the federal reserve bank so then j.p. morgan the federal reserve bank ramey institution i think in case they merged and oh oh my god there went the credit union oh my god there once somebody is home oh my god there was somebody whose job there was the american economy oh my god you moved goal prologue you made. a lot of you may just prove it all day long that's true it isn't for no good. so now they want to remove they want to create basically a trust you have to participate in the trust especially if you are alternative service whether it's gold and silver a credit union or bitcoin if it dares to compete with us we will destroy it and do all we can to destroy it using the government we own so now look at what advantage the taxpayer the consumer is going to lose in two thousand and twelve an economic study commissioned by the trade group found that removing the tax exemption would cost consumers about ten billion dollars a year through higher fees and interest rates on loans as well as lower interest rates on savings so of

the federal reserve bank so then j.p. morgan the federal reserve bank or any institution that's a different place they merged and oh oh my god there went the credit union oh my god there once somebody is home oh my god there was somebody whose job there was the american economy oh my god you musical projects you mean. there's a lot of you know you just prove it all day long that's true. isn't fair i'm no good note. so now they want to remove they want to create basically a trust you have to participate in the trust especially if you are alternative service whether it's gold and silver a credit union or big coin if it dares to compete with us we will destroy it and do all we can to destroy it using the government we own so now look at what advantage the taxpayer the consumer is going to lose in two thousand and twelve an economic study commissioned by the trade group found that removing the tax exemption would cost consumers about ten billion dollars a year through higher fees and interest rates on loans as well as lower in

. >>> weighing on the market, comments from the top federal reserve official saying the central bank is closer to slowing its stimulus program. richard fisher, president of the federal reserve bank of dallas, and one of the most critics warned investors that the fed should make its first move to pull back on its massive bond buying program in september. for months now, policy makers have been debating the issue on the pace and timing of any cuts to monitor stimulus. >>> 23 you're in the market for a loan, you may be in luck. the nation's banks eased restrictions on everything from bids to consumer loans in the second quarter. helping meet an increase in demand. nearly 20% of those questioned report that credit standards had eased at least somewhat for larger and mid sized firms. as for householdses, 10% of banks eased revisions. >>> it's getting easier for home buyers. the mortgage banker's session says there's been an increase in lending to people with lower credit scores. it may be because rising mortgage rates are making it more difficult for lenders to find business. >> you would

months a one point four percent to two point six two point seven percent so in the case the federal reserve bank they're sitting on a lot of paper that they inherited by the processes that you just described another were throwing the crisis instead of letting the market take care of the losers they simply step in on the government and they absorb this. norma's liability but here you have a case for interference moving up so right now just in the last two weeks the federal reserve bank suddenly have almost two hundred billion i believe and a lot unrealized losses because you have the right but max my contention is and history will or the future will tell us if i'm correct but my my contention is that rig long term rates are not headed higher in a material sense from here i think you know long term rates ten year rates will be significantly lower next year one year from today than they are right now and this will this will only be another example of the federal reserve backing it boots with the u.s. treasury to show us the power they have over interest rates this backup that we've seen recently in

here you have a case for a defense a movie have so right now just in the last two weeks the federal reserve bank suddenly has almost two hundred billion i believe and the law unrealized losses because you have the right but max my contention is and history will or the future will tell us if i'm correct but my my contention is that rig a long term rates are not headed higher in a material sense from here i think a long term rates ten year rates will be significantly lower next year one year from today than they are right now and this will this will only be another example of the federal reserve backing it boots with the u.s. treasury to show us the power they have over interest rates this back up that we've seen recently in long term rates in my view is nothing but a ruse and it's nothing but the fed trying to instill in a bunch of people who've been hoodwinked for a long long time that we still have markets the reality is we don't have markets and you got to remember the words coined by chris powell the treasury secretary of ghana back about six years ago at a conference in washington when he st

federal their website has a dot g.-o. v. address that would be dug of but there are twelve reserve banks and they have dot org addresses so isthe federal reserve public or private or both what's the deal. the federal reserve is composed of twelve branches which are one hundred percent owned by the banks in their district we the taxpayers do not own one single share of any federal reserve bank they have federal reserve board is considered a public private entity because they are appointed by their congress you know and there's a congressional and presidential appointment and approval but once they're appointed they're pretty much on their own they're caught and independent central bank but they're not so they're independent of government but they're not independent of the big banks that on the twelve federal reserve branches and that the federal reserve actually considers their constituency. well we have a quote from an american entrepreneur and it's too bad people don't know more about the federal reserve this is from henry ford who said it is well that the people of the nation do not understand our banking and monetary syst

federal reserve bank bank of england backs or pan is twenty five thirty thirty five percent of the income they collect from taxes goes to paying the interest the interest on the debt once the taxable receipts cover fifty percent or more of the interest on the debt you answer something called hyper inflation the only way to control it of course is if the government and the going to propose us mark carney will propose a song you know soon when it comes down speaks of the people to the pledge that occupy this god for saken rock and the druid atlantic will say we're going to increase g.d.p. by engaging in untraditional bank central bank policies he's going to start buying stocks are going to start buying mortgages are going to start buying everything that's not nailed down he's going to start putting it on the balance sheet of the central bank they'll issue the collateralized pound by rent still collateralized by mortgages don't collateralized by tourists that are vomiting in the street and try to sell that as a chopped up there on the main street of the high street they'll do whatever they c

deposits if in the federal reserve bank. that pays american defense contractors to build the weapons, in part, for egypt. that includes $400 million to general dynamics and $2.5 million to lockheed for f16's. big contracts got it by sending legions of lobbyists to capitol hill. they remind them that if the bongs and lockheeds can't build, then the smaller ones from lie mow, ohio to michigan will get buried. >> it has made this piece of the tank for 20 years. if i don't give him an order for six months, i don't know what will a ton old joe and the workforce. >> reporter: he heard that pitch year after year and it worked. >> the contractors have a vested interest in keeping the process going forward. >> reporter: he said the u.s. has put itself in a bind. cutting the aid won't.off the defense contracts. >> it will and up costing the taxpayers a lot of money and getting nothing in return. >> reporter: we reached out to lockheed and general dynamics who said we're honoring our contracts in good faith and don't want to comment. e

banks can profit like in the past. >> dean is with the center for economic and policy research. >>> comments from two federal reserve officials weighing on the stock market today. the president of the atlanta federal reserve bank said the central bank should start reducing the bond buying program as soon as september but cautions the fed might wait longer if economic growth fails to pick up in the second half of this year. then later in the day, it was the chicago fed president's turn, charles evans, said much of the same stuff. he sees a pull back in the stimulus program sometime later this year, also, depending on the economic data. >> well, those comments by lockheart set the tone and stocks didn't recover but they weren't the only factors. ibm, the worst performer in the doe falling on a downgrade to sell. big blue confirms it is requiring the hardware workers to take a week off with reduced pay. mixed signal on the jobs front according to government data. the number of job openings in june hit the highest level in five years. this added to a second day of losses for stocks. the dow fell 9 three points to close a

affect the ability of the fed or the fed to game the system with the big point here is that the federal reserve banks those twelve banks you talked about basically those are controlled by the banks in the district so on the one hand you have the private banks having input directly into monetary policy you also have the seven governors those are appointed by the president approved by congress or fourteen year terms so those are representative of the public but then you have twelve people sitting there five of whom voted a one time right who represent basically the bank so you just go where where does this get off that the banks have a direct say on government monetary policy it doesn't seem that way let's talk about some of the new candidates for the fed chairmanship it looks like bernanke is definitely out so we've got summers i know you're not a fan of summers and we have yellen on the other side what do you think about this is this a is it almost seems like it's a false construction and maybe we're going to get somebody else what are your thoughts well i think there's been enough heat over over lar

the new york federal reserve bank reports americans trimmed their debt this year getting help from falling mortgage rates that allowed more borrowers to pay down home loans and other bills on time. total household debt is now at it's lowest level since 2006 even though student debt and auto loans rose last quarter, late rates on household date dropped to 7.6% in the spring. >>> the online textbook company is going to sell stocks to the public. they hope to raise $150 million in the initial public stock offering to pay off $21 million in outstanding debt and gain access to public equity markets. he also announce pd four new auditions to the bored including the ceo of shutter fly and a facebook executive. >>> and we begin market focus with a company that went public today in vision healthcare, the biggest operator of u.s. ambulance services rose. the company expects demand to grow for outsourced medical services as healthcare costs rise and population ages. it's the biggest to come to market since february. closed today up 9% at $25.15. >>> farmers bought track tomorrows and harvesters last

i have experience with the federal reserve bank of san francisco. when i look around my neighborhood and see the changes that are happening, i so there is no neighborhood grocery store. i see that small businesses in particular are coming and going, and they haven't been able to really sustain themselves. from my work experience in working for the city in the mayor's office as well as in the non-profit, i had a good sense as to what some of the challenges were. when i look in the future, i could see more challenges coming. i thought i had a set of experiences and more importantly a passion and desire to serve. >> i understand that no one wants to have their programs cut. of course not. i also want everyone here to understand that no one up here wants to cut programs because they don't care about the population being served. there are no value ains here. we are all on the same team. it is a tough situation, as we are here so that we can begin the work together. >> i am actually more forward thinking. for me it is less about being left or right, or in

lou: coming up next, i don't know what itis about these federal reserve bank presidents, but they justave to talk about it. the dow jones falling 113-point committee s&p dow nine. apple shares up nearly 2% on the day after a billionaire carl ichan, reportedly worth $1.5 billion pushing apple to raise its buyback. at this rate it will be tougher because the price is fine. this incdes the days leading up to that. up nex the republican national committee, holding it's annual summer meeting. we will show you why the slogan they chose, much like the name they use with what happened in the 2012 presidenal election was clearly a poor choice of words. words. we are coming right join us at projectluna.com words. we are coming right lou: the republican national committee caking of it and exciting meeting in boston with their theme, making it happen. let me try it again. do you feel it? making it happen. highlighting the progress since the autopsy of what happened in the 2012 presidential election. their words, not mine. how is that for a clever word? so exactly were you doing to make it happen?

which is the central bank of central banks and whether it's the bank of japan bank of england federal reserve bank or e.c.b. they're all pursuing the same policies the the idea that the age of the ricardian competitive advantage where countries are competing with each other is gone because you have one central bank one methodology bail out their friends and led ballons occur as people just fall off the grid and get victimized by this in japan is part of this is not a separate issues my point or am i wrong you're right in the sense that there is a tremendous degree of attempts to cooperate attempts to coordinate they don't always necessarily work now that said you're correct in this instance that japan for the most part appears to in recent years and decades have very much played ball with the i'll call them western financial institutions i.m.f. world bank bank for international settlements however you might reach a crisis point where certain countries decide oh no we've had enough we're not going to participate in this anymore i mean iceland's an interesting if small example of that but you might

this is not the same federal reserve bank greenspan ran. are differences nowadays that think the fed is up against that probably change the morale. melissa: there were looking at federal employees. the work force showed that there were demoralized. there -- teamwork was nonexistent. innovation and creativity were actively discouraged. that see pretty creative to me . in one of the surveys they did, the talks to a thousand people at a public relations firm and fund 26 percent of respondents had quit their jobs. this is a big number. an uncivilized. >> the study is not remarkable in the sense that it makes complete common sense. if you walk into your work environment and people a smiling, even if they don't really care, but they at least ask for say your name more knowledge you. the ten ft. 5-foot rule. just the knowledge and my name. that makes such a difference. this kind of grunting and you, are mean to you, of course of the of said. it makes complete sense. smile. won't crack your face. melissa: what is the ten ft. five of rule? >> if you'