was repealed now tell people of course what glass steagall is for those of us who don't know well last time morgan stanley goldman sachs blew up of the economy in the twenty's they passed laws to try to keep two sides of the brokerage industry from talking to each other and cooking the books and creating a huge blow up mart. that was repealed sister emma glee over time ultimately under clinton they did get away with the last vestiges of glass steagall so then it allowed for things like citigroup to buy a bunch of insurance companies and other companies and just completely turn into a financial supermarket a fraud which is less than a group is a financial supermarket a fraud it's all tainted meat imagine going into a supermarket and saying take the chicken to take a steak to duck it's all tainted meat stacked up five high that citigroup got to get insurance tainted seedings tainted management it's a stink did stink hole of fraud larceny and mendacity technical violation that the . yes it was the one nine hundred ninety eight merger of citi group and travelers group that depended on the

and there's no doubt, since the repeal of so called glass-steagall, which prohibited all trading, and that was a little more than 10 years ago, this has become a big business for a half a dozen big banks. and these risks were a contributing factor in some of the difficulties in the financial system. but during the collapse of the system, some of the investment banks decided they better get a banking license. and the government gave them a banking license, so they now have access to the government support. and that's part of the problem. and they like it. they like the government support. >> why do they like it so much? >> because it provides them -- it provides their customers with a certain degree of comfort. >> because they? >> they will be protected. >> by the federal deposit insurance? >> yeah, deposit insurance to some extent. i think even more important, the feeling that the central bank is there as a letter of last resort. and if they get in trouble they can call upon the central bank. and i'm sure looms in the minds of a lot of people is that, when push comes to shove they'll

and it is out of control because there is no adequate deterrent since glass steagall except in china as we've covered yeah the chinese when they find bankers that are stealing they have the state actually case them so that's one thing trying to get our eyes days there were thank so much being on the report thank you max go away much more coming away to stay right there. to your social ante up location to your body for the long cold touch from the. life on the go. video on demand. among the old girls an omniscient speech now in the palm of your. machine on the key george called. nice guys are welcome back to the kaiser report time now to go to thailand to speak with michelle ballons of the p.d.p. foundation i shall also write for al-jazeera michelle welcome to the kaiser report so it's certainly nice to be here it's actually my favorite show so this is going. on for me oh fantastic all right well michel you are paying salaries and big call aimed at the p.d.p. foundation we've been talking about bitcoin tell us more well you know there's a few things that we like to. do first thing. yo

street in the city of london is that of control because there is no adequate deterrent since glass steagall itself in china as we've heard the chinese when they find bankers that are stealing they have the state executes them so that's one thing china gets our eyes glaze over those of us being a reporter thank you max going away much more coming away to stay right there. the. director's culture of real life in prison on charges. that i am my fries are welcome back to the kaiser a part time now to go to shanghai thailand to speak with michelle ballons of the p.d.p. foundation but he also writes for al-jazeera michelle welcome to the kaiser report so it's really nice to be here it's actually my favorite show so this is. really only for me oh fantastic all right well michel you are paying salaries and bit coin at the p.d.p. foundation we've been talking about that call and tell us more well you know there's a few things that we like to go to. the first thing is you know we call this so sleep over in currency so it's a currency which is not created by the banks. and he's not created by by the s

was put in this place that had equivalent deterrence powers so i want to look at the fact that glass steagall was overturned and nothing was put in its place the same here when corporal punishment was removed in one thousand nine hundred six in the u.k. there was no other deterrent allowed so the students are out of control in the classroom the same here jamie diamond lloyd blankfein every single bank and broker all wall street in the city of london is out of control because there is no adequate deterrent since glass steagall itself in trying to recover yeah to chinese when they find bankers that are stealing they have the state executes them so that's one thing trying to guess our eyes days there were six of us being on the kaiser report thank you max go away much more coming away to stay right there. in. the. director's calls was a real. prison on march. oh. my fries are welcome back to the kaiser report time now to go to shanghai thailand to speak with michelle balance of the p.d.p. foundation michelle also writes for al-jazeera michelle bachmann the kaiser report so it's really nice to be

and it is out of control because there is no adequate deterrent since glass steagall it's up in china as we've covered yeah to try and ease when they find bankers that are stealing they have the state executes them so that's one thing trying to get our eyes days there was actually was being kaiser report thank you max go in much more coming away stay right there. feel make. sure. the. director's culture has a real life. prison on charges. good. to be seen which brightened movement from fines to pressure. from the stunts on t.v. don't come. you're welcome back to the kaiser report time now to go to shine main thailand to speak with michelle balance of the p.d.p. foundation also writes for al-jazeera michelle welcome to the kaiser report so it's really nice to be here it's actually my favorite show so this is going to be really only for me oh fantastic all right well michel you are paying salaries bit coy at the p.d.p. foundation we've been talking about bitcoin tell us more well you know there's a few things that we like to go because the first thing. you know we call the socialists ov

and it is out of control because there is no adequate deterrent since glass steagall itself in china as we've covered yeah the chinese when they find bankers that are stealing they have the state executes them so that's one thing china gets all right stays there were thank so much for being on the kaiser report thank you max go unless you are coming away to stay right there. the official location you on the phone only pod touch from the accused ups to. life on the good. video. will come. and feed now in the palm of your. machine on the call she told com. three critique three times for three. months three. three stooges free. download free blanquita cullum video for your media project for free media dr archie talk to tom . rather welcome back to the kaiser report time now to go to thailand to speak with michelle balance of the p.d.p. foundation michelle also writes for al-jazeera michelle welcome to the kaiser report so it's really nice to be here it's actually my favorite show so this is very early on or for me oh fantastic all right well michel you are paying salaries and big coin a

was put in this place that had equivalent deterrent powers so i want to look at the fact that glass steagall was overturned and nothing was put in its place the same here when corporal punishment was removed in one thousand nine hundred six in the u.k. there was no other deterrent allowed so the students are out of control in the classroom the same here jamie diamond lloyd blankfein every single bank and broker on wall street in the city of london is out of control because there is no adequate deterrent since glass steagall itself in trying to recover the chinese when they find bankers that are stealing they have the state executes them so that's one thing trying to guess as a result of our spring as a report thank you max i don't know much more coming away to stay right there. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realized everything you thought you knew you don't know i'm tom harpur welcome to the big picture. you're welcome back to the kaiser report time now to go to

and it is out of control because there is no adequate deterrent since glass steagall itself in china as we've covered yeah the chinese when they find bankers that are stealing they have the state executes them so that's one thing trying to guess our eyes days ever thanks so much for being on the kaiser report thank you max go away much more coming away this thing right there. in. the world with. its technology innovation all the it's developments around russia we've got the future covered. you're welcome back to the kaiser report time now to go to shag thailand to speak with michelle balance of the p.d.p. foundation michelle also writes for al-jazeera michelle welcome to the kaiser report so it's nice to be here it's actually my favorite show so this is. really only for me oh fantastic all right well michel you are paying salaries in bit call lane at the p.d.p. foundation we've been talking about bitcoin tell us more well you know there's a few things that we like to. do first thing. you know we call the socialists over an. idea. and he's not created by the by the state he's who real

said well yeah a lawyer called glass steagall was present prevented this exact thing from going on the communication between the analysts of the bankers within the organization and this was there after the glass crash and depression in america and they pass some laws to try to keep these groups from talking to each other but now goldman has formalized their fraud with this weekly huddle that they get together it shows the the huddle is like a football huddle because the blankfein likes to touch the little guys but behind so i think is what the main objective of the sort of organ of this meeting well in fact you said it was a crime but this is a fine pang so i think the f.c.c. is actually treating it like it was cottle's that went a little bit wrong i mean this is their mollycoddling peg well what happens when cuddles turn into something more than that you say and you know they should sign when you join one of these firms very strict rules and regulations about getting a little bit too cuddly but so they have to be careful that they're just whispering a little nonchalance so and so's an

of like trying to do qwest egalite and they're screaming about that as well yeah and as far as glass steagall lie from i understand people that have that are working to kind of bring light to what's really in us regulation there are tons of loopholes that the banks may get around to telling cage in this action so i guess my question is what is the solution because if regulations don't fix the problems because they don't actually address them because banks lobby them what is the solution to this you have to completely cut this off you can't do it halfway you have to make it is a matter of federal law the disordered activity can take place and what the banks will say is well then we'll just take all purposes so we'll go to london or whatever and my response to that is if you want to play with chores at night for glycerin please go do it in your house not in mine tell you they can go to london that's fine i don't care. well. pleased with their yeah i guess it's only fair how far that would spread and how many people that would in fact is still at her debate of course but speaking of this bad ban

wall street in the city of london is out of control because there is no adequate deterrent since glass steagall itself and as we've covered yeah the chinese when they find bankers that are stealing they have the state actually kids them so that's one thing so i guess there were talks about spring because a report making rags go away much more coming away this thing right. field. and. the. directors because it was a real life. on mars. you're welcome back to the kaiser report time now to go to shang maine thailand to speak with michelle ballons of the p.d.p. foundation a shell also writes for al-jazeera michelle welcome to the kaiser report so it's really nice to be here first with my favorite show so this is a very big. honor for me oh fantastic all right well michel you are paying salaries in bit coy and at the p.d.p. foundation we've been talking about bitcoin tell us more well you know there's a few things that we like. the first thing is you know we call the socialists over in currency so it's a currency which is not created by. and he's not created by the state he's really exists because t

and we do it by repealing glass-steagall. >> narrator: the campaign to roll back glass-steagall, a depression-era set of reforms was led by the country's biggest bank, citicorp. >> they felt it was in their way and persuaded lawmakers, both democratic and publican, that glass-steagall should be repealed. it also symbolized when everything really started to go wrong. >> it's the most important example of our efforts here in washington to maximize the possibilities of the new information age global economy. >> narrator: in the end, banks would get larger and derivatives would remain in the shadows. >> the derivatives market went into darkness, almost no transparency and no regulation. and what you see is this explosion in the growth of derivatives in the united states and throughout the world. >> we're only sitting on a couple of mill... >> narrator: the banks had won the day. credit default swaps would now be introduced to new markets. >> the next application of this same technology was to portfolios of consumer credit risk, and in particular mortgage-related credit risk. >> narrator: and the high

it was phil gramm who pushed to have glass-steagall repealed.t is what caused the financial meltdown. taking that fire wall between the commercial and investment banks away. it was phil gramm. his wife works for the i banking industry at the time. host: all right. guest: ok. teresa is a republican. caller: good morning. i have a question that concerns me and i don't understand it. i have worked all my life since the time i was 10. i am 80 years old and i love to work and i work as a companion, which i enjoy. it is necessary. what age do you- have to be where the irs stops taking money from me? i have had to pay them several times. they want over $600 from me that i do not have. who decides how much money i should live on. guest: you have an impressive work history if you have been in the work force for 70 years. i know there is a lot of good evidence that suggest working is good for your health. i congratulate you on that. or limit. age cap as long as you keep earning, you'll be subject to tax. host: richard is a democrat in illinois. caller: go

need to be promptly enacted a little girl isn't going where near enough you're far enough so the glass steagall doesn't go far enough because the banks figured out how to get around it too we used to have a law that said you could do you think you can't speculate in the markets at all you did it best bank if you had to use your own shareholders and on it was capital or you could be a commercial bank and you could speculate well the banks all know how to get around it now that kind of like trying to do questionable white and his screaming about that as well yeah and as far as plastic ally from what i understand people that ever they're working to have bring light to what's really enough regulation there are tons of loopholes that the banks can get around to still engaging in act and so i guess my question is what is the solution because at regulations don't fix the problems because they don't actually address them because banks lobby them what is the solution to this you have to completely cut this off you can't do it halfway you have to meet it is a matter of federal law and disorder activity c

need to be promptly enacted a little girl isn't going where near enough you're far enough stood glass steagall doesn't go far enough because the banks figured out how to get around it too we used to have a law that said you could be a thing and speculate in the markets at all you did it best that bank and you had your usual no shareholders and for you to be a commercial break you could speculate as well the banks found out how to get around it know the rules kind of like trying to do questionable light and they're screaming about that as well yeah and as far as blasting a lie from what i understand people that are about that are working to bring light to what's really enough regulation there are tons of loopholes that the banks to get around to telling gaijin this act and so i guess my question is what is the solution because f. regulations don't fix the problems because they don't actually address them because banks lobby them what is the solution to this you have to completely cut this off you can't do it halfway you have to make it is a matter of federal law that to sort of activity can tak

outspoken champion of deregulation ok he played a role and pushing and writing the repeal of glass steagall also inserted a provision into the commodities futures modernization act that exempted over the counter derivatives frog regulation we all know who that how that wound up he went on to join u.b.s. the vice chairman another example would be peter or is that he left office of management budget to work as the vice chairman first a group robert rubin former treasury secretary joined citi group he was chairman of the executive committee that's the group board of course before he was treasury secretary he was a top trader and exact a goldman sachs so before you say you don't really disagree with this is this ok well i it depends what they do if they're coming out and there were bad expertise the other way is phil gramm i think does he was thinking economics professor maybe ruben as well pay their expertise in financial markets and they're working in areas that are related to their influence where they're not going to be spending time using their past connections or trying to help shape the

glass-steagall much the whole event monday night starting at 8:00 p.m. eastern. >> the prime minister's question returns to april 18. on tuesday, christine lagarde

bill clinton, you know, giving wall street everything it wanted for these commodities, reversing glass-steagallversing the whole new deal -- it's a pitch for my book, you can buy it at the end. [laughter] the fact of the matter, it's a realistic proposition the world that c. wright mills described is a much more dangerous world now. the military industrial complex is every bit as powerful. we still wage stupid wars without justification. we still hide behind what george washington derided at the imposters of pretended patriotism of the economic atmosphere. we have 46 million americans living under poverty. we have under a democratic president shredded the safety net for poor people, single mothers, 70% of the people on welfare with children, we're not doing anything of the things to support what the port huron statement said you should do about poverty. african-americans have lost 55% of their wealth, not their income, in this recession, reversing the economic gains. hispanics have lost 63%. so we have a disastrous situation in this country. power is ever more concentrated, and what we need, i

lending operations like you'd like to see a commercial bank have, but because of the demise of glass-steagallnt kinds of things and earnings have become a little easier and more difficult to predict. long term, i'm not fond of the banking sector. long term, the banking sector should really reflect the health of the economy. and we've got a weak housing market. we've got 3.25 million units and inventory in overhang of mortgages that are in will default but not yet in foreclosure. 1.25 million loans in foreclosure. and what that means in an economy where 70% of gross domestic product is made up of consumer spending is that we're not going to get any big expansions anytime soon. and any recovery will be hobbled because the consumer hurts. >> it's fascinating because about how much you say banks are still sort of in hock on the coy later l collateral and my opinion is u.s. banking system is much further through in terms of dealing with it than they are in europe. so if you're of the view that the u.s. financials are still a ways down, then i don't really want to think about just how bad a situati

glass-steagall, in the midst of the great depression came at a time when the thinking was that the governmentnswer. the concerns that we will have a meltdown like 1929 are dramatically overblown. this is clinton treasury secretary larry summers, the time, 1999, to date -- about the same bill. today congress voted to update the rules that have governed financial services since the great depression and replace them with a system for the 21st century. this historic legislation will better enable american companies. one thing when i started looking at the jobs bill, it seemed appealing to me because i was clicking on kick starter project. it's a very neat website where someone has a website and people can pledge money. yeah, it's true. we're in the enter net age and kick starter is awesome and i started looking into the details of this. i guess this is a broad question for you. in terms of thinking about, yes, there are new ways about trying to make these tractionsactions . is there another way to conceive of changing the rules that isn't deregulation? >> of course. i mean they think you could ha