(Guest post from James...commentary, transcription and links.)
In this clip from Morning Meeting, Dylan Ratigan discusses California foreclosures with Arianna Huffington and Barry Ritholtz, but he quickly brings the conversation back to the fundamental issue: who wins and who loses in this economic crisis, and at whose expense? Great stuff.
Ratigan:
- “A lot of people participated in the credit bubble. But those who participated and couldn’t afford the houses are getting thrown out of their houses. Those who participated and paid themselves bonuses to give those houses away, kept the bonuses. And got more. And our government made it happen. That’s the tragedy.”
As DR points out, executives at the investment banks and the large commercial banks received and have been allowed to keep ungodly sums of money despite having brought down the house of cards that was – and is – our financial system. Unfortunately, our bought-and-paid-for Congress is still enchanted by the spell of too big to fail, TBTF.
- “We have to get rid of Too Big To Fail and for once and for all take our government back from those who are buying it and using it for their interest at the expense of the taxpayer.” He means you, Government Sachs.
But wait, didn’t we already “take our government back” in November 2008? Hasn’t Obama promised us reform, transparency and change? We keep hearing a familiar, comfortable refrain from the White House and Obama says he gets it.
Ratigan again:
- “But he needs to ACT like it. He doesn’t act like it.”
And this final quote from D Rat gives credence to what AB and others keep saying, the 2010 election might be a game changer:
- “...the moment when the American people demand systemic change....America has had it with Hatfields and McCoys. The Democrats and the Republicans are not even real political parties. The political parties are the Bank Party, the Energy Party, the Corn Party, etc.”
Ratigan knows the deal. Remarkably, he’s one of the first and only TV journalists to state what everyone knows to be true: the bankers own Washington, D.C.
Watch