i know how everything works." >> we are occupy wall street! >> we are occupy wall street!he occupiers, they know that the result of this system is not working for them. that's enough. the system is a huge black box, and they are seeing the output of that black box. you know, a lot of them are college educated, they have enormous student loans, and they don't have a job. and that is the output-- them and all the people around them don't have jobs and are in huge debt. (protestors shouting) >> they don't have the power, in fact, to address the system and to question it. and i feel like the occupiers should be appreciated. that in spite of the fact that they don't understand it, they're willing to come out and say, "this isn't working. the system isn't working." >> occupy everything! >> occupy everything! (crowd cheering) >> narrator: in washington, other battles are being fought. on one side are the 12 federal agencies responsible for protecting the public interest. on the other, the bank lobby. ever since the passage of the dodd-frank financial reform act in 2010, the two g

it's christmastime on wall street.ingle bells" playing) by some measures, 2011 was a dismal year to be a banker. their stocks took a nose dive. but this season, new york banks set aside $20 billion in bonuses. since the crash of '08, banks have paid out more than $80 billion in bonuses. while officials in washington focus on rule-making, nothing seems to have really changed the culture of wall street... a culture some feel has simply lost its bearings. >> i think it's probably not an over-exaggeration to say wall street kind of lost its senses. >> narrator: john fullerton is a former banker who says it all began when banks started trading for their own gain and not

the senate race in massachusetts this year, it's wall street's favorite senator versus wall street's toughest critic. elizabeth warren joins us next. ahh, now that's a clean mouth. i wish i could keep it this way. [ dr. rahmany ] after a dental cleaning, plaque quickly starts to grow back. but new crest pro-health clinical plaque control reduces plaque and is clinically proven to help keep it from coming back. new crest pro-health clinical plaque control toothpaste. let's see what you got. rv -- covered. why would you pay for a hotel? i never do. motorcycles -- check. atv. i ride those. do you? no. boat. house. hello, dear. hello. hello. oh! check it -- [ loud r&b on car radio ] i'm going on break! the more you bundle, the more you save. now, that's progressive. >>> it's a stupid thing that we should never have done, but we're still going to earn a lot of money this quarter. it isn't like the company is jeopardized. we hurt ourselves and our creditability. >> jpmorgan chase jaime dimon talking his about company's massive, multibillion dollar trading loss last week. the reason he's sa

i would say the reaction wasn't great from wall street. but, you know, to the president's credit, that didn't stop him from laying out what he thought was going to be necessary. >> thank you. thank you. >> narrator: the campaign continued, but over the next few months the news didn't get any better. >> profits in the banking industry are plunging. >> the jobless rate in america has now soared to 6.1%. >> narrator: the markets were on the edge. >> the dow tumbled 240 points while the nasdaq sank 46. >> narrator: at the white house, president bush decided secretary paulson would handle the crisis. >> this is an extraordinary period for america's economy. presidentush, who's ithe final months of his presidency, was receptive to letting paulson decide the best way to fix the problem. in effect, he said to paulson, "i've got your back. i'm going to get you whatever you need. but you're the front-- you're the frontline general here." >> narrator: paulson hoped the failure of bear stearns was an isolated event. wall street was now on notice, and

the senate race in massachusetts this year, it's wall street's favorite senator versus wall street's toughest critic. elizabeth warren joins us next. havi ng a n irregular heartbeat havi called atrial fibrillation ng a puts you at 5 times greater risk of stroke. don't wait. go to afibstroke.com for a free discussion guide to help you talk to your doctor about reducing your risk. that's afibstroke.com. i bathed it in miracles. director: [ sighs ] cut! sorry to interrupt. when's the show? well, if we don't find an audience, all we'll ever do is rehearse. maybe you should try every door direct mail. just select the zip codes where you want your message to be seen. print it yourself or find a local partner. and you find the customers that matter most. brilliant! clifton, show us overjoyed. no! too much! jennessa? ahh! a round of applause! [ applause ] [ male announcer ] go online to reach every home, every address, every time with every door direct mail. ♪ power surge, let it blow your mind. [ male announcer ] for fruits, veggies and natural green tea energy... new v8 v-fusion plus energ

guide for wall street and the guide for wall street, he has not believed the extravagant claims of those those calling for reform, he embraces wall street, but tim geithner did not want fundamental reform. the white house has been unfairly attacked by wall street. but they've found other reservoirs of money. where have they gotten the money at the end of the day. >> all kinds of different industries are giving less. they have found others who would give more. hollywood is raising more money for the campaign. you've seen reports that george clooney is about to have a fundraiser that could raise as much as $15 million. i'm not sure what the single event record is. i vaguely recall that george bush set it in 2004. that's certainly a lot of money. i think that the gay community is really important on the fundraising side and activism side for the obama campaign. they're looking for that group of donors to step newspaper a big way. and then the text sector. i heard a joke that the facebook ipo is the best news for the obama campaign coffers in months. they really hope to tap into tech money i

has been coming out in the last couple weeks as the occupy wall street movement has tried to retake wallstreet they've been sleeping within their total legal parameter you know ten feet away from the entry of the doorway not blocking the entire sidewalk and yet the n.y.p.d. continues to make up laws randomly even though there's been legal observers telling them that they're within their rights so what do you think should happen i mean at this point they're pretty much making up different laws hour by hour it seems i mean well the thing about the new york police department that there are a disgrace that no one likes them so they're going to do whatever they want and is it gets more and more ridiculous the people you're going to imagine are going to get upset with that you know i've a lot of words exchanged and so if you still can you hear me ok there is a building you can me i'm assuming you must've heard what i said but anyway yeah you know i really get that i have some heated exchange here in new york city between law enforcement and protesters nothing too crazy but yes they are blockin

the senate race in massachusetts this year, it's wall street's favorite senator versus wall street's toughest critic. elizabeth warren joins us next. i went to a small high school. the teacher that comes to mind for me is my high school math teacher, dr. gilmore. i mean he could teach. he was there for us, even if we needed him in college. you could call him, you had his phone number. he was just focused on making sure we were gonna be successful. he would never give up on any of us. of how a shipping giant can befriend a forest may seem like the stuff of fairy tales. but if you take away the faces on the trees... take away the pixie dust. take away the singing animals, and the storybook narrator... [ man ] you're left with more electric trucks. more recycled shipping materials... and a growing number of lower emissions planes... which still makes for a pretty enchanted tale. ♪ la la la [ man ] whoops, forgot one... [ male announcer ] sustainable solutions. fedex. solutions that matter. >>> it's a stupid thing that we should never have done, but we're still going to earn a lot of mon

then we look into wall street's shadow market of credit default swaps. finally, a report on the perilous state of state finances. we begin with the foreclosure crisis. in the aftermath of the great recession, the huge number of foreclosed properties was a significant factor in weighing down the economy. many were stuck on the market for an unexpected reason: the banks couldn't find the ownership documents. as scott pelley first reported in april 2011, lenders wanting to evict people found that often, the legal documents behind the mortgages simply weren't there. caught in a jam of their own making, some companies appeared to have resorted to forgery to throw people down on their luck out of their homes. >> these folks on the street aren't homeless. they slept on the sidewalk because they want to keep their homes. facing foreclosure, they camped out to get in line to beg their bank for lower payments on their mortgage. so many in the country are desperate now that they have to meet in convention centers coast to coast. >> we understand people have been he

occupy wall street. i thought those were important things to take seriously, to get from a social movement, the we the people perspective on how change happened in washington and how it doesn't. in writing that, i have a lot of criticism of the president and of the white house in the book. and i talk about ways i think the president could have -- he's been tougher on wall street from the very beginning. better to do that, open the door for the tea party in dhaka bible street. the two big movements that challenged him in his presidency are in some ways the response to what was the perception of the tepid response from wall street's crimes and misdemeanors so to speak. >> host: let's go into what he could have done. what were some of the solutions proposed on wall street? >> guest: sure. well, i just think -- i'm not alone in this -- i think just getting them free money and hoping they would act better is kind of the way -- >> host: did he pnac some of that money? >> guest: a lot of the was paid back. but

overnight, no one was talking about inequality or really wall street's wall anymore. that was kind of off the table. they changed the conversation, even republicans talked about economic inequality. i think it was a good thing. more importantly, the super committee just disappeared #. i mean, it can change so much between august and october and by the time we got to november, nobodimented to do the things that were fashionable in august because of public opinion. deficits, cut, cut, cut, but what happens to america's jobs, and why is wall street getting away having done terrible stuff to the country and they got more bonuses, and other people have less money -- >> host: also deadlocked the entire time for the most part. >> guest: and the democrats that had been chasing that bunny for two years stopped chasing it, and part of the facing it is because occupy wall street and the entire discussion happening globally gave a lot of stress to the democrats. the president began to talk, he was probably talking in a more populist way, and he had more stake. washington, d.c. ch

or give a speech to wall street banks now despite all this is just one example we haven't seen people in the u.s. get angry to the extent that we've seen it in europe where they have a debt crisis that maybe you could argue has affected them a lot more close to their lives especially in a situation of greece where they've seen immense cuts to the public let's talk about it because right now eurozone leaders are meeting to talk about a lot of people are wondering if they're talking greek greece exit contingency plans or euro bonds we don't know but here to talk about what really is going on in europe as you see it is sees it as paul craig roberts economist and former assistant secretary of the u.s. treasury under reagan so kind of segue in from our last conversation dr roberts why do you think it is that we have not seen the kind of unrest in the united states that we have seen in europe in response to economic strife and turmoil. because the cost have not been pushed on to the american public. anywhere near the extent that they've been pushed on to the european public you see the bail

this is why we passed wall street reform. >> so the president there talking about why wall street reform was passed. however, democrats have gone on to look at this situation to call it the prime example for more regulation. but if dimon is the best out there, still is, as the president would like to say, this happened on his watch, couldn't the argument be made that jpmorgan is really the best example of the failure of the regulations of dodd-frank, a bill that you voted for? >> no, on the contrary, thomas. i think most people don't realize that the dodd-frank wall street reform legislation has not been fully implemented, not nearly. in fact the rules that are being developed by the department of the treasury and the fdic and the other relevant agencies are still being promulgated. not helped by the fact that the republicans have done everything they could to slow down and block president obama's nominees for the staff of the department of the treasury. so it's absolutely the example of why we need to make sure that the reforms that president obama championed and democrats in congress p

that's the beginning of the action in new york city by occupy wall street and already a major streetblocked off all of the traffic right here waiting to get through but they say that because about two hundred fifty people watching the street right now and only imagine i sit there like you get considering the fact that you have more people are expected to want to talk with you later on throughout the day challenging corporate personhood challenging the big body was ignited nine. thirty occupy it was. out. in the city i think it's really great to get everyone together in one place and see the potential that we as individual humans can have to create new systems by just coming together and making things happen with office workers looking down on them does. that the company inside. immigrant workers one of the major issues of maybe a sacred place one hundred one. where one of the. people. here everywhere getting ready. to have we do remember of course that ever since occupy wall street party member last year as many as twenty one hundred people have so far already been arrested something

the new wall street education plan which is simply the move taxpayer money away from taxpayers to wall street yeah it's like vouchers on steroids what role have whistleblowers played in revealing these practices by these companies huge role jones metafile university of phoenix was one of the organizations that were scamming students and they were taking their money and they'd allow a student to stay in college only is only as long as they could get those student loans after they found out that a lot of the times they would they would take that student to two or three years and then fail him out or move them through for some other reason they got the money from the student and business as usual what was so interesting about that about that case that particular case is we learned that what they're doing is setting up derivatives on wall street with these student loans tom just like they did to this sub prime mortgage scam they're setting up. rivet is where you have wall street trading in these student loans now the reason it's a little safer than subprime is because as student cannot dec

wall street is never going to really come around to that -- >> the reason wall street guys have suchn skin, i mean, the way it could have been. think about how it could have been. could have nationalized the banks, hauled people to court, put them in jail, they could have done a number of things. >> nationalize the banks. >> exactly. and now we have record profits on wall street and these people are doing very well. and, you know, yes, obama's a politician, he has bad rhetoric toward wall street. give me a break. come on. >> and i would -- they don't like it. >> they're supposed to be these powerful people. >> we have to go to break, but when we come back, we are going to keep michael scherer in that seat in washington, d.c., and going to talk about the fascinating and intriguing linore romney and mitt romney growing up, that's next. [ kate ] many women may not be properly absorbing the calcium they take because they don't take it with food. switch to citracal maximum plus d. it's the only calcium supplement that can be taken with or without food. that's why my doctor recommends citr

wall street is different. thir interest in that direct democracy and they don't want to participate in that way. maybe it meant they have less of an impact on long-term than anybody. the rest of us though who are not occupiers but are concerned about the 99% needed to find ways to fill in the gaps and that is where rebuildfun code treen.com. >> are you saying occupy wall street is run its course at this point? >> guest: there will be always a role for the direct democracy but they will continue to make contributions and who knows there is accretive but i knew they had already made it very clear that they don't want to register voters. there's an analogy you can make the student nonviolent coordinating committee occupied the lunch counters, the occupied the segregated buses. the district's between ashton kutcher and the u.s. also helped mr. sevi occupied a voting group. they van registration in the technician programs so they did the direct action which occupy wall street stun on the voter engagement. the occup

on main street that you know wall street is essentially stolen money from main street and that's really what's hobbling the economy here and that story had been told yet so we set out to do that on film. is a crazy story in and of itself because they were telling people we need ten billion to survive and twenty billion and one will be ok when all was said and done they had a six hundred billion dollars hole. hole goalies is to attempt to allow these banks to earn their way with time and with gifts from the federal reserve with quantitative easing and. and purchasing the bad assets allow them to earn their way down to solvent c. and it's not going with the problem this is of the people we're paying to the losses are coming from shareholders from the public it's like coming from the management of the banks only a few people knew it was going on and only those same few people were the ones who were collecting and to this day collect hundreds of millions and billions of dollars a year of personal compensation all of which i believe should be fought that increasingly in the u.s. they can cla

it is directed toward wall street but wall street's crimes around the world are not necessarily most egregious in new york area and the wall street area they are most apparent in countries like greece why this my question john why wouldn't a few thousand of the occupy folks simply go over to athens and set up camp in athens because that's the front of the global insurrection against the banker occupation is in athens right now why don't we see new yorkers an occupy people from around the america setting up shop in athens right now to fight the banking terrorist why doesn't that happen in your view john for the simple reason that i think occupy still trying to find its footing i mean they're still in process of debating and discussing what's gone on trying to figure out you know what the occupy movement really means i mean during the fall of two thousand and eleven it was directed to wall street and then winter came there was a lot of silence a lot of discussion and now it's come back in the movement seems to be if you can call it movement really yet. directed in a lot a lot of differ

is working for wall street. then their issue is he is not working for them enough. >> yeah, that's the point well-taken. but if you are somebody who is the nominee of your party in this case let's take obama, he has to go to wall street because he has to go to the money. and it goes back to the argument that cenk uygur you have been making for years and years and years about politics. you go to the money. and if you are not going to be out there pounding it away they have to change these rules, then that's -- that's the playing field. >> yeah, i -- i hear ya on that except i would like him to win and then do something. >> yeah. that's true. >> in fact matt you found this quote from barney frank that i thought was really interesting about tarp that at some point obama had a choice to make that hank paulson had agreed to fake some of the money and give it to the homeowners. let me give you the quote: so what you do unterp ret that as, matt? >> i don't think obama hasn't done much. i think he has done an enormous a

these are your headlines for may eleventh two thousand and twelve after hearing about his action on wall street since april we have finally seen this animal rear its head and tail take a look. at the london whale capsizes the j.p. morgan see i ope profit boat jamie dimon announces a two billion dollar trading loss saying more could be on the way saying big mistakes were made but hey this doesn't make the case for more regulation or for the volcker rule we'll talk about why this is exhibit a for why the volcker rule is needed that said we'll ask if the rule in its current form would have even stopped the london whale market places heidi moore joins us plus we will look at how the federal reserve may be in a blink and incentivizing this kind of risky behavior in too big to fail firms also president obama's mortgage financial fraud task force was touted in his state of the union address but some allege it's been starved of staffing and momentum since then some members of occupy wall street have offered to help but they haven't necessarily been well received we'll talk to two of them let's get to t

i call it the authentic wall street gibberish. and if you're not clued in, it can sound like the pros are speaking an entirely different language. you got to remember that there is an entire industry of people who want you happily convinced that investing frankly is too hard. head scratch, just head scratch. that ordinary people like you and me can't do it, and the safest thing is to give your money to a pro. now, maybe that is the right thing to do for some of you, particularly the time constrain. but if you put in the effort, ultimate would be if you could put in one hour of home work per week of stock, then at least i know you can beat these professionals. the fact of the matter is many of the pros are after your fees, more interested in taking your money than making you money. and that often means keeping you a little bit ignorant about the market so that you'll stay in your stock chains. i like to compare them to the the wizard of oz. they don't want you peeking at the man behind the curtain. they don't want you to understand

he takes millions and millions of dollars from wall street.s done over the last 3 1/2 years with a republican senate -- levin had control of the senate on this issue. and they had had a democratic control of the house. so they had the democrats in control of the house, the democrats in control of the senate, they had the president in the white house, and they didn't control any of these things. so they've made things worse. >> chairman priebus, a lot to talk to you about as this campaign goes on. we certainly hope to have you back. >> and happy mother's day to my wife. >> well done. >>> all right. coming up here, the vice president certainly put the gay marriage debate on the map. on this program and for the week, the president came out with his support. the big question, as we've been talking about here, what has actually changed? what will the impact be on the fall campaign? our roundtable will take on the question. the former mayor of san francisco, now lieutenant governor of california, gavin francisco, now lieutenant gover[ male announcer

wall street speculators are driving up the price in the pump. ng street and wall street speculators . and it is it a month ago when the pain in the pump would keep . gas prices are falling a dime since the middle of april. it is sinister when the prices are going up. and >> no, people talk about speculators and they look stupid because the prices are going down and you might think anybody will disagree with me on people are investing the in the commodity futures and will add some the commodity. natural gas prices are a decade low. - i think it is strictly political or the people don't understand. i agree with dagen completely. and speculation is good and add totz liquidity in the market. >> and so adam you hang around with me long enough i will rub off. >> i am trying. obviously there is a difference between peckalator and a gammler. people who are speculating are not speculating on oil anyway. they are not speculating on oil. what they are doing they are making a good bet that the fiscal policy in the country will continue to crush the dollar an

instead of occupy wall street, let's change it a bit to we own wall street. and we do.trol the companies that we want to influence. with ownership comes the right and, indeed, the obligation to get the company's we own to do the right thing. what do i mean we own them? the shares that actually control the major banks, manufacturers retail giants, all the big publicly traded companies are held by the big pools of capital, mutual funds, public and private pension funds, endowments to big universities including the public ones. we own those pools of capital. it's our money. your 401k money, your pension being managed by the pension managers. public money managed at an endowment. those shares are owned by us. we should control board selection, control compensation and control decisions about political contributions. how to do this? it's pretty easy. look at the citibank vote. all we need is a few courageous state or city controllers to start using their control of shares to vote the right way. here's the first easy step we should take as shareholders. ask and then demand th

chairman and ceo, jamie dimon, very powerful figure on wall street and beyond. often outspoken, no stranger to washington. he made the announcement about that loss on thursday afternoon, and after the markets closed on friday, he sat down with me in new york. a few weeks ago, you dismissed all of this as a, quote, tempest in a teapot. you've changed your view about this. how much worse will this get? >> first of all, i was dead wrong when i said that. i obviously didn't know, because i never would have said that. and one of the reasons it became public because we wanted to say, you know what, we told you something that was completely wrong a mere four weeks and we took a $2 billion loss and we made it clear it could get worse before it could get better. it could be volatile by $1 billion, possibly. i do want to put it in perspective. the company is going to earn a lot of money this quarter. so it's a very strong company. we made a terrible, egregious mistake, and almost no excuse for it. >> so how did this happen? there were reports about questions that were bei