contractors many of which also were recipients of extremely low interest and then secret loans jamie diamond dropped on his head as a kid or what i mean here's a guy who's given billions of dollars total exemption from accountability and then he loses that became a few more billion dollars he makes a few bucks ok that's true but compared to like a real player out there somebody like an oligarch and one of these other countries he's a pusher. helping the guy must be like to live you know right you're buying his pretty presentation this is remember it's theater max and the theater he's claiming to only make a few billion a year and he's just a poor schmuck who doesn't know what he's doing he's trying his hardest but in fact these guys own everything they've taken control of everything he could have he could be worth five trillion who knows because it's a black hole of not accountability j.p. morgan is the biggest fed bank and they pretending they've outsourced it the fed is j.p. morgan so they're pretending they go we outsource the these emergency lending programs to j.p. morgan and they're ha

blanks forming or a jamie diamond how are they going to get out from underneath that well the other thing that you saw with these military dictatorships throughout latin america the banana republics is the reason why they were banana republics is the chiquita banana company right they were actually corporate occupied. none of the countries of latin america had anything to do with running their country for real which left them just with play acting like a crazy prince where the real country and all the economy and all the wealth was taken by to kieta and other corporations like coca-cola so there was nothing there but for them to pretend that they were ruling the country and they acted very crazy you know the united fruit i believe was what originally when they moved in and they occupied those central american a latin american countries and they got such a brand exposure to such toxic militarization of those economies in the slaughter of folks and killing of union members that they had to rebrand as chiquita were to canada we kill less union organizers on what's a kid to run a. union organ

audit coming and in that one time or two we discovered that there's massive fraud on wall street jamie diamond j.p. morgan the whole group massive fraud yes. continuing on this theme of profits you brought up corporate profits a boom in corporate profits a bust in jobs wages so now that we're officially eighteen months out of recession try to tell that. you remember this is the banana republic and this is something like papa doc would have told us or or khadafi you know these are the same sort of statements they would make yeah we're out of recession anyway all of the alleged growth that has happened only one percent of it has gone to wages and salaries only one percent of that growth is spent fifteen percent fifty percent and twenty five percent in the previous three recessions by contrast corporate profits accounted for eighty eight percent of the growth so this is clear banana republican as you know the one percent of trickle down went to prison guards. and the corporate profits of course they are staying within the corporate sphere if you will because that one two percent of the top elite

morgan goldman sachs and jamie diamond out exemption as part of this bailout money and loan program to add to his other nefarious activities even. that's sixteen trillion dollars balance figure and why what is america so concerned about going out these foreign banks unless of course america reports to foreign entities i think america as a whole is pretty clueless about the fed it's really complicated it's pretty abstract and of course it's the last thing they're going to teach you in government schools and government schools they can teach you how the government ended slavery and the government saved us from our system in the great depression and the government helps the poor and sick and the old you get all that propaganda you're not going to get the actual basis of government power which is counterfeiting and theft so yeah it's monstrous and what is truly astounding about this is the way they're handing out these waivers for conflict of interest c.e.o. j.p. morgan chase served on the new york fed's board of directors at the same time that is bankruptcy of almost four hundred billion

well lloyd goldman sachs jamie diamond at j.p. morgan these are what i call nine eleven crybabies they refuse to compete in this world they want interest rates to be near zero if they with a functioning u.s. economy it would mean interest rates are higher which would destroy the speculators but put money into the pockets of working class people but the jamie diamonds and the lloyd blankfein and wall street in total there are as i call their nine eleven crybabies they are they live on the teat of this subsidy that's given to them from the federal reserve and the treasury it's all about ensuring their bonuses and ensuring their salaries they need to grow up it's no longer you can't go to washington anymore the company again and cry that over heard on nine eleven i need more free money you can't do that anymore you have to compete in the globe now you quit your big boy pants on and compete in the globe stop crying you know victimhood be an adult and all this blind fight and die men they're the most overrated bankers in the history of

demanding we have a debt ceiling increase these are the ones jamie diamond of the world telling us that if we don't do it it's going to be catastrophic well it's going to be catastrophic if we do do it it's already catastrophic because of the fact that from two thousand and seven to now we went from nine trillion to fourteen point three trillion but if these power elite in these in these corporate interests get their way there they want this it is in their agenda to get this done because it guarantees profits for the agenda to let the people of the country have all the burden for running the government pretend that we have this thirty five percent corporate tax rate but in reality these too big to fail corporations they absolutely nothing and their profits are guaranteed and they can fail unlike main street continue has failed primarily since two thousand and seven and continues to fail as we speak today the fact of the matter is that people we take in over two trillion dollars a year we pay that much in income taxes right now we take in enough money to make our social security pay we d

manipulators and insider traders like gary gensler to see if you see michael bloomberg bloomberg or jamie diamond if you morgan these are the new honda the new hunter remember the one back in the seventy's a totally screwed up her country well the troika is the new we got other thing about this oil dump onto the markets is that obama now gets to claim that he's tough on speculators all those speculators driving up the cost of oil and gasoline well of course only speculators only these top guys these hedge funds he's a little traders make money on the downside right contango why the release of oil from the s.p.r. is a doomed idea by dumping sixty million barrels of oil on the market or saying they're going to announcing it head of time the price of oil has fallen. today in the market today not in the future now traders are able to buy this oil cheap from the u.s. government from the japanese government from the south korean government france and germany they're able to buy it today at this ninety dollars price of one hundred ten dollars price for brant they will to buy that and sell it back to the

names that have already popped up include jp morgan chief jamie diamond. that's news out of cnbc.ack to you. >> very interesting speculation. thanks very much, nicole. have a great holiday weekend. >> you guys too. >>> speaking of our holiday weekend, we want to know what kind of weather we're going to have, tom. >> so beautiful you're going to want to put the top down on your minivan. >> just going to roll it right back. >> you can borrow my circular saw. >> i'd rather borrow your corvette. >>> right now we're in the 50s to near 60. the suburbs have rural areas, a gorgeous morning under way. right by the bay, beautiful day on the bay and at the beaches too. if you have that opportunity to head out over to the eastern shore early, you'll have gorgeous travel weather. it is cool out in the mountains this morning. there are many people heading to the mountains. not everybody's going to the beaches. out in western maryland and much of west virginia, if anybody's camping, they're waking up cold this morning. glad they brought their sleeping bags. only near 50 degrees many locations th

you made some headlines at a press conference when jamie diamond asked you about performing an examination of the cumulative effects of these new mandates. as i recall, your response is that you cannot pretend that anybody really has. it is just too complicated. i learned a long time ago in my list as career that anything that i do should be smart. specific, measurable, attainable, realistic, and timely. the measurable one is the one i have a problem with. banks are looking at much higher ethical standards. everyone is facing higher compliance. has the fed began such an examination study yet? can we expect to see some measure ability of what these regulations are? >> yes. i agree with a lot of what you said about free trade and regulation. i hope the congress will pursue those directions with the tax code and so on. it is very difficult to figure out all of the interactions of a complex system. the fed does do a cost-benefit analysis of everything that we do. we publish those by law and our the internal practice. we do our best to take the statute that congress gave us and making its asunb

erskine bowles, a very long shot but a name that keeps coming up is jamie diamond, top wall street bankerere we go with the wall street. you're a wall street guy. >> no, you'i'm not. you love wall street. you have a flat on wall street. how do you feel about these guys being so connected to the very system that got us into this mess in the first place? >> ok. you say that the system got us into this mess in the first place. did it, clayton? >> well, in part, let's talk about that. i mean, this is one of the big issues, right? everyone loves to pass the buck. wall street says we didn't have much to do with it. you ride tead the big short and see all of the weird mortgage-backed securities, hiding things in different places, away from the eyes of the sec and then these guys get cushy jobs in the administration. >> you've had your say. let me have my say. you are totally wrong, by the way. what started this thing was politicians shoehorning everybody and anybody into a house that they could not afford and into a loan that they could not repay. that was a house of cards made by politicians an

i want to start out with picking up on an interesting debate that jamie diamond and ben bernanke hadn a conference at the american bankers association was holding a week or so ago. diamond asked whether regulators have considered the cumulative effects of dodd-frank and efforts to raise capital standards across the globe and pose the challenge that this is restraining the recovery. so i'd like to hear michael talk about this and anyone on the panel, too, what are the cumulative effects of the reforms to the financial system? and are they hurting the economy? >> i do think it's important to look across the range of reforms that are happening in the capital rules and dodd-frank act, supervision authorities and derivatives reform and consumer protections and the like and make sure they make sense together. so i guess i agree with that. but there's no avoiding the fact that you have to implement laws. congress passed a set of laws and now you have to implement them. and i do think the financial industry as a whole tends to -- i don't want to paint with too broad a brush but talks on both

the volcker rule arguments between jamie diamond and ben bernanke dominate the gossips columns such as they are in the financial papers. [laughter] >> you would be forgiving thinking about the is the aftermath of the banking crisis. the crisis of the nonbanks. it began in 2007, remember. the signal event was announced by hsbc the bank but the problem hcbs was in its nonbank which was known as household finance a leading subprime lender and those problems then tended to propagate from there. they essentially started in the darkest least regulated parts of the financial system and chewed their way up like a disease that eventually -- or a flood that eventually attacked the ram parts of the strongest building so we worked our way through banks like new century and worked on commercial paper and then monoline insurers. finally we brought down bear stearns and the lehman brothers. it's only then like the citigroups and washington mutuals and bank of americas, you know, saw their very lives threatened and so you call this introduction by saying that the penalty we're going to talk about is a

. >> jamie diamond argued to ben bernanke the other day that the cumulative effect of not only dodd-frank but also basel iii and new liquidity standards being approved globally is hurting the financial system and slowing the return of a fully functioning banks and markets. i'd like to hear from everyone on the panel what they think of the cumulative effects of this regulatory reform? >> we do it every time, right? carmen and i wrote a paper called "after the fall" after the jackson hole symposium last august and the main regulator is if you looked at the 15 most severe crises in the second half of the 20th century, economies grow about 1.5 percentage points slower on average each year than in the decade before. and in 10 out of 15 cases, the unemployment rate never gets back to the precrisis level. and that really relates to three things. one is there's unfinished business. we don't deal with the problematic assets and that impairs the intermediation and households. the crisis was importantly about leverage. big buildup of leverage in advance of the leverage but third we always make sure

. >> jimmy diamond should agree with you, if he wants -- jamie dimon should agree with you on this. wholesome american business. >> i don't know about wholesome. [laughter] i do know there are certain acts in this commercial banks can do well and should do well and i think the market is there is to define at that point. i don't want and using the safety net to build their reserve that the date then trade on one aspect of basis to make their earnings. >> now that we have the volcker role we should be getting it to the that. >> we are already gearing towards it but it is already being gamed to death. we will see. >> i am a reporter with "huffington post." my question is -- when you talk to policy-makers in washington about the market concentration, you point to the top four or six. they say, well, it is not like it is in the u.k. or in switzerland. it is not that concentrated. double the size of the economy. i am curious to know why the current level of the new -- in the u.s. is dangerous. what is the counter of the argument that it is not as bad? >> not as bad is not my standard. [la

the most respected bankers have said it, jpmorgan chase, jamie diamond said default would be catastrophic. investors have said it. bill gross sent us the warning yesterday. he said, quote, there should be no question at all. the debt ceiling must be raised and not be held hostage by budget negotiations. don't mess with the debt ceiling, washington, is what bill gross said. economist have said it, ben bern -- bernanke has said default would be a major crisis that would send shock waves through the world financial markets. yesterday he said failure to avert default would mean huge financial calamity. even other republicans have said it. this is what speaker boehner said in april. quote, not raising the debt limit would be serious. very serious. implications for the worldwide economy and jobs here in america end of quote. perhaps most telling of all, all three rating agencies have already sent warning shots across. last night, moody cautioned us that america's aaa, triple a rating, was already on review for downgrades. never in the history of the country has that happen. being reviewed to do