Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

[Rajiv]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Inside the crash embedded (56 min)

[Shakespear]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Bear was the little player on Wall Street, so letting it sink was palatable for Paulson (Mr. GS). Thus watching this doc I wonder what isn't being told in this Frontline documentary.

Lets not forget that the Bush administration changed the "character" of PBS substantially to its liking !!! Wasn't Bill Moyers a casualty of this change?

[we_are_toast]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Lets not forget that the Bush administration changed the "character" of PBS substantially to its liking !!! Wasn't Bill Moyers a casualty of this change?

Bush tried to politicize PBS with one of his cronies, but there was such an uproar, Ken Tomlinson was forced to resign in Jan 2007. They went after Bill Moyers and his show NOW, but while they tried to censor the show, Bill Moyers handed the show over to David Brancaccio and restarted "Bill Moyers Journal". So now there are 2 exceptional programs on PBS instead of 1.

Bill Moyers does the most thoughtful interviews I've ever seen on TV. I would very much love to see him do an in-depth interview with EJ. Maybe if enough people emailed the suggestion to the show's producer...

[Chris Coles]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Bill Moyers does the most thoughtful interviews I've ever seen on TV. I would very much love to see him do an in-depth interview with EJ. Maybe if enough people emailed the suggestion to the show's producer...

As thoughtful and informative expose as anyone could wish for. Thank you Rajiv.

[c1ue]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

The PBS show is a very nice CYA piece by Paulson.

Several notes:

1) Every quote concerning the government side of the action is from Paulson with these 3 exceptions:

a) One indirect Bernanke spot - channeled via Paulson quote to one of the talking heads
b) 2 brief appearances by Sheila Bair at the very end

Why is this suspicious? Bair was dead center in the who JPM affair. Secondly Wamu and Wachovia are not mentioned at all. Thirdly the massive bank injections by the Fed prior to TARP are also not mentioned at all. How can Bair only speak to the very last TARP capital injection infusion when the FDIC was intimately involved in this entire crisis?

2) TARP contained a provision concerning capital injections. This is not a standard thing - why was it put in if truly events were 'unanticipated' as is the common theme throughout this PBS piece?

3) Bear Stearns collapsed ostensibly due to CDS's and mortgage backed securities. If the government and Fed were so on the ball after getting first hand glimpses into Bear's operations, why then was ZERO action taken to ensure other companies were not doing the same things as Bear?

Why then were Lehman's problems a 'surprise'? And Lehman's failures rippling across the system a 'surprise'?

Why then was AIG a complete 'surprise'?

4) Why is TARP II becoming necessary when the government gave all the 'big 9' money and presumably also either had the opportunity to understand MBS/CDS risk in these same institutions or the opportunity to instruct said institutions to clean up their act?

Nice color commentary, but ultimately not credible.

For entertainment purposes only.

[World Traveler]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

I totally agree, Clue. I was wondering if Paulson wrote the script.

No where do they mention that, as Goldman-Sachs CEO, he was a BIG part of the problem, especially when he pushed for the change allowing 30:1 leverage for investment banks. And that he was Goldman's CEO during the period when the worst of this mess was created.

[herbkarajan]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

how can you drink this cool-aid, look at what he says

"And something for Treasury officials to really understand, and to really understand the alternatives - they're not, I mean, with all due respect to them, they're not the ultimate authority. I don't think they're the right people.
The correct people you should be asking this question to are people at the IMF"

The IMF whose austerity programs ruined and pillaged economy after economy. IMF who's programs are specifically designed to get the most for the creditors/foreign bond holders at the expense of the national economies. Come what may, but the suggestion to surrender American sovereignty to a supranational bank exposes Johnson as either deeply naive or worse

[FRED]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

how can you drink this cool-aid, look at what he says

"And something for Treasury officials to really understand, and to really understand the alternatives - they're not, I mean, with all due respect to them, they're not the ultimate authority. I don't think they're the right people.
The correct people you should be asking this question to are people at the IMF"

The IMF whose austerity programs ruined and pillaged economy after economy. IMF who's programs are specifically designed to get the most for the creditors/foreign bond holders at the expense of the national economies. Come what may, but the suggestion to surrender American sovereignty to a supranational bank exposes Johnson as either deeply naive or worse

We endorse his observation, that the reason the crisis occurred and has been bungled is due to the influence of interested insiders on the process. We do not endorse his view that the IMF represents a solution.

[Crazyfingers]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

The Shrinking Influence of the US Federal Reserve
By Gabor Steingart in Washington

Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.
As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests -- worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar
Under its bylaws, the IMF is charged with the supervision of the international monetary system. Roughly two-thirds of IMF members -- but never the United States -- have already endured this painful procedure.

For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman.
When the final report on the risks of the US financial system is released in 2010 -- and it is likely to cause a stir internationally -- only one of the people in positions of responsiblity today will still be in office: Ben Bernanke.

[Rajiv]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

That was June 2008 -- any updates to this?

[Chris Coles]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

That was June 2008 -- any updates to this?

Try BBC Newsnight. Program was on last night.

http://www.bbc.co.uk/iplayer/episode...ht_18_02_2009/

[Rajiv]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Can't get it outside the UK -- any transcript?

[Chris Coles]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Can't get it outside the UK -- any transcript?

You should be able to get to it via logging onto www.bbc.co.uk and then searching for Newsnight www.bbc.co.uk/programmes/b006mk25/microsite

http://news.bbc.co.uk/1/hi/programme...ht/default.stm

On the right hand side you will see this link to BBC iPlayer




Newsnight:Windows/Real



Try that and let me know how you get on.