j.p. morgan chase made at the beginning of this year sixty eight minutes worth of j.p. morgan chase profits could make the county whole this story tells the tale of two economic recoveries in america wall street's recovery and main street's recovery take a look at this chart that shows banks their profits right back where they were before the economic downturn a complete recovery and wall street it's not just wall street it's corporate america in general a full recovery since our economy blew up in two thousand and eight so while the big wigs are back to business as usual what about the rest of us here's a chart showing average working americans share of the nation's income. this is this is quarterly profits here. in the billions and here's the workers share of the national income this is from this year of labor statistics notice something interesting here that happens in two thousand and seven. right there and of course right after the bush tax cuts back in two thousand and four so all those profits the corporate america in particular wall street is collecting they are

j.p. morgan chase. what is that up to? >> right. well it adds up to fractions of bonuses that these bankers made and these banks made in profits in 2007, you know. thisthisthis is chump change. the top executive has not been held accountable to any significant degree for any of their actions or the bank's actions in the lead up to the financial crises when often they mislead -- misled their own clients. i think people may be frustrated. now the sec is working very hard and these cases are extremely difficult to prove and they've got a lot of detail and it's damning detail in their complaint about this particular deal. and so on the one hand, it's the big victory for the sec as well as the $550 million settlement with goldman about it similarly structured deal. but on the other hand i think there's an enormous amount of frustration on main street about the lack of accountability on wall utility generally. >> is the sec saying why they haven't gone after the main top executives involved in this sort of thing? >> i think it differs fro

j.p. morgan chase will pay $2 million to settle claims it used high- pressure tactics to push auto loan customers into buying un- needed credit protection. the bank has stopped selling the contracts and it has paid $25 million to reimburse affected customers. in the settlement with the office of the comptroller of the currency, chase neither admits nor denies wrongdoing. >> susie: in the "money file" tonight, do you really need that loan from your 401(k)? eric schurenberg has some questions to ask yourself before tapping your retirement nest egg. he's editor-in-chief at cbsmoneywatch.com. >> people are worried about 401(k) loans. more than a quarter of 401(k) participants has a loan out, and senator herb kohl of wisconsin has introduced a law to reign them in. but honestly? a careful loan against your nest egg is not necessarily bad. it's an inexpensive way to borrow regardless of your credit score, and since you pay interest back into your own account, you could end up with more money socked away than when you started. but before you do it, ask these questions. first, will you keep saving in you

j.p. morgan chase will pay almost $154 million to settle charges it misled investors in certain mortgage-backed securities back in 2007. specifically, the securities and exchange commission says the bank allowed the magnetar hedge fund to pick mortgages that went into the bundled securities, while separately betting against those same mortgages. harmed investors will get all of their money back. still ahead-- from the greek debt crisis to the debt ceiling debate here in america. what's at stake for the u.s. dollar? and how could the dollar help or hurt corporate profits? >> susie: it was a volatile day in world energy markets as traders focused on spain, as well as greece. that's as the international monetary fund warned that spain faces considerable risks to its economic recovery. in new york trading, crude oil futures gained 14 cents to settle at $93.40 a barrel. but crude prices are down more than $20 a barrel in the last several weeks. and experts say that decline should be good news for the u.s. economy. suzanne pratt explains. >> reporter: it might be hard to tell from the signs at this m

j.p. morgan chase. perhaps but the research was actually conducted by rachel dwyer an assistant sociologist at ohio state university and her study found that eighteen to twenty seven year olds who had huge credit card debts not just small credit card debts but huge ones and university loan debt remember this is another scheme they're pushing on us all around the world this encourage huge university top up fees and you'll be happier.

j.p. morgan and chase sold unwary investors mortgage-backed securities that were expected to fail, and fail they did. j.p. morgan and chase will pay $154 million. the president sent him to the other side planet. now he's come back to challenge mr. obama for reelection. would a picture of a corpse on a pack of cigarettes make you think twice about smoking? and a historic meeting and a remarkable picture from south africa when the cbs evening news continues. g news continues. i love that my daughter's part fish. but when she got asthma, all i could do was worry ! specialists, lots of doctors, lots of advice... and my hands were full. i couldn't sort through it all. with unitedhealthcare, it's different. we have access to great specialists, and our pediatrician gets all the information. everyone works as a team. and i only need to talk to one person about her care. we're more than 78,000 people looking out for 70 million americans. that's health in numbers. unitedhealthcare. morning starts with arthritis pain... that's two pills before the first bell. [ bell rings ] it's time for recess... and

j.p. morgan chase. >> tom: right, susie. >> susie: also just over the last couple months we keep hearing from the fed chairman that the problems in the economy are trancer to, they are temporary. how long is temporary? >> i think if he's right and if those forces that are temporary will give us a lift, they'll come pretty soon in the next three months. i think it's important that the chairman did basically say he wasn't confident that it was trans-itory. there's some sense that it will pick up, but not the strength they were looking for a few months ago. >> susie: how much more pro-active can the feds be? what are its options to pick up the economy? >> i think unless we get something pretty dramatic happen, its options are very limited. part of that is because inflation has picked up, we're not in the same position we were last year where inflation was well below the fed's target, but also i think the fed has used purchases of assets, it's been very exceptionally accommodating here and that's created some political backlash which makes it difficult for them to use too manys for fine tuning. w

j.p. morgan chase off nearly three percent. here in moscow the markets gave up early again to close in the red with but my sense almost of the sit down. and look at some individual shares on the nice x. energy majors end of the day among the top losers local plans for one hundred percent after a jump five percent in the last minutes of tuesday's trading meanwhile hollywood's gold advance two point six percent made stronger precious metal prices. the united states risks falling on its debt in ten weeks if it can't raise more money they can't raise already reached its debt limit of around fourteen trillion dollars and still needs to borrow more about the house of representatives has voted down a bill to raise the debt ceiling patrick young editor of a gathering storm a book about the financial meltdown believes american politicians are suffering from a collective delusion. but we're in a very very dangerous game of chance aren't we i mean it's quite incredible that the americans are so oblivious to the real politic of their econo

j.p. morgan chase. perhaps but the research was actually conducted by rachel dwyer an assistant sociologist at ohio state university and her study found that eighteen to twenty seven year olds who had huge credit card debts not just small credit card debts.

j.p. morgan chase off three percent it's a similar story in europe as worries over the state of the global recovery overshadow progress on resolving the greek debt crisis oh supports the end the checks are over a percent down now. here in moscow the markets get up early against a close in the red with my six almost a percent down. it's about it's an individual share movers on the my six lukoil end of the day among the top losers after a jump five percent in the last minutes of tuesday's trading session colleen is also retreated amid lower pressures metal prices meanwhile across telecom advanced with seven of a percent. russia second largest mobile phone operator been simple calm has seen a fifty five percent increase in net profit for the first quarter. every film i six hundred million dollars much better than ls expectations the company benefited from the successful merger with egyptian are as common as that's how you went. wrestling manufacturing flat growth is slowing down the purchasing managers' index from a drop to just above fifty points its lowest level for seventeen months busines

j.p. morgan chase. perhaps but the research was actually conducted by rachel dwyer an assistant sociologist at ohio.

j.p. morgan chase. perhaps but the research was actually conducted by rachel dreier an assistant sociologist at ohio state university and her study found that eighteen to twenty seven year olds who had huge credit card debts not just small credit card debts but huge ones and university loan debt remember this is another scheme they're pushing on us around the world this incurs huge university top up fees and you'll be happier well according to her study that these people are a generation ago or two generations ago the word work implied accumulating savings but now the word work means accumulating debt so what they're saying is you young people out there who are entering the workforce if you work really hard you will accumulate massive debt we think that is propaganda it isn't the whole orwellian war is peace type of newspeak well i think max is actually a post work environment we're no longer creating wealth we only have toxic debt derivatives to pass back and forth to each other so in this world you ha

j.p. morgan chase the biggest bank in america one of the biggest banks and as you see they have sacks of money there that they're saying that he stole from the american taxpayer well that's right the arab spring as they call it sweeping europe will come to america i think when it comes to america it'll take the form of mass state what they call strategic default on all the under ro water mortgages that were fraudulent lee sold to americans and they still find themselves in the real estate market like in miami for example and other locations of it new lows that even despite all of the pumping up by the by the fed in the stimulus by a bomb the real estate market is still crashing and these people are underwater and as a revolt the civil unrest that we'll see in the u.s. will not take the form necessarily of people on the street i think americans are a bit savvier than this i think what they'll do is they'll stage a multi million single day mass walk away from your mortgage this will be america's cairo moment when somebody organizes on facebook a ten million strong simultaneously simultaneous mor

j.p. morgan chase ripped off a county government so badly that their police could no longer afford to show up for traffic accidents. new jersey is becoming ground zero in the republican campaign to turn public schools into corporate profits governor christie's education plans include a new eight hundred twenty five million dollars private school voucher program paid for by cutting eight hundred twenty million dollars out of the public education budget program was designed by christie and his education commissioner but by the name of christopher surfer who just happened to previously be the president of the world's largest for profit school corporation edison school pics so.