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| Time | Text |
|---|---|
| The top 1% own about 38% of the financial wealth of America. | |
| The bottom 60% own 2.3%. | |
| One family, the Walton family, is worth over $140 billion. | |
| That's more wealth than the bottom 40% of the American people. | |
| One percent own about 38 percent of the financial wealth of America. The bottom 60 percent own | |
| 2.3 percent. One family, the Walton family, is worth over $140 billion. That's more wealth | |
| than the bottom 40 percent of the American people. In recent years, we have seen a huge | |
| increase in the number of millionaires and billionaires while we continue to have the | |
| highest rate of childhood poverty in the industrialized world. | |
| Now a study which I've just introduced into the record by two professors from Princeton University, Professor Martin Gilens and Northwestern University Professor Benjamin Page, basically suggests That while historically we have considered our society to be a capitalist democracy, we may now have entered into a phase where we are an oligarchic form of society. | |
| In your judgment, given the enormous power held by the billionaire class and their political representatives, are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic And political power now rests with the billionaire class. | |
| I don't know what to call our system or how to... I prefer not to give labels but there's no question that we've had a trend toward growing inequality. | |
| I think the point that the professors are making and others have made is that there comes a point Where the billionaire class has so much political power, at what point is that reversible? | |
| It's an underground hideaway straight out of a Bond film. | |
| 200 feet deep, with walls of reinforced concrete 9 feet thick. | |
| The survival complex has 12 stories of underground apartments and luxury facilities. | |
| Each floor costing 3 million dollars. | |
| A bad bet to think that the government's going to be there to save you. | |
| If oil prices are artificially inflated by the Fed, well, so are stock prices and real estate prices. | |
| So all these bubbles are going to burst because of the same thing, which is the Fed withdrawing the stimulus. | |
| Let's consider what happened during the Lehman Brothers bankruptcy in 2008. | |
| That's the one that sparked the financial crisis, nearly melted down the economy, and triggered the bailout by the taxpayers. | |
| The court proceedings took three years. | |
| Clearly not rapid or orderly. | |
| But Lehman was tiny. | |
| compared to today's biggest banks. | |
| When it failed, Lehman had $639 billion in assets. | |
| Today, J.P. | |
| Morgan has nearly $2.5 trillion in assets. | |
| That's four times as big as Lehman was when it failed. | |
| Lehman had 209 registered subsidiaries when it failed. | |
| J.P. | |
| Morgan, I really almost couldn't believe this when I read it, J.P. | |
| Morgan today has 3,391 subsidiaries. | |
| That's more than 15 times the number of subsidiaries. | |
| that Lehman had when it failed. | |
| Three years to resolve Lehman. | |
| Now, J.P. | |
| Morgan has filed resolution plans in each of the last three years, and the Fed hasn't rejected any of them as not credible. | |
| Given our recent experience with the bankruptcy of Lehman Brothers, can you honestly say that J.P. | |
| Morgan could be resolved in a rapid and orderly fashion as described in its plans With no threats to the economy and no need for a taxpayer bailout. | |
| In fact, the firms have now submitted a third round of plans. | |
| I'm sorry, Chairman. | |
| I'm just a little bit confused. | |
| J.P. | |
| Morgan submitted a round of plans in 2012. | |
| And my understanding is that neither the Fed nor the FDIC said that those plans were not credible. | |
| It then submitted plans in 2013 and neither the Fed nor the FDIC said they were not credible. | |
| And it has submitted plans in 2014. | |
| The plans are designed Not just to be reviewed by the Fed and the FDIC, but also to bring some kind of confidence to the marketplace and to the American taxpayer that in fact there really is a plan for doing something if one of these banks | |
| Starts to implode. | |
| You said that these plans run to the tens of thousands of pages. | |
| All I can say is that what's been released to the public is 35 pages long. | |
| That's about one page for every hundred subsidiaries that have to be dealt with. | |
| I think that the plans that have been released by these companies have not It's been something that the public can look at and say, yeah, I see that they've got a plan to get through this. | |
| People are talking about how falling oil prices are going to help the consumer. | |
| Oil prices fell from $150 a barrel down to $32 a barrel in 2008. | |
| That'll help the consumer too. | |
| But it didn't stop the financial crisis. | |
| It didn't stop the Great Recession. | |
| Do we all work for central bankers? | |
| That's what I want to address to our guest tonight. | |
| To answer your question, we are absolutely slaves to central banks. | |
| We'd love to be slaves of the economy, but the economic numbers continue to do nothing but trend lower. | |
| The globalists have controlled the mainstream media for a long time, but now they're expanding, | |
| making the weaponization even more vicious and deceptive. | |
| All the major networks are state-run. | |
| We are partnering this year with the NFL. | |
| The NFL has become a political weapon against the Second Amendment and pushes Obamacare. | |
| MSNBC tells us that our children belong to the state. | |
| We have to break through our kind of private idea that kids belong to their parents or kids belong to their families and recognize that kids belong to whole communities. | |
| It is more important than ever to realize that we are not the alternative media. | |
| We are the true media. | |
| The establishment dinosaur press is dying. | |
| We are in an information war and we are losing that war. | |
| Join us at Infowarsnews.com and PrisonPlanet.tv. | |
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