let's wrap up with loose change dimitri shannon let's bring it back to the u.s. because big day here the u.s. supreme court upheld obama's health care law today here is what the president said about it in a speech. whatever the politics today's decision was a victory for people all over this country because of this war. is it a victory for the people or is it a victory for some of these medical companies if we could bring up the winners today hospital operators companies that own hospitals medicaid providers also some medicare providers their stock price is up big today up eight percent ten percent you see a couple of them there those are one of the largest hospital providers another hospital provider and medicaid medicare provider so is that the real winner in this in that health care will this health care has never been about people because if they really want to socialize medicine they could actually go ahead and do it with this is with this effectively it's a boon for the insurance industry they're not addressing the underlying factors like medical malpractis

all right let's wrap up with loose change dimitri shannon maybe is training someone but even with a global economic crisis it seems the market of luxury is doing extremely well it's set to hit one point five trillion dollars this year but one of consumers shelling out their couch for take a look named k. by a local safari guide she likes to use of bari vehicle move talks to search her gait . blog i do not encourage this behavior it's an exhilarating experience with a tourist. according to financial times it's experiences like so far e and also yachts and spas that are beating out other luxury items like high and clothing so what is this say people are worried that you can't take it with you in the apocalypse is coming so we better do everything there we've ever wanted to do and some are cashing taken away the first thing that came to our mind just now hearing this story is it kind of the bunch of us matter splits argument that there's only so much wealth that individual can accumulate there's only codes that you can where before you kill over but he didn't factor in this new kind of says n

all right let's wrap up with loose change dimitris shannon we all know that it is messed up that jamie diamond sits on the board of the new york bed we've talked about it before long before whale gate came along well now well hey look bernie sanders barbara boxer two senators are introducing a bill targeting federal reserve complex take a listen. you know who were the people quote unquote regulating the banks all the exact same people who are being regulated if this is a clear example of the fox guarding the hen house i don't know what is. so they're trying to do something about it presumably with this bill where it goes we don't know but we wanted to point out a couple of the other fed conflicts because jamie dimon has been the most prominent but c.e.o. of g.e. jeff immelt he was on the board of the new york fed the same time the fed authorized an emergency loan of sixteen billion dollars to aig and in two thousand and eight the chairman of the new york fed sat on the board of directors for goldman sachs when the bank applied was approved to become a bank holding company allowing gold

all right let's wrap up with loose change dimitri shannon we found the coolest thing thank you to the twitter follower who brought it to my attention a spanish movie referencing capital account guest and university of sydney professor steve keen has gone viral the clip has received hundreds of thousands of hits here is a snippet to haggis time in his seven hundred. i don't know some of the miss on how to do the single no and will set the. massive that only the season to see. how cool was that and they go on to have this economic talk in a balloon from the balcony shouts down about q.e. and it is awesome so what does this say about the reach of our amazing guests as an international superstar and they were you know like it was like wherever there's like wherever there is that steve arrives and educate every one of the exploit them about the. so are you proud to you know this kind of international reach yes where i work there is a report of. where there is orthodox economics he is there to debunk it and he will be here to debunk it with us next week in studio yeah so our spanish fans an

all right let's wrap up with loose change dimitri shannon and here is an interesting story we know cities across the u.s. are debt strapped they're looking for ways to save money or trim budgets or get out of debt should they look to sandy springs ok this is a georgia suburb that has operated from inception with a model it calls the model take a look. the city has only a handful of employees on its payroll it's outsourced virtually every other aspect of the government to private companies. so essentially it has a few employees on the public payroll but everything else all the other city functions are run by private corporations so if you need a business license you actually go through a company in england and nine eleven dispatch is headquartered in new jersey so this is really interesting do you think that this is something that that could be adopted in an era when we see so many problems with the burden of public pensions that are unsustainable and all these debt things i love these i love these i don't know about them eleven thing i don't know about the nine eleven calls but like for e

all right time for a little change and before i bring dimitri and shannon here i just we didn't get to gerald to talk about this chart that i brought up at the beginning of the show what's driving our debt that's part of paul ryan's budget plan because i asked at the beginning of the show what is missing take a look at that defense he doesn't put defense and there i don't know how something that is ninety percent of federal responding more than fifty percent of discretionary spending cannot be considered to be driving the debt but i just wanted to point that out to everyone as yet another example of the wool being pulled over our i now let's bring dimitri and shannon in to talk about some of these stories that we don't want you to miss because greg smith claimed last week in his new york times op ed of course that some of his colleagues referred to goldman sachs clients as muppets that was just one of his scathing remarks about goldman sachs but you know maybe it's those employees that actually have the most in common with muppets look at us. truckers they chose the poor trusting north

all right let's wrap up with loose change dimitri shannon let's not end with the federal reserve let's keep this going on central banks because the european central bank well first of all they're taking a firm stand when it comes to greece listen to this. the european central bank has told greece not to waste time trying to renegotiate its international bailout to water down we'll stay with the measures demanded that investors reform why is that could this be because the e.c.b. is too overworked its personnel at least to deal with proposals for renegotiating because according to a new e.c.b. staff will eighty point one percent of employees complain of a heavy workload seventy seven percent said they were working longer hours with no extra pay nearly sixteen percent of the seven hundred staff polled said their workload was having a serious effect on their private life and or health i mean i guess it's just hard work going to put an extra hours manipulating interest rates and and these guys a little tinkers in the economy and you guys are wimps these guys are wimps had i had an opportuni

before we go let's wrap up a little loose change dimitri shannon we talk about farmland a lot the real estate bubble may have burst home prices are dropping continued trend but could we see a bubble forming in a different type of lead. for thirty years just to spend on the farm equipment and live in business and business is booming there's been no better time in our history to sell a farm than today. yes there has been never a better time to sell a farm according to the financial times for the first time since the kansas fed started tracking the ups and downs of farm land prices in the late seventy's the cost have grown twenty percent in two years same story and other places so this has people asking if this is an emerging farm bubble i don't know jim rogers says no but you think well it's possible the point is that no one really knows and he said is there a better time but maybe five years from now there will never been a better time and no one really knows and because the fed is there to exacerbate bubbles and to make it more difficult for people to actually understand this and disto

before we go it's been a little while since you've gotten to see me and dimitri and shannon go at it so let's do it today here's dimitri kovtun as our producer and shannon donahoe in the control room to talk about this angle on the eurozone crisis we've been talking about it today the fate of the euro and the eurozone nations well and i'm unemployed irish artist decided to build a house out of shredded euro's one point two billion dollars worth wonder where it got him you know the saying the euro is considered the house of cards by some now we have a house of euro's air go what happens now. i buy a house a euro. ticket if the big bad wolf is going to blow down the house of euro and this guy is going to be prophetic this irish unemployed artist you know i think my first reaction when i saw it was. i think it's funny but i think it's actually you wouldn't have seen something like this how many years ago where they would make a house out of the national currency there was more respect for the national currency i think it's telling of where we are today where people have such obviously th

we can come after that but we're going to try to wrap it up with some loose change we have dimitri and shannon and mark mentioned student loans we know they're more than a trillion dollars he doesn't think they can be repaid look at this it's not just college students people in their twenty's thirty's that are owing money and need to pay these loans to to stix just released by the federal reserve bank of new york say that americans aged sixty and older still owe thirty six billion dollars in student loans these are city senior citizens ok and it also seems that some parents are saying and growing on the debt and lining up for it just like these competitive kindergarten parents take a look. as you normally would see can't we just like would like try to you try to get deals there but the deal year is just trying to get into we could be good because going to go. so they're camping out for their kids to get it to kindergarten and you've heard how competitive parents are in new york i know particularly well now parents are getting student loans for their children as young as according to smart mone

are let's wrap up with loose change let's talk about the us dimitri and shannon what do you think because we often cover everything that ben bernanke says and we know that following the f o m c meeting and april proprietors were all trying to figure out if when how what would substantiate ben bernanke he pull in the bell and saying let's do more q. we asking if he was being too cautious bernanke he said very diplomatically the fed could step in should the unemployment rate or inflation call for it well obviously take a listen. but if appropriate depending also on assessment of the costs and risks of additional policy actions we remain entirely prepared to take additional. actions if necessary to achieve our objectives. so that's the very diplomatic ben bernanke the but is there new things new issues coming onto the radar that could who knows substantiate more actions be used to substantiate this monetary policy of zero percent interest rates maybe i don't know apparently higher unemployment that goes on for a very long period of time that turns into permanent unemployment is called histor

all right let's wrap up with loose change dimitri and shannon we hear a lot of things that wall street shells out for but i don't know if this is one that even i anticipated one of them is including helping their daughters get into the very best of these. morrow night we're going to host over a thousand girls for a rash and we're going to get. the best so of course we accept nothing less now so according to reporting by the new york times wall street clients are hiring image consultants who charge eight thousand dollars that's the one that's profiled in the story for a weekend workshop to work with these girls to prepare for a sorority rush teaching them how to have small talk what to wear i cannot believe that this is real this is the loser thing i have ever heard in my life if you need to pay eight thousand dollars to learn how to be cool then that unto itself makes you one cool. yeah i also like i don't know if we can get a look you're like this graphic here because these girls are rushing i don't really know exactly how russian works but i don't know if it involves actually rushing

all right before we go let's end on the loose change to round it out with dimitri and shannon so what do you know this isn't surprising that washington d.c. has the highest concentration of lawyers thirteen hundred fifty six per cent more a lawyers per capita than even new york but that number could be falling seems like college grads are not going to go once track any longer. this is that they are going to tell all of you i'm going to make a single. feel comfortable using legal jargon in everyday life. i have checked. all right so the organization behind else the admissions test to law school said the number of tests given this year dropped by more than sixteen percent the biggest decline in a decade i think and it has two years it's dropped nearly twenty five percent so our law school. attendees those that want to go is law school in a bear market and why would spit in a bear market for a long converse is actually the opposite the flip side of the whistle blower bull market we've been talking about because if you didn't if you you wouldn't have a bull market in whistleblowing if the

all right let's end this up with some loose change we've got dimitri and shannon to weigh in let's listen to jim grant he is the founder of grant's interest rate observer he's been a guest on this show he is who ron paul said he would pick to to be one of his economic policy leaders and raise that ron paul is that the interim chairman if there would be a fad because ron paul does of all you have you can you get if you look at his head over the way not like jeffrey tucker's that's right but he was in an interview with maria bartiromo and there was a very interesting part that caught our eye we want to play it for you and then more chaotic what are the alternatives to me that you can make a case that was one there is an alternative that's what we have the right what are we recommended right. and so we're all here but what about older adults. ok. so the question that came up for us is he just advocating capitalism and as he typically does or was he advocating for capitalism and implying it's the n b c does not. obviously. do you think that i think i think that that's a little far fetched i m

speaking of reality here's how meow z i k l v r views it here and they said do you realize that dimitri and shannon are the producers of the show which means they actually produce the material for lauren to deliver and to that i just wanted to remind all of our viewers that you know i kind of resent it because it is really hard work it takes a lot of time to get my hair ready get my makeup on practice reading the prompter and looked like. i know what i'm talking about i mean this is a lot of stuff to take care of her my cuba and on a fun endnote i tweeted wednesday to see if our viewers could spot a guest cameo in our show and right away i got to hand it to red bull bear he is a very attentive viewer who said that's easy at the end that first hearing and in case you missed it it's pretty amusing so take a look. i'm a vice consul i respect sleazy current scams are based on constitutional. very smart. everywhere in our show even though he was good in our show and i'm really impressed are gets caught it and that's where all of you on that happy note because that is our show thank you so much for tunin

all right before we round out the show let's bring in dimitri and shannon dano to talk about a couple stories that caught our eye that we could not let go because yesterday we were talking about the f.b.i. recruiting michael douglas for a p.s.a. against insider trading here is a clip of the actual p.s.a. . we're moving with. the problem. our economy. looks too good to be true probably. so go report those insider trading schemes that you're suspecting because i used to be gordon gekko in the eighty's in a movie where i was saying greed is good now they have enlisted me to say that greed is bad and we have a number to go with those threats the f.b.i. is currently building cases on reportedly one hundred twenty people for alleged insider trading since two thousand and nine they have fifty seven convictions or guilty plays please out of about sixty six charge individuals the big question here for me is how come the f.b.i. has been successful in busting people for insider trading all these fifty seven of them since two thousand and nine but they can't build a single case against somebody f

all right let's wrap up with juice change i've got dimitri and shannon to talk about more confiscation i guess you could argue you heard hugh hundred talking about europe let's talk about what the u.s. is doing because foreign financial institutions are gearing up to comply with that or the new foreign account tax compliance act if you don't know what that is here's a little background on the law taking effect in two thousand and fourteen. country services organizations should be focused on because if they want to do business with the us and we need to be for compliance the legislation is all about that the disclosure of information that they have with respect to their u.s. accounts but that way so this requires foreign financial institutions to report information about their u.s. account holders holding fifty thousand dollars or more to the i.r.s. the penalty is a thirty percent withholding tax on outbound profits on their u.s. investments and there's also a huge cost to compile to comply reportedly millions to billions of dollars that may be spent by these banks in order to comply so

all right let's wrap it up with loose change i have dimitri and shannon here and we are revisiting a story that now is relevant again we told you a while back about a whistleblower who was awarded eighteen million dollars for discovering robo signing on foreclosures including her own and there is a reason bank should be aware take a look. what the bank may not have known. is a lawyer and fraud investigator with a specialty in forged documents she splits time she's at it again saying that bank of america has sued itself for foreclosure eleven times since late march in the march twenty ninth filing bank of america is seeking to foreclose on a condominium and named the condo owner and bank of america as defendants in this suit now there was. some commentary on the blog that this was on the huffington post saying this is proper because big of america was the second mortgage issuer so they should be included in the suit to me though this just shows the absurdity of the foreclosure crisis and how big banks have gotten that literally they're naming themselves in suit because they have issue

change we have a loving cause he may very very nice for joining us again today filling in for dimitri and shannon in the control room to talk about something that we talked about a lot on this show the lengths people are going to try to keep their money they've afraid of government overreach here is one of our gas and salo are talking about what a traditional safe haven switzerland's how that's been affected by the reach of the i.r.s. listen to this. for american citizens is no longer safe haven because the purpose is it is impossible for anybody holding american passports to open the account in switzerland and i was in and what constituents. well it turns out that breach of the i.r.s. is affecting a lot of us this in that are lining up to hand over their passports get rid of their citizenship they live and work abroad they don't want to be taxed twice the u.s. is one of the only countries who tax their citizens on income earned abroad the number of people getting rid of their citizenship alone it's at a record the record since the i.r.s. started publishing the list in one thousand nine hundred e

said do you realize that dimitri and shannon are the producers of the show which means they actually produce the material for lauren to deliver and to that i just wanted to remind all of our viewers that you know i kind of resent it because it is really hard work it takes a lot of time to get my hair ready get my makeup on practice reading the prompter and look like i know. well what i'm talking about i mean this is a whole lot of stuff to take care of my kid that and i'm a fun i know i tweeted wednesday to see if our viewers could spot a guest cameo in our show and right away i got to hand it to red bull there he is a very attentive viewer who said mark maleng bad the z. at the end never has hearing and in case you missed it it's pretty amusing so take a look. i mean vice consul actually the current stamps are based on a constitutional right. very smart knew that everywhere and it was in our show even though he wasn't in our show and i'm really impressed are gets caught it and that's where all of you are not happy because that is our job thank you so much for tuning in do not forget

all right let's wrap up with loose change dimitri and shannon let's talk about executive compensation at banks because what's going on well bank of america had their shareholder meeting ninety two percent of shareholders approved the executive pay package it's interesting because this went on amidst protests both inside and outside the shareholders conference meanwhile you may recall that last month citi voted down their executive pay package the shareholders did on the say and pay vote only want one it was nonbinding it's not binding according to dog craig meanwhile and consequently there was no big deal at citi bank group own contraire though possibly in the u.k. their shareholders are actually revolting against executive pay in the case of these which is an insurance company take a look investors rebelling in london against the c.e.o. of insurance giant of iraq they don't like his play so today they force c.e.o. andrew moss out. so force him out by resignation about a week after the vote moss resigned and didn't get any explanation but he resigned so is this. is there anything to p

all right before we go let's wrap up with please change i have dimitri and shannon here to talk about a couple things that we cannot overlook so let's wrap up with this how many executives have been convicted of criminal wrongdoing related to the financial crisis of two thousand and eight while many people probably just a zero if you're watching this show but here's an answer given at last year's oscars from the director of the best documentary winner inside job. three years after or horrific financial crisis caused by massive fraud not a single financial executive is going to jail and that's wrong. oh and now at four years after the justice department doesn't even know the answer to how many criminal crimes have been prosecuted in the wake of the financial crisis related to them because they don't track them what is that about the f.e.c. highlights the civil actions on their web site a total of fifty five so far and william black points out in this wall street journal article that they kept track of him during the savings and loan crisis during or the aftermath of that well why didn'

all right let's wrap it up at least we have dimitri and shannon to talk about the banks because it wouldn't be a day on the show without that because j.p. morgan c.e.o. jamie dimon is annual shareholder letter came out yesterday if you haven't seen i bet you can guess with it he complains about new government regulation he's been this has been for a while he says it'll cost three billion dollar he's upset about it this morning on squawk box jim cramer actually had something to say about simon's complaining listen to this. i think he's become what club you for us work or maybe yeah he's a warner you like. all right that's not a good thing or you get copies of it and then all the stuff that the government means oh. i mean just to. so he hammered and we've got to give jim cramer credit for that but the most interesting part is look at the reaction of the other people that were on the scene with him listen to melissa lee. why can't he speak out without being a why are we why do you call him a whiner just because he's raising a lot of issues that a lot of other people in the industry don't need