by ilene - April 18th, 2010 12:38 pm
Click here for the Video.>>
Transcript:
BILL MOYERS: Welcome to the JOURNAL. With all due respect, we can only wish those tea party activists who gathered this week were not so single-minded about just who’s responsible for their troubles, real and imagined. They’re up in arms, so to speak, against big government, especially the Obama administration.
But if they thought this through, they’d be joining forces with other grassroots Americans who will soon be demonstrating in Washington and elsewhere against high finance, taking on Wall Street and the country’s biggest banks.
The original Tea Party, remember, wasn’t directed just against the British redcoats. Colonial patriots also took aim at the East India Company. That was the joint-stock enterprise originally chartered by the first Queen Elizabeth. Over the years, the government granted them special rights and privileges, which the owners turned into a monopoly over trade, including tea.
It may seem a stretch from tea to credit default swaps, but the principle is the same: when enormous private wealth goes unchecked, regular folks get hurt – badly. That’s what happened in 2008 when the monied interests led us up the garden path to the great collapse.
Suppose the Tea Party folk had dropped by those Senate hearings this week looking into the failure of Washington Mutual. That’s the bank that went belly up during the meltdown in September 2008. It was the largest such failure in American history.
WaMu, as we were reminded this week, made sub-prime loans that its executives knew were rotten, then packaged them as mortgage securities, and pawned them off on unsuspecting investors.
SEN. CARL LEVIN: And that was your responsibility to make sure that the securities which went out to the investors were following notice to the investors of everything that they needed to know in order that the information be complete and truthful. That’s what your testimony was, under oath.
DAVID BECK: It’s a very real possibility that the loans that went out were better quality than Mr. Shaw laid out.
SEN. CARL LEVIN: And you don’t -
DAVID BECK: A very real possibility.
SEN. CARL LEVIN: And there’s a very good possibility that they were exactly the quality that he laid out, right? Is that right?
DAVID BECK: That’s right.
SEN. CARL LEVIN: Okay. And you don’t know, and apparently you don’t care. And the trouble is, you should have cared.
BILL…
Tags: Bill Moyers, CDOs, derivatives, Goldman Sachs, investment banks, James Kwak, Magnitar, Politics, Simon Johnson, subprime mortgages
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by ilene - October 14th, 2009 1:23 pm
US Rep. Marcy Kaptur (D-OH) is talking to Bill Moyers about the state of the economy. She claims it’s a "Financial Coup D’Etat"
It’s a lengthy interview, about 20 minutes, but well worth a listen in entirety. The site has a complete transcript for those with limited time. Here is a partial transcript.
MICHAEL MOORE: We’re here to get the money back for the American People. Do you think it’s too harsh to call what has happened here a coup d’état? A financial coup d’état?
MARCY KAPTUR: That’s, no. Because I think that’s what’s happened. Um, a financial coup d’état?
BILL MOYERS: That’s the progressive Representative from Ohio, Marcy Kaptur, she’s with me now. She has a Masters from the University of Michigan, did graduate study at M.I.T. and still lives in the same house in the Toledo working class neighborhood where she grew up.
She’s in her 14th term in Congress, the longest-serving Democratic woman in the history of the House, and she’s an outspoken financial watchdog on three important Committees: Appropriations, Budget and Oversight and Government Reform.
Also with me is a familiar face to viewers of this broadcast. Simon Johnson is the former Chief Economist at the International Monetary Fund. He now teaches Global Economics and Management at M.I.T.’s Sloan School of Management. He’s one of the founders of the website Baselinescenario.com. I check it out daily for Simon’s take on the economic and financial crisis.
It’s been a year since the great collapse and both my guests are well equipped to assess what’s happened since then. Welcome to you both.
MARCY KAPTUR: Thank you.
BILL MOYERS: Let’s look at this story that I just read from the Associated Press this week about how Treasury Secretary Geithner is on the phone several times a day with a select group of very powerful Wall Street bankers, especially Citigroup, J.P. Morgan, Goldman Sachs. He will talk to them when Members of Congress have to leave a message on the answering machine. And these are the bankers who helped bring on this calamity and who are now benefiting from it. What does that say to you? ….
A Huge Shift In Attitudes
Others have posted the link already but I wanted to get in a few comments.
At left:
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Tags: Bill Moyers, Financial Coup D'Etat, Michael Moore, Simon Johnson, US Rep. Marcy Kaptur
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by ilene - October 12th, 2009 1:30 pm
Just over a year after economic calamity brought promises of reform to Washington, many now say that the recession is nearing an end. But is it business as usual for Wall Street, and have future financial crises been averted? Former International Monetary Fund chief economist Simon Johnson and US Rep. Marcy Kaptur (D-OH) join Bill Moyers for a report card on the bailouts, an update on the state of the U.S. economy, and to find out whether efforts of reform have been derailed.
Click here or on the image below to view the video clip
Click here for the full transcript.
Source: PBS, October 9, 2009.
Tags: Bill Moyers, Marcy Kaptur, PBS, Simon Johnson
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by ilene - July 13th, 2009 9:44 pm
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Courtesy of Mark Thoma at The Economist’s View
Tom Bozzo says to watch this video [parts of transcript below]:
Bill Moyers Journal: BILL MOYERS: Wendell Potter … worked for CIGNA 15 years and left last year. … why are you speaking out now?
WENDELL POTTER: I didn’t intend to, until it became really clear to me that the industry is resorting to the same tactics they’ve used over the years, and particularly back in the early ’90s, when they were leading the effort to kill the Clinton plan. …
I was beginning to question what I was doing as the industry shifted from selling primarily managed care plans, to what they refer to as consumer-driven plans. And they’re really plans that have very high deductibles, meaning that they’re shifting a lot of the cost off health care from employers and insurers, insurance companies, to individuals. And a lot of people can’t even afford to make their co-payments when they go get care… But it really took a trip back home to Tennessee for me to see exactly what is happening to so many Americans. I … went home, to visit relatives. And I picked up the local newspaper and I saw that a health care expedition was being held a few miles up the road, in Wise, Virginia. And I was intrigued.
BILL MOYERS: So you drove there?
WENDELL POTTER: I did. … It was being held at a Wise County Fairground. … It was a very cloudy, misty day, it was raining that day, and I walked through the fairground gates. And I didn’t know what to expect. I just assumed that it would be, you know, like a health-- booths set up and people just getting their blood pressure checked and things like that.
But what I saw were doctors who were set up to provide care in animal stalls. Or they’d erected tents, to care for people. I mean, there was no privacy. In some cases-- and I’ve got some pictures of people being treated on gurneys, on
…
Tags: Bill Moyers, for-profit insurers, health care industry, health care reform, health care system, patients, profits, tactics, Wendell Potter
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
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