tv Prime Interest RT November 15, 2013 11:29pm-12:01am EST
live. rules in effect that means you can jump in anytime you want. a little leg. there i marinate it this is boom bust and here are some of the stories we're tracking for you today. first up janet yellen was in yellen during her nomination hearing yesterday as the next head of the fed we'll tell you all about it coming right up plus former lobbyist jack if i'm off sat down with juan in studio to discuss the ramifications and recourse of campaign contributions and finally rachel corrie's is joins me later on the show to discuss j.p. morgan's. social media blunder tag don't do it that's all in today's big deal but for now that the get to the show.
janet yellen vice chairwoman of the federal reserve face the senate banking committee thursday for her nomination hearing to become head of the central bank in february now yellen said she's committed to promoting a strong economic recovery and will ensure monetary stimulus isn't removed too soon now during the here in idaho senator craig wasted no time asking eliot yellen if and when we see an end to quantitative easing. just continue indefinitely i mean if the labor market doesn't improve to the point that you reach your target along this continue do you agree that there has to be some point which we return to normal
monetary policy i would agree that this program cannot continue forever the costs and risks associated with the program. now yellen did however suggest that if the economy picks up in the coming months she'll continue with plans to wind down the central bank's eighty five billion dollar a month bond buying program however when asked by senator dean heller of nevada about whether she follows gold prices and what causes them to rise or fall you know one had this to say. i don't think anybody has a very good model of what makes school prices go up or down but. certainly it is it isn't as shit people want to hold when they're very fearful look out potential financial market catastrophe your economic troubles and tail risks are. now a better explanation than what bernanke has said in response to the very same
question from the very same guy just a couple months earlier check this out. nobody really understands gold prices and i don't pretend to really understand to be that good to know from the head of the now bottom line yellen passed her first leadership test without angering her two most important audiences one the financial markets and to the lawmakers grilling her now elsewhere moody's has downgraded ratings on a four major u.s. banks a consequence of the slim to none chance of a government bailout for these institutions in the future goldman sachs j.p. morgan morgan stanley and the bank of new york mellon had their long term senior unsecured debt ratings by one notch the agency made the changes as a result of banking reforms implemented by the dodd frank act now the reforms per banks ability to make risky investments and place new regulations on some complex financial derivatives moody's believes the u.s.
government is less likely to step in to support troubled financial institutions. and finally there we have it remember this classic flick i know you like to. work lunches and. you just get is you. now while revenge of the nerds might have been fiction the revenge on the n.s.a. by the nerds of silicon valley is all too real by using a harder to crack code google facebook and yahoo are fighting back against the national security agency for authorized spying on users the companies say they must show both their networks and their online customers data in order to assure users that connections are secure and data can't be grabbed while the n.s.a. may ultimately find ways around these barriers that companies were burned in by disclosures that they were cooperating with u.s. surveillance programs and now there are looking for of them and well there you have
it we'll be tracking all of these stories and as always keeping you posted on all the latest. now well money and politics have always enjoyed a cozy little relationship in two thousand and ten the supreme court's to citizens united decision that drastically altered the landscape of money in politics now with the ruling fund raising caps on political action committees or pacs was removed this open the doors for individuals corporations and unions to funnel unlimited amounts of money into campaigns but how much did it did this have an effect on the unlimited amount of donations that can go into politics well earlier
i spoke with jack off but once imprisoned in prison did. and now for our reform to be asked and here's what he had to say. that involved politics since the seventy's and frankly i don't ever remember an election where money that wanted to get into battle action in the united states didn't get it therefore always been well before the seventy's loopholes and structures that you could use to get all the money you want in an election into an election where citizens united did was it made it more public we got to see directly maybe we didn't know who was giving this money but we got to see directly the impact of this money through the so-called super pacs the other organization so in that respect it was in our face more but in terms of money more money i don't think so you know in terms of the aggregate i don't think so really because they were saying that historically these were some of the biggest campaign donations ever you're saying not only because the way they used to get money in before was totally in reportable people could do it through c four
organizations problem supports a charitable tax deductible organization they could do it through the political parties before mccain feingold other legislation that limited it so there were always ways to get your money in in the past though we didn't see this money we didn't know what was going on but i assure you hundreds of millions if not beings of these dollars were flowing into the political system wow see you think if nothing else it just provided i love transparency to see who is giving all sort of military transparency because that actually is not transparent some of the super pacs in the rest of it may be a level of annoying frankly a level of aggravation because now we get to see all this stuff and we get to realize that there are people who are playing very serious ways in our political system but now it's right in our face in the same way by the way in the old days in congress sometimes like when lyndon johnson was head of the senate you could go in his office and give him one hundred grand in cash and get your favor now you have to give them blotter contributions to get reported and everybody knows you're doing it so again it's still going on but we get to see it ok there you go out now tied
to michael bloomberg who else may have tom styer and mark zuckerberg together. they spent more than twenty five million this year alone this year now i mean have campaign it's kind of turned into a proxy war for billionaires well i think what's going on that's interesting is that a lot more people for so a lot more billionaires in america and a lot more wealthy people in america and these people whereas in the past they might not have seen the need to play politics or get active politically now they almost all do they realize that the government is very involved in their industry is very involved in their lives as there are. all of our lives and they feel they can do something about it so we see a lot more of these so-called billionaires and others putting a lot more money into the system than i think we did in the past so this is a new trend i think i think we're going to see more of it by the way people who are still reluctant to get involved politically are seeing that their peers are doing it they're seeing the mark zuckerberg do it so they're thinking well maybe i could do that to maybe i can't play like he does but i could put in ten million dollars
twenty million dollars of the course a year there are going to necessarily be sheldon adelson and put in get one hundred million dollars but they're going to play at some level i think we're seeing more and more while both sides the aisle by the way democrats and republicans conservatives and liberals i'm working very hard in the reform cause right now and a lot of the progressives who are very wealthy are funding that so we see a lot more in our politics now some would argue that this is. kind of what's happened you know i mean that's a very aggressive there are many that i don't think it's quite as bad but i know where it's i think we have is and we've always had it by the way in every society not just in america the elites of every society have an outsized influence over that society it's just been the case everywhere what's different about america perhaps the modern american experience democracy is that at least the common folks all of us we get to vote so what their elites are doing they're actually not petitioning the sara lee the government all the time their petition enough to try
to influence to make their case to through their groups you're right there is certainly outside. influence but it's not quite an oligarch he with a bunch of people does running the world the way they want to they have to because of the media because in part of great shows like this they have to be somewhat responsive to the american people and i think in general they are that's a good distinction between the two you know it's a they might be able to influence but not not not control not control now how do we reform a system that you know it's filled with corruption we know this is not as corrupt as some places more corrupt than others but is money the source of the problem or is it more of a return to the robber baron air or what is this i think money is a source of the problem first of all one has to realize that people come to washington the same way they go to every capital in the world whether it's paris or london or moscow or rome they want power people who get involved in politics one power that's why they're in politics that they want only money they're going to go to new york and get involved in a finance world so they want power so you have a bunch of people want power then you have people who have money who want to employ
implements those people so money is the tool that the people who have use to corrupt the system not necessarily illegally by the way which is the problem but they use the money in a way to corrupt things and to get what they want the way to solve this is to get the money out of this is and so how do you do that we're trying to work out a way to do that that's constitutional and we believe the way to do it is this fall to get the lobbyists those who are actually lobbying not necessarily those who are only those who are registered but the people who actually lobby the lobbyists and the people are lobbying for this special interests in america and for bid them from giving anything other than a de minimus amount of money so the politics that would reduce that influence in a significant way one eliminated in the sense that they would have been influenced the same way we would have in place those of us who can't give a lot of money in the political system but that is a very commonsense reform it's by the way reform that people in the right and people in the left both support it's not ideological it's not partisan the elites
don't want it and that's where the battle is now would public financing of campaigns make it. different kind of like in europe but what you're saying is that just the total difference that would make everything fair well i think two things on public land these campaigns number one it won't happen here because nothing that doesn't have a consensus of the left and the right that's big is going to get through you know in a way that maybe health care got through but that was a maneuver to get it through that's not going to happen with public financing of campaigns number two there's a lot of fear on the part of people in america that if you put the decision in the hands of government bureaucrats as to who gets the money to run for office then the bureaucracy is going to control the elected officials even more and that's another impediment to doing it so while the outcome of it removing the money making public financing i think in general sounds like a good idea practically isn't going to happen and number two the it is fraud as well with potential corruption that we don't see right now i'll tell you one of them for example i was a lobbyist when i was a. very moderate is no more silly i guess and
a lobbyist like i was and there are plenty of them still there they would look at the public financing campaigns as another government program and what is that means of then they would start running candidates all over the country to get that money and then they would get peace running that you would see have poorer ration of candidates like you can't believe then people certainly say well why can't i be funded if you can fund this person why can't you find me so it's a good simple idea but unfortunately in practice they wouldn't really i don't think we were and that was former lobbyist jack off. now coming up there's a battle a brewin between the new one the old and the taxi industry how long a heavily regulated taxi model survive more on the rise of the uber after the break plus ever wonder what it's like being a multinational bank and financial services company well if you did then this week was your chance to find out rachel carson i discuss in today's big deal and as we
head to break here's a quick look at the quick closing numbers. this is my i like whenever a few who lowered one look at all this i still can't believe i still put. my first and says. try be good for. the fortune to be able to help. the very problem so that these wars by trying to. get your body or. good luck left the mark. ninety five years ago this week the first world war in europe came to an end the continent had exhausted itself millions dead economies broken and empires destroyed
but before this or with a conflict was over western powers had already decided to fade to arab lands a new colonial project was started and we live with his oppressive history to this day wealthy british style. sometimes right. market why not. come to. find out what's really. happening to the global economy. there are no holds. headlines.
oh and welcome back now when you hail a cab you're probably not giving too much thought to the person driving or the company that he or she works for you're more concerned with getting from point a to point b. in the quickest way humanly possible while paying the least amount of money but in the nation's capital a taxi turf war is playing out on the streets and new regulations are now in place to modernize d.c. cabs but at what cost to drivers buckle your seat belts as archie is liz wahl explains the road rage. i didn't get nor
nothing elias or rageh has been driving taxicabs in washington d.c. for twenty years but it's been a rough road doing business the last few weeks after the d.c. taxicab commission implemented a number of new rules. now all taxis must have the same dome light carry an approved credit card system and eventually be painted the same color cab drivers have had to take on the cost themselves upwards of a thousand dollars because of new this new revolution you know a lot of people lot of abuse he says the cost for these don't lights keeps going up and many drivers can't even get one due to a long waiting list now some drivers have been ticketed their cars towed and their business at a standstill even if i don't get the money how come i but food for my kids. pay my bills just like anybody. drivers that say they're tired of being ignored have banded together and joined the teamsters union they're now suing the district
demanding they get an extension on the rules and for the city to stop towing cars and imposing fines rob linton is the chairman of the d.c. to. the cab commission he says he put the rules in place for a reason. instructions of the mayor will know when he asked me to take this position to modernize. the regular taxi service of the district columbia it's not just new regulations i can drive or say are impacting their business or parking lots like this have been more full lately because cab drivers say they're losing business to another company that's not playing by the same rules. as a booking service known for its upscale luxury car service with the click of a button on a smartphone customers can expect a car to arrive in a matter of minutes drivers are dressed for business in the transaction is smooth and seamless no cash needed arrived in d.c.
and late two thousand and eleven people could provide at least the illusion of being bald hearns or being a leeds cab drivers say they've been fine with sharing the road with until now uber recently launched a more affordable service called labor access to get a license photo what's nobody's just going left or right because the person you're from d.c. . to business cab drivers say hooper x. which charges similar rates to regular taxis doesn't have to follow the same rules in order to be a cab driver for stuff or you have to do fingerprinting. you have to bring where you live state driving like the commission says it's still in the process of writing the rules for x. but the cars can stay open for business until that. is gaining popularity and many of its users think it's the future of urban transportation we know that it's fundamentally transforming transportation if the venture arm of google is given in
this company a quarter of a trillion dollars for taxi drivers that don't welcome the service the taxicab commission says if they think or any other show. is there a problem they need to water people using them instead of me that's the question it's a question many county drivers are struggling to answer as their business and livelihood remain uncertain in washington our team. to talk more about these taxi turf wars i'm joined now by liz wall liz welcome to boom bust and first and foremost you know what i want to ask you is it time for the cab companies and the transportation industry in general you know to get on board with the new business model and really kind of let it enter the market space instead of fighting it what do you think well i mean if you ask the d.c. taxi out commission if you asked passengers people that live in d.c. they're going to say absolutely not only is it time to get on board it is
a long time coming i mean you go to new york city and it's not even. a question everybody takes credit card people don't you know they carry plastic a lot of people don't carry cash and people will come here and be like what's going on with the why me and just it's just common place and saying yeah a lot of people will say yes if the time has come to modernize the d.c. taxicab service so the commission he says that that's exactly what he's trying to do to make it so that we kind of get up with the time right now can you go into a little more detail about the regulations that cab companies are subject to which cars are not yeah well there's a number of regulations out recently have been put into place that have made come drivers angry these new don't like if everybody has to have this uniform uniform system and also the credit card system they all have to be approved by the cap commission so even though a while back some cab drivers here in d.c. did take credit card they would use those squares you know right but if they're
caught with those they're slapped with a big fine so they're upset about that that they have to abide by what they see as these very stiff regulations on the other hand they don't have to necessarily follow these same regulations also cab drivers. they've had to they have to get extensive background checks medical checks and how drivers have been doing this for years and decades and say you know what i've had to abide by these rules now this company's coming in and taking of my business boldly before my eyes literally sweeping up my customers and they don't have to abide by the same rules but it's not to say that does not regulate itself i mean. they have a very high level of customer service that they try to live by they it's the customers that basically regulate it because i know that you take a nuber and you actually break your regular caviar you're our driver now you were talking about this right before you came on and i love this you said apparently they can rate you as the customer two it's a perfect democracy and you know you're really not so if you are rude if they don't if you're not going to your cab driver for any reason they don't have to pick you
up so it works both ways really and i want to know what my reading is you know i'm really curious how big is. the moment i mean how many cities just have a presence it's huge and we see that it is only growing it started launched fairly to fairly recently in two thousand and nine and since then it grown exponentially it's in fifty cities it's global and they only ten to they only intend to expand typically when you think of google you think of a more luxury kind of service the black cars now they've expanded to this x. and this is like cab drivers don't like because it directly impedes what competes with cab company is because it's not necessarily you know the black car service it's more standard service and now they're being able to directly compete with cab drivers and charge comparable prices here in d.c. even less right now at the end of the day it's really about providing a service and if there's room in the market for that service and the market wants that service it's going to succeed would you agree yeah we're seeing that right now . a lot of people will use hoover and they don't go back they go back to taking
cabs because it's so it really harnesses this new technology you know i wish we had more time with this we've got to be back on the show very soon thank you so don't ever join us. absolutely it was liz wall argy correspondent now it's time for today's big deal. big deal time rachel herz as always joining me now rachel this is one of the bank's attempts that we're going to talk about today at social media something that apparently. don't and i mean it just went south tremendously fast so j.p. morgan now they posted a tweet trying to solicit some some people to talk to them it said on its twitter
account take over will host our first the live q. and a on leadership and career advice with the leading j.p.n. exec on eleven fourteen use hash tag ask g.p.m. to submit questions and of course tell a really that ensued here are some of our top twitter responses coming up there we go now and this one i just love from david date in he said she's a day and he said what what's it like working with mexican drug cartels do they tip i don't like to know that when i do it i would really go for more eddie f. elfenbein i'm sorry if i'm crushing your last names everyone he wrote was the best way to get blood stains out of clown suits they didn't specify i mean i'll stay here and learn whether we're bad about number three amy holmes or she says every other person loses their home to legal foreclosure does a bell ring i wonder if it does number two comes from our friend our lexus goldstein who when the o.c.c. translation office of the comptroller of the currency found you didn't properly
properly guard against money laundering were you just like. and number one favorite this is from downtown josh brown said i have a i have mortgage fraud. market manipulation credit card of years to live again and predatory lending. there's one more bonus to it this comes from the one the only the whole areas for each of us how do i get a pair of presidential conflicts i like it leave you alone establishing if you know the graphics department. after a number of years on twitter j.p. . only responded saying tomorrow's q. and a is cancelled bad idea back to the drawing board rachel was this twitter move by j.p. morgan a good idea or a bad one if you're j.p. morgan it was a pretty bad idea they were probably used to having commercials where you get to broadcast whatever it is you want to but with twitter people are coming back at you all the time and i think that there's. a sense of how much people want to talk to jimmy lee about the dell deal which is
a little out of whack with how much people actually wanted to give j.p. morgan a reckoning this is the first time we've seen anything like this happen member when mcdonald's tried to get people to say they're making these stories that when incredibly quickly because let's face it on the internet we all love being trolls and the number of people who just want to have a good laugh always outweighs the people who want to know jimmie dale what color they should make their resume i mean. that was very funny. really what they thought that people were going to be asking jimi do i like to think what's your favorite deal what's your favorite thing to order at lunch i mean. if they think they were going to be asking jimmy lee it doesn't make any sense and what do you think the the meeting was like where they were like oh my god eureka i know it was i will use that twitter then everybody around and you're like why don't we use that twitter it'll be a great idea and i'm going to do what's frustrating and i think that this is something that you know the print of the show alexis goldstein said is the social
media department is the one who's going to get in a lot of a lot of trouble for this now food when really no one's really looking at the leadership at j.p. morgan thinking why have we inspired such a i are among the twitter owners or everyone hates us what are we going to do rachel we've got to come back to our butts more because it's awesome but that's all in all the time we have for now but you can see all segments featured in today's show on you tube at youtube dot com slash boom bust our t. we love hearing from you so please head up our website at facebook page facebook page rather at facebook dot com slash boom bust r.t. and from all of us here boom bust thank you for watching at the x. time. a. very hard to.
another whistle blow the dust off to breaking into a spying database run by a us government contract. probably sent him a paycheck instead of sending him to prison for the next ten years. we report on the story jeremy hammond allegedly used by the f.b.i. as part of a private army of hack is i'm punished for going astray. plus alarming figures in japan's radiation hot spots. this is close to the average level. only with one exception the place where i'm at right now more than ten thousand people are currently living so you also travel the exclusion zone in fukushima which the government has promised to make. but with radiation soaring even at.