and without wall street if we put wall street in jail and shut wall street down, what we're going to do is deny the funning and the essential capital for the next generation of googles and the next generation of walmarts and home depots that not only provide wealth to investors and profits, but also create hundreds of thousands, if not millions of jobs. and i would submit that no other country in the world has a more, a more well-functioning capital system and financing system than the united states of america, and that happens with the investors in wall street. so we should remember that, that they are extremely important for our economy. now, who is culpable and who is guilty and who should be on trial here, and i -- and who is responsible for the $11 trillion of losses? well, let me tell you who i think that should be. on trial should be barney frank, barney frank -- [applause] who is the man who said that we should roll the dice on the housing market, and we did roll the dice, and americans lost trillions of dollars. i would submit that chris dod, the former senator for connectic

street was doing that it corrupted wall street. we created as eisenhower basically said beware of the military-industrial complex we have become a government wall street complex and that is not working for taxpayers. it has not worked for investors and it has not worked for companies. what i would submit to you is the villain here is government. the villain here is the politicians. i am not the only one saying that. even prosecution's own witness says the government is the root of the evil here. if we could get rid of what george gilder called the incestuous relationship between government and wall street we could solve some many problems and we could see a bull market expansion we have never seen before. i truly believe that and i believe if you hold my clients guilty and ruled that the problem in america is wall street and not big government she will be doing a great disservice to the future economy of this country, we will have government directing the investment. we know what happens when government direct investment. look what

without wall street, if we put wall street in jail and shut wall street down what we are going to do is deny the funding and the essential capital for the next generation of googles and the next generation of walmart's and home depots that not only provide wealth for investors but also creates hundreds of thousands if not millions of jobs. i would submit that no other country in the world has a more well-functioning capital system and financing system than the united states of america and that happens with the investors that wall street. we should remember that. it's extremely important for economy. who is culpable and who is guilty and who should be on trial here? and who is responsible for the $11 billion in losses? let me tell you who i think that should be. on trial should be barney frank. barney frank -- [applause] the man who said we should roll the dice on the housing market and we did world that guys and americans lost trillions of dollars. i would submit that chris dodd, the former senator from connecticut, should be on trial for having cozy relationships with the very types

street couldn't hijack our elections and that time is the subject of tonight's daily to wall street makes a lot of money for merck more correctly they take a lot of money as the leeches and banks years on wall street are very much takers rather than makers they don't make anything they just move money around and skim take their vigor off the top but in the process they end up with hundreds of billions of dollars in cash truly big books about a dozen wall street banks toure's made over two billion dollars last year each and the banks themselves have had one of the most profitable years ever borrowing billions from the fed at zero percent interest rate loaning that money to the us treasury at two percent or so spinning off trillions into riveted us and stuffing all the profits in their pockets meanwhile other divisions of the banks are foreclosing on your homes and actually making a profit and a tax write off. the result is that both the banks toure's and the banks on wall street have billions and billions and billions of dollars that they can buy pretty easily and given that what bet

wall street and what i found so i guess creative about this was that for a financial crisis built on leverage that the so-called solution which was tarp that wall street and our policymakers found a way to use leverage with the programs that were supposed to solve the problem of too much leverage so i guess it's no shocker you say it was designed by wall street because you explain that assessment and why that happened and what impact it had. well this was a program that was announced by secretary tim geithner secretary treasury in february of zero nine and you know the time i was of course responsible fighting oversight of the bailout and we sort of knew something was coming we heard a little some of the details but as we kept pressing within treasury to get some actual mechanics and details they kept putting us off putting us off putting us off and so those details emerged and it turned out it was originally intended to be a trillion dollar program that had that was so riddled with with opportunities in advantages for the giant investment funds the wall street funds that were going

on the one hand, there's still an enormous amount of anger in the country at wall street and wall street firms. on the other hand, there's a lot of anger on wall street aimed at the president. and i guess i wanted to ask you whether you think, whether you think that anger is justified either way? >> i think there is a new want answers to both questions. as far as the -- of the country goes towards the bankers, is justified, but it is not exclusive that -- the blame is not exclusive to the bankers. there were many constituencies that were part of the problem. the people who sold the loans that should not have been made. the ratings agencies. the fact that wall street did what it does, and to keep all of the blame on the bankers seems to be unfair. as to the other way round, i do not get it, i think democrats always have a tough time on wall street. i remember when ted kennedy was on the rise. and the silly jokes that tore made among us. i think that bill clinton did not get his due for all the things he did for the e economy. in my own personal criticism of president obama, he made some p

i have been in the wall street wizards program. even after the program i still keep in contact with bill and i have to thank you. you helped me get my first internship and when i first came into the program, i was i -- a very shy person. he taught me how to network, had to think outside the box, and also showed me the business world which is something i considered. both my parents are in the engineering side of things. thank you very much, bill. >> i -- next year i will be a second year at cal state monterey. i learned a lot about credit cards and how to manage my money and not wasting it and just how to budget and know what to do with my money as well as speaking and learning about stocks. we have to do presentations on stocks and it taught me how to be prepared and presentations as well as talking. that was really helpful and thank you so much, bill. >> i am still in high school, i will be a senior. what bill taught me in wall street wizards was life changing. it was, to me, what he taught me, i never known before. here was like

street wall street was blogging heavily some of these people on wall street individuals making a billion two billion dollars a year i mean they could squash a politician like a bug it was do you think that that was a factor that influenced this decision to add all these different levels and all these different ways to to just go to help out the banks. i think that was a significant part of it and the lobbying and political power of the big banks in washington was something that i got to witness firsthand and i think that was really important part of it both because of that lure of campaign dollars which is very very significant of course but all the of the other benefits that come with it you know through lobbying they really control i guess sort of it's asymmetrical information so that the views of the banks are presented overwhelmingly and with so much more force than the views of anyone else that it becomes in washington almost a conventional wisdom and i think the other part of it is the fact that who is running the bailouts it was the same people from these bags goldman sachs morgan

street couldn't hijack our elections and that time is the subject of tonight's daily to wall street makes a lot of money for merck more correctly they take a lot of money as the leeches and banks hers and wall street are very much takers rather than makers they don't make anything they just move money around and skim take their vigor at the top but in the process they end up with hundreds of billions of dollars in cash truly big books about a dozen wall street banks toure's made over two billion dollars last year each and the banks themselves have had one of the most profitable years ever borrowing billions from the fed at zero percent interest rate loaning that money to the us treasury at two percent or so spinning off trillions into rivet of us and stuff and all the profits in their pockets meanwhile other divisions of the banks are foreclosing on your homes and actually making a profit and a tax write off. result is that both the banks toure's and the banks on wall street have billions and billions and billions of dollars that they can buy pretty easily and given that what better

street guys sitting around saying how do we make money this was a bunch of wall street guys sitting around saying how do we solve this problem well this is a replay of what we saw a hundred fifty years ago the u.s. army went west using eminent domain they stripped the native americans of their land and put them onto reservations here you've got wall street she models on the west coast using eminent domain to strip people of their private property and put them on some reservations the value of the real estate is going to continue to go down the servicing of the new debt being refinanced allies causing a huge tree for the wall street has of course will end up to further deteriorating financial markets around the world causing more. debts to be pushed into the public domain you know it's like the reverse of reaganomics in fact you're not much remember in the eighty's they let public housing estates go privatized and that they could buy into their own council flat or public or or house public housing this is the opposite this is wall street bankers now having milked every last drop of o

street guys sitting around saying how do we make money this was a bunch of wall street guys sitting around saying how do we solve this problem well this is a replay of what we saw a hundred fifty years ago the u.s. army went west using eminent domain they stripped the native americans of their land and put them onto reservations here you've got wall street she models on the west coast using eminent domain to strip people of their private property and put them on some reservations the value of the real estate is going to continue to go down the servicing of the new debt being refinanced allies causing a huge tree for the wall street has of course will end up to further deteriorating financial markets around the world causing more. the debts to be pushed into the public domain you know it's like the reverse of reaganomics in fact you're a nomics remember in the eighty's they let public housing estates go privatized and that they could buy into their own council flat or public or or house public housing this is the opposite this is wall street bankers now having milked every last drop

so last wednesday something really really strange happened to wall street trading firm knight capital just after the opening bell at nine thirty am the firm began making a flurry of errant trades buying and selling huge amounts of shares in major companies officials at the new york stock exchange when that something was wrong the enormous increase in trading right after the bell was unusual so they contacted folks at the securities and exchange commission to look into what was happening and then market regulators were called into action but by the time the regulators figured out the source of these massive nonsensical trades the damage had already been done in just forty five minutes of trading that wednesday morning knight capital lost more than four hundred million dollars and had it not been for a cash loan a few days later the entire firm would have gone bankrupt destroyed by a forty five minute trading debacle so you would think some trader at the firm would lose his job over making these boneheaded trades right yeah except these bad trades weren't made by a person they were made

reporting from wall street in new york city here is bret baier. >> this hour we will take you inside an alarming trend. cities that have slid deep into debt. even bankruptcy. new york is not on the list today but for a number of other reasons we begin our report from this spot, america's financial nerve center. the first reason is simple. some of the nation's most desperate cities are in trouble because of the millions they have borrowed from wall street. we saw that 171 miles from here in a city buried under decades of debt. >> harrisburg, pennsylvania, is the capital of the keystone state. you would think it had been run by the keystone cops. >> what exactly is the fiscal situation in harrisburg now? >> well, number one we are insolvent. >> dan miller is harrisburg's controller. >> my office is projecting that we would have a $15 million deficit this year and i think we are just going to struggle from pay check to pay check. we have $1.6 million. we have a health insurance bill that needs to be paid and our payroll every two weeks is a million dollars. i mean there you go. if we ma

street between unions and wall street to clarify is this something that in fact you touch on original prisoner x. which is that both public sector unions and wall street banks thrive on government subsidies and lack of competition so i just wanted to make sure that was all clear and on that note balderdash one wrote i'd be very interested to hear what the difference in the amounts of money that public sector unions are taking out of the economy compared to wall street not even close to the same ballpark i'll bet it's hard to know what's being extracted but if you want to look at the top five contributors in public employee unions and finance which is together with insurance and real estate from open secrets which is the center for responsive politics you can see there how they compare so when you're looking at the top five you're looking at not a huge difference in terms of the dollar amounts but what you will see when you get more into big picture of the lobbying contributions to panic. it does look from my assessment like wall street spends a lot more but i encourage you to go to op

street revolving door that a lot of these guys had come from wall street were going back to wall street or just surrounded themselves by these wall street folks always in the form of their aides or just have been in the it in these regulatory bodies for so long that that's just the only voice that they heard and he labels as a major problem in just a kind of give you a sense of what this kind of you could call it it's an aggressive term this kind of collusion builds we talked a little bit about a program to end up being gutted pretty significantly because of sig tarp raising the red flag about it and really hammering at home but initially it was planned as barofsky puts it designed by wall street for wall street with of course the help of the treasury here he is describing a little bit of that program we can place him and it turned out it was originally intended to be a trillion dollar program that had that was so riddled with the opportunities in advantages for the giant investment funds of wall street funds that were going to run the program that it was that it was primarily based or

street and he was attacking wall street banks and then he and his career ended quite suddenly with events that some some considered a set up but you know it's clearly he had a role in his own demise but what do you see the perhaps that if the state continues down this path of taking a hard line against the banks hers that this will create some tension similar to what we've seen already and is that a possibility carl do you think well i hope this this gentleman number one doesn't like to frequent option number two you know very good at keeping his belt cinched around his waist unlike eliot. because clearly if there's anything that people can expose about him and try to discredit him i would expect him to try to do so the you know the first rule of being a law enforcement official is that you probably ought not to be smoking joints if you're boston drug dealers car let's talk about high frequency trading for a second is this free market capitalism or is it rigging markets and plundering passive investors and if so would a financial transaction tax help at least slow the plunder well it's cl

street know this and i know when i was working on wall street if you still somebody has money they blame themselves so these people are put our community f. suicide in effigy upon themselves whether they have hanging up a bank or the guy who stole the money that's the psychology that's the psychology that makes wall street very very rich the victim always blames themselves well the victim blames the cells especially in a casino gulag and here in vegas is the heart of the casino gulag also it's important to note that here is a work of art which i compared to banksy in terms of how much it's reflecting in telling you as a society to look at yourself and look at the society around us and instead this is what the response is although the billboard alarmed drivers it's unclear whether regulations in the area ban roadside signs with graphic depictions of suicide a spokesman for the nevada department of transportation said there didn't appear to be state regulations on the matter and a spokeswoman for clark county was also not aware rules against the subject matter so they're talking only about

street know this and i know when i was working on wall street if you still somebody has money they blame themselves so these people are put are committing f. suicide in effigy upon themselves whether they have hanging up a bank or the guy who stole the money that's the psychology that's the psychology that makes wall street very for. rich the victim always blames themselves well the victim blades and sells especially in a casino gulag and here in vegas is the heart of the casino gulag also it's important to note that here is a work of art which i compared to banksy in terms of how much it's reflecting in telling you as a society to look at yourself and look at the society around us and instead this is what the responses although the billboard alarmed drivers it's unclear whether regulations in the area ban roadside signs with graphic depictions of suicide a spokesman for the nevada department of transportation said there didn't appear to be state regulations on the matter and a spokeswoman for clark county was also not aware rules against the subject matter so they're talking only about

s on wall street do you think that's sort of naive in a sense expecting this. after the economic crisis why still to map this out i don't really know if you are going to get the real change that we're looking for just by asking. for is change and our government may know in some small change. banks will always find a way to screw us over there always find ways to maximize their profits and their and maximize their profits without actually doing any work so take that money or save his from somebody else presidential elections in the us are just around the corner and for years after barack obama was elected people critics are now saying that basically there is no difference between the democrats and the republicans that they're both two sides of the same coin are you still expecting any kind of change to take place after the elections regardless which one of the parties wins. numbers or clearly i think. most likely we're either going. for a democrat or republican and i think both those are wrong choices they're both working for the same system that they both take

unchain wall street. they're going to put you all o. unchain wall street. they're going to put you all back in chains. >> mr. biden today at a rally in danville, virginia. the crowd of 800, like the city, is roughly 50% african-american. we let it run a little bit long so you could hear the reaction and judge for yourself, how that phrase, put y'all back in chains, played inside the room. the blogs were erupting. a contributor to the national review accused the vice president of using racially coded language or, as it's called, blowing a dog whistle. here's the estimable veep. he writes, dog whistling like cesar milan. over on town haul hall one writes this, joe biden race baits in virginia. the romney campaign reacted sharply as well. a campaign spokeswoman said, quote, after weeks of slanderous and baseless accusations leveled against govern or nor romney, the obama campaign has reached a new low. the comments made by the vice president of the united states are not acceptable in our political discourse and demonstrate yet again that the obama campaign wil

wall street is still in the saddle. the banks are bigger than ever, and they've got a bailout every time they screw things up. >> eliot: i think you're absolutely right in the diagnose of and more importantly tim geithner who did not want the reform needing someone to push for it at a time we needed. thanks so much for coming on the show. >> sure thing. my plelelelelelelelelelelelelelelelelelelelelelelelelele >> eliot: justjustice at wall street works in the reverse again and again. but first nancy pelosi on snack foods and the obamas on george clooney. when it doesn't fit anywhere else, we put it in the viewfinder. >> and now for your consumer report, weighing in on fruit by the foot and fruit roll ups here is nancy pelosi. >> thank you jimmy both snacks are great after school, recess, or when playing with friends. >> republicans must quit pretending that their new voteer i.d. laws have anything to do with stop fraudulent voting, and more about if black people want to vote they must first jump through a hoop. >> they l

the aftermath of occupy wall street is widening trends that have been going on for almost forty years in the united states or now which marks a commonly accepted knowledge i think the outrage is growing i think the politics of the united states is going to become potentially much more combustible meaning the potential for rage revolt chris hedges new book days of destruction days of revolt is about places like camden new jersey being pressed all the way down really dismantled by financial engineering and wall street and how these people are starting to woodville and eyes i see more of that on the horizon i don't know what well at what point do you think that will happen i mean when what will it take for i mean you had mentioned that a lot of this is systematic you know that the government being cozy with wall street what will it take for real change to happen i mean we're seeing that at the these protests spark but i mean when do we reach that threshold where real change can occur what do you think. well my sense is that we are headed towards a session after the election what they cal

. >> fox news reporting, cities going broke, reporting from wall street in new york city, here's bret baier. >> this hour, we are going to take you inside an alarming trend. cities that have slid deep into debt, even bankruptcy. new york's not on that list today, but for a number of other reasons, we begin our report from this spot, america's financial nerve center. the first reason is simple. some of the nation's most desperate cities are in trouble because of the millions they have borrowed from wall street. we saw that 171 miles from here in a city burr yid under decades of debt. harrisburg, pennsylvania, is the capitol of the keystone state. you would think it had been run by the keystone cops. what is the fiscal situation in harrisburg now? >> well, number 1, we are insolvent. >> dan miller is the harrisburg controller. >> my office is projecting a $15 $15 -- $15 million dev sympt we have $1.6 million. we have a health insurance bill that needs to be paid and the payroll is $1 million every two weeks. if we can make payroll and pay that bill, we have no money. it's very bleak. >>

street wall street was blogging heavily some of these people on wall street individuals making a billion two billion dollars a year i mean they could squash a politician like a bug it was do you think that that was a factor that influence this decision to add all these different levels and all these different ways to to just go to help out the banks. i think that was a significant part of it and the lobbying and political power of the big banks in washington was something that i got to witness firsthand and i think that was really important part of it both because of that lure of campaign dollars which is very very significant of course but all the of the other benefits that come with it you know through lobbying they really control i sort of it's asymmetrical information so that the views of the banks are presented overwhelmingly and with so much more force than the views of anyone else that it becomes in washington almost a conventional wisdom and i think the other part of it is the fact that who was running the bailouts it was the same people from these bags goldman sachs morgan stanl

occupy wall street alone. top stories the. court reviewing the case of the controversial punk band pussy riot says it will deliver its verdict next friday when the protest started the feminist rock a stage in russia's main cathedral. and it's getting dangerously tense on the border between egypt and israel as caro bombs militants one a new leader struggles to stop violence in the post mubarak country. plus. post gadhafi libya prepares for its transition of power to a newly elected assembly continued violence threatens to derail hopes for democracy . i'll be back with more on those stories for in fifteen minutes from now in the meantime kate is next with the sports news. welcome to the wednesday nights for round up here the top stories. lost for russia lithuania in the men's basketball to reach the olympics of the finals for the first time since the end of the soviet union. while in sync with russia's duet and russia now continues the country's twelve year domination of synchronized swimming with gold at the london olympics. pl

if you don't have it don't spend it. >> wall street is the spender of modern finance. behind me is federal hall. that's when national government first met after the constitution was ratified. one of the framer's gravest concerns was the nation could be profoundly weakened if debts run up by the state were not handled in a responsible way. not everyone agreed about what to do then. issues are differen today but two poor ideas of the founders still apply. first out of control debt can destroy a country's own destiny. second even more crucial in crisis the exceptional character of the american people is the most important asset we possess. that's our program. i am bret baier. thank you for watching. how does this thinwork? oh, i like it! [ garth ] sven's small business earns 2% casback on every purche, every day! woo-hoo!!! so that ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve the most rewards! [ male announcer ] the ark business card from capital one. choose unlimited rewards with 2% cash back or d

so last wednesday something really really strange happened to wall street trading firm knight capital just after the opening bell at nine thirty am the firm began making a flurry of errant trades buying and selling huge amounts of shares in major companies officials at the new york stock exchange caught wind that something was wrong the enormous increase in trading right after the bell was unusual so they contacted folks at the securities and exchange commission to look into what was happening and then market regulators were called into action but by the time the regulators figured out the source of these massive nonsensical trades the damage had already been done in just forty five minutes of trading that wednesday morning knight capital lost more than four hundred million dollars and had it not been for a cash loan a few days later the entire firm would have gone bankrupt destroyed by a forty five minute trading debacle so you would think some trader at the firm would lose his job over making these boneheaded trades right yeah except these bad trades weren't made by a person they we

reporting from wall street in new york city here is bret baier. >> this hour we will take you inside an alarming trend. cities that have slid deep into debt. even bankruptcy. new york is not on the list today but for a number of other reasons we begin our report from this spot, america's financial nerve center. the first reason is simple. some of the nation's most desperate cities are in trouble because of the millions they have borrowed from wall street. we saw that 171 miles from here in a city buried under decades of debt. >> harrisburg, pennsylvania, is the capital of the keystone state. you would think it had been run by the keystone cops. >> what exactly is the fiscal situation in harrisburg now? >> well, number one we are insolvent. >> dan miller is harrisburg's controller. >> my office is projecting that we would have a $15 million deficit this year and i think we are just going to struggle from pay check to pay check. we have $1.6 million. we have a health insurance bill that needs to be paid and our payroll every two weeks is a million dollars. i mean there you go. if we ma

wall street has in romney. joining us now, cnbc "squawk box" co-host, "the new york times" columnist, author of too big to fail, father of twins, the highly unproductive andrew ross sorkin. you had a great piece the other day talking about paul ryan and wall street and where he stands on key concerns among wall streeters. we've been talking a lot about bowles/simpson. he has a position that differs -- >> there's a couple points. first in terms of business writ large, the business community constantly talks about simpson/bowles. ryan's against it. frankly, obama's against it. frankly, romney's against it. i mean, romney will say he likes the concept of it, but when you get into the details, obama will say he likes the concept when you get into the details. the problem with simpson/bowles, everyone thinks in concept it's good. if there was an up or down vote today and people read it, not just a sin ynopsis, but the who thing, there are too many things that offend people on both sides. >> northeast of the apprehen

wall street and what i found so i guess creative about this was that for a financial crisis built on leverage this so-called solution which was tarp that wall street and our policymakers found a way to use leverage with the programs that were supposed to solve the problem of too much leverage so i guess it's no shocker you say it was designed by wall street because you explain that assessment and why that happened and what impact it had. well this was a program that was announced by secretary tim geithner secretary treasury in february of zero nine and you know the time i was of course responsible fighting oversight of the bailout and we sort of knew something was coming we heard a little some of the details but as we kept pressing within treasury to get some actual mechanics and details they kept putting us off putting us off putting us off until those details emerged and it turned out it was originally intended to be a trillion dollar program that had that was so riddled with the opportunities in advantages for the giant investment funds the wall street funds that were going to run

to try to steer business toward wall street versus the city. it's not about iran son about iran's not about the politics there's nothing about the politics because clearly of a was then the question of h.s.b.c.'s money laundering and drug trafficking or barclays libel or rigging would come into play but it doesn't this is purely war now between wall street versus the city of london this is what we've been waiting for this is the this is going to be the greatest show on earth yes but this is the poodle that bites the hand that feeds it you know they they were fine acting as a poodle for all these years and egging on the u.s. bully to attack invade and steal and grab resources from other nations and other sectors of the world economy. and yet here now they're all like wanting an investigation don't know that that's a good point i mean when the the u.s. stumbled into iraq there was the u.k. you know tony blair's down to crawford texas with george bush trying on the cowboy hat when the u.s. the stumbles in afghanistan there's the u.k. will give you

versus wall street as you just being say in what way do barack obama and mitt romney represent wall street that is against the interests of the american people mitt romney doesn't really pretend even to do anything other than advance the economic elites agenda he has a track record which is to advance the likes of his own you know to acquire enormous amounts of wealth by tearing down other companies and businesses and firing workers and offshoring jobs and gobbling up the profits himself so he's got a track record which is pretty clear and he's you know he's pretty much straight ahead wall street agenda with barack obama on the democratic party it's it's a little harder to see clearly what they are about because they do talk a populist line but to actually look at their record it's pretty clear who their allegiances are to so george bush provided about eight hundred billion in bailouts for wall street but under barack obama it's been many trillions some four and a half trillion dollars worth of bailout that has already been dispersed and then there are many more trillions worth of l

people on wall street -- >> he's mentioned that. >> people on wall street believe that he's insulted them repeatedly an he wants to, you know, regulate them out of business and that sort of thing. so i think that there is some actual ideology here. it's not just, you know, a bet. >> the president, guys, uses repeatedly the phrase billionaires and millionaires and i think people on wall street see that as code for meaning people like they who are on wall street and who happen to have some wealth. and then i think that the president is probably also tarred with the same brush. i think there's anger over congress and the dodd-frank legislation, the way some of the wall street people were treated by senator levin a couple of years ago and in the goldman hearings a there's a lot of anger and loathing out there. >> a lot of layers to it. moving on to topic number three, the top story of the hour as we brought you was the drought. it is resonating on twitter, catherine? >> yeah. i think you see people tweeting a lot today about a report that came out from the department of agriculture about

in the aftermath of occupy wall street. widening trends that have been going on for almost forty years in the united states or now which you might say commonly accepted knowledge i think the outrage is growing i think the politics of the united states is going to become potentially much more combustible meaning the potential for outrage in revolt chris hedges new book days of destruction days of revolves is about places like camden new jersey being pressed all the way really dismantled by financial engineering and wall street and how these people are starting to rebel and as i see more of that on the horizon i don't know what what what point do you think that that will happen i mean when what will it take for i mean you had mentioned that a lot of this is systematic you know that the government being cozy with wall street what will it take for real change to happen i mean we're seeing that the these protests spark but i mean when do we reach that threshold where real change can occur when you think well my sense is that we

wall street and what i found so i guess creative about this was that for a financial crisis built on leverage that the so-called solution which was tarp that wall street and our policymakers found a way to use leverage with the programs that were supposed to solve the problem of too much leverage so i guess it's no shocker you say it was designed by wall street because you explain that assessment and why that happened and what impact it had. well this was a program that was announced by secretary tim geithner secretary treasury in february of zero nine and you know the time i was of course responsible fighting oversight of the bailout and we sort of knew something was coming we heard a little some of the details but as we kept pressing within treasury to get some actual mechanics and details they kept putting us off putting us off putting us off and so those details emerged and it turned out it was originally intended to be a trillion dollar program that had that was so riddled with the opportunities in advantages for the giant investment funds the wall street funds that were going t

in terms of wall street, not wanting any regulations. and wall street wanting to continue to put their thumbs on people with those subprime loans, with predator lending with high interest rates. that's the real issue. you want to talk about substance? let's deal with that, ana, versus this nonsense, well, it was the chains. the fact of the matter is, wall street wants people like that so they can keep their profit margins high. >> all right, roland and ana -- >> i absolutely agree. i think instead of making racially tense comments to his audience, he should have talked about the 14% unemployment rate that african-americans suffer under barack obama -- >> and that will be, people, our final word for the moment. i'm going to ask you to stick around. we've got some new tape to show you. paul ryan confronted for the first time with a question about mitt romney's budget plan and he has a little bit of a tough time answering that. we're going to talk about that coming up next. stay with us. can be such a big thing in an old friend's life. we d