Thom Hartmann Breaks Down Joe Walsh's Big Fat Lie

[thomhartmann]

Run time: 07:03 https://www.youtube.com/watch?v=hfLQTJM7tLc   Posted on YouTube: November 10, 2011 By YouTube Member: TheBigPictureRT Views on YouTube: 120   Posted on DU: November 10, 2011 By DU Member: thomhartmann Views on DU: 1110

 
Joe Walsh was telling - screaming - the same old lie that the banksters, their bought-off Republican Members of Congress, and pundits on GOP TV - a.k.a Fox so-called News - have been telling for years now. And that is that Wall Street wasn't responsible for the economic crash - that the government - and too much regulation - was responsible - and that poor little Wall Street is just a victim of misguided government policy. It waasn't regulation that caused this mess - that's a lie!

It was DEREGULATION!

It was repealing things like Glass Steagal in 1998.

It was deregulating derivatives markets to allow banksters like Goldman Sachs to manipulate the prices of everything from food - to oil - to real estate.

It was deregulating reserve requirements - passing the "Bear Sterns exemption" - and letting five major banks go beyond the old rule of only being able to lend out 12 bucks for every one dollar in savings - and instead let banks lend 20, 30, even 40 bucks for every one dollar in savings.

And then, because of no Glass-Stegal regulations anymore, they lent it to themselves - to their gambling divisions - and gambled with it on the derivatives market. Which is why Bear Sterns - under whose name this exemption was crafted - got sold for pennies on the dollar when their bets went bad and they couldn't cover the 40-to-one margin calls. The idea that OVER regulation caused this mess - is so far from reality - that even birthers might laugh at the idea. Deregulation - letting the banksters run wild - letting the free market be free - caused this mess - and now the free market hucksters have created this big fat lie to cover up. Maybe Walsh should spend a little more time listening - listening to the people who've actually studied the meltdown - instead of listening to his campaign contributors on Wall Street who give him lies to repeat.

The Big Picture with Thom Hartmann on RT TV & FSTV "live" 9pm and 11pm check www.thomhartmann.com/tv for local listings

[FiveGoodMen]

1. K&R!

[Jack Rabbit]

2. Whether Walsh believes that steer manure or not is irrelevant

It isn't true, yet it is the narrative the banksters and the Koch Brothers put out there through people like Walsh. I'm sure the Koch Brothers pay him well to say it.

Thom hit this nail on the head. Deregulation caused this problem. Re-regulation is part of the solution.

[mmonk]

3. Recommended for the unvarnished truth.

Thanks Thom.

[baldguy]

4. The reason he's so upset - the thing Walsh & the GOP is so afraid of

Is that it appears that people are waking up & finally realizing how the GOP was responsible for the people getting royally screwed.