everyone on wall street knows that. there is now incentive to swing for the fences and do whatever you can to maximize profits because of the trade goes bad you will just lose your job. everyone has to bail the banks out. i think what this amounts to today is what i call a privatization of profit and a socialization of downside risk. that is still in force today. anybody who claims it is not in a force is not, in my mind, telling the truth. why is not enough done to fix this? i would -- at the end of the book i point the finger back at politicians. the truth is that i think the thing we should all be most outraged about is, look at the senate banking committee, who are the firms that are giving them the greatest campaign contributions? goldman sachs, jp morgan, morgan stanley -- look at the regulators. the hundreds of millions of dollars lobbying in order to kill regulation. this is very counterintuitive to me. a way to kill legislation in today's day and age is not to get rid of it or to get it struck from the act. it

and wall street cons the nation's last assets. again street big five goldman fifty chase bank of america and morgan stanley of course pervasively rule to tell haynes stolen from virtually every pension transaction on lawfully foreclosed this is the result of the homes deliberately sold products than to give the committed to trading manipulative prize the finest poems these tried to destroy evidence and droids rates because they just these politicians mostly lingle executives at these banks is being charged the justice department's that no one has b.c.'s getting indicted for systematic criminal activity see the a just b. c. officials but terrorism financing broke the bank secrecy act broke the trading with the enemy act it would fix the trillion dollars in suspicious transactions and gave favored client states to. wall street executive richard isco do us a flavor of the favored cloying we're talking about the mexican cartels that have killed more than sixty thousand people whose preferred modus operandi is to come into a town cut o

everyone on wall street knows that. there is now incentive to swing for the fences and do whatever you can to maximize profits because of the trade goes bad but will just lose your job. if the trade goes bad for society, everyone has to bail the banks out. i think what this amounts to today is what i call a privatization of profit and a socialization of downside risk. that is still in force today. anybody who claims it is not in a force is not, in my mind, telling the truth. why is not enough done to fix this? i would -- at the end of the book i point the finger back at politicians. the truth is that i think the thing we should all be most outraged about is, look at the senate banking committee, who are the firms that are giving them the greatest campaign contributions? goldman sachs, jp morgan, morgan stanley -- look at the regulators. the hundreds of millions of dollars lobbying in order to kill regulation. this is very counterintuitive to me. the way to kill legislation in today's day and age is not to get rid of it

we put our foot on wall street. we made wall street a boring place to work.but then when we took our foot off in the mid 1970s, 1980s, this whole game started again. basically the genie is out of the bottle. so the question becomes how do you put it back in? they are very strong that. one of these guys has given $100 million to settle for. that has given $100 million to the public library here in new york. how do you get the genie back in the bottle? >> would you start with creating awareness? awareness, is basically minute to what it should be. and the american public would start fighting back. >> it started happen for a while. we had occupy wall street. but there's a point where we are starting to say maybe they should pay us back for the damage they did. let me give you one -- were getting now new tv and of -- mike does not want to pay me overtime, and million and a half. [laughter] wait, it's after 6:00. it's doubletime. okay. >> [inaudible] >> there's a thing called financial transaction tax or financial speculation tax. there's 10 countries in europe th

peter wall street has never been kept wall street's not capitalist either wall street is its own system entirely capitalism by definition is selling one skills and work and product there of for a price to a need in the free market that has been corrupted that very simple direct relationship has been corrupted so badly by socialists by. want to profit from the system by no and you know it's a very you know why wall street but like i said wall street's not capitalist either but it's a whole other read capitalists are wall street and the fact that those two things are equated is is is just ridiculous but it's very interesting because i think it's important to pinpoint the genesis of this and and how it came about and it's really interesting because i think your views are find it really interesting especially on this network that there was a gentleman by the name of yuri besan off who gave a talk in los angeles in one thousand nine hundred three and he was a k.g.b. defector and he was a propaganda expert for the k.g.b. and he explained six different point six areas of ideological subversion

creation and we'll find out in just a moment also after all the scandal in recent years is a career in wall street still worth it we'll ask one former finance financer about why she quit the banking world and what advice she has for prospective bankers and no country in history the history of the world has ever cut its way to prosperity but some for some reason people like alan simpson and erskine bowles just don't accept those facts what has this pair washed up washed up corporate corporate shills come up with now and does this is their plan do anything to solve the nation's economic woes will tell us about in the daily take. in the best of the rest of the news the financial crisis of two thousand and eight hit the u.s. hit the hit the u.s. millions of americans were left with looking for answers how could the federal government have let the big banks bring down our entire economy and let them get away with rampant corruption and greed for so long the answer to the question is a short and sweet when it began with reagan reagan deregulated big banks and big businesses and he removed the crucial re

stocks that we've seen report earnings with shortfall on revenues and maybe just lowered guidance so wall street, i think, has a different opinion than main street. > > what will be some of your earnings plays scott? > > we saw qualcomm come out last night. they actually beat on the top line and the bottom line which for this earnings season we have not seen many companies be on that top line. the stock was down $3-4 dollars after hours trading down to that 62 and a halfish level which is some pretty major support. i think you're going to see a lot of buyers come in. you're going to see that stock rally after earnings because that earnings number actually looked pretty good. > > thank you for your thoughts scott. > > thank you angie. parts of the midwest are preparing for flood damage. the national weather service reports flooding threatens rivers in illinois, iowa, indiana, north dakota, mississippi, and michigan. parts of illinois have already been hit hard. officials will be on alert throughout the weekend. bankrate dot com reports only 13% of homeowners have flood insurance. the average cost

a movement that hated and depized wall street. and more importantly, a movement who democratic vision arose directly out of the experience of democratic organizing. out of the movement culture. and the historians like to say. it they would hold huge parades. go through small town in huge number and have the fast encampment. and another theme was middle class people basically falling behind. and as i read the book i was impressed by the example that you didn't mention. i was wondering why it wasn't there. start there. one. >> one reason why, i think occupy wall street was buying a lot of outside observers criticized for largely not doing that. there's a great tradition, and i think i talk about it in the kind of movement that exist around the time of the revolutionary war. right after the revolutionary war which was mobilization of largely indebted farmers against financial interest in the way also foreshadow the exact theme. most people don't know that one of the reasons that the institutional convention itself was convened was be

mary-jo was a partner at the wall street defense firm deborah voigt and clinton she was defending. wall street against the as easy and now she is going from there right to the head of the as these see she was a key figure in one of the most notorious scandals of the as easy when someone is as the c. tried to investigate morgan stanley future c.e.o. john mack the as he guy was fired for trying to do that. you don't want to mess with mary jo all right another kind of hers at the firm was the lawyer and two whose china affiliate is being sued by the f.c.c. for refusing to comply with the subpoena she was also representing j.p. morgan chase and u.b.s. ag both of which have reached multiple settlements was as easy over their fraudulent activities oh and she also gets forty two thousand five hundred dollars a month forty two thousand dollars a month in retirement plan money for the night from her old firm which continues to represent shady bankers so she has a direct interest in the firm doing well and the firm only does well if the shady banker clients continue to do out that is such a

almost wall street gotten this stock utterly wrong. we got to the point where we felt they could do no wrong. the stock went up hugely after the death of steve jobs. you wonder how could the company be worth as much as it was when it lost someone so great? apple has two major problems. first simply the cruelty of product cycles. i a iphone 4, i didn't get the 4s. i was about to go to the 5 but i will wait until the 5s. it will freeze purchases. apple, 30% of the stock was love. they have fallen out of love. once something starts to fall like that it becomes very difficult to stop it and turn it around. melissa: todd, before we go what do you think of the other earnings we heard before you? in both cases we're talking about companies where the revenue comes in lighter than expected. that is really the theme of the season. it is hitting tech as well. >> right. i think google is one to watch here. because, i was actually just listening to the earnings call right before the show here. they're saying incremental upgrade are not the way to g

like the financial collapse that struck in september of that year it was the result of reckless wall street speculation for most of the twentieth century tight regulation kept grain markets stable in profitable but when the government deregulated futures markets in one thousand nine hundred nine wall street financier's began gobbling up grain contracts and gambling on prices using highly complex derivatives the same financial instruments used to sell junk mortgages as great investments to work. pensions and retirement funds it's rampant speculation creating artificial demand for grains which in turn artificially inflated food prices banks toure's essentially use the price of corn as their own personal poker chip it goes without saying that more regulation is needed to prevent bubbles like the two thousand and eight crisis but really that's just the beginning the world economy is still reeling from what wall street did two thousand and eight both the food crisis and the financial meltdown and cash governments are pursuing harsh austerity measures while banker bonuses are higher than ever so

the opposition i mean obviously it's coming from wall street but. just how severe is it how do we push back against the well of course there's opposition from wall street and again any time that there is a threat of taking the power of wall street investment firms corporations away they push back but we should also say that there are professionals in the financial sector who are for a financial transactions tax because the work that does to stabilize the economy and in fact there were fifty financial sector professionals who sent a letter to you and g. twenty leaders saying we want to financial transactions tax we want to as we want the kinds of regulation that make our economy more stable that make our job as people who are exchanging money. easier to do and clear to do in a way that actually makes that kind of profitable for everyone so in fact there are there are financial sector processor for it and you guys are getting out there and you guys had a rally the other day this morning actually this morning yes sorry there was so this was actually in

wall street was estimating 5.88 in the middle of those two. sounds like if anything qualcomm is lifting a possibility that revenue growth will be even better. liz: here is the current guidance, dennis. 24 billion, to 25 billion. for full year, 2013. that is their guidance at the moment. they say that is increase of 26% to 31%. >> that is huge growth for a very mature company on a huge base. so that, should be cheering the street. and i don't know why it isn't. daaid: let me bring in another analyst. we have john buckingham with us. john you're bullish on the market. one would think looking at these numbers that would give investors reason to be bullish on qualcomm. why is the stock down? >> i don't follow qualcomm in particular but, you know, so far in corporate earnings season we've seen good bottom line numbers relative to expectations. corporations are beating. top line is always a concern and always in the guidance. saw it last night with apple. initially the stock spiked. then in the conference call happened and folks weren't as enthused

everyone on wall street knows that. there is now incentive to swing for the fences and do whatever you can to maximize profits because of the trade goes bad you will just lose your job. everyone has to bail the banks out. i think what this amounts to today is what i call a privatization of profit and a socialization of downside risk. that is still in force today. anybody who claims it is not in a force is not, in my mind, telling the truth. why is not enough done to fix this? i would -- at the end of the book i point the finger back at politicians. the truth is that i think the thing we should all be most outraged about is, look at the senate banking committee, who are the firms that are giving them the greatest campaign contributions? goldman sachs, jp morgan, morgan stanley -- look at the regulators. the hundreds of millions of dollars lobbying in order to kill regulation. this is very counterintuitive to me. a way to kill legislation in today's day and age is not to get rid of it or to get it struck from the act. it

everyone on wall street knows that. there is now incentive to swing for the fences and do whatever you can to maximize profits because of the trade goes bad you will just lose your job. everyone has to bail the banks out. i think what this amounts to today is what i call a privatization of profit and a socialization of downside risk. that is still in force today. anybody who claims it is not in a force is not, in my mind, telling the truth. why is not enough done to fix this? i would -- at the end of the book i point the finger back at politicians. the truth is that i think the thing we should all be most outraged about is, look at the senate banking committee, who are the firms that are giving them the greatest campaign contributions? goldman sachs, jp morgan, morgan stanley -- look at the regulators. the hundreds of millions of dollars lobbying in order to kill regulation. this is very counterintuitive to me. a way to kill legislation in today's day and age is not to get rid of it or to get it struck from the act. it

you were actually arrested at one instance you were a fervent supporter of it i mean occupy wall street you're looking at what happened brutally suppressed by militarized police federalized crackdowns across the border what do you tell people who are scared to protest because they're worried that they'll get arrested or just simply surveilled in the massive surveillance that exists today. when i was blessed to go to jail because i was willing to bear witness and deal with the consequences i would do it again but there's no doubt that the increasing repression is an attempt to create a culture not just of sides but a culture of fear especially for the younger generation to intimidate them to make sure they're so afraid that they're not willing to step out bear witness in public and have to deal with the consequences of of civil disobedience we just simply have to have more courage that would we're dealing now with a much more autocratic and authoritarian state and you have to be more courageous you has to be more courageous to tell the truth you have to be more willing to deal with the c

we're certainly seeing the volatility here on wall street.eally seen that just this week alone. on monday we were down 265 points. yesterday we gained only to pull back again today and take out monday's lows. we're seeing broad based selling across the board. the more economically sensitive sectors are the ones getting hit the hardest, technology among them. i heard you at the top of the show talking about apple and let's look how appeal is faring. trading at 398 and change. those are the lowest levels for apple since december of 2011. now back to 403. so it is above that key level..3 people clearly owning apple at 700 "dallas" september are obviously upset with this kind of a move. we're trying to cover it for you when there is plenty of breaking news. tracy: i know we're blaming it on the mini. i have a mini. i love it. for what that's worth. adam: according to federal sources an address made in the boston bombing case. rich edson, what can you tell us. >> fox news reporting an arrest made. the suspect will be in court soon after fox news c

rough day on wall street but emotional day on wall street. how is it done there? >> it was an emotional day here on wall street, especially for most of the traders, many of whom were here in september of 2001, and since there -- since then there have been 16 known terror plots foiled. and in particular down here in the financial district of manhattan. in 2006, targets were financial targets in new york city. and that was the citigroup building in manhattan, the presume building, the new york stock exchange, and today there was a moment of silence before the exchange started, and we got a moment to walk around the fortress to ask new yorkers feel safe? >> the nypd knows exactly what it's doing. we haven't had an attack here since 9/11. >> as new yorkers we're accustomed 0 these things. we have to go about our business and not let these keen of people affect our daily lives and just hope for the best. it's not much we can do. reporter: shortly after the attacks, of course, at the boston marathon in boston, the mayor of new york city coming out and saying the city is

it is an exciting day on wall street.k about big gains for the dow and for the nasdaq and s&p 500. look over here at pfizer, dow component pfizer which is doing so well. it is up 2.7%. this as they're getting approval from a therapy designation from the fda to treat patients with breast cancer. it is an oral medicine the mid-stage trials a have gone so well they will move it into a third stage trial. this is good news for pfizer shareholders. the company is trying to extend its cancer portfolio and benefit of course canner patients themselves. back to you. lori: thank you, nicole. is this the real deal. home prices are up 3% over the last year. my next guest says this is the result of a normal housing rory -- recovery. ed pinto, former fannie mae chief credit officer. ed, thanks for joining us. >> pleasure, thank you. lori: in an opinion piece in today's "wall street journal" you warn what potentially could be another housing bubble. go on. >> well the problem is, yes, house prices are up 8% but incomes are pretty flat. t

-- next step for occupy wall street? >> what is your main interest in the issues raised by occupy wall street? if it is money and politics, you should join with those who are occupying the supreme court, fighting in states for clean money reform, and fighting for an amendment strategy to overturn the citizens united decision, and fighting in elections to change the supreme court. >> what would you think of having a national general assembly modeled on the original continental congress in philadelphia beginning on july 4 of 2012? coming up with a list of grievances that this assembly debated. >> lawrence blessing has talked about a new constitutional convention. i think it is early. i think it is tricky. i do not mean to sound too conservative. when you say to make a list of grievances, we could sit in this room and come up with a list of six ideas or grievances that need to be made real and lead to change. you need to find your issue, work in your community. work in the organizing around the issue. link up with groups do

. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. the dow jones industrial average snapping a three-day winning streak as at&t and procter & gamble have some disappoint earnings today from those two. the dow jones industrial average, well, here's what we're waiting for right now, before we get to the dow, we're waiting on qualcomm and zynga earnings coming out momentarily for the quarterly numbers. those are the two reports we're on. qualcomm earnings expected at 17 cents -- $1.17 a share on revenue of $6.09 billion. zynga expected a loss of three cents a share. the dow down 43 points, reversing some strength that we saw about half an hour into the close. nasdaq and the s&p 500, not bad, but certainly well off of the highs of the afternoon. we did see some sellers come out at the end of the day today. in the meantime, let's get straight to the market action. we've got michael yoeshikamesshh us, and nathan back irthan bach things seem

benefits nobody except a couple dozen billionaires on wall street. well is this a genuine big deal for the economy oh it's huge i mean when you look at the figure three hundred fifty billion dollars a year we realize other bills have been put forward that talk about bringing in that amount in a period of ten years but we need it now i mean when everyone else is talking about budget deficit we're talking about the real kinds of deficits that we see a deficit in jobs a deficit in real health care a deficit in our educational system those are the kinds of things that money would be used for what about the people who say. once you put the tax on the business model the water becomes viable high for goods or computer trading goes away you'll make some money on the tax but it's not going to three hundred fifty billion bucks it's going to be maybe thirty it will never go away it's been very lucrative for them and it continues to be and if you look in europe if you look at other countries that have a financial center they have not gone away and they've had a

i would question i would let the market regulate wall street see what has happened is after the new deal corporations got in bed with the government and they said well we need to work together so that we can stimulate our economy and they said well let's build infrastructure projects for example and what the government is doing is it's taking all of our wealth and it's redirecting them to what they think is a good use so i think what we have to do is we have to set corporations into the marketplace and force them to compete right now for example obamacare is a perfect example it guarantees profits to corporations so it's basically a bailout obamacare basically says that these things these institutions these insurance companies they are never going to go bankrupt because we're going to get a guaranteed salary from the state look at our farmers our farmers are heavily subsidized and what happens you get what you're talking about the stratification of wealth and it goes to the top but you have to understand is that corporations when they're in a free market they're in a much more chaot

wall street.don't like that. if the president or somebody explained where the dollars actually went and said here's why social security is not related to the deficit, here's why entitlements 30 years from now are so we need to fix that in the long term, but here's why structurally right now we need to spend on infrastructure. that argument would work. if at the moment the bailouts, my sense is if there had been a grand bargain, not how he think of it today, but bailout plus mortgage relief, people would have understood that that made sense and some of this hysteria, whether it's real or not, would have been tempered. that is the sort of transaction the public would get and that's how you have to explain it. >> where we are right now, this is year three of obama's pursuit of the grand bargain. that will be the story for the next few months. i want to bring it back and try to figure out what is going to happen in the next few months. progressive makes it easy, because we give you choices. you can pi

look at how we're settling out on wall street. after a day that saw the dow jones industrial average down 90 points early on we're finishing up on the upside today, 20 points on the dow at 14,567. up as you can see, volume on the light side today. nasdaq also higher today. 27 points higher. s&p 500 up 7.25 points after the worst week of the year last week. moments away from netflix and texas instruments earnings. we'll have full coverage once they cross the wire. what's been moving the markets today? joining me is jordan waxman from high tower. brian from wells fargo advisers. gordon scharlof wrapping up his trades will join us shortly from the floor of the exchange. thank you so much for joining us. let me pick it up with you. in terms of this market and the volatility that we see on the heels of a tough week last week, what would you look at for today's action in terms of giving you some guidance in terms of what's next? >> today we saw the inflows for equity funds data come in. funds flow still tends to be positive for equities

expected revenues on wall street of 6.09 billion, came in at 6.12 billion.emember, revenues have been missing with the quarterly reports and that upsets wall street. now, full-year guidance, it had been $4.25, $4.25 on qualcomm. the company raised the earnings they full-year guidance to $4.40, $4.55 per-share. meanwhile the third-quarter outlook in the middle of revenues, they say they will come in at $5.826.3 billion for the quarter and that would be3 gross of 25% to 36%. rather than growing at about a 30% clip for the past few quarters, qualcomm chip powering wireless devices for apple and microsoft and blackberry. this kind of an agnostic supplier to all of those, and that is letting this company really hum, adam. adam: i can quote shakespeare, earnings reports are stories told by idiots, signifying nothing. you know they manipulate numbers. dennis: thank you a lot. adam: take a look at other big companies reporting today. ford and boeing impressed investors with their earnings, something you might not have predicted if you are looking at these companies

that's sort of igniting a debate on wall street. a pullback or a correction mode? i want to show you what's been happening lately in the markets. we're going to also show you what the pullback could look like if there is one. you're talking about essentially an average 7% pullback. those are due to the 25 pullback since march 2009. we're talking about a 7% or 8% pullback if it does happen. that's the census on wall street. here is what one guy is saying. he runs prudent yal international investments. he's saying after the soft patch, the economy and earnings will rebound in the second half and that a correction could prove to be a good buying opportunity. some of these guys are saying increased volatility is systematic of a break but they're talking about pullback. they're not talking about a correction. last time we saw a correction was in 2011. that was 15% plus. we're talking about a pullback of half that amount. that's what the debate is on wall street. send it back to you. dagen: thank you so much. connell: we've been bringing