of course is in the picture you see in this newsweek article and that is people with images of jamie diamond the head of the c.e.o. of j.p. morgan chase the biggest bank in america one of the biggest banks and as you see they have sacks of money there that they're saying that he stole from the american taxpayer yeah well that's right the arab spring as they call it sweeping europe will come to america i think when it comes to america it'll take the form of mass street what they call strategic default on all the under rock water mortgages that were fraudulent lee sold to americans and they still find themselves in the real estate market like in miami for example and other locations have it new lows that even despite all of the pumping up by the by the fed in the stimulus by obama the real estate market is still crashing and these people are underwater and as a revolt the civil unrest that we'll see in the u.s. will not take the form necessarily of people on the street i think americans are a bit savvier than this i think what they'll do is they'll stage a multi million single day mass walk aw

street took this performance as bravo they gave it an oscar the next headline wall street loved jamie diamond speech yesterday the response is go jamie yes this is from business insider and one. the writer here says just yesterday we got a text for a friend at a big bank who wrote the obama administration continues to beat up on the banks not a great way to get more lending to help with job growth all of the new capital requirements and regulatory uncertainty has everyone grasping onto their cash cash equivalents such a short dated treasuries capital requirements of course being called for cocaine requirements as we reported on the show many times and you also have a situation where it's basically been costello between jamie diamond and ben bernanke remember the famous who's on first routine between abbott and costello where it's like oh i know he's playing this game it and he says who's on first and he says i don't know who's on first because know what's on second i don't know who the second who's on i've totally mangled that region you can look it up on you tube but it's basically two comed

one in the same so let's look at this next headline which is actually a video in this is jamie diamond hijacking ben bernanke use press conference to demand an end to regulations he says we don't need them anymore because we've passed with flying colors the two stress tests done upon the banks right one by the treasury and one by the fed but then he also says this made a list of all the things we've already been done and if you think we're going to be done so we've already done most of it actors are gone through with rich old mortgage brokers and obviously some banks unequivocally jamie diamond is lying through his teeth he is the number one bad actor they've got a ninety trillion dollars balance you know their j.p. morgan that they use to confiscate wealth from americans and people around the world ben bernanke if you had a spine if you had a pair you want to bitch slap jamie dimon at that conference and told him look we're the boss you're not the boss and then you also would have admitted that ben bernanke is beholden to the european central banks and that's really what's going on th

s like lloyd blankfein jamie diamond culpable in committing massive fraud on the futures exchanges i would be very surprised if they don't understand how this works but at the other end of the spectrum nostri has been investing very diligently and to creating loopholes in this market creating the legal openings to allow themselves to do these things if their best investment ever is to be able to manipulate the financial system and be able to do it legally and that is what we're seeing or trying to fix that now but when you when you've done this for decades and this is been going on and getting if you look at the history since the great depression of the loosening of the rules in the chipping away of the regulations it's a very. sordid path that we're going to have to cross over again to fix and in the meantime many people will try to present it as hurting business and in a way it is hurting business but if this is this crap and should it be allowed to thrive well let's ask the question this way if you take a major wall street bank and you were to eliminate all the training profits gl

morgan jamie diamond well let's look at what has happened in the mainstream media what's going on in the mean stream media max yes so here is from c.m.d. see the biggest most mainstream of the financial news networks wall street baffled by slowing economy low yields trader so this is c m d c and they're interviewing peter yeah stroud was a market strategist and he says traders are panicked they think there's a great great depression but listen to what he it has how he summarizes what is happening and all the sales and all the interest rate tweaking and all of the counsellor adjustments are actually not going to be able to see the lows that we cannot get across the labor that's along with the rest of the granite and we can't get our productivity wobbles high enough to justify the what he's already doing yes the key phrase there isn't it he says that we need to get global wages in the sink basis right that's right so he wants american wages to come down to four thousand five thousand dollars a year about where chinese wages are now that's right that's the whole goal of the global banki

michael bloomberg bloomberg or jamie diamond of j.p. morgan these are the new honda the new honda remember the hunter back in the seventy's a totally screwed up in a country where the troika is the new would be other thing about this oil dump on to the markets is that obama now gets to claim that he's tough on speculators all those speculators driving up the cost of oil and gasoline well of course only speculators only these top guys these hedge funds these oil traders make money on the downside right contango why the release of oil from the s.p.r. is a doomed idea by dumping sixty million barrels of oil on the market or saying they're going to announcing it head of time the price of oil has fallen. today in the market today not in the future now traders are able to buy this oil cheap from the u.s. government from the japanese government from the south korean government france and germany they're able to buy it today at this ninety dollars price of her w t i a hundred ten dollars price for brant they will to buy that and sell it back to

do he was groomed to be a financial rapist he's brilliant at it and so is lloyd blankfein so's jamie diamond and so soc gen and some of these other bankers who's going to stop or who's going to stop and write what is the odds of that who will stop them is the laura soft touch what are the international regulations you're getting very passionate about this aren't your own question who could actually stop them doing what you say they're doing i believe it was recently said when the social contract is broken that people must revolt it's up to the people revolt now or be a debt slave all right max thanks very much indeed persuasive response there an argument from mexico is a live look from paris once again of course max will be back again with a cause report here lotty thanks a lot max. the european commission has criticised russia's decision to ban imported vegetables from europe in the wake of the eco night outbreak but prime minister putin says people's lives are more important. he says she was good at the large colleagues from the european commission say russia's decision goes it is this spi

three days no money in the bank i can't make them and then you see a huge panic of more street jamie diamond from j.p. morgan and lloyd blankfein from goldman sachs start calling the painter and mcconnell and saying you guys get your troops out there and you fix this and they're going to do it so it's going to be one of the other will see it see what it would be like it's going to be the second object or the latter of the two because we know how many people out there in the republican. he actually want to us to default on our debt i feel like this is just something that's being sad to pretend like they're really catering to some of these voters but really it's only a few of the tea partiers out there all the republicans who are in there with business are going to listen to those calls for wall street i think that's right they're not going to be wall street i mean that's the thing you know it's going to be a bad story if we were going to force i mean i've been through it's a few times people saying it became before and i'm not advocating the thought but the point is the frontline the shock tr

that's jamie diamond of jpmorgan. the chamber of commerce, failure to raise the debt ceiling will create uncertainty and fear and threaten the credit rating of the united states. moody's rating service on downgrading america's rating. since the risk of continuing stalemate has grown, if progress and negotiations is not evident by the middle of july, such a rating action is likely. fitch rating service. failure to raise the debt ceiling in a timely manner would imply a crisis of governance which could imperil the a.a.a. status. first, we have two problems. we have a long-term problem that has a long-term fiscal plan. and we have a long-term plan which is to protect the integrity of america's reputation for paying its bills. we have a downgrade in our rating. it's going to affect the interest rates that we pay, and that's going to hurt folks in republican districts, it's going to hurt folks in democratic districts who have no power to do anything. i yield back. we must raise our debt ceiling -- we must pay our bills. th

that's what jamie diamond said and i agree. he's not the only one saying this. business leaders have said it. economists have said it. banks have said it. and republican advisors to presidents reagan, the first george bush -- they've said it, and perhaps more importantly, credit rating agencies have said t credit rating agencies, standard & poor's and moody's, have said that if the united states misses even one payment, the nation will immediately lose its high credit rating, interest payments would increase, and for every 1% increase in the interest rates, it would cost our country $1.3 trillion. not billion, not million, trillion. that's one more reason why defaulting on our debt to make a point about fiscal responsibility makes so little sense. if we default, we'll actually cost our nation more to meet our financial obligations in the future. democrats believe we must create jobs and get our economy moving again. we must cut spend and live within our means. we all know that. we must eliminate tax loopholes for millionaires, billionaires, oil companies. republ

. >> your chairman bernanke say some statement where he said jamie diamond i think said david said looking to and consider -- that he considers that the cost is.frank is on the marketplace and he said no is just too complicated for us to do. you heard that? >> we have also not quantify the effects of that legislation. >> day is that something be able to do? is that something you should be doing? >> i don't think we have the capacity to do it, congressman. i think it's an interesting question. >> does it necessarily drive part of the cost of stories the economy going? >> i think it's certainly a factor in economic growth. >> said then he sent a press conference last week you said he's seen some sort of saucepot in the economy. he said he doesn't quite understand this sort of clueless, if you will because if you projections going forward, doing all the things from me that we're going to be certain places on gdp growth and unemployment, but were not there. you saw the comment? so could that be part of the problem that if those few inherent feeling to have that bit of information as far as wha

jamie diamond the ceo of jp morgan chase, catastrophic, the budget office said it could add $100 millionbt. why play games with this? that's what seem some see this pledge as, another political game? >> it's no game. it's deadly serious. if we keep spending we're going to bankrupt our country. we're not going to default on our loans if we never raise the debt ceiling again we would not default on our loans. we would have to cut back on spending in a lot of places. that doesn't need to happen if the president and democrats will work with the millions of americans to simply say, okay, six or eight years out we're going to balance our budget. but we need to raise the debt ceiling today. you would find a lot of people at the table discussing that if they would come around. but we can't just -- this is the fourth time the president has asked us to increase the amount that we can borrow as a country. a fourth time. and so -- if we keep blowing through these debt ceilings which are supposed to restlan our spending, we will bankrupt our country. we owe it to the american people to tell -- >> i'm

now jamie diamond is a person i've known. he is the c.e.o. of chase bank. i've worked with him when he was in chicago. i have had many conversations with him when he moved back to new york. i respect him for his business acumen. but he has been particularly pointed in going after this regulation of interchange fees. he has called it idiotic in letters to shareholders and its customers. and chase has written to all of their debit card customers across the united states and said this so-called durbin amendment -- it is now ao law -- this law will mean that chase will have to raise fees on the people holding debit cards because they will collect less from debit card interchange fees. well, it seems to make sense, doesn't it? if less revenue is coming in, that they'll make it up some way. but i want to call the attention of those following the debate to this fact. the bonuses distributed by the banks on wall street last year amounted to $20.8 billion. if they lost every nickel in interchange fees on debit cards, it wouldn't even get close to the amount they pai

bernanke, business leaders like jamie diamond, economist and others who have indicated that failure to assure that america does not fall on its -- default on its bills will have very dire consequences both here and around the world. i am hopeful, mr. leader, that although i did not announce it, we have very little time left, as you know, before the august 2 date which secretary geithner has indicated is the date on which we will no longer have the cash flow ability to meet our obligations as they become due and to fund the programs that we have authorized and provided for the executive department to carry out. so i would very much be interested in your thoughts with reference to how we ensure that we take action in a timely fashion. i was very pleased to see speaker boehner's comment about a week and a half ago that he was focused on assuring that we did not default, provide for the payment of our debts, prior to the end of this month. as you know we have four days until -- 3 1/2 days left in this month and that's next week. because the following week we are off. i would very much be i

. >> your chairman bernanke say some statement where he said jamie diamond i think said david said lookingand consider -- that he considers that the cost is.frank is on the marketplace and he said no is just too complicated for us to do. you heard that? >> we have also not quantify the effects of that legislation. >> day is that something be able to do? is that something you should be doing? >> i don't think we have the capacity to do it, congressman. i think it's an interesting question. >> does it necessarily drive part of the cost of stories the economy going? >> i think it's certainly a factor in economic growth. said then he sent a press conference last week you said he's seen some sort of saucepot in the economy. he said he doesn't quite understand thissort of clueless, if you will because if you projections going forward, doing all the things from me that we're going to be certain places on gdp growth and unemployment, but were not there. you saw the comment? so could that be part of the problem that if those few inherent feeling to have that bit of infortion as far as what the cost