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Follies of Big Banks and Government


Business  (tags: america, Banks, Bill Moyers, corruption, economics, finance, foreclouses, Interview )

Kit
- 662 days ago - truth-out.org
Rolling Stone editor Matt Taibbi and Yves Smith, creator of the finance and economics blog Naked Capitalism, join Bill to discuss the folly and corruption of both banks and government, and how that tag-team leaves deep wounds in our democracy.



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Comments

Jason S. (57)
Tuesday June 26, 2012, 11:23 am
Already watch it, thanks
 

Janelle Wong (71)
Tuesday June 26, 2012, 11:36 am
Check out "Too Big to Fail".
 

Janelle Wong (71)
Tuesday June 26, 2012, 12:09 pm
Watch the excellent documentary "Too Big to Fail"
 

Kit B. (277)
Tuesday June 26, 2012, 12:10 pm
Matt Taibbi and Yves Smith. (Photo: Moyers & Co.)


Matt Taibbi and Yves Smith on the Follies of Big Banks and Government


Rolling Stone editor Matt Taibbi and Yves Smith, creator of the finance and economics blog Naked Capitalism, join Bill to discuss the folly and corruption of both banks and government, and how that tag-team leaves deep wounds in our democracy. Taibbi's latest piece is "The Scam Wall Street Learned from the Mafia." Smith is the author of ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism.

Bill Moyers: Welcome. This past week, Jamie Dimon, CEO of JP Morgan Chase, was back on Capitol Hill, testifying before the House Financial Services Committee, as he had earlier done before the Senate Banking Committee. He was being questioned on how his bank had lost two billion dollars -- or more -- on risky trading. His reception in the House was less fawning than what he got from the senators. Although many of them also are beneficiaries of JP Morgan largesse, House members were more combative.

Barney Frank: You said you have a fortress balance sheet. That assumes there's something special about the way you are that made us have to worry less. But we can't assume that's going to be the case for every financial institution.

Jamie Dimon: But I also said that we'd be solidly profitable this quarter. So relative to earnings–

Barney Frank: That's not the question. Mr. Dimon, please don't filibuster.
****


By Bill Moyers, Moyers & Co. | Report | Truthout |

Full interview with Bill Moyers and Matt Tiabbi and Yves Smith at Visit Site.
 

Michael T. (82)
Tuesday June 26, 2012, 3:38 pm
This form of capitalism is going to destroy us all, and I am not chicken little here pointing out that the sky is falling. It is falling. One day the idiots that do this and the idiots that let them do this are going to walk outside their high offices and legislative offices and find out everyone left for somewhere else, OR, one of the angriest mobs this world has ever seen.
 

Michael T. (82)
Tuesday June 26, 2012, 4:02 pm
We pay taxes, the government turns around and gives these banks money from collected revenues and gives it to the banks in subsidies to the tune of 14 billion(?) and they in turn give this money in the form of outrageous salaries to the people who caused this problem in the first place. Where's Rick Perry? I'd like to show him a real Ponzi scheme.
 

Kit B. (277)
Tuesday June 26, 2012, 6:10 pm

Rick Perry is busy counting his hair and the money is taking from the state of Texas. If you did try to explain any thing to Rick, he wouldn't understand any way. Perry is not the brightest but, maybe the dimmest of dimwits. Republicans sure missed a bullet with that one.
 

Janelle Wong (71)
Tuesday June 26, 2012, 6:40 pm
Way to go Kit B. If you were ever tempted to learn from other than left wing media you would be aware that Rick Perry was recovering from a severe illness during his presidential campagn run.
 

Michael T. (82)
Tuesday June 26, 2012, 6:56 pm
Well slap my cattle, why didn't someone say so before? I think there is a DSM diagnosis for that kind of behavior. What could Rick Perry have been thinking?
 

Eternal Gardener (700)
Tuesday June 26, 2012, 7:09 pm
Quoting R. Barr (again):" I think this government is broken and unfixable, and it needs to be tossed out and replaced with a parliamentary government. This one is just a whored-out bunch of prostitutes who work for big money. Big money is what’s in the saddle and the citizens of this country are down on all fours".
 

Kit B. (277)
Tuesday June 26, 2012, 7:18 pm

Absolutely EG, and Greg Palast is telling us the same story. Kick the bums out and begin again. The only thing wrong with Rick Perry is that he is man without a moral or human compass.
 

Janelle Wong (71)
Wednesday June 27, 2012, 6:24 am
Guess you misssed the extensive coverage about Perry's health recovery problems Kit B. Probably wasn't reported in Alternet.
 

Michael T. (82)
Wednesday June 27, 2012, 7:50 am
Frankly, Miz wRong, none of it really amounts to news of any value anyway. Not that you could comprehend anything like that Miz wRong. That happens to folks like you caught in that echo chamber of fauxpas news.
And who only show up on Care2 to stalk people. Get a life, find something else to hate.

But then, you don't really have the gray cells to comprehend and appreciate that do you?

 

Lois Jordan (55)
Wednesday June 27, 2012, 4:29 pm
Thanks, Kit...I absolutely love Matt Taibbi. He's a brilliant writer and has educated me in these financial matters greatly in the past few years...me, who flunked high school Economics class. It was so unfortunate that Congress let lobbyists from the financial industry write the Dodd-Frank bill by working closely with Congressional aides. Guess that's how Congress "works" these days. When Frank complains the bill was "watered down" I always have to laugh before I cry. I couldn't stand to watch the "Jamie Demon hearings" however, with Republicans bowing and scraping to him as though he were the King-with-the-purse-strings"----oh! I forgot...he is! Bill Moyers is doing some great interviews!
(I also agree Perry is an idiot-Bush-Lite-tool of the 1%).
 

Past Member (0)
Wednesday June 27, 2012, 5:26 pm
Yes, i agree, the banks and the government are heavily into organized crime, "it's bribery, theft, fraud, bid rigging, price fixing, gambling, loan sharking. All of these things, it's all organized." The banksters and the government have been building this organization since the days of Hamilton and Biddle,
This has been the key peoples' struggle since the 1st Bank of the US under Washington. It flares up every so often; Hamilton and Jefferson in the beginning, Jackson vs the bank, the 'greenback era', the Grangers, the Populists, WJ Bryan and his "Cross of Gold" speech, the Gilded Age, the 'reformers', the 'progressives, Great Depression, JFK's silver certificates, the S&L scandal, 2008, etc,
The problem is, we never do much about it. The next step is to identify the chief culprits and punish them, like they are doing in Iceland now.
 

Mary Donnelly (44)
Wednesday June 27, 2012, 5:53 pm
Nobody is too big to fail. Thanks Kit.
 

Kerrie G. (135)
Thursday June 28, 2012, 8:12 am
Noted, thanks.
 

Rosie Lopez (73)
Thursday June 28, 2012, 12:12 pm
thanks for sharing
 

Gene Jacobson (233)
Thursday June 28, 2012, 4:07 pm
Jamie Dimon. We don't need no stinking regulations, nothing like 2008 could EVER happen again!!! Oops.

He's got Scott Brown carrying water for him in the Senate but it is good to see the House take him to task. One of my Senators, Al Franken, wrote a great book. Lies and the lying liars who tell them. Jamie Dimon and most of the reich wing are on every hilarious, but brilliant, page.
 

Michael T. (82)
Thursday June 28, 2012, 4:20 pm
@Gene Jacobsen writes Jamie Dimon. We don't need no stinking regulations, nothing like 2008 could EVER happen again!!! Oops. He's got Scott Brown carrying water for him in the Senate but it is good to see the House take him to task. One of my Senators, Al Franken, wrote a great book. Lies and the lying liars who tell them. Jamie Dimon and most of the reich wing are on every hilarious, but brilliant, page.

Thank you Gene for your erudite post. Your enthusiasm makes me want to read this book by Franken. I can look it up but can you give me the title?
 
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