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99 Percent Sure Donating Member (355 posts) Send PM | Profile | Ignore Sun Jan-10-10 11:49 PM
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78. Bill Moyers with David Corn and Kevin Drum of Mother Jones
broke our financial mess down so succinctly that even the most uninformed could get it. It was so affecting, that I had to read the transcript:

BILL MOYERS: Welcome to the Journal.

The ancient Romans had a proverb: "Money is like sea water. The more you drink, the thirstier you become." That adage finds particular meaning today on Wall Street, which began this New Year riding a tidal wave of bonuses in a surging ocean of greed.

Thanks to taxpayers like you who generously bailed banking from the financial shipwreck it created for itself and for us, by the end of 2009 the industry's compensation pool reached nearly $200 billion. And despite windfall profits, the banks will claim almost $80 billion in tax deductions. And nearly $20 billion of those deductions will go to just three institutions Morgan Stanley, JP Morgan Chase, and Goldman Sachs.

Ah, yes Goldman Sachs, that paragon of profit and probity which bet big on the housing bubble and when it popped presto! converted itself from an investment firm into a bank so it could get your bailout money. Now consider this: in 2008, Goldman Sachs paid an effective tax rate of just one percent. I'm not making that up one percent! while their CEO Lloyd Blankfein pulled down over $40 million. That's God's work, if you can get it. And, believe me, Wall Street bankers know how to get it.

Let me read you a letter that was posted on our website a few days ago from a faithful viewer. His name is Mike Demmer. I don't know him personally, but I like to hear from him. He says, dear Bill, I watch your program all the time. What I don't understand is how a bunch of greedy bankers could bring the world to the edge of catastrophe and then in less than a year, already move back to their old ways. How do they do it?

KEVIN DRUM: Well, that's the $64 million question. Or maybe it's the $64 billion question these days. Yeah, how they do it? They've got all the money. And they use all the money. And they use it in Congress to get rules passed and get laws passed that they want. They use it to lobby the Fed, they use it to lobby the S.E.C. They use it to lobby the executive branch. And they get rules passed that allow them to make a lot of money. Just like any of us would. It's not that American bankers are greedier than anybody else's bankers. It's that our rules, our laws, allow them to do things that they can't do everywhere else. We let them take advantage of the system.

BILL MOYERS: But how do you measure their power? Lobbying doesn't happen in the public, in the open. We can't sit in the bleachers and watch the game being played. How do you know they have this power?

DAVID CORN: You can read the lobbying reports. You know that there are scores if not hundreds of lobbyists. And where do they come from? They come from the committees that they're lobbying. People used to work on the committee, whether they were members, Congressmen or Senators, or staffers. And they spent a lot of time because, ultimately, Bill, this is about knowledge. This is about information. This stuff is really complicated and convoluted. And, you know, you try reading any of one of these bills and figuring out what's actually being said. It's mystifying. And so, these guys who know the rules, they know the language, and they have the access, and they're giving contributions to the people writing the rules, have all the advantages.

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  -Frank Rich: America MUST BE TOLD The Full Story-"The Other Plot To Wreck America" kpete  Jan-09-10 10:44 PM   #0 
  - Deleted sub-thread  Name removed   Jan-09-10 10:46 PM   #1 
  - If more people knew they would get more upset at the bailout and lack of recourse.  dkf   Jan-09-10 10:49 PM   #2 
  - Its clear as day for me. Our government acted on the behalf and in the intersest of  timefortherevolution   Jan-10-10 08:45 AM   #28 
     - that is why Bu$h demanded the Bailout BEFORE he left his office, Family Mafia insuring its  sam sarrha   Jan-10-10 10:08 AM   #33 
        - ARMED ROBBERY  HowHasItComeToThis   Jan-10-10 01:11 PM   #54 
  - Kpete, Manny--what would a thread like this be without my presence?  Jackpine Radical   Jan-09-10 10:52 PM   #3 
  - But...but...Then they'd go around calling Dems & Obama "socialists"...  JHB   Jan-10-10 07:51 AM   #23 
  - with all due respect JR  Capn Sunshine   Jan-10-10 05:35 PM   #73 
  - Not to mention the billions spent on a farce called "War on Terra"..nt  BunkerHill24   Jan-09-10 10:55 PM   #4 
  - Well Angelides is an unknown. Yes Di Fi hand picked him  truedelphi   Jan-09-10 10:56 PM   #5 
  - DiFI > Ahhhnald > Angelides >  musette_sf   Jan-09-10 11:13 PM   #8 
  - Great LOL CAT!!!!!  PCIntern   Jan-10-10 11:47 AM   #45 
  - Angelides is another lying phony  omega minimo   Jan-10-10 12:08 AM   #13 
     - Good to know that.  truedelphi   Jan-10-10 04:44 PM   #70 
        - Hey there TD  omega minimo   Jan-10-10 08:49 PM   #77 
  - You mean like giving all our money to the wealthy while making things harder for working people?  Edweird   Jan-09-10 10:59 PM   #6 
  - K&R  leftstreet   Jan-09-10 11:03 PM   #7 
  - The wall street financial and economic terrorists are already setting up their next attack.  Double T   Jan-09-10 11:14 PM   #9 
  - I agree that we have to take them on ourselves. I suspect that chainy  jwirr   Jan-10-10 10:23 AM   #35 
  - The times they are a'changin  kentuck   Jan-09-10 11:19 PM   #10 
  - Go read the whole piece  housewolf   Jan-09-10 11:30 PM   #11 
  - he never backed up some of his assertions  hfojvt   Jan-10-10 12:23 AM   #15 
     - It is one thing for people to know what happened...  laughingliberal   Jan-10-10 02:16 AM   #18 
     - IT WAS SLICK REAL ESTATE SALESMEN  HowHasItComeToThis   Jan-10-10 01:25 PM   #55 
     - How is it Real Estate people?  louis-t   Jan-10-10 01:38 PM   #56 
     - That is a mighty creative reading you did out of that line...  liberation   Jan-10-10 02:16 PM   #58 
  - K&R and I TOLD YOU SO.  omega minimo   Jan-10-10 12:05 AM   #12 
  - K&R  highplainsdem   Jan-10-10 12:16 AM   #14 
  - K & R nt  snagglepuss   Jan-10-10 12:51 AM   #16 
  - Watching the locals start a pro-Walmart group for a new super store  debbierlus   Jan-10-10 01:13 AM   #17 
  - agreed so totally  BlancheSplanchnik   Jan-10-10 09:53 AM   #32 
  - Bin Laden swore they would ruin us economically...  EmeraldCityGrl   Jan-10-10 02:30 AM   #19 
  - K&R Please America wake up  TheKentuckian   Jan-10-10 03:33 AM   #20 
  - what are the chances DLCers unrec'd this?  yurbud   Jan-10-10 03:43 AM   #21 
  - Frank Rich nails it  malaise   Jan-10-10 03:53 AM   #22 
  - Frank always does nail it IMO...  Hubert Flottz   Jan-10-10 07:51 AM   #24 
  - The only hope lies with mass demonstrations and sustained protests.  fasttense   Jan-10-10 07:54 AM   #25 
  - Those protests should be directed toward the Senate Finance  Fire1   Jan-10-10 10:47 AM   #37 
  - Move your money, pay off your credit cards, starve the beast.  Vinca   Jan-10-10 08:00 AM   #26 
  - Only problem with that is my credit card allowed me to pay for a dentists visit  timefortherevolution   Jan-10-10 08:46 AM   #29 
  - There's a huge difference between necessary credit card use,  Vinca   Jan-10-10 11:07 AM   #39 
  - Hey,  dotymed   Jan-10-10 12:20 PM   #51 
  - Banksters = Gangsters. What happened with the Banks is Enron on steroids people.  earth mom   Jan-10-10 08:05 AM   #27 
  - When you don't bring justice to criminals they return-"1934: The Plot Against America"  mod mom   Jan-10-10 08:50 AM   #30 
  - KnR.  Hekate   Jan-10-10 09:40 AM   #31 
  - K & R  AzDar   Jan-10-10 10:13 AM   #34 
  - If you've never read Frank Rich - now is the time. Right to the heart. However,  peacetalksforall   Jan-10-10 10:28 AM   #36 
  - Well, as the charecter  Dyedinthewoolliberal   Jan-10-10 11:01 AM   #38 
  - It's domestic terrorism on the part of ...  ananda   Jan-10-10 11:16 AM   #40 
  - I've been saying/writing for a long time - the real war is the one they declared against us.  peacetalksforall   Jan-10-10 11:27 AM   #41 
  - And its affecting millions of people. Millions, folks. Media ignores it because they're part of it  mnhtnbb   Jan-10-10 12:16 PM   #50 
  - Big K & R !!!  WillyT   Jan-10-10 11:34 AM   #42 
  - Yes. The people that created the problems did not suffer and won't suffer if they do it again.  Kablooie   Jan-10-10 11:36 AM   #43 
  - K&R  Angry Dragon   Jan-10-10 11:37 AM   #44 
  - K&R - and HC"R" is the next part of the plot  kenny blankenship   Jan-10-10 11:51 AM   #46 
  - K&R  valerief   Jan-10-10 11:52 AM   #47 
  - virulent  alfredo   Jan-10-10 11:58 AM   #48 
  - K & R........  winyanstaz   Jan-10-10 12:15 PM   #49 
  - K&R  keep_it_real   Jan-10-10 12:41 PM   #52 
  - !  bvar22   Jan-10-10 01:11 PM   #53 
  - Terrorist priorities are skewed.  Loge23   Jan-10-10 02:08 PM   #57 
  - +1  Fearless   Jan-10-10 02:39 PM   #59 
  - K&R  pleah   Jan-10-10 02:40 PM   #60 
  - Kick this muthah UP!  Raster   Jan-10-10 02:48 PM   #61 
  - From what I've read...  femrap   Jan-10-10 03:18 PM   #62 
  - So, after nearly of year of waiting, American mortgage holders of these  midnight   Jan-10-10 03:29 PM   #63 
  - Frank Rich does it again.  BrklynLiberal   Jan-10-10 03:31 PM   #64 
  - THANK GOD IT PASSED!!!  cui bono   Jan-10-10 04:05 PM   #65 
  - See Bill Moyers' program of last Friday, 1/8/10. We have reason to be mad as hell.  LuckyLib   Jan-10-10 04:23 PM   #66 
  - No. 224 K&R.  David Zephyr   Jan-10-10 04:31 PM   #67 
  - It's simple . . . Unregulated Captialism is merely organized crime ---  defendandprotect   Jan-10-10 04:36 PM   #68 
  - Exactly..  sendero   Jan-10-10 04:41 PM   #69 
  - I see the window for change shattering wide open. nt  Why Syzygy   Jan-10-10 04:57 PM   #71 
  - "The window for change is rapidly closing" ... T'was Pisst Away, alas.  troubledamerican   Jan-10-10 05:27 PM   #72 
  - K&R  Joe Chi Minh   Jan-10-10 05:37 PM   #74 
  - What? Weren't we all supposed to be satisfied with MadeOff?  MichiganVote   Jan-10-10 07:35 PM   #75 
  - Not "quite possibly". More like "certainly"  bfarq   Jan-10-10 08:30 PM   #76 
  - Bill Moyers with David Corn and Kevin Drum of Mother Jones  99 Percent Sure   Jan-10-10 11:49 PM   #78 

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