of rabbits to pull out of a hat this next quarter they're going to have to actually show the trick gelati of their balance sheet and they're going to see a big the mountains coming for for j.p. morgan and jamie dimon let me ask you about their operations and london according to the volcker rule separating proprietary trading from other forms of trading the london whale loss exposed that j. p. morgan was in fact breaking the law is there going to be any attempt to comply with the law going forward or well jamie done a j.p. morgan continue to break the law on the proprietary desk side of things well they they put those proprietary trades what was low. after that position in the investment bank where supposedly it belongs but that's not to say that they're not putting on new positions in their investment office whether in london or whether in new york the problem is that there's not enough scrutiny by the regulators or by the auditors of what they're actually doing there why they weren't supposed to be doing that kind of activity and in the investment office and so nobody was looking well no

did the beginning of that what he called a purely a period of financial for gelati to the american economy to not in sixty six i said before that level you had private debt was predominantly they of finance investment was growing up. it's growing faster than income but still you know it was in the range where it was necessary did it's productively used one hundred sixty six it's been for jubilee ever since i'm getting more and more extreme why what was that turning point around that time that was really when the devil had about. a slightly the why wouldn't. the fed reserve rather than i see research off on about nine in sixty six about eighty percent or ninety percent private debt to g.d.p. ratio and that point on you had more and more debt claims on the saudi more and more speculative debt turning up there and you began to get more gambling being the usage of debt rather than productive investment the knowledge in fifty years industrial capitalist america was being wiped out by the knowledge in the sixties seventies growth of financial capital have ciphered realty began in sixty six we ha