the f.c.c. doesn't have the authority then someone needs to be given more than that if they say it is now that authority then who does because the f.c.c. has an investigation the f.t.c. that investigation the department of justice did an investigation and they all came to the same conclusions i mean somebody out there's got to be able to actually hold google accountable well so i work for the f.c.c. for a year there in force and power is very limited it's and it's based on the subject and unfairness and so google didn't lie on its website about the wife i collection because it wasn't telling anyone that was doing the wife i collection and because google didn't use any of the data there's no risk of identity theft so the f.t.c. couldn't really do anything i think d.o.j. is by far the best agency but d.o.j. is also the agency that's like looking through over personal files with the assistance of the telcos i don't think d.o.j. is really going to go and want to set a precedent saying no you can't lo

the f.c.c. condition consolidated reporting act. if you look throughout the many different requirements the f.c.c. has, the number of reports -- this is -- this is a small stack of the reports that f.c.c. has been required to bring to congress just in the last two years. many of these reports not only place tremendous burden on the industry groups that have to provide this data but in many time, because of the way they're structured, by the time the report is issued, the data is outdated and doesn't look at any broad spectrum issues. they're mostly specific to an industry, a specific area of an industry, instead of looking at the entire marketplace. what we're doing with the f.c.c. con sol date ereporting act is actually bringing forward a measure that reduces the size of government, that actually reins in the heavy hand of government and takes eight different annual reports and consolidated them into one consolidated biannual report. you're taking eight reports that in many cases are outdate by

the f.c.c. needs to learn a simple lesson from this episode. the public's business ought to be public. and transparency brings accountability. eventually the truth will be known, so you might as well get it out there when the questions first come up. i initially placed my hold on the f.c.c. commissioner nominees because the f.c.c. had stonewalled a document request that i submitted on april 27 last year regarding their actions related to a company called lightsquared, and the hedge fund harbinger capital that owns lightsquared. before i wrote my letter on lightsquared, many concerns had already been raised regarding the company's plans for a terrestrial network and its potential to interfere with the global positioning system, or sometimes that's referred to as g.p.s. in my first letter i raised those concerns as well. unfortunately, the f.c.c. doesn't appear to have taken those concerns seriously, but months later, independent testing verified the danger lightsquared posed to industries from com

and the f.c.c. have all now decided that google did no evil maybe all hobnobbing here in washington is helping the tech giant out so joining me to discuss is declan mccullagh chief political correspondent for c.n.n. dot com thanks so much for joining us tonight and i guess for starters you know what's your take just on the f.c.c. decision here in terms of a twenty five thousand dollars fine saying that google didn't really help out with the investigation by finding if they didn't violate any laws that kind of a slap on the wrist. well see it's not even a slap on our wrist i mean twenty five thousand dollars of the f.c.c. thought get it google really did something wrong about twenty five million dollars find something to make them pay attention but sign five thousand is more is the f.t.c. saying we can't get away with anything more it's a weird outcome and i think the f.t.c. just trying to justify spending a lot of staff time on this so what do you think about this now unredacted version of f.a.c.s. r

under the f.c.c.'s proposed rules for reporting we would have known them as well who put the positions on. the dealer would have been registered and subject to business conduct standards and they would also operate under new rules for enhanced supervision. think there are a number of pieces that would be in place once all of the proposald to implement are completed. >> chairman, can you commit to us the f.c.c. will implement the last of your proposed to rules in the coming months and that you will prioritize within the f.c.c. the importance of enacting the final rules and a timely manners in >> absolutely mr. chairman we have the last piece of proposing rules and financial responsibility rules for swap dealers and major swap market participants. i hope we'll issue that. two there key pieces from f.c.c.'s perspective. one as i spoke about in my testimony the implementation plan we'll lay out in a policy statement our views on how the rules should be implemented and what the compliance time lines would l

thank you ok so professor black today we hear on the hill the f.c.c. and a c f t c top officials saying hey we learned about this j.p. morgan trade from press reports and then as far as the main regulator of the banks or one of them the o.c.c. they at first officials were coming out saying this trade would have been allowed under the volcker rule then a week later according to reports they disowned the opposition and said hey more information come out we don't know we take that back standing back and watching all this it sounds like they're either incompetent or complicit in your view and your experience which i think it is well it's far more complicity the federal reserve and the treasury and the office of the come through currency is a euro within treasury were two of the leading opponents of the volcker rule so treasury secretary geithner the boss of the boss of the o.c.c. hates the little rule them the fed hates the volcker rule and the reason of course is that both in and of the u.s. treasury and the federal reserve are so heavily aligned with the

the f.c.c. has proposed or adopted rules for over 3/4 of over 90 provisions in the act that mandate f.c.c. rule making. additionally it's finalized 14 of the more than 20 reports or studies that it directs us to complete and commission has proposed almost all the rules requireed by title seven. we're continuing to work diligently to have all the provisions and other rules we're charged and with the other domestic and foreign regulators. under the act. regulatory authority over swaps is divided. the law a zioned the f.c.c. the authority to regulate security based swaps while the c ftc primary authority is over the bulk of the derivative market. to rebuts transparency and similarly the and security based swaps to reduce counter party risk. they're also designed to enhance investor swap transactions and mitigating conflicts of interest. by promoting efficiency and stability this framework is intended to fast another more stable and conservative competitive market in the staffs of the cf tc and other

and the f.c.c. all come up with the same conclusion do we believe them. you know probably i mean you've had the world's governments looking at this for a period of many years and they've got three years and so if there were any there there we would have found out about it there's been something more than twenty five thousand dollars slap on the wrist if that fine i mean think of what actually happened during this this is why fi issue what happens if that is the streets you cars one around and there were capturing small snippets snippets of unencrypted why fight transmissions i mean is there any difference between you know that and you know you're walking down the street and when you're walking down saying apartment complex and you overhear what someone thing i mean you know i mean it's it's a little tacky but is that is that should be illegal should it be illegal probably not ok i'm curious though if you think that if we want to go back to the twenty five thousand dollar fine we've seen facebook before when they were again being investigated by the f.t.c.

or the f.c.c. or any want to even internally in these companies with these kind of stockholder proxy questions are really going to be able to reform that i think it's too late the monster is out of the cave and we're not going to be able to put it back. pleasure to have you on the show q that was christopher chambers a journalism professor at georgetown university. so i had an r t opening out village over book of secrets well senator marco rubio get the republican endorsement to become mitt romney's running mate and what will happen with the brass in the middle east rumor has it it's all been decided in a secret conference in virginia i'll bring you the details. next line of american power continues. things that are. might actually be time revolution. and it turns out that a killer drink a starbucks says a surprising him greta you. are is the state run english speaking russian channel it's kind of like. russia today has an extremely confrontational stance when it comes to us. we just put a picture

don't think they're going to able to prove their claims ok so this is in december so in january then the f.c.c. comes knocking on their door saying no we do think you did something wrong and we're probably going to sue you so i think it's definitely worse that he's the nun lying the fact that this is a serious serious problem and let's take a look at what happened after that december meeting so fifty four billion right we learned that fifty four billion has now turned into one hundred twenty million dollars that's what they disclosed in their ten q. they said we could be sued are we are being sued for one hundred twenty billion dollars in residential mortgage backed securities fraud in problems that's a big number i mean they don't have their big bank right but they don't have one hundred twenty billion dollars i think in capital newspaper that are right in my previous question i used the word culpable i meant to say egregious which is to use jamie diamond stearns which is the most egregious law breaking situation but now a merger this huge number of hundred twenty billion dollars now this is

always make money conservatives went nuts over even that limited scope of net neutrality proposed by the f.c.c. and republicans in congress voted to pass legislation to overturn not to draw any basic talking point on the right about is that the internet has worked just fine without government interference let me add the internet was created by the car for it was originally darpa so but only in any case it works just fine without government interference so why start interfering now take a listen. the internet works just fine the way it is it is one of the least regulated spheres in the planet it's by the way the only portion of the economy that's adding jobs where everybody else is shedding jobs or bouncing along the bottom and your it solution is let's treat it like we treat other industries and regulate the crap out of it and ruin it but now conservatives are lining up in support of drastic government involvement in the internet through. why because now the giant corporations see something that they can makes more money off of this book let's get more information which we can sell they didn't

or the f.c.c. or anyone to even internally in these companies with these kind of stockholder proxy questions are really going to be able to reform that i think it's too late the monsters out of the cave and we're not going to put it back. pleasure to have you on the show q that was christopher chambers journalism professor at georgetown university. well secretive and elite the ability of our group unites the world's most powerful people behind closed doors it's been happening for decades and this year it's happening in chantelle leverage india at the marriott hotel the secrecy surrounding the conference has sparked many theories as to what exactly goes on in the meetings some even believe it's a venue where the world's most rich and powerful conspire to carve out a new world order are to correspondent abbie martin was in chantelle and today she joined me in our at last hour to let us know what's happening outside of the builder of our conference i think the fuss is especially about this meeting it's

and one of the things the f.c.c. has considered in the past is whether or not folks who hold licenses have a candor. so much of this inquirery is forcing james murdoch and rupert murdoch to testify before inquireries in great britain, under oath, and the committees that parliament have found they simply lacked candor. that they have not been credible. so basically they're saying they've been lying. if you've been lying in great britain, the f.c.c. standard doesn't say you've have to have lied in america, you have to have candor overall. so i think if they're lying in great britain and not here at home i think it's a significant problem that the f.c.c. and congress should investigate. host: we touched on this earlier, one viewer saying -- guest: yes, that's exactly right, about the broadcast license. host: next is derek. derrick you with us? try it one more time. go onto lori joining us from missouri. go ahead please. caller: hi. it's kind of weird looking at you and i can see your lips moving -- host: there's a slight

the f.c.c. the federal communications commission voted friday to rid wire broadcasters to post information on an f.c.c. on line database about who bought or attempted to buy political ads and how much they paid for it always do policy doesn't ensure full transparency when it comes to independent political ads it is a step in the right direction right now thanks to citizens united secret donors are throwing millions of dollars in american politics destroying the power of we the people along with repealing citizens united we need to restore transparency to our government and this move by the f.c.c. is a good start. the bad fox news thursday and friday fox so-called news eerily promoted a new attack ad calling president obama a celebrity president and nothing new for fox news right now the ad was put out by american crossroads and super pac backed by karl rove who just so happens to be a political analyst who was paid by fox news now most networks would realise that this is a conflict of interest no

ethics group so the f.c.c. called on to revoke licenses in the wake of british parliamentary poor as phone hacking scandal widens abroad a washington based ethics watchdog is calling on federal regulators to revoke news corporation's twenty seven fox broadcast licenses in the wake of the highly critical report on phone hacking from the u.k. parliament the letter to the f.c.c. the federal communications commission argues that the final we poor of the u.k. commons culture media and sports committee which concluded that murdoch was not fit to run a major international corporation had implications for the u.s. regulators that they now had to act upon so here you have max across the board you know c.n.n. b.b.c. is not fit to report the financial news rupert murdoch is not fit to report the political news and tabloid news even so you know this is another problem with as we started with you know good morning vietnam this you know really landmark film of the eighty's and ninety's where it's the propaganda that they're p

the law by offering stock to more investors or clients than they were allowed to legally they got the f.c.c. to change the law and of course now the facebook offering was a huge debacle the insiders cashed in for billions but that's what reform means it means changing. the law to favor the crux we sought after the savings and loan crisis they changed the laws to favor the the crux and maybe you should have blown my dictionary seems i have trouble you know understanding the definition of words i mean he went to harvard so did mark zuckerberg i guess you could have or seems to be the pathway toward you know stealing from the peasants well let's look at some of the ninety nine percent of the non ruling elite and look how this propaganda has succeeded because they are using the very turds that the criminals at the top the wall street gangsters have have given to them to use so if you look at this video this is a group of people watching on timothy geithner's home in bethesda maryland here heads or maybe right here home even secretary kerry kerry a year ago our group of people met with him if he

now this is not the electronic frontier foundation has been looking into this and found that the f.c.c. the federal aviation administration has already approved twenty five universities to fly drones in its air space so something is going on here and we want to talk about just what that might be a means to plan of it as part of the national security council team at epic and is here with us now i mean from what i understand some of these universities have already purchased drones and it sounds to me that in many cases the u.s. military is footing the bill it is actually there are grants from the department of defense to the department of homeland security that are being used and being given not only to universities but to private companies and to law enforcement to encourage them and enable them to purchase drones that they might not have been able to afford on their own in order to experiment to see what they can do with them to provide surveillance and to look into their capabilities and hopefully in the future i think the goal is to get them to buy their own and to proliferate the sy

leverage in their institution whatever it is they put it is a man's that's what mary superior in the f.c.c. should've been focused on not oh gee surprise there's an egregious error there could be some problems here now so mary shapiro is an enabler she's an enabler and in the case of the alcoholic many times i'll hide bottles around the house in case they're get caught so they can get drunk whenever they want to so jamie's place in these bad bets is to rid of losses around the balance sheet of his bank and other banks you know comment briefly on the what we learned about the lehman brothers repro one hundred five scam because i think it relates to this to some degree if you recall viewers when it came time to report that of the quarter they simply took billions of dollars of debt and they parked it at another bank for a couple of days then the regulators left to go to some other bank they put it back on their balance sheet now doesn't are all banks doing this to one degree or another and isn't that the primary purpose of the global derivative slash shadow banking industry to hide accountab

collapse the executive dick fuld took seven hundred million dollars all that in a report that to the f.c.c. or any regulatory body they just. all the money so m.f. global j.p. morgan say well they're not going to prosecute lehman brothers so we'll just do the same thing with m.f. global it'll collapse but before that it collapses we're going to steal a quarter of a billion dollars because there's no laws against it because that there's legal yeah you cynical dance sad very sad ok stacy ever thanks so much for being on the kaiser report thank you max don't go away much more coming your way so stay right there. secret lover tour. was able to build the world's most sophisticated robot which doesn't sound anything. to teach creation why it should care about humans. this is why you should care only on the dot com. welcome back to the kaiser report i'm max kaiser time now to turn to chris whalen senior managing director of tangent capital chris whalen welcome to the kaiser report thank you max all right chris whalen what has the fed done to our economy well what have they done they're basically