As President Obama makes the case for strong financial reform, Bill Moyers sits down with veteran regulator William K. Black, who says Wall Street is already been breaking current rules.
Aired April 23, 2010 on PBS. http://www.pbs.org/moyers/journal/04232010/profile.html
Video Rating: 5 / 5
Richard Wolff's smart, blunt talk about the crisis of capitalism on his first Moyers & Company appearance was so compelling and provocative, we asked him to return. This time, the economics expert dives further into income inequality, analyzing the widening gap between a booming stock market and a population that increasingly lives in poverty. Wolff also takes questions sent in from around the world by our viewers.
Wolff taught economics for 35 years at the University of Massachusetts and is now visiting professor at The New School University in New York City. His books include Democracy at Work: A Cure for Capitalism and Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It.
Video Rating: 4 / 5
VERY very interesting… I have been thinking about the WaMu commercials
since WaMu failed… we need a program like think on PBS!!
@ezcondition The general public has just as much to do with the housing
crisis as the bankers do? Follow the money for the real answer. The toxic
liars loans were repackaged into new securities. Then Wall St. ratings
firms like Standard and Poor’s, Moody’s, and Fitch fraudulently stamped
these toxic assets with AAA ratings. They got sold around the world as a
safe investment when in fact they were toxic ticking time bombs. What part
did the general public play here, genius? Turn off Fox News.
The truth is most people know that criminals run this country but don’t
want to believe it. The population has been brainwashed by the same
criminals to believe in something that never was and never will be. That
something is that this country was a bastion of freedom, decency and
honesty. America is full of people who believe in ferry tales and when
tragedy and misfortune happen they cant understand why. The status quo will
continue until the sewer system erupts in one final giant eruption.
AMERICAN PATRIOT!!!!
@BringBackCapitalism i’m amazed that such naivete still exists amongst
educated people in the US. hello, regulatory capture has been going on for
the past 40 years, where have you been? this is why professor black is a
professor and not a regulator any more, you naive soul.
@peymaania Amen………..you mention two heros of society right there
………..
it`s very dismaying to hear that bill moyers is going into (well-earned,
mind you) retirement. interviews such as this one with bill black, or a
similar one done a year ago have been incredible eye-openers to overseas
viewers such as myself. all the best and good health to bill moyers and
thanks for some great, great interviews and reporting. …and now let`s
turn our attention towards the sociopaths that run economies and
governments on both sides of the atlantic…and bring them to justice!
Bernake says the government didn’t have authority to step in and regulate
Lehman Brothers…what!? The government doesn’t have power over the
corporation? Oh, give me a BREAK! It doesn’t get much worse than that lie.
Gov. & Corp. in bed together…it’s so obvious, otherwise, the Gov. would
have done something back in 2008.
all this talk about liar loans, in another vid, he never once mentioned
that those liar’s are the general public. like they say, it takes two to
tango. those in the public that committed fraud to get those loans should
be thrown in jail right along with the bankers. they have just as much to
do with the house crisis as the bankers do.
It is the responsibility of the financial institution to confirm the
suitability of a person or person applying for a loan, two to tango, one to
approve.
What happened to the CSPAN senate hearings recordings where Mr Black told
mr Burnanke to his face we’re living in an era where the financial system
is controlled by psychopaths? Twas a beautiful moment of belated candidacy
The Treasury should take the banks and Fed from these crooks. It is the
peoples government if you have a problem with the government it’s probably
your fault.
In Many Ways, this is how to succeed in American Business today. By
allowing this fraud to continue, Ethical Business People (in the broadest
sense) struggle to find direction in America! We still have a chance to
shape America positively, but it’ll take a complete transformation of
leadership. I propose one that involves Prof. Black at the highest level.
Corbin Thomas
The world is build by fraud..
Thanks for all you have done Mr, Moyers. Good health and good luck to you.
regulations are only needed in a fraudulent system, free markets take care
of themselves through attrition. Un fortunately with wall street purchasing
DC, there is no longer a free market.
An interesting theory, but the facts just don’t stack up that way. The
financial services industry found a way to make huge profits by repackaging
sub-prime loans, which came to be in high-demand. That demand led lenders
to completely abdicate their responsibility with regard to underwriting
standards, as the banks, ratings agencies, or regulators seemed to care
about the quality of the loans. The banks wanted these loans so badly that
borrowers were often coached to lie about their information.
“Obama makes the case for strong financial reform”…..that made me laugh.
This guy is a Crook. Selling DVD’s that the taxpayers paid for for PBS and
the money is going into his pocket.
rational lies.
This interview was very informative and enlightening!!! William Black
explains the housing loan fraud very clearly and well!!! Bill Moyers is an
excellent talk show host! Congratulation to your retirement, Bill! Thank
you for posting this informative video, PBS!
We are taking the high road to inspiring America to operating in its higher
conscience with our film: “COPS ‘n ROBBERS vs THE PEOPLE: The Death and
Rebirth of the American Dream” – we can create a new Dream! Check us out on
youtube/ForeclosureFree! Thank you Bill and Bill for getting the word out
about the challenges that face us and the opportunity to make a choice to
realize America’s promise!
Damn right. Bill Moyer’s is another slick rick. he gave Chris Hedges the
grilling and he acted surprised that ghettoes are popping up all over the
damned country. We need to take back this country and put our differences
aside. The international bankers want us ALL back in the feudal era. PBS
…all of them got their noses in their wallet.
Oh no! I hope someone as brilliant and compassionate comes forward to make
up for the loss of Moyers.
PBS filters out their comments because everyone knows you scumbags now get
MUCH corporate support. YOUY are cowards. Especially the idiot who filters
this comment. YOU will be overcome and WE will triumph.
this guy is great.
hey Wolff and Co.! what we have is NOT Capitalism, it’s CRONY Capitalism.
don’t you dare blame Free-market Capitalism for the systemic economic
problems we are facing! BITE YOUR TONGUE YOU COMMUNIST IN SHEEP’S
CLOTHING!!!
The oligarchy and power elite would not like that.
It’s YOUR fault if you take thousands of dollars in student debt to get a
degree in useless music, drama, or the dozens of other USELESS degrees. I
have ZERO sympathy for those students. College needs to be severely
changed.
Here is an introductory post of sorts. Bill Moyers chats with Richard Wolff
in a followup interview on the original “Capitalism hits the fan” segment.
I will find that piece and post it too.
Richard Wolff produces a weekly podcast called “Economic Update” where he
spends 30 minutes doing an in depth analysis of current and significant
economic events. This is podcast everyone should subscribe to.
http://rdwolff.com/articles/audio
Here is an introductory post of sorts. Bill Moyers chats with Richard Wolff
in a followup interview on the original “Capitalism hits the fan” segment.
I will find that piece and post it too.
Richard Wolff produces a weekly podcast called “Economic Update” where he
spends 30 minutes doing an in depth analysis of current and significant
economic events. This is podcast everyone should subscribe to.
http://rdwolff.com/articles/audio
A great interview with two of the smartest people I know of.
Cooperatives are the answer but we have to make participating in our
solutions easier than participating in our problems!
People will always do what is convenient, they will shop at the closest
market or drugstore not the best one. So we need to make it easy for people
to find, shop at, work at and start cooperative businesses.
I know of no organization that has figured this out as of yet.
Here is an introductory post of sorts. Bill Moyers chats with Richard Wolff
in a followup interview on the original “Capitalism hits the fan” segment.
I will find that piece and post it too.
Richard Wolff produces a weekly podcast called “Economic Update” where he
spends 30 minutes doing an in depth analysis of current and significant
economic events. This is podcast everyone should subscribe to.
http://rdwolff.com/articles/audio
The “elites” concept is such bullshit, anybody who has skilled labor
realizes that….
My response was actually directed towards your comment.
Rick, like Lawrence Peter, recognizes the inherent flaws of pyramidal
hierarchies. Rising in the hierarchy requires mutual subversion, not the
mutual cooperation he speaks of. Those who rise are the most subversive,
not the most cooperative. When these people get to the top, they’re down to
the worst, like NGC CEO W. Bush, who took in $26.2 million in a year when
avg. NGC raises hovered around 1% – the flat wages Richard speaks of in
“Fan.” Rick should run for congress like Elizabeth Warren!
Intellectuals from Richard Wolff to Robert Reich to Elizabeth Warren (and
even Noam Chomsky) are now all saying the same thing, namely that
unrestrained capitalism is unsustainable and inevitably descends into
Pareto’s 80-20 (or Jamie Johnson’s 99-1) scenario. That’s just the nature
of the beast. Capitalism has elements that work, and a truly free market
adjusts itself for optimum functioning. The trouble is that markets are not
free. Capitalists always seek to control them to their advantage
The Co-op model seems like a very good alternative to the pyramidal
hierarchy, but how do you take a large corporation (like UAL, say) and
convert it from hierarchy to co-op business model? I see a new business
opportunity here – offering a service to convert a traditional hierarchy to
a co-op!
The Systemic Problem: Play a game of Monopoly. All the money naturally
concentrates into the hands of one person, even with everyone making the
same pay and playing by the same rules, and starting with the same amount
of money. behappyandfree do tcom
capitalism sees unpowered born individual as a small weak company that will
soon be broke and disappears .. not to be born again the unfit
exactly
Good point and idea! I personally would look foremost at the example set by
the Mondragon company in Spain. “Mondragon” is a large corporation which
for decades has successfully run on the Co-op model, using direct employee
participation and management of enterprises. I’ve read that Mondragon is
even helping teach other companies this model, which has greatly increased
productivity, as well as creativity and cooperation in the workplace.
I like “blunt” and I like Richard Wolff. I’d like to see more of him! He is
doing a lot to break through the ice and silence of this chilling effect of
how it is never OK to criticize capitalism … and what we are talking
about is not really capitalism per se, but the corruption of our government
by the few who see it as their right to oppress and rip off the many.
I DISAGREE with Dr. Wolf about regulation. A lot of problems we are facing
now started with DEREGULATION during the Reagan era. Before the NEW DEAL,
lack of regulation played a big part in the stock market meltdown and the
consequent economic collapse. I like to think of the Titanic Disaster as a
simple demonstration of the consequences of lack of proper regulation.
There were many factors that later resulted in the Maritime laws and
prevention of maritime disasters due to co’s negligence.
couldn’t find the live chat on bill moyers website, is it no longer there I
reckon?
Excellent arguments about employee-ownership. Why on earth don’t we hear
much more about Dr. Wolff’s philosophy on a national scale. Why is it not
written about in the mainstream media?
My heart aches every time I listen to Dr. Wolff, and I listen to him often.
For a man to be so reasonable, so intelligent, and have so much conscience,
and to go so utterly and effectively ignored by society, it hurts so badly
inside.
Mr. Wolff, have you ever put in a proposal to President Obama or any other
president in office of your ideas. It would be interesting to know what if
any response has come about from the administration. It would be great
getting your ideas to the President so that he can push these ideas down as
well as a ground swell of the people to congress. These are the people that
can start making these changes to solve our problems. Right now all they
are concerned about are the lobbyists. Thank you.