protests were never about wall street. they were motivated to get out of the street because of the bank bailout in fact if you would get their literature that came out of. her libertarian think tanks that were poured into the three party movement it was all about the government was taking over the banks and so it was it was a very it's a private property that they were making they were really upset about the fact that some of the money they were upset about they thought it was a bad government takeover the banks they didn't see it as well actually what it really was was the wall street robbery of the record. but at this stage of the game the tea party candidates seem to be woefully disconnected from the realities on the ground in terms of the what we could be characterized as the political ads that they are now working for so is there anyone in the tea party movement has not been completely compromise is not completely corrupted if you have. i think was like mid two thousand and ten jon banquer was went up to wall street a

only fink is interviewed in this article for the wall street journal he's a hedge fund manager and a tory party treasurer and he says yes to the average man in the street they do look at a scene but they do an incredible amount of good didn't do any good if you're talking about five or ten million dollars in charity versus bankrupting the economy putting millions out of work people starving to death these are the charlatans that are destroying the economy they're not doing anything good in the wall street journal of course is the poster child is the rag it's murdoch's rag that he puts out there with these editorials that are concocted by a diseased mind of another oligarch so much murdoch and all of our telling is hedge fund oligarchs supporters that it's ok to starve kids around the world to have your swell little champagne parties you know this is pathetic in oh this is why marie antoinette ultimately ended up in a state not dissimilar to what we see right here with who is a schmuck oh this is frickin ben bernanke ok notice he's missing is body. thurman husband bought a hedge fund d

that is an attitude that is pervasive across wall street. there is not the sense of a larger right and wrong. i don't know how you fix that. the other issue to me is that this crisis, people want to phrase this as a crisis about home ownership. this was a crisis caused by putting people in homes they could not afford. it really was not. if you look at most subprime loans, their refusal people could do cash out refinancings of their homes. in other words, use their home like an atm card because people are not making enough money to support a lifestyle that they have gotten used to. that is a huge underlying problem. that is not a quick fix about america's home ownership policy. that is just a huge underlying problem. i am not sure what the fix is to that. >> he writes a little more about the banking industry. he called it an outrage. >> i think unfortunately that that is mostly true. i would give it a caveat by saying that some of the banks engaged in the foreclosure mess today are not those that were involved in peddling subprime mortgages.

but the republicans are very much anxious to do the bidding of wall street. the day after the elections last week, one of the first things they announced was their intention to roll back the volcker rule, the one thing in the dodd-frank rule that wall street guys told me was a good thing, the ban on proprietary trading. the first thing they decided to do was to roll back the volcker rule. that tells you about their priorities. i think a lot of ordinary tea parties that they elected these guys with a mandate to end bailouts and subsidies on wall street but one of the first things they did was reach out and do a favor for wall street. tavis: 30 seconds left, matt. you say, to my read, some of your harshest critique for alan greenspan. >> what i was trying to do is show this mentality, this incredible contradiction in greenspan's personality, because he ideology -- he publicly advocated the ideology that government should be no part of wall street but he created the mechanism that allowed wall street to continually bail themselves out. there's a contradiction be

there were different circumstances, but it comes down to the same phenomenon, and it comes from wall street. host: james on twitter says -- that is his opinion, but is there a discussion among the folks you talk to about a dichotomy between having a hard line between the alley on wall and needing to work with the industry? guest: he has had to walk a fine line. it has been the subject of internal debate in the administration, which i go into in my book. there is a key moment when obama is hemming and hawing about taking a tougher stance on these bankers, -- and the kind of goes back and forth. some days he is really frustrated with them, other days, tim geithner is saying that we need to get some of them under control. then you have paul volcker saying that we need to forbid them from doing this risky trading. obama is hemming and hawing, over this, over a year. this is just at the time when wall street is announcing new record bonuses. two years after the crisis, they are awarded themselves these bonuses. according to my records, obama is stunned by this behavior and is considering what pa

they never made the salaries that people on wall street did.so they were really kind of the little -- the little -- the little gremlins down in the basement making the -- making the gears work. but with the advent of this thing called structured finance, which is making securities out of -- out of mortgages, they became incredibly, even more powerful than they were, because the whole purpose of securitization was to take something that was risky, a subprime mortgage, and turn it into something that looked really safe. and in order to do that, you needed the stamp of approval of the credit agencies. and it was moody's and s&p and fitch who rated just mammoth portions of these mortgage- backed securities with a triple a rating. they handed them out like candy. so this once pristine, really highly cherished rating really became quite degraded over the years. >> you talk about a man named brian clarkson. >> yes. >> why? >> a lot of people -- in the end, changes in culture are often traced to one person and it never fails to be remarkable to me the

. >> i think it was ethically wrong of wall street to buy up mortgages, package them up and sell them off to investors saying they were doing due diligence saying they were investigating the mortgages that were as build when in truth they weren't. i think that's a problem. i think it was wrong of mortgage brokers to people to encourage people to lie on their applications so they could get mortgages. and i think it was questionable for regulators in d.c. to look the other way as they heard story after story in the mid-1990s that people were getting loans they couldn't pay back. >> and start with jimmy wells on the anniversary of wikipedia. >> we keep the servers running, communications legal. all the infrastructure. >> charlie: why did you do it that way? >> partly a product of history. where we came from in the early days. we're a child of the dot com crash. there was no investment money just a group of people on the internet trying to do something cool. lots of volunteers wanted to put it in the non-profit and make sense to me and proud of it as a non-profit i feel when people look b

of the last couple decades which is to let the rich do ever whatever they want to particularly wall street do whatever it wants to and they want to hit a wall to bail it out we've seen successive bailouts and you know the state bailout mantra have gotten very skilled of the routine i think this one was much bigger than anything they bargained for but you know if you go back to the origins of deposit insurance and such in the one nine hundred thirty s. it was intended to protect small depositors but that whole system which is intended to prevent a rerun of the one hundred thirty one ten thousand banks failed and drove the country into the much of the world into a decade long depression we were trying to get everything in policy to prevent that from happening again but the emphasis has moved from protecting depositors and actually preserving the system to preserving the wealth of the rich wall street it's just you know it's like good old days for wall street bonuses are almost as big as ever the stock market not doing so great but doing pretty well by market has been doing quite well the fed

wall street is always going to win no matter who wins you have a left wing group you can say that's jeff immelt of general electric and the n b c m s n b c and their group and they are pro obama as you can see every night with obama and people like this and then of course you've got rupert murdoch and the reactionaries and there you have fox news. whether at tea parties or rallies america's grassroots have deep roots in big corporations that house speaker nancy pelosi said the tea party's astroturf. meet the koch brothers oil magnates new york city ballet benefactors and the finance years of the tea party they've poured hundreds of millions of dollars into the right wing political infrastructure former president jimmy carter has no doubt about whose interests the tea party is really advocating for today a plan hatched by oligarchy and all industry primary they call brothers and others who want to avoid any sort of regulation of what they do so how do you get so many self-proclaimed. tea party patriots out in the streets for that god bless the united states of america and plenty of f

which is that during this period when we were sort of deferring to wall street and wall street's view of the economy, short term quarterly type gains over longer term strategic thinking, the phenomenon where by ceos of all of the major companies, fortune 500 companies became caught up in the idea that every time market capital and companies took a leap, they became obsessed with the stocks and options as the compensation packages. we were kind of ignoring who was happening to the job base. who was happening to our middle class. and it's not that free trade is bad. free trade is generally good. where there's nafta or the agreement with china. we weren't noticing that our middle class, industrial class was just being completely hollowed out. sustaining itself with the illusion of prosperity that was based on debt. taking on more and more debt. okay? and part of that was all of this debt that banks were issuing as part of the subprime phenomenon. and it was all tied in together. that's what's come crashing to earth. all of the sudden we realize my god. what happened to the american middl

, "the wall street journal report." now maria bartiromo. >> here is a look at what is making news as we head into a new week on wall street. with the roar of a camaro engine, gm ceo dan akerson rang the opening bell at the new york stock exchange this week, ushering in a new era for the auto company. general motors issuing shares to the public once again in the largest initial public offering on record. gm shares were priced at $33 apiece, and soared immediately after the bell. the company raised nearly $16 billion. through the sale the u.s. treasury, which is the largest stake holder in gm reduced its holding from 37% down from 66%.

, "the wall street journal report." now maria bartiromo. >> here is a look at what is making news as we head into a new week on wall street. painful solution and shared sacrifice. that's what a special bipartisan presidential commission on reducing the deficit is calling for in its preliminary report. among the proposals being offered to cut america's deficit, eliminate the tax deduction on mortgages greater than $500,000. raise the social security retirement age to 69. that by 2075. eliminate earmarks, and cut defense by $100 billion in 2015. the panel needs 14 of its 18 members to agree on the outline for the proposal to even reach congress. >>> the dow industrials broke a six-day winning streak on monday, was flat midweek and tumbled on thursday on disappointing earnings news. stocks fell again on friday. earnings news this week. cisco beat analysts' expectations but its outlook for future revenue looks weak. the stock got hammered on wednesday. it had its worst day in 16 years. media powerhouse disney fell short of

wiped out of course this is the new round of quantitative easing and this headline on this reads wall street's cash cow tow the fed reins money on corporations but leaves main street high and dry so of course this is part of that whole trickle down thing where all the fiscal policy and all the. any policy around the population the bottom ninety nine point nine percent is all very off stare and austerity measures inflicted upon them and the theory is that monetary policy will remain this free money down upon these bankers who will bless us with more loans since you know what we're talking about here with americans pushing the indigenous people into reservations with the manifest destiny then rolled across the plains of america now the walmart of korea indians the people who live at wal mart waiting for their food stamps coupons to renew it to stroke of midnight will be put on reservations and be you know basically put out there to die we saw this in the forty's when they open concentration camps the final solution to get rid of all these poor people that they've they've made poor this fascist m

as americans cast their votes in polling booths across the country, investors on wall street voted with their wallets, buying up stocks. susie, the major market indexes closed at six-month highs today. >> susie: tom, there's a lot of historical data suggesting the period after mid-term elections is positive for stocks, especially when it leads to political gridlock. >> tom: but there is some concern this year's election results might not lead to a windfall for investors. as we continue our coverage "midterm 2010: it's the economy," suzanne pratt gets wall street's take on today's election. >> reporter: in washington, it may be all about elephants and donkeys, but on wall street, there's only one beast that counts. and when it comes to mid-term elections, history shows bulls love gridlock. a scenario in which republicans gain control of at least one house of congress is widely expected. anticipation of that result is also partly responsible for the 11% rally in the dow since the end of august. strategist scott wren is looking for a sell-off if democrats take the house but not the senate.

wall street is reformed. that's why the leaders are trying to overturn the rule that is keep them and all addicted gamblers out of the casinos n. their case the risky deal that is served everyone so well in 2008. next, my special guest michael moore. a unique sea salt added to over 40 campbell's condensed soups. helps us reduce sodium, but not flavor. so do a few lifts. campbell's.® it's amazing what soup can do.™ tdd# 1-800-345-2550 if anything, it was a little too much. tdd# 1-800-345-2550 but the moment they had my money? nothing. tdd# 1-800-345-2550 no phone calls, no feedback, tdd# 1-800-345-2550 no "here's how your money's doing." tdd# 1-800-345-2550 i mean what about a little sign that you're still interested? tdd# 1-800-345-2550 come on, surprise me! tdd# 1-800-345-2550 [ male announcer ] a go-to person to help you get started. tdd# 1-800-345-2550 regular detailed analysis of your portfolio. tdd# 1-800-345-2550 for a whole lot of extras at no extra charge, tdd# 1-800-345-2550 talk to chuck. tdd# 1-800

wall street is reformed. that's why the leaders are trying to overturn the rule that is keep them and all addicted gamblers out of the casinos n. their case the risky deal that is served everyone so well in 2008. next, my special guest michael moore. >>> he's here on wall street's fight to regain the right to go to the casino and bet your job and the economy on a pair of threes, two face cards and the card with the rules for go fish on it. he also comments on the crack made in his autobiography and i think letterman said, i'll read it when he does. her bid for a house leadership role is under attack by fix news and rand paul's father. and the philosophical implications of news people making political contributions boiled down to 17 words by him. that includes a good joke, too. . and when it does, men with erectile dysfunction can be more confident in their ability to be ready with cialis for daily use. cialis for daily use is a clinically proven low-dose tablet you take every day, so you can be ready anytime

the entire episodes. >> why did wall street jump up on it? >> wall street is selfish. they don't care. >> you sound like imus. >> day-to-day wall street want to make money and green arrose. they don't care if ben barnes dutches money out of the helicopter. >> that is selfish . wouldn't they want more than a three percent surge in the ipo. >> it was supposed to be ipo 26. it might have closed in the same price and the incredible one-day debut in history. but they pushed it to the limit. >> it would be second in the history of the world. >> talk about the preferred shares. >> we add them up. it would be that. for the taxpayer and people to watch the show. to break even the stock has to get to $53. imagine if it gets there. chinese investors get ipo, they will be up 60 percent .... . >> and one of the individual folks, thoo is weird. >> you talk about middle eastern sovereign wealth funds. >> they were begging them to have it >> you remember the pork deal. >>> and then, of course, the california oil company six or seven years ago. this shopes how desperate we are. neverth