We've been taken to the cleaners -- Moyers program tell us how bad it is.

[LuckyLib]

Moyers interviews Gretchen Mortenson and Floyd Norris (NY Times business/economics reporters) and Kevin Phillips, author of BAD MONEY: RECKLESS FINANCE, FAILED POLITICS, AND THE GLOBAL CRISIS OF AMERICAN CAPITALISM.

Best synthesis of the mess we're in I've read yet. These folks know what they're talking about and it ain't pretty.

http://www.pbs.org/moyers/journal/09192008/watch.html

http://www.pbs.org/moyers/journal/09192008/watch2.html


BILL MOYERS: You called this on your blog yesterday, "21st century socialism."

FLOYD NORRIS: That's right.

BILL MOYERS: How so?

FLOYD NORRIS: The government is nationalizing companies. They nationalized Fannie Mae and Freddie Mac. And that made a little bit of sense, since we'd always thought Fannie Mae and Freddie Mac had an implicit government guarantee, whatever that meant. And now they've nationalized AIG. They own eighty percent of the company. They have lent money to the company at very strict terms.

For this company to somehow pay that loan back will require amazing competence in managing things. And I don't think anybody expects them to ever do that. They're probably going to liquidate AIG. It amazes me. I'm not sure it was unnecessary, as I said. But I can only envision what the right wing would be saying if a liberal Democrat had decided to nationalize the biggest insurance company in America. I don't think you'd be hearing a lot of praise for it.

[dkf]

1. Gretchen Morgenson's latest...Your Money at Work, Fixing Others’ Mistakes

http://www.nytimes.com/2008/09/21/business/21gret.html?_r=1&oref=slogin

[tblue]

2. They call it "nationalism." Yesterday, I heard it called "socialism." Is this NATIONAL SOCIALISM???

As in Nazism?

[malaise]

6. Bingo

as in fascism. Mussolini and Hitler must be smiling.

[Vincardog]

7. Hitler's banker's grandslime finally brought it home to the USA.

[tblue]

8. You know who Hitler's banker was? Prescott Bush.

[Vincardog]

11. You know who his (Prescott's) grandslime is? W

[Bluebear]

9. jawohl.

[glitch]

12. By George, I think you've got it. nt

[AntiFascist]

14. Exactly, but that's only how it was sold to the German people...

who began to give up on capitalism after the great depression. What it really becomes is socialism for the wealthy, otherwise known as fascism.

[fascisthunter]

15. Great Catch.... wow

didn't even think of that...

[annabanana]

3. That was the most depressing Moyer show I've

seen in a long time.. It just left me so down.

[Big Blue Marble]

4. Yes this is the best analysis of what we are facing.

Every DU'er should watch or listen (I downloaded the podcast) to this
show. It was excellent and truly clarifies our enormous financial challenges.

Phillips has been ahead of this issue since the early nineties. He has
been warning of the dangerous path of unregulated financalization of our
economy for a long time. Both he and Meyers are truly some of the finest
minds of our times. Ironic that they are both in their 70's like McLame.

[K Gardner]

5. Two absolute MUST READ interviews.. I don't think I'll sleep tonight. Thanks for posting. K&R

[debbierlus]

10. Thanks. I have been reading all weekend. I am stunned. Congress should take a breath.

Cooler heads need to prevail.

This is bullshit.

Pure bullshit.

[malaise]

13. Kick n/t

[MrsCorleone]

16. Bill Moyers Journal free podcasts are available via iTunes

for all the multitaskers out there.