as euro pacific capital peter schiff.ell as if the banks were hated enough here's a story that will make your stomach turn at an annual wall street award dinner hosted by the trade publication our magazine mega bank j.p. morgan chase was actually awarded the title of best crisis management for its handling of the london whale crisis that's right the crisis that j.p. morgan chase manufactured is now earning recognition and praise so to refresh your memory the london whale crisis was a series of bad bets on derivatives that were made worse when traders doubled down on their stakes high stakes turn a lot of profit but like the way it wailin moby dick those profits turned out to be garbage gamble the banks hid the fact that these trades were risky to regulators and the result was a six billion dollar loss a drop of the hat for the bank itself but a huge hit to investors as well as shareholders and now the people who created this crisis are actually being awarded for their actions in the aftermath so why are we praising them i

be or what it's going to accomplish bus but it has to be serious and severe action. >> congressman schiff, at this point what information do you have about the chemical weapons threat? >> we certainly have the same concern and this needs to be fully investigate ready, we have to be mindful, of course, of the fact that we have gotten this wrong in terms of wmd. our intelligence suspect perfect. but it is a red line and if it is crossed, it will have the most serious repercussions. as peter mentioned, this will depend on the circumstances. if assad is using his air assets to drop nerve agents, i think the international community will respond by taking out his air assets. if he is using missiles, they may respond by taking out his missile capability or command and control he needs to know there will be the most severe repercussions and is a step he just cannot take. >> congressman king, do you think americans are ready to see the united states step up and use military intervention as a means of stopping any potential chemical attack? congressman king? >> oh, i'm sorry. i thought that was for

me get to the root of the problem and offer some possible solutions i was joined earlier by peter schiff he's the c.e.o. of euro pacific capital incorporated i began by asking him if calling for the federal debt a debt spiral is accurate or if it's just an exaggeration well i don't think he's exaggerating you know for years i think i was more bearish dinner richard duncan maybe he's trying to get out bearish me at this point but you know we are definitely headed for a real economic crisis in the united states what happened in two thousand and eight was just the opening act of meeting their main event is still coming in the debt is every you know every much a part of it you know how it's going to be unwound it's going to be a currency crisis for the dollar collapses because we print all this money because we don't want to default and we can't pay or will be some kind of combination of inflation and default but either way the chickens are going to come home the u.s. is going to be held accountable for trillions of dollars that we've borrowed and spent and we are simply unable to pay it bac

like peter schiff was just saying it's a good time to be a banker unless you're bank of america because some very unsatisfying information for them was released today and it's a tremendous amount of stuff to sift through so that's kind of what's going on right now. and when you say a tremendous amount of stuff we're talking fourteen gigabytes if you digital world that is a lot of information on what exactly did it contain first it contains i guess rather innocuous stuff like details on corporate executive pay is two hundred thousand of them worldwide but also it shows how bank of america is trolling internet sites like facebook and twitter social media chat rooms and they're trying to collect information that would tell them i guess the public sentiment on on themselves and i'm always wondering with those trials are races aren't you get bank of america one of us. but does the information obtained by these activist group does it suggest that bank of america has gone too far i mean have we kind of gotten into an area where there's privacy concerns well apparently they haven't gone too far

i asked this of congressman schiff. it help matters if the white house and congress were working today? is anyone working? >> look, i think they ought to be working. because as long as this sequester is going on and most policymakers think it's a bad idea, not everyone. you can find some as your last segment suggested that think this is fine. but they're a small minority. most policymakers agree that this kind of across the board slashinging and burning of the budget at a time when the economy is still weak ace lousy idea. i get that they're far apart. but i'd like to see them talking to each other at least. >> when are we going to feel it? >> well, look. it's a rolling cumulative kind of thing. there are people who will feel it today. again, a small group. so for example, there are about 4 million people who are on long-term unemployment benefits who right away see a cut of 11% in their unemployment benefits. that's real money for them. that could be over 100 bucks a month for some folks. then there's some of the milit

not democratic congressman schiff of california. joins me now live from d.c.ood to see you. >> good to see you, craig. >> the president said people will feel these cuts the longer they stay in place and doesn't seem to be a great deal of urgency to fix this. what do you say to confused people who are watching right now who are wondering how we got here, why this happened and what d.c. is going to do to fix this? >> well, it is excruciating for the american people an the most problematic part of it is our economy is poised to really recover but we have these man-made crises in congress that continue to get in the way. and, you know, at the bottom line is i think that in order to get to yes and have a compromise, both parties have to be willing to put something on the table, and right now, at least in the house gop, there is not a willingness to come to the table and it's been pretty clear i think for a month or a month and a half that the speaker made the decision we were going to have the sequester. it was necessary for him to have it go in to effect to manage

. >> joining me to talk more about this democratic congressman adam schiff of california.'s good to have you with me. let's begin by talking about the realities of where we are in this march madness, the calendar face for everybody they need to look at is march 27th. that is when cash starts to dry up completely. if we look at what came out of the house with the new gop bill that i referenced off the top of the show, it seems to be showing a softening of the sequester, shifting 10 billion to pentagon operations, accounting for 2 billion for embassy security, extending federal employee salary freezes. is this something that you can get on board with? >> no, not the way the house is drafting at this point. i do expect it will be changed in the smeet. basically what the speaker wanted the speaker got and that is we now have an austerity budget and that's going to be, i think, a killer to the economy, to job growth. what the house gop is now suggesting in terms of keeping the governments open is they'll provide some flexibility for the pentagon, but they don't want to provide

. >> announcer: food for life is brought to you by megared by schiff. are back with ask the md. got milk? here's a question. which kind? you've probably noticed a lot more variety in the dairy section. a lot of it is not even dairy at all. you need to know this because just because it looks like cow milk doesn't mean it necessarily has the same nutrients. let me go through this. rice milk, for example, that's a good option in baked goods but it's not to replace dairy milk. that's because it contains virtually no calcium or protein. there's coconut milk as well. that contains some of the, good, quote unquote, coconut fat. it's low in carbs and low in calcium. it's good for people who are lactose intolerant. my favorite is almond milk. that's over here. that's a good swap because it contains the same amount of calcium as cow's milk. it has more vitamin e. it's lower in calories and fat. it has a creamy taste. it's great with oatmeal, smoothies, and in cereal. >>> okay. time to talk about a trick that i learned pretty quickly when i became a dad. swaddling

peter schiff, let me kick it off with you and get your take on what's going on in cyprus right now.s the impact? >> a lot of people are hoping what happens in cyprus stays in cyprus. i wouldn't be so sure. i think bank depositors including depositors here in the united states have to be concerned about the value of their deposits. because if we have a major bank failure in the united states, you know, there's no way the fdic has the money to cover the potential losses. so we would have to have a huge bailout like t.a.r.p. and where would the money come from? and even if there is a bailout and the fed has to print money, the losses to depositors to inflation will be far greater than what the cyprus depositors are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. look, i think we should take great confidence in our banking system now compared to where we were four or five

stacy schiff who is a wonderful biographer of among others clay patrick, recently observed that led gophersall have two lives. okay in the back? can you hear? in one round she says the biographers, you are moving forward in ignorance. in the other you are moving back word with something resembling omniscience and what she doesn't say is that along with the illusion of something like omniscience, the biographer usually has a lot of attitude on display. one can be worshipful, hagiographic, fallopius or one can be a good bunker, and unmasker, a muckraker. one can defend or defame, expos, sentimentalize. one can be a myth luster or a myth maker. and not many generalizations can cover the whole spectrum but marcel preuss could do it and did when he wrote in an early book before the big book, a little book. there he says what intellect restores to us under the name of the past is not the past. in reality, in reality as soon as each hour of one's life has died, it embodies itself in some material object and remains captive forever unless we should happen on the object, recognizing what lies within

and by phone, peter schiff, i'm sure you're buying into the gung-ho optimism, aren't you?. you know, all -- the increase in retail sales is mainly the result of the prices going up. sure, people are spending more money because things cost more. in fact, the increase in import prices match the increase in retail sales and of course, if you look at the savings data that came out last week, with the savings rate plunged, how are americans affording higher priced gasoline and higher priced food? they're borrowing money and digging into their savings and struggling to make ends meet. charles: having said that ttough, peter, why is the market up and why does wall street, established firms on wall street, they seem to feel so much more confident now than they did just a few weeks ago. >> well, remember, they felt very confident before the financial crisis of 2008. and they bid stocks up to new highs, but i think, what's driving the market is inflation. the same thing that is enabling consumers to spend is pushing up prices, because the government has got interest rates or the fed

let's bring in adam schiff a democrat from california.resentative schiff good to see you, thank you. >> great to see you. >> the president has a great chance for a big deal. doesn't any deal have to be cut with rigid republicans in the house? will breaking bread, the charm offensive all that with moderates in the gop change that? >> well, look, i think the interactions are helpful. the president has a great deal of soft power. that is getting together with members of congress, going out to the districts. you can see the relationship he formed with chris christie and sharing the challenges the governor was facing. in the senate, a handful of votes can get you over 60 or not over 60. it can be critical. it's going to be tough in the house. the numbers are greater in the house. another, we have a larger click of hard core tea party members who really don't want to get together with the president or if they do, get together to rebuff him so they can go home and say basically, i put off the president. it's going to be a challenge. i think it's

joining me now from washington, california democratic congressman adam schiff. >> the nra remains publicly opposed to any new restrictions on firearms. the executive vice president friday, take a listen. >> they can call me crazy or anything else they want. but nra's nearly 5 million members, and american's 100 million gun owners will not back down, not ever. i promise you that. >> how much of a battle is it going to be to convince nra members and gun owners to toughen gun laws? >> with some of the gun laws, it's not difficult at all. those 5 million members he was talking about, they don't agree with him on universal background checks. certainly the 100 million or so that own guns in the united states don't agree. passage of the legislation that will cover private sales is broadly popular, and this more than any single measure could keep guns out of the hands of felons. so they're way out of step. the assault weapons ban, the ban on extended ammunition clips, those enjoy popular support. they are going to be tough. there is a lot of opposition, and that bill, s

and you do want to log into this one because peter schiff is ready to make a bold call on gold.goldfinger himself ready to throw in the towel? find out on futuresnow.cnbc.com. that's at 1:00 p.m. >>> thank you, jackie. see you at 1:00. where are you on gold? >> the biggest short is with the gold miners. >> i'm not surprised he said that. >> but gold miners are very different than gold. >> yes. >> what's the difference between the metal and the companies? >> in this case, first of all, to some degree, it does reflect my position in gold. >> in other words, the following price of gold, right, if you think that's going to continue, is that the reason then you're -- >> yes, gold couldn't be lower. we have done well over time buying gold and coins, but that's a different ball game. gold is definitely a downturn. >>> coming up, laszlo reveals another top pick of his and he'll say why this chart is worthy of his endorsement. >>> plus, nike is higher today but investors think it is time to get short. we'll be back in a couple minutes. [ kitt ] you know what's impressive? a talking car.

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. >> congressman schiff, thanks for stopping by. jim garrity says quote with st.hangovers and bracket fillings of march madness this isn't a productive day for our economy. with pantene. amazing pro-v formulas fight signs of damage for healthier, stronger, shinier hair. dare to take the pantene 5 signs challenge today. i took the dare. will you? pantene. daily moisture renewal. hair so healthy it shines. it fills you with energy... and it gives you what you are looking for to live a more natural life. in a convenient two bar pack. this is nature valley. nature at its most delicious. this is nature valley. vo: to the elegant trim es in each and every piece, bold will make your reality a dream. >>> developing now on msnbc, former secretary of state hillary clinton has formerly announced her support for same-sex marriage in an online video released just moments ago. clinton saying gays and lesbians deserve all rights of citizenship, including marriage. this announcement puts her in line with other potential 2016 presidential candidates including vice president biden

. >> well, representative adam schiff has introduced legislation which would undo the worst of this law. and it basically would say that negligence law, product liability law, these basic principles, will apply to gun companies. and that gun violence victims will have a right to their day in court, but to simply prove their case and say they're entitled to -- victims of newtown have a right to bring a case just like everyone else. that's very promising. it's very modest legislation. and i'm hopeful about it. i mean, it's got to get through the congress, obviously, but i am hopeful. >> talk about a special interest piece of legislation. your industry gets immunity from liability and nobody else does. it's just -- it's incredible this exists. jon lowy, director of the brady center for legal action, thanks for helping us understand this. appreciate your time. >> thanks, rachel. >>> it's friday. i promised mummies and mummies you shall have. please stay with us. iplets if by blessed you mean freaked out about money well we suddenly noticed that everything was getting more expensive so we sw

. >> well, representative adam schiff has introduced legislation which would undo the worst of this law basically would say that negligence law, product liability law, these basic principles, will apply to gun companies. and that gun violence victims will have a right to their day in court, but to simply prove their case and say they're entitle ed entitled to -- it's got to get through the congress, but i am hopeful. >> talk about a special interest piece of legislation. your industry gets immunity from liability and nobody else does. it's just -- it's incredible this exists. jon lowy, thanks for helping us understand this. appreciate your time. >> thanks, rachel. >>> it's friday. i promised mummies and mummies you shall have. please stay with us. otherworld. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ and you'll dump your old mop. but don't worry, he'l

only one answer to the debate, we will talk with adam schiff this hour. lori: we are talking about cyber threats. an inside look at how washington is prepared or not to handle the global threat. melissa: two years after japan's hiroshima disaster. why one is still bullish on the power source. in the meantime, it is time for stocks now as they do every 15 minutes. nicole petallides is standing by. it looks like we are on track with yet another record. nicole: i cannot believe it. even traders are left baffled as well. they are expecting some sort of pull back. the dow right now is up 15 points. it crossed over the unchanged line yesterday 57 times. talk about the market uncertainty. we are up about 400 points in the last eight trading days. we also continue to watch a winning day on wall street. this would be our seventh record close in a row consecutively. we cannot give you all green all the time. looking at some names coming under pressure. looking at verizon, in particular. also, we are looking at alcoa, procter and gamble, hewlett-packard and home dep

joining us to talk about it congressman randy forbes and congressman schiff.nd it you you voted yes on the budget control act which leads us to sequester. did you imagine you would get to this point and do you regret your vote? >> i never thought we would get to this point. hard to regret pause the alternative is default on the nation debt. i never thought that the trigger would get pulled and we would have the really stupid across-the-board and i hope that they will be short lived and that in the next few weeks we can resolve this and bring about a sensible balanced plan that will make further spending cuts but also raise additional revenues in a balanced way because this really cuts the good programs with the bad. it will cost us if it goes into effect for the full year 750,000 jobs and part of the problem with that is not only are 750,000 americans not going to be working but also not going to be paying tax revenue and that is not going to help with the deficit and debt problems. a foolish way to go about deficit reduction. >> shannon: congressman forbes yo

california congressman adam schiff is now saying this. it is going painfully slow.the access to all the people we would love to have access to in this investigation. right after these killing, president obama promised to find those who were guilty. listen. >> we will not waiver in our commitment to see that justice is done for this terrible act and make no mistake, justice will be done. martha: justice will be done and we will not waiver. it has been six months. i'm joined by former u.s. ambassador it u.n., john bolton, a fox news contributor. ambassador, good morning. >> good morning, martha. martha: i want to play a little bit of sound. condoleezza rice was on earlier this morning. she also responded to the length of time it is taking. john kerry said we're working on it. it is just taking time. here is what the former secretary of state said. >> on this question of bringing people to justice, there i would agree with secretary kerry it takes time. if the libyan government such as it is not really in the a position to investigate and bring people to justice, that

joining me now from washington is golden state congressman adam schiff who also sits on the house appropriationsngressman, good to see you. >> great to be with you. >> what do you make of speaker boehner's point there? >> well, the president did put something on the table, and, in fact, the senate did vote on a compromise, a balanced approach with new revenues as new cuts. got a majority of votes in the senate, but, of course, in the senate you need to overcome the filibuster which they couldn't do, but the president has proposed for months, for really probably years, a balanced approach that would combine spending cuts, that would combine reducing cuts in the entitlements along with new revenues and we've done some of that. 2-1 or 3-1 cuts in revenue but the cuts need to be meant with additional revenue and that's what the american people voted for but at this point the speaker has been unwilling and the majority of house republicans have been unwilling to do anything more than cut. it was a month or two to go that the sequester was to go into effect. this morning he really feels like the cuts

and richard schiff who is a wonderful actor who is doing a play. west wing.nie: in juno. >> in nurse betty. >> she's unrecognizable in a lot of things. >> stephanie: she's impossibly tall and thin and glamorous. >> nice. kind good, great friend. >> stephanie: she brought a giant jug of vodka to your house. she said i'll be back. >> good friend. >> stephanie: go ahead. >> i need that. >> hal: for the next spider-man you break up. you broke up with spido man. >> stephanie: special screening of chasing the hill. >> we're filming the final episode and also doing a special screening as part of the environmental film festival on saturday night in d.c. and you can get tickets through -- i think through the environmental film festival. >> stephanie: right. >> the reason we're doing this through the environmental film festival is because my character plays a green tech millionaire who's running for congress. >> stephanie: i see that here. an ambitious green energy millionaire. >> that was my idea to make her that because we were deciding on what her career would be. i