failure to cut america's own deficit and will take a look at crony capitalism then and now during the financial crisis how did hank paulson then u.s. treasury secretary get away with warning hedge fund managers about a possible takeover of fannie mae and freddie mac. months in advance while telling the u.s. senate that intervention was probably not in the cards and now how did john for a sign of m.f. global get away with betting almost twice the amount of european sovereign debt that he disclosed to investors also take a look at how too big to fail has become even too much bigger to fail take a look at this football field of dollars ok that's what a trillion dollars of cash looks like imagine seven hundred of them and that is the amount of derivatives floating around the financial system now this is the most reported ever to see this as a sop skyscraper take a look at that building and multiply that by seven ok that's what seven hundred trillion dollars looks like now imagine that that skyscraper actually all seven of them come tumbling down. we'll talk about the damage that could cause let's g

the new world order. you're watching on t.v. now i made europe and america's financial woes investors making a shop out to the east where china keeps on rising in the ranks of the global economic stage beijing's might however is not being met with enthusiasm in the united states. assesses the out a chance. we shall not what you always were tell me a moment maybe we can be so nice but what. she's waiting. while i succumb to the boss and. she ends up going to get warm and go. change the future you have to yikes ok let's just get right down to it shall we should we be afraid of china. well what other place in washington d.c. is chinatown to find out i don't think we have to be afraid of china but i do think that we should be concerned well concerned might be the right word for it and angelina isn't the only one a much twenty levin b.b.c. poll shows that many in the west aren't exactly thrilled about china gaining more economic steam in the span of just five years negative attitudes towards china have skyrocketed with france germany italy the u.k. and the u.s. on unhappy at

is unique in the global financial system. it's at the center of the financial system. in the current environment, the u.s. dollar is the first and the last currency for safe havens. >> reporter: the goal of the coordinated intervention is to try to prevent another global credit crisis. investors worldwide are worried about the possibility that some european nations might default on their debts, causing serious shocks to the global economy. the move comes on the same day that china cut reserve requirements for its commercial banks. that move is also designed to encourage lending and help the chinese economy, which has slowed recently. improving access to money helped shore up investor confidence today, but economist drew matus says the bigger worry is whether greece and other european nations will get a handle on their debts. >> i think what the fed does is buy a little more time, and it seems to be what everyone is in the game of doing lately is buying more time, so it's a net positive for the global economy, but it's not going to be a game changer. >> reporter: central

an extra message to the european countries to try to find to step up their attempts to improve the financial situation so this is an extra message important message that we're expecting to hear a lot of about here on the ground in the next few days to come even though the top topic and the substance of the effect summit is usually traditionally economic issues certainly political issues are surfacing we've been hearing because of the situation in syria where anti-government clashes have been really attracting so many headlines that we have heard from u.s. secretary of state hillary clinton saying that the united states believes that the syrian president should step down regarding syria we discuss the ongoing and escalating violence perpetrated by the assad government against its own people our position is clear we are supporting peaceful transition assad has lost his legitimacy to rule and he should step down well russia on the other hand believes that it's important to take for negotiations to take place and it says that it intends to help and kick starting those talks inside syria the russ

terrorists the agent of best financial terrorism george osborne what are the people to do with it that's up to you what are you going to ask learnt are you looking over your shoulder do you feel comfortable walking other straights . he might be excited because he seems to be a bit of a submissive and we know this from his history because of course a headline from a few weeks ago was phone hacking and it colson helped spin story of george osborne and dominate tricks so apparently george osborne had been involved with some drug taking dominate tricks through the news of the murdoch press broke a story that osborne was caught in and out of them. he claims. all of submissive that means that the prostitute that he hired spits in his face and slaps him around like a little ph as they say down in the hip hop scene and he loves it he loves to be that's his joy. it could explain why many people say that bankers are the ones responsible for installing leaders but then hand over all the assets of the nation to us so it makes sense th

the deal settles allegations it charged u.s. investors for financial advisory services they never received. morgan stanley neither admitted nor denied the charges. also pressuring financials was derivatives exchange c.m.e. group. the stock fell below its october low, down 6% to a three-month low on heavy volume. the exchange is among the regulators wrapped up in the implosion of brokerage firm m.f. global and its missing client money. while the c.m.e. has offered $300 million of its own money to help, former m.f. global customers have complained the c.m.e. has been slow to respond. the leading losers on the dow were banks too. bank of america fell back below $6 per share. we'll have more on b. of a. coming up in our "street critique," and j.p. morgan fell more than 3.5%. we mentioned at the beginning of the program the jump in oil prices as new supplies are expected at refiners along the gulf coast. that could mean a drop in refinery margins, sending those stocks lower. marathon petroleum, tesoro and valero each fall by at least 9%. a week before the h

one example in russia is the creation of international financial. the mosque or some people believe that that's just the plain crease and. it is you know for banks and other financial institutions to florida but. if you. build all financial center in such a way then people. go into occupy the financial center rose and wall street should be our financial center in such a way that it will help people to get. services cheaper services. to her for a more convenient life in general. as far as a tax and financial transaction is concerned i think current congress can decide on their own with introduce such a tax or not you believe that russia would go for. enough taxes for all kinds of texas and those stocks are sufficient to finance oh all social programs if collected properly and used properly so we don't need to know other tax . in in russia we believe that this tax will hurt the economy but in some other countries so it would be and believes that this kind of test might be useful why not are going to focus russia's g twenty share by an aide to the russi

and political system ever since the credit crunch significantly undermined the global financial architecture the entire western paradigm which has for a long time assumed as one of its basic tenets the synergy between democracy and capitalism is now being seriously questioned the global occupy wall street movement is just one example of this. solution member the promise of representative elections and the free market system which distinguish between elected officials. acknowledge concentration never was easy to distinguish this is not true of the. rich and little it's a very widespread sense that everything is going to the closing credits which to me is just not for me. there's also ample evidence that capitalism is facing its greatest challenge since the great depression of the one nine hundred thirty s. unlike other economic downturn and since then today western capitalism has seen the financial sector of the economy rebound even flourish without meaningful economic growth and jobs generation this has been for mentoring a sentiment that elected officials are acting league with

part of the contract is to provide financial the education. certainly it should also be transparent with what they are charging and when that contract comes up for review that is an opportunity for the services to decide if they are treating their customers right. i will say that we're we are taking a look at the issue of what are the special products that the financial institutions are providing for service members for the federal register notice end, and about a month and a half ago asking for input from an across the field saying let us know what you are doing and we are going to have a forum next month where we discuss both of the issues and some of the things being done that are on the positive side, and hopefully that will serve to put the word out about what's being done on wiltz commendable and what are the issues that need to be addressed and we look forward to the cross pollination if you will. i hope we will look back at that and say what can our institution whose line pleased about that. >> there is a credit union that operates on

right now more than it was it for you on the streets of los angeles is the financial district we can hear the chants of occupy us say that from the east coast to here in los angeles we have seen signs of these demonstrations in solidarity with the occupy wall street and here the great symbolism people. are asking for the chance of homelessness lasting for student debt forgiveness all of this to show support for those who have been arrested at occupy the stations throughout the country. now here the occupy movement along with several worker unions have shut down streets of downtown los angeles right next to the financial institutions which many say are to blame for the economic crisis that we're in right now if you look behind me now there are dozens and dozens of police officers ready to take people into custody some of them in right here there are lines in lines of police cars including a bus ready to take any sort of demonstrator into custody now the presence here among the protesters has been very heavy a judge down several streets downtown los angeles the financial district many p

activity all over the west, uncertainty over financial regulation; the dodd frank law going into effect in america, other global regulations affecting wall street. >> reporter: clearly trouble on wall street means trouble for cities like new york. it's estimated that every job lost on wall street leads to an additional two other jobs lost elsewhere in the economy. true, only about one out of every ten jobs in new york city is in the financial sector. but these workers pay as much as 20% of the city's personal income taxes. it's not just the big apple that will be affected. >> there are other areas in the united states that will also be hit: san francisco, one large area that's also in the financial sector. chicago. even phoenix, arizona also has a large financial make-up in terms of the employees that work there. >> reporter: wall street has always had its ups and downs. unfortunately, many analysts think this is more than just a normal, cyclical downturn. to some, the situation seems worse than aftermath of the financial crisis in 2008. >> it's even more worrisome

they didn't create the financial crisis. and then i'd argue that if the had been in place, we might have prevented the financial crisis. i think for the hard work you're doing and i appreciate your testimony today and hard work. i yield back. >> i'd also like to thank you mr. date for george informed testimony today. obviously you know your stuff so to stay and i want to thank mrs. petraeus for joining us today and for what she's doing to benefit the forces and i do think that you targeted in our legislation targeted to be extremely -- >> all i applaud the statement but may i be recognized for two seconds on holly petraeus? we agree everyone says congress doesn't agree we agree on the work they're doing to protect the men and women in the service and i request a hearing on what we are doing in this particular area, stories of what this agency has done to protect the homes of the men and women in the military. this is something that is worth exploring more. maybe there's more support we should give her and her efforts >> that

company off from the financial grid so they really it's something back in the pentagon papers they could have done because the system wasn't designed as such but these. operations out can push a button and excommunicate and it's iraq as asian has not been charged with anything they just decided other corporate basis it's convenient for them to get rid of them it's the government that's pressuring these institutions to do that so they're doing the bidding of the government already travelodge of the government of corporations mike i mean i don't ok so here i said it's not the one i'm into saying so this committee corporation's visa master card act the people supplying the predatory lending into the system they're controlling the outcome of what happens on on the policy initiatives in washington that's all government does the representative government doesn't mean they're standing for the rights of the people you know that i know that everyone knows that's a farce it's corporatism totally and it's worldwide i don't know max if you

but the european financial thousands of miles away. the proceedings. focused on the pacific wide free trade zone but. its implications. reports. basically even though the primary primary goals of the apec summit are improving the trade relationship and economic relationship all the countries that make up the asia pacific because of the extent of the european financial crisis this is certainly a headache that's looming over leaders having gathered here and many are seeing this as sort of a continuation of the g twenty summit without the participation of the european states we are expecting the leaders gathered for the apec summit to send another push to send an extra message to the european countries to try to find to step up their attempts to improve the financial situation so this is an extra message important message that we're expecting to hear a lot of about here on the ground in the next few days to come even though the top of the topic and the substance of the effect summit is usually traditionally economic issues certainly political issues are s

the european financial stability fund was created do you plan to use this european stability fund to to somehow reduce the coast cost of the other bailout well the first thing is that the programs that are under. with the i.m.f. and the european union and the european central bank we're working the program we're meeting all of the targets initials this year the first two quarters of this year arlen has returned to economic growth for the first time in three years so we are working our way out of the economic crisis number of decisions have been made at european union level this year including the establishment of the. south and various flexible mechanisms which are within that which we feel will work to our benefit and will work to reduce the overall level of debt that are in the states. the crisis last year it was blamed on the irresponsible banks the competent economic governance this resulted on the record figures that the labor party garden and the recent elections how much did your government improve the situation well what would you for example answer to the left wing critics wh

we will also learn about the important role financial readiness plays, and we will look at the tools and protections available to help military consumers navigate their complex consumer financial market place. it is important to remember our military consumers differ from the average consumer. this population is predominantly young and are in the military without financial education. the military lifestyle where there's relocations, finding new employment, and families sell their homes if they are chosen to live off base. their mobile lifestyle also means they need banking services that are accessible throughout the country in the world. when a service member deploys, he or she must be certain families have appropriate access to handle bills and financial needs. it was with those needs in mind that congress created the office of service member affairs at the consumer financial protection bureau, and i'm pleased to welcome the first head of the office, assistant director holly petraeus. as a military daughter, wife, and mother, she is very qualified to lead this office that will educat

help stabilize the financial system. our economy has been growing adding jobs for more than two years now. for a lot of people i know, it does not feel like the recession never ended. the unemployment rate remains fairly high. more than two fifths of the unemployed have been out of work for six months or no. these problems are very serious. we have been focusing on supporting job creation. supporting job creation is half of our marching orders. in the language of the law that sets the mandate for monetary policy. the federal reserve is to seek maximum employment and crisis stability. we pursue these two important goals by influencing the level of interest rates and other financial conditions. my colleagues and i on the federal reserve committee equipped price stability with inflation being asked supersensory bit less. that rate is low enough that people can make financial decisions without having to worry about rising costs but high enough to keep the economy away from the flushing, falling which is of course his pride th

the u.n. security council. next hour financial guru max kaiser along with his co-host days in her to reveal the dirty secrets of the financial world discussing the debt crisis. max kaiser this is the kaiser report they wanted well. we gave them more savers versus speculators so over liberation army we've got a major scalp we've got cameron and osborne all the run they are headed out the door yes so he tells more max keiser u.k. trade deficit hits record high surgeon in ports deals bloated government hopes for export led recovery max keiser i credit you with blowing their hopes away according to the article the widening in the deficit followed a three point eight percent jump in imports driven by higher imports of chemicals oil and silver. that's correct all you you cave followers out there you've been buying silver that's right so has been massively flooding into the u.k. causing this massive trade imbalance completely destroying osborne's attempt to stimulate economy using banking tricks and by appeasing the banking terrorists th

he's out with a new book about the financial crisis in europe and the struggling economy here in the u.s. the latest from michael lewis is called "boomerang." and stockard channing is here headlining a production of "other desert cities" opening on broadway in november. michael lewis and actress stockard channing coming up right now. >> every community has a martin luther king boulevard. it's the cornerstone we all know. it's not just a street or boulevard, but a place where wal-mart stands together with mur better. >> nationwide insurance supports tavis smiley, with every question and every answer, nationwide is proud to join fivis in working to improve ncnal literacync and remove obstacles to economic empowerment one at a time. >> and to contributions to your pbs station from viewers like you. thank you. tavis: michael lewis is a perennial best-selling author whose previous books include ""moneyball," "blind side" and "the big short." the satellite called boomerang. let me start with the news of days ago, miracle and sarkozy of germany and france respectively have said by the end o

the no holds barred look at the global financial headlines kaiser report. welcome back to. you know i've been just to remind you that my guest today on the show is the deputy prime minister and foreign minister of the republic of ireland. when the eurozone it was seen as a guarantee for prosperity for economic prosperity for years to come well now that he has experienced serious problems and is actually facing crisis what's your what's your opinion the year the the irish. entry into the unions and didn't do more good all more bad for the republic i believe it's really i think first of all you have to acknowledge the us economy grew very significantly during its period in the euro yes it is. an economic setback about three years ago but we are no coming through and coming. there are difficulties in the euro sold everybody knows us the european leadership is working to deal with those difficulties and i believe. with those difficulties success successfully if you look at the number of decisions been made this year too. supports the euro and to support the eurozone the establis

but on the eve of this event ireland is facing pretty serious economic and financial problems well as well as many other european countries and members of the euro zone president medvedev the russian president when he was present at the g twenty summit in france said russia is ready to help its european neighbors so what kind of help is russia ready to provide to islands let's ask the deputy prime minister and the foreign minister of ireland the men gathered. as the european debt crisis spirals even further all the economists worry about the future all the euro if greece defaults and then leaves the currency island and all the weaker economies may be forced to do the same the region stronger nations have graded and almost half a trillion euro bailout fund but that's still not enough to boost it further the europeans are seeking support in the east particularly from china but they also want russia to help it's a request officials in moscow believes both innocent konami and political interests to meet. over welcome to the show thank you very much for being with us pleasure to be with yo

. >> susie: let's start talking aboutity lee, how blad is the financial situation there? >> the markets are very concerned that italy has a large amount of debt to roll over in the next three years. something on the order of a trillion dollars. and so the worry is that as the i it willian financial system begins to feel more stress in the italian economy continues to contract, it will be harder and harder to roll that debt over. and that's very meaningful for banking, the banking system around the world, particularly in europe, france, germany and the u.k. especially. so there is a little bit of a domino affect here where if italy begins to feel real stress the rest of the financial system will feel even more. >> susie: a lot of investors today are hoping or counting on italian prime minister burr lus cone to step down. is it a foregone conclusion that a change in government in italy would be better, a good thing. >> well, i think it would be a good thing in the near term because it would indicate some level of interest and change, change in the political system, changing

institutions are in moscow discussing the main challenges facing the global financial system and meeting has paid to spare banks hundred and seventy fifth anniversary correspondent i mean a closer i have to tell hugh the experts here today couldn't help but address the financial turmoil in europe and how it might effect the loss of the head of scourge banks and i think the stance over the adequacy all the policy of the people regulators saying that they're seriously yes but then the financial sector by making european banks are right and that's why increasing capital requirements and that's what we've spoken to the so-called dr doom all the global economy masoud rule would be to set up the situation the euro zone could have a serious impact on russia if this equation were they call a result of the lead in more eurozone has both of them solved the faults on the other dads or even restructuring or the faults of banking and the spiritual companies on the other one or more boomers are the especially the large ones papers of the eurozone that childhood could be much larger than th

the capital. country's financial heartland of frankfurt. to join the demonstration so you could draw attention to rampant corporate greed. the increasing poverty of the masses by the german occupy movement has also made significant steps in legitimizing itself the support of two major political factions and we spoke to one of the organizers of the. bank who believes if democracy is to survive in germany now is the time to make a stand. we have a. problem in the financial sector which is absolutely dilute deregulated and we need further relation in order to make this sector compatible. societies i don't. always see such measures the enlargement. we saw a couple of weeks ago here in the german parliament pushed. day. necessary in two thousand and eight. but they were without conditions and we need clear conditions for those bangs. so and that hasn't happened in germany that's what we criticize or make a clear sign that democratic societies can no longer tolerate systemically relevant. societies and as the euro crisis continues to chip away at

live from the international financial conference and moscow. now russia hopes to improve ties with its asian partners as it attends the nineteenth annual asian pacific economic cooperation summit presidential aides are cutting for coverage all klein's the key issues for russia. they would like to see an interest in the integrate integration projects in the. countries participating more actively in this customs union. just consider. it a good compliment to the efforts all undertaken to preserve for global economies to be rich in the global economy. also would like to put forth our upcoming could for next year expect me to get. in with us talk. into our interests the primary care. trust potential just for systems since the asian pacific region. liberalization investments in the region food security of the musician. all just including issues city lakes international property rights . ok that's it for now but don't forget you can always find lost or if you log onto our web site. write to clean. morning. one. more than sixty square kilometers of the

institutions are in moscow discussing the main challenges facing the global financial system and meeting is pegged to spare banks hundred and seventy fifth anniversary correspondent learning a cause for i have the details here the experts here today couldn't help but address the financial turmoil in europe and how it might affect russia the head of sperm banks said that he has downs over the adequacy all the policy of libyan regulators saying that they're seriously affecting the financial sector by making european banks survive of debts while increasing capital requirements and expected leave spoken to the so-called dr doom all of the global economy masoe in the world would be to set up the situation the euro zone could have a serious impact on russia if the situation where that we call a result of the lead in more eurozone countries both of them solve the faults and all the dads or even others that are sure that all the faults on the banking that the spiritual or the companies or the where one or more members of the other special the larger ones exit the euro zone that could

or all the financial resources we. need in the european package and why the international mind that front mr whitely c'mon soft money that could be used in different way or other rights are we ready to lend financial support to the european union like china for instance we were looking to provide can you direct financial support for what would you were quote but we were of international monetary fund if we are requested to provide for their crimes will support a real considerable i've been through the most efficient waste of your articles what about the climb trees a lot of people the cup to them as like the last drop of hope what should they do to maintain global financial stability all the greek contras on on trying the war on provide for highest growth rates possible current circumstances and for achieving cry growth rates. or is there global financial stability with chinese group or brazil with russia. and those. polled think that important for global economy right now and throughout the show. because gunther so you

2008 financial crisis... settle down. the 2008 financial crisis that so horrified corzine was caused by risky bets on bad debt. i can only imagine that what caused corzine's company to collapse in 2011 was the great integrity with which he conducted his business. which was anathema to the casino-like atmosphere on wall street and the fat cats who resented corzine's surplus of wisdom. cue what happened. >> the company at his behest made big bets on european bonds, european debt. you can see what's happening in europe. >> $6.3 billion was invested in the debt of italy, spain, portugal, and ireland. all countries now considered in severe economic trouble. (laughter) you bet it all on risky european debt, and you lost. (laughter) surprise. it's like playing roulette and putting all your money on purple. (laughter) all right, let's calm down here. let's calm down. let's calm down. sometimes risk risky bets pay off. you know, people take chances to move capital. the issue, corzine had with financial companies like lehman and bear s

institutions are an oscar mayer discussing the main challenges facing the global financial system i mean is pegged to banks one hundred seventieth anniversary the customer has all the details. the x. was here today i couldn't help but trust the financial turmoil in europe and how it might effect the loss of the head all sperm banks and thank you the stance over the adequacy of the policy of the regulators saying that there is seriously affect in the financial sector by making european banks survival that's what increasing capital requirements and that's what it's called into the so-called dr doom old lead local economy masoud rule would be nice i've got the situation that you know someone could have a serious impact on russia if the situation were that we call the result of the early in more eurozone countries both of them solve the faults on top of the dads or even restructuring or the faults of banking that disappears with the companies or there were one or more vendors of the year with all the special the large ones i guess of the eurozone that trial could be much larger

parliament approved a vast new austerity package and the move will steer the country away from the financial abyss it's been circling passing the tough cuts was a precondition under which prime minister silvio berlusconi agreed to step. tremaine vacant for long with veteran euro credit mario monti looking set to take the baton from skokie the public reaction so far as being mixed with some celebrating but it's going to. a wary the future of our correspondent in italy sara for the details and we can cross to have live now. now that the vote has gone through in the measures have been passed what comes next they're. pretty much expected. to. head and it's expected i mean it's just as any it's not getting to me. when it. really is getting what at the end of it going to here in the country. and what many people have. and of course. the people did speaking to god. if we can we well i think the thing the they can say pretty quickly because the league i. mean the. week that they're going to be able to get a handle on the quite what we've been. speaking to some people who. really don't want to be a b