Capital Account -- 12/23/11
US congress today approved an extension of the payroll tax cut for two months…putting off a tax increase for millions of workers. So, after much partisan politicking, they did it – saving face for the moment, but could it hurt their stock price headed into the 2012 elections? You heard me right. We'll talk about the political derivatives market a Chicago exchange is betting on. Would it be a continuation of a climate on wall street that encourages special treatment that our guest, financial journalist and inventor of the virtual specialist technology, Max Keiser, calls "the special olympics for financial fraud." And speaking of derivatives, those bets added fuel to the fire that engulfed the financial markets in 2008…most famously seen in the explosion and bailout of AGI (backdoor bailout of the big banks like goldman sachs, jp morgan, bank of america, etc.). More recently, MF Global customer money used to trade on these exchanges went missing. So where do futures exchanges come from and where have they gone wrong? From Ancient Greece to MF Global we'll break it down. And, heading into 2012 – will it be a happy new year for the US economy? Maybe not. Economists predict sluggish 2 percent growth, an economy held down by housing troubles, government budget cuts, and a lousy job market. That didn't stop hoards of people from lining up at malls and waiting all night for a chance to buy the 175 dollar "IT" Air Jordans. We'll show you what happened.