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Bill Black on Bill Moyers: The problem starts at the top

See this latest episode of Bill Moyers Journal.  The guest is Bill Black, frequent contributor to Naked Capitalism (they’re having a fundraiser, you know.  Our friend Lambert Strether cross blogs there. I’m dirt poor but if you have the Do-Re-Mi, send some to them).

Bill and Bill talk about Eric Holder’s resignation and, specifically, why it was that Holder did not prosecute any bankers.  That’s right, not one.

Black gets right to the point about who is to blame:

BILL MOYERS: No, the, what you’re saying is that more than one administration cooperated in maintaining a system that is based upon deference to the banks and disrespect for the public.

WILLIAM K. BLACK: Right, and, but it’s also a component in the case of Obama of we’re humans and we are, everything we learn in research about humans is we’re reciprocal. And so the finance area is the reason he’s president of the United States. When he was in his hour of greatest need, when he had, was written off as a candidate against Hillary in the nomination battle the first time around, he had this miraculous survival. And that took money.

That took lots and lots of money. And who gave that money? It came overwhelmingly from finance at the critical moment when he needed it most. All of us as human beings, the people that helped us in, a friend in need is a friend indeed is the saying that we have as human beings.

THIS is what I have been saying all along.  The finance industry *knew* in advance that the crash was coming and they wanted an enabler in office, not someone who might send them to rehab.  But I’m a racist and Bill Black is not.




11 Responses

  1. How did Moyers react?
    He’s a big Obama guy.

  2. Last night, my husband asked me why everything is going wrong all at once.
    I said “because the American people have elected a lot of politicians who don’t believe in government.”
    The banksters have a lot in common with the teabaggers: No regulations, no oversight!

  3. “because the American people have elected a lot of politicians who don’t believe in government.” Actually, this statement encapsulates my ongoing problem with the conspiracy theorist subculture (despite being labeled, from time to time, a member of that subculture). Conspiracy theories — whether based on evidence or based on wacky conjecture — will, when taken to extremes, call into question the very institution of government. And that’s where I have to part company. I’m an old-school liberal, my family relied on Social Security in my youth, and I believe that government has a role to play in alleviating human misery.

    And yet…if you think about it, the problem that William Black is talking about can be considered a kind of conspiracy. A candidate cannot be elected without money from Wall Street. Therefore, the Wall Streeters conspire to make sure that only one of “theirs” will get near the Oval Office.

    And RD — nobody is calling you a racist NOW. This isn’t 2008, thank god. Most liberals are pissed off at Obama, and most liberals refuse to be “racist-baited” into taking a pro-Obama position.

    • In my personal experience, the Democrappy Party is Probama all the way. We had last summer an Art Fair in our college town and a zone set aside for the political tables. The Republican table-manners were interesting to talk to and had some real grievances to air. The Democratic table-manners were all Obot Shillbots who kept dodging question, making excuses, claiming “the Republicans made him do it” etc. When they attributed my concerns about zero prosecutions of any FIRE sector bad actors to “right wing Fox News propaganda” which had somehow gotten inside my head, I realized that the Democratic Party is mainly staffed by vicious hustlers and followed by stupid sheep. Democrats in Exile will never have a home in the Democratic Party ever again, unless they can conquer it and purge the current ClintoBama NAFTAcrats for Banker Immunity and Impunity, Free Trade Treason, etc. completely out of the party.

      And how possible is that?

  4. The bubble was needed to pump up the American economy when support for the Iraq War was getting wobbly. Without it the cost of the war economy would have sent the U.S. economy down the toilet circa 2004 and the war party would have been run out of Washington on a rail.

    The bubble hoovered up the savings of the east Asian middle classes, burning them off in unsellable real estate developments and starving Corporate America’s east Asian rivals of capital.

    The final blow-up conveniently cleared the way for the across-the-board Shock-Doctrining of Europe’s social democracies.

    Washington owes that banksters big time.

  5. At that point, Moyers probably began crying…

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