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Freedom Fighters Liz MacDonald, Lynn Parramore and Jonathan Hoenig on calls for a Robin Hood tax and what's eating Ben Bernanke this week
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-- -- However here discuss the slippery slope -- my freedom fighters Fox Business stocks editor and my colleague Elizabeth MacDonald.
Wind power more all turn that senior editor and Jonathan Hoenig the boss of capitalist pig asset management.
And Jonathan are you said that well welcome here or three of you Jonathan are you surprised.
That the Obama.
Administration is saying when not in favor of this tax I thought the president never met -- -- didn't like.
-- judge you know we already have our -- attacks in this country right we have a -- progressive income tax.
Which specifically redistribute income from from the most wealthy -- to the least but as you said and this is the -- and a specific.
Industry and the financial markets and it comes under the premise that trading.
The financial markets are destructive right that they have a negative impact and that they they oh somehow society and it should give back at the end of the day it's -- -- is destructive.
And it should be what he LA here in America what happens if we have Robin Hood tax here and if they have -- -- attacks in Europe it gets.
Pass on to investors that it could destroy jobs in the financial sector this is not an overstatement because economists have studied this issue brother where the president support the -- attacks.
Back in 2009.
On derivatives.
And also the Pope and the archbishop of -- a very -- -- -- well and George Soros you know what it was person Bennett and you know 1971.
Economists in -- -- -- did not want it to be used to.
Pay down government -- -- create jobs who want to smooth out volatility in the currency markets after the dollar with decouple from gold.
The basic premise of economics wanna -- if you tax something you'll have less pets yes very -- why would we wanna tax these transactions which.
Which which allow people the freedom to invest -- on -- -- to go back a little in history John Maynard Keynes had the idea for financial transaction tax on the way back in 1936 and he wanted to have less of speculation that's that means is actually can have a follow what we're talking about your risk Palin talking an idea right now that that it's gonna be essential to.
In reversing a redistribution of wealth from the working people hit the finance here's it's been happy -- -- -- every sector.
-- -- that again let me say we've been used to create Jonathan at -- great government bureaucrat jobs John collected yet.
And it's it's always the evil speculators in -- -- that the recent shows that when futures markets for example.
Exist next few lower volatility.
The allows you -- capital be freed up in literally create wealth and you can't have.
Capitalism without -- Capital and that's with -- like this will pay little or does that drive additional actions underground or -- -- drive them to countries where they're not to us about it would you would when you have a securities trade would you want your securities trade -- and coming out of your wallet of course right so what what do you think investors are going to -- they're -- offshore their trades.
Away from the financial centers of the world if pundit and -- doesn't want this.
Or the United States passes and again it's government bureaucrats collective -- stuff to do what with what.
Got our Federal Reserve chairman Ben Bernanke fired back at recent reports the Central Bank committed a staggering.
Seven point seven trillion dollars.
Two bags at the height of the financial crisis trillion with a T my friends.
Bernanke says there are quote egregious errors in the reports the Fed Chairman says the lending programs were never secret.
And progress had been briefed on what the Central Bank was up to behind the scenes.
But lawmakers and former fed officials alike -- they had no idea.
The extent of how far the -- stretched itself in the name of stabilizing the world financial system now.
-- -- -- Don't even the big government types want to know what the heck that that is up to wouldn't it have been better for the congress to have known.
That the Fed was committing seven trillion to the same banks that the congress was borrowing money for and force -- to.
Absolutely talk about a redistribution.
That is the largest transfer of money from public to private hands possibly in history still we're hearing that the financial sector doesn't -- the public anything what about these trillion dollars of loans that were made what is the public scene for the banks still partly in lending institutions are weak the public has been lied to I want there -- investing.
King thank you watch these things for a living along with many of our colleagues here in fact it was a lawsuit filed by.
Fox business and our colleagues at Bloomberg News discovered this Ben Bernanke says there -- no secrets -- be taken this taken seriously when he says that.
Now he can't I've been through those spreadsheets and you know this is same -- that we will not monetize the debt in the summer 2000 told congress that.
Look at the it was extremely difficult to figure out -- spreadsheets I'd say the Ben Bernanke if you think there wildly inaccurate.
You could congress right now and you give exact totally exact dollar amount that the Fed gave to every bank in the world.
Can't play it straight and tell us instead of dumping a document dump of spreadsheets that even the Federal Reserve can't Parse through -- -- -- -- John -- I almost -- ask you this question with a straight face Ben Bernanke said he had to do this to save the world that what.
What time yeah free market person like you say to uncle bad when he set at that -- seven point seven trillion.
And secretly -- -- -- way to save the world.
Yeah looked eerily reminiscent about.
President Bush's comment about you know needing to Iraq the free market I'm paraphrasing in order to save the free market and he did he.
Interfere in the premarket it's it's true were offer American peers appear to the point -- -- prices -- up.
And that -- everyone's her efforts that is that intervention which is exactly what this thing is I mean it's absurd it judge that that the -- the Fed would even question efforts of -- deference of Fox Business to get to the truth here in the -- right trillions of dollars made.
That's at that have loans made that got taxpayer money it needs to stop -- We'll have a few seconds is a good reason is this in.
Event as our discovery of all -- a good reason audit that they had a serious open public audit.
I would love to see that that -- -- -- it's a great idea and I did it the banks used this money to pay themselves huge bonuses it's -- icing on the case they.
Jonathan wanna get even Macklin Paribas is very much for joining us.
