Keiser Report Marathon 2020 E1

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Transcript

this is the Kaiser report with me max
Kaiser markets finance scandal yes the
world has changed since the election of
Barrack Obama let's take a look at some
of the changes we've seen here's an
interesting video I'd like to play for
you it's about how the Taliban is being
financed by the American welcome back to
the edge show the American taxpayers
that would be you and me we are funding
terrorism believe it or not an explosive
new report in the nation details how US
tax dollars are going to pay off Taliban
killers to keep them from bombing and
shooting at US convoys basically the
Pentagon pays the contractors to provide
security
the contractors by security by greasing
the hands of the Taliban thugs the
Taliban kind of like the Mafia they run
everything in Afghanistan
that's right America the financing
geniuses of the world Wall Street the
citadel of capitalism now financing the
Taliban soon-to-be trainer of the New
York Stock Exchange symbol tal Taliban
it's hot it's an IPO Goldaman's doing the
underwriting you got a buy it. on the
opening it's going fire
well yes capitalism is eating itself in
America good example this might be this
little story I see report it to us from
ABC News that McDonald's is hiring in
Guantanamo Bay that's right McDonald's
is opening in Guantanamo Bay
that's right why are being tortured you
can eat a nice Big Mac your fingernails
are being ripped out you're being
waterboarded while you're enjoying a
nice chicken McNuggets yes McDonald's is
now hiring in Guantanamo Bay a lot of
change has happened since a Barrack
Obama has been president United States
what else is happening out there in the
big bad universe of Barack Obama change
oh here's some change
General Electric world's biggest oh I
guess what what do you want to call the
military contractor they plan to spend 1
billion dollars creating new Islamic
bonds that's right
Sharia law which is the law of Islam has
guided the Islamic banks through this
financial crisis beautifully they're not
going bankrupt like on Wall Street so
General Electric they're gonna be start
selling bonds using Sharia law more
change we can believe in let's go to
some of the other big stories this week
here in the Kaiser report we turned out
to correspondent financial commentator
Stacy Herbert Stacy
welcome to the Kaiser report max nice to
be here I do have some headlines you
know Barack Obama is in Asia on a
nine-day tour of Asia including Japan
Singapore China and South Korea here's
the scandal that was erupting in the
United States following this photo this
is a Barack Obama greeting the Emperor
of Japan as you see he's bow bowing
quite deeply I think this shows you just
how desperate the financial situation is
America well it's better than Bush when
he was in China didn't he throw up on
the guy that was George Bush first yes
no well some people do point out that
it's better than this picture of George
Bush jr. greeting Angela Merkel remembered
he gave her a background oh my yeah
scared the Dickens out of her scared
though bratwurst out of her well from
Japan Obama then went to China and on
his flight there while he was flying
there only about to arrive in Shanghai
here are the headlines
China rounds on us rates as global
economic risk
China's Lu says US rates cause dollar
speculation and China loose US policy
weak US dollar creating speculation so
you know Obama and Timothy Geithner have
been complaining about the UN and one of
their goals and going to China was that
they were trying to encourage the
Chinese to stop intervening in the
currency market so while they're flying
there before Obama even arrives the
chairman of the China Banking Regulators
Commission looming Kang warned of a new
systemic risk being caused by the US
dollar weak dollar policy its currency
wars this is World War three gonna be
fought in the currency pets around the
world with these countries throwing S&P
futures contracts and Forex contracts at
each others with algorithmic trading and
high frequency trading versus various
bankers in the public its currency wars
World War three Chinese bankers don't no
less corrupt in US bankers well loo mr.
Luke blames the US dollar and the low
interest rates which the Federal Reserve
Bank has just recently promised their
rates will basically stay at near zero
for the next 12 to 18 months so this is
encouraging the dollar carry trade and
mr. Lew and also Donald Tsang the chief
executive of Hong Kong are warning that
the Americans are causing a global
financial bubble not dissimilar to the
one we just went through that was caused
by Japan's low interest rates interest
rates are not going up anywhere that
would be like some casino in Las Vegas
making it easier for people to win at
the roulette a
it's not gonna happen interest rates
favor savers and capital formation and
capitalism but we're beyond capitalism
we're in Casino Gulick speculation ISM
there is no more capitalism no interest
rates are never going higher they're
only going staying low or going lower
that brings me to the next headline
America is an over indebted profligate
spoiled nation in decline and your point
this is Henry Blodgett interviewing
Charles or tell of Newport values
partners and he's just explaining that
his investment strategy for his clients
is to invest to buy credit default swaps
on US debt right right he thinks that
credit default swaps are presently
trading at 25 basis points mm-hmm and he
reckons they'll go higher as people get
worried about the huge amounts of debt
being a built in order it created in
order to bail out bankers sure Henry
Blodgett I mean he's right he's always
right even amazon.com will eventually go
to 400 dollars a share Henry Blodgett
eventually eventually he'll be right on
that - yeah credit default swaps I see
that there's a huge speculation in the
credit default swaps which is kind of
like the global casino market that gives
countries and individuals and hedge
funds the ability to sell short other
countries and other populations and
democracy and freedom everywhere for
their own personal gain the spreads are
telling us that Japan is looking mighty
weak these days the UK is looking weak
apparently Japan is the next one to go
the route of Iceland yes and credit
default swaps on German debt is actually
trading lower than on US debt so that
Germany has a less likely chance of
defaulting than the US so at 25 basis
points on American debt that means it
costs 25 thousand dollars to insure
against 10 million in bonds that's right
well Germany is a country that has a
huge manufacturing base great export
markets good fiscal policies and lots of
gold lots and lots of gold and they'll
probably from what I understand Stacy
Herbert Germany is going to announce
that they're buying more gold because
you've got India buying gold China
buying gold Germany feels left out there
bundesbank and we have good connections
at the Bundesbank you know we were over
there talking them into at the Buddhist
Bank in Frankfurt we hear that Buddhist
banks we're buying more go
all in the open market well so the
previous headline said that America is
an over dead over indebted properly get
spoiled nation but I also think the next
headline show it's actually a very
deeply corrupt nation and that's
probably a bigger problem than being a
profligate spoiled nation borovsky says
tarp almost certainly will bring loss
barosky again bra bra ski says tarp
almost certainly will bring loss to us
now Neil Barofsky of course is the
special Treasury Department Inspector
General overseeing the Troubled Asset
Relief Program this was the seventh
hundred billion dollars that Genetic
Paulson managed to extract from the US
Congress suicide Banker yes in order to
buy Troubled Assets hmm well this is a
quote he felt trouble zone is's Barofsky
felt necessary to say this when i fi4st
took office i can't tell you how many
times I'd be having a sit-down and
warning about potential fraud in the
program and I would hear response
basically saying oh they're bankers and
they wouldn't put their reputations at
risk by committing fraud their suicide
bankers and of course they're gonna blow
themselves on the economy up because
they don't know no different this is the
change we all voted for suicide bankers
running the economy you'd be but also
you know it goes with that green shoots
theme where Americans are being told
constantly that everything is going to
be better and part of the way that Hank
Paulson and now Obama has been able to
take so much money from the US taxpayers
that they're going to make money
magically on this and barosky's having
to tell the population well actually
you're gone you're going to lose money
that's more likely that you'll lose will
give a nice party favor on their way out
to the Gulag and they'll feel happy so
now we have the situation where the
bankers we know have have profited
greatly from their own collapse oh yeah
and the final headline takes me to this
homebuilders you heard that right get a
gift so last week President Obama signed
the worker home ownership and business
assistance Act of 2009 catching more
change well it wasn't meant to
extend unemployment benefits by 20 weeks
and renewing the first-time homebuyer
tax credit until next April but tucked
away inside the law is another prize for
home builders a tax break that lets big
companies offset losses occurred
incurred in 2008 and 2009 against
profits booked as far back as 2004 so
all during that housing bubble generated
by you know fraudulent bonds from but
banks and also fraudulent loans from
home builders well they're going to be
able to actually take back huge amounts
of taxes that they paid on that I'll
tell you why that is true Stacy Herbert
because these home builders like Goldman
Sachs are doing God's work Stacy Herbert
thanks so much for being on the Kaiser
report when we come back from the break
Danny Schechter the news dissector
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update on RT welcome back to the Kaiser
report our Max Keiser pretty soon we're
gonna be talking with Danny Schechter
the news dissector he's made a new film
called plunder he's got a new book out
called the crime of our time all about
the financial no-goodniks letter on wall
street committing all kinds of financial
crimes and malfeasance but I want
perhaps to take a look back from a very
special vantage point I want to look
back from the future five years from now
ten years from now when people talk
about what happened to America why did
it collapse why did they let those
crooks on Wall Street take down the
entire economy they're gonna look at
this little piece of film from a PBS
special about a woman who was assigned
to regulate the Titanic Lee and
preposterous Lee corrupt guys on Wall
Street who was pushed back pushed back
by none other than the arch criminal of
the century Alan easy-money Greenspan
who without a doubt is responsible for
hollowing out the US economy putting
billions into the pockets of the top 1%
massive unemployment deindustrialization
and now the deep dollarization around
the world as the US dollar becomes
basically nothing more than warren
buffett's toilet paper let's check out a
little bit of this clip right now an
experienced financial litigator who'd
seen the worst of the markets born was a
believer in government regulation
given the political climate in
Washington at the time clashes with
Greenspan Rubin and summers were
inevitably clashes with Greenspan Rubin
and summers the three Horsemen of the
financial apocalypse Greenspan I've
mentioned already Larry Summers he's one
of these clowns that have been working
in the shadows for the most part he's an
apologist for failed neoliberal policies
he's in the Obama administration Obama
didn't get rid of this guy he's still
active like a bad virus Rubin of course
Robert Rubin x goldman sachs x Treasury
secretary x citigroup board member who
oversaw the total calamitous collapse of
that company the birth of hundreds of
billions and trillions of false
derivatives contracts that have no
possibility of ever being repaid thus
causing the next major crisis the
currency crisis the dollar crisis anyway
these three guys the three horsemen of
the financial apocalypse they're still
around basically in their their coined
version you've got Geithner you've got
Bernanke who are the clones if you will
of the three mentioned here Greenspan
Rubin and the third guy almost right
away she had one it began after she
received an invitation to lunch at the
Federal Reserve with the chairman
himself
how could you not have a little bit her
butterflies in your stomach when you're
gonna go see Alan Greenspan at that
moment in time it didn't take long for
born to learn that she and the chairman
were not going to see eye to eye
he said something too defective well
Brooksley were never going to agree on
fraud and she said well what do you mean
and he he said you probably think there
should be rules against it that she said
well yes I do he said you know I think
the market will figure it out
okay now this is a documented piece of
evidence Alan Greenspan the Fed Chairman
is lobbying for fraud fraud is the basic
operating system of the US economy the
specialist system on the floor of the
stock exchange has fraud hardwired into
it all the accounting methodologies of
all the banks all the corporations have
fraud hardwired into it
nobody is addressing the problem that in
the u.s. fraud is the business model du
jour of the billionaire class nobody
wants to upset the billionaires for fear
that they might unsettle the possibility
that they themselves can become a
fraudulent billionaire it's the greatest
scam in history because you've got
millions and millions of people in the
US who like Bernie Madoff's clients know
that there's a problem but like the fact
that they're getting these dividends
from fraud until it blows up then they
want to get bailed out well I think she
was taken aback about how far he would
go towards deregulation but even the
notion that we should police fraudulent
activity he didn't think was something
that was a given that's right fraud is
not an ideology it's a crime how about
that for a bumper sticker I remember
that Reagan bumper sticker just say no
you know murder that whole don't do
drugs thing how about don't do fraud
fraud it's a crime not an ideology I
like to see that bumper sticker in
Washington DC and around the world then
around America let's turn to Danny
Schechter author of this book that yes
this book the crime of our time he's
also the creator of a film that's now
out and available
it's called plunder the crime of our
time we're gonna play a clip from this
film right now before talking with Danny
roll tape I followed up with a book that
came out before Lehman Brothers went
bankrupt speaking on Wall Street I
called for a jail out not a bail out
I used to think of Wall Street as a
financial center I now think of it as a
crime scene now it's time to make the
case for why the financial crisis is a
crime story and I'm not the only one who
sees it this way Nomi Prins was a
managing partner at Bear Stearns and
Goldman Sachs this is the most expensive
take out the biggest crime in in world
history we're talking about a crime we
can't even quantify you're talking
double-digit trillions of dollars
minimum this film will explore the scale
of money's missing written off lost
ripped off in these various scams and in
the case of the bailout funds
unaccounted for like millions of
Americans I've lost thousands of dollars
in retirement funds and I haven't had it
as bad as many it's not just about them
it's about me too I have a stake in it
and like millions of angry about the way
our economy was wrecked Danny welcome to
the Kaiser report pleasure to be with
you first tell us in your opinion what
caused the economic calamity well I see
a trend over years first of all of a
small elite dominating our economy and
dominating decision-making
financialization you know of the economy
itself so that a credit and loan complex
began to dominate in the same way that a
military industrial complex dominated in
earlier times but then these people
began to create a criminal scheme which
hasn't really been acknowledged as such
based on massive predatory mortgage
fraud securitization and the
misrepresentation of the value of
so-called mortgage bundles of various
kind that was sold around the world
based on phony ratings and then
insurance scams that enable them to
leverage on the basis of all this and
make a fortune putting millions of
families at risk and as we see now 14
million families facing foreclosure so
all of this was done with tremendous
irresponsibility a lack of regulation of
lack of oversight and in fact complicity
by our media and the government tell us
about some of the most shocking
predatory practices he discovered while
investigating the crime of the century
well you know 2004 the FBI warned of
what they called a mortgage epidemic and
epidemic of mortgage fraud but they were
unable to investigate it because they
had been downsized their corporate
crime-fighting units became part of the
war on terror and as a result there was
very little investigation going on of
these practices other than some warnings
which did not go heated you know until
many many years later when all this
started collapsing around us so I think
the biggest shock of it all was that the
inability of the system to see what it
was doing to do anything about it to
investigate and now to prosecute so the
failure to prosecute these criminals
grows out of a failure to regulate them
and investigate them Danny
how can you have an economic catastrophe
as you call it but aside from Bernie
Madoff no one's going to jail for this
stop the financial criminals have not
faced justice well Bernie Madoff of
course had nothing to do with this
particular financial crisis really other
than you know because of it he wasn't
able to keep his Ponzi scheme going but
Bernie Madoff is a kind of a symbol you
know of an era of a time when somebody
could get away with you know a fifty to
sixty five billion dollar scheme that
went on for twenty years without any
anybody acknowledging and he was one of
the so-called market makers he wad
considered the big fish in the market
world and he played to that very well as
the chairman of Nasdaq and as the head
of his own investment fund tied into
so-called feeder funds of people
bringing in money knowing many of them
these investors knowing that or
believing that Bernie had insider
contacts at insider connections and
therefore they would get a higher return
because in fact he was manipulating the
markets so the people who were involved
with him who are portrayed as victims in
many cases knew exactly what they were
doing they just didn't know
that they would be victimized but Danny
isn't fraud the entire system in America
that's a very good point if you go back
to the writings of John Kenneth
Galbraith on the Great Depression he
speaks in terms of corporate larceny
there was a pakora commission that
investigated the crash of 29 concluding
that all these schemes and scams had
helped drive it that the speculation a
fervor of the time was driven by
criminal activity of various kinds but
those lessons were not heeded and the
current financial industry essentially
deregulated its own marketplace they got
rid of the laws that required disclosure
and accountability and all the rest of
it so there was nobody minding the store
or watching what these guys did and they're
were able to rationalize and justify it
in a so-called shadow banking system so
they were operating in the shadows the
government allowed them to do it the FBI
didn't investigate the SEC was asleep at
the switch and of course the media you
know looked the other way because the
media was getting a lot of advertising
from dodgy lenders and from credit card
companies and banks well let me ask you
this many say America is now a Banana
Republic
or as a former assistant Treasury
secretary Paul Craig Roberts calls that
a failed state but the population seems
almost asleep as this plunder takes
place as the population now got the
government it deserves well you know
let's not blame the people that's too
easy you know people are dependent on a
news media that's not reporting on all
of this or burying the news in the back
of the paper in the business sections
we're talking about politicians who are
elected with financing from Wall Street
from these very firms who have really
tangled them up in a web of conflicts of
interest very very you know kind of
smartly and as a result neutering any
attempt to of oversight or regulation
and the like so the public really you
know gets a little small piece of
information about this they really don't
know what's going on if they're you know
individual bank accounts are going up if
they're getting good quote deals then
they tend to feel like everybody else is
and not not to worry about
but of course just like in a Ponzi
scheme you're making a fortune until
you're not and in this case the American
people were deluded basically and abused
and you know into buying into mortgages
they couldn't sustain and couldn't
afford from by sellers who knew they
couldn't afford it so this was
deliberate it was done by design and yet
it is yet to be untangled it's yet to be
really investigated in fact what what's
happening is that instead of a reform
package what we have is an attempt at a
rescue by financing the very
institutions that created the problem in
the first place Danny you're a
well-known media activist Danny
Schechter the news dissector what role
did the media play in allowing for this
catastrophe to unfold did the media
actually enable the fraud to happen is
the financial media as embedded in the
chicane array of Wall Street as the
mainstream media is embedded in the
cover-ups in various places like Iraq
well I see media complicity as part of
this crime media people looking the
other way don't forget the media itself
is having a financial crisis tremendous
waves of layoffs and cutbacks inside the
media you know a refusal to do the kind
of investigative reporting or lack of
capacity to do it over year so as this
crisis developed a lot of the people who
were reporting on business wanted to be
part of business they identified with
business they were embedded in the Wall
Street narrative in the corporate
culture and as a consequence they didn't
see what was going on or didn't want to
see what was going on I think the media
has a lot of responsibility for not
warning us about this and NOT
investigating it finally Danny Schechter
you envision a debt-free future but the
financial criminals that push the debt
on the government so how was it debt
free future possible I wish I could see
a debt-free future I made a film called
in debt we trust back in 2006 warning of
this crisis and which I was so basically
greeted with a response and said I was a
doom and gloom er I was an alarmist I
was exaggerating there was a wall
of denial about all this now the debt
crisis is even deeper and more
significant tying us up really for
decades to come it's hard to see in
America that's not imprisoned by debt
and Americans are that are not
imprisoned by you know various not only
mortgages but student loans car loans
and the rest of it you know in a way
capitalism has moved backwards not
forwards back to feudalism where we've
become serfs we've become prisoners of
our loans thanks Danny that's all the
time we have this week I want to thank
my other guest
Stacy Herbert and we'll be back next
week with much more of the Kaiser report
until then bye y'all
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