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broke the old pattern where bankers cared about homeowners.
Brooksley born head of commodities trading commision sounded the alarm 17 times.
Passed legislation that made it hard for anyone to take a look at this stuff.
Reagan couldn't pull off de-regulation. It remained for clinton to do this.
Asked Rubin what it would take to make wall street happy-- Rubin and Summers made it happen.
Clinton teamed up with Phil Gramm, most dems went along, NY Times applauded it. There were no critical media to examine it.
14 million homeowners underwater, lost their home... about 50 million people
Russ Feingold is a hero on this whole thing. Thinks most recent legislation is a fraud.
This was not covered by the media-- media was owned by same people who wanted this radical deregulation. GE, Media companies wanting mergers.
This is the clinton bubble--
Democrats leaders delivered on Reagan's revolution...
Obama gets a B- on health care.
Part of the problem is this meritocracy that we believed in.
I'm a professor at USC.
But we have the best and the brightest leading us astray.
What is Lawrence Summers, who failed with Clinton, then failed with Harvard, then appointed by Obama?
You appoint this guy, the fox, to guard the henhouse?
Legislation Lawrence Summers pushed through congress-- Commodity Futures.... act. Clinton signed it
The legislation exempted all these new kinds of packages from regulation. This was aimed at Brooksley Born, who was in charge of applying regulations.
Contained the enron
book should appeal to conservatives, certainly to libertarians.
This is a betrayal of Adam Smith-- allowing the market to use the government. ....
Tries to explain why capitalism was betrayed by top wall street banks and top government.
Not a conservative or liberal issue.
The TARP-- the bailout was one of the great swindles of modern life. that's why so many homes are under water.
$50 billion infrastructure vs $350 billion to citigroup.
Calls for a moratorium on foreclosures.
If obama was a socialist, then bush was a socialist.
Fannie MAE and FREDDIE MAC were traded on the stock market, and heads got huge payments...
Poor people were the ones screwed by them
YOu don't have adults managing the store. Mostly smart liars, spinners got us into the IRaq war. All of the arguments that got us into Iraq were fraudulent... lies. Smart people who supported the IRaq war, probbly high SAT.
Careerism trumps integrity
Money trums decency.
Nixon and Eisenhower would not survive as Republicans today.
John Dean says that Goldwater wouldn't survive now.
Who's getting screwed and who's doing the screwing?
George McGOvern was one of the great heroe's of modern life-- one of the saints of American life.
toxic mixture of career, ambition and money.
IF Stone-- didn't want to have access and influence to most powerful in Washington because he didn't expect them to tell the truth.
Truthdig.com won webbie for best political blog three times.
Scheer was pushed out of the LA times.
moratorium on mortgage foreclosures
Fannie Mae and Freddie Mac role
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