tv The Dylan Ratigan Show MSNBC February 6, 2012 1:00pm-2:00pm PST
idea that there was that 1631 variation. >> it was the third reprint and it was actually subsequently call canned "the wicked bible" because they omitted the word not from the 7th commandment. >> i had no awareness of that whatsoever. it provides a unique and powerful insight as to explain mr. gingrich's behavior. >> indeed. although it would not apply to you because you're an unmarried man. the show starts right now. >> what a monday afternoon for you. big one developing at this hour. good monday afternoon to you. my name is dylan ratigan. nice to see you. we will know, you and me, by the end of today whether the state attorney generals nationwide are going to sign on to a $25 billion settlement against
foreclosure practices in exchange for their global safe harbor in the trillions. keep in mind, the $25 billion that's being advocated by the president and the white house and democratic leadership to "solve banking" is being done with no investigation into the actual pool that accounts ultimately this settlement for less than one tenth of the 1% of the multiyear, multitrillion-dollar mortgage problem. $13.5 trillion in fraudulent mortgage debt. california a key state in determining the size of the settlement. now back at the negotiating table. what they are negotiating one can only imagine. not only do they say the price tag is inadequate, but who thinks a one tenth of a percent is adequate? please explain yourself.
the fact the settlement gives the bank a free pass for any investigation or crimes that would emerge in the $13 trillion is what they are saying is the deal breaker. state ags are being put between a rock and a hard place. a white house that wants to get a deal done for political reasons, in my view, but the white house can say if you don't sign on to the solution that the federal government will defund any federal money for investigations and leave individual states to cover costs, saying the banks fund us, the federal government. you have to give them the safe harbor solution and we will defund you if you don't do it. that's the "solution" to america's mortgage crisis. delaware attorney general refusing to sign on to the agreement for self-evident reasons. he joins us now. what do you say, attorney general, to those who say this deal is better than no deal? >> well, i can't speak and i'm
hesitant to speak for my colleagues. i know what i'm doing. we talked about it a bunch now. it's asking questions that make sure that at least here in the state of delaware that we can continue to investigate the pieces that i have the capacity and resources to investigate. last fall, i made a decision to go to the central nervous system of this issue of the mortgage finance industry. that is to go and attack and sue the mortgage electronic registration system. it's a deceptive practice at the core of the foreclosure crisis. that's why we decided to use our resources here and direct our resources there. i think you see katherine masttow taking on a different piece of this. each of us taking on a very defined and decertainable piece of this investigation. and so for me, we continue to
have the same questions that you raised and others about whether or not the current settlement allows us to pursue the things working through today and anticipate we'll be working on them through the night and the days ahead. >> other than the political incentive to appear to have a headline that says we have a deal on housing, if you're a political leadership in this country, what is the advantage for the american homeowner, one out of two homes in florida and nevada, total lack of investment throughout huge swaths because our politicians did this deal where they got $25 billion in exchange for giving up $13 trillion or 99.9% of the potential fraud. what's the big win for the homeowner? i can see the win for the banks. they get 99.9% exempted liability. i can see the political victory
for the headlines and all the chest thumping that we got some money from the banks. it's unclear to me as a taxpayer or homeowner to win in this settlement? >> well, there will be some that will win. whether i sign on to this or not, there will be some citizens in my state that will be benefit to better and more fair servicing standards. the reality, as you know, that's the way the banks should be doing this any way. they will do it no matter if there's a settlement or not. there will be some relief for under water, on-time borrowers. also for those facing foreclosure to narrow a segment of the society. but at least it will be a start. again, this is whether or not i end up signing it or not. it is at least the beginning of some relief for some affected parties. i have been very focused on this
it narrow piece. eric sniderman suing mers. he named the banks, we're trying to work through whether or not we can continue to pursue our mers litigation as well as the bank's conduct as it relates to mers. that's a central component for me as to whether there's any way i could sign on to it. i will only sign if i have the potential to include the banks in our pursuit. those are some of the things i'm trying to work my way through. the reality is this is only a limited amount of money for a multitrillion-dollar issue. but when 50 attorneys general are presented with checks and fairly large checks, not that they are not used to getting, ags around the country have difficult decisions to make. and are in between a rock and a hard place.
>> so this is the political can voodoo. if you're leading this government, you're the president of the united states. you're the democratic leadership of the country, why would you make the decision to threaten defunding federal funding from attorney generals who refuse to give the banks 99.9% uninvestigated $13 trillion safe harbor? how is the federal government in that context acting in the interest of the american citizen? >> well, the good news for the united states is i'm the attorney general of the state of delaware. those are decisions and judgments that are made far above my pay grade. i do want to make one point on this, dylan. that is, there will be attorneys general going forward with criminal investigations. you'll see that my state, as well as new york, nevada, i anticipate other states, will continue to pursue criminal conduct as it relates not just
as securitization, but servicing. nothing in the settlement, and this is whether i sign on or not, nothing in the settlement will prevent states from continuing to pursue criminal conduct even in the servicing setting. as you saw, katherine mastow sued one of the servicers. i anticipate my office will continue to pursue that. now i do have a question. it's a fair question, dylan. when you hear one of the leading bankers in the country say from switzerland that if you pursue a federal task force that was announced two weeks ago, it raises questions about whether or not we do a settlement. it makes you ask the question about whether they are signing their time. they are linking this settlement to an agreement not to pursue criminal liability and culpab culpability. i hope that's not what i heard, but it sounded like that to me.
if you pursue this federal fraud task force, which i'm a member of, if you pursue that, it has the potential to e derail the settlement. that's a linkage that's nowhere in the agreement and they are completely not tied together. but it gives me a clear insight as to what they are thinking on the other side of this. >> you laid it out better when we spoke last week. everything that you can do and you are doing to defend us from giving up our future rights to negligent in exchange for a settlement would be the single most behavioral economics and offensive thing to everybody from the tea party to the occupation to every american in this country. >> that's right. and i continue to have some problems with the architecture of the way the settlement was established and pursued and set up. that doesn't mean people haven't been working hard on it.
but as we stand now, and as i said here, my office is currently looking at the sett settlement. and seeing whether or not it allows us to pursue the very narrow, but i think important realm of pursuing mers. i had to pick and choose in the size of my state in what fight i can fight. the fight i have chosen is on mers. i'm seeing if there's a way i can do that. that question has not been answered yet. >> we'll let you get back to work. we appreciate you coming on to give us your comments. bo biden, the attorney general in delaware. next here on the show, the flash point in the middle east. iran major developments there. new sanctions from the u.s. talk of attack from israel. syria with open shelling in country over the weekend. news out of egypt. also ahead, a culture of financing failure.
our specialist with new details about the u.s. banking system. the model of eastern finance and the reliance on bailouts to perpetuate what is the an fit cyst of the system. the super bowl ad selling for our future. that part of our message as we continue on our 30 million jobs tour. off to austin, texas. i hope you'll join us for the texas run in the days ahead. wee look forward to continuing this conversation with you as we seek to give america the debate it deserves. a huge focus on energy independence, the prison system, and our veterans. we are back after this. [ male announcer ] to the 5:00 a.m. scholar.
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major developments on three middle east fronts. today the u.s. shut down our embassy after artillery reigned down in homs killing at least 17 as reported through nbc. the numbers have varied wildly. this has been the most dramatic move thus far. a violent crackdown by the assad government on the people of syria. the u.n. over the weekend moved to denounce the regime for its murder of its own citizens, but the resolution was vetoed by russia and china. russia only a few weeks before selling military equipment to syria. it's tough when you're doing
business. we're also seeing fresh fallout after obama administration levied new sanctions against iran. that move coming at the same time we're seeing renewed tensions over concerns that the israelis are trigger happy when it pertains to iran's nuclear program. if that's not enough to get your attention, good times, egypt now says it will push forward prosecuting 49 workers, including 19 american citizens. this on charges they have been using illegal money in egypt to support anti-government protests in egypt with out of country money. among those being referred to the criminal court is sam lahood, who is the son of ray lahood. secretary of state hillary
clinton reportedly telling egypt's foreign minister that continuing these investigations will risk losing u.s. aid. bear in mind, egypt instrumental in diplomacy with israel to be a peacemaker. not to mention the u.s. money really the big deal going into egypt. lots to talk about here on this joyful day of middle east problem solving. imogen lloyd webber, i want to do this as three separate things. let's start with syria, which is by far the most tragic. it's unbelievable. guy benson is here as well. syria, obviously there's a desire this weekend to condemn it. we saw it at the u.n. the russians and chinese said no. i personally would like to know more about what are all these relationships and what does the resolution mean.
or is this another war? do we know what we're talking about before we get worked up? >> there's a limit to what we can do as the west as it were with syria. because fundamentally, there's a limit. they have a naval air base within syria. it's our one in the mediterrane mediterranean. >> let's back it up a minute. i'm going to do a little of what i said i wasn't going to do. the egyptian government using egypt to support mubarak and suppress the people. that switches around. we're on this side of it. now you have assad who is taking money from somebody else. the issue in the middle east is
there's a rampant hypocrisy. is there any path through this carcus that's developing that anybody can see that moves towards not killing each other, which when you break it down when you see any of these governments or individuals, government orb otherwise, killing one another. >> i have no problem slamming the russians and the chinese for vetoing this resolution. this was not even a resolution calling for regime change in syria. it was saying let's stop the slaughter and try to come up with a solution within syria. that was a bridge too far for the russians and chinese. really interesting column on this on friday. he said one of the key issues in this entire game is iran. of course, russia and china are aligned with iran. iran has a major stake in syria. that's their top arab ally. >> so do a little try
angulation. >> part of the problem is that nato overstepped the bounds of the mandate protecting the libyan citizens. and that basically scared off russia and china from signing on to something like that again. that was the downside. >> when the french came out and said, listen. we need oil, so the french were like -- >> the idea that we're playing with go politics and talking about people being hypocrite call is naive. no one functions on the broader morality. >> that's going to change as shared information goes on. >> the russians and chinese allowed for the protection, but nato overstepped the mandate. now they won't go down that path again. that's it the blowback from that decision. so regardless of what the outcome was. >> let's assume we have this
entrance jens. when you have a situation like this, we have had the benefit of being able to rely on mubarak in egypt when cairo was the middle east. you could go to mubarak and say, we have to cool down the jets in iran. we have to cool down the jets in syria. can somebody do something. now we have to cool down the jets in israel. can you calm the waters? now we go to egypt, and what do we have? >> chaos. fundamentally, russia is saying libya, nato overstepped the mandate. but at the same time, it's chaos. they can't risk that in syria. >> but avoiding is one thing. but while you're avoiding it you're empower iing another mide east earn government. two sets of rules in syria for
syrians relative to whether they are in the government or not, which is what we're seeing around the world. >> there isn't always a role. >> overpowering people to use russian weapons to kill their people in a way that is in betrayal of our basic principle as we watch this confrontation of two sets of rules ripple around the earth. sometimes the rules are different. sometimes there's huge problems with the sets of rules. >> action and inaction. in some ways, inaction can happen. the security council is sitting back. they are killing syrians at home. and also not just that in the city of homs, but there's reports today in the israeli press that there's a top commander helping out. >> but that's conjecture for this conversation. >> the point is --
>> it doesn't help this conversation. >> it should be possible for us to say what is going on there is horrible and there's nothing we can do about it without creating more horror. so the idea, it's not simply an e equation. there could be no solution. >> i understand that. but i think there's also a way to answer the question to say we don't -- while direct military intervention a la libya or iraq is no longer an option for us in the middle east, there is potentially, i would think, the ability for us to create some leverage with either china or russia to try ang late with those people to get their interests aligned with ours. we're china's largest export market. we have a tremendous amount of leverage, especially with china. there has to be a more intelligent way to deal with the power that isn't people killing
each other. i don't know if that conversation is happening. but i have the feeling that egypt, historically, was that. when you didn't know what to do, you go to cairo and get everybody to stop killing each other. the panel stays. a century of bailouts and where have they gotten us when it comes to american experimentation and development? especially in recent years? our specialist exposing the truth of a broken financial system. i had enough of feeling embarrassed about my skin.
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look at the trillions of dollars in lost lending to our country while we give them $30 trillion. it's a math problem. our next guest's newest book argues that the regulators misrepresented the truth of the crisis in order to validate overzealous federal action. that's one way to look at it. three years later, unemployment still a disaster, housing market still a disaster, and we keep printing money. those are just symptoms, by the way, of the fact that we do not have a culture of investment in our country because we do not have a functioning banking system to do it. verne mckinley, author of "financing failure." why bother managing risk and investing it in a financial construct when you have legalized risk exporting and distribution to other people? >> good afternoon, dylan.
thanks for the invitation for the show. i don't think we have a system where risk is allocated in a proper method. the big banks and the other banks are in two different universes. the big banks have the support of the government, whether they are the commercial banks or fannie mae and freddie mac. or otherwise in the small banks from 234 n a different universe they have to pay for failure. the big banks get bailed out. >> vern, i saw you have been raising the call about fannie mae and freddie mac years before those two organizations were major players in the housing bubble bursting and then the whole thing almost going down. then dodd-frank, the supposed solution to all of this totally i gue ignored fannie mae and freddie mac. what's your prescription to rectify that situation? >> i would certainly start to wind down fannie mae and freddie mac.
they haven't been downsized at all since september 2008 when they were put in conservatorship. if you compare it to similar, they have had control of the trust corporation in the '80s, they immediately started downsi downsizing. they can put them in receivership. they can start doing that immediately. >> isn't the problem if they put them in receiver shship it will force a debt restructuring that will seize up the big banks? >> ip don't see that happening. >> can i explain to you how it could happen? the big banks are pretending that the second liens are worth 80 cents on the dollar. when you start to restructure the first mortgage in the open market, you render the second liens 0, which annihilates the
balance sheet. it's the same if you put swaps on exchanges. whether it's restructuring at fannie or the first lien in the bond market or my swaps market, the very reason none of these ideas ever happen is because if you were to do them, it would force a complete restructuring of wells fargo and bank of america because their entire business is based on the value of the second equity loans, all of which in a debt restructuring, are worthless. that seems to be the political issue. >> i wanted to ask the guest. when you talk about it being the fault of regulators, didn't we have a crisis in 2008 where we had a problem that was sis stemmic? at that point, if we don't act upon this in weeks, it's all going to hell in a hand basket.
i don't accept that analysis at the time, but don't we need more of a long-term fix than just regulators who had a better sense of what was going on? >> to talk about the fannie mae and freddie mac situation and the winddown, we keep putting off that they are reckoning. we have to bring the mortgage market back in balance. and the only way to do that is to start to wind fannie and freddie down. they are 80 to 90% of the market. as far as the regulators, they are supposed to be the early warning system for the financial system. they completely broke down in that role back in 2008. they completely missed the ball on the macrolevel. they didn't realize the problems would spill over from the sub prime market into the general economy. and they also did it at the microlevel. they missed completely the individual institutions, whether
it was wachovia or citigroup or bank of america. the problem with the dodd-frank reform, there's this financial stability oversight council. it's going through the same thing. if you look at mf global, which was the last institution that had some problems, they filed bankruptcy on october 31st. our early warning system looked at that at their board meeting on october 31. they are not acting in this role envisioned in dodd-frank. >> they have this fantasy they make a bunch of rules they can fix it as opposed to writing down the debt and moving on with our lives. >> how difficult was it to get hold of the figures? the true financial information of all these bailouts? >> well, there's what's called the freedom of information act,
which is very nice sounding. you think you could walk into the agencies and get what you wanted. they have exemptions, which are essentially big enough to drive a truck through in the sense that they label something deliberative process, and the agency puts that label on something and they can immediately exempt it from any release. i was struggling with that. i got a lot of help from judicial watch. they were my legal advocacy group here in d.c. eventually, we did get a number of the documents. it's interesting to compare the before and after of. the before was either we didn't get anything or we got heavily redaked documents. we have a before and after picture, which is the document when it was fully released. it's just pitiful how poor a case they were trying to make to support these bailouts of the
financial institutions. especially the fdic and the fed, which i fought the hardest with. >> i could not more wholeheartedly support in what you're attempting to do. we're looking for many others to push this. the point of dodd-frank and putting the federal reserve in control as a mystery tour master as a way to run the banking system without a vote again, which the point of dodd-frank, not dealing with the too big to fail issue is a stunning evidence of the failure. wonderful journalism on your part. keep beating the drum and beat it loud and hard. vern mckinley, a century of bailouts. thanks to the mega panel. we cover the ba chapter two of "greedy bastards."
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while the giants hosted the lombardi trophy last night, the champion of the commercials when the dogs of the doritos ads took the top spot in the poll that follows the game. it was a two-minute long chrysler commercial, however, that has a lot of us talking today. >> it's halftime in america too. people are out of work and they are hurting. they are all wondering what they are going to do to make a comeback. we're all scared because this isn't a game. this country can't be knocked out with one punch. we get right back up again, and when we do the world is going to hear the roar of our engines. yeah. it's halftime america, and our second half is about to begin. >> that, of course, clint eastwood narrating the ad. we should leave it to detroit to give all of us one of the most inspiring performances of the
night. here is hoping that america's second half comeback is better than even the one we got from the giants last night. still to come, i would love you to meet a planet hunter. what he's discovered about other earths. tylenol:nyquil. what are you doing? nyquil (stuffy): just reading your label. wait! you relieve nasal congestion? tylenol: sure. don't you? tylenol (another bottle): hmmm...no... nyquil (stuffy): dude! anncr vo: tylenol cold multi-symptom nighttime relieves nasal congestion... nyquil cold & flu doesn't. the new spark card from capital one. spark miles gives me the most rewards of any small business credit card. the spark card earns double miles... so we really had to up our game. with spark, the boss earns double miles on every purchase, every day. that's setting the bar pretty high. owning my own business has never been more rewarding. coming through! [ male announcer ] introducing spark the small business credit cards from capital one.
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planet, ladies and gentlemen. although it's a few light years away, gcc667cc, obviously, could be the closest planet outside our own solar system with temperatures and overall atmospheric conditions. it could support a formation of water and life. according tos according to astron mers lives in the gold day locks zone where it's neither too hot or too cold, but the difference is that good old gj 667 cc is four and a halftimes bigger than earth making it a super earth. it's what our next guest has been on the hunt for for his entire career.
the director of harvard's origins of life and the initiativerbiting stars author of "the life of super-earths." everybody knows and is learning that life is an experiment. any experiment requires a goal. in your case, you wanted to identify these planets. and it was to observe the current environment and see if you could find similarity throughout the entire universe. how's it going? >> it's going great. these planets called super of earths are bigger than our own earth. our earth is part of that family. some may resemble the earth. others are different. it's a family we are already discovering. >> what's the breakthrough for the experiment that allowed you
to observe it here in our world that you can match them. >> a couple of them. the first breakthrough was figuring out how to find them. in that sense, the nasa mission revolutionized the field. in the last two years and the few years ahead, it's going to really discover all those planets in a way in which we can then study them. >> so the astronomy, you can observe the experimental field that is the universe to see whether they are there. >> they are light years away, but we see them and we can tell how often they occur around other stars. >> what are you using to understand where we live to know whether what you're seeing is similar to where we are? >> that's the big question. we want to know which of those planets are similar to earth and how often do you have the same environmental conditions. so you have to then use other
telescopes and maybe discover more of them nearby to discover what's going on. in that sense, we have super-earths, which are easier to study. we could find planets like the earth, but super-earths are easier to study. we apply our knowledge to get to know what's going on. >> and so, i want to go to the title of your book. the hunt alien world will revolutionize life on our planet, which is your punch line. we're not all going to live on super-earth. we're going to learn things about super-earth that will revolutionize the way we live here. revolutionize my life. >> that's the point of this book. the punch life is that what we are learning from the environments on those other planets is bringing to us some knowledge that we can find a lot. in this new field of synthetic
biology, we can understand some of the basic chemistry of life. it's basic functions. which will then allow us to have the synthetic tools to create new materials, to actually do things we cannot do today. >> so you believe you can reveal through experimentation with astronomy, earth-bound biology, you believe you can marry that experimentation to reveal methods to actually not just do regenerative work, to originate new materials? >> precisely. synthetic tools. >> what are you going to make? >> an example would be historically, organic chemistry is producing new materials. we use them every day today. that's pure chemistry. now imagine you can produce a biochemical material that has
some self-knowledge of what it is. software and hardware are married into the same material. that material is going to be self-sustaining, organic, much more so than earth. >> are you imagining this as a biological, human biology? this is the way we live, my house is built of this material and dissolves to nothing when i'm done with my house? >> i hope that your house doesn't dissolve. it is at the level that is simpler than what our bodies are. we're talking more about materials rather than the rejentive medicine. >> you're talking about mass. >> a more powerful chemistry. this is what is helping us look for life on other planets and vice versa. it is teaching us how to do
this. >> where are you on the experiment now relative to our fantasie fantasies? >> the experiment on the astronomy side is going great. we're discovering more and more of those planets. the experiments on the biology side is just starting, but it's very promising. hopefully in the next few years, they will come together. >> i hope so. whatever it is, you have obviously learn ed a tremendous amount. it's a delight to meet you. congratulations on the success of the experiment to this point. >> thank you. pleasure to be here. >> thank you for coming out. still ahead, kelly gauf with a rant. truth. i have a cold. and i took nyquil, but i'm still stubbed up. [ male announcer ] sorry buddy. truth is, nyquil doesn't un-stuff your nose. what? it doesn't have a decongestant. really? [ male announcer ] you need a more complete cold and flu formula,
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monday means it's time for keli goff. she's here. >> we have all felt pressure to choose sides when friends who were once a happy couple split up. the only thing more awkward than choosing is finding out your friends are reconciling and every horrible thing you said about the other, the formerly soon to be ex now knows. welcome to the world of women's health. a decision to withdraw from planned parenthood, the reversal left those of us who care about both organizations reeling. the controversy has left us with valuable lessons. here's the first one. thanks to this now everyone knows planned parenthood is not an abortion organization. for years, the group has been losing the pr war depicting it as a killing machine.
but now many who didn't know any better know most of the work is focused on saving lives, such as though of low-income in need of breast exams. cancer doesn't care what color you are or how much money you have even if politicians do. early detection is key, but when you are poor preventive care is a luxury. strangely, many of of the same politicians who opposed funding also oppose universal health care. but if part of the rational is that private organizations should step in, shouldn't they support planned parenthood? lesson number three. despite a complicated history, wealthy white women and poor women of color realize we're all in this together. as movies like "the help" have reminded us, it's helped keep their homes and care for kids.
while it created close bonds, others felt a divide too wide to bridge. watching bush administration official nancy brinker initially defend the decision, it was not hard to see a woman of privilege who probably never thought about how her maid paid for breast exams. other women think about such things. those women made their voices heard and because of them, more low-income women, many of them of color, will continue to receive the health care they need. and the last lesson, women's health is not a women's issue. as michael bloomberg and lance armstrong's generation donations remind us, for every woman who cares, there's a man who cares about her. women's health is not a women's issue or a political issue, but a human rights issue. dylan? >> you hit on the compelling
thing here, which is that it is only of those with power and in this case, other wealthy white women, who could influence the one woman making decisions. it is only of those -- we talk about the civil rights movement. it wasn't until powerful white people joined the black activists that it went from something we had to do. it goes to the whole narrative of what are the obligations of those who have power to use it in service of society and this seems to be a great example of that really pretty clearly cut. wouldn't you say? >> absolutely. people talk about how it was the individual donors who really fund the backlash. but women in power said they were resigning. you can't count on a check from me. there is -- when you have power,
you have an obligation to use it for good. some people forget about this. these moments remind us. >> we're going to be doing work on the prison industrial complex later this week when we go to texas. and we are seeing an increasingly large group of conservative, liberal, white, black, old, young come together around the issue of needing to endorse people like david kennedy in this hot spotting methodology because it's a better solution. it will be interesting to see if we get more coalitions like this, this has the potential to develop into a broader women's coalition. >> he doesn't want me saying this on tv, but newt gingrich was doing great work on this issue. with the drug offenders and trying to help them get their lives together and have a better opportunity. he was doing revut