the poor get dumped on, the poor get piled on, the poor get demonized, we cast aspersion on them andn life. here's the bottom line, i heard your earlier segment talking about this debt ceiling deal. i think this debt ceiling deal, carol, was a declaration of war on the poor. the congress, the president, respectfully, have declared war on the poor. you can't sign into law legislation that raises the debt ceiling, but opens up a crater in the floor. put another way, no unemployment extensions for poor people, no closing of a single corporate loophole, not one new tax, not one cent of new tax on the rich and the lucky, so once again, the corporations get off scott free, wall street and the banks get off scott free and all these cuts aimed at the poor. how do you blame the poor for that? >> but, cornell, put it this way, the heritage foundation, conservative organization, say the poor in america today, are unlike the poor in america years ago. in fact, most of the poor in america live in a decent house, they have tvs, microwave ovens and a refrigerator. what are they complaining about? >

where did you spend 24 hours or a weekend in a poor area where people are very poor.ould like to explain to the people, what type of dollars to as the united states government where they do not need any subsidization subsidized by the american public. if you can let people know that, that would be helpful. let's include defense spending and all the money through the tax breaks that the big companies do get. guest: many companies get subsidies that are not necessary. we should not spend money on those. we tax investment in the united states higher than almost any other country, which hurts the economy and everyone including the workers and their wages. as to -- i am very familiar with poor communities on the ground level as well. what i would say to you -- you are right. i am looking at numbers. that is kind of importune. you have to have a ground level picture as well. i think that is important. think about it this way. let's say 1% of all of the household in the united states are living in dilapidated houses. that is a lot of households. that would be over 1 million

we were aaa, now standard & poor's says we are aa-plus. while aa-plus sounds great, it's worse than aaa. more ahead with jerad bernstein, former chief economic advisor with vice president biden. energy is being produced to power our lives. while energy developement comes with some risk, north america's natural gas producers are committed to safely and responsibly providing decades of cleaner burning energy for our country, drilling thousands of feet below fresh water sources within self contained well systems and using state of the art monitoring technologies, rigorous practices help ensure our operations are safe and clean for our communities and the environment we are america's natural gas. >>> america, for my whole life and your whole life, no matter how old you are has had a aaa credit rating, being so trustworthy helps the government borrow money cheaply and in turn ordinary americans can borrow cheaply for homes, cars, student loans, anything else and american businesses can borrow cheaply too in ways that are not obvious always and

what does it mean that standard and poor's downgraded our and poor's downgraded our economy?tained well systems and using state of the art monitoring technologies, rigorous practices help ensure our operations are safe and clean for our communities and the environment we are america's natural gas. before i started taking abilify, i was taking an antidepressant alone. most days i could put on a brave face and muddle through. but other days i still struggled with my depression. i was managing, but it always had a way of creeping up on me. i felt stuck. i just couldn't shake my depression. so i talked to my doctor. he said adding abilify to my antidepressant could help with my depression, and that some people had symptom improvement as early as 1 to 2 weeks. he also told me about a free trial offer from abilify! now i feel more in control of my depression. [ male announcer ] abilify is not for everyone. call your doctor if your depression worsens or if you have unusual changes in behavior, or thoughts of suicide. antidepressants can increase these in children, teens and young ad

these people aren't poor. they're-- i'm sure the other 1% of those people who don't have refrigerators don't have them not because they don't have food because they're always ordering room service. these poor people are living like they just won a showcase showdown. >> 81% have a microwave. 78% have air conditioning. 63% have cable tv. 54% have cell phones. 48% have a coffee maker. 25% have a dishwasher. >> jon: 25% have a dishwasher! though to be fair after a 12 hour shift of washing dishes the last thing you want is to bring your work home with you. so you see, the problem with increasing the marginal tax rate on the rich and closing corporate tax loopholes isn't that it engages in class warfare, it is that it is fighting on the wrong side of the war. >> it is all out war on the productive class in our society for the benefit of the moocher class. >> the makers and the takers. they want to take it from somebody else. >> everybody is jumping in the wagon, no one wants to pull. >> parasites we have out there d

standard and poors. stupid.ou're suggesting our political system is reckless populated by ideological children. well, you don't watch the sunday morning news shows. >> i think it's failed presidential leadership. >> this is without question the tea party downgrade. >> the other side of the aisle had been unwilling to reform the programs. >> the tea party downgrade. >> every single time... senator, you voted to increase the debt. >> the debt already. >> jon: if this is. >> the truth of the matter, however (talking statement). >> gentlemen. >> jon: shut up, shut up. i'll spray you like the dogs in my neighborhood who hump for pleasure and of course profit. ix-nay. on the. andards and ores. this is hard. by the way standard and poors, before you blame one party over the other, nobody was happy with the recent debt ceiling deal that seemed to indicate our political parties' unwillingness and inability to solve problems was true. >> when you look at this final agreement we came to at the white house i got 98% of what

, they had a very poor track record in terms of the financial meltdown.ing triple-a status to a tremendous amount of corporate bonds, yes? >> all of them, standard & poor's, moody's, the big three systematically inflated their ratings and probably were the group most responsible for the financial collapse in 2008. it wouldn't have happened without them. >> jon: well, that's exciting to hear. [laughter] now, so they had been let's say an easy grader. you're a professor. let's say you're known as an easy professor. you take my class, you get an a. so i sign up for your class. and i come in and you go, d. doesn't that mean that i am even worse than a.i.g. and these other derivative places that got the triple-as? >> you notice the difference. standard & poor's was paid by the people they were rating in all of those other cases. but when we turn to a country or sovereign debt, they are not paid for the rating, and now they become strangely enough independent. >> jon: let me say this: i think i can fix this problem. [laughter] >> yes. >> jon: are you following

is it a rich nation or a poor nation? >> i'm so glad you asked.hat is one of the essay questions that i assigned to my students. [laughter] i got a broad range of answers. the most common answer i get is that china is not a rich country nor is it a poor country it is precisely what you said. what distinguishes china from other places is the huge gap between the rich and the poor. the rich are super rich and they have loaves of catch -- they have loads of cash. at the same time, you have people who are dirt-poor in the countryside with only maybe -- >> dominick, you are the chairman of east west bank here in california. you know for certain of which she speaks. there are three or four cities adjacent to los angeles in l.a. county where property values are going to the roof in southern california because rich chinese are coming here with cash in hand you are not financing these people. they're coming with cash in hand to buy these homes. ec property values in certain areas driven up by all the money that pouring into our economy. what do you make of

standard & poor's says the u.s. deserves a aaa rating in part because of the big fight in washington over the debt limit. the treasury is firing back, accusing the agency of basing its decision on a $2 trillion error. couldn't get any bigger than that, right? chief washington correspondent john harwood is live at the white house for us. john, with a good morning to you. okay. treasury department's got their dukes up. they didn't take this lying down. they're taking issue with all the calculations that led to this? >> what they're saying is that standard & poor's in assessing the cost of u.s. discretionary spending overstated it by $2 trillion because of a confusion about which baseline. it's sort of a bunch of accounting mumbo jumbo, but the bottom line is they said they got their numbers wrong. instead of avoiding the downgrade, standard & poor's pointed to politics basically said the u.s. political system is dysfunctional. in defense of standard & poor's president obama has made the same point. he said our problem

poor people will only take this for so long.ings get worse, i'm not predicting doomsday, but i am suggesting there is a restlessness in this country. we are going to have to do something about middle-class people falling into poverty, children falling into poverty. that restlessness, that hopelessness, it is going to morph into something. guest: that is the greatness of dr. king's legacy. he take the rage and transformed into a struggle. love, not hatred. prosperity based on fairness, not negativity based on survival of the slickest. host: michael is a republican clayton, and virginia. caller: good morning. i'm thinking the main thing that is going on in this country from the white house to the middle class am the poor -- and the poor that is making so much hatred is care. we care more about what is going on on the other side of the world than our own backyard. if you go back to hurricane katrina, how long did it take for those people to get drinking water, medical supplies, food, a place to be? how long did it take for the fema

standard & poor's, though, didn't act right away when the program came out of washington. what they do is they assess the u.s. economy, the liquidity of the country, monetary policy, fiscal policy, they look at all that. they have a committee. there's an odd number of people that actually sit on that committee. once they receive a report from the analysts, they then decide. so, they go through a whole long process. that's why it's taken all the way until friday, right now, and you better believe during this entire week, there has been tremendous pressure coming from the administration on s&p not to move. the other credit agencies said we're not going to change the rating. s&p is under serious heat. >> and, poppy, to that point, moody's said we'll leave it the same, we'll keep an eye on you, fitch the same. for standard & poor's to break with them, how significant would that be and would the agency itself be going out on a limb to do that? >> john, i couldn't hear the last part of your question there, but i did want to say one point. i heard you talking about fitch and mood

worked for slip away with economic disparity spreading across the country and this is not just the poor who are losing their jobs their homes this is also people who were once members of the middle class in some cases joblessness and ability to pay rent has forced people to live in their cars or shelters or even on the sidewalk our kids were among the window gives us a firsthand look at how this is impacting people in several cities in the golden state california. many americans who wind up living on the streets never thought their economic prosperity would eventually become economic ruin for move here. to. find your friend kevin payton describes his financial stability when he was working as an electrician in louisiana after being laid off so he headed west to san diego in search for work but payne has been able to land a job in this expensive city and within months ended up on the street begging for change they say in a mobile call if i want to mean i do have an office love you but the cinema will qualify. that on the stand it's just pain is not alone when it comes to formerly middle

. >>> the president today said that standard & poor's didn't doubt america's financial ability to pay its debts, "they doubted our political system's ability to act." the president is absolutely right, and standard & poor's is absolutely wrong. >> if we go into a double-dip recession, i put the bloods on the hands of s&p. >> republicans are blaming democrats, democrats are blaming the tea party, but the blame belongs to standard & poor's. >> let's talk about the s&p. >> blame the ratings agencies. >> politicians of all sides attacking them. >> i think s&p's shown really terrible judgment. >> they've made a $2 trillion math error. >> s&p is wrong, totally, absolutely, wrong. >> president today aims to dismiss the s&p rating downgrade. >> what's the problem with the economy? >> robert reich joins me. >> the super rich have 40% of the nation's entire wealth. >> so pretty darn [ bleep ]. >> but how will watch get better? >> congress ultimately owns the credit rating. >> the house of representatives had a mandate. >> this is a tea party downgrade. >> pointing the finger at the tea party. >

well first of all obviously egypt is a poor country to begin with so poor people in egypt are really struggling to survive and that's one reason but it's not the only reason people do reject inequality eventually and recoil at it in terms of why aren't americans out in the street you know it's a complicated question but people in great britain weren't out in the street until a couple weeks ago either so i think what you see often historically is a boiling point you know when what we're seeing is a country our country that refuses to real i recognize the signs of impending trouble you know they impose austerity economics in europe and those economies stagnate riots break out across europe they oppose austerity economics in great britain that economy goes into the tank and riots break out there and what are we talking about in this country how much more austerity economics we're going to impose here so i think you've got a mad situation where people aren't watching the danger signs and in fact even though they're headed toward a brick wall they seem determined to press down on the acce

it do i spy standard & poor's got involved in the political system.s political. >> dana: kimberly can make a point. >> but they would have given us the downgrade in the middle of the debt debate. that would have affected thin things. >> there was a bipartisan committee as well. but john chambers, there could be more to come. a one in three chance we could be downgraded again. >> bob: who cares? >> bob, you can say that, but there are ramifications from the downgrade. it's real. >> i care about a legitimate operation. the guy that does illegal poker game with me i a better chance. >> why are you hung up on the rating agency? >> they're fraud leapt. >> because they made mistakes in the past? >> i believe they involve themselves politically in this. 2013. >> dana: this is where the conspiracy theory -- >> bob: right. i'll stick by it, too. >> eric: we need to point out whether or not it's fraud leapt, whether or not you like the way the game is played, nonetheless, the world is on notice that mr. obama is the first president on record to have a rating, c

credit downgrade by standard & poor's. but now his administration has to convince the world that s&p got it wrong. s&p stripped our aaa rating dropping us into a league with new zealand and belgium. >> it's about the difficulty in all sides finding a kong census around policy choices now and in the future. >> if the fiscal position of the united states deteriorates further or political gridlock becomes more entrenched it could le lead to a downgrade. >> it is a tea party downgrade. it brought us to the brink of a default. >> if we listen to the tea party we'd have $4 trillion reductions in debt over time and not been downgraded. >> reporter: the financial fallout starts as the world markets open for monday business. >> the mutual reaction in my judgment is going to being negative. >> reporter: they expect an increase in rates and the whole world is watching to see what happens next. brian mooar, nbc news, washington. >> treasury secretary timothy geithner was quick to take aim at standard & poor's. >> i think s&p has shown

the president is absolutely right and standard & poors is absolutely wrong. if we go to a double dip reception i put the blood on the hands of s&p. >> pretty darn -- [ bleep ]. >> republicans are blames democrats. democrats are blaming the tea party but the blame belongs to standard & poors. >> let's talk about the s&p. >> blame the ratings agencies. >> politicians of all sides attacking them. >> i think s&p has shown really terrible judgment. >> they made a $2 trillion math error. >> s&p is wrong. totally, absolutely wrong. >> they missed the sub prime mortgage crisis. >> president dismissed the s&p downgrade. >> what's the problem? >> robert rice joins me. >> the super rich have 40% of the nation's wealth. >> so pretty darn [ bleep ]. >> oh! >> but how will washington get better? >> congress ultimately owns the credit rating. the house of representatives had a mandate. >> this is the tea party downgrade. >> pointing the finger at the tea party. >> only the united states congress would take a -- if only the congress of the united states of america would take

to some degree standard & poor's did too. they pointed in their report to the intrang -- intransigence of the republicans to be able to get a deal in. some ways the administration was affronted and outraged. tim geithner attacked them and so did the president but they also eakingoed some of the arguments. jim: why was the president so upset? >> when the news first came out monday night, by saturday, the white house was say staying fairly quiet. they didn't want to pile on. now, when you're looking for a $4 trillion end result, a $2 trillion mistake is not minor. so then the rationale became a political one. but by monday the president and the others were far more critical. like john said, they picked up on the argument that standard & poor's was mistaking about political dysfunction. judy: but they ended up looking, as i heard some say, defensive in all of that. that wasn't their intention was it? >> i wouldn't think so but it's hard not to be defensive when, for the first time in history a ratings agency downgrades the unite

s policy for some time has been some mix rich and poor living in the same areas bring in council houses to fill in areas and vice a versa do you not think that's what. i think the problem with vacation is you end up with lots of shops pricing out a lot of the people who live there actually pushes up the cost of living for the people but yes i think mixing and social mixing is good you only have to look at paris where the rich are concentrated in the middle and the poor concentrate around the idea the so-called effect it's good to be mixing but the problem in london is when the most cities in the western world the top ten percent are over two hundred sixty times richer than the bottom ten percent so they see you have poor people living alongside some of the richest people in the world looking at lives they would in all likelihood never how what we need to do is to tackle inequality because at the moment people are getting a fair share of the british economy so how do you breach saying well we need more progressive taxation we need actors on the rich in order to take more people at the bo

now, the flip side of this story is that poor countries are poor not because of their poor people, butbecause of their rich people. if you go to poor countries, the rich people of these countries that keep telling you if you will listen that, i mean, because of this uneducated, lazy people that their country's poor. i mean, if our people work hard like the japanese and kept time like the germans and were as inventive as the americans, we'll be a rich country. but look at all these good for nothings, yeah? not wanting to work hard, but, actually, these people do not realize they are fools, yeah? because as i said earlier, the poor people in poor countries actually can hold their own against quite well against their counterparts in the rich countries. actually, many of them would be more productive than their counterparts in the rich countries. so it's actually a fourth of the rich people in poor countries who fail to pull the rest of the country together which is what makes these country poor. now, that leaves the rich in the rich countries, doesn't mean they can now pat themselves on t

tax the poor, joan. i never heard that in politician. let's go sock it to the poor. this is a new one. from orrin hatch. >> right. it was a bipartisan program. a program under the first george bush. earn et income tax credit that says, okay, we are creating low wage jobs. last people are working, working hard, but they are still poor. so a republican began funding people money, duting their taxes and that is accepted. mitton friedman thought that was good idea. that's how far the country has come is that it was time no bash the hard-working poor people that weren't working to get out of poverty. it is so mean spirited. >> you know in terms of ideol y ideology, in terms of corporate power, squeezing of the labor force. to not bring on new hires, but to squeeze the mem who are working and that's how we avoid recession. that's the new tool. now to have the citizen's united skaul bit the supreme court to use all their power on television. this is a real he assault on barack obama. >> what the implication of what orrin hatch is saying is that we aren't all responsible for

a poor finish could force him to second guess his candidacy, there's not a ton of upside. even a strong finish will say little about his chances for actually winning the nomination. the republican nominee for president in 2008 placed 10th in the ames straw poll. and speaking of john mccain and what's real and not real, sarah palin. a woman who somehow transcends that distinction altogether. she made an appearance at the iowa state fair today. >> are you a potential candidate? >> still a potential, still thinking about it, still a potential. >> she's not a real candidate, who she eventually endorses will be a real factor in this election. a daily caller asked palin if she's concerned mitt romney is the frontrunner. her response. "no, nothing worries me at this point, could i support somebody like mitt romney? yeah." joining me now from iowa, congressman debbie wasserman schultz who chairs the democratic national committee. thank you for joining me, congresswoman. >> thank you, chris. >> i want to play this clip from the debate last night and get your reaction to it. a quest

that's right the austerity measures have come in the form of excessive bank fees you know when these poor people who are not part of goldman sachs in a circle and they take money out of the bank they get raped by the banks with these phase their financial austerity and oprah russian when you're charged twenty nine point nine percent or higher for your credit card rates again goldman sachs employees get negative interest rates on their borrowed money it's jim crow laws as applied to interest rates it's basically financial apartheid and these people are living in a financial prison and this was a prison revolt and now many commentators are noting that these rioters are just reflecting the looting that has happened from the banking class now let's look at how the politicians who remember just reflect their population of voters interest and what they demand look at how the difference of how they treat these people are u.k. riots young yobs back on streets despite david cameron's pledge so this is from the telegraph and they're demanding harsher sentencing then that is being handed down to ele

sounds like an standard & poor's imposed time-out.friends it's taken other governments 9 to 18 years to regain their aaa credit rating according to standard & poor's debt rating. five countries have regained it after losing it. chambers will join us later this morning on "morning joe." let's gather around the water cooler to hear from a former obama economic adviser. christina romer left the white house almost a year ago after being one of the president's top advisers. on friday night gave bill maher the not safe for work but safe for hbo analysis. >> we used to do a segment called how [ bleep ] are we. ♪ i didn't expect that there but -- just before we went on the air they said our rating got downgraded. >> so pretty darned [ bleep ]. i've been hanging around tim geithner too long. >> why, does he swear like a sailor. >> oh, like a seventh grade boy. >> all the better coming out of her mouth. christina romer on friday night. weatherman fail. tough week for a weatherman. happened to a good man, chuck bell, the meteorologist when his g

obviously, standard & poor's thinks that is not good enough.inch and moody's, two other agencies, have not downgraded u.s. debt so far. >> fact that the white house is saying wait a minute, you made a mistake, now it is downgraded. you can't go back, right? >> reporter:, well i mean it could go -- further down. the standard & poor's report, that comes with this downgrade says it is going to be reevaluateing the situation in the days ahead. and in -- in 12 to 18 months they could downgrade u.s. debt further. obviously, it could go in the other direction and they could decide to put it back to aaa status if the committee on capitol hill makes serious spending cuts, maybe looks at tax changes. it could go up or down. obviously this is not static. right now with the u.s. drowning in so much debt, 14 trillion, the debt ceiling had to be raised -- >> sean: welcome back. we continue with former south carolina governor mark sanford. there was -- your wife wrote this book. for example, she knew about this relationship you were having with this woman for

i hear how they're so caring for the poor and so forth. the poor need jobs. they also need to share some of the responsibility. >> they need to share some responsibility. tax the poor, joan. that's a new anthem. i've never heard that in politi politics. for a long time i've heard the republican party be restrained about let's go sock it to the poor. this is a new one from orrin hatch. >> right. and it was a bipartisan program, under the first george bush, the earned income tax credit that said we're creating a lot of low-wage jobs, we don't know what's going on, a lot of people are working hard, but they're still poor, so a republican began funneling people money, cutting their taxes, and that was accepted. milton friedman thought this was a good idea, but now that's socialism. that's how far this country has come, that it's time to bash the hard-working poor people who aren't making enough to get out of poverty rather than help them. it's so mean-spirited. >> in terms of party, partisanship, in terms of ethnicity, the squeezing of the labor force, not just b

be proportionate to the crime and the idea of attacking poor people more than the poor for pollution them twice is fundamentally unjust and also self-defeating because if we take away all forms of income and all forms of housing from people then what reason is there not to be involved in criminality i mean in effect that becomes the only means of survival so i think this is near hysteria gripping the magistrates in this country and we need to resist up on jones thank you. yes. please. liz is. just sleep the best seats pissed some other. mums. would be soo much brighter if you knew about sums from funds to pressure these. least stunts on t.v. don't come. please. explain. what. it was. breaking news this hour here on r.t. but libyan rebels reportedly seize control of most of the capital following a major nato back to the violence that according to the government assault thirteen hundred people killed but some sources on the ground have told us here about t.v. it's too early to say tripoli and one of gadhafi sons is reportedly leading forces in on the city center. meanwhile a massive ce

is credit rating was downgraded from aaa by standard and poor's so this was a meeting that came right after that happened and the federal reserve announced that the u.s. interest rates will be kept at record lows for another two years through twenty thirteen we should mention that interest rates in the u.s. have been near zero since december two thousand and eight. the u.s. and you know infested the rest of the world a lot of a lot of experts believe that it is actually hurting the economy by keeping interest rates so low bank banks are squeezing lenders for more profits and then it becomes a systemic kind of web where everyone squeezing one another and stocks initially fell after the federal reserve did make its announcement the fed did use some kind of somber language to describe the america's current economy saying that this year the economy grew at a much slower pace pace that the fed actually anticipated you don't have to pay attention the dow jones or the s. and p. to understand that with fourteen million americans out of work and six point six additional americans so discourage

standard & poor's must have known tuesday. it must have hit them before in afternoon. they must have suspected this was coming. >> last month, standard & poor's said if you cut the debt deal, we a still move for with the downgrade any way. white house and democrats will say this is why the president pushed so hard for a grand bar engine with speaker boehner, he wanted four trillion in cuts. speaker boehner walked from those talks twice. speaker boehner's account as you know, look president obama was moving the goalpost and trying to add more taxes on and that's why he walked. republicans will point out, look they voted for the ryan budget which added more deficit savings. they were pushing cut, cap and balance, et cetera both sides will be pointing fingers. at the end of the day there's one president and that president now has become the first in u.s. history to have debt downgraded on his watch. >> greta: how much is he engaged to stall or have standard & poor's take another look? >> the early sense is the president and his top staff were not necessarily heavily invol

suzanne, investors around the globe saw red after standard & poor's gave u.s. debt a black eye. >> suzanne: tom, an upsetting day of dramatic selling here at the big board on extremely heavy volume. the dow lost a stunning 634 points, or 5.5%. it now trades below 11,000. the nasdaq lost 174 points, or almost 7%, and the s&p 500 tumbled almost 80 points. trading volume the second heaviest we've seen this year-- 2.5 billion shares here at the n.y.s.e. and just below four billion shares on the nasdaq. >> tom: as for the debt downgrade, for the first time since standard & poor's first rated u.s. credit triple a in 1941, it has been cut to double a plus. the agency cites the inability of congress and president obama to do more to shrink the government's budget deficit. >> suzanne: stocks nosedived as investors reacted to s&p's downgrade of american debt. but even though the ratings agency believes treasuries are becoming more risky, investors rushed to safety there, pushing yields lower, and they bought gold like never before, sending the yellow metal to new highs.