Auto loans Auto Insurance onto those who had auto loans from them and it was fraudulent that basically these people didnt need this product and then they didnt realize that they had this product and so they ended up getting their cars repossessed so basically janet yellen forced them to that was on the very last day she forced them to replace their directors and now charlie monger is all upset that as the largest shareholder of wells fargo hes using his position to try to badger honey badger the you know the regulators to ease up on his investment. Is the largest shareholder he had Warren BuffettBerkshire Hathaway wells fargo wells fargo was caught in equivocally stealing from millions of customers wells fargo you know going back a few years theyve been involved in numerous scams they got bailed out of course during the two thousand acre. Rises out of the crisis emerge bit coin a selfregulating true money a substitute that would put the Charlie Munger and warren buffets under the bus because theyre parasites and just take from the cut from the economy that adding anything Berkshire Hathaway adds nothing to the economy it extracts from the economy its a tapeworm on the economy because it is sound money so naturally its like throwing tears at the wicked witch of the west in this case Charlie Munger is the wicked witch of the west and bitcoin are the tears actually called noxious poison which it is exactly it is you put poison down to get rid of rats who were eating infesting your house and here theyve the sort of the banking activity which by the way the activity that wells fargo was engaged an opening for industrial scale fraud thats what it was and they got fined a bit of money like two hundred Million Dollars for opening these fraudulent accounts he says of course wells fargo had incentive systems this is what they call incentive systems that were too strong in the wrong direction and of course they were too slow in reacting properly to bad news but practically everyone makes those kinds of mistakes monger said and its because it was just the noxious poison and it is the noxious poison to this sort of system this fraudulent system which is opaque you cant see it that these people until years later that these people have been committing industrial scale fraud and the regulators come in and they tap them on their little wrists and nothing happens well destroys that but they keep ninety cents or for a dollar they commit they pay ten cents and fine and Charlie Munger saying the incentives are out of whack its miss incentivized the way that the structure of the banking work banks work is true across the Banking Sector its true because the central Banking Sector is how Charlie Munger has made money when he and Warren Buffett call big coin the rat poison thats correct and he is the rat Charlie Munger is a man a four year old rat Warren Buffett is a big fat. They are easy others theyre predators and great and theres just characterize fraud as miss incentive thats like saying that you know the guy who goes into the liquor store and robs it blind it kills people he is missing a set of eyes he just went in there to get a pack of cigarettes but somehow as incentive structure was messed up and he end up killing a few people and stealing a bunch of money but were just going to find him ten percent of the money stall is still thousand bucks you got to give one hundred dollars so the government is a fine they can keep nine hundred theres no culpability for the murders in this case you know these guys are actually causing widescale social and economic unrest as leading to all kinds of malays and destruction in the economy and gas is not pull pot but private equity well this is the thing about the wells fargo scandals first of all let me conclude with what reuters says about it and look listen to their wording about this the San Francisco based bank has been beset by scandals for deceiving customers such as by opening an authorized accounts and forcing them to take out Auto Insurance they did not need so the thing that cannot be calculated is how much stress it caused some of these people whether they were Something Like twenty thousand car repossessed sions that happened because of this that goes on their Credit Scores how do you fix the Credit Scores of these people and heres an economy where literally if you dont have credit in the u. S. Economy youre youre dead youre here like youre cut off from the grid so theres no way to calculate how much damage that has done so you know these are truly mongers a frustrated genocidal maniac and he knows hes not long for this world so hes spending the last few weeks of his life of a sensually thumbing his nose at everyone whos tried to apply the rule of law to this recidivist criminal banking terrorist that has murdered people indirectly by abusing the system and its a shame that the media in america waste his time pointing the finger at countries involved in sowing. Actions where theres absolutely nothing but smoke to it and ignore so what is the country whos actually who are. They go oh we dont care about that because used people as you clearly was bloody war and theyre so sweet how bad can they be theres such a nice old gentleman you know meanwhile you know theres a lot of people in paraguayan elsewhere that were involved in all kinds of other nations doing that just a story that you know theres actually a great piece of the nation which will cover soon but it covers the Berkshire HathawayBusiness Model and what they do is they invest in companies that have monopoly power so they themselves invest in monopoly power which is antithetical to the american ideology of free markets so they themselves Warren Buffett says he utters these words says that he invests in most if you have a moat that keeps you from your position is protected your monopoly Pricing Power he invests in that in terms of what janet yellen did on her last day in office here she says a wells fargo rehab requires a change at the top last friday and danielle is last day as Federal Reserve chair the regulator slapped the San Francisco based lender with sanctions for poor governance compliance and Risk Management relating to abusive sales practices that culminated in the creation of millions of fake accounts and inappropriate charging of Auto Insurance and mortgage fees the fed also took the unprecedented step of prohibiting wells fargo from growing any larger than its total asset size at the end of twenty seventeen or two trillion dollars without clearance from the central bank ironically this sanction actually provides an element of cover for the lender which has found growth to be a challenge lately so theyre not allowed to expand because theyve they apparently cant do it without committing fraud so janet yellen on our last day did actually do something worthwhile and she. Of course had to do it on our last day because otherwise Warren Buffett would have had removed anyway from the fed exactly the quid pro quo on the last say but lipstick on a pig purely for cosmetics window dressing and the overturn it quickly because the. These people have enormous sway in government and they run the legislative process and they will be unwound any penalties for wells fargo and ill be back committing serial fraud by the Second Quarter of twenty eight inc were going to get into part of the reason why she did this is because you know theyve committed these frauds against their customers the fake client accounts and the fake Insurance Products but they still havent offered restitution for anybody who is owed less than one hundred dollars so they still like thousands hundreds of thousands of americans that they owe restitution to but i do want to Say Something about honey badger that we have a friend Steve Beauregard who we saw down in cannes koonin at the such as she round table hes with gold coins and he was just a safari in africa and he asked the safari guy hes he wanted to see where the honey badgers are and the safari guy was like honey badger is usually people want to see the elephants the lions the tigers the giraffes like what why do you want to see honey badgers and the guy hadnt heard of being by the fiercest animal on the savannah is the honey badger you know and of course the Charlie Munger and the Warren Buffett theres a good decision to mediate out of existence or they just croak. Well they both have said theyre like theyre not long for the world well ok so wells fargo screws customers yet again now failing to make right and abuses Elizabeth Warren demands answers so wells fargo is getting get more deserved bad press Gretchen Morgenson and emily glazer of the wall street journal reported that the bank was making a hash of the customer restitution at a promise to make in connection with his various scandals again i hate that they always call everything scandals or crimes like these are crimes they committed but even though the press firestorm last week was over the banks fake accounts the much bigger payments to customers and the ones it is messing up involve the forced placing of Auto Insurance which in over twenty thousand cases lead to car repossessions and charging unjustified fees in connection with mortgages the journal story got the attention of Elizabeth Warren who shot off a letter to wells fargo c. E. O. Tim. Sloan demanding answers again tim sloan was made c. E. O. After the previous c. E. O. Was forced to step down finally after many months of and all sorts of Senate Hearings and finally they forced him down tim sloan was the former c. F. O. So he was in charge during all these crimes he was still an executive during all these crimes so janet yellen had been basically suggesting that they get some outside help because all that it was infested their entire organization with. People who obviously couldnt see what they had done was wrong rats. So you have to basically bring in a honey badger to take it out right and you know combine that with the opiate crisis all these people that have had their lives ruined by wells fargo of course its very easy to get hooked on opiates thanks to the drug industry and theyre working together is some of the american genocide but Charlie Munger doesnt care about her and the bitcoin will however put these guys to rest physically intellectually metaphorically what sound money and youre your own bank you dont need to rely on these crooks well as you head into the second half or you can talk to randy feller about the twenty eight thousand elections coming up these sort of issues are still ongoing this this started in two thousand and eight two thousand and nine actually the frauds were committed leading up to the Financial Times thank you actually died in two thousand and eight and hes just a minute in the noxious gases from his corpse is being interpreted as some kind of insight well you got to go to the second half little break dont go away stay right there. Theres no to do it. Very soon we will be very clear. To the. Management. And they. Need to feel. Something what do you how much. Do you. Next. United states is going to look very deep into mystic prizes shelling strong miracles supremest see the north from the outside walls from russia not from china from the inside all sides what you see now on the wrong russia and this hyper will is easing over russia to. The list on the bill of times to find somebody outside the United States will is responsible for the while the real problem is the stuff. Welcome back to the kaiser report im max has or time now to turn to four time mayor of pittsburgh and he also led the North CarolinaDemocratic Party its randiv all are ready welcome back to the kaiser report its great to be here max ok so were coming up on twenty eighteen is a way the president you know he has a big downward movie gets crushed you know after being in office a bit theres a reversal but this president has caught the eye of some interesting folks you know is tax cuts have led to praise even from democratic leaning california corporations like apple or celebrities like bill murray you know normally in midterm elections the party in power is kicked in the teeth but these tax cuts seems to have you know really grab peoples attention even in the Democratic Party where you think well money is always going to grab peoples attention you know we all knew that apple was off shoring all their profits and now when theyve lowered the rates from thirty five to twenty one and some of the other things in that tax bill theyre able to move billion tens of billions of dollars around to their benefit the question is whats becoming of a lot of this money i mean one what i read in bloomberg and other sources are corporations are buying their stock back yeah why would they buy the stock right exactly theyre more into Financial Engineering then to cap x. Theyre not building out theyre not growing their businesses as such theyre just engaged in accounting tricks to increase the executives pay more lastly because of the legislation passed in the Clinton Administration which kept what you could write off they get the stock option so i predicted they would do that last fall and theyre buying a lot of stock back so of course you know apples happy because they had hundreds of billions of dollars caught up in this or at least tens of billions and very wealthy people are happy and anyone that has an s. Corp is happy because they changed the rules there and you had an s. Corporate also you might decide to make a c. Chord now because heck your tax rate went to twenty one percent so. Twenty eighteen now mean this is playing well to the crowd yes. Democratic party grain kind of laying out the the lay of the land for us and twenty sixteen and looking at what was contributing to that dynamic in that election what can we look forward to in twenty seen in a nafta is nafta now back in play is this part of the mix well it depends what President Trump decides to do it i mean he certainly pulled out of the deal in asia immediately that obama had been working on and obviously a lot of progressives oppose so its highly likely that hes going to try to amend or change nafta. And of course how does that play and you know this whole open borders thing and then this issue with the wall on immigration i think theyre all connected i mean his base is worried that the country is becoming grayer and the country is becoming browner and they all know by two thousand and fifty it will be a white white population will be the majority minority so i think a lot of these moves are fear as are facing the future the people have never lived in nancy pelosi race and they said her greatest aspiration is i want to for a grand kids would be brown. What does that mean well i think that shes probably realizing it at her age and her position in california of course she comes from baltimore her you know her relatives were the mayors of baltimore and shes probably thinking of inclusive any that you know things that used to be taboo biracial marriages you know loving versus virginia in sixty eight used to be illegal i mean you know most of these people dont forget grew up you know at the end of the jim crow era that are still in power i mean i think the twenty eight elections are going to be about you know the politics of women and progressivism and democratic socialism versus the politics of dog whistles and White Supremacy fair enough so lets talk about women in politics because they say and there is a groundswell of activity amongst women in politics the very active all over the country and is this trend of course after the may two movement and after a lot of controversy the twenty six election involving trump is going to now say a wave of women in office and what does that portend randi were going to see a with a wave of women running for office and then my assumption is a number of these women will win and what were going to see is the change of values that are implemented in washington and state capitals and county seats across this country because women tend to look at issues a bit differently than men and there are gender differences in this and i think thats a good thing i mean we need to have people at the table they need to be there in the Decision Making process and i think that those are the kind of changes that this country needs lets talk about focus for a second the Democratic Party they are still focused on some of these issues from a year ago the socalled russia gate for example are they maybe a wasting Political Capital at this point on chasing that where they could be looking at Something Else at this stage of the game that might give them greater panicked. Ration into the hearts and minds of the voter well i mean the miller investigation and what you term russia gate you know thats kind of keeping alive. Peoples thoughts and kind of the the negativity around trumps when. But the truth of the matter is simply that you cant be a party or a Political Movement that is opposed to everything you have to be a party that is for something and thats what youre getting at right so whats your program and you know and you know leader schumer has been asked that others have been asked that youve got to come out clearly and one and say what do we stand for well you know there are those senators and leaders in d. C. That have said that i mean they stand for universal health care for instance they stand for supporting the dreamers they stand for a number of progressive moves that would be good for this country the problem is that at the very top whether its the republican or Democratic Party its you know youve got your left wing in your right wing but the plane is the corporate plane then thats the ultimate problem the money issue you know the. Jobs issue is was really driving a lot of the votes and twenty sixteen great disenfranchisement in america from coast to coast people were feeling as though they were not participating in the economy trump brought in these tax cuts that had at the moment a great effect increasing jobs and increasing salaries they got amazon with twenty thousand new jobs youve got Apple Computer going to create twenty thousand new jobs so the voter a goes to the voting box they are looking at their paycheck and their think and you know why would i change at this point i think that focusing on amazon and focusing on apple is just our obsession with focusing on the whales you know whales dont live in an environment with an awful lot of plant in i mean you need to have everything in the economic biosphere so to speak right and that means Small Businesses that means medium size businesses they like to do the. Because it catches peoples attention that were got twenty thousand jobs this fall businesses are they want out of the economy of millions and millions of jobs its just a drop in the Small Businesses reporting increasing activity theyre hiring theyre expanding i mean its trickling down i mean the trickle down the way for about since reagan actually is trickling down i dont think that thats its thats not the reason we already had expansion in this economy coming forward there already was growth you can look at the trend line from two thousand and nine but also this is a there exactly has it made hockey they said because because the tax code were giving everybody in the Company Thousand bucks thats writing thats real money well you could have been giving everyone money by actually supporting other programs that people could spend for instance you know when people have section eight and they get rent vouchers who owns all that real estate thats rent the comes in your pocket thats hunt thats thousand dollars every month yeah thousand dollars one time divided over twelve than i take out some for the tax man so fair enough so youre if youre comparing what you would describe as a gimmick versus a more structural reform that could be sustainable over a generation that be more meaningful i think is why youre so we describe it is like getting on a sugar high what happens after that to follow up on this you are a mayor a what do you think of these various cities across america prostrating themselves at the feet of jeff bezos begging for amazon to open their Second Headquarters there well the Way Economic Development works in our country is we foresman this apologies counties and states to compete against each other as opposed to having an o. A coherent policy or Manufacturing Policy thats unified that so you dont have people throwing you know tax breaks and this and that at these various companies so i would just say that b. Zos and others are you know playing by the rules of the system and forcing the politicians you know to come to them you know what the best offer i mean the truth of the matter is they want to do a Ribbon Cutting and say we just opened a new plant that created ten thousand jobs thats a lot more sexy and into. Thing than saying i just worked with you know five thousand businesses that created two jobs. Trying to hit home runs and sort of get walks and signals or throwing the home theyre throwing the long ball back the baseball metaphors that we love so much here in North Carolina we do i do yeah you know so what is now the attitude in the Democratic Party when they i mean i hear what youre saying a sound you know like youre trying to. Bring it up bring it all together and like rational you know i was underestimated tromp and it looks like thats going to continue i mean. Whats going to derail this guy i mean theres no skeleton in the closet same Strong Enough to do. Nobody in washington can stop him hes got his twitter sphere that he just broadcast irakli with goes through a bar round Mainstream Media hes out is unstoppable. Im going to stop with the Electoral College was designed to stop a person like trump and it did because our institutions have been failing for decades thats a very interesting point the Electoral College was designed to stop a charismatic lets say person from garnering the popular vote in a way that would be not representational to the nation as a whole and somehow he defeated that and won the electoral vote how was that possible against the most widely anticipated when in american president ial history for hillary well on a lot of levels i mean it wasnt just donald trump you know republican policy makers you know and americans for prosperity and other groups have been you know working on ways to suppress the vote since obama won i mean this is about the politics of race as well this is about the politics of preserving White Privilege and white power so i mean these things were already there this table was set and donald just kind of elbowed his way into the room he benefited. Suppression and wisconsin when i told you how he could win i laid out the states that he could win based on what reagan democrats did in the past and based on how sanders did in the primary and it happened but lets not forget that in wisconsin tens of thousands of people were not able to vote based on voter id laws that were rammed through by support from the Koch Brothers and others why because they know if certain populations vote their ideas will not win which is why they dont want to have a huge turnout they win when the turn on a smaller and speaking about twenty eighteen yes there could be a blue wave but whats holding it back is a red firewall whats that red fire wall gerrymandering most of these districts are impossible to win in. Right now appears that being a state that is the most gerrymandered probably in the country is far far far im hearing you know better but is that the case yes North Carolina is rated on indices you know from people around the world where they look at actual countries and lets not forget we got ten Million People in the states or worse large as many countries as being one of the least democratic places on the planet when they rate you know election interfering. Maybe a domestically instead of looking from outside forces or any were going to go your own numbers man weve got to go thank you man the guys report thank you for having me on board all right thats going to do it for this edition of the kaiser a part of me max keiser and Stacy Everett i think get ready voller generations on twitter its kaiser report. Similar to the. Snowball of the. Beautiful yes good Good New Person talking to. You but you know you didnt close the miss mathilda timothy and i do you know the video monitors of the story you have to. So from you know i am still a muslim in spite of the video feed the dog continuously yes its a little. Too cool suits and you can tell im with someone in the studio coming to shows who pulls to the police but yes for the people who for the most of them so just to to go well might you please give the potentially beautiful sunday shoes we see when you do see chelsea cosmos tells me of some of the beautiful you told me it was from want to be social. Was spoiling is only producing. Obl delusional fears it doesnt have any meaning unless it leads to real kiss which can be. An all guaranteed only by those christina president. Fifty years ago breaking within to come together as a sleeping pill does this is what i mean because the truth does what it said just on the side effects were terrible but not on the road as shown in dutch wonderful book love movie here not the war. Will come up across europe victims are still waiting legal battles demanding at least some compensation in something to wait till the physical damage itself but as well that the concert mind that the people who actually perpetrated this crime has never been born to justice and theres been a couple of. Yeah. Youre. Right. The. Un Security Council unanimously approved same thirty day cease fire for syria. To provide humanitarian access to areas most affected by the conflict. As House Intelligence Committee releases a democratic memo countering republican claims of the wrongdoing by the f. B. I. During the surveillance of the Trump Campaign also ahead. Police clash with left wing students in the lawn as political rallies are held across italy ahead of next weekends general election. Broadcasting live direct from our studios in months