Sunday, January 29, 2012

Why has the economy stopped working for everyone but the 1%?

Bill Moyers

Why has the economy stopped working fore everyone?
-- Moyers

see the show

Bill Moyers has had some excellent programs recently on how big money interest changes the rules of American and led to the economic crisis of 2008, the effects of which are on going. Weather one is liberal, conservative, Tea Party or Occupy movement this a must see. It's incredible. This is not just a few little things that led to come of the problems, Moyers, traces the entire crisis back to human greed and literally a plot to change the rules by destroying protections of the middle class enacted by Roosevelt to limit unbridled risk taking by money interests. The entire system as a whole failed to secure us form the problem, and almost brought about systemic financial failure and all of this can be traced to greed.

Moyers is not interviewing wild eyed radicals. He's talking to conservatives who are still involved in the banking industry. John Reed former Citibanck CEO, for example. He's now at MIT. The Glass-Steagall act was eliminated so that investment firms could the middle class and take greater risks. Moyers interview with Reed examines this process. Republicans had been working on the destruction of Glass Steagall for a long time, one of the major leaders in that plot was former Texas Senator Phil Graham. Reed helped bring about the destruction of the act and now is crusading to alter people as to the major mistake that this was.

Moyer's blog
Reed served as co-chair of Citigroup from its creation in 1998 until his retirement in 2000. He later served as the interim CEO at the New York Stock Exchange, where he established new governance protocols as the NYSE became a public entity. Since 2010, he has served as the Chairman of the MIT Corporation, the governing body of the Massachusetts Institute of Technology. The same year, he testified before the Senate Banking Committee and came out in support of the Volcker Rule, a regulation that would restrict U.S. banks from taking part in speculative investments that do not benefit consumers. The Volcker Rule has been compared to the Glass-Steagall Act, the same law that Reed worked to repeal in order to make the Citigroup merger legal. Today, Reed continues to be a vocal supporter of strong financial reform.
The most thing that comes out of these interviews is how planned it was. How they all knew what they were doing and just rationalized it with the valuing of greed. The one major thing coming out of republican candidates now is to blame the democrats and liberals for the economy via the cry against government regulation. It was that say tactic that destroy Glass-Steagall; they speak of environmental burdens on small business but what they really want to eliminate is the regulations that protect homeowners, middle class workers, and tax payers. The rich don't pay taxes that much. Wealth among the top one percent has gown 250% while among everyone else it's grown about 10% and that's only becuase this is include the rich who are not in the 1%. It's obvious that real economic loss is in the Trillions and it comes from the foreclosures, the near callable of banking, the near death of American industry and this is all coming from, not EPA, not welfare, not liberals taxing the middle class, but bailouts for big money, the collapse of the housing industry,the two wars and the economics contractions brought on by the ensuring results of these problems.

Each problem in this chain goes back to greed. This is directly traceable to the writings of Ayn Rand. Alan Greenspan was a Randian and the moneyed interests of the 1990s turned to Rand as a means of stoking their ideology of "greed is good" that allowed them justify their rape of the middle and lower class.

Moyers also Talks to former Senator Byron Dorgan. Dorgan fought to save the Glass-Steagall act and also to make banks play by the rules. Speaking of Glass-Steagall Drogan says: “If you were to rank big mistakes in the history of this country,” Dorgan tells Moyers, “that was one of the bigger ones, because it has set back this country in a very significant way and caused so much heartbreak and heartache, and a near total collapse of the American economy. ”

former Senator Byron Dorgan
to see interview click here

"It's the have it all vs everyone else"
see Moyer's show on "winner Take all Politics"


Kristen said...

Great points. I don't understand why greed is the one sin that gets a free pass in the Christian Right.

Metacrock said...

Really you know I think pride does too. Especially if you are rich. I guess people figure it's not just pride then but justified if you have something to proud about.