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.
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.”
“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.
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.
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.
Trump: ‘Any Jewish people’ who vote for Democrats have ‘a total lack of knowledge or great disloyalty’
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.
Conservative columnist blasts GOP as ‘partisan hacks for whom hypocrisy is second-nature’
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!
Convicted Cardinal Pell’s fate hangs on appeal
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.