you often talk about the casino gulag model where people go in and they think wow i lost a million dollars but they gave me three free drinks and i had a really good time one victim of this scope a lean. in colombia she took the man to her house and helped him gallagher all of her belongings including her boyfriend's cameras and savings she said quote it is painful to have lost money but i was actually quite lucky. both like george clooney here in los angeles you know he invited obama to his house and he put some mojo photo on him you know pixie dust in his eyes some scopolamine and he's a zombie now raising money for this a front man for the dangerous central planners and cartels. but again using this as a metaphor for the debt pushers is a lot of americans will go into debt and basically sell their children's futures and say well i'm quite lucky because we have this s.u.v. in the parking lot to this list dead horse in the parking lot trying to score some more money from j.p. morgan and there's jamie diamond chief crackhead in chief selling that skull pulling debt on the sidewalk well in

dollar and they would buy gold and so it would be like signing a death warrant to the u.s. dollar if obama did that so i don't think they're going to do that if they do it it's probably going to be in the middle of a hyperinflation where they don't care and at that point your winnings already would be huge you give them your gold and buy some other asset the wealth transfer will be over with by that point so i still believe currently in buying gold and silver that's what i do i might want to hear very successful businessman here in santa monica california your governor has announced that the budget deficit has soared to sixteen billion dollars what's going on in california is going to go the way of greece and spain talking about the regional economy here. yeah but we'll get bailouts quicker than greece and spain are getting bailouts i don't think you're going to see california go under but. you know the whole system is ridiculous it's the system that is the problem not these individual symptoms. the president barack obama was harry raise a lot of money and had a fancy fundr

it'll probably be a gold backed dollar or whatever but the currencies that are backed go to zero and the wealth of those people is transferred to the wealth of the people that are holding precious metals they mentioned back in one thousand thirteen the dollar was back forty percent by gold now sense this time and especially the last ten or fifteen years has been an explosion in derivatives and other credit instruments that have to be accounted for one way or another if we go back to some kind of gold backed currency let's say we go back to forty percent gold back note currency. at what price would gold have to be to clear all those hundreds and trillions of dollars in the system my first estimates anywhere between five to ten thousand dollars an ounce and higher what are your thoughts on that well when i wrote my book in two thousand and eight came out it required what we've seen as in one nine hundred thirty four and in one nine hundred eighty the value of gold at the treasury rose because of the price change to. match or exceed the value of the currency in circulation the circulati

you need to know this one billion dollars a thousand dollars a million times that's a hell of a lot of money it's how much republican groups plan to spend this election cycle to kick president obama out of the white house and put mitt romney in there as politico reports that a between the koch brothers republican strategist karl rove the chamber of commerce and mitt romney's super pac president obama is about to be hit with a tidal wave a billion dollar negative ad campaign the koch brothers plan to spend three hundred ninety five million dollars over the next few few months karl rove super pacs plan to spend three hundred million dollars the chamber of commerce has now promised to spend one hundred million in this election mitt romney's restore our future super pac also has the goal of spending one hundred million dollars and then there's the slew of other corporate wall street and personal billionaire super pacs each promising their own multimillion dollar contributions to the billion dollar election blitzkrieg against president obama and that doesn't include the traditional campaign

well and if you lost two billion dollars somebody made two billion dollars so the obvious question that arises who's on the other side of the traits of that's just how derivatives work there's there's no such thing as a free lunch he didn't lose the money to go into some black hole somebody's property and by the same amount so you know there are there probably are people that are laughing right now at the facts they took advantage of and if it gets bigger and snowballs though could there be a larger impact on average investors because because it does affect them right oh absolutely oh this could potentially get into capital issues and things like that although a two billion dollars it won't budge you can see it's already had a major impact if you happen to be a j.p. morgan stock holder fortunately i was not but so their stock has got its just absolutely tone to the last couple of days right and the question that you brought up that we were talking about earlier is not necessarily ok what is the impact of this two billion dollar loss on j.p. morgan because j.p. morgan is a very big bank

who recently got aroundd2-million dollars... drilling rights oo his farm.pposecutors asked that mullet stty locked behind bars... even though he can afford a bond.the udge agreed... calling him a danger to the community.but mullet's attorney says he's not aacult llader. (last ot) "he's not anywheee near the jim jones figuue or david korrsh figure. he's just a man very serious aaout taking care of his community." community."mullet's trial is a prince georre's county teenager is beinn hailed a hero... after he lerts his ellerry eighbors....that their house is onnfire. fire.16-year-old justii bowman noticed the flames coming from door to alert tte couple... whoowere doonstairs.the fire was on the second floor. 69-year old lluise seegars sayy... she and her hhsbbnd pad no idea... their house was innflames. "he ran up to the house and he was knocking on the door. oh, he was pounding on the door." "yeah, i was banging on the door, i was banging on it hardd matter of ffct, and i was like, yeah its a fire in wassa fireeand? and hey enn

for dollars? and we have some breaking news. the feds are investigating mark zuckerberg. this as the facebook stock continues to plummet. first up, a likely win in texas tonight officially is going to hand mitt romney the gop presidential nomination. meanwhile, team obama unleashes the attack dogs in yet another personal attack. this time targeting romney's association with donald trump. cnbc's john harwood has all the gory details. good evening, john. >> reporter: good evening, larry. this is the night that mitt romney is going to go over the top, but he's not in the state, texas, that is going to put him over with its primary. he is instead in nevada. i think you can see a live picture of him now. he is trying to keep the focus on why he would be a better steward of the economy than barack obama. >> we need to have presidents who understand how this economy works day to day, small business, middle size business, big business. i do. i want to use that experience to get us to work again. a. >> now

dollar.if your summer travel plans take you overseas that means you will get more bang for your buck. take a look. u.s. dollar index measures the dollar gets a basket of currencys has ralied 5% since march, out highest level since the summer of 2010. as we continue this week's look at summer travel, where in the world american, stretching their travel dollar this year, the editor of thompson reuters with us. lauren, is europe on sale with this dollar boom? >> it's cheaper, but it's definitely not on sale. if you're going somewhere like amsterdam, i was there recently, carry -- london is also expensive because of the olympics. >> tom: the polish, the dollar has gained over po land's currency. is that drawing american tourism over there? >> it's not like americans are going there gang busters, but they should, because krakow is a beautiful old world city, and the lati is under a lot of pressure. >> tom: are prices good there if you're an american carrying some dollars with the currency exchange

morgan chase has had on only a trillion dollars of assets and a trillion dollars of deposits so the leverage in their institution whatever it is they put it is a man's that's what mary superior in the f.c.c. should've been focused on not oh gee surprise there's an egregious error there could be some problems here now so mary shapiro is an enabler she's an enabler and in the case of the alcoholic many times i'll hide bottles around the house in case they're get caught so they can get drunk whenever they want to so jamie's place in these bad bets is to rid of losses around the balance sheet of his bank and other banks you know comment briefly on the what we learned about the lehman brothers repro one hundred five scam because i think it relates to this to some degree if you recall viewers when it came time to report that of the quarter they simply took billions of dollars of debt and they parked it at another bank for a couple of days then the regulators left to go to some other bank they put it back on their balance sheet now doesn't are all banks doing this to one degree or another and isn't

or most of those dollars. it's just a few of those dollars, asking some of our corporations to -- which some of them are willing to do, is to say, all right, i don't need those special provisions anymore to ship jobs overseas. we're going to instead use those dollars and make sure that we do protect a fund that actually is being -- is using dollars in some of the most effective way possible, both the short-term and the long-term in improving outcomes for individuals, but also in saving dollars. so, you know, understand that every -- every bipartisan or nonpartisan commission has said that the only way that we're going to be -- if we're serious about deficit reduction, the only way we're going to get there is through spending cuts and some new revenues. or eliminating some of these tax expenditures, these special tax provisions, some like to see the tax rate lowered, but i'll get rid of these special tax provisions for some of these companies and that's what we should do. the democrats absolutely believe that w

it's been a billion dollars in the last year. sound that's wonderful we're about to lose over a billion dollars a year federally with this so so it's on the rise and that's a little as. i say i'm saying we should look at this with a very cold and decide what is until this particular time so it sounds to me like what you're saying is that right now we are screwing gay people to the tune of a billion dollars a year and you're fine with that so we should keep do i have never screwed a gay person in my life and i don't want to start now all right all right well the point i'm going to friends of us are but but you know. tommy's making a great point here david years ago you're pointing out that gay people are paying a billion dollars more in gay couples are paying a billion dollars a year more in taxes than straight couples and you want to keep it that way that that sounds like the minute no no no no no no i am not now let's say a heterosexual couple were to get together absent the marriage and one of them or to be wealthy and their es

dollar what do you think of in store for the u.s. dollar. well i think if once the european situation is over the focus will turn to the dollar. and then it will be. the outcome will depend on also the formation of the group by russia india brazil south africa if they actually form this bank and use it for their own trading financing then this sort of cuts into the role of the dollar is research currency and so the whole thing starts getting through the skids and if the dow loses its reserve currency rule and finds its severely modified then the united states will experience all kinds of problems obviously and it sounds like maybe europe is helping out the u.s. and the u.s. dollar and having that situation under control might have unintended consequences that whoever is the next treasury secretary since we've been talking about him or her won't be too happy to see on their watch thank you so much for being on the show that was dr paul craig roberts economist former assistant secretary of the u.s. treasury under ronald reagan. all right let's

for the nation i have twenty thousand dollars forty thousand dollars and one hundred fifty thousand and that the u.s. student loan bubble has inflated larger than car or credit card debt in this ballooning crisis graduates now have financial deficits that rival home mortgages ok tonight in new york many have taken to the streets protesting against the on the fordable cost of higher education we're already seeing a a large increase in the number of student loan defaults across the country and that's coming at a rate that is similar to the rate when the when the mortgages mortgage loans started to default as well and like i said this has a cumulative effect and it's a downward spiral according to reports more than fifty percent of recent college graduates are unemployed or working wage jobs that don't even require a degree now unlike other that student that cannot be dismissed for bankruptcy this means loans that u.s. students and account for higher education policy them for decades or possibly the rest of their lives i don't think i'm ever going to be able to pay my debt as long as i

in energy and ultimately get out of this business if you look at the dollars and cents apples to apples comparison it's a complete waste of time and just destroying that only collateral we have which is the environment that's a good analogy to compare it to that because so when we went all in on bio fuels we didn't think of the costs which cause revolutions across the world as food prices skyrocketed due to the diversion of food to automobiles and here we are seeing the collapse of natural gas prices but at the cost of injecting unknown unmentionable unnamed fluids into the ground for just twelve months supply of because the average consumer out there they put the key in the ignition and they've got one thing on their brain dear they don't care what the costs are they don't care what the economics are they just want to get slits they want to get they want to do it quick where the costs are. whoever's dead i don't care i got my jones to feed give me a sixpack right now for five bucks and again i guess so we're going to this headline the natural gas massacre president obama's energy polic

so they are i has tens of millions of dollars to spend on both prosecuting me and on their p.r. campaign they have a professional ukraine spokes person whose job it is to i guess to the cracks of me one of the things they claim is that i never offered to settle and i could have avoided all this i at one point in time offered them over five thousand dollars to settle and this wasn't enough for them both physicists and they wanted over twelve thousand dollars that didn't seem to be like a reasonable negotiation of that seemed to me like they should be entitled to that solace of the force of intimidation having had no legal. protections or are judgments based on the issue of five thousand dollars if you think about it right and it was thirty songs that are going after you for downloading and sharing that's still a lot of money especially if you consider that these days if you actually want to pay for that music it's probably going to cost you like ninety nine cents a song so in your ideal world. how much would you pay them what you can do you think that ninety nine cents a song is

then the dollar/euro story. europe currency getting hammered losing 5% of value in a month hitting a 23-month low today. the dow and s&p down about 5% in a month. 6.5% for the nasdaq. we're going to have more of the tough numbers, but also possible opportunities coming up in this hour. but before we move forward, i want to take you to greece. the epicenter of the european economic crisis. to show you just how much anger will tl is there and how violent life can be in athens right now. >> life for young people is terrible now. my name is nick. i protest because i don't agree with the way that the societies are governizing now. i'm not against violence. if the police hits me, i will answer. >> since 2009, athens, the capital city of greece, has at times looked more like a war zone than one of the must-see destinations in europe. anarchists taking to the streets. turning the historic city into their canvas for expression leaving a path of destruction and lingering anger in their wake. the signs of civil unrest and

so let me be absolutely clear, that these are dollars that are being used -- it's not a lot of dollars. we all agree on that. but these are dollars that are being used in smart ways to make sure that we can find out what are the best ways that we do prevention. that we do get -- provide primary care. that we provide the best learning experience to know what works in prevention and public health. public health has provided the greatest savings over the many, many decades as we have used them. vaccines and screenings that find medical problems early, that help both children and our seniors to be able to live the fullest lives that they can. that prevent cancer from spreading or catching it early. these are not small things for the people that it affects. so you can say maybe it's not important. but understand the choice the republicans are asking or saying they are making here. is that they want to protect tax loopholes that exist for our biggest corporations. some of which actually provide taxpayer subsidies for sending our jobs overseas, instead of eliminating them. just a few of them,

want to keep letting plain cheese pizza be classified as a vegetable because apparently millions of dollars in lobbying cash makes a one eighth of a cup of tomato paste it will in nutritional value to a half a cup of broccoli exactly right back to the time of the debate representative jared polis polis had this to say about the people that equivalency pizza alone particularly pizza with no vegetables on it just tomato paste it's common sense is not a vessel what's next or twinkies going to be considered a vegetable. actually i bet that with enough cash even twinkies could fit into the dairy category right i mean if anything i'm sure is the creamy filling here really contributes to healthy balance that obviously. obviously i think if that means that even pizza is a vegetable even though technically let's not forget that tomato is a fruit but let's not get into semantics oh my goodness also let's not forget about the meat right i think of these pork rinds right here should do the trick good ok having your enjoying that this is what your kids should be eating and of course there's always the g

she faced a fine of about 81 dollars. the 43 port library receives no federal funding and rely on membership donation and secondhand shop to survive. after several attempt to retrieve the book they called in the police. >> did turn the file over to the police department. police handled it from there. so you had no control over how they would handle it. >> no. that's their decision. it's a rare incident but it does occur. >>reporter: officers made a courtesy call to the chilled's home that afternoon the girl's mother returned the books. paid a fine and apologized. sometimes in western pennsylvania police do get involved in case where is books are long overdue. 4-year-old hardened criminal. >> brought to justice. >> all is well that ends well. bit cooler. >> yes and friday and saturday it will warm-up gradually next couple days. here's the sutro camera out over san francisco on a night that is becoming partly cloudy. very pleasant. lovely evening around the bay area following what was a lovely day. here's look at live doppl

the dollar is king dollar right now and it's moving. >> great debate. thank you for joining us today. >> have a great one. >> it takes a market, right? still to come, we're playing a little game. who said what in the battle for your tv. >> and facebook ipo fever is hitting up. we have one analyst who has a buy on it. final out what the social offering could bring to your portfolio. [ donovan ] i hit a wall. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in your way. devry university, proud to support the education of our u.s. olympic team. [ male announcer ] introducing a powerful weapon in your fight against lawn weeds. ortho weed b gon max. with a new continuous spray wand. so you can kill invading weeds down to the root. without harming your lawn. guaranteed. ortho weed b gon max. ♪ ♪ ♪

dollar short and long term. well i think it's very significant from a monetary regime change point of view i mean not only are these two of the largest economies in the world but they're two countries that you know let's face it historically have not had particularly good relations and have gone to war more than once over the last century so you have a situation here where it looks like china and japan are really cozying up to each other to a degree that's nearly unprecedented in modern economic times and given their sheer size and their share of the global economy in share of global trade the fact that they are now embarking on the ability to bypass the u.s. dollar in pawar is that they will over time divest dollar reserve balances or at a minimum accumulate them at a slower rate going forward now other factors equaled that will place upward pressure on u.s. interest rates and or downward pressure on the dollar it is a major step away from the dollar's long held pre and then it reserve currency studies and othe

they said we could be sued are we're being sued for one hundred twenty billion dollars in residential mortgage backed securities fraud and problems that's a big number i mean they don't have their big bank right but they don't have one hundred twenty billion dollars i think in capital newspaper that are right in my previous question i used the word culpable i meant to say egregious which is to use jamie diamond stearns which is the most egregious law breaking situation but not a merger this huge number of under twenty billion dollars now this is at a time when the global banking system say the bank of international settlements and the regulatory agencies are trying to get banks to increase their loss reserves or capital reserves you're saying that this legal reserve that has to be addressed on the balance sheet this is going absolutely against everything that jamie diamond's been arguing for with regulators he wants less capital on the balance sheet not more capital how damaging is this going to be for this kind mera of a bank that has absolutely no reserves whatsoever once you strip

for 50 dollars the first year and 40 dollar annual renewal, part of the money is supposed to go towards scholarship for the spouses and children of the 3 dozen california residents killed during the terrorist attacks. most of it was to the also help fund anti-terrorism effort. but an associated press investigation found former governor schwarzenegger raided two million dollars from the fund in 2008 and governor brown borrowed another million dollars last year. to balance the state budget. none of it has been repaid although the intention to put the money back eventually. >> many people don't think that's right. you shouldn't be borrowing from kid scholarship. >> well the administration had to make some tough choices to not only balance the budget but also fund much-needed programs. >>reporter: state actually stopped funding the scholarship program seven years ago but the plates continue to take in million and a half dollars a year. the state says every child who applied is getting or will get their money. the a p review also calls into question whether money from the 9/11 plate is reall

are the dollars being well spent. let's go over to a program that is near and deer to my heart, i have worked in and been a part of and that's meals on bheels. meals on wheels has 80% of its convictions that come from private folks. just 8% is using government funds. 2% are dues, 4% come from conferences and 6% from other areas. so obviously this is a program that is not going to fall apart as is represented here if it doesn't have these dollars. but these are duplications and they need to be looked at. i challenged my state when i was still in the senate to take a look at all of the children's programs and say how much money are we spending? because at one point in time i asked in nie committee could everybody tell us where the dollars are being spent on children if there's any duplication or how much are we spending on many prevention programs is that really where are needs are? i think we have to look at these programs and make that decision about if we're doing what we need to do with the limited dollars. in addit

of course we know keith loves the king dollar. is the dollar important to you?dollar is important for the right reasons. if the dollar is stronger because europe is melting down, that's not a good thing. and the dollar is stronger because we're promoting growth in the u.s., then i think obviously that's a very good thing, and it's a sign of confidence. it's a sign of u.s. efficiency. so how you get there is important as anything else. >> amen to you on that for both you guys. that's what we want. we still aren't talking -- i mean that's the perfect scenario, and i love it. >> promoting growth is like promoting a wet kleenex, guys. get it right. to have a strong dollar, you can't just promote growth. this isn't like an atv commercial. what you need to do is have fiscal and monetary policy that reflects a conservative currency. >> of course. the usa represents the best growth opportunity globally, which by the way it might very soon, considering what the alternatives are. but when the dollar starts to rally because of that, i'm all in. >> fair enough. i think we a

is you spend a dollar ten for dollar recovery you're not getting a recovery you know you just throwing money into a hole when the money start to pile up but just a hole at the bottom so when you start throwing money the water money simply just back up the hole you know and that's where we stand right now with the u.k. in order for things to happen you have to let market forces take place and soften and capable companies have to go bankrupt in the first i was system so you have new capital fresh capital new management fresh management and new ideas to come in and take over without happening you know there have been a dog for a while. as japan i think they wanted twenty thirty years ok twenty three years later you know they still where they were twenty three years ago basically i finally let me just ask you this question you know the u.k. in response to the crisis that happened in two thousand and eight they decided to go down the path of austerity the united states they chose the path the anti austerity path they chose stimulus and bailouts and third stamps both are failing so neither a

see this week this is a company that we bailed out with american taxpayer dollars they we i.p.o. it and now it's bankrupt again it's like this man never stops and doesn't get caught i don't know what is going to do to go find his next job and i'm sure he saved the double digit millions that he's earned but maybe he's to sit in there like causing financial havoc again with another company then there's a man named mike nuremberg he's the head of mortgages no bank of america he's a sitting there making money there's just first allies are who we knew went out and spent maybe a million dollars renting out this aspen hotel for his daughter's bar mitzvah he's just like going crazy with his money they're doing all fine now the the new york igi which i reported last year is investing in them and he and he has told. and they were you know he some attorneys that i've talked to believe that he's going to charge him with the martin act but again you know i don't know when that's going to happen that's a fifty fifty chance so terrible you are primarily covering the fraud the financial fraud fr

it's aimed at cutting down on the state's debt which is now in the ballpark of forty billion dollars that was a greek tragedy a preview of what's to come in california here to discuss this is dr caroline holdren politics professor also dental college welcome caroline so we've seen what happened in greece the massive protests as a response to the austerity measures now are things similar proposals in california what parallels can be drawn between the two. well liz i think one parallel that can be drawn is that both have a revenue problem and california has had an issue with its revenue that is raising enough revenue to provide the services that californians need since we passed prop thirteen in one thousand nine hundred eighty eight and really tied the hands of the states so that we couldn't we could only get revenue from certain sources which makes california heavily dependent on income taxes so this is not the first time this problem has come up it comes up every time there's a there's a crash in the stock market there's a decline for example in income exacerbated by this most recen

bought justin shares of it on opening day, 2 20 dollars would now be worth more than 44,000 dollars. shares of amazon worth more than 27,000 dollars today and if grandmother picked up 10 shirs of johnson and johnson back in the day it would be worth more than 10 million dollars today. l abc news, new york. >>> now abc 7 news and our web site will have complete coverage of the facebook i p o. we'll be on the air live over on channel 7 when rkings the nasdaq opening bell tomorrow morning at 6:30. in the mean time not far from menlo park, it ace different story for another silicon valley main statement hewlett-packard will drop 30 thousandths people from its payroll. large its lay off in its history in about 8% of the work force. more on that tonight from 7 news reporter mark matthews. when meg took over hewlett-packard in september she promised to make personal computer and reinvigorate the struggling division. in march she announced the computer and printer division would be combined and all over the valley analyst began predicting layoffs. >> whitman know that is hewlett-packard is s

dollar the dollar's a terribly flawed currency the euro would be great at least a sound euro would be great so in theory would be good if the weak sisters left the euro and the ones who were left were very strong in sound and then you would have a very good currency to compete with the u.s. dollar and forge i don't know if the euro could survive if you have three or four people leaving that's going to be quite a shock whether it's portugal or not i should i was just using that as an example there are many countries that could leave. the first one leaves approved greece leaves then some other politicians go sour i can win an election. by saying i'm going to leave the euro i'll tell the people listen to what he had said and you trigger in the process there i guess what happens now but eventually if the euro can survive all the weak ones getting out for the euro didn't greatest currency in the world he would put the dollar out of business says jim rogers invest truth and wall street spotlight will be back shortly after a break south stay with them. and religion and education are insepara

the student debt clock has ticked past the one trillion dollar mark the occupy movement doesn't want recent grads drowning in debt to shut up and all of their bold moves directed at the one percent. she's the woman who blew the whistle on washington the f.b.i. translator turned truth teller is now dishing it all out in her memoir we'll speak to authors of bell edmonds about the rough journey she faced to get her book published. wednesday may ninth eight pm in washington d.c. and that is martin you're watching our. topping the news this hour something that's catching the attention of numerous news outlets today well dead people one elections in the past so could felons be next if west virginia democrats have something to say about it the answer may be yes take a look at some of these headlines that pretty much tell it all texas inmate wins forty one percent of the vote versus obama in west virginia's primary obama loses to felons several west virginia counties four and ten choose convict over obama in west virginia primary against obama even a jailbird get some votes why felon keith j

the analysis, they have 380 billion dollars of equity capital that they had a 2 billion dollar risk.ow, last time i went to med school and that was a long time ago, that is basically pennies on a whole bunch of dollars. number one. they're in the risk business. they weren't risking the cd's or borrowed money, it's their equity capital. stay the hell out of it. it's insane. consumers, if it boiled up because we overregulated the prices would go up for credit cards, and everything else that we've been careful about regulating and how has that worked for the consumer? >> jonas maybe-- >> i'm not saying there's a lot wrong here, aig had a lot of equity and-- >> wrong analogy, come on. >> brenda: let him talk. >> an indy mack bank had a lot of capital and banker consumers didn't have to worry about that either, but what happened the government had to walk in because the fdic insurance, retail banks, you walk into mom and pops all over the place where your checking account is and gambled it away in investment banking scheme and all of a sudden, shore up everybody's county so they can relax