president is subpoenaed. i go right to the attorney general, i d say, jeff, put on big boy pants and you go take it away. he s recused from this. then i go to rod rosenstein, i say you want to try the big boy pants for size. you get rid of the subpoena. he would have to do it or have to quit. michael avenatti your reaction to that? i hope everybody on the other side of this case has their big boy pants on lawrence because we re not going anywhere. that s my reaction to that. rudy giuliani is describing what would have been perceived as obstruction of justice during the nixon era. it s big boy pants on fire. you know, liar, liar pants on fire. he s pretty much everything that he s saying is at odds not only with what he used to be when he would take people out in handcuffs out of wall street firms when he was a prosecutor and signed off on many, many home invasions as he calls it by
when he would take people out in handcuffs out of wall street firms when he was a prosecutor and signed off on many, many home invasions as he calls it by stormtroopers that happened to be working for him then. but when he starts to make an argument that it s only ten-year-old information that they were using, that they were somehow breaking the law by just engaging in normal law enforcement activities, totally proper, signed off by a judge and then he starts to go after basic subpoenas. he s attacking the rule of law in the same way that donald trump is. but giuliani knows better. he happens a lawyer and former prosecutor. so it makes his hypocrisy more outrageous. there s not a federal jurisdiction in the country that has not at some point sent a lawyer to jail sent a lawyer to prison for breaking the law.
122 lobbies, 83% had previously held positions in the federal government. so what does wall street get in return for this corruption? tax breaks for a start. the so-called interest loophole allows the financial elite to pay a lower tax rate on their income than working americans. and the kre cent tax reform bill barely touched this indefensive giveaway to the super rich. then there s the regulatory rollbacks. right now the treasury officials are working to make it easier for the wall street firms to be tagged too big to fail. i m all for less regulation but the right response to the problem of banks being too big to fail is to make them smaller with more competition in the marketplace. but that s the last thing they want. so they ve bought and paid for our government to block it. they ve bought and paid for their expert to shape policy too. in july 2014 james glassman appeared in congress to advise
of the 122 lobbyists representing hedge funds in 201783% have previously held positions in the federal government. what does wall street get into return for this corruption? tax return breaks. and told her talk about this earlier. it allows us to pay a lower tax rate on their income than working americans. recent tax reform barely touched this indefensible giveaway to the superrich. then there is the regulatory rollbacks. right now the treasury official are working to make it easier for wall street firms to avoid being taxed too big to fail so they get less regulation and spend less on compliance. i m all thrust regulation for the right response to the form of banks being too big to fail is make them smaller. this one more competition in the marketplace. the last thing they want. they bought and paid for our government to block it and to shape policy. james glassman in july 2014
created the trump stock market rally. i don t think he should say anything about this current sell off. presidents shouldn t stick into that kind of sell off on a day-to-day basis. steve: right. steer clear of that, please, mr. president. by all means, take credit for the rally that you have seen so far. steve: i was reading the wall street journal today. it said there was no obvious cat list it could have been related to the possibility of inflation. but, stuart, explain this. it also said it could have been machine-driven. they have got all of these algorithms and things like that, when something happens, how do these machines take over at big wall street firms? okay. you don t have actual human beings who press a button buy or sell. you have a computer driven program. as you say the algorithm which looks at key movements in individual stock prices. it hits a certain price and, boom, the algorithm kicks in, you buy, you sell. steve: machinery them panic. the algorithm panic.