and that's what protects the privilege status of wall street and that's why wall street's interests are able to be put over the interests of the rest of america, our economy, our taxpayers and our financial system and that's just wrong. >> let's get to the phones and hear from george who joins us from brooklyn on the democrats' line. hi, george. >> caller: good morning. >> good morning. >> caller: good morning, c-span. thanks for taking my call. i've been listening -- i am trying to figure out how i'm 81 years of age, i worked all of my life and paid taxes and did everything necessary i thought to keep us going. i found out one thing. that republicans don't want the democrats to succeed. senator jacob javers was the only republican i can go back to in years who was dynamite man. he didn't care. out of line, you were out of line. it's time we stop the republicans from going up, trying to bring back the days of the '40s and the '50s. it's a shame in this world that they could go so far with money. they robbed us blind with social security from the bush administration. they took more money

and at that point he got involved because he saw, again from atlanta and not wall street, what wall street was doing in the commodity markets. so he got involved in actually testifying in congress, wrote some white papers, did some research. the financial crisis hit and he became involved in financial reform, hired a couple guys out of his own pocket to help him testify and advocate for the public in financial reform now, for most of us, i didn't know him. he had three kids and a job in atlanta where he needed to be running around on an ad hoc basis. he looked to contribute to financing that promotes the financial market and to his surprise, as he will say, he didn't find one because there wasn't one in existence at the time, which he thought was just wrong. he found somebody to run it and i left the senate in september and we now have ten staff, located in washington, d.c., and fighting against wall street trying to roll back these reforms. i do want to say, however, better markets cannot do this alone and we need allies and supporters and we have plenty. there are other organizations, th

i think they will probably judging the spending habits of washington and wall street want to do both i appreciate you being on the show gerald say level with everyone and thanks again that's gerald celente founder and research institute and publisher of the trends journal have a great weekend you you thank. all right it's friday so let's wrap up with your feedback let's take it from wednesday jim rickards was on the show he was talking about pretty much everything operation twist the fed gold fort knox jamie diamond europe and who he calls the institutionalized rent seekers who have attached themselves like parasites to democrats and to the republican party respectively take a listen around secret someone who figures out a way to manipulate the system to assure a quote for themselves but they give very little back or give nothing back so they actually destroy well for society. so he identified public sector unions as the rent seekers for democrats and wall street as the rent seekers for republicans original prisoner x. said on you tube if people believe what almost all that is all ec

admit to supporting wall street but wall street sure supports president obama.>erer is s unch off wall l street guyuy sayingessot goinintoto be friendly enough to us, so let's defeat him by saying he is too friendly to us. all right. let's bring in mike sure here. >> i would say to call this is a campaign is even early. are they on the right track? yeah, i think so. they are not earnestly campaigning yet. they have just begun. mitt romney has been running for president a lot longer. so the obama campaign -- and traditionally these campaigns don't start until later in the summer so i wouldn't be overly concerned at this moment. >> yeah you know, look there's no need to panic or anything like that. i like the ad they are doing about massachusetts, but i disagree with you, i think the campaign is in full bloom. they are running the ads, et cetera the fact that it is tied at this point is not comforting, given the fact that i think mitt romney is an awful candidate. let's show you a talk. >> he sincerely believes that if the [ inaudible ] while the investors like hi

what he represents, mike, on wall street in the sense of the culture of wall street which really -- provides great admiration, power, authority, and aspiration for really smart, really rich, really charismati really powerful individuals that many people on wall street would like to be more like that. >> well, jpmorgan -- >> jaime is that. >> jpmorgan is best of the breed. talking fannal supermarket, global wholesale bank. and jamie dimon is best the breed of the ceos, one of them, on top of these. so -- but what the recent train loss exposed is a crack in the model. the breed as a whole, as as category, it is a lot less than a -- lot of people thought even after the financial crisis if you have one crack in the model, there's certainly a chance that other cracks in the model at less well-run companies. >> basically you have one of, if not the number one financial services, ceo in the world. in jamie dimon. >> definitely one of the top. >> you have one of -- or the pre-eminent financial services firm in the world. >> among -- >> or top three. >> top three of both categories we could debate al

this hearing is part of the committee's continued oversight of the implementation of the wall street reform act and it is also an opportunity to discuss whether bank regulators, the implications of the massive trading loss recently announced by jp morgan chase, one of our nation's largest banks. with a bank of jp morgan's solid reputation announces that it has lost millions of dollars and a large trade, designed to reduce the firm's risk it reminds us that no financial institution is immune from bad judgment. while the j.p., morgan trading laws does not appear to have caused systemic problems it is a clear reminder that wall street continues to need better risk management, vigorous oversight. if the rules are broken a yield in enforcement. to repeal or weaken wall street reform and define would take us back to the days before the financial crisis of 2008. wall street reform was a response to the crisis caused by a lack of consumer protection, reckless behavior in the financial sector and regulators who failed to take action in time. we now have an agency solely focused on consumer pr

some have claimed that the wall street reform act was not the right set of solutions to the crisis and that it asks or regulators the activities of the firms they regulate. i disagree. to restore competence in our financial system after the crisis we need more, not less scrutiny. the wall street reform act has built a stronger oversight framework that closes regulatory gaps and enhances financial stability and better protects consumers, investors and taxpayers. and so despite a repeated cause to deregulate and defund by those who endure the costly lessons of the financial crisis, completing the imprepleamentation of the wall street reform act must be and remains a top priority for this committee. i look forward to hearing from the witnesses here today about the progress they have made to complete implementation of the wall street reform as well as the actions they have taken regarding the jpmorgan trading loss and the potential implications of the laws for supervision and wall street reform going forward. i also want to thank member shelby for all their input and cooperation over the p

that is what protect the privileged status of wall street and as wall street's interest are able to bever the interest of the rest of america. that is just wrong. host: brooklyn, on the democrats' line, good morning. caller: good morning and thank you for taking my call. i am trying to figure out -- i am 81 years of age. i worked all of my life and paid taxes and did everything necessary to keep us going. the republicans don't want the democrats to succeed. senator jacob javits as the only republican that i could go back to in years that was a dynamite man buried he did not care which way the sun came from or who you were, if you were out of line, he was out of line. these people tried to bring back the days of the 1940's and 1950's. they robbed us blind from the sources security from the bush administration. nobody mentions that. they just want to make sure there are no blacks to have a word. it is time to wake up the world. that is what will happen in 2013. have a nice day. host: he was taking republicans to task. guest: he is referring to the election coming up. at 81 years old, if

it seems to me that with the recent conviction of a prominent wall street corporate director, wall street firms do not seem to be going out of their way to restore trust with the american people. i understand that j.p. morgan will still turn a profit this year. but the size of the loss and the complexity of the trades in macro hedging that caused the loss still gives cause for concern. there needs to be an evaluation of not only prudent regulations, but also the broken culture on wall street. a culture that some believe provides perverse insent i haves to play fast and loose with other people's money. after the crisis there should have been major self-reflection and reelves of wall street. mr. dimon, looking back at this loss, do you feel that the compensation structure at j.p. morgan might have created incentives for excessive risk. >> i don't agree with what you said about wall street. i'll be direct about it. there are a lot of people you can trust on wall street. there are a lot of people you can trust anywhere. when anyone blankets a whole industry with the same fan, i think we're ma

this is the results of wall street. wall street over the years spent $5 billion in order to get deregulated so they could do what they're doing today and the result was the crash of our economy. and to exult and to praise and to honor the head of the largest financial institution, when it comes to capitol hill, is beyond my comprehension. >> yeah, well, it's beyond the comprehension of many people who thought that somehow financial regulation had at least been at the center of the kind of rhetoric of the senate to be able to at least protect the american people. do you think in light of this that we could actually end up having even less financial regulation than we do now? >> well, look, i think the real story is -- and everybody should understand this -- is this is not a question of congress regulating wall street. this is much more a question of wall street and all of their money regulating congress. through their lobbying, through their campaign contributions, and with citizens united, that situation is even more da

if you will elect them they promise they will stand with wall street all the way and wall street's willing to make an investment in them. they understand. there will be a great return on wall street's money if they can get scott brown and mitt romney elected. >> let's talk turkey. economic materials, i can't argue the single thing you said, i understand it completely are you are the populist, democrat. he is the republican. he is there with the elite. he is getting money from them and you are not. the president is not. romney is not -- romney is i should say. here's what i think is something you've got to cut through between now and november. there are a lot of regular people out there, red sox fans, regular people, who have been democrats in the past. irish italian, armenian, jewish. whatever. lot of people. voted for the kennedys all those years. lately they have a sense some of the democrats too wine and cheesy, ivy league, better than us. some of that came through with the caucus and the last candidate for the senate against this guy blown. they don't like the looks of it. talk to thos

volume on wall street, and nasdaq gave up 24 points. just about 10 minutes before the close, we see fires coming in, 2818 is where things settled down, and the s&p down 9 points. finishing at 1314. jpmorgan's stock is up. does that mean jamie dimon did well today? >> a lot of questions about internal jpmorgan business, how did they make this trade, why did they make this trade, et cetera. but the mood music was a referendum on dodd frank itself. senator corker asked jamie dimon for his opinion of the wall street law, take a look. >> we supported some -- >> i know what you supported. has it made our financial system safer? >> i think we -- parts of it in conjunction with higher capital liquidity, it is safer today than it was in 07. >> i'm talking about -- i understand we have larger capital and all the banks and boards are causing that, but i'm talking about the regulatory regime that congress put in place, has it made our system safer? >> i don't know. >> after all of that maria, all of the fighting about dodd-frank, jamie dimon says h

"the wall street journal" report. now maria bartiromo. >>> here's a look at what's making news as we head into a new week on wall street. a new blow to major financial institutions in the united states and around the world. moody's issued a ratings downgrade of 15 major banks including five in the united states. they are morgan stanley, goldman sachs, citigroup and bank of america. the news could have been worse for morgan stanley. theback lobbied against a more severe downgrade. the ratings cuts will be passed on to customers. >>> after a two-day meeting this week the federal reserve announced it is extending so-called operation twist which is a program to buy long term bonds and keep interest rates low. the fed's move disappointed the markets which were hoping for a more decisive move. by thursday the dow jones industrial average plumbed more than 250 points. the markets rebounded friday. crude oil tumbled below $75 a barrel. the slowing global economy and decreased demand is pushing prices lower. that's translating

let's solve this. >>> wall street >>> wall street investment pro finding new ways to make even more money. remember cantor fitzgerald, one of the great comeback stories after the 9/11 tragedy. truly one of the great comeback store prips let's now take the pulse of the markets and the economy with howard ludnick. let's talk some stocks and bonds. bonds are vastly overvalued with treasuries, well, 1.5%. we could be on the front end of the session. europe is going to be later on the show how poor china is. what is the person to do, how do you make money in the stock market? >> i think the stock market is in a tough spot, right? there's no growth. the fed couldn't make it more clear. tr's not really an economy out there. i think one of the places that's rally interesting is real estate. real estate, commercial real estate. why? because interest rates are so low. you have to figure if the fed is going to crush interest rates and keep them low, people are afraid to put their money in the stock market, people are willing to investment in real estate. real estate has life, even though it doesn't

early on david graber the anthropologist said that occupy wall street was the opening salvo in a wave of negotiations over the dissolution of the american empire which is a pretty grandiose thought but i think that probably a lot of people would agree this was the first project and there will be dips and there will be resurgence is but i think that the presence in the street is far from over so even if occupy so to speak is dead i don't think it's right to consider the movement just yet that's a fantastic point and i mean this is something that's. what we're up against was thirty years in the making you know the fact that it's going to suddenly be overturned in a month. is pretty wishful thinking yeah that's right and and it's and it's actually it's it in order to think of it as just a moment. you have to really lack global and historical perspective right as you say i mean that the results of the new property relations in the world globalized capitalism right the economic effects and the environmental effects and the military effects of all of these on the human rights effect are are

no question we need real wall street reform. to get wall street reform we need fed reform.got to get the bankers off the regional fed. >> eliot: that logic is perfect and exactly right. one of the things that you alluded to in the report to show that the assets that are owned by families have dropped by 30% to 40% over the last couple of years, a critical component has been housing prices. housing prices collapsed because of the cataclysm of '08. we have not done anything fundamentally to the mortgage market. the banks have trillion of dollars. homeowners got zip. nothing. can anything be done at this late stage in the obama administration? >> can anything be done? yes. will it be done? probably not. it's not because smart people don't have good ideas about how to do it. it really has to get back to the unbelievable power of wall street with citizens united by the bay way it makes wall street reform much more difficult. i will tell you from a political perspective i think the american people remain furious at what wall street did to them, and i think they're extremely upset

you know, in the old days, i worked on wall street when wall street really was only criminal around the margins. i mean, you really, goldman sachs in those days had the expression long-term greedy which meant you didn't kill the -- >> long-term what? >> long-term greedy. that they were long-term greedy. and that meant you didn't kill the goose that laid the golden egg. you know, you wouldn't put your customer into egregiously bad deal. if you took a little extra, you only took it when the customer was making money, too, so if they ever figured it out they wouldn't be really upset. that attitude has changed completely. and i attribute it significantly to the growth of derivatives. over-the-counter derivatives where you can't see the price on an exchange. you can't see the history. and they're much more complicated. and those started growing really in the early '90s and became -- and it becomes very interwoven in the practice of finance. because the derivatives are so complicated, you can't price compare. the risks are often bundled in within formulas that the buyers can't understand. and

to repeal or weaken wall street reform and define would take us back to the days before the financial crisis of 2008. wall street reform was a response to the crisis caused by a lack of consumer protection, reckless behavior in the financial sector and regulators who failed to take action in time. we now have an agency solely focused on consumer protection, tough new rules to end negligent and reckless practices and regulators -- in the process of enhancing and more juditious liquidity. wall street reform also requires regulators to sharpen their focus on their largest and riskiest financial institutions. all the regulators joining us today are members of the financial stability oversight council, a body created to monitor risks facing our financial system. most here all work in the focal world to prohibit proprietary trading with government issued insured deposits and the fdic continues to work diligently to implement the living wills requirements and establish the liquidation authority for financial institutions. similarly while there is a need for strong regulation of all financial

charlie: do you think there's a wall street movement? >> they hit b nerve with the american public owe. >> charlie: what's the nerve they hit? >> to me i think we live in a great society that's had great innovation and economic advances, but it hasn't been shared throughout this country. >> charlie: there's nothing, i think, more to be scared about than what's happened to the middle class in america. the middle class is the essence of america. >> yeah. i think we all do better -- >> charlie: and the essence of america, the majority, and yet their standard of living, their sense of the future, you know, is shrinking. >> right. that's right. >> charlie: they're shrinking. their numbers are shrinking. >> so you have that as a backdrop. we've had the ate other type itr history, say in the 1920s. on the rules of the road, these common-sense rules of the road, is to think about, you know, my mom and dad -- >> charlie: i want you to think at this table now larger. what are we doing wrong so that somehow the middle class is shrinking in america?

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week on wall street. we're ready but we're not doing anything yet. that was the word from federal reserve chairman ben bernanke this week testifying before a congressional committee. he said if the economy needs help, if europe worse rns, the fed is prepared to step in and europe is still a concern. >> the situation in europe poses significant risks to the u.s. financial system and economy and must be monitors closely. as always, the federal reserve remains prepared to take action as needed to protect the u.s. financial system in an economy in the event of financial stresses escalate. >> the fed chairman's testimony helped cool off the markets on thursday which had been hoping for a clear he sign of easing. the dow had its best day of the year wednesday, up better than 280 points. the markets continued to rise on friday. prospects for home sales continue to be boosted. >>> changes brewing at starbucks. next week the company will start selling single-serve keurig coffee pods in the stores. starbucks plans

keep it here where wall street meets main street.see you again next weekend. ♪ [ male announcer ] to hold a patent that hathe modern world... would define you as an innovator. would define you as a true leader. ♪ to hold over 80,000... well that would make you... the creators of the 2012 mercedes-benz e-class... quite possibly the most advanced luxury sedan ever. starting at $50,490.

i don't think the game wall street is playing is not stupid for wall street.to recognize that part of the reason we continue to see this, quote, stupidity is that it's really smart, given the stupidity of the structure of regulation. >> lehman blew up and was not rescued. i still think the people within lehman, dick fold is not penniless. he doesn't sit on top of lehman, but the incentive is still there. >> even though he wasn't rescued -- >> nobody went to jail. >> so the point is they know if they gamble and they lose, they don't lose. so they gamble. this is sensible. this is not stupid, this is not crazy. >> they let her know you still have incentivized the gamble. >> is it bail out or no, you're incentive vising the gamble. it's more morally odious to us because ultimately we are going to bear the fruits of it. but if you're looking at the organizational dynamics. think i think is an important point, when we talk about incentives, we're undertaking a huge massive experiment -- we think of it has naturally a good thing. but we do look at the cost, the kind

transactions an idea growing in popularity since the inception of the occupy wall street movement. as leaders of the lives of saddam abused george washington some because you know. what we want to do is get ahead of george washington symbolizing robin we've got a man because our government is robbing our people this particular point so how does this tax work into something like this really have the potential to pass with all the bipartisanship squabbling on hill to discuss more i'm joined by richard wolffe author of occupy the economy challenging capitalism. hey richard so is this movement really about just drawing a little higher dollar bills no i think this is a serious movement it is quite a few years old it was basically invented by a nobel prize american economist professor james told in of yale university who was my teacher when i was getting my ph d. in economics and the idea is simple just like we have a sales tax when you buy a candy bar or a bar of soda or a cigarette tax or a gas tax it's long past due that we have the same kind of tax on the financial transactions made

force behind too big to fail banks driving anti-competitive behavior across the board be it on wall street or in government it is that problem enabled by a parasitic third party that exists in washington that is destroying the economy the party of institutionalized rent seekers jim rickards bestselling author of currency wars is here to explain and mickey mouse was beheaded on mercury does the phenomenon behind this sighting help to explain this spawning market trends we'll show you why we're asking let's get to today's capital account. what do you know today ben bernanke announced operation twist version two point zero i guess you could call it this afternoon and said that the fed is willing to do more to take further action in the future if the labor market for one doesn't improve he also said this though monetary policy is not a panacea monetary policy by itself is not going to solve our economic problems. ok yeah well we were both those comments before i don't know if he's threatening us or appease saying that lawmakers need to do something i don't know how this all adds up and nash is