tv [untitled] May 14, 2012 4:30pm-5:00pm EDT
good afternoon and welcome to capital account i'm lauren lyster here in washington d.c. these are your headlines from may fourteenth two thousand and twelve in the wake of the j.p. morgan whale tale jamie dimon appears on a national network t.v. defending the bank and repudiating the notion that wall street is and has been bad . i think that your that's not true not everything holds true is bad but not all media is bad i like you and i trust you are truly. what about is even trying to make amends with the media industry he's criticized in the past we will do don't you worry the p.r. and tell you what the jamie dimon in the ego indicator may be telling us this is
critics are saying diamond should go either from the board of the new york fed or from the top spot at the bank meanwhile in the euro zone more indication that debt junkies are unwilling to acknowledge the reality greek elections have unveiled for the first time arguably just how fragmented this is science has become and how unpopular the bailout is beyond the riots we'd see politicians though they still can't cobble together a government in the country and the question is how much more broadly will we see the same problems play europe's economies as others run up against debt austerity they fail out and elections and how many people officially have been convicted of crimes related to the two thousand and eight financial crisis well if you're looking for answers from officials the u.s. justice department doesn't know because they don't track them through why might that be you know it hasn't always been this way they do track civil cases to all how do you know. well discuss that let's get to today's capital account.
all right it's monday so let's take stock because what we're seeing across the western world is exactly what happens when faith in the systems of governance and commerce are shaken to such a degree that the emerging cracks in the foundation appear too large and the holes too gaping to fix by traditional means no where of course is this more obvious than in greece where a system wide reset seems the only realistic outcome at this point the inability of politicians to form a viable government is really only the latest act in this national drama deposit in
capital flight a collapse in domestic investment and of paralyzing debt burden have weighed on the greek economy in the throes of a dark social depression unlike anything the country has seen in recent generations and with similarly indebted neighbors facing bailouts or austerity it's not hard to imagine a similar trajectory for other economies those pictures you see are from spain so out of the cracks within western societies and there are economies grow larger and deeper the divide between the real economy and the what inhabited by the finance years grows equally with it last week let's bring it home we learned that j.p. morgan the largest wall street bank to have emerged from the crisis of two thousand and eight not only unscathed but in rich and bigger than ever before announced a whole of its own on its own balance sheet of more than two billion dollars
expected to grow possibly to another billion dollars some say higher but not to worry because cracks on wall street can always be fixed with the glue of more easy money deregulation and of course monopoly privilege holes can be filled with the endless support of central banks who stand ready to. and rich are futile banking all of gospelly at the expense of the systems of government and commerce that built the same wealth that is now being extracted with an ease and efficiency reminiscent of an industrial assembly line it's kind of the only thing reminiscent of that these days jamie dimon the c.e.o. of america's largest bank by assets again made an appearance on meet the press this sunday listen to what he had to say about the two billion dollar loss that j.p. reported from its risky bets the last that turned out not to be the tempest in the teapot that he had previously blown it off as take a listen. question is sars this is not a risk which is life threatening to j.p.
morgan this is a stupid thing that is you know that we should never have done but we're still going to earn a lot of money this quarter. does you worry did you hear that j.p. morgan is still going to earn a lot of money this quarter banks are supposed to earn money by helping the economy grow they make money from that growth making money while the rest of the economy suffers is that earning money exist ract ing it it's stealing it and that's the thing we see on both sides of the atlantic from bank bailouts in the euro zone disguised as bailouts first societies to the casino capitalism of wall street banks disguised as legitimate business this is just how bank works as a j we don't want you to think we're going to see what gerald celente thinks though he's founder of trans research institute and publisher of the trends journal and a great antidote on a day like this to the p.r. coming from a too big to fail banks like j.p.
morgan mr gerald celente thank you so much welcome back to capital counter so happy to have you well thank you ok so let's start with something actually from your spring trends journal it's a quote from nomi prins who's also been a guest on the show that says never before has the world experienced such an epic government subsidization scheme to keep private sector gamblers gambling and she's talking about a trend from the u.s. to europe to next she believes asia and latin america my question to you is not only have the government the mechanisms of government really been hijacked in order to subsidize the gambling habit and the debt exists addictions of a new feudal class of banker but the media by and large has painted these attempts as bailouts for the victims so this may sound like a vague question but let's just you know ask broadly how would you say this is been allowed to happen. it's what we wrote back when henry paulson the former
c.e.o. of goldman sachs was the head of the us treasury the treasury secretary on the bush and he devised the scheme of the bailouts the too big to fail with his top program and at that sign we wrote we sent out a trend alert wall street has hijacked washington. it's the merger of state and corporate powers by definition is called fascism it's been a takeover look at the people who are in charge you know who have been in charge one after another whether it was you know from the goldman sachs gang the merrill lynch mob the j.p. morgan chase crew one after another they all inhabit and have inhabited it through the halls of wall street of washington and it's a revolving door there's no there's no democracy in the united states that's only
for little kids the only representation we get in this country from our senators and congressman are the people that give them the most money and have the most power so it's a complete takeover and not only in the u.s. it's global i mean who's the head of the european central bank oh mary oh druggy where is he from son of a gun wasn't he the vice chairman of the goldman sachs gang over in europe oh how about that guy up in italy three card of mary zero three card monte a was in the international advisor for the goldman sachs guy yeah one after the laura gather let's go it's that simple same thing as the technocrat in greece that was appointed prime prime minister again he was a formal sense former central banker and the question though and i don't want to belabor this but gerald sitting here three years after the financial crisis after this millennium banking tumor built and brought down the economy the worst that
we've seen since the great depression how are we sitting here watching jamie dimon on t.v. talk about making more money despite the fact that economies are doing horribly is there something in the human psyche for example that allows us to be no elated to allow this kind of pillage right under our noses. well it's all part of the distraction and the entertainment industrial complex for example we've just saw over the last few weeks lloyd blankfein you know the fella from goldman sachs who does quote god's work and being you know being burnishing his image on on c n b c and bloomberg and all the people doing whether it's a matter of taking you to war or robbing you of your savings the people just sit back passively and let them get raped whether it's figurative lee or literally and i don't know what it is with it you know i mention earlier to dmitri i came back
from berlin yeah and i had to be the grandest city i've ever seen before was bombed you know my my vision of it a much grander than paris and i spent a lot of time there and i said to myself you know this is the look and the you know beethoven and bach. i decide that one after another how could these people have let a two bit freak like hitler destroy their country you know that people go well it was after the treaty of or size no no no we had one over there in italy mosul leading another to bid freak we had it too big freakin america. w. bush take the people to war against iraq for weapons of mass destruction that they didn't possess and tossed out qaeda what is it in the human spirit that allows people to listen to supect freaks like jamie diamond throw out his bow loney that get out i didn't know the court was there's no excuse for it we didn't know what
happened to two billion dollars just like a kill big freak. like john kors on who can't find the one point six billion dollars they let them get away with it and i'll tell you why i believe it because people have lost their courage their dignity their respect their integrity and their passion and they put up with a load of cheap aloni like guys like jamie diamond and john queen king who every is on meet the press to giving him these softball questions and letting him get away with it well let's listen to what you call this baloney coming from jamie dimon and what he gets away with before an interviewer like david gregory i want to play a little bit more about what he says about this screw up that it's being characterized as a two billion dollar losses take
a listen so you can make loans or invest the money in securities. put forward big banks in fact these securities are fully just haven't realized going to a billion dollars but seen how we manage that portfolio we did lose two billion dollars trading. so the thing about this is he just makes this sound like oh this is just normal banking business as usual you know what's left over from the deposits we invest but meanwhile there are tons of reports that have come out from former executives of this unit for example saying he was turning this into a profit center this c.i.a.o. he was encouraging huge speculative bets on riskier and riskier products like credit derivatives meanwhile as they were making risky or bad they were loosening some of the strict standards surrounding risk at the same time so is this kind of the problem that this is able to be characterized as oh this is just normal banking this is how a bank works don't worry about the details those are complicated those don't really
matter though this is just banking. let's make this really simple war and he's a money junkie they've got a bad habit to gamblers that's all this is this is an investment i'm tired of hearing that word dead gamblers these are in trades they're gambles and what happens is when the money junkies made bed bets they go to the government which of their buddies because it's one qualcomm it's the mafia the financial mafia we the people have to bail them out the f.b.i. see us we're protecting guys like them these banks that at one time we just commercial banks used to make loans very vanilla business and and there was you know there was enough coverage there if they made a bad bet they become in investment banks are nothing more then because senos they gamble so this is
a lot of baloney again it's just jobs talk and i love it you know when they ask the questions how come no heads rolled on wall street and die even says own of these bad actors should be punished bad actors can anybody say criminals yeah no you're right you're right nobody can say criminal so how can you go after anybody for a crime everybody is too afraid to call anybody a criminal or call anything fraud for that matter when we get back i want to ask you what should be the fallout from this we'll have more with gerald celente founder of trans research institute and publisher of the trends journal still ahead as the facebook i.p.o. roadshow continues this week a co-founder of the social network has changed his relationship status with the united states we'll give you our three cents but first your closing market numbers .
what drives the world the fear mongering used by politicians who makes decisions to break through it's already been made who can you trust no one who is going to be you who with the global machinery to see where we had a state controlled capitalism is called sessions when nobody dares to ask why we do our t.v. question more. you know sometimes you see a story and it seems so. you think you understand it and then you glimpse something else and you sure see some other part of it and realize everything is ok. i'm charging the is a big issue. here is what you consider a. buck and they alone
a fellow will get the real headlines with none of them are the problem with the mainstream media today is that they're completely disconnected from the viewers and what actually matters to those viewers and so that's why young people don't watch t.v. anymore if they want news they go online and read it but we're trying to take those stories that people actually care about and transfer them back in t.v. . welcome back we're talking about jamie dimon and about how the same extractive principles can be seen from a too big to fail huge risky trade made by j.p. morgan along with the terms of a bailout in greece or another debt strapped euro zone country let's get to jamie dimon though for a second because i want to get to this great op ed that one of our guests jam
records wrote it out today and he says it jamie dimon had an ounce of decency he would resign now not because his acts were criminal but because he presides over a corrupt institution that extracts wealth from the many and directs it to the few with no value added and not even a nod in the direction of the hard working american victims of this scam now he's talking about j.p. morgan's earnings which jamie dimon has been assuring everyone that this london whale trading loss is not life threatening too but he's saying hey these are a form of death those earnings to begin with that's from savers from retirees pursuant to the federal reserve zero interest rate policy so let's bring back in because i want to ask him about this notion both the resignation and the unintended consequences of the federal records in this op ed really get to the point is this the real issue the kind of staffed pursuant to the federal reserve's policies and
if jamie dimon had a shred of integrity would he resign. i mean that you know i can't speak for his integrity like is it by their deeds you shall know them and when you listen to what he says you know it's just a lot of jibberish going back and forth as i've read over the transcripts of his meet the press to interview yesterday so you know the whole thing is the criminal operations the banks have been robbing the people in broad daylight on and on that every level they could pull it off and it just keeps going i love one of his quotes by the way you said that president obama. and president bush he had miers that because they did things in the old fashioned american way by helping out the system i'll say i should american way how about destroying for the old fish in america way in the old fair should american way there was no such thing as too big to fail if the only thing i should american way we the people that if we fail it's something
we go down but not them they stay up and we have to prop them up and speaking of propping them up you can't really talk about propping up the banks without talking about the fed another analysis that has come out from critics post this whole jamie dimon scandal is people like eliot spitzer and elizabeth warren saying he shouldn't sit on the board of the new york fed he should resign well i mean the thing that comes to my mind is kind of like does isn't that one of the problems to begin with that you have someone like jamie dimon on the board of the new york fed isn't that kind of the crux of the issue jerrold that we're talking about the federal reserve you're talking about a private public partnership or what some might call a cartel. well it's like say you shouldn't be sitting in on the in a circle of the mafia the give be you know family that's all this is it's seth it's theft in front of everyone's eyes it's not only happening here it's happening all over the world i mean this is very simple it's not complex we know
why it happened there was a real estate bubble that was inflated by the fed following the crash of the dot com bubble in two thousand after after nine eleven hit they lowered interest rates to forty six year lows there was a building boom in ireland a building boom in spain a building on portugal a building boom in the u.s. the banks kept loaning money to people they should have loaned it so kept the money and making these these gambling games and the whole thing is collapsing the federal reserve again you know this is just a syndicate it's a financial syndicate and they white wash it with respectability it isn't the i.m.f. the international monetary fund it's the international mafia federation the whole thing is one big criminal operation and everyone is afraid to call a spade
a spade instead we have to call on financial experts investment wizards look out they bowed down to j.v. guy and said how brilliant he was how brilliant he was if you are on the inside of the game you could be brilliant who exactly i guess the question becomes and i know this is a big one in a situation where we do have these actions going on and being supported or at least kind of the narrative that says that it's acceptable by the press by the public how do you get banks back to their purpose where they are financing the economy and not gambling. oh it's not going to change with that with the with the two headed one party system that we have in place look where they get their campaign financing from or i should actually should use the proper language who gives them the bribes and payoffs to do what they want them to do it's the big corporations the big banks
big agriculture a big pharma so nothing is going to change in this country not until the i believe we have a direct democracy system where the people vote on major issues if you would have put up bailing out the banks in the top program in two thousand and eight and put it up for a referendum among the american people it would have failed hands down but instead they push it through so nothing is going to change and by the way nothing is really going to change i believe until the people change and when the people have the courage dignity respect and integrity to live the lives that they believe they should be living they won't take this bull loney from clowns like these these bankers in their face to bitch shows that they put on t.v. and are remains to be seen how that all shake out across the western world to end countries like greece and other indebted nations we didn't quite get to those because there was so much to get to with this whole jamie dimon fiasco i also
thought it was funny him talking in the meet the press interview about how washington and wall street needs to work together like it's a good thing but compared to the way that you know that you've painted it that a lot of those issues i agree with you on i thank you so much for being on the show it's always a pleasure that was gerald celente founder of trans research institute and publisher of the trends journal. all right before we go let's wrap up with loose change i have dimitri and shannon here to talk about a couple things that we could not overlook so let's wrap up with this how many executives have been convicted of criminal wrongdoing related to the financial crisis of two thousand and eight while many people probably just say they're oh if
you're watching this show but here's an answer given at last year's oscars from the director of the best documentary winner inside job. three years after or horrific financial crisis caused by massive fraud not a single financial executive is going to jail and that's wrong. oh and now at four years after the justice department doesn't even know the answer to how many criminal crimes have been prosecuted in the wake of the financial crisis related to them because they don't track them what is that about the f.e.c. highlights the civil actions on their web site a total of fifty five so far and william black points out in this wall street journal article that they kept track of them during the savings and loan crisis during or the aftermath of that well and why didn't. the civilian casualties in iraq why didn't we track why nobody can know you casualties from drone attacks post on iran start their ahmed's administration it's the same thing so if they don't
want to they don't want to track it they don't want to know because they don't do their job so the american people the less of the drive's far as the justice system is concerned so i'm not surprised that. they would not want people to know how incompetent and complicit their i say they have been and the list that they did end up issuing to the lawmaker that requested it included all of the people that have come after the financial crisis you know the roger hofmann's and insider trading and also those kind of things not anything really from the financial crisis can and do you want to weigh in on why that might be i think carol just said it's our working together wall street in the government working together talk over to look at years and years are significant because journals out of what a way shannon has come from her from her days at the beginning of the show when she was a little more you know not so not so jaded ok quickly before we go the i.p.o. roache over facebook continues this week everybody knows about it but did you catch
this a co-founder of the social network has changed his relationship status with the u.s. . as largo savva and one of the facebook founders masters u.s. citizenship some months back and is becoming a resident of singapore savard was born in brazil became an american citizen in one thousand nine hundred eighty issued a statement saying his decision had nothing to do with the i.p.o. . imagine now right before he's about to become we're really really really red the ditch is the us passport for one in singapore and this is a trend that we see where a record number of us citizens have given up their citizenship seven hundred eighty eight he's not the first past year he's not the first who will be the last and america's become like a truck stop for people like him to go to make their money and then to leave destitute and not him. to leave the u.s. destitute as people can try to make their money to get rich to be successful but then they're like hey we don't want to be taxed this way we don't want to be taxed
twice we want more of our wealth and i'm looking at peace out there i'm not going to blame him i mean he's gaming the system however the player hate the game while they all had certain players like jamie done because. they're pimps in this game but. so this is something that we see more and more and it's not just people that are very wealthy like him it's other people that want to get out of the u.s. while they still can well they've made some money playing the game because the rules get changed halfway down the river or i don't know what the rules are going to be well that's what your think is the guy changing the rules has got a bet on the other side and he's making money every time he changes the rules right and people that i'm talking about are people like jamie diamond lloyd blankfein all these too big to fail c.e.o.'s all right meet the press to the interviews and they whitewash they wash their hands clean of any guilt or anything else and then they have their accounts you know in singapore or wherever else has been decimated so yeah i guess that's where you got a small part of. this represents
a new generation that's what i believe that that's all we have time for thanks so much for tuning in don't forget to follow me on twitter at our in the. sure and give us feedback at youtube dot com slash capital account but for now from everyone here thanks for watching and have a great night. to what extent when i would call them paid mercenaries how much are they going to be at your defense to protect your administration and your successors none none you're saying the mercenaries like blackwater will not play a major role absolutely on this kind of shift the this is one of the issues over which we had immense tension but they will be here they will be. as far as the afghan government's goes in no way no mercenary no way no way. you know sometimes you see
a story and it seems so for lengthly you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture. download the official antti happily cation your i phone on called touch from the top story. one life on the go. video on demand ati's minefield costs and already says feeds now in the palm of your. questions on the dot com.
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