Sufficient. And thats what would have happened to citibank all these but the big banks were all basically bankrupt citibank and bank of america. All of the big mortgage fraud banks had 0 net worth they had negative equity the shareholders should have been wiped out eric holder said what about the wives of the shareholders and the little kids they would have suffered and its worth sacrificing the whole economy its worth a depression for 10 years so that the wife of the shareholder in the little kid school wont suffer but they still have negative equity negative net worth to make that work though they have been reduced negative Interest Rates to somehow make negative that worth palatable in some strange way but going back to the 1929 crash and then the pechora commission as it was called in many bankers went to jail and then introduced many reforms like the last eagle alike other reforms that were aimed at getting rid of the abuses that. Come when as even and smith said when you put 3 business men in a room theyre going to collude right he wrote the theory of moral sentiments that was the body of his work only one volume was about the free hand the invisible hand of the market capitalism and so why did we dismantle all this stuff ok reagan started to dismantle all the stuff under deregulation but why would every democrat like clinton also dismantle all the regulations and obama dismantle all regulations when the obvious result has been abuse that larceny and an economy thats unstable and its because of whos funding the Political Parties so that the top level the left wing in the right wing of the parties are the same and the further you get out on the swings toward the people theyre not connected so they made you know if ill stay in bargain at some point and said we want to seek funding from the lords of wall street in these industries and were going starting with what reagan did in 82 and repeal the notion of stock buybacks which was a very significant repeal all the way through to us to go but there was a series of legislation that during those years and dont Forget Congress was controlled by the democrats a lot of the time when reagan was in there that eventually the republicans got control and for whatever reason bill clinton under the influence of you know robert rubin and others decided that we were going on least the potential of wall street but by unleashing their potential it was terrible for main street as bill clinton was exiting office basically he repealed glass steagall he introduced the commodity futures modernization act which allowed the explosion of these derivatives in which a lot of the fraud was hidden and even Warren Buffett called it the weapons of mass financial destruction to us right before the financial collapse did happen and again you know you cant escape 1929 because that was when after that crash that we had the classical act introduced and the pechora commission at that time they. That j. P. Morgan hauled him before the senate weve never seen somebody these sort of powerful guys call to task in fact Hillary Clinton when she ran against trump and lost against trump it was partly those the leaks of her talks to Goldman Sachs on the eve of running for president that she was basically promising that she wouldnt go after them so the holder doctrine eric holder former attorney general under obama this is the idea that banks are systemically important they cant be prosecuted because this would be a danger to the society as a whole whats remarkable is that this idea has bled over into other industries so now boeing has a major scandal on its hand and its claiming that its just a mentally important in the law doesnt apply to other Agricultural Companies are saying now were systemically important were above the law now that is leading to beyond a kleptocracy this becoming i think its a caca stock or c. Is the right word its ruled by the least qualified are now in charge of running the economy and the results are obviously catastrophic they are catastrophic but i think that this is this strange idea that we dont hold people of our same costs accountable and thats why the 2010 elections happened unfortunately as a rebuke to president obama because people wanted accountability and we did not get accountability what we got was a half baked Healthcare Plan that took an awful lot of arguing to make that frankenstein monster and a few other things but we did not get a catharsis we did not get accountability and people on main street out there knew it and they call d b. S. Lets talk about the systemic nature of this ok where again were here in brooklyn right across the river is the Financial Center a wall street made town this is where all the banks are trillions of dollars not only just directly at that time 4. 00 trillion but another 10 trillion and printed money and lord knows how much theyre actually printing for them was it thrown into a black hole essentially and what ip. Any of the ideas for example Bernie Sanders and Elizabeth Warren are the 2 big names in terms of what they want to reform wall street. Of course restore glass steagall would the restoration of classical for example how would a financial transaction tax help with breaking up the big banks help the glass steagall has already been so violated and theres been so many i gather that theyre going to say well now weve all merged and you cant undo the merger so its almost impossible to approach it that way you have to approach it by a whole new set of laws that will do things that. Had never anticipated that banks and the wealthy people would make their wealth not by lending to create factories and employing labor to produce goods but just lending to inflate stock prices to inflate bamn bond prices and having the Federal Reserve pump money into the economy not to hope the economy as a whole of main street but slowly to help the bond and stock markets and to support real estate prices making people thinking that the economys getting rich by making people go further and further into debt to afford to buy housing and education and Everything Else nobody had dreamed that the economy would be so turned inside out as that has today so you need much more than glass steagall you need a whole restructuring of the Financial System and the tax system but without a computer the profit for the last 5 years have been flat but the stock price has gone up because a massive stock buybacks theyve shrunk the float makes earnings look better so whats your point its not about manufacturing its not about even showing a profit on which it you sell for more than you make them for its only about accounting fraud accounting manipulation and market manipulation and so why is that message lost on the Democratic Party i mean what im hearing is like well the donor class supports it so theyre not going to mention it and what im hearing theyre forced every single demo. Tragic running for president candidate is corrupt i mean is saying its not a single democratic candidate thats not either overtly or or less of early totally corrupt im not saying that i mean but i do think that at some level the d. N. C. Or not the candidates at some level that those at the very top have to rely on this very small donor class and they create arrangements between the Democratic National committee and the state parties to essentially commit Money Laundering to get around the rules that are made by the f. E. C. So you can move monies to the hillary victory funds and so forth but the basic thing that is going on here is that the people that run the parties dont want to actually change the game and bernie has changed the game Elizabeth Warren has changed the game what theyre doing is showing that i can raise money from Anyone Around the country i dont have to have you know cocktail tar parties and events with you know high dollar donors to fund my campaign i can have us fund the campaign at 27. 00 at the time that is an anathema to people that run Political Parties or organizations at the top because they like to be around these folks they like to hobnob with these folks they like to feel important and to your point about why you cant get that to penetrate downward its because we are sold on this notion that are for a one ks or an indicator of our quality of life and our happiness and so even though most of this wealth is going to a very small group when youre nominally when youre for a one k. Goes up especially than gen x. Or in boomers you think youre wealthy too but the fact of the matter is youre not and when 2008 crash most people lost most of the paper wealth yet they d were in debt because they were borrowing against it did point and well pick up on that after the break dont go away more front running after this. In this community there are people who believe that its ok. Its really hard there are no jobs and you see the kids that ask and as a parent. I can come up with arguments and theres a lot of conflict within the game and between the teams most of the conflicts i would say are over balls around money and most of their money is made. Close one on the childrens cosimo each other is Good Business the state of california alone makes 6000000000. 00 a year of the prison complex just to get some point in your life where. You dont care and cares about your so your care might anything. So what weve got to do is identify the threats that we have its crazy to confront ation let it be an arms race is on off and spearing Dramatic Development only closely im going to resist i dont see how that strategy will be successful very critical time time to sit down and talk. I can show you my face but im going to teach you must store in 9093 this man was sentenced to death. They could charged with capital murder even though he didnt have the gun didnt pull the trigger didnt intend to kill anybody imagine living in your bathroom for that week with his son of a 23. 00. Confined within 4 gray walls the fuck its using. Turn on to help him to leave this room. Place your order the kind of good intentions of a teachers go to or in christening to and maybe even 40 years ago there was simply evaporated to the north sea at the time the pleasure of the 5. Join me every thursday on the alex im unsure when ill be speaking to guest of the world of politics sports business im show business ill see you then. Welcome back to front running 2020 with max kaiser as days are over the last day of reform reform not here not on wall street you cant swing a dead cat in this town without getting some obese bailed out banking nightmare you know i understand that if you give dogs 20 pounds of dog food to eat at all though eat themselves to death you know billionaires if you give them a 1000000000. 00 from the fed for nothing cost enough and for that money that theyre borrowing costs 0 or you pay them to borrow money from the fed why we blaming them were just giving them billions of dollars theyre just asking for it they get it so theres got to be something more systemic that we need to address the democrats like Elizabeth Warren oh this shouldnt billionaire shouldnt exist billionaires are the problem thats not the problem theyre the symptom of a deeper problem why why dont why dont the democrats just financially illiterate i mean is the base just not educated why cant we get into the nitty gritty of all this and talk about the money supply the Federal Reserve the cartel that is the Banking System the rico act for jamie diamond for nipping any gold price thats you know in a lot of cultures in the past its a hanging offense you know why are we still timid i dont think that the activists are tim and i think that theres a basic Financial Literacy amongst people in Political Parties across the spectrum and that you know the things that you just discuss a max most people arent aware of and those that are usually label conspiracy theorists or dont upset the apple cart and then as the further you go up and youre dealing with the donor class a lot of the donor cost comes from those folks so youre told again dont upset the applecart because were relying on these people to bundle money to help elect political candidates if youre an american youre live and out there in the plains to the great plains or the the south or the north. And eric holder the attorney general says that theres a separate rule of law for bankers ok doesnt that kind of the law stick in the craw of your throw that of american dont have a basic decency to understand why thats not a good thing they do and in fact people do understand that and one of the things in my movement within labor years ago i was told by some guys that were on affiliates and independents that should be pro democrat and generally are they said the problem they have with democrats is when the bullets fly they duck so what theyre saying is that when were in a fight theyre not willing to stand up and push back and when we were in a fight against big finance we didnt stand up and push back what we did is we we cut back room deals and we didnt prosecute people everyone i was a mere a small town you go in and you rob a store and commit a crime youre probably going to get arrested and serve time everyone understands that what they cant understand is why people dont serve time for White Collar Crime this is what front running is about its more than just the individual candidates or even the policies its theres a shift going on and theres a distribution redistribution that is wanted you see all these millenniums now they show in polls that they support communism actual communism not just even socialism so i think this is a result of this sort of especially of the too big to jail and too big to fail because if you think about it since the financial crisis weve seen a tripling of the student debt now thanks to joe biden those millennial cant ever discharge that debt but they can see with their own 2 eyes that the economy by the way they graduated from university into that economy that was crashed thanks to wall street they could see with their own 2 eyes that all of wall street got bailed out of chile and trillions and trillions were talking 14 trillion thats 10 times the whole student debt load and all of the. Bad debts got forgiven essentially Michael Hudson where does that lead to lead to the same thing that led to at the end of the roman empire there was a revulsion against wealth against luxury and it led to austerity stoicism and christianity and even the banning of interest every action creates the equal and opposite reaction so you have newtons law of politics at work so the task of the Democratic Party is how can we disenfranchise the you how can we disenfranchise their candidates their solution of course is through the 50 percent rule so that whoever the people vote for in the primaries thats only a cosmetic thing and its really the 10 members of the National Committee that will last there are donor class on wall street who we appoint and theyll appoint. Whoever is going to be the representative of wall street but these d. N. C. Members and these party elite the neo liberals the likes of joe biden the likes of Hillary Clinton they were filling while rome burns while wall street burned the economy burned they get conned he has burned to the ground 80 percent of corporate profits 0 are going to stock buybacks and dividends since they got bailed out since we keep churning trillions of dollars into wall street none of it is ever going to go to the millennial to the new generation to the Younger Generation unless something happens whos going to change this or youre going to have to get a change of the top and youre going to have to get someone elected president whos going to have a different treasury secretary and other policies are going to come out but the fact of the matter stacey is what you point out with the stock buybacks thats been a policy thats going on its gone on for quite some time and in the most recent tax bill that was passed by our president you can see there they promise that all this money will get invested in job creation most of it sitting on Balance Sheets and whats not sitting on Balance Sheets has gone into stock buybacks and people are starting to get more educated out there and they can see it and you can smell it and you can feel it and its. Wrong and what i said what i would say about it is the people that are our best in our society are those that have the most resources should practice nobu sibly but instead what i see practiced is something in the south they call their eggs sucking hounds theyre supposed to protect us from the foxes but theyre not theyre going into the hen house and theyre eating the eggs their eggs sucking ounce bottle is worth one for a 2nd because she is naming names and she is calling folks out and using terms like criminals and looting the response amongst their money class like a leon cooperman is immediate they go immediately go on c. And b. C im insanely on cooper been on t. V. In ages hes suddenly on t. V. Crying cheers pouring down his face im. Helpless billionaire dont take my money away theres a little image of. Bill gates on t. V. Saying well i paid 10000000000 in taxes but im not sure ill pay a 100000000000 and suddenly they pop out of the woodwork like worms on a rainy day squawking that oh my god if you even take a penny from me all the innovation stops americans dead you must keep continue to make billions for me and only me but her rhetoric will it have traction because its very different than bernies rhetoric is bernies suggesting and actually different system call it socialism warren is saying hello im just going to attack these guys as criminals would you prefer attack pleases me because i am oh i would love to see people who break the law and face some consequences when you think well you have to see from whence they came in shes an attorney that came went to law school as a single mother and put herself through there and she is looking at it through the lens of a law professor and using the legal route to prosecute these folks bernie came up as an activist and was elected mayor congressman senator hes looking for Political Solutions but theyre both looking at the same problem that smolin else seem to gravitate toward this bernie name and theyre not really. Thing on the list but warren style what do you think ultimately would do better to actually restore some semblance to the American Economy i think Bernie Sanders would be the better choice because i think that he having served his time in the u. S. Senate and congress and having been a locally elected official he understands systemically whats going on is he perfect no none of them are perfect but i think hes going to try to put prescriptions out there that are going to going to go the furthest from the best for instance he wants to wipe out student debt and has a plan then to make loans after that very cheaply so dr Michael Hudson whats better is it going to be socialism or bring in a new book or a Committee Commission to wipe out the bad guys commission isnt going to make laws you can have a commission and all it would be would be a. Glorified mexico is their show at best but what you need is a new set of laws but to make a new set of laws and to get a good president you need a new political system the political system is not going to let Bernie Sanders get elected president theyve already decided who have the press the democrats have the president already its president hes their problem is how do we find someone who is so bad that the president really following our well 3 policy they cant quite come out with biden because thats too obviously throwing the election so theyll probably pick out maybe somebody like bloomberg at the last minute but in terms of wall street reform the fact is that actual trading is almost entirely High Frequency trading so would Bernie Sanders idea of the financial transaction tax tobin tax its called in some parts of the world would that help in any way sure a financial tax even better it should be much slower you want long term ownership you dont want instantaneous computer transactions you really want to slow it down the average time that the stock is held in the United States is im told 23 seconds thats really short term short termism. Youre dont want that high a turnover as long as you have the stock market all about gambling and Probability Theory done by computers youre going to have it disconnected from the economy the stock and bond market has been disconnected from the economy except to impose a lot of overhead and to wall streets product is interest to load down the economy with interest that burdens that them so the Financial Sector doesnt contribute to g. N. P. The Financial Sector crushes the economy crashes g. D. P. Crushes personal income for everybody who is not a billionaire the name of the show is front running High Frequency traders are essentially front running slower investors like Pension Funds when they make a big investment in microsoft or apple they front run all those huge trains so again youre being scalped all the Younger Generation are being scalped by wall street and i believe what you said its like you need a revolution because its not reformable at this point is it not it is not reformable thats the point it is a crisis and its absolutely stuck and it cannot be changed the way it is you cannot have a marginal change if the dynamic of the economy is depolarize being a centrist means to support the status quo to go along with the status quo and to let it polarize more and more there has to be a Political Revolution and of course there was and rome and the leaders of the reformers were all assassinated thats always spend the last tactic of the Financial Sector assassination that kissinger said you cant have a free market unless youre willing to assassinate everybody who disagrees with you we wont let the chileans vote wrong and the university of chicago again theyre willing to kill and you cant have this kind of a free market and you talked about innovation the innovation is fraud. Thats the innovation the innovation is buying control of the Federal Reserve of a regulatory capture thats the innovation theyve theyve innovated the economy so that they have locked at their own against the whole rest of the population making the americans youth look like the greek youth and the baltic youth who are they going to have migrate to i dont speak russian or chinese but ive let marriages leading in fraud innovation in front anniston a number one trauma changing all time highs on wall street we call that a free market randy volatile wall street reform is it possible well i agree with my peer over here that its not really possible unless you get control of the leaders a government which would mean the u. S. Senate and congress and unless you have at least 60 senators its not going to be possible because its going to be blocked so i think youre going to need a more systemic reform and that would require some form a robot lucian thats going to come straight from the millennial and theyre going to have to keep voting locally statewide in federal elections until the message is heard right and thats it for a front running 2020 with max keiser and Stacy Herbert while we were just front running the front runners here on front running 2020 and the next time. I was. Out all afternoon and the reason for that i had this horrible autonomy just started growing up on then it turns out it was completely illegal. It with very drastic dietary measures and i went to a number of doctors to discuss what happened to me and i was basically laughed at like diet has nothing to do with autoimmune disorders so my suggestion to people who have Health Issues they cant figure out if theyre going to see a medical professional and theyve been going for 10 years and theyre still in the same place they should probably take it upon themselves to Start Testing things out testing out diet testing out exercise and try and figure out things on their own. In 24. 00 to you know bloody revolution of 2 to quit the demonstration going for be relatively peaceful political protests to be creasing move on to revolution is always spontaneous or is it you know were here. With video of a neighbor lose out of school in need of the former ukrainian president recalls the events of 24. 00 g. And. Those who took boat invested over 5000000000. 00 to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. Politicians. Who put themselves on the line begin to show the reject. So when you want to be president. Wanted. To go in the pros this is what before 3 of them or cant be good. Im interested always in the waters in the. West. I 1st heard about we can expect you know. From the helicopter folks in iraq. I think that there are people we need in the u. S. Military who have never forgiven or just gotten traitor a treasonous and broken every law the United States illegally should shuffle it was really historic to have. Independent journalist a guy with his puter exposing serious crimes. By the audience. The idea of developing an anonymous. And applying it to a Media Organization is because he thinks that was the 1st. Time i didnt have tormentors that he would be for a short while right and one of the worlds most powerful news organizers serious offenders and eccentric founder julian a song. And there was a great deal of jealousy in the band straight towards the song if youre going to kill it why wont people like the accused team. Instance when they were. Just my. Son. We have giuliani in solitary confinement in the prison for terrorist. Perhaps alive precent. I dont want to see him die in prison. And i think thats what hes facing. At the top security conference russias foreign minister tells western counterparts to stop painting moscow as a threat the french president rips into americas top diplomats claim of western dominance. Also in the way of bird whistleblower casts further doubts on the probe by the International Weapons watchdog into the alleged do a chemical attack in syria adding he also faced intimidation. And a last minute a legal intervention could eventually see a killer and rapist released back onto the streets of britain 25 violent criminals have their deportation jamaica blocked it is not my responsibility to pay for a Foreign National to commit crime in my country many of the