Earlier today, I spoke with Oscar-winning filmmaker Michael Moore. During our conversation, I asked him for his reaction to the banking reform legislation proposed today by Senate Banking Committee Chair, Chris Dodd.
The full conversation airs tonight on PBS.
the loan won't default. The risk of that loan defaulting is less of a care now, because the amount of loss to one organization is low - no full ownership. The bigger banks cover themselves from risk of these "financial products" by insuraning them at a regular rate (regardless of how risky they were in the first place) then AIG goes broke, get's a loan from the governament and the big banks, like Goldman - get full price from someone like AIG of that loan, even those loans were really "toxic" and should have been insured at a much lower price.
This is only part of what happened. It is a whole layering process, and keeping people confused is important. You all want to be a part of that again?
First, Moore is not unlike most of us, in that he is frustrated and doesn't want this country to
fail, or have this severe of crash happen again. The fact that he spends most of his talents in
ahowing what average americans feel, experience and do really puts him in a position to explain what some of us really do feel, or because we are just so tired of these wall street sharks taking advantange of America as a whole. This is not the Wall STreet that we had when we were younger.
There were always sharks, but there were plenty of serious business people that worked with an ingrained sense of morals and respect for American and her people.
Moore, has tried to represent that. The financial situation affects us all, and you do not need to be some finance expert to say it.
Perhaps the United States is rated lower than Cuba because of health care availability to all. Indeed, the USA needs to reform its system of providing care, but to me, not the current sham being forced upon us. To believe the system can be improved by cutting medicare 500 billion $ while adding 30 million people to it, not getting at tort reform because of ABA pressure, buying off (bribes) to hesitant senators, ignoring rampant fraud within the medical environment, plus scoring deals with the pharm industry, all add up to passing reform merely for Democrat legacy -- nothing other. Yes, I am aware the Republicans have had their chance and ignored the problem.
Independent.
(Your ball.)
follow the money then you will know who they really represent.
they must pretend to represent you for your votes.
corp fascism has come to america.
it had to it is the capitalist agenda.
to have 99% of the wealth.
they know what they are doing.
they have made capitalism a synonym with freedom and patroitism.
pure genius they have even made capitalism a synonym with christian religion.
they are ten times smarter than you that is why they now have 95% of the wealth.
their mode is fear and it works.
in my day it was fear of communism now fear of socialism.
it works.
when has michael moore been wrong????????
yet americans are taught to fear him and his ideas.
fear works even when a person is right 100% of the time.
that is the price of living in a dumbed downed nation.
have a nice day.
He has been right about absolutely everything.
And the corporations would pay him absolutely anything to just retire or go direct Jennifer Aniston movies.
But he keeps telling the truth.
Psst! He did it.
We need to remember a very, very basic rule. Just because an entity has money, power, influence, prestige ... it doesn't mean it has the answers to the problems that vex it. Wall Street wants to stubbornly move forward pretending that what has happened hasn't happened. Fools.
And Moore is absolutely right. We can't afford another crash in six to eighteen months. That will be it.
Instead, I recommend people pay attention to and support the new Coffee Party. Here is a recent review,
The Coffee Party’s Split Personality
http://seminal.firedoglake.com/diary/35405
People are waking up and realizing that the entire system is rotten and corrupt.
Keep fighting for us...for we can't count on leaders in Washington to fight for us anymore.
It's sad, President Obama had high hopes coming in and could've used that enormous political capital he had for telling us the true nature of the crisis and the very necessary prescription of going back to the original regulations before the crisis; like Glass-Steagall.
Ou congress was bought and sold a long time ago (George Carlin).