With U.S. inequality at its highest point since 1928 and Wall Street bonuses hitting pre-2008 levels, we look at the 100-year history of secret collusion between Washington and the financial industry. In her new book, "All the Presidents’ Bankers: The Hidden Alliances that Drive American Power," financial journalist Nomi Prins explores how a small number of bankers have played critical roles in shaping a century’s worth of financial, foreign and domestic policy in the United States. Prins examines how these relationships have influenced events from the creation of the Federal Reserve, the response to the Great Depression, and the founding of the International Monetary Fund and the World Bank. Now a senior fellow at Demos, Prins is a former managing director at Bear Stearns and Goldman Sachs, and previously an analyst at Lehman Brothers and Chase Manhattan Bank.
We speak with Democratic Rep. Peter Welch of Vermont about a bipartisan bill that would force President Obama to include the total dollar amount requested for each of the 16 intelligence agencies in his budget proposal. Using documents leaked by National Security Agency whistleblower Edward Snowden, the Washington Post has revealed the nation’s so-called "black budget" to be $53 billion, a 54 percent hike over the past decade. The documents also revealed the NSA is paying hundreds of millions of dollars a year to U.S. telephone and Internet companies for clandestine access to their communications networks. Welch has joined Republican Rep. Cynthia Lummis of Wyoming, a fellow member of the House Oversight Subcommittee on National Security, in co-sponsoring Intelligence Budget Transparency Act. "If you are going to have any oversight whatsoever, you have to know what the budget is," Welsh says.
Democratic Rep. Peter Welch of Vermont reacts to his Republican colleagues’ recent vote to effectively force government agencies to stop studying climate change. The House measure calls on the National Oceanic and Atmospheric Administration and related bodies to focus on forecasting severe weather — but not explore one of its likely causes. The vote comes just as the U.N.'s top climate panel issued a report calling on governments to prepare for global warming's worsening impact and to cut emissions in order to prevent it from getting worse. "Science does not exist on Capitol Hill," Welch says. "We’re in a fact-free zone here." Welch also discusses his effort to repeal tax giveaways to pharmaceutical companies, the future of nuclear power in the United States, and the growing heroin problem plaguing Vermont and rural communities across the country.
A federal judge has dismissed a lawsuit challenging the U.S. government’s killing of three Americans in Yemen drone strikes. The case was filed by the families of Samir Khan, Muslim cleric Anwar al-Awlaki, his teenage son, Abdulrahman, accusing top U.S. officials of unlawful killings. But on Friday, U.S. District Court Judge Rosemary Collyer ruled the victims’ constitutional rights were never violated, and said the U.S. officials involved cannot be held liable. We get reaction from Maria LaHood, a senior staff attorney at the Center for Constitutional Rights and one of the attorneys working on Anwar Al-Awlaki’s case. "The courts have abdicated their roles with torture, they’ve abdicated their roles with indefinite detention," LaHood says. "Here we thought finally the courts would uphold the Constitution with the killing of American citizens."