j.p. morgan chase it's a class war between creditors and debtors it's going to be a fight between the financial sector and what's called the real economy the economy of production and consumption and the financial sector has prepared and positioned itself to come out on top by being able not only to foreclose on the property of debtors but to get a government bailout for all of its losses. because . employment is going to go down market going to shrink people are going to default even more on their mortgage debts on their credit card debt on their student loans so you're going to have an exponentially rising trend of defaults you're going to see a transfer of property from debtors to creditors a depression not only a depression but an economic polarization it sounds bad yes it's very bad. the media was now out in force covering the protests many would not talk to them like. there was a girl you know something. to me when i tell so why do you think people don't want to talk to you because they hate you they think the media is part of the problem thing. they don't think that you're going to help

are these regulations not an interest of the united states to have capital or partly it's positive for j.p. morgan chase and it's positive for america if the world because it may be over the short term it's negative because their own needs will take a hit and they want to have the good sort of capital so you're saying that banks are just trying to preserve their interests and interest of making more money because of course they go if they make more body that's great for the because they'll be paid a lot of bother if bad things are good and they don't make a lot of money in fact it goes catastrophic we roll they'll be billed it out does it we're talking about with greece because you're talking about if it defaulted and bondholders architecting haircut would that be a change in that paradigm that we've seen because what we've seen is banks getting bailed out investors getting bailed out and average people getting screwed with this be a change in that where investors are bailed out in large exactly and that's the good of what's happened it's a move in the right direction towards you know basically what we.

j.p. morgan chase only an imbecile can see this it's becoming so transparent that when you say it out loud and there's enough information out there it's finally starting to wake up even those scraps that suits on d.v.d. say well why then these crazy had lines all over that instead of asking you know couldn't what he say have some validity and said they you know you have people out there saying oh he's not a real traitor he's a hoax you know what he said is our worst nightmare you know what about this reaction from the media again the media is in bed with with the establishment i mean we see that's why we call it the press that suits their always serving the people that they are beholden so do you think that now that the truth has come out that you know goldman sachs actually does have a hand in shaping up what happens in washington you know whether or not it has been initially digested by the press and me do you think that now people will start to give it credence. i think a lot of people are giving it credence and have been for a very long time the press is not going to do it dogs don't m

it appears banks are being protected even from an artist. the chaos depicted in the first painting is just symbolic but the true financial chaos caused by j.p. morgan chase and other big banks is very real to many americans it's a different kind of. of terrorism. that they're causing since two thousand and eight know the bank bosses in charge during the mortgage meltdown have done any jail time instead they were the recipients of bailout some bonuses well millions of americans suffer through foreclosure unemployment and financial ruin chief is flames symbolized bringing the current system down i think we need to reform our banking system completely besides the repeated visits from police chief are also says recent online visitors to his blog include employees at j.p. morgan chase as was members of the department of justice well that's my dad said this morning when it called you need to get a lawyer and find out some hours here on our on the watch lest schafer maintains a good sense of humor about the ordeal and his symbolic bank burning seems to be resonating with the public and i started being offered nine hundred twenty bucks and it's a ten thousand on

j.p. morgan chase the nation's second largest bank saw its second quarter profits rise thirteen percent compared to the same time period last year so the group's profits up only twenty three percent wells fargo's profits are up a mere twenty nine percent goldman sachs well they're really having a hard time their profits in the second quarter they're only up fifty four percent and morgan stanley they were up seventeen percent now to be fair here bank of america actually saw their profits drop by three percent but they are in trouble they had to settle eight point five billion dollars settlement with investors and the agreement reached in june settle claims that the bank and sold the investors for quality mortgage bonds so they brought this on themselves but if we really want to talk about banks we really want to talk about what's hurting or helping them but let's talk about the fact that despite these gigantic profits the banks really are in trouble but it's not because of god frank it's because of continued bad policies that dodd frank didn't picks it's because the banks are still sitting on god

sunny a los angeles as speak with artist alex schaefer it was recently questioned by police for his artwork featuring chase manhattan bank j.p. morgan burning down a low aleksei for imax nice to be chewed nice to meet hi stacey. are it looks show the people the artwork show the people oh my god it's too hot for t.v. . yeah it looks fantastic look out at it's hot. yeah i can feel it over here buddy you are burning up the art world you put up on e-bay and it's already attracting dozens of big prices skyrocketing people understand that the wave of today is a burning banks and you're on the bleeding edge of this movement now tell us what exactly gave you that moment of inspiration to create change burning you know i kind of led up to it through a series of paintings that i that i started doing of one of them was these sort of fantasy riot scenes because we've been seeing so much of that on television and then there was also a series of just just regular buildings that were on fire well then i combined that the chocolate in my peanut butter was my love for impressionist plane air painting painting on location combined with my with the sy

facing new big losses, federal housing finance agency, after the close of friday, it is suing 18 banks including j.p. morgan chase say the banks lied about the quality of loans they did for fannie mae and freddie mac falling the bailout. >> gold this morning, climbing to a new record high, new speculation that europe's debt crisis will worsen. and pepsico is announcing a plan to sponsor shortly shm deal for n.f.l. making one of the largest sports sponsorships in u.s. history. >> they are seeing if the markets can rally after concerns about bank stocks and european debt problems. u.s. stocks fell friday after a dismal u.s. jobs report. speaking of jobs or the lack of them, a growing number of restaurants are catering to people that pay with food stamps they are lobbying to get more states to pay for restaurants with food stamps. right now only four states allow it. >>> are you ready for this. it could be the bay area's mess yest festival yet. wear your old clothes because tomato hurling is coming to pleasanton. they are bringing a massive tomato fight much like this one to the alameda county fairgrounds complete w

it looks like. >> if a settlement is not reached ko we could be looking at years of litigation and more investigation. the servicers involved bank mergs wells fargo, j.p. morgan chaseigroup and allied financial. >>> coming up jessica parker's new movie. i don't know how she does it? but should anyone care. don sanchez is on the i'll. that is up next. ú ú ú p >>> check out the winning numbers from last night's super lotto plus. mega number was 14. no one got them all right so wednesday night's jackpot is estimated at $12 million. >>> in theaters this weekend, comedy with a touch of drama called "i don't know how she does it." it stars sara jessica parker, don sanchez doesn't know why she does it. here is review on the aisle. >> i love my mark but sometimes i love it so much. >> and that is sara jessica parker's problem working for a boston financial firm but she has kids and husband. never gets any sleep. you feel the crisis mode building. >> spend more time. >> they did the writing but and then the big opportunity comes. >> so she is headed out of town to share time with pierce brosman and he is a bowler. you know where it's leading. she has vicious people in the o

j.p. morgan chase only an imbecile can see this is becoming so transparent that when you say it out loud and there's enough information out there it's finally starting to wake up even those press that suits on b b c but why then these crazy headlines all over that instead of asking you know could why did he stay have some validity and said they you know you have people out there saying oh he's not a real traitor he's a hoax you know what he said is our worst nightmare you know what about this reaction from the media again the media is in bed with with the establishment i mean we see that's why we call it the press that suits their oweis serving the people that they are beholden so i mean i just saw let's his name over there dick cheney making the rounds selling his new book and now one person called him out for the laws about not having weapons of mass destruction and caused al qaeda he throws out the two bit line no one would argue that the world's better off without saddam hussein oh yeah my life is really changed what i'm saying is they're only bed together who waited carney come from oba

j.p. morgan chase and. also among those facing action. in sciences that will nasa space junk all but in the it's reached a critical attention a dangerous level reports say the day could damage or even destroys satellites as well as proof a call to space craft experts have called for research into solutions that include using the netting nets and giant our brothers for a cosmic sweep up to clear away the rubbish. they coming up this hour cross talk gaffer discussing what future the end of the kentucky regime will bring to the nation but first you need is here with all the latest. hello and a very warm welcome to the business update ukraine is preparing another move in the gas dispute that's become a chess game with russia the country's prime minister says he wants to close down its monopoly not to guts let's see russia has details. the ukrainian gas monopolist natural gas company will cease to exist that is according to the ukrainian prime minister hugo as article stated that in the next several weeks they will find means to rest structure rise the company and liquidate the guys in its present form and we also understand that ukraine's presid

j.p. morgan chase and goldman sacks. the banks misrepresented quality of the mortgage securities. >>> the united states did not add any new jobs in august. it's the weakest showing in nearly a year. nationally unemployment held steady at 9.1%. president obama will unveil his jobs plan on thursday. but people unemployed right now are running out of options and as michelle miller shows us, their only hope is going to war. >> ready, begin. >> one, two. >> joining the marines was not part of tyler mitchell's career path. mitchell graduated with a degree in film and video last year. >> mitchell. >> yes, sir. >> he couldn't find a job in chicago. >> the economy makes it really tough right now. people say you go to college, you get a degree, you'll get a great job. well nowadays, that's not the case. you get a degree, you get a lot of debt and you don't get a job. i can't get the job in the civilian world. why not go with them? >> mitchell will be a combat correspondent for the marine corps. >> i'll get healthcare. i'll get financial stability. i'll get job experience. >> the recession made it easier to recruit people into the military. since 2008,

j.p. morgan chase as was members of the department of justice well that's what my. this morning want to call it you need to get a lawyer and find out how or if you're on the watch list schieffer maintains a good sense of humor about the ordeal and his symbolic bank burning seems to be resonating with the public and i started the bidding off at one hundred twenty bucks and it's a ten thousand one hundred that's the big money statement he. teaches at a bank in los angeles ramon bill in the r t all right so that artists got some return on his investment for these bailouts but on this third anniversary it's worth asking what exactly this did for other taxpayers and for the economy unemployment is nine point one percent been around there for about two years and close to twenty seven percent of homeowners with mortgages are underwater on those mortgages that's according to people who track it and politicians are still looking for solutions as a result of all of these bad numbers this bad economic data to help us understand if any of those solutions could work earlier i spoke with andrew schiff of eur

j.p. morgan chase. >> this is a building that is in kind of a gray area. the owner is dead, the bank has walked away. it's just going to sit there as a vacant problem for the neighborhood. >> reporter: that mortgage holder, b.n.c. mortgage corporation, started foreclosure proceedings two years ago, but never completed them. that's called a bank walkaway, leaving the property with no legal owner. what was this supposed to be? >> this was supposed to be a housing unit. >> reporter: alderman pat dowell has dozens of these in her south side ward. she says they're often home to vagrants or drug addicts. >> we spent $15 million last year just boarding up abandoned buildings, the city did. and that's taxpayers' money. >> reporter: fed up, dowell pushed through a new city ordinance. next week, banks will be required to board up the houses, mow the lawns, and clean the debris. the bankers' association is considering challenging the law once it takes effect on saturday. while the city and banks continue to fight, brian esenberg gets on with his task of securing these homes. is it too much to say that you feel like

j.p. morgan chase as was members of the department of justice well that's what my dad said this morning when i call it you need to get a lawyer and find out some hours here on the life left chafer maintains a good sense of humor about the ordeal and his symbolic bank burning seems to be resonating with the public and i started the bidding off of nine hundred twenty bucks and it's a ten thousand one hundred now that's the big money statement he definitely plans to take to the bank in los angeles ramon gil endo r t. ok so maybe hopefully make a little bit of money off of his travel and we've been speaking a lot about money and government spending with the bailouts now something else that the government spent a lot of money on but point two trillion dollars has gone to wars in iraq and afghanistan since two thousand words of course that began after the attacks of september eleventh in the name of the war on terror but ten years later do people feel the money spent post nine eleven has been worth it well that is the question that laurie harkness of the resident dot net asked people on the streets of new y

it also won't be the last, as giants wells fargo and j.p. morgan chaseow testing $3 debit card fees. we debate the new fees now and what they mean for banks and consumers with david lazarus, consumer and business columnist for the "los angeles times"; and richard hunt, president of the consumer bankers association, a trade group that is made up of the country's leading retail banks. we invited a representative from bank of america but they declined. david lazarus i'll start with you. you wrote in your column today bank of america isn't just having its cake and eating it too, it's serving itself another piece. so why do you think this new fee is wrong? >> well, it's not so much that it's wrong. i don't think anyone begrudges the banks charging a fair profit for a fair service. and they are offering a lot of convenience. they are offering fraud protection, they are offering overdraft protection. the question is here is how much does it really cost the banks to process a debit card transaction and how much do the ancillary services cost. here is an example.

it's the banking stocks getting hammered. j.p. morgan chase down by five.s are selling off pretty sharply today. the sell-off follows a drop in the overseas market. we have the same problems as in asia and europe, and fears that greece's debt problems are out of control and spreading. investors are looking past an unexpected rise in the u.s. services sector, really essentially we've got negative sentiment hanging over everything right now. >>> another story that call our eye. retailers fighting for federal permission to accept food stamps. tell us about that. we're seeing a huge surge in the number of places accepting food stamps right now. let's take a look at the chart. the number of retailers surged 34% over the past five years according to the u.s. department of agriculture. that's unprecedented growth, including everything from grocery stores to bakeries. nearly 300% increase we have seen in the number of farmers' markets taking food stamps. why? a record number of americans are on food stamps, 40 million, over a tenth of the population. basically reta

j.p. morgan chase and goldman sachs. and joining us now our washington bureau chief darren gersh. darren, what is the central allegation here that the federal agency is making against these big banks? >> you know, tom, it's very interesting. basically, the federal regulators are suing these banks as an investor, and they're saying that the banks when they put together these complicated mortgage-backed securities, basically didn't follow underwriting procedures, and essentially lied to investors about the ability of these borrowers to repay their alones. very interesting detail in here is some of these suits allege that the banks hired due diligence firms to make sure these loans were okay and then ignored their advice. if that's true, that's very damaging. >> tom: very damaging. it's not the first time the banks have been alleged to have behaved improperly when this came to hand, out these mortgages. i want to ask first about request possible remedies here as they try to negotiate a settlement, perhaps. >> when i was adding up the amount of money involved, i thought my calculator was going to catch on fire. they're asking for $188 billion. and they want some damages, which would be hard to get. one very

j.p. morgan chase c.e.o. jamie dimon who turned some heads over the weekend in an interview with the financial times when he called new banking regulations anti american so why does it seem like republicans want to repeat of the two thousand and eight financial crisis and how it's keeping banks from gambling with our money anti american here to offer his take on this is michael hudson staff writer on business and financial investigations of the center for public integrity and author of the book the monster how a gang of predatory lenders and wall street bankers fleeced america and spawned a global crisis michael welcome. thanks for having me. michael what exactly are these regulations that diamond is calling anti-american well these are international regulations that have been agreed to by the united states and many other. large countries it's called baze all it's basically a compact it's a treaty that. developed nations have come together and these are basically global rules on banking safety the idea is essentially i'm simplifying it a little bit too much but essentially you need to have a little bit more money in the vaults that in order to protect against a bank