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tv   [untitled]    November 22, 2011 6:00pm-6:30pm EST

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cianci life on the go. video on demand season long road comes an r.s.s. feeds now in the palm of your. question. welcome to the lone shell get the real headlines with none of the mersey can live in washington d.c. now tonight we're going take a look of warnings coming from federal regulators towards bank of america they say that they might have to take public enforcement so that actually mean could be a good sign that maybe practices on wall street will be forced to change then thirteen news organizations have filed a complaint with the n.y.p.d. over the treatment of journalists that occupy wall street protests we're going to ask if we're in a new era where the police simply don't respect the press and then up to
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a dozen cia agents have been reportedly captured in lebanon another big mess up by the intelligence agency but it's not happening because of the change in culture they're moving from intelligence gathering to becoming more of a killing machine tony shaffer will join us for that and we're going to have all of that and more of it and i include images of happy hour but first let's take a look at the mainstream media has decided to. fight so the media is still crying over the fact of the supercommittee failed to reach an agreement even though everybody knew it was going to end up that way and rather than talk about the overall dysfunction of our system where everybody chooses to kick the can down the road until the next elections so that they never ever ever have to be held liable for any decisions they might make well they want to get down to the bottom of whose fault this really is they want to figure out why republicans refuse to raise taxes and put revenues on the table and so luke russert who is filling in for chuck todd on m s n b c this morning went for the hard
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hitting question with senator pat toomey and listen to his response and you know if that's the vision we're going to have of a european style really very large government then you need bigger taxes to fund that i don't think that's the right solution for america i know it will reduce the size of our economy over time it will inhibit innovation it'll reduce opportunity to lower our standard of living so i want to government the lives within its means and we don't need a giant tax increase to fund them. all right so he claims that innovation quality of life all of that's going to suffer or does luke do does he follow up with a question asking for proof of those statistics when of course not he just lets the fly and then moves on to the next one b.c. this is part of the problem is the politicians are being allowed to get away with these complete b.s. arguments and get to shape public opinion by pointing the finger at the other party by speaking in latitude because the mainstream media doesn't call them out on it so we decided to do a little digging see how to nice answer of raising taxes making government bigger
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will lead to socialism in a horrible life argument adds up unless you say that it doesn't we compared the us to five countries with the highest tax rates would be denmark sweden italy belgium and finland all their tax rates are nearly double what ours is and here's what we found and unique official in the measures inequality in a society well we've got the highest score on that one which is a bad thing because it means that our inequality level is actually the highest so now it's move on to figures from the o.e.c.d. when you look at life satisfaction three out of five of these countries have a higher score than we do when you look at the unemployment rate three out of five of the countries have a lower rate than we do and let's not forget that all of this is happening with double the rate and taxes so does mean that paying over forty or forty five percent in taxes the right way to do it or the way things have to be clearly didn't work for all these countries either contrary to what had to we would like you to believe that's not what democrats are proposing that's not what american citizens
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overwhelmingly support if you read any polls but they watch is for the tax burden to be equally shared for the wealthy not to pay less in the middle and lower classes and for some of the biggest banks and corporations to make anything don't forget the exxon a bank of america they paid absolutely zero income tax in two thousand and ten again higher taxes aren't instantly the solution belgium and italy rank worse in the u.s. in those satisfaction and employment categories because it's poor management that's going on in poor management is exactly what we see here in the united states it's why spend we. and so much more on health care than european countries and yet their citizens somehow manage to get all access and ours don't but the point is that these are the conversations and you can be hot those are the questions that need to be asked so we just get talking points that are repeated by both parties and mates or media that rather than call them out on it chooses to miss it.
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well looks like there's some bad news coming to us banks bank of america has reportedly been operating under a memorandum of understanding since may of two thousand and nine and that memorandum is public and identify problems that need to be fixed and there are reportedly governance risk and liquidity management and regulators are now warning that the bank's board at the company could force public enforcement action or could be forced to take part in public in person action if the regulators aren't satisfied with the step of the bank has taken to fix their problems you can add to that recent estimate that says the banks might face a loss of one hundred eighty five billion dollars in deposits in the next year to a consumer move towards credit unions and you start to worry what the wrath of the banks would look like don't forget in the month of october alone more than six hundred fifty thousand people close their accounts of big banks and forty thousand more left on november fifth which was transfer day but then could all of this actually be a good sign could be a first step towards a forced change of culture on wall street and discuss this with me as anthony rand
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director of economic research for the reason foundation and he thanks so much for being here tonight can you tell us more about these memorandum of understanding is there not the public but what is this basically means of faith for america is on probation and given sharply the stock market can actually any particularly government saying one thing or another about an institution a lot of the stuff happens privately and for good reason and in this particular instance and so basically what this means is that bank of america for the past several years is being very closely scrutinized by the government. not quite like when the treasury department was basically running citi group very tassel the government was saying to bank of america you need is to describe. the they are more or less acting on their own but they're being very very closely watched and the bank of america board doesn't want to be very very hard about that because it doesn't seem to me like bank of america or any bank for that matter is being closely watched and apparently there are more than a thousand u.s. banks that are on these probations there have been so since two thousand and so if
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you ask americans you say well frank didn't even put you know that strong of regulations in place it seems like the banks are still doing whatever they want it depends on what you want the government to do both very closely watching what the government is closely watching are things like their capital buffer how like how risky are the bets that they're taking we've seen the bank of america do a lot of stuff with their mortgage portfolio over the past year they're getting rid of all kinds of things some of which thirteen maybe even be being bailed out by fannie mae we're going to be talking about you talked about a lot of that stuff has been because the government behind the scenes spaces when saying you need to be less risky you need to have more capital in place and because bank of america wants to get out from under this probationary period the government saying if you want to you're going to have to raise more capital you're going to have to do more stuff with the government's not watching out for are things that are more populist in nature rather not there's fees that people are going to be upset about and so you know you may seem like they're not being watched but just a matter of what you want to watch as well i mean the same time that i've just this is now filing an actress lawsuit or at least not lost in investigation they're looking into these debit card fees that the banks were going to charge you know and
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so i guess you could say that is maybe a step in a good direction for it all depends on the consumer but again the kinds of how you see those debit card fees i saw the debit card fees is a very transparent way to fund what they're going to do instead of charging five dollars fee is now they're going to be putting other fees in place they're going to be limiting the transactions that you can make with your card they're going to be putting fees in place if you don't have more than two or three different types of accounts or those and those are less transparent things which means we should be happy with a transparent event so we get these various value. at the very least would have been more transparent than what we're going to get in the first place what you what you don't want you want to do is you want to step back and say why was that feat put in place in the first place well that's because dodd frank required the federal reserve to change the way that card fees can be charged by the banks and it meant that the banks have seven billion dollars less a year than they had in the first place to places where they're trying to do is they're trying to find a way to make up that seven billion dollars and so they come in close with something like a five dollars fee everybody gets upset a bank of america police everybody gets upset and they say p.r.
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perspective we're going to step back they're just going to figure out ways to make up that money elsewhere if you ask any bank any person who works for a bank or a banking analyst they'll laugh when you say oh you know the consumers are not better off of course and you know we covered that i understand it actually pinpointed some of the sneaky ways they're going to try to make consumers pay more but seven billion dollars in lost revenue compared to this hundred eighty five billion dollars in lost or positive it's because of people actually pulling their money out of the big banks now that seems like pocket change so what do you think of that i mean i don't think people really expected this bank transfer day to move your money out of the banks to go this far will you want to the one thing to know when it comes to banks is not not every depositor is equal and if you if you just have a checking account at a bank you're almost worth nothing unless you make a whole lot of overdraft fees what banks want you to do is they want you to have a savings account attach your checking account they want you have a credit card to them and so in some ways some of these fees are basically to drive away their own profitable customers they don't want your deposits if you're going
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to do is keep it thousand dollars or two thousand dollars in a checking account and you're going to have nothing else and nothing else through them so all of that one hundred eighty five billion that's sort of disappearing that's not revenue that's going away a lot of that is actually just unprofitable or look at a loss because they have to manage all these accounts of not making money on so i don't know that the banks are as terrified about all those deposits going away as some other people might think that they are that's totally the opposite of what this is this. do you think that's bad news so. what happens now if the regulators like if they are going to step in and publicly and force changes on bank of america what does that actually what it means is instead of this behind the scenes probation and conversations where bank of america stock doesn't take direct hits are specific actions that means they're going to come out with something like what happens in europe when the. european regulators do testing of all the banks and they said this bank you need to have these many billion more euros in terms of your
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capital buffer and you have to increase by this percentage point you know that it will get up yes and so what it would be is would be very public to be the first whoever basically come out and say bank of america you have to increase your capital by x. percent and that's going to impact a couple things one is going to impact the price which bank of america then go out and raise their capital and to it's going to hit their stock which is going to lower the value of all their their shareholders and brian and it definitely does not want that and neither does warren buffett i guess right but another hour five billion dollars was that they have america now really quickly to yesterday everybody was freaking out the markets are reacting to the fact that supercommittee had failed but either to actually tied together our markets we're not freaking out because this is going to be good for you with each other and so you know where does that symptom come from for the media or is this just another sign that we don't really accurately know how to read the markets because we start blaming it on things that don't actually have anything to do with it it's because the media is very uninformed because you have a lot of people in the media that don't know a thing about finance and they see two things happen and they try to draw some kind
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of causation there's not even really even correlation the stock market has been down because of europe first and foremost there's all this talk about italy collapsing and i spent some time with some european central bank. people couple weeks ago in chicago trying to get a sense of like what their perspective on is and and chatting with them the big they're pretty sure that italy is not going to go down but that's not everybody has that kind of conversation and not ever been it's not a so you can guarantee that these guys are going to be right there's lots of concerns. if italy collapses it's going to be much much worse than greece that's scaring the crap she's a colloquial term out of the marketplace right now the super committee it doesn't matter to an equity investor whether or not there's one point two billion dollars taken out of the department of energy or the department of defense or or wherever it comes from unless you are investing in defense companies who have some sort exactly exactly this is this is anybody that claims that really has no idea how finance works or it probably should be covered wall street for well i foresee i
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can't say that we see much better answers when it comes to our i g o p presidential candidates that are going to do another debate tonight who last time because they didn't even want to discuss the euro zone seven that prices are anthony thanks so much absolutely. coming up next on the show for much of the details of the n.y.p.d. terror plot arrests and after journalists are wrapped up and arrested in new york last week covering occupy wall street now they're fighting that we're going to talk about the complaints that they've issued after the break. to the police rushing to. what a protester nobody seems to know. but never appropriate to face by talking to the argument that they're being overly dramatic.
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you know sometimes you see a story and it seems so you think you understand it and then you know here's some other part of it and realize that everything is ok. i'm charging the big.
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book. i'm lauren lyster. on sunday night breaking news took over the airwaves the twenty seven year old jose pimentel was arrested by the n.y.p.d. and he was charged with criminal possession of a weapon in the first degree as a crime of terrorism conspiracy as a crime of terrorism amongst other charges and the penalty if found guilty has
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twenty five years behind bars and as many as broke the mainstream media was first to share of details of the incident. the man accused of making pipe bombs in his new york city apartment is in custody this morning on several terrorism related charges authorities in new york believe they stopped an alleged terrorist before perhaps hours before he could execute his plans twenty seven year old jose pimentel allegedly wanted to bomb the police and u.s. troops returning from the war we want to show you a video about the resulting damage and see if him until had been able to build and place the bombs this tape of an n.y.p.d. test damage he could have cost he represents exactly the kind of threat f.b.i. director robert muller and his experts have warned about new york's top cop says the suspect was radicalized by the teachings of u.s. born cleric anwar a lot. even thing here is that the media also left out a few very crucial details turns out that intel had help from
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a neighbor in upper manhattan who happened to be and why p.t. informant and the f.b.i. was aware of from intel but they chose to pass on the case now original reports assume that it was because the f.b.i. was doing a bad job but it turns out even they could tell something was fishy to pretty important elements of the story and i think that's right so while bloomberg and n.y.p.d. commissioner raymond kelly spoke at length about the danger of the suspect in custody they left out the role of its neighbor let me give you a few details here the neighbor and wife played a very central role in planning the attack he provided an area for the suspect to build bombs also serve as a companion to him and tell all the n.y.p.d. as intelligence division built their case and according to the new york times the informant smoked marijuana with them until and recorded him making incriminating statements after doing so several investigators question the suspect intelligence level wondering if you have the knowledge or even a financial resources to build a bomb without the help of the informant and we should also know that intel appears to be unstable and he was reportedly living with his uncle after his mother threw
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him out now despite the fact that he's been under surveillance for two years and the effort to actually constructed bombs didn't happen until the middle of last month and officials say that federal agents were informed about the mentally year ago when the n.y.p.d. has intelligence firm reached out to the f.b.i. they declined to pursue the case they believe that the mental wouldn't have built any of these bombs on his own and several people who were briefed on the case say the f.b.i. was worried that the informant played too big of a role and committed his case was that of entrapment defense attorney for the suspect has already said that he would bring up entrapment issues and the role played by the government in creating aiding this plot so perhaps some intel could be added to the growing list of terrorism entrapment cases popping up around the country and being heralded as victories for law enforcement just think the new birth for important christmas tree bomber the new york subway bombing plot all of those were sting operations. all of those were arguably examples of entrapment now back in august whether joe's an in-depth investigation into the f.b.i.'s network of
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informants only only to find out fifteen thousand people are working undercover to help the feds they also determined that out of five hundred eight terrorism cases nearly half of them involve the use of informants and sting operations resulted in the prosecution against one hundred fifty eight defendants and in the decade after nine eleven decided to focus on its counterterrorism efforts spending three point three billion dollars on that compared to only two point six billion for all of organized crime now even though the f.b.i. passed on pimentel its case their joint task force with the n.y.p.d. decided to pursue the case against him unfortunately the media simply calling all the key words here terrorism bomb plot al qaida and then they just ran with it meanwhile as more and more information comes out it looks like this was far from a dangerous terror plot and far more a case of entrapment so perhaps the n.y.p.d. was looking for an opportunity to turn away attention away from the police brutality from last week's occupy movement as a cloudy part i guess everybody was more than happy to play along. now last week as
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the park was being raided by the n.y.p.d. and dave action in march was followed afterwards we saw disturbing development not only was there an attempted media blackout but journalists were roughed up by police pepper sprayed had barriers tossed at them even got arrested despite having the approved police press passes and the city's response was that in some cases they were breaking the law to cover the news his treatment has not noticed however and now thirteen news organizations including the new york times have sent a letter of protest to the new york police department saying that the police actions of last week have been more hostile to the press than any other event and recent memory now separately ten press club unions and other groups of represent journalists called for an investigation and said that they form a coalition to monitor police behavior going for it so we have to ask are we seeing a drastic change in the way the journalists are treated joining me from our studio in new york is ryan devereaux reporter for democracy now ryan thanks so much for
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joining us tonight now i know that you've been covering occupy wall street for a while for the last couple of weeks and we've seen a lot. of the press we've seen a lot of press get roughed up have you witnessed some of that personally. oh absolutely we've been covering a democracy now we've been covering occupy wall street since just before it began a couple days before the actual occupation began and over the course of these past couple months i've seen numerous incidents of police encounters with the press in which the press was roughed up in which people were taken away who were members of the press it began the first incident that i remember was it was the night after troy davis was executed there was a rally to protest his execution in union square here in new york city and that turned into a large march that joined with occupy wall street folks in lower manhattan and cameron that i was working with for democracy now i was struck in the face with a baton on that march and another march i saw one of our cameramen get thrown
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across the hood of a car scene and why p.d. officers lunge over barricades journalists it's been. it's not surprising at all the things that are written in the letter that you referred to the n.y.p.d. has displayed a lot of force in dealing with journalists throughout the throughout occupy wall street it's been it's been pretty. disturbing to watch at times now when you're out you know from what you've seen it where they well aware that these people were journalists and their press passes displayed or at least sad i'm i'm part of the media. absolutely in the case of the two colleagues of mine who or the one who was hit in the face with the baton the other who was shot across the car both were wearing their press passes both clearly identify themselves as members members of the press which people do in these situations again and again the addict identify themselves as members of the press but the n.y.p.d. depending on the officer that you deal with is generally not too receptive to that
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sometimes if you have an n.y.p.d. issued press pass which most people covering in occupy wall street don't then they may make some considerations but in the event of the eviction last week for example i was with a number of other journalists i was one of the few people who managed to make it to liberty square and the police were moving all of us along these were people you know a.p. folks a.b.c. news reporter that was there covering it sort of hurting us away from the actual center of the park where the arrests were happening down to the far end where they placed us in a barricade pen where we could barely see what was going on inside the park and then they the n.y.p.d. parked two large school buses n.y.p.d. school buses in front of that so it was all but impossible to see the rest as they were unfolding if we tried to get out they would threaten us with arrests the n.b.c. news reporter challenge was the n.y.p.d.
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was doing and his press pass was taken away from him the officer that he tried to deal with on that issue wouldn't identify herself it was an incredibly frustrating situation because this was an international event that people were paying attention to and we were down there trying to do our jobs and we were just being herded around into into a cage essentially and then having buses parked in front of us made it all but impossible to do what we were there to do after we experience this to you if we talk about this on a local level you say you have these police issued press passes are they hard to come by or you know do they make it easy for media outlets because especially with a. you know an event like occupy wall street you have a lot of alternative news outlets that are there to cover it probably more so than even the mainstream prat. that's an important point that brings up a number of issues the press passes are very difficult to come by i put in my application for in white the press weeks and weeks ago they were supposed to get back to me after a couple weeks i followed up multiple times and understandably i'm sure they're
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getting a. ton of requests at this time but i haven't been able to ascertain a press pass and i've been covering this nonstop it had been involved in all of the major incidents with the exception of one or two would have held a lot more comfortable if i had the you know the official credentials but as we're beginning to see even those official credentials are protecting journalists from harassment. and being hurt by police officers at times now what do you make of his argument that we've heard from mayor bloomberg himself who said that you know as a journalist you don't have the ability to break the law you should cover the story but you should be breaking the law and so they try to often act like you know journalists that might be there where they're claiming that protesters are trespassing that you're also trespassing how do you try to balance that. well it's obviously a difficult situation. it's a journalist's job to get the story and if if maybe these credentials were easier
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to come by for those who are trying to pursue the story we could deal with those issues we could deal with you know these situations where for example in the case of the brooklyn bridge i was on the brooklyn bridge as the march moved on to the roadway and i chose to follow the march because that's where the story was and that's what needed to be reported i didn't have any y.p. issued credentials but i had a job to do and numerous other people who i think felt the same way numerous other journalists there and when it comes down to it a reporter is going to follow the story and that's that's what we have to do it would be nice to know that we will be treated like professionals when we're just trying to do our jobs now unfortunately we've seen really a lot of this heat up during occupy boston movement but from other people that you've spoken to do they feel like the attitude in general or the amount of respect coming from police towards the press has changed a lot of people go back to the democratic national convention in two thousand and four and say it was a bit of a turning point. well you know it's difficult to say i think the issue with occupy
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wall street is that we're seeing something that sort of a president you talk about the d.n.c. you're talking about a situation that began it was over within a a short amount of time where is. wall street you have an ongoing demonstration that has created these situations where. we're at the press and the police are interacting on a daily basis for weeks on end i think it creates a dynamic unlike anything we've seen before so it's you know it's typical to see if the police are acting in more harsh now than they had before because i don't think we've seen anything like this before we're not seeing you know mass arrests like we did during our reporters within a short number of days but we're seeing a consistent effort on the part of the n.y.p.d. to make the job of journalists as seemingly as difficult as possible so what do you think it is after an hour by news organizations to file a complaint or write
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a letter to the cops i mean i at least think that it's nice to see some outrage i think we've seen a lot of outrage coming from the print media coming from bloggers but not quite enough on the cable networks. well i think i think it's a step in the right direction it is refreshing to see some of these big outlets you know speaking open and taking note of what's going on here in new york city for reporters that are trying to cover this story that being said i i think that someone should speak up for the independent reporters who've been out here since day one people who you know if you look at some of the most well reported most in-depth reports coming out of occupy wall street if you look at some of the most compelling video footage coming out of occupy wall street the videos that have gone viral and these are coming from people who aren't you know accredited reporters with major news organizations these are coming from people who are there you know without potentials who think it's important to document what's going on and i think it's these these independent reporters that really need to need somebody to stick up for him and i hope that this letter will start
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a process in which we can try to guarantee rights and protections for everyone that's out there that's trying to you know show the public what's going on with this occupy wall street movement all right thank you so much for joining us tonight and you know i'm with you i hope that it actually creates some change because otherwise it looks like the police and their bloomberg the city officials are all just pushing in the opposite direction thanks. i thought to come on the show tonight here our viewers and show and tell and that is the cia reports five think back to the lead on forces the question is the intelligence agency getting better at killing and they are i find out that for. the.


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