This interview with the AFL-CIO's Damon Silver is really Media Market Speak 101. It helps everyone understand how easy it is to respond to Wall Street talking heads who like to repeat the lie that social security and Medicare are problems, and need to be cut. The really good stuff starts at 1:22 into the clip ...
For a similar lesson on how to educate Wall Street cheerleaders about the historical realities behind the American economy and the banking industry - before and after the Glass-Steagall Act was passed (1933) - check out this CNBC interview with Senator Elizabeth Warren (D-MA).
Sen. Warren tries to educate the cheerleaders about the need for common sense regulation by pointing to economic history but, it would appear, doesn't get too far.
- Mark
In the FYI category, while the attempt to neuter or abolish the Glass-Steagall Act began in the 1960s (actually it started the day after it was passed in 1933) the super charged lobbying efforts to deregulate the banking industry didn't really kick in until the early 1980s. It finally happened when the Financial Services Modernization Act was passed in 1999. The post-2008 bailout cost to the American taxpayer for deregulating Wall Street is now more than $14 trillion.
Finally, the $42 billion we're supposed to be excited about according to the chart above says absolutely nothing about opportunity costs, 2008-induced unemployment, the trillions in toxic bank "assets" the Federal Reserve is holding, the lack of collateral in our shadow banking system, or how many banks would simply go bust if it weren't for taxpayer backed bailout cash.
For a similar lesson on how to educate Wall Street cheerleaders about the historical realities behind the American economy and the banking industry - before and after the Glass-Steagall Act was passed (1933) - check out this CNBC interview with Senator Elizabeth Warren (D-MA).
Sen. Warren tries to educate the cheerleaders about the need for common sense regulation by pointing to economic history but, it would appear, doesn't get too far.
- Mark
In the FYI category, while the attempt to neuter or abolish the Glass-Steagall Act began in the 1960s (actually it started the day after it was passed in 1933) the super charged lobbying efforts to deregulate the banking industry didn't really kick in until the early 1980s. It finally happened when the Financial Services Modernization Act was passed in 1999. The post-2008 bailout cost to the American taxpayer for deregulating Wall Street is now more than $14 trillion.
Finally, the $42 billion we're supposed to be excited about according to the chart above says absolutely nothing about opportunity costs, 2008-induced unemployment, the trillions in toxic bank "assets" the Federal Reserve is holding, the lack of collateral in our shadow banking system, or how many banks would simply go bust if it weren't for taxpayer backed bailout cash.
No comments:
Post a Comment