Arianna On "Morning Joe": The Current Financial System Is Not Capitalism (VIDEO)

Arianna, along with Congressman Ron Paul and Fortune editor Andrew Serwer, appeared on a "Morning Joe" panel today to discuss the state of the nation's financial system one year after the crisis began. Arianna noted that an enormous number of homeowners, and not ones who got subprime loans, are struggling to pay their mortgages, which is having a terrible effect on our economy and our middle class, and yet the Obama administration still seems more concerned about saving big banks that have become even bigger. The panel also debated why the same people who got us into this current crisis are still charged with running the economy.

One thing there was agreement on is that the current system is not capitalism.

WATCH:

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Comments

[themainpoint]

This is a superb compilation of videos. I have learned to distrust the media, but for the moment, MSNBC has my full attention.

I hope that all Americans understand just how courageous these few men and women are for being the first to speak up so clearly to defend the American people and our economy and our values from the sharks that are circling and thrashing in the bloody water. THIS IS WHAT REAL LEADERSHIP LOOKS LIKE. Each and every one of these people should be so very proud of themselves

Leaders do not gravel and follow the commands of others who hide behind the scenes. Leaders do not act as anybody else's puppets. And great leaders lead with good ideas and deliver real results.

I'm confident that these courageous people will be joined by many more until the smoke and lies have cleared enough to expose the truths that will enable Americans to reverse the destructive path our government is on.

[Delaware22]

Love Dylan Ratigan!

[Kasado]

If Obama really wanted to truly address corporatism, which I doubt, he would somehow reverse industries use of planned obsolesence. I believe designing manufactured goods in such a way as to ensure that they break in pre-determined time frame is the most evil act perpetrated on the American people and ultimitly the world by corporations. Most of the high priced items that are bought today won't last more than 5 years, maybe less and then its back to Wally World with credit card in hand.
Our landfills are over flowing with the stuff, mines scar the earth in search for raw materials to manufacture disposable products, the air, land and water are polluted in their production and disposal and yet nothing changes. We still hunt for the most cheaply made foreign junk thinking it is such a deal, when in fact, if you have to re purchase the same item 4 years from now, it is not.

[prettyinpink]

If Wall Street was are only worry I would feel much better. Turns out GWB was a real amateur when it came to deficits.

"A large drop ($203 billion) in the estimated subsidy cost of the Troubled Asset Relief Program (TARP) dominates the reduction in projected outlays for 2009" from CBO's March estimate. Yet this improvement, only translates into an overall $80 billion reduction in this year's deficit from March estimates.

Behind this fig leaf of improvement lies the naked budget reality. Revenues are still down 17 percent and outlays up 24 percent from 2008 levels. As a result, the 2009 deficit is estimated to measure $1.6 trillion. Putting that figure into context, the previous eight years' deficits totaled $2.006 trillion. If the projected 2010 deficit is added to 2009's, the two-year deficit total would be almost 50 percent greater than the previous eight years'.

So what does this $2.7 trillion in additional estimated deficit over the next 10 years tell us? For one thing, that a loss of revenue is a very small portion of the problem. The drop in revenues accounts for less than 15 percent (13.8 percent, or $372 billion) of the increased deficit projection. The remainder is projected outlay increases.
http://washingtontimes.com/news/2009/sep/17/recessions-deficit-overdrive/?feat=home_commentary

[wallisp]

We are all in agreement, casino wall street, needs to be gone and convicted of massive fraud.So when do we get a list of thoughs who are driving this so we can get rid of them. Lets not wait until the next election, it needs to start now.

[kymlosang]

can we even save this country or has it just gone over the edge already....? face it, if we dont stand up to these major corporations that are running our country in to the ground, and stand together in mass, we will become little more than slaves. and soon.

[olympus6]

Amen. The Mike guy, Mika, and even Joe to a certain extent are scary in their ignorance. What was Barnacle talking about-ACORN is responsible for economic meltdown? How about trillions of 'toxic assets" you twit. And nice insight Mika, 'we all talk at the same time'-brilliant.

It's simple: These same large insitutions gave us the toxic assets, ie Deriviativ­es(otherwi­se known as bets), and they kept the real estate. They will sell at their price, make huge profits, while we are left with the garbage. Nice...

[Photon55]

Adam Smith with his treatise, "the Wealth of Nations" and his mercantilism philosophy got the process rolling but the genial dolt, Reagan, started its decline with"trickle down", "voodoo economics, the Laffer Curve, deficits and de-regulation in an attempt to curb government spending on social programs. Bush put the "kiss of death" on it by tax breaks for the wealthy, bigger deficits, endless war, and Phil Gramm's. " Commodities Modernization Act" which deregulated everything in the financial industry and "enroned" the nation. Capitalism by its own default has evolved into socialism which is trying to "save" it from its own greed and dysfunction.

[repugnicansfearme]

This show is embarrassingly ignorant. While channel surfing for a real news network (there are none) I saw "Mika" and "Joe" playing catch in the hallways. "Joe" was showing "Mika" how to throw the ball, unlike the way Pres. Obama had thrown out the first pitch. If this is a news show, if this is journalism, looks like it will have to be C-SPAN to watch--- where all the drunk, redneck, right-wing whackos tie up the phone lines calling in about our Muslim, socialist/fascist president.

[yweston]

Mika's father told Joe he is embarrassingly "ignant"

[jsijason]

I think of that every time I see Joe... too funny.

[Nosybear]

Nor is our form of government a democracy. Given the influence of Corporate and PAC money in Washington, we now officially live in a Plutocracy not that far removed from Putin's Russia. The Money rules, we just vote as the Money directs.

[Lego87]

You know after watching this clip I realize that the people that a lot of people consider fringe or outside the mainstream ideas, are the ones I find myself agreeing with more than the people who seem to be supporting the status quo. They also seem to agree with each other on many idea's and unlike most politicians, they are looking for not only the truth, but away to get rid of the status quo.

Arianna Huffington and Ron Paul talking as one discussing on what brought us into this mess and what's keeping us in it. I love it. This is what we need, A lot of people voted for change, and on the messege of getting rid of mainstream Washington. Well folks thats what we have surrounding our president.

Another point that I would like to make. It really is nice to see opposite sides of the spectrum aggreeing like this. Because I see more truth in these two, than I have seen in politicians for many years. Say what you want about Ron Paul but he's an honest man who has the American people at heart, and he never backs down from his principles.

[Klimb]

I think the fact that POTUS is coming out and speaking about these issues is b/c he wants support from we the pple. Trust me, if you've ever lived under a dictatorship govt you'd highly appreciate POTUS' outwardness. Obama cannot make any changes without involvement of senate and congress...that is how it shld be. Like somebody posted earlier, there shld be term limits for senators and congresspersons to minimize corruption in govt. Look at how Bloomberg lifted term limits and going for 3rd term as mayor in NY...this is beginning of problems. It is no wonder that he has done an excellent job for NY but he needs to go b/c his time is over...give someone else the a chance!

[billobasher]

There is no such thing as a free market. In every society government makes rules for the market.

[october2009]

Maybe it's time we start thinking about moving away from having a big and powerful government that can control the economy?

All we need is a government that enforces contract and punishes fraud. Everything we can do better than them.

[Tony Dickey]

You mean build roads, sewage systems, run police and fire departments? We can do that better than government?

[peterg76]

"[T]he current system is not capitalism." It's feudalism. What, was that meant to be a secret?

[Chironomid]

This is all great talk, but what to do? Like Arianna says, the ship is on autopilot. Your emails, petitions and street marches only affect the theatre performance and double-speak, not the real outcomes.

We need a national revolution. A national strike? A national non-participation in finance movement (ie. everyone withdraw their money from everything)? I don't know -- someone smarter than me needs to think it thru so that we don't end up killing the very people we're trying to save (ourselves, and all our regular-folks neighbors). But the old tactics are dead, because the democracy is dead.

We need to come together, left and right, on a set of overarching basic purposes. Otherwise, this nation is going to spiral into bloody revolution, with no real goal other than overthrow. That would likely end up a whole lot worse than what we have now.

But weak tea like phony campaign finance reform, calls for term limits falling on deaf ears, and emails ain't gonna get it done!