Sunday, March 11, 2012

Bill Moyers | Gretchen Morgenson

Bill Moyers talks with Pulitzer Prize-winning New York Times reporter Gretchen Morgenson about how money and political clout enable Wall Street and financial industries to escape regulation and ensure high compensation for executives at the top.

Gretchen Morgenson on Industry Influence from on Vimeo.

Let me preface what I'm about to share by saying that both Bill Moyers and Gretchen Morgenson are two of the top investigative reporters that I most admire. All of us average Americans owe them both a big debt of gratitude for uncovering, exposing, and consistently reporting about just how corrupted our political, financial, and economic systems have become. I'm just as outraged as them myself.

So, that being said, let me state the obvious -

It doesn't matter how much we bitch about government corruption, crony capitalism, corporatocracy, or plutocracy, or whatever you want to name it; or how much outrage we have that the corruption is allowed to continue without change or without anyone in real power being held criminally-accountable.

What matters most is that we're listening to what's being said -

Corporations run this country and there is nothing we can do about it.

The people running the show don't care that we know about the corruption, don't care what we think, and don't care how angry we get about it. Brooksley Born proved that the system was rigged in the 1990s, and it hasn't changed since. Rhetoric won't change it now.

Our political and economic system will only change when it finally breaks down, chaos ensues, people are held accountable, and blood is shed. When will that be? Who knows? No time soon I would think. Most-likely it'll occur right after the next criminally-instigated financial crisis.

But, instead of being angry about the unfairness, or whining, bitching, and sitting on the sidelines letting the criminals continue to capitalize at our expense, I believe that we should strive to understand the criminal mind, embrace it, and capitalize on their corruption ourselves while it lasts.

And that's why I've been fully invested in the stock market for the past three years.

The criminals are running the show and they're powerful. I'm not going to bet my life savings against them just yet. There is no way that they're going allow a system that's keeping them in power to fail. The system will only fail when no one is expecting it to fail, and right now, people are still worried.


  1. According to Gretchen Morgenson's recent online article entitled, How to Cut Megabanks Down to Size:

    "IT is a prevailing myth in Washington: big bailouts are over for good. Never again, the line goes, could giant financial institutions imperil the nation’s economy.

    This is nonsense, of course. Whatever regulators and lawmakers say, the Dodd-Frank financial overhaul lacks any guarantee that taxpayers won’t have to come to the rescue again."

    Gretchen goes on to cite Federal Reserve Bank of Dallas, Richard Fisher's plan to break up the "too-big-to-fail" institutions as being a good solution in which both political parties could agree.

    But if you ask me, it's just Fed rhetoric. If the people running the show really wanted to fix the problem, why wasn't this simple solution presented back in 2008? Is the country being run by such simpletons that it takes almost five years to come up with such a plan?

    I don't think so. Nothing will come of this plan. Business will continue as usual.

  2. Like I said, it's one year later and business is continuing as usual. But, Bill Moyers invited Gretchen Morgenson back to the show to give her opinion of the current economic situation again.

    Pulitzer Prize-winning New York Times columnist Gretchen Morgenson tells Bill that, five years after the country’s economic near-collapse, banks are still too big to fail, too big to manage, and too big to trust.

    Source: Gretchen Morgenson on Why Banks Are Still Too Big To Fail