fed days so say 1907 when the plunge protection team and alan greenspan came to the rescue of the bad bets made on wall street chicago. and ever since then we've had more and more and more unfair system it starts up a little bit unfair and as we see like a little change of direction way back then in history becomes a huge gap we see that with the wealth and income gaps and we see that with every single crash and the subsequent bailouts gets worse and worse towards the very wealthy and the connected so when we've already covered the trillions going to the banks instantly and the fact that the ordinary person is struggling to be well you know waiting desperately for the stimulus checks to arrive to them the measly little ones you know when the fed is buying these collateralized loan obligations you have to realize that 81 percent of them are owned just by j.p. morgan wells fargo bank of america and citibank just those 4 banks own 81 percent

of it so those are the guys getting bailed out by the fed in the meantime u.s. housing j.p. morgan chase to raise mortgage borrowing standards as economic outlook darkens it just got harder to buy a house from tuesday this week customers applying for a new mortgage will need a credit score of at least $700.00 and we acquire to make a down payment equal to 20 percent of the home's value but this is an interesting concept one of fairness as it relates to the economy and it's not really a big day and to be american system is not designed to be fair because fair is what is fair for one person is unfair to another person and that's a highly subjective term what america relies on is free market capitalism it relies on competition and if you are successful competing then. and

you succeed remember in america possession is 9 tenths of the law now if you don't compete successfully then you get thrown out of the game basically but that's the way it is in the united states and. having said that when you talk about banks being bailed out by the fed and you talk about all of the high yield bonds being owned by the major banks and they are being bailed out that's clearly unfair but the response can't be that we need to institute more laws because we already have laws they're breaking the laws in the case of this s.p.v. with that high yielding e.t.f. j m k they broke the law so there's a fairness implies and justice said this and he's part of the judicial system of courts and laws if breaking the law is without penalty then it isn't doesn't make sense to introduce new laws in terms of the fairness ok these banks took on bad

debts that mostly in the fracking sector and they were doing their part because remember time magazine said america the saudi arabia of america essentially that we're not one member we're no other thing for us there well that's because of all the patriotic investment from these banks into the fracking sector they lost money the whole time but they were doing it for patriotic reasons and they were getting paid the yield right during these low interest rate times and they were me made a bet again bull that this risk would pay off well it didn't and now the fed is bailing them out the same thing happened especially since the financial crisis of 2003 is the ordinary american said why need to reeducate myself i need to get retrain myself and you know find a way in this knowledge economy go get a degree ok it's going to cost $150000.00 but you know what i'll be able to get a job with so they wrap. a $150000.00 debt when they graduated from university and

lo and behold it all falls apart j.p. morgan wells fargo citibank bank of america have their bad debts bailed out the same ordinary 340000000 americans go oh cool so thankful for my government and the central bank bailing out are bad bets here's my bad. sorry we don't have enough money for that so that they feel like the ordinary person feels like this is unfair somehow that's jamie diamond's you know bad bets get bailed out over and over every single time it crashes my belt bad bets never do yes and that's why on this show as a report we have put forward the notion that you will never achieve fairness in the economy that's based on money if it's controlled by banks stores and central bankers who can print 10001 for you and it doesn't and they are free to break any

law they want the only riposte. is bitcoin and gold particularly big coin bitcoin disenfranchises and d capitalizes i'm not for decapitating anybody but i am for be capitalizing all the wall street bankers by shifting the center of gravity of money from the dollar and fear to bitcoin and that's perfectly within our purview within our scope as a global citizens who wish justice justice through free competition and hard money that's the only justice that matters that's sustainable that's real that doesn't rely on politicians venal politicians that are so easily bought and no politician is easier to buy in the world than the american politician you can get a lot changed in america for $100000.00 european countries a cost a lot more to bribe a politician in america regarding this j.p.

morgan policy and making it more difficult to get a mortgage here's what a former manager at goldman sachs says j.p. morgan made it harder to get a mortgage so they raise the bar when you standards to 20 percent down the credit rating of $700.00 plus that's interesting because boeing has a junk credit rating a credit score of $500.00 and they're allowed to borrow billions from banks and government revolution is coming funny you know it's amazing put in the context of again central banking because central banking was supposed to be the lender of last resort and central bank it was a buffer to the system so in moments of extremists like a pandemic it should be easier for people to borrow money and to acquire or to preserve wealth or to buy a house but instead it's become more difficult because the banks of the central banks are heading toward me a feudalism and we'll talk to dr michael hudson about that later meanwhile look at the interest rates for credit cards the money that is borrowed by big banks is 0

and sometimes less than. 0 j.p. morgan one point last year was paid to borrow money every time they borrow $500000000000.00 they were in charge interest on it they were paid interest on it meanwhile credit cards are still on average 20 percent they never changed and yet those that matrix of interest starting with the fed funds that discount rate and the prime rate and mortgage rate should all be moving in tandem with each other if fed funds go down that's the purpose of a central bank so it shows quite clearly that the central bank is not operating on any level of adequacy on any in any sense of what it was chartered to do it's now been co-opted entirely by the kleptocrats who are simply using it to steal assets by printing money and then buying those assets with the free money they get and they have no interest attached to that money disenfranchising and creating a new serf class or peasant class in america we hear about 1x7w2xw people

unemployed that's great because those we need those peasants to do peasant jobs but we don't need a middle class in the not not when the 3 have trillion that's collected in taxes is use is towards the garbage compare that 810-2030 trillion that's printed to buyout assets on behalf of the club to kratz. so remember what i said is like it started back in 1007 with a little bit of intervention and then it goes to a little bit more intervention in 200-2001 then of course even more intervention in 2008 and now we're in well 2020 and so if you look at this round of global q.e. as just unprecedented and you can see this is 2020 versus 2008 huge difference of of magnitude orders of magnitude it gets exponential you're going to see this exponential growth in the assets being taken private being taken away we've seen that with the share buybacks member the federal reserve is supposed to regulate these banks and they're supposed to somebody supposed to oversee these

corporations and go ahead. i would like put out my next bill that i was down but that will be interesting to look at you can't say propose the scheme stocks go higher well in fact you see that little tiny taper they try their little tiny tiny tiny taper and it caused it to help caused this collapse we just saw we'll need of goldman sachs say that j.p. morgan is toughening standards to the ordinary person but boeing is junk redid and they're getting free cash well boeing is junk rated because they hollowed out their balance sheet through share buybacks $100000000000.00 in the past 5 to 6 years and that led to them being unable to build airplanes that fly because they had to fire all the engineers in order to make all those share buybacks and now i want to point out that something that you've said you know because they are getting bailed out

boeing airlines and all these other industries that hollowed out their balance sheet through share buybacks well they are being bailed out and there's theoretically there's no way to enforce this there's no enforcement clause but they're supposed to. share buybacks now you say stock buybacks won't stop they'll be rebranded my guess is. is on rebranding is share retirement programs leveraged earnings programs opportunity enhancements earnings and fishes c. programs net result exactly the same a stock buybacks equally fraudulent. stock buybacks won't stop there's some talk on mainstream financial news like oh we can't possibly just keep buying back our stock and just use that money to pay ourselves dividends and reward ourselves huge increases in salaries oh that's very unseemly so they will brand it and they'll say well it's earnings and passed on programs so on c. and b. c. they'll say this week you know berkshire hathaway decided to engage in earnings and has been programmed and they expect to have an enhanced earnings this quarter but they won't mention the stock buyback by name but that will be the earnings

announcement program also called something else and they so-called progressive press will never mention it because they don't keep track of the stuff and of course berkshire never paid out on the code that insurance and even though they're a big insurance company but all the major stocks in america have puts on catastrophe so they've made out on their insurance. sector anyway we're going to take a break and when we come back much more coming your way. so what we've got to do is identify the threats that we have it's crazy to. let it be an arms race based on the very dramatic fall of only. that strategy will be successful very critical time to sit down and talk.

humanity is on the edge of a precipice thanks to a continuing destruction of the natural. if you just seem laid out a lot of bills also. losing much of a later period. well you should get a little bit. less than nothing you can hold up. for the new. i think that over the war 33 or the report on were. only dealing in the muslim world as a little. ceramic and stuff and ship them through the disables the.

human activity has brought us to the brink of the world's 6th major extinction of it and the people in this film just can't take it anymore. it. has changed american lives the pharmaceutical companies have a miraculous solution. based drugs the people who are chronic pain and believe that their opioid prescription is working for them and the remedy be certain to. price that they pay closer dependency and addiction to opiates to long term use that really isn't scientifically justified and i'll study actually suggested that the long term effects might not just be absence of benefit but actually that they might be causing long term.

welcome back to the kaiser report time now to go to dr michael hudson economist historian author and blogger dr hudson welcome back it could be back next debt jubilee is finally happening only it's exclusively for headphones of private equity your thoughts on the trillions of dollars of bailout for bankers and corporations i think they have a wish list of all sorts of things that their lawyers lobbyists grown up and just hold out. their own approaches and their court folios and pasted. coronavirus billowed on it but what's billed out disease isn't bailed out the workers aren't bailed out the small businesses aren't bailed out as you say it's all going to the major campaign contributors and they don't replace

a wall straight. laws and rules don't apply if wall street is caught breaking the law they might passed small fine or they rewrite the law here's a good example of what the fed's balance sheet is past 6 trillion dollars and they've set up s p v s special purpose vehicle to buy a high yield junk bond e.t.f. that's an exchange traded fund with the stock ticker symbol j. and k. for junk now this was completely illegal for the fed to do this but they decided to set up this s.p.v. on the side to bypass the law fracking industry had jumped by boat to go under you head to rescue not the fricker they're not rescued you have to rescue the investors in the directors you have to rescue the bankers and the bondholders and that's the model when all of this is. sheila bair said and the obama bailout it's all about. what about boss the ad who said if there's looting at the top

expect looting at the bottom i mean they're just. breaking the law. i mean if i go into the liquor store and i rob all the money and then i say well no actually i put the money into a separate bag held by a banker and they put s.p.v. on the bag so therefore it's legal why do they think that this kind of example of wholesale lawbreaking and say and favor a is good for society and dr michael lots of you know what president nixon said when the president does that it's not breaking the law and now i read and sort of taken over the presidency and the financing with all $3000.00 is not breaking the law the head of the house tax writing committee is. a democrat not representative neil and well the 1st thing you did was go to look. you know robert rubin what to do and his major backers are the financial sector the securities and

investment real estate so well there are simply you know. the congress can spend basically bought out and they're in the position the president thinks we can break the law if nobody stops over there in japan they invented this idea of quantitative easing they've been leading the world and lowering rates down to effectively 0 their size their balance sheet on the bank of japan and south more than 100 percent of the g.d.p. of japan and america the balance shape garbage that they've bought back from australia to bail them out is about $5.00 to $6.00 trillion dollars worth but the g.d.p. of america is over 20 trillion so can we expect the central bank to buy another 15 trillion dollars or so of junk to keep the ponzi scheme going the word they use is whatever it takes that european central bank does and i think that the motto here

whatever it so that the one who lives in the stock holders don't lose a penny. you saw the largest stock market jump since the in 90 years last week when the bailouts for the wall street. 6 percent brilliant dollar program seem out and the idea is that the economy has to bear all of the low labor small business and industry none of the loss should be suffered by real estate or the banks because the loans written by a real estate bank. it's amazing that this is not more drove the bailout is not wrong and the chart firms it's really black and white and they look the banks and main thing all of. the should go bad because obviously a lot of something these are going to go under and at the same time below the

economy something passed and nobody's making that unpleasant calculation so it's just a bank says that there's no such thing as a free market anymore goldman sachs said something very similar last week when they recognize that the stock markets had hit bottom because of the fed and they had to roll powell put which of course is a continuation of that janet yellen put the ben bernanke he put and the inventor of the central bank put alan greenspan the idea that they're in the business of keeping the dow jones going higher and not in the business of protecting the purchasing power of average americans but my question is that. progressives they have been saying that the solution to this capitalism problem is socialism but the capitalists are saying capitalism doesn't exist anymore free markets on excess anymore so where does that leave us dr michael

hudson we're not in a capitalism anymore and we're certainly not of socialism anymore what system are we is exactly used to be called state socialism in the late 19th century when you had germany had the kind of 3 way integration between the government the military and the industry and the bank. and you have something similar today the question is socialism for whom will it be socialism for the one percent socialized lockwood's or will it be socialized socialization for the 99 percent you socialize again and spend money into the economy to maintain living standards or wages well obviously we're going beyond industrial capitalism and finance capitalism and finance capitalism you have to gain control of the state in order to balance so. the sort of it artificially inflate fucking bond prices so we have the day is

asset price inflation and it's the same time you have wage replace and and the equation of prices since they were great places so they're there to look find a means and to price and there is $1.00 for the one percent their assets in the other the economy and their wages and right. now the u.s. budget deficit is due to head 3.8 trillion or 18.7 percent of g.d.p. on top of the trillions being created by the fed appears we have and i'm seeing a modern monetary theory for the bankers people are asking why they even need to pay taxes that the government and fed can print so much money and are we have so you know here's the. other idea you've been talking about m.m. to me seems to be that the banker said yeah i like that idea but only for us right to steal dr michael hutchence idea as i'm going to create it for our own private fifes i'm well at the irony that the founders of m.m.t.

. from the 1950s them through hyman minsky and all of us the universe you know sirius and the city we all wanted to use the government's ability to run a deficit spend money into the economy to push up to a cheaper one flyman to raise living standards to finance public infrastructure spending so they would net the private. and basically the economy grow and this was all attacked by the monetarist and so listen wait a minute if you can create money for the people you can create money for us but one percent and the one percent looks at the economy industry and the people is over it always people just wanting our money you know just to live on when the money really should be for us and for our wealth workers who are getting sob living wages and meat packing or in delivery services are getting economy a are now in

a position to raise their wages you've got a long history minnesota for and just such kind of worker activism our workers out a point where they can start to bring back organized labor and bring back wage you know with the power of collective bargaining are they going to blow it most certainly motivated to simply over the issue of workplace safety and protection against the the virus and and the fact that they are being laid off it will buy the employers with really no. backup so you think that the whole health plan. the points raised by bernie sanders. certainly going to catalyze that they don't organize it means that they're just going to surrender quietly and make the economy end up looking like greece everybody. is poorer and poorer they get on happy they commit suicide or they emigrate and their life span short that's really

the alternative they simply cannot live imagine what's going to happen in 3 months when all of a sudden they haven't been employed all of the rent and then the band is going to fold do and the restaurants and small businesses they were worth can't afford to open because they can't afford to pay their rent which is their largest expense for the last 3 months well they've been shut down they're going to be wholesale unemployment homelessness will increase if this doesn't trigger people acting in their self interest i don't think anything well my theory the max keiser theory of neo feudalism that we are returning to the state of a feudal political style stanek a model where you've got now peasants and oligarchs and that's it has certainly the banking all the arcs are just being. you know flooded with trillions

of dollars and people can't pay rent anymore and they're going to be forced to suffer a subsistence living of clicking on ads on facebook for a protein pal if your vast knowledge of economic history etc is this a is this a possibility that we end up with a neo feudal model going forward dr oz and i think that's exactly the model the difference is that in feudal times it was the landlords the descendants so the military not very soon made it england and europe who ended up with all of the surplus in the form of land rent and the day the role of the landlords and the one thing sent. you know it's been replaced by backwards because rent is now big essentially by mortgage interest to the bankers and the idea. debt. should be increased to the point where all we leave is the

minimum expense of living now unlike serfdom and you know as i'm. right. there on t.v. papers can live wherever they want but who are they where they're going to have the mortgage interest to buy a home for 2 thirds of the population early going they have better rents that cover the mortgage interest paid by the absentee owners. for their mortgage and so anyway we have a mobile population they can live everywhere they want but all the money in their paycheck over and above the basic living costs food and clothing. are going to go to the financial insurance and real estate sector the fire start there in the form of debt service rent various forms of insurance because the service did nafta koren saying you could argue that they actually had us appear your lifestyle anyway dr hudson thanks so much for being on the kaiser report it's always going to

be a mess and that's going to do it for this edition of the kaiser report with a bank's kaiser and stacy herbert like to thank our guests dr michael hudson and look them up if you don't read as books you probably don't know anything join catch us on twitter it's kaiser report but i'm. thinking of getting a review. once we've gotten. you know what. we need to create within the walls. reaching out when it's freedom anywhere near. breeding dogs. caged in in human conditions on puppy phone i mean 67 years you know they've been locked up in a cage outside you see no protection from the weather the heat you know the courtier the rain the snow the fonder they have no protection. it's ok with you.

it's ok. across the u.s. cruel puppy mills are supported by dog shows on at stores most of the puppies are coming from these large scale factory farming kind of operations are being sold in stores even joined a group businesses are involved like call gillum santa there has been a shocking amount of organized opposition to efforts to increase the standards of care for dogs bred in commercial rating for so many most of that opposition is coming from huge agricultural worms and industries that have nothing to do with jobs don't buy dog.

that is to be so psycho don't play you each of us. see you believe. they can be sufficient to show you something they've been slow. to take the safe shots walk to see next don't.

give a solution safety feature. the sort of the. welcome radack to the night this is the comedy show where americans in america covering american news are called foreign agents how you all feeling out there yeah ok you hang in there i learned a lot of things in partial core interview i've learned things are not that bad when you start feeding your pets human food things are bad when you start eating the pet food in my defense i only did it to teach him a lesson all right it was not out of necessity and anyway the world on vacation continues to be a weird existence but we need to understand what an incredible gift we've been given all is quiet for most of us our lives are on pause were held in lieu.