leave the job to the f.c.c. to stop this part because they created it now we have in the united states lots and lots of markets they are all electronic and the f.c.c. wanted them to be that way we've this is been a sort of thirty year process to make the markets all electronic so computers are doing the trading but because we now have a zillion little markets we have more than fifty little bitty markets and we have fourteen exchanges none of them have enough depth of volume to sort of really act like the new york stock exchange which means the exchanges pay high frequency algorithmic traders to basically hang around and basically put up price quotes and these are called rebates and the rebate practices have gotten to be such that the exchanges are guaranteeing high frequency traders income from rebates yes only what is the financial transaction tax i would help what is it the transaction tax is a tiny little tax on purchases or sales of financial contracts so that is not just stocks and bonds but it's also thing

sovereign debt by one notch to double a plus from aaa two days later how the f.c.c. wrote to them and seeking information about why they downgraded u.s. debt remember they're saying they're protecting investors in a way that they are protecting that chinese investor who owns a lot of the u.s. debt we're talking one creditor the chinese people who are very upset that the value of their dollars are actually worthless look i have expressed to the people in greece and the people in ireland and the people in egypt create your own by. rating agencies and downgrade us to the word should be downgraded to triple hooks triple c it's worthless job you can do this twenty minutes to cost of starting a rating agency and what is a post office box and one certain analyst from mit a cost of fifty thousand dollars a year that's it well in fact china has a rating agency called i think it's de gong and they downgraded u.s. debt long before egan jones and company so they were i think it's more about the u.s. if you're inside the empire you can't you can't downgrade any of those little pe

of this year and that happened on april fifth on april nineteenth leaks started emanating from the f.c.c. that they had voted to start an administrative law proceeding against the firm and april twenty fourth they filed it now even jones the story of them is that they are privately held company with about twenty employees and they started in one thousand nine hundred five and it is the only one of the nine nationally recognized rating agencies in america that gets paid by investors instead of by the issuers of securities so that's important to realize in the face of this financial collapse that was caused by the likes of bear stearns hiring rating agencies to bless their junk bonds essentially they're toxic collect collateralized debt obligations a mortgage backed securities with the aaa rating they paid these rating agencies to do this and even william cohen here in the bloomberg article notes that you know e-mails emerged saying that from one of these top rating agencies that are not the subject of an investigation by the f.c.c. that. you know they would rate anything even if it were b

party i want to know your view on that and especially since last month we did get a fine from the f.c.c. to the new york stock exchange for them getting information more quickly to proprietary the people that had their proprietary feed versus everyone else so what do you think is the state of regulation of this industry well you know how to get to training to you know how to understand where things are going to you know it's really all over one class of people who are not following the rules is simple and the following. but yes you see what is simply enforcing the rules the first time since reagan is house you know what probably more important than the form is sort of the wording in the form which you can see this these things are not legal these things have become so commonplace you know my theory was that the f.c.c. was going to go full tilt and now storm forcing there's we're going to have a body work for you to wall street because they come wow but do you see an impact when you're looking at your screens after we have that enforcement action or there was another against a firm for l

the supreme court nominees that should give us all pause and should make us demand a return to the f.c.c. rules that reagan stopped in foreseen in one thousand nine hundred seventy which required programming in the public interest not just in the interest of corporate shareholders as thomas jefferson so eloquently and repeatedly pointed out our democracy depends. and that's the way it is tonight monday october first two thousand and twelve for more information on any of the stories we covered visit our website to tom hartman dot com three speech dot org dot com and if you missed any of the night show you can now watch it on h.d.d. on hulu at hulu dot com slash the big picture also check out our two you tube channels there are lots of thom hartmann dot com also to our and i can check out all the different ways you can send us your feet and don't forget democracy begins when you get out there get actually tag your it see them. download the official ati application to cell phones choose your language stream quality and enjoy your favorites from alzheimer's l.t.v. is not required to watch on

catering to corporate and political interests book that people can no longer wait on congress and the f.c.c. to eke out a miniscule reforms to the dysfunctional system in which they are embedded instead the people must create alternative methods to communicate an exchange of ration it's up to us and it's up to you if you want to make the corporate media relevant it's time to take back the media it's time to become the media. culture is that so much to know there's a huge decision on the market when is the real levy and the strategy of the u.s. led mission in afghanistan is in a shambles green on blue attacks against coalition. wealthy british sign on some time to explain things going to. market why no. one. what's really happening to the global economy. for our no holds barred global financial headlines kaiser report. more news today. again fled up.

justice come in and say you've broken the law we've seen that history with the with the inability the f.c.c. to do anything with wall street we see with the f.d.a. as an ability to do anything with pharmaceutical industry i think what drives change on something like this tom is somewhere in america in the next year you're going to have thirty or forty or fifty people walk into an attorney's office and say let me tell you the story about what happened to me in the workplace and the story is going to sound an awful lot like to experience trial or it's going to sound a lot like that time that wal-mart said to their employees we want you to clock out and then we want you to go move these one hundred boxes what in effect you're extracting something from the employee you're extracting more from the employee then you bargain floor for when that employee took the job or is going to be a similar analysis also with the sexual harassment the the analysis of this case in the right hands is going to cause an employee. an employer big problem i would i would never ever tell an employer to do this whether

catering to corporate and political interests book that people can no longer wait on congress and the f.c.c. to eke out a miniscule reforms to the dysfunctional system in which they are imbedded instead the people must create alternative methods to communicate and exchange of ration it's up to us and it's up to you if you want to make the corporate media relevant it's time to take back the media it's time to become the media. wealthy british style some time to. go. to. market why not. come to. find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines tune in to conjure reports on our. world with. science technology innovation all the developments from around russia we've got the future are covered. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew. welcome to the big picture. me it is easy to. be a little.