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tv   MSNBC Live  MSNBC  April 28, 2011 6:00pm-7:00pm EDT

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some people never let him get past his name and his background. they never did. no way were they going to let this guy into the living room to be their on the television being the elected leader of our country. they were going to deny him. that's "hardball" for now. thanks for being with us. more politics ahead. >> good evening. today we saw 10 billion reasons why republicans rig game in washington is not working for the american people. exxon mobil reported $10.65 billion in profits through just the first three months of this year. that's up 69% from last year. these obscene profits were fueled by rising gas prices. regular hit $3.88 a gallon today making a mockery of oil industry claims they need $4 billion in corporate welfare checks handed out to them each year by the
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federal government. president obama says these tax breaks and subsidies add up to a massive redistribution of wealth with taxpayers on the losing end. >> for $4 billion, we could do an awful lot and you know where we get $4 billion, by ending taxpayer subsidies we give to oil companies and gas companies. [ applause ] that's profits coming from your pocket into their pocket. they're making enough profit. >> here. here. preach it. teach it. now the republican response, drill, baby, drill. for god sake. come on man. next week they'll start working on bills to fast track billing permits in the gulf of mexico and expand leasing areas off the coast with an eye toward doubling oil production in the gulf over the next five years. that way oil companies can make even more money. by the way, have they shared
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benefits with you guys? since they are making so much in profits, they must have given you a break on gas prices. they haven't? that's weird. i thought the republicans told me that if we give largest corporation in the world huge tax breaks, somehow you would benefit. instead you got incredibly high gas prices. strange. unsurprisingly people are furious about these subsidies and now republicans are facing real pressure to roll them back. remember for one magical moment this week even john boehner seemed to be in favor of ending the subsidies. of course, he quickly back pedalled on that when his staff reminded him who signs his checks. none other than paul ryan is feeling the heat. check him out at a town hall from this video from think progress. >> the subsidies that the federal give have to stop. >> i agree. >> you will gain a lot of that money in the red back.
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>> right. >> you agree. that's strange. why did you vote against ending oil subsidies twice then. ryan says he agreed but went on to talk about tax loopholes and shelters. not subsidies. is he playing word games here? probably. you know who he works for. he works for the oil companies. similar thing happened to gop congressman dana rayburg grilled at a town hall on tuesday. >> everything is off the table as far as i'm concerned which would be subsidies for oil companies. >> he voted to extend tax breaks for big oil and having second thoughts. people are onto his game. so are several other gop lawmakers including georgia's tom graves and south carolina's mik mulvaney. they are fighting to schedule votes on these subsidies and force republicans to go on the
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record once again defending big oil. i like that strategy because if i was them, i would tell republicans go ahead and do it. i dare you. tell us why the american people need to give $4 billion in welfare to these gigantic oil companies. i double dare you. well, joining me now a democrat from oregon. part of the people daring them. a member of the national resources community and member of the progressive caucus and we have an economic professors at berkeley. all right. congressman, let me start with you. what's your reaction to these gigantic oil profits? nothing wrong with profits but at the same time $4 billion of our money going to them, how is it justifiable? >> it's extraordinary manipulation. essentially extortion. volume is up only 10%. the profits are up 69%. how does that work? did they become incredibly more
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efficient? no. they are hand and glove with the opec people and market speculators who are driving up prices unnecessarily over the panic about what about libya and what about the 3% of oil that they produce which opec is replacing and exxon mobil says they don't set prices. they are set on the world market. if we had domestic drilling, prices will be lower. prices are set on the lower market and we made more in the u.s., the world market would change? no. they are kind of boxed in here and i believe that this is -- they're profiting in numerous ways here. all of the way up the supply chain they say refineries are doing better. distributions are doing better. we're only making a little bit of money at the gas pump. yeah, because they are taking huge profits before the gas gets to the pump. >> secretary rice, the
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republican philosophy is if we help giant corporations it will trickle down. exxon profits went up 69% and gdp grew 1.8%. is it possible that big oil company profits and gas prices are dragging the economy down? >> they are dragging the economy down. obviously when americans are paying almost $4 a gallon for gas, that means less money in their pockets to buy everything else that is produced in the united states by american workers. that means more layoffs. that means a slowing economy. so it's very difficult for the oil companies to argue as they have tried to argue even today that the high prices and the high profits are justified and responsive to a growing economy when in fact they are slowing the economy. >> let me stay with you for a second, secretary. mitch mcconnell and other republicans say if we do more drilling at least that will
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bring down the price of gas. is there any truth to that? >> absolutely not. it's a world market. that is if we were to drill and create even 300 billion more barrels of oil which is maximum that anyone expects we could get, that would bring down gas price as tiny bit because it goes all over the world. it refelplenishes gas and oil a over the world. it takes more oil to find its way through refiners and it would be a year or more before gas prices would decline. there's no evidence at all that additional drilling in the united states or on the continental shelf is going to bring down gas prices. given the monumental profits that oil companies are now making, there's no reason that
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those oil companies have to actually use those additional leases. they have been sitting on leases. they haven't been using leases they now have. they want to show higher balance sheets because they can show that they have more land on which they could potentially drill. >> congressman, i want to show you some of the numbers here. oil company pac donations is $285,000. john boehner got $15,000. other republicans like senator barrasso and representative upton and mckinley are all cashing in. when you look at oil contributions to john boehner in his career, over $346,000. when i say they may his checks, that's what i'm talking about. in 2010 the oil and gas company spent over $146 million in
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lobbying. do these republicans care about the policy whether the gas prices go up, go down, the drilling makes a difference, doesn't make a difference or is it simply they are bought by the oil companies and that's why they do their bidding. >> there's evidence that there's undue influence that come with contributions from the oil industry. we're not doing things that make sense to the american people. the other big factor is market speculation. part of the financial reform was to limit position limits in trading of oil by speculators, financial speculators. that hasn't happened because of pressure by republicans. we want to undo that reform. exxon mobil trades and they make a pile of money because they know where the prices are going. we have both speculation, market manipulation and undo influence on the policy makers. it's a very bad combination for consumers. consumers got to get mad about this and push back and demand.
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insult to injury. give them a subsidy. come on. that's a no-brainer. if we can't do away with that by next tuesday at midnight when we go back in session, i think the republicans are -- silly. >> deep trouble. people are starting to get really mad about it giving away our money is crazy. let's talk about that speculation. congressman brings up a good point here. we know drilling at host creates a three cent difference. that might or might not happen within a year from today. but some say speculation costs as much as 70 cents a gallon. is that really true? is that part of what's driving up the gas prices here? >> the thing is we don't know very much. a lot of this market is shrouded in secrecy. we don't know how much is speculation. that's why we do need to know more. undoubtedly when you see prices going up like this, when you see prices that are responding to it the turmoil in the middle east,
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other people and other buyers expectations that prices will go up, you have every reason to believe that speculation is going on. that's why republicans have been pushing back on financial reform. what we need to do is make sure that this kind of speculation is prohibited and fully transparent. >> i want the audience to understand one of the reasons they don't want to end speculation which seems crazy to you and i is because they get paid by the bankers. they get paid to protect the banks and to protect the oil companies who are both getting incredibly rich off high gas prices killing you and me. congressman, the last question goes to you in terms of what are we going to do about it? is it possible that democrats can say, listen, we're not going to get any budget deal, we're not going to budge on your spending cuts, et cetera, et cetera, until at the very least you take away this $4 billion a year in oil subsidies that is just nothing but corporate welfare. >> that's a minimal starting
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point. that should be a no-brainer from what the republicans running from this issue now. we shouldn't even have to ask for that. we should ask for something bigger. we have a speculator task to rein in speculation and we move commodity futures trading commission and move their proposed limits forward and we can do it legislatively. we have to stop this speculating on the market that's adding so much to it the price that is dragging down our economy as the secretary pointed out. if the republicans really care about the american people and about our consumers and about the future of our economy, they will join with democrats here. we're certainly going to offer those sorts of things when we come back. i've been offering them for a number of years. remember the enron loophole is not yet closed. we're still allowing the speculation that enron muscled through during the bush years to go on. >> that question to congressman
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ryan came from a conservative area in his district. i think a lot of the voters are getting it. if you're a conservative, ask your republican congressman why you continue to protect banks and oil companies. it's a great question. i love that they are doing that at town halls. thank you both for joining us. really appreciate it. >> thanks. >> all right. now ahead, outrage at paul ryan's radical plan is boiling over at congressman alan west's town hall. why was this progressive constituent who wanted some questions answered, handcuffed, thrown in jail and maced? nicole sandler is here live to tell this unbelievable story. donald trump responds to being called a racist except his newest outrageous comment doesn't help his cause at all. even the tea party is turning their backs on him. and here's a quote, "i don't know how anyone survived." that was from the pair of tuscaloosa, alabama, after the
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people are mad over paul ryan's plan. in florida, a liberal got handcuffed, jailed and maced for asking a question. that's what happened. you'll hear for that story for yourself. ♪
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>> how much do i love that? you heard the people. tax the rich. that's great. the republicans always pretend that there's no other way to balance the budget than cutting services for you. there is. people have figured it out. have the top bracket and corporations pay their fair share. you just saw there was new york republican representative charlie gibson getting push back because of his vote for the paul ryan plan. he's just one of many congressman feeling the heat from constituents. some like north dakota representative can't handle the heat so instead what they're doing is rewriting history.
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>> once again, score one for the informed constituents. it is inarguable that congressman berg voted to end medicare as it is today. it's a lie to say otherwise. voters weren't done yet and want to know what happens to people under 55. >> again, they're right. why would the republicans exempt people over 55 if they thought it was such a good plan? wouldn't they want current retirees and people over 55 to be able to bask in their wonderful medicare plan too? of course the reality is that they know the plan is disastrous for medicare and they didn't want to face a wrath of seniors
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so basically they told people under 55 to hell with you. we're taking away your guaranteed benefits. a new study really emphasizes just how costly that is for all of us. the senator for economic and policy research finds the ryan plan drives medicare costs up $34 trillion over a 75-year period. now, i know that's a long time frame. $34 trillion. what happened. i thought the free market solutions were supposed to lower cost and not increase them.
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>> that was nicole sandler. she was arrested after asking that question. why was a constituent arrested for asking a question at a town hall event with her congressman? that's crazy. nicole joins me now to help answer that question. nicole is also the host of "the nicole sandler show." great to have you here. i'm glad that you're out of prison. this is crazy. first, let's talk about how this town hall was structured so people get a sense of what happened. >> they called it a town hall meeting but when i got there, we were given cards to fill out in order to ask our questions. so to me a town hall meeting means constituents get to talk with the congressman and ask questions and have back and forth. if i had known it would be a lecture, i probably wouldn't have shown up. >> it's funny. i saw the first question that they asked and of course i want the audience to understand this
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because it's important. you get to ask your congressman questions. if they prescreen questions, you just get the questions that they like. the first question was how many czars does obama have and how much does it cost us? of course they selected that one. they love that question. it makes a mockery of the town hall. you said you thought, all right, i'll ask a question any way. now, look, nicole, some people might have thought that's rude. you're not listening to your congressman and how he structured the meeting. why in the world were you arrested? >> good question. when i was -- right after that clip you played, i was told i would have to leave. a bouncer kind of guy was called over. ft. lauderdale police officer who grabbed my arm and escorted me out. as we were leaving, there was some media around me and asking me questions and i finally stopped and the police officer kept grabbing me and pushing me. i stopped. i turned around.
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i had a flip camera with me. i said i want your name and badge number. he said fine. and then turned around again and he pushed me again and at that point i screamed at him. i said get your hands off of me. i think i said it a few times pretty emphatically. at that point he said that's it. you're under arrest. really? my boyfriend was there. what are the charges? he said trespassing after warning. i don't know if you have seen the police report but apparently the officer accused me of physically acosting him. said i pushed him repeatedly. the video clearly shows the opposite, right? >> i saw the video. it's not a matter of witnesses. it's on tape. it's not what he said. another thing that amazes me is it took about 30 seconds or less for them to come get you. it's not like you were up there giving a lecture for two minutes
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or five minutes and not letting anyone else speak. if you can't ask a 20, 30-second question at a town hall event and be arrested for trespassing after warning. you've been asked not to ask questions of your congressman. why didn't you listen? what did you think, this was a democracy? >> i did. you know, i thought it was a democracy. the fact that i'm arrested for going to a town hall meeting and trying to ask my congressman a question is absolutely absurd. i heard what he wants to say. i want my congressman to listen to what i have to say and that's why i went. >> did he ever answer your question? your question was excellent. it was about privatizing medicare. that's the real question here is how that will affect things. did he ever give an answer? since you weren't fawning over him he doesn't answer those questions? >> that's it i guess. i wasn't there so i don't know if he answered it. from other people who were there, they told me, no, of
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course not. he just went on with his talking points. >> nicole, one other thing. in jail they put you in a cell by yourself and then you got maced. why did you get maced? >> because i dared to challenge the guard. the broward county police department or broward county jail guard who -- he put a bunch of us in a room and they forgot about us for over an hour and left us in this storage room. when we got out i told him he owed us an apology. he got all sarcastic. i said, we're human beings and we deserve an apology. he put me in solitairy confinement which plays weird tricks with your mind. he asked to be out when they brought lunch he told me no. but then the door to the cell opened so i stepped out and sat down on the step in front of it. he saw me and started yelling at me to get back in the cell. i said, please, sir, please let me stay out here. are you disregarding my order? i said let me stay out here.
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he sprayed mace a lot of mace in my eyes and mouth and face and my hair to the point where they evacuated the whole ward of the women in there because their eyes were burning from it. >> you should have known not to challenge president mubarak like that. i mean congressman west. >> i thought this was america. i thought we were in america. i thought this is what we're supposed to do. democracy is a two-way street. >> exactly. by the way, so the audience knows, eventually alan west said if you support medicare the way it is now, it will mean the end of america. you can kiss it good-bye. he's simply admitting that he does not believe in medicare as it is now. nicole, thank you for joining us and sharing your story. >> thank you so much. i appreciate it. >> freshman congressman is a quick learner when it comes to
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republican hypocrisy. promise to repeal the health care law but you'll love what he did instead. it's our con job of the day. of course it's not over. donald trump has more to say about the president but we got something to say about him. we'll show you this guy. you'll love china and harvard stories. you don't want to miss that.
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and now for our con job of
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the day. a tennessee congressman that railed against the federal health care law but you'll be shocked to find out that he doesn't mind getting credit for what it pays for. really? freshman congressman campaigned on a promise to repeal health care overhaul and voted to do so in january. he said he was doing what the people wanted. >> by voting to repeal this unnecessary health care bill, we will effectively put a stop to the creation of a massive entitlement program that we did not want, we do not need and we cannot afford. >> you can see under no circumstances would he take money from this program he just vote ed against, right? right? as think progress points out, constituents in crossville, tennessee, were pleased to get a grant from the affordable care act to build a new health clinic. the state agencies health
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commissioner says the clinic will care for the uninsured population. that's what the health care bill was supposed to help with. instead of condemning this grant as a hideous socialist handout, he sent one of his aides to deliver the check. so his office takes credit for what he desperately tried to destroy. i've been covering politics for over 15 years. these politicians they still amaze me. he hates government involved in health care except when he's the one handing out the check. that's our con job of the day. now, donald trump launched another attack on president obama. of course he did. now republican senator is bashing him and demanding to see his birth certificate. how does this affect the republican party? richard wolf and amy holmes on how popular trump is with republican voters any way and why that is. [ male announcer ] you are a business pro.
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>> donald trump's tower of trash is piling up even higher. one of trump's biggest targets is how president obama has handled china. trump claims obama is too soft when it comes to china's chi economic policies because american manufacturers just want compete. >> how can our economy ever be strong, ever, when we have other countries making our product? it can't happen. china is making our products. they'll be bigger than us because they are making our products. >> now, are you ready for this? guess who has a line of clothing and accessories many of which are made in china? trump. of course. so you're attacking obama for looking the other way on china while giving them your business. donald trump are you proud that your businesses buy from china?
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>> i buy a lot from china. i buy a lot of things from china. not that i'm proud of it. >> wait, you're not proud of it? good thing you're still doing it and criticizing president obama for it. yet trump's hypocrisy train keeps rolling ahead. he heard from a mysterious source that obama was a "terrible student." even though we know that president obama graduated from harvard law school top of his class. you cannot get better grades than that. trump says he's got questions about how a terrible student can get into top schools. "i have friends who have smart sons with great marks, great boards, great everything and they can't get into harvard." but it just so happens trump knows one guy whose son apparently didn't get great marks and did get into harvard any way. real estate developer who married trump's daughter. he reportedly pledged $2.5 million to harvard in 1998.
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daniel golden, now of bloomberg news, writes that the donation did the trick. "jared was not in the school's highest economic track in all courses and his test scores were below ivy league standards. school officials were surprised when he applied to harvard and dismayed when he was admitted." that's his own school official saying i can't believe they let this kid in. amazing what $2.5 million will do. trump is complaining about obama's grades when a white kid with a record of bad grades gets into harvard, that makes sense. when a black kid with good grades get in, that's not deserved. trump is undaunted and now he launched more of these racial attacks on president obama. >> you look at what's happening with gasoline prices where he said he has no control over prices, which he does if he gets
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on the phone or gets off his basketball court or whatever he's doing at the time. >> come on? really? get off the basketball court? if he just said that outside of the rest of the context you might say obama plays basketball. but within the context of every other thing he said including i get along great with the blacks, now he says obama should get off the basketball court? come on, man. it's not just me calling him racist anymore. i'm afraid to say that. i think donald trump is a rac t racist. now people are asking the same question. bob schieffer? with me now, richard wolfe and amy holmes. all right. great to have you here. richard, you're right here. look at this. good to have you in the studio. >> i wish i could be there. >> amy, one day. it will be great. so let me start with you,
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richard. we got all this stuff. despite this or maybe because of this, new poll out trump at number one in the republican field. 19%. >> 19%. makes you number one, right? and in this environment everyone says that means he has mojo but he wouldn't get forward. in addition to a multicandidate field, it will be enough in this scenario to capture this hardcore. a downpour of republicans is yearning for someone in this space. someone who can capture media attention and punch the president in the face. that's what it amounts to. if it's not trump, it will be someone else. let's be clear here, if this is the peak of the bubble and most people would say it is, 19% has never going to get him over the top. >> you can make the same case for huckabee or anyone else. they have less than him. i agree with you.
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i think he's speaking and people will get tired of it. on the other hand, what does it say about the republican party that he's leading. amy, do you think it's because of this nonsense or despite this nonsense that he's leading? >> well, i think it's because of this nonsense that he's putting himself out there. taking shots punching obama in the face as richard put it. i agree that donald trump does not have a chance to become the republican nominee to go against barack obama. "usa today" had a poll out that found that 31% of republicans who were asked said they thought the trump would make a poor or terrible president. 64% of americans who are asked said they would not vote for donald trump. it says that it's a weak field and that the other candidates are not drumming up this kind of support and enthusiasm you would want from your republican nominee. i think basically people have as much interest in gop candidates right now as they do the royal wedding which is to say not
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much. >> i'll be tougher. i'm going to be tougher on the republicans, richard. i don't think it's just that it's a weak field. i think the republican voters like trump. you can say it's because he's punching them in the face. i hear you. maybe partly because he's populous. i hate china. he said china is raping us. at the same time he says things that seem racist to people ranging from me to bob schieffer who is not a fire thrower by any stretch of the imagination. maybe it says something about republicans vote there's they like that. >> not only is it ridiculous because it's trump and overblown and everything else. none of the things that matter to republicans does he stack up. he says he's against abortion. how does his social conservative credentials stack up to his personal life? never mind his previous position on abortion. how does his business policies stack up to the reality of the business word? the united states is part of the
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united trade organization? you can't slap a 25% tariff even if you think it is the right thing. we are hemmed in. republicans who fund this party know that you can't go to opec and say lower the oil prices. don't you thinks other presidents would have tried? his business proposition doesn't step up and all he has is being outrageous about the president and if that's all it takes is this group within the republican party, i don't think it's all republican voters but that 19%, 20%, that's really not republican. these people will vote independent if this guy or ross perot figure if there's an independent figure that comes in with this agenda, they'll run independently. >> that's a big fear for the gop. >> that is. i think that if the other candidates are watching this, they got to think to some degree maybe i should emulate this. that's how politics works, right? will this drive them farther right wing or is it going to say to a guy like huckabee, maybe my
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populous stick can work here. >> if other candidates look at this, they won't emulate it. people think this is a flame that will burn out quickly and probably already has. as for the racist charge for donald trump, i think that's too easy. i think that donald trump is something more and that would be a malignant narcissist. i don't have a degree in psychology. if you were to run together all of the self-regarding things this man has said about himself, that's what's gareat about me being and i'm a smart man and remember the ugly things that he said about rosie o'donnell calling her a pig and outrageous and unspeakable. he'll hit below the belt no matter what to advance his cause and interest. >> i'll disagree with you a bit. let me tell you why. i don't think trump is a racist in terms of like he hates black people. he can't stand them or anything
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like that. but as far as stereotypes, et cetera, when you got a guy who graduated head of the harvard law review, there's literally not a single position in all of academia that is all prestigious than that as a student. >> as a princeton graduate i would disagree. this is the kind of guy who would try to take shots at steven hawkings intelligence. let's remember that he's made a career of being a bully. that's the basis of his tv show. you're fired. >> three different attacks seem to be centered on his race. if he's -- >> they are centered on
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you guys are great. thank you for joining us. >> thank you. >> all right. the southern part of the country just had the deadliest storm in 37 years. it's amazing. we had a mile wide tornado that left more than 250 dead. can you imagine what a mile wide tornado looks like? that's amazing. the scene of the destruction was unimaginable. we're going to go live to tuscaloosa with a reporter to survived the storm and has some amazing stories to tell. >> announcer: this past year alone there's been a 67% spike in companies embracing the cloud--
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the deadliest storm in 37 years in this country. that's coming up next.
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total devastation is the effect of tornadoes that ravaged the southern united states. the national weather service reports that 137 twisters touched down across the region. that's an amazing number. as many as 280 people were killed in six states. making it the deadliest tornado outbreak since 1974. >> we can't control when or where a terrible storm may strike. we can control how we respond to it. i want every american who has been affected by this disaster
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to know that the federal government will do everything it can to help you recover. we'll stand with you as you rebuild. >> overnight the president declared an emergency in alabama. over 190 people have died there and over 1 million are without power. fema officials have been dismatched to help coordinate efforts. president obama will meet with survivors and emergency response teams. a mile wide tornado left a massive path of destruction. i can't imagine that. the mayor of tuscaloosa said the devastation is so bad there are parts of the city he doesn't recognize and he doesn't know how anyone survived. joining me from tuscaloosa is wayne grayson, a reporter for the tuscaloosa news. when did all of this strike and
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where were you? >> the storm actually came in around 5:00 or 5:30. it's kind of hard to tell a time frame. everything moved so quickly. to be honest, you know, we had known the storm was going to come for a couple of days. it was definitely big news here on all of the local channels and definitely a lot of our stories focused on that. for yesterday we were kind of just waiting for whatever was going to happen and around 4:00 it kind of seemed like maybe nothing was going to happen and then we received word that a tornado had been on the ground southwest of here and it would be here within an hour, hour and a half. at that point sirens started going off near the newsroom and actually our editors came to us and said if you have any friends or family or pets even that you would like to bring here to the newsroom and get down in the basement and hunker down and get ready for this thing, feel free to bring them up here.
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i called my wife and she ran and got our two dogs from our apartment, which is just about a mile from where i'm standing and brought them to the newsroom. we got together and huddled in the basement of the newsroom together and waited it out. we didn't see or hear the tornado. thankfully it came nowhere near us. unfortunately you go a couple miles down from the newsroom on 15th street in front of me here and that's where the path is clear as day. whenever we realized that -- go ahead. >> obviously you have to be inside when this thing hits, right? that's why the news reports were so important. if you're caught outside and you're in its path, there isn't much you can do, right? >> yeah. absolutely. you know, the reporters and the writing staff was inside. we had two of our amazing photographers and actually a videographer out on the streets
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and caught video and caught photos and some dusty's photos have been in a lot of the papers around the country today. they braved it and got out here. it took guts to do that while we were inside waiting for it to blow over to assess the damage. we were eager to get outside. >> tell us what's happening on the ground now. how bad is the damage and what are people suffering through? >> you know, it's kind of hard to describe the damage. especially for someone who spends their time writing and describing things and you get back to your desk and have no idea how to put things into words, it can make things difficult. to sum it up, you have a mile from here in a neighborhood called alberta where it has been flattened. it may be the hardest hit area. folks there not only have their homes been knocked down, they also don't have any food. they don't have any water. they don't know where they're going. that's the scariest thing about all of it. >> wayne grayson, thank you for
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the report. we'll be right back. make a wish!
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now i'm going to try to explain to you how the fed and banks came together to rob us. he says i need $10,000. i'll give it to you. you're a friend. won't charge you interest. you said give it back. he said, all right, i'll loan it to you at 3%. wait a minute. i gave you the money in the first place. what do you mean you'll loan it back at 3%. what would you think of that guy? he's a jerk, right? you wouldn't talk to him again. that's what banks did on a gigantic scale to all of us. a newly released study shows that banks borrowed from the fed at nearly 0% and then lent it back to us around 3%. for example, bank of america.
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they borrowed at the low rates of .25 to.5% and lent it back to the fretreasury at 3.5%. they did this with $15 billion. do you know how much you would make if you ran that same scam? about $450 million free. it pays to know someone at the fed. this is done on your dime. for example, again, jpmorgan chase borrowed .3%. they lent to the treasury at 2.1%. they did that with about $20 billion that they borrowed from you. the list goes on and on. at one point the fed gave out money at .0078% and lent out $3 trillion that way. do you know what the banks were supposed to do? lend it out to you, the consumer and small business. in 009, same time period credits to households went down $234.5 billion


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