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Moyers: Wall Street riding a ‘surging ocean of greed’

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Banks, bailouts and billions of dollars were center stage in the most recent episode of Bill Moyers Journal, in which the host interviewed two journalists to find out how things got so bad for Americans and so good for the country’s biggest banks.

After an introduction about the bank CEOs getting holiday bonuses and riding a “surging ocean of greed,” Moyers talked with Kevin Drum and David Corn of Mother Jones magazine, who published a series of stories about the “accountability deficit” of the financial industry. In an article titled “Too Big to Jail,” the two investigated why no one has been held responsible for decisions that led to a economic meltdown.

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Drum said that although Wall Street keeps plenty of the political elite in its pocket, the influence of bank CEOs has also manipulated the national conversation.

“Essentially the financial industry has convinced us — you know, in the ’50s what was good for General Motors was good for America — now it’s what’s good for Wall Street is good for America,” Drum said. “And they’ve somehow convinced us that we shouldn’t ask about what’s right or what works or what’s good for America. We should ask what’s productive, what’s efficient, what helps grow the economy.”

Corn agreed.

“It really is this “Stockholm Syndrome,” where we’re forced to identify with people who are holding us hostage without our interest in mind,” he said.

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But the sheer amount of money the banks pour into lobbying Congress can’t be ignored, either.

Next week, a Congressional panel begins almost a year’s worth of public hearings to determine how the banks became “too big to fail,” according to panel chairman Philip Angelides. The first interviews are with top Wall Street executives.

Yet several newspapers have already expressed doubts that the hearings will produce any answers with so much big-bank money to prevent bad press.

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From the Washington Post: House and Senate leaders, who appointed six Democrats and four Republicans to the commission, allocated $8 million for its work, enough to hire about 50 investigators but “probably less than any of the investment banks will spend dealing with this investigation,” Angelides said.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Trump: ‘Any Jewish people’ who vote for Democrats have ‘a total lack of knowledge or great disloyalty’

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President Donald Trump on Tuesday accused the majority of Jewish American voters of having "a total lack of knowledge or great disloyalty" because they support Democrats.

While discussing Reps. Ilhan Omar (D-MN) and Rashida Tlaib (D-MI) during a talk with reporters, the president said he couldn't imagine any Jewish American voting for the Democrats due to the congresswomen's comments about Israel.

"I think any Jewish people that vote for a Democrat, I think it shows either a total lack of knowledge or great disloyalty," Trump said.

In fact, the majority of Jews in the United States have voted for Democratic candidates in every election since the election of President Franklin Roosevelt in 1932.

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Conservative columnist blasts GOP as ‘partisan hacks for whom hypocrisy is second-nature’

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On Tuesday, President Donald Trump once again ripped into The Squad, this time to undercut an emotional press conference in which Rep. Rashida Tlaib (D-MN) described the conditions her Palestinian relatives live under.

“Sorry, I don’t buy Rep. Tlaib’s tears. I have watched her violence, craziness and, most importantly, WORDS, for far too long,” the president tweeted. “Now tears? She hates Israel and all Jewish people. She is an anti-Semite. She and her 3 friends are the new face of the Democrat Party. Live with it!”

Sorry, I don’t buy Rep. Tlaib’s tears. I have watched her violence, craziness and, most importantly, WORDS, for far too long. Now tears? She hates Israel and all Jewish people. She is an anti-Semite. She and her 3 friends are the new face of the Democrat Party. Live with it!

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Convicted Cardinal Pell’s fate hangs on appeal

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An Australian court will rule on George Pell's appeal against child sex abuse charges Wednesday, when the convicted cardinal could walk free or begin a new round in his protracted legal fight.

Once the Vatican's third-ranking official, 78-year-old Pell was sentenced this year to six years in jail for sexually assaulting two 13-year-old choirboys at a Melbourne cathedral in the 1990s.

After more than two months of deliberations, a three-judge appeals panel will hand down their decision.

Pell is the most senior Catholic convicted of child sex abuse, making his case and Wednesday's ruling a touchstone moment for believers and victims groups around the world.

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