to 40 cents an hour? what are they talking about? on top of that and something that doesn t get talked about enough, this would be so awful for the economy. we would create a deflationary spiral when wages go down too much, as they would have if we got rid of the minimum wage, you send the economy back into another recession or even a depression. i want to talk to you about the record number of dollars in bonuses that s going to be going to wall street. $144 billion. that s a record high this year. and if you look at the stock market, in march of 09, it was just over 6,000. today it s over 11,000. does president obama get any credit at all? does his economic team get any credit at all for what has happened? i mean, these folks have made billions of dollars with obama with the president s economy and his framework to save the economy. but, yet, it s it gets very little conversation. he saved them. he saved their fortunes. we re headed for a depression. we re losing 750,000 jobs
a trillion and a half dollars of buying mortgages and treasury bonds. that was qe-1 between march of 09 and march of this year. now they re doing another round where they buy treasury bonds and mortgages and that s how they do it. when they go to the mortgages, buy the mortgages, i know they bought toxic mortgages the first time around, they re buying new mortgages. who determines the price, and do the banks get to pick the worst mortgages? you see what i m saying? from what i understand this is a wink-wink, nudge-nudge system. they talk to the guys and say we re going to buy a bunch of x. in a week and a half or sew you can sell it all to us. they go out to the market. it s basically a bailout of the banks. if you re at, say, one of those big banks, multinational banks, you go out and buy fannie maes or whatever it is. if a week and a half s time you can sell it to the fed above market rates. it s basically free money.
americans back to work. reporter: greta: in march of 09 you were not in favor of geithner but not asking for his resignation. are you now today asking for his resignation? and what are you pointing out that s what needs him doing. i am calling for geithner to step down. should step down this economy is hurting. americans are struggling. timothy geithner recently in the new york times wrote an essay entitled: welcome to the recovery. he recently told another network on a sunday morning show they would support seeing next year because he said the economy can withstand that. the american people don t want the president to have around him advisers that are saying that the recovery has arrived
say that while this is 1,200 national guard troops is helpful and money is helpful, it s not enough. it s nowhere near enough. do you agree that more is needed, or do you think that we really have the resources you need at this point to do the job? i think this bill matches very well with what the president asked for in june. it augments what we had already been surging down the border, beginning in march of 09. i think people perhaps didn t recognize the fact that since march of 09, we have been moving resources to the southwest border. this allows us to make some of those resources permanent, not temporary. so i believe that we have designed what needs to happen at this border. we have a good idea what it takes to keep this border safe and secure. and that these moneys will allow us to do that. and, again, it shows when the congress acts in a bipartisan fashion, even on a complicated
the resources we need at this point to do the job? i think this bill matches very well with what the president asked for in june. it augments what we had already been surging down the border beginning in march of 09. i mean, i think people, perhaps, didn t recognize the fact that since march of 09 we have been moving resources to the southwest border. this allows us to make some of those resources permanent, not temporary. so i believe that we have designed what needs to happen at this border, we have a good idea what it takes to keep this border safe and secure, and that these monies will allow us to do that. and again, it shows when the congress acts in the a bipartisan fashion even on a complicated issue, and border security is a complicated issue. other issues they ve addressed in a bipartisan fashion, it can