Bill Moyers with an excellent hour of truth about how and why Wall Street was permitted to destroy the world. It simply comes down to greed. The powerful and wealthy use their power and wealth to gain even more power and wealth until they destroy the world. The repeal of Glass Steagall allowed the 2008 collapse to occur. This was bipartisanship at its best. If you ever needed proof that it doesn’t matter which party is in power, the repeal of this law proves that Wall Street and the Federal Reserve run this country.
John Reed, the former CEO of Citicorp, admits to being guilty of setting the whole disaster in motion. Moyers is too easy on him. Reed’s honesty was refreshing until the segment where he declares that the banks had to be bailed out. He said there was no other choice. There was. The Wall Street banks should have been nationalized (like Sweden did in 1990), all top executives should have been fired, all stockholders and bondholders wiped out, all bad debt should have been liquidated, and good assets should have been sold off to well run banks. It is a Big Lie propagated by the governing elite and the corporate MSM that bailing out the banks saved the country from financial collapse. It saved a few wealthy men from financial collapse.
The most despicable fact is that the very banks that destroyed the world and impoverished the middle class are much bigger today than they were in 2007. And people wonder why the Occupy Movement is growing more violent. Senator Byron Dorgan proves to be one of the few who saw what would happen. He goes on my good guy list.
This is a must watch video.