Lets stay with the too big to fail too big to jail because when barack obama came into office he had the opportunity to punish these crimes and the voters wanted that thats why they voted for him he didnt randi why did he not do this eric holder as attorney general is comment about that some of claim that he was too close to some of these groups as a corporate attorney we did not have for a moment like they did in the past with the peugeot hearings the wheeler hearings when f. D. R. Was president you had a series of hearings that actually dealt with the crash of 1029 i thought in america in 20092010 we have the same thing and we did not of course f. D. R. Hired a journalist an investigative journalist to find these crimes you could have tuned into our show or there were a lot of great journalists writing about all the crimes that did happen it did but they didnt get punished you know andrew yang actually has a radical. I for dealing with this in the future and yang says that if he were to become president that he would pass the Public Protection against market abuse act and this would create mandatory minimum jail sentences for financial crimes and of course we know that it was Biden Clinton those sorts that passed those mandatory minimum sentences for crimes in the hood this would bring it down to wall street but also they would be mandatory minimum jail sentences for c. E. O. s and this is the radical part the largest individual domestic shareholders should shareholders be responsible for these crimes at these banks and i think wiping them out would be sufficient. And thats what would have happened to citibank all these but the big banks were all basically bankrupt citibank and bank of america and 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 in school wont suffer right they still have negative equity negative net worth to make that work so they have introduced negative Interest Rates to somehow make negative net worth palatable in some strange way but going back to the 1929 crash and then the pechora commission as it was called and 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 a smith said when you put 3 businessmen 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 the 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 fast larceny and an economy thats unstable 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 then 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 got j. P. Morgan hauled him before the senate weve never seen somebody these sort of powerful guys call to task and in fact Hillary Clinton when she ran against trump and lost against trump it was partly those 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 michael important 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 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 wall street midtown 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 about 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 what the restoration of last eagle for example help what a financial transaction tax help would bring. The big banks help the glass steagall has already been so violated and theres been so many to gether that theyre going to say well now weve 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 help 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 without a computer the profits 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 stay 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 force every single democratic running for president candidate is corrupt i mean youre saying thats not a single democratic candidate thats not either overtly or or less overtly totally corrupt im not saying that i mean but i do think that at some level the dean. N c are 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 were in debt because they were borrowing against it good point and well pick up on that after the break dont go away more front running after this. So what weve got to do is identify the threats that we have its crazy confrontation let it be an arms race in this on off and spearing Dramatic Development the only place really im going to exist 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 tell you my story 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 he fights using. Are to help him to leave this room. Oh go back to front running 2020 with max kaiser and stays there 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 theyll eat it all theyll eat themselves to death you know what billionaires if you give them a 1000000000 dollars from the fed for nothing costs 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 got 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 and 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 timid 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 it out 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 member 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. Or 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 their donor class on wall street who we appoint and theyll appoint. Whoever is going to be the representative of wall street at 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 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 millennium to the new generation to the Younger Generation unless something happens who is going to change this well 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 is 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 with one for a 2nd because she is naming names and she is calling folks out and using terms like criminals and looting and the response amongst the money class like a leon cooperman is immediate they go immediately go on c. And b. C i havent seen leon cooperman on t. V. In ages hes suddenly on t. V. Crying cheers pouring down his face im. Helpless billionaire dont take my money when theres a little image of. Bill gates on t. V. Saying well i paid 10