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Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

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  • Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

    The articles quoted velow were written by him in mid-September around the first anniversary of Lehman. I've never really paid attention to Ratigan in particular before, but this morning I caught five minutes of him verbally sparring with a GOP operative on the "Morning Meeting" show. The highlight being when Ratigan interrupted the firing off of GOP talking points to talk about "Corporate Communism" which appears to be another phrase for the FIREmen.

    http://www.huffingtonpost.com/dylan-..._b_285225.html

    It has become startlingly clear that we as a country, and I as a journalist, had made a grave error in affording those who built and ran those banks and insurance companies the honorable treatment of being called capitalists. When in fact the exact opposite was true, these people were more like vampires using the threat of Too Big Too Fail to hold us hostage and collect ongoing ransom from the US Government and the American taxpayer.

    This was no unlucky accident. The massive spike in unemployment, the utter destruction of retirement wealth, the collapse in the value of our homes, the worst recession since the Great Depression all resulted directly from these actions.

    Even with all that -- the only changes that have been made, have been made to prop up and hide the massive flaws on behalf of those who perpetuated them. Still utterly nothing has been done to disclose the flaws in this system, improve it or rebuild it.

    Last fall was an awakening for me, as it was for many in our country.
    And yet, our Congress has yet to open its eyes, much less do anything about it. In fact conditions have never been better for the banks or worse for the rest of us.

    Why is this? Who does our Government work for? How much longer will we as Americans tolerate it? And what, if anything, can we do about it?

    As we approach the anniversary of the bailouts for our banks and insurers -- and watch the multi-trillion taxpayer-funded programs at the Federal Reserve continue to support banks and subsidize their multibillion bonus pools, we must ask if our politicians represent the interests of America? Or those who would rob America of its money and its future?

    As a country, we must demand that our politicians stop serving those whose business models are based on systemic theft and start serving those who seek to create value for others -- the workers, innovators and investors who have made this country great.
    http://www.msnbc.msn.com/id/32841310/ns/msnbc_tv/

    Last fall, when the business practices of our nation's largest insurers and banks were exposed, it was revealed that they were not financial geniuses or capitalists, but rather impersonators who had changed the rules of the investment business in Washington to legalize a system of unregulated speculation in which they could pay themselves billions by risking trillions of everyone else's money.

    This was not capitalism. This was systematic theft perpetrated through government control.

    It became clear that I had made a grave error in affording those who built and ran those banks and insurance companies the honorable treatment of being called a capitalist — either an investor or an innovator — one who creates value for others and is paid accordingly.

    They were in fact the exact opposite, vampires using the weaponry of "Too Big Too Fail" to steal money from the U.S. government and American workers, retirees, students, etc.

    But how were they able to do it? Was it an accident? Or did they change the rules of the game so they could embark on this path of massive systematic theft from the American people? The deeper I went, the more questions I asked, the worse it appeared.

    [..]

    The American people are afforded two liberties relative to corporations and government: We get to pick how we spend and invest our non-tax money, and no one can tell us how to vote in elections. If the banks and Congress will not work to protect those liberties, we must immediately demand a change in our representation and stop forcing Americans to invest in failed businesses.

    It is especially galling to be forced to invest in those companies who seek to make money not by being forced to innovate and make better products for us, their customers, but by exploiting us, and ultimately stealing from us in a gross corruption of the American government.

    As we approach the anniversary of the bailouts for our banks and insurers and watch the multi-trillion taxpayer-funded programs at the Federal Reserve continue to support banks that once again mark record profits, you really have to ask yourself who Congress really represents. Do they represent the interests of America? Or just those who would rob America?

    All of us, left, right and center, need to demand that our politicians stop serving those whose business models are based on stealing taxpayer money, and start serving those of us who work, invest and innovate everyday to create value for others.
    Last edited by Slimprofits; October 05, 2009, 01:13 PM.

  • #2
    Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

    Poor title, babbitTd.

    Should have been something like "Dylan Ratigan gets it, do you?"

    Edit: let me add however, that the title is way superior to many that offer no clue as to the content of the opening post.
    Last edited by Jim Nickerson; October 05, 2009, 06:04 PM.
    Jim 69 y/o

    "...Texans...the lowest form of white man there is." Robert Duvall, as Al Sieber, in "Geronimo." (see "Location" for examples.)

    Dedicated to the idea that all people deserve a chance for a healthy productive life. B&M Gates Fdn.

    Good judgement comes from experience; experience comes from bad judgement. Unknown.

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    • #3
      Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

      Excellent!

      The criticisms are coming from the right places and the pressure is building.

      Comment


      • #4
        Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

        Originally posted by babbittd View Post
        The articles quoted velow were written by him in mid-September around the first anniversary of Lehman. I've never really paid attention to Ratigan in particular before, but this morning I caught five minutes of him verbally sparring with a GOP operative on the "Morning Meeting" show. The highlight being when Ratigan interrupted the firing off of GOP talking points to talk about "Corporate Communism" which appears to be another phrase for the FIREmen.

        http://www.huffingtonpost.com/dylan-..._b_285225.html



        http://www.msnbc.msn.com/id/32841310/ns/msnbc_tv/
        Wow. No wonder he had to leave Bubblevision. This kind if talk is taboo. I'd love to be a fly on the wall at the local watering hole and listen in to the conversation when he gets together after work with his former CNBC colleagues...I wonder how many of them, in private, think the same thing.

        All we need now is for the Orator-in-Chief to label the Wall Street - Washington corridor the "Axis of Evil" in one of his speeches...:eek:

        Comment


        • #5
          Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

          Yep, he and Macke saw the truth and couldn't take it any longer on that show! It's like this guy-

          http://www.youtube.com/watch?v=dib2-HBsF08

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          • #6
            Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

            Ratigan has his own show on CNBC every morning. I believe it was him who said if you own gold your short America. I think he knew what he is now saying all along.

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            • #7
              Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

              Originally posted by cjppjc View Post
              Ratigan has his own show on CNBC every morning. I believe it was him who said if you own gold your short America. I think he knew what he is now saying all along.
              Are you sure? I don't watch USA Bubblevision [sometimes catch the more professional European version when I am overseas], but I understood that Ratigan left CNBC in late March this year...

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              • #8
                Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

                Originally posted by GRG55 View Post
                Are you sure? I don't watch USA Bubblevision [sometimes catch the more professional European version when I am overseas], but I understood that Ratigan left CNBC in late March this year...

                You are correct. He is on MSNBC. The same corporate parent, GE for both.

                Comment


                • #9
                  Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

                  Originally posted by cjppjc View Post
                  You are correct. He is on MSNBC. The same corporate parent, GE for both.
                  It's in the thread title. Morning Meeting is Ratigan's show on MSNBC. He's had Eliot Spitzer on a number of times. I recall one of those videos was posted here.

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                  • #10
                    Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

                    Originally posted by babbittd View Post
                    It's in the thread title. Morning Meeting is Ratigan's show on MSNBC. He's had Eliot Spitzer on a number of times. I recall one of those videos was posted here.

                    You are correct. Please don't do that again.:mad:

                    Comment


                    • #11
                      Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

                      Originally posted by GRG55 View Post
                      All we need now is for the Orator-in-Chief to label the Wall Street - Washington corridor the "Axis of Evil" in one of his speeches...:eek:
                      He has already admitted to half the axis, in a press conference about 2 months ago:
                      "We were on the verge of a complete financial meltdown, and the reason was that Wall Street took extraordinary risks with other people's money. They were peddling loans that they knew could never be repaid. They were flipping those loans and leveraging those loans. Higher and higher mountains of debts were being built on loans that were fundamentally unsound . . . and all of us are now paying the price."
                      raja
                      Boycott Big Banks Vote Out Incumbents

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                      • #12
                        Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

                        http://www.huffingtonpost.com/dylan-..._b_811777.html
                        A recent article in the Wall Street Journal showed that most of the people who lost jobs in this most recent recession found new ones at lower pay. Over a third of these people had to take pay cuts of at least 20 percent. Pay cuts. We haven't experienced real, sustained pay cuts across a large swath of Americans since the 1930s.

                        But this isn't just a tragedy; it is in fact a conspiracy. The people in charge aren't just failing to prevent this from happening. They want it to happen. You see, pay cuts for workers mean that prices as a whole in the economy don't rise. There's less inflation, which means that banks and creditors make more money.

                        What do I mean by a conspiracy? Well, you can read all about it. It's right in the transcripts of the December 2005 Federal Open Market Committee, which is the committee of central bankers that run America (more on that below). In that meeting, Dallas Fed President Richard Fisher is complaining about the enormous quantity of Chinese goods flowing into America. He points out that this is creating 'disinflation', i.e. lowering prices and wages for Americans.

                        Only, he isn't complaining that there are too many Chinese imports, he is frustrated there aren't enough imports. Even though China has built special export-only ports to ship goods out of China, he says, the ports at "Long Beach and Northwest" can't absorb what China wants to sell us, because of work rules (i.e. unions). This is a huge problem, Fisher continues, because it is blocking his CEO contacts from outsourcing as much work abroad as quickly as possible. They cannot "exploit China" fast enough.

                        You won't be surprised to hear that shipping American jobs overseas isn't a new strategy. It's been going on in earnest since the 1970s -- crushing inflation by crushing our wages. According to Bill Greider (who I recently interviewed on Radio Free Dylan), in the early 1980s, Paul Volcker would carry around a card of union wages, so he would know when labor "got the message and surrendered on its wage demands".

                        Fisher is just the latest Fed official to applaud this trend. Here's the back story. In the 1970s, there was a lot of inflation. The oligarchs of the time didn't like this, because it made their portfolios worth less money. So they decided they would clamp down on inflation by no longer allowing wage increases. To get the goods they needed without a high wage work force, they would ship in everything they needed from East Asia and Mexico. The strategy worked. Inflation collapsed. Wages stopped going up. There were no more strikes. Unemployment jumped.

                        There were all sorts of excuses for why this was a good idea -- we would do the 'high value add' work in America, like research and development, while the 'low quality work' like manufacturing went abroad. And everyone would benefit -- sure you wouldn't get a raise, but you'd get low prices at Walmart (Walmart shows up all the time in FOMC meeting transcripts). But basically this was a way of ensuring that banks and creditors could make a lot of money that would instead go to workers. It was known as 'the great moderation', a term coined by Bernanke, and was considered a great success.

                        As late as 2005, Richard Fisher was celebrating this trend. In that same meeting where he complained about too few Chinese goods coming into the US, he bragged about the weakness of one of the most significant employers in the United States: "My most delicious irony is the fact that similarly dated Vietnamese debt now trades on a price basis richer, and on a yield basis lower, than that of Ford Motor Company. [Laughter]"

                        Just who is Richard Fisher working for, anyway?

                        This is a systemic problem, and it requires a systemic answer. Right now, China makes our goods, the Chinese workers get our jobs, and American workers get pay cuts. But, the Chinese also lend us our own money back to us, which we then give to JP Morgan, Citigroup, Goldman, and Bank of America so they can speculate with. Pretty soon, China will have our entire industrial base, and we will be left with the socially destructive financial oligarchs that Charles Ferguson described in Inside Job.

                        This is not inevitable. We can fight back. The first thing to do is educate yourself on what is really going on, and on who makes the decisions in America. And who is that? It's not just the people at the White House and in Congress.

                        When I was a kid, I used to think that adults ran the world somewhere. There was a room where the adults gathered, and talked about stuff, and made decisions. As I grew up, I realized this wasn't true, that no one was in charge. Then one day I discovered the Federal Reserve, and I realized that my instincts as a kid were right on. The room where the adults gather and decide stuff is not the White House, though. It's at the Fed. And the group of adults is what the Federal Open Market Committee (FOMC) actually is.

                        It is the committee of American central bankers who decide who gets money, and who doesn't. These people talk to CEOs and Wall Street friends, look at various statistics from the markets, and raise or lower interest rates. Sometimes, when times are especially bad, they give a bunch of interest-free money to bankers or hedge fund managers. In other words, they run America.

                        Officially, of course, we have a Congress, and a president, but to really know what's going on, you have to read the transcripts from FOMC meetings. The Fed releases them on a five-year lag, so we can only know what they were saying as of 2005. That's better than it used to be; the Fed used to release nothing at all, and shred the transcripts of its meetings.

                        Regardless, the lack of attention to what these people say and think is key to the dominance of our lives by the big banks. The Fed -- the adults in charge -- are often working on behalf of Chinese interests, and on behalf of our own oil dependency (for a similar reason, oil imports create financial flows that then recycle back through American banks). They may not know it. Or they just may not distinguish between Chinese interests and the interests of JP Morgan, etc.

                        But the best thing we can do, is learn. It is how every great movement that speaks truth to power in America has begun. So with that in mind, here's the FOMC transcript web
                        page: http://www.federalreserve.gov/monetarypolicy/fomc_historical.htm
                        Let's all see what our "adults" have been up to.

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                        • #13
                          Re: Does Dylan Ratigan, formerly of CNBC now on MSNBC, get "it"?

                          epic rant:

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