Banks Holding 1.4 Trillion, Could Create 19 Million Jobs

[117JCW]

Fuck all these government bail-out fat cat banks. I wouldn't piss on them if they were burning let alone bail their incompetent asses out of their own mess.

[thehipi]

As always, The Real News has provided a priceless service in it's unique reporting on these solutions, ignored by so much of the Lamestream corporate media. My Q is- what does Mr Pollin feel this $1.9T will be invested in? We still have no demand right now - doesn't that mandate direct govt hiring- WPA style infrastructure programs-etc?

[Lurie2010]

Bob Pollin, you are delusional. Things are going exactly as planned.

You simply do not begin to understand the Plan.

[phackqu]

They will create jobs only to ship them over sea's or plot out a scheme that will end up in bankruptcy?

[akrulla]

Why create jobs when it's cheaper to just use machines? Mechanisation!

[ajvhan]

fucking keynesian. spend spend and spend more. more and more and more debt. more and more government. give money to who? to do what with it? PERI sucks big time. create more money and the jobs will be created. what kind of jobs? who will return the debts than? your guest is a moron

[707hoser]

The job creators are going to create jobs where they think they can get the biggest return. That is not in the western world but in the developing countries. Of course, nobody is going to invest if the consumer in the US and Europe doesn't have enough money to buy anything.

[rdavian]

rofl they are preparing for the longest depression that mankind has ever known.

[MrTGolden]

Vague talk of "jobs" is fruitless. If trillions are injected, then "careers" creating a transformative economic platform on which the commercial economy of the future will operate with increasing productive efficiency is prerequisite. Physical science underlying a Hamiltonian credit system applied to expanding commerce in the service of liberty reveals the secret to controlling inflation, as well.

[MrTGolden]

Does not the huge capital cushion Pollin reveals provide TBTFs a buffer affording continuance of such quick buck acts of extortion as its high priced talent has made its career? Not to mention what a lure this wad presents to jellyfish seeking political office!

[overseachininadoll]

What if the banks give out more loans but then later find out 1/3 or half of the loans turn out to be bad investment and can't get it back? What about if those small businessess turn out to be non-profitable and they lose money?

[sk8tafrnk]

@overseachininadoll Then boo hoo.

You're thinking like the banks. They want to make money NOW. People want long term stability. These polices are going to increase the stability of the market long term.

In the beginning, if all of the things you propose happen, saying the banks will survive them is an understatement. Bankers can take the punch, and they will still have food on their table. People can't take the punch, as demonstrated by the recession.

That's the point.

[frankscola]

Bankers got it right by trickery, what if the citizens did that..... tisk tisk, what a world we would live in.

[theindiekidable]

Stop being so nasty to the bankers, they deserve our complete and utter pity! They can barely buy the world's largest democracy, how can they possibly survive?

[sk8tafrnk]

@theindiekidable haha.

[Idtelos]

Big Banks/corporations have no allegiance to any country. Their only allegiance is to money.

[Idtelos]

Big banks/corporations sitting on 1.4 trillions, while they stole over 10 trillion.

[ThunderDog97]

Major corporations (the elite) want to either put small business "out of business" or make them unviable so that the corps can buy them up for pennies on the dollar.

Further funneling of wealth up to the 1%.

--

[texture6]

1.4 Trillion, Could Create 19 Million Jobs, For One Day :)

[leeroynaggins]

Paul Jay and Bob Pollin... oozing the man musk!

[Benwoodruff]

At 14:00 you said you would link to the report. It is easy enough to find but put the links in and it is faster and available for those that are a bit lazy. =)

[MarkCox73]

LISTEN.... I'm COMPLETELY in agreement with 95% of what the RealNews puts out BUT there is an ECONOMIC REASON why it's not put into the economy. The reason coincidentally benefits US and THEM....LISTEN, If that money wer put into the economy it would produce a HUGE JUMP in inflation making the BANKS LOANS and CAPITAL WORTH LESS and at the same time OUR MONEY WORTH LESS which would also hurt them because we'd QUIT SPENDING. IT'S GOOD THAT IT'S NOT IN CIRCULATION!

[iSawZezima]

@MarkCox73 they took the money from the fed

[shonuffLA]

@MarkCox73 but releasing some of that money would help a lot

[LordOrlock]

@MarkCox73 If you didnt notice, in 2007, the banks only held 20 billion. Then there was a recession, and suddenly... THE BANKS HAD 800 BILLION? And since then that number has DOUBLED AGAIN? That is over 80 times what they had before the 'recession'. THIS is what has caused the recession.

[Benwoodruff]

If you are planning to focus on reports it would help if you would link to the report in the details. Just something to make this much easier to assess.

Thank you

[237Michael]

The government must force them to put that money back into the economy.

[vNorilor]

hahaha, self parody.

[nhnet]

Banks have our money. The End

[bammbamm12]

Yep - he has all the solutions. Just use government force - that'll solve any economic problem. Take away his gun and he's nothing but a beggar.

[Anonymous247n]

Just WHAT jobs are they supposed to create?

[flawedbeauty82]

@Anonymous247n Any kind of job that pays a LIVING wage.

[justjulie37]

Yeah, we keep hearing about these damn job creators, and yet, where are the jobs?

[JanRichardus]

Just numbers on a computer screen. Bankers eat shit!

[loren1283]

I got into real news when bushy was in power. They suck now.

[OptimusAndroid26]

I hate the Real News. The videos are always too long and they never just get to the point. Unsubscribed.

[robertedwardfay]

So were is the link to the report that was being talked about that you said would be in the description?

[McamelyneII]

Finally some economists are beginning to support a serious stimulus plan. This has been my plan for the past 6 months and the center of my campaign, if you like these ideas and want to see them become more than a study support Mike Ballantine 2012 at Americans Elect.

[DavidAKZ]

IMHO This was the reason for Operation Twist. Flattening the US bond yield curve so banks cannot make money trading the arbitrage between short and long dated treasuries - instead Bernanke wants banks to lend into the real world economy instead.

[DavidAKZ]

yeap ! tinyurl . com / yeswnll

[btigtime2]

Jobs Jobs Jobs....  The businesses are gone... there is no work

[whoo689]

I don't see WHY businessmen have to be such pansies and act like it's SOOO much diff. and 'scarier' because Obama proposed a few regulations here and there, or we might raise the top 1%'s taxes BY A MERE 4.6% from a low 35%.

[whoo689]

Yet most Americans don't hide out in their houses, afraid to go to work or go outside or whatever because, "What if I get killed?" or something stupid like that.

[whoo689]

And the big corporations who hold much of this money, when asked WHY they're NOT DOING A DAMN THING WITH IT, will probably just fall back on the SAME DAMN EXCUSE we've been hearing since 2009- the crap about "uncertainty" making investors and businessmen "fear" what could happen if they try anything 'risky', like hiring another worker, so they're just gonna sit on it for fear of losing even a little more than anticipated.

Please... That's wimpy talk. Isn't LIFE full of uncertainty??

[whoo689]

The reason RNN doesn't have Austrian economists on is because THEY'RE A JOKE.  And no, Peter Schiff is NOT an 'economist' by any stretch. He's just a libertarian jackass who's read one too many anti-gov't websites and books and thinks he's SUCH an expert on the matter all of a sudden, and everyone else is somehow wrong.

[whoo689]

It's called confirmation bias. Look it up.

Say what you want about Keynesianism, but at least THAT has been empirically studied with rigorous data and historical analysis. Just give up this bullshit Austrian charade. Austrian economists are nothing but charlatans. They deserve no respect in the academic or economic worlds.

[whoo689]

Besides, it's just plain ARROGANT for some jackass from Austria (as von Mises and Hayek were) who's NEVER done a day of empirical research on all the facts and figures necessary to do any kind of analysis in that field to just look at a few 'historical trends' and say, "THIS is how it really works, not the way you guys are doing it." It's no coincidence that libertarians are oftentimes Austrians and vice versa- it SUITS THEIR IDEOLOGY. They make the "economic" ideology fit their POLITICAL one!

[MerrillMedia]

@whoo689 How can you claim that Austrian economists never did empirical research in Austria when Hayek was the head of the Center for Business Cycle Research and von Mises was the Chief economist for the treasury? Empirical research does no good if you have no theory or a flawed theory to interperet it with.

[Christ724]

@MerrillMedia Von Mises was very anti-empiricism. I mean he essentially said if the facts don't fit the theory then the facts are in error.

[MerrillMedia]

@Christ724 Mises understood the epistimological problems with empiricism and the failure of logical positivism. That doesn't mean he opposed statistics, but that we must understand their limits to portray the truth. Take for example the CPI, what goods are in the index, the weights they are given, and the collection of the data are all imperfect. Kenyes's General Theory is a theoretical work, and the facts don't match the theory of consumption function or the multiplier.

[Christ724]

@MerrillMedia He opposed statistics that contradicted him. Keynes's Theory is a lot more solid than anything the Austrians have put out, at least when it comes to currently existing capitalism. But I'll grant you that the Austrians are better than neo-classical economics for sure.

[whoo689]

Or discover NEW economic info, they EASILY DISMISSED the Austrians AS A BUNCH OF CRANKS WHO SIMPLY DON'T WTF THEY'RE TALKING ABOUT (as they should've). Face it- Austrian "economists" let the economic world pass them by. Because few of them knew how to empirically measure what they claimed to be right, and they only relied on simple observation and "logical" arguing, they were left in the dust. They couldn't adapt! No one except libertarians and cranks takes these idiots seriously!

[MerrillMedia]

@whoo689 You are mistaken. The contributions to economics by Austrians is still taught today in textbooks. Austrians are credited with marginal utility, subjective value, opportunity cost, cost inputation, advanced capital theory, time preference, natural interest rate, the structure of production, entreprenuership theory, price discovery mechanism, creative destruction, and refining Hume's price-specie flow mechanism of the current account.

[whoo689]

Now, granted, the empirical studies found in, say, journals aren't exactly free of error, but they're still a LOT better at measuring and predicting economic behavior than the bullshit guys like Hayek, von Mises, Rothbard, Hazlitt, etc. etc. have churned out. Oh, sure, in the late 1800s and early 1900s, Austrian economists were (supposedly) "just as respected" as, say, Keynesians or Classicals, but ONCE PEOPLE FIGURED OUT HOW TO BETTER MEASURE economics and verify or debunk certain 'laws'

[Iamfatbrain]

-"We are building wage-increases into the economy". Just silly, Bob should get a job. Please invite and interview some austrian schooled economists every once in a while.

[whoo689]

@Iamfatbrain Austrian "economists" are nothing but a bunch of pretenders. I'm sorry, but how is "The Road to Serfdom" (to use one example) a RIGOROUS empirical study??? It's more of a PHILOSOPHICAL screed than anything. Hell, that's MOST OF WHAT AUSTRIAN "economics" is! Philosophical bullshit based on a few 'observations' of alleged historical trends, data and figures translated into claims about "how the economy really works." Name me ONE good empirical study one by Austrian economists.

[Austyg]

To ask banksters to empower the working/middle classes by opening their loan spigots to small businesses is to ask them to castrate their own selves, they would be losing power to the masses---why would they do that to themselves?

[klarionc]

What about the rampant inflation those funds (created by the FED) would cause if put in circulation??

[Lieu3C4]

0:31 Clearly the 3 waves of Stockmarket Crash, 2005-7, did very well the banks by in terms such as these, while the Givernments of the world spent in excess of $1.5 trillion in the same 3 year period proping up said market. 7:12 It may not be "worth their while" for now - the creation of a depression could only suit these people, given the oligarchical pull they would then have once the dive set in. One does not assume they are benign, these people who rode high on the stockmarket crash.

[kroovyandcal]

If the $20.8 billion in 2007 was .25% fractional reserve, then the $800 billion in 2008 was 9.5% fractional reserve, or approximately what it was required to be by law.

The $1.6 trillion in 2011 would make for a 19% fractional reserve.

19% would be a normal figure. The preposterous number would be the pre-2008 figures

[Stringyheads]

They don't want a recovery, Its that simple can't you see they are trying to fuck America up for the interests of others outside. That is why the constitution has rapidly eroded. Vote Ron Paul

[trislaura]

They know something we don't know. They are hoarding up for a big investment pay day, in something like a newly conquered resource.

[Stringyheads]

Shouldn't this money go to Israel like the rest of Americas money? Seems a little unfair to have it just sitting there. I strongly recommend watching this video (U.S soldiers against the Banksters War pt1)-pt4. Brace yourself for a wild ride to see where your U.S tax dollars really went you'll fall over. You will also see what really goes on in Iraq and how the U.S soldiers are treated and their real living conditions by real soldier eye witnesses.

[Janicide]

Inflation will curb unnecessary spending, and we need to return / restore a sustainable economy. But it'll be roughest on the poorest, so ya, small business needs to employ their own community; local business keeps the money moving.

[BeantownJim]

money has no value! why argue over fiat currency?

[michalchik]

@BeantownJim Fiat currency has value by law. If someone owes you a debt and you refuse to take his money then the court by law will declare the debt paid. if you buy something and the person refuses to turn over the good or wants the good back because you paid in green the court will make sure that ownership of the good goes to you by force if necessary. That is what the phrase on every dollar "This Note is Legal Tender for All Debts Public and Private"

[BeantownJim]

@michalchik worthless!

[michalchik]

@BeantownJim Currency has no more or less value than what is commonly agreed on in society. Gold is inherently worthless too. Offer a precolonial Polynesian gold to buy something and he would wonder why you aren't using cowry shells. If you had a ton of salt in ancient Rome you would be rich and could buy anything with it. Most of golds value is tradition and hoarding. It is not that useful or rare. More useful and rare is helium and supplies of that are decreasing.

[macrplus]

I'm not sure if you guys are familiar with this 1 trillion dollar lawsuit by the dragon society, but its a fascinating story.

[Janicide]

Google is investing in solar power. That's the future. We're done with oil tycoons. It's time to clean up our act. And banks play an important part. But they're not playing. Sooo, forget the banks. Let's all get together and chip in.

[Janicide]

Do you think banksters will do the right thing and put back into the community? What will it take? Are they sociopaths? Can they sleep at night? Do they think they're smart? Let's see.

[donques]

@Janicide - No. The serious threat of public execution or long-term prison sentences (in the prisons to which the rest of us are sent). Yes. Yes. Yes. We have no choice, do we? : )

[Stringyheads]

@Janicide I'm surprised the money hasn't been sent to Israel yet. Watch this-

(U.S soldiers against the Banksters War pt1)-pt4. you will fall over to find out where your tax dollars has been going and how it is wasted. The conditions the soldiers in Iraq have had to put up with and the daily costs of simple services like cloths washing at $20 a load, Untreated water all exposed by many soldier eye witnesses, Blowing up new trucks to save changing a tyre. I'm only skimming the surface.