys so militants still progress and increasing casualties donald trump.