Tag: Bill Moyers

Naomi Klein, author of Shock Doctrine: The Rise of Disaster Capitalism,, joined Bill Moyers to discuss how the the destructive force of Hurricane Sandy and climate change can alter politics and the economy.

The full transcript can be read here.

Lambert Strether, posting at naked capitalism, thought this part of the interview particularly interesting.

   NAOMI KLEIN: So one of the things that you find out in a disaster is you really do need a public sector. It really important. And coming back to what we were talking about earlier, why is climate change so threatening to people on the conservative end of the political spectrum? One of the things it makes an argument for is the public sphere. You need public transit to prevent climate change. But you also need a public health care system to respond to it. It can’t just be ad hoc. It can’t just be charity and goodwill.

   BILL MOYERS: When you use terms like “collective action,” “central planning,” you scare corporate executive and the American Enterprise Institute and The Heritage Foundation because they say you want to do away with capitalism.

   NAOMI KLEIN: Well, first of all, I don’t use a phrase like “central planning.” I talk about planning, but I don’t think it should be central. And one of the things that one must admit when looking at climate change is that the only thing just as bad or maybe even worse for the climate than capitalism was communism. And when we look at the carbon emissions for the eastern bloc countries, they were actually, in some cases, worse than countries like Australia or Canada. So, let’s just call it a tie. So we need to look for other models. And I think there needs to be much more decentralization and a much deeper definition of democracy than we have right now.

   BILL MOYERS: Decentralization of what, Naomi?

   NAOMI KLEIN: Well, for instance, you know, if we think about renewable energy, well, one of the things that’s happened is that when you try to get wind farms set up, really big wind farms, there’s usually a lot of community resistance that’s happened in the United States. It’s happened in Britain. Where it hasn’t happened is Germany and Denmark. And the reason for that is that in those places you have movements that have demanded that the renewable energy be community controlled, not centrally planned, but community controlled. So that there’s a sense of ownership, not by some big, faceless state, but by the people who actually live in the community that is impacted.

What Yves said: “These pesky issues of governance, the nature of the state, and legitimacy seem to popping up all over these days.”

The the second half a web exclusive interview, Neil Barofsky, the former Special Inspector General for the U.S. Troubled Asset Relief Program (TARP), talks with Bill Moyers. They discuss, what Mr. Moyes described as the “incestuous orgy” that is going on between the banks and the federal government, the need to tackle banking reform and the real possibility of another financial collapse.

The first part of the interview is here

The transcript is here.

In a web exclusive interview, Neil Barofsky, the former Special Inspector General for the U.S. Troubled Asset Relief Program (TARP), talks with Bill Moyers about the resignation of Citibank CEO, Vikram Pandit and his disappointment with President Barack Obama’s choice to protect the big banks instead of regulating them.

“I think that you have to view [Pandit’s] career through that prism of being one of the worst-performing of a group of bad banks. To receive all that money and really to accomplish what he accomplished was mostly because of taxpayer generosity and the incredible political connections that Citigroup had in Washington. And basically cashing out those connections,” Barofsky tells Bill. [..]

“I thought that if there was ever going to be a political figure that would take on the interests of Wall Street, it was going to be President Obama. And that just didn’t happen,” Barofsky says. “It was the exact opposite of that… He had the same ideology as Secretary Geithner and, frankly, the same ideology as a lot of those people who came from Wall Street.””

This is the first of two parts and focuses on Mr. Pandit’s sudden departure.

The new Gilded Age is roaring down on us — an un-caged tiger on a rampage. Walk out to the street in front of our office here in Manhattan, look to the right and you can see the symbol of it: a fancy new skyscraper going up two blocks away. When finished, this high rise among high rises will tower a thousand feet, the tallest residential building in the city.

The New York Times has dubbed it “the global billionaires’ club” — and for good reason. At least of two of the apartments are under contract for more than $90 million each. Others, more modest, range in price from $45 million to more than $50 million. The mega-rich have been buying these places “looking for a place to stash their cash,” a realtor from Sotheby’s explained to the Times. “A lot of what is happening,” she said, “… is about wealth preservation.”

Simultaneously, the powers-that-be have just awarded Donald Trump the right to run a golf course in the Bronx, which taxpayers are spending at least $97 million to build — what “amounts to a public subsidy,” says the indignant city comptroller, “for a luxury golf course.” Good grief — a handout to the plutocrat’s plutocrat.

This, in a city where economic inequality rivals that of a third-world country. Of America’s 25 largest cities, New York is now the most unequal. The median income for the bottom 20 percent last year was less than $9,000, while the top one percent of New Yorkers has an average annual income of $2.2 million. [..]

It’s snowballing. Timeshare king David Siegel of Westgate Resorts reportedly has threatened to fire employees if Barack Obama is re-elected and Arthur Allen, who runs ASG Software Solutions, emailed his employees, “If we fail as a nation to make the right choice on November 6th, and we lose our independence as a company, I don’t want to hear any complaints regarding the fallout that will most likely come.”

Back in the first the Gilded Age, in the 19th century, bosses in company towns lined up their workers and marched them to vote as a bloc. Now, the Gilded Age is back , with a vengeance. Welcome to the plutocracy — the remains of the ol’ USA.

Matt Taibbi, contributing editor of Rolling Stone, and journalist Chrystia Freeland, author of the new book Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else, joined Bill Moyers for a discussion on how the super wealthy use their increasing wealth to fund political candidates who will serve their interests.

Example: Goldman Sachs, which gave more money than any other major American corporation to Barack Obama in 2008, is switching alliances this year; their employees have given $900,000 both to Mitt Romney’s campaign and to the pro-Romney super PAC Restore Our Future. Why? Because, says the Wall Street Journal, the Goldman Sachs gang felt betrayed by President Obama’s modest attempts at financial reform. [..]

“We have this community of rich people who genuinely believe that they are the wealth creators and they should get every advantage and break,” Taibbi tells Bill. “Whereas everybody else is a parasite and they’re living off of them”

Freeland adds, “You know, 2008 is not so long ago, and already, the anti-regulation chorus is so strong. How dare they have the gall to actually argue that too much regulation of American financial services is what is killing the economy?”

Ms. Freeland also penned an interesting article at Huffington Post on the problems of plutocrats in the late nineteenth century and how it compares with today’s plutocracy problem:

Henry George is the most famous American popular economist you’ve never heard of, a 19th century cross between Michael Lewis, Howard Dean and Ron Paul. Progress and Poverty, George’s most important book, sold three million copies and was translated into German, French, Dutch, Swedish, Danish, Spanish, Russian, Hungarian, Hebrew and Mandarin. During his lifetime, George was probably the third best-known American, eclipsed only by Thomas Edison and Mark Twain. He was admired by the foreign luminaries of the age, too — Leo Tolstoy, Sun-Yat Sen and Albert Einstein, who wrote that “men like Henry George are unfortunately rare. One cannot image a more beautiful combination of intellectual keenness, artistic form and fervent love of justice.” George Bernard Shaw described his own thinking about the political economy as a continuation of the ideas of George, whom he had once heard deliver a speech. [..]

What George found most mysterious about the economic consequences of the industrial revolution was that its failure to deliver economic prosperity was not uniform — instead it had created a winner-take-all society: “Some get an infinitely better and easier living, but others find it hard to get a living at all. The ‘tramp’ comes with the locomotives, and almshouses and prisons are as surely the marks of ‘material progress’ as are costly dwellings, rich warehouses and magnificent churches. Upon streets lighted with gas and patrolled by uniformed policeman, beggars wait for the passer-by, and in the shadow of college, and library, and museum, are gathering the more hideous Huns and fiercer Vandals of whom Macaulay prophesied.”

George’s diagnosis was beguilingly simple — the fruits of innovation weren’t widely shared because they were going to the landlords. This was a very American indictment of industrial capitalism: at a time when Marx was responding to Europe’s version of progress and poverty with a wholesale denunciation of private property, George was an enthusiastic supporter of industry, free trade and a limited role for government. His culprits were the rentier rich, the landowners who profited hugely from industrialization and urbanization, but did not contribute to it. [..]

America today urgently needs a 21st century Henry George — a thinker who embraces the wealth-creating power of capitalism, but squarely faces the inequity of its current manifestation. That kind of thinking is missing on the right, which is still relying on Reagan-era trickle-down economics and hopes complaints about income inequality can be silenced with accusations of class war. But the left isn’t doing much better either, preferring nostalgia for the high-wage, medium-skill manufacturing jobs of the post-war era and China-bashing to a serious and original effort to figure out how to make 21st century capitalism work for the middle class. [..]

We are living in an era of comparably tumultuous economic change. The great challenge of our time is to devise the new social and political institutions we need to make the new economy work for everyone. So far, that is a historic task neither party is taking on with enough energy, honesty or originality.

Contributing editor for Rolling Stone, Matt Taibbi and Yves Smith, creator of the finance and economics blog Naked Capitalism appeared with Bill Moyers on his PBS program, Moyers and Company to discuss How Big Banks Victimize Our Democracy.

JPMorgan Chase CEO Jamie Dimon’s appearances in the last two weeks before Congressional committees – many members of which received campaign contributions from the megabank – beg the question: For how long and how many ways are average Americans going to pay the price for big bank hubris, with our own government acting as accomplice? [..]

Taibbi’s latest piece is “The Scam Wall Street Learned from the Mafia.” Smith is the author of ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism.

Full transcript