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Freedom Fighters Liz MacDonald, Lynn Parramore, and Don Boudreaux on what Occupy Wall Street and the Tea Party can agree on.
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As the earnings season draws to a close some of America's largest banks are posting eye popping profits.
Not seen since before the financial crisis but investors are not buying it.
The stocks of the biggest banks are still trading where they did during the banking collapse Bank of America is still a six dollar stock.
So are they getting spooked by the rise of the Tea Party and Occupy Wall Street.
We're united in their opposition to further bailouts here to discuss our my freedom fighters Fox Business stocks senator and my colleague Liz MacDonald feedback from them are.
Right catalyst lend are more and -- Woodrow George Mason University economics professor you teach young people.
Again and probably all across the board -- a lot of free market young people at -- George nation do you think that those people downtown.
Understand.
That it is the government and not the banks that is causing their generation to lose the employment opportunities at the rest of us had as soon as we got -- College not enough of them understand that after the get through my class -- understand the better.
And they did before were not enough understand that because the media mainstream media's portraying it as something that private business did.
And he's downplaying the role that the government had in the crisis.
Yeah we send some of our producers down and they came back with a lot of interest think people a lot of interesting information that two of the things that the progressives in the crowd chanting.
I agree with and the Fed.
And the wars.
Well I think -- on our progress is against the Federal Reserve.
I think it progressives would like to see much more accountability with the Federal Reserve I don't think particularly like Bernanke and I think that they would like to be a full audit.
You know.
I speak at the nitty gritty details thank you can actually leading liberty defined by Ron Wolf is purely a classic democratic liberal.
I think it's Ellen do you want the Federal Reserve -- I want to my ears deceive -- I want -- -- interesting work together on a lot of these issues they -- corporate capture of our government is something I think that Tea Party folks -- -- -- -- -- -- Wall -- -- -- -- -- does Wall Street selected the is still like to capture the government -- like the government out of its.
It's money hello sure and any here's a daily government likes -- bail out the banks because the banks by -- treasury debt and act as prime rate is so dearly in both secular that the yeah that's right.
There they've been in bed for decades so you know how do you stop that I mean I think -- Occupy Wall Street crowd.
May be getting getting the picture and I've talked to them to -- very Smart people -- there.
The Tea Party years are well down this road and that's why we the end -- big government agenda.
With so you know such a big deal in the 2010 election it was -- overhaul -- Really it will what -- -- have -- of the Republican primary in an annual and I'd have never talked about this before we always talk economics do you think that Ron Paul's.
Personal courage and determination.
On the Fed which persuaded people like -- ARAMARK has changed the debate.
Escorted to the public's attention and -- there has not been brought before of course the Fed's own actions have helped that but Ron -- been the leading voice in pointing.
Attention that would deserves attention has -- -- before that -- Wall Street have any idea what to expect that the Fed resorted it.
No I don't think they have any idea what will come out of the woodwork at the third -- and I think I don't think people in congress really fully understand.
And the issue is when the Fed get hit in the head with its own boomerang from critics such excess money reserves -- won't have to come into the system sometime now that.
In a little a little harsh -- you that was performing a little bit but Barney Frank.
Cosponsored.
Ron Paul's bill to end the -- -- there are a lot of progressives that want to know what the heck is going on there as well as small government libertarians that one.
Yes I I think is a slightly different view it in terms the role of government as a progressive I think that government is the only thing standing between the American people and a complete corporate takeover I think the problem is that.
There's too much corporate money circulating in our political they had he had he had that -- overstuffed just -- were about the -- -- -- the real threat as the Euro zone and event that feared that American money will end up via the Fed and the and -- an American people already agreed switching gears Democrats are raising that pressure in congress to extend unemployment benefits for another 99 weeks.
They've warned that of the GOP hasn't -- them and extending these benefits the Republicans will -- guilty of sending millions of unemployed workers into poverty.
But basic economics suggests that extending unemployment benefits will only extend an already high rate of unemployment professor -- drop this -- economics why don't want.
It's economics 101 if you have unemployment insurance -- insure more on employment it's as simple as that.
If -- paying people to stay unemployed he stopped paying and stay unemployed people.
Or more likely to find employment.
He met we were talking before the segment started about to Denmark's experience we're gonna put it up on the screen Denmark which has the the only country in the world -- has lower unemployment benefits and we do for years.
When did when did Denmark's unemployed find work in the fourth.
And it's worth if you look at -- spike higher because of you what happened was.
The governments are looking you've got to get off until -- -- go find work doesn't the American people want to help the unemployed absolutely wanna help the war.
But there comes a time when you help people help themselves by helping them get a job.
Us unemployment compensation justified in the constitution and apparently he can't the issue that there mini constitution really think people out of work through no fault of their -- they're not lazy -- sitting around you know hitting the bottle of people that are desperately looking for work and can't find jobs and don't eat it -- it cut them list mean what if this deal that'll increase foreclosure -- -- -- is that there just aren't that my experience than an aberration or is it not true that people will get most aggressive about looking for jobs when they know the -- -- it is about to run out basic economics says that this is the worst time.
Money out of the hands of consumers it's it's basic keynesian -- that we -- in the Great Depression you can't cut and grow an economy at the same time like many highly evolved.
If anybody on the in the history of that of the twentieth century has been discredited in the past twenty years it's I don't have -- -- thanks John actually neo classical economics that got discredit.
Go ahead and its gains -- is down the tubes winding down the tubes because this series of -- -- until -- -- -- the Great Depression they're feeling now that's really not.
True -- alright let's let's look at the government covered -- government as part and spent five trillion dollars in president Obama's three years and office are the things that are now.
They're worse than that took that could have million jobs lost I mean some would argue that money went to plug -- look at this as a way to go this Soviet Union -- still exists in Libya AAA rated country and so it's the body beach Zimbabwe can triple as they have been about thirty.
I don't know if we have a deficit commission where if the jobs commission.
Americans would rather have jobs then be taking unemployment benefits they would rather be paying their taxes and finding -- that's so we need.
But if you're in the congress you would vote to extend unemployment compensation -- a lot of what the constitution says no matter what economics 101 says -- matter what Denmark says you vote to extend it.
For another year.
Yes we can't we we can't take money out of hand the consumers and the -- -- up and down on.
Our and I agree with GMAC thank you very much a list of the Dublin are more Don -- always a pleasure.
The silver committee.
